First Commonwealth Financial yesterday said it lost more money in the third quarter than previously reported because of another soured commercial loan and another write-down on an investment. The Indiana, Pa.-based bank said it lost $5.9 million, or 7 cents a share, in the third quarter. That is nearly double the loss of $3 million, or 4 cents a share, that it reported two weeks ago. The loss compares with a profit of $10.2 million, or 14 cents, in the September quarter last year. In addition, the bank upped its provision for loan losses by $1.6 million, to $23 million, after receiving "updated financial information and projections" from an undisclosed commercial real estate borrower. Both events occurred after the release of third-quarter results on Oct. 22, the bank said.
Atlas Energy Inc., of Moon, reported a third-quarter loss of $714,000, or 2 cents per diluted share, compared to a gain of $24.1 million, or 57 cents per diluted share, in the same quarter last year. The natural gas producer's primary subsidiaries, Atlas Pipeline Holdings L.P. and Atlas Pipeline Partners L.P. also reported losses. Pipeline Holdings lost $3.6 million compared to last year's quarterly profit of $34 million. Pipeline Partners showed a loss of $13.3 million versus a profit of $197.9 million a year ago.
Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. The Federal Reserve says borrowing fell at an annual rate of $14.8 billion in September. That's the biggest decline since July and is larger than the $10 billion drop economists expected.
Government-controlled Royal Bank of Scotland Group PLC yesterday reported a net loss of 1.8 billion pounds ($3 billion) despite an improvement in underlying profits. Full recovery from its near collapse a year ago will take years, CEO Stephen Hester said. For the three months ending Sept. 30, RBS, the parent of Citizens Bank of Pennsylvania, reported total income of 7.1 billion pounds, compared to 8.6 billion pounds a year earlier.
Dr. Donald W. Moorman has been named chair of the Department of Surgery for the West Penn Allegheny Health System and will assume his new post in January. Dr. Moorman is vice chair of clinical affairs and associate surgeon-in-chief at Beth Israel Medical Center in Boston. He also is director of Beth Israel's trauma center and an associate professor of surgery at Harvard Medical School. ... Downtown advertising agency Brunner has been named agency of record for the "multimillion-dollar" account of Columbus, Ohio-based Bob Evans Restaurants and Food Products.