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Published: Thursday, 10/29/2009

Rurban reports lower profits for third quarter

DEFIANCE — Rurban Financial Corp., which owns The State Bank & Trust Co. and other firms, last night said it had sharply lower profit for the third quarter than for the same period a year ago.

It reported profit of $160,000, or 3 cents a share, compared to $1.4 million, or 29 cents a share, in the same period in 2008.

It said its revenue was $12.4 million, up from $11.4 million a year ago, but its loan loss provision of $898,000 was up from $146,000 a year ago. The firm plans to spin off its RDSI Banking Systems data processing subsidiary.

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