DEFIANCE — Rurban Financial Corp., which owns State Bank & Trust in northwest Ohio, Wednesday reported a huge loss last year, primarily related to the failed spinoff of its data processing subsidiary.
The banking company said it had a loss of $9.88 million, or $2.03 a share, last year, compared to a profit of $382,500, or 7 cents a share, in 2009. Impairments and write-offs related to the planned spin-off totaled $10 million. For the fourth quarter, the company said it had a loss of $853,000, or 18 cents a share, compared with a loss of $1.88 million, or 39 cents a share, for the year-earlier period.
“For the most part, the pain has been caused by the relentlessly depressing impact of the Great Recession, which has dragged on for several years now, wreaking havoc in the banking industry ...,” Chief Executive and President Mark Klein said in a statement.