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Banking & Finance

Renasant reports better quarter

TUPELO — Renasant Corporation saw net income for 2009 of $18.518 million, compared to $24.052 million for 2008. Basic and diluted earnings per share were $0.88 and $0.87, respectively, for 2009, compared to basic and diluted earnings per share of $1.15 and $1.14, respectively, for 2008. For the fourth quarter of 2009, net income was $4.031 million, compared to $232,000 ...

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Housing showing some positives

WASHINGTON — Construction of new homes dipped unexpectedly last month as bad weather hit much of the country. Applications for future projects, however, soared in a sign the industry is ramping up after a debilitating bust. The Commerce Department said today construction of new homes and apartments fell 4 percent in December to a seasonally adjusted annual rate of 557,000 ...

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Morgan Stanley reports big loss

NEW YORK — Morgan Stanley said today it earned $617 million during the last three months of 2009 as its investment banking operations profited from its Smith Barney joint venture. The results gave Morgan Stanley its second straight profitable quarter following a year of losses. The bank said it earned 29 cents a share on $6.8 billion in revenue. That ...

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First M&F posted loss last year

KOSCIUSKO — First M&F Corp. reported preliminary results for 2009 of a net loss of $44.048 million attributable to common shareholders, or $4.86 basic and diluted earnings per share, compared to earnings of $522,000, or $0.06 basic and diluted earnings per share, for 2008. The company’s final results are pending the completion of a review for potential impairment of goodwill ...

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State's bankruptcies soar

ACROSS MISSISSIPPI — The 12 months of the worst part of the national recession translated into sharply higher numbers of Mississippi residents and businesses filing for federal bankruptcy after losing track of debt in the face of increased joblessness, The Associated Press reports. According to the Administrative Office of the United States Courts, 14,454 individual and business bankruptcies were filed ...

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EU watching Greece closely

BRUSSELS, Belgium — Could Greece drag down Europe? EU finance ministers are pressing their indebted and riot-prone Balkan member to embrace a massive austerity plan and plug its debilitating deficit. But with markets skeptical and the appetite for more bailouts at a low, there are deepening concerns that a Greek meltdown could deal a severe blow to the very European ...

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Canada holds interest rate

TORONTO, Canada — Canada’s central bank is holding its key interest rate at a record low 0.25 percent and is reiterating its expectation that it will keep the rate there until the middle of this year. The Bank of Canada said today that while a global economic recovery is under way it continues to depend on exceptional monetary and fiscal ...

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Citigroup loses $7B-plus in a quarter

NEW YORK — Citigroup said today it lost $7.58 billion during the final three months of 2009 as U.S. consumers still struggled to repay loans and the bank repaid its government bailout money. Citigroup said $6.2 billion of the loss was tied to paying back $20 billion in money it received from the federal government. The New York-based bank set ...

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Disaster loan forgiveness program established

MISSISSIPPI GULF COAST — Federal regulations have been finalized that will allow Mississippi communities to apply to have loans associated with Hurricanes Katrina and Rita forgiven. The Federal Emergency Management Agency (FEMA) has completed its work to establish a loan forgiveness program for the Gulf Coast, as authorized by Congress, after it became apparent that loan forgiveness was not included ...

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ABA report finds shrinking loan delinquencies

WASHINGTON — Consumer loan delinquencies fell in seven loan categories, marking the first time since 2007 that so many loan categories experienced declines, according to the American Bankers Association’s (ABA’s) “Consumer Credit Delinquency Bulletin.” The composite ratio, which tracks eight closed-end installment loan categories, fell 12 basis points to 3.23 percent of all accounts compared to 3.35 percent of all ...

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