WASHINGTON — Fifth Third Bancorp and TD Banknorth are the latest regional banks to state that third quarter profits are not likely to meet Wall Street expectations.
BankNet 360 reported that analysts anticipate more warnings, according to a report in the Wall Street Journal, due to interest rate pressure and competition. Credit unions and their trade associations have been quick to point out bankers' record profits every quarter.
Additionally, Fifth Third has had to deal with executive departures and bad loans. Portland, Maine-based TD Banknorth blamed slowing profits on consumers moving their money to higher-yielding savings accounts and CDs and slower loan demand. It also recently purchased Hudson United Bancorp.
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