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Real Estate Market Slams PFF Bancorp Again

Posted by: SB Veritas | 04/01/2008 10:23 PM

The collapse of the Inland Empire real estate market is taking a large regional bank out behind the woodshed for the fourth quarter in a row.

 

PFF Bancorp, the parent of PFF Bank and Trust, announced this evening that it is taking a charge in excess of $40 million to rid itself of high risk loans held by a subsidiary. Additionally, the institution disclosed it would need to increase its loan loss reserves by as much as another $120 million.

 

The company has financed several construction projects in San Bernardino and Riverside Counties.

 

The stock of PFF Bancorp traded under the symbol "PFB" was being hammered in after-hours trading.

 
 
 

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