Only 2 of 11 area banks reported losses in 3rd quarter Urbana/Champaign News-Gazette

But several banks – including profitable ones – say the economy remains soft and loan demand is weak.

Reporting profitable third quarters were: JPMorganChase, PNC Financial Services Group, Commerce Bancshares, Old National Bancorp, First Midwest Bancorp, MainSource Financial Group, First Financial Corp. and First Mid-Illinois Bancshares.

Still to report is Centrue Financial, which is expected to release earnings Friday or Monday, according to Chief Financial Officer Kurt Stevenson.

Here's a roundup of third-quarter results, starting with the losses:

First Busey Corp.

With $4.2 billion in assets, First Busey had a net loss of $283.7 million, compared with net income of $8.8 million for the same quarter a year ago.

Most of the Champaign-based company's loss was due to a $208.2 million write-off of goodwill. Without that write-off, the parent company of Busey Bank would have had a net loss of $75.5 million. Van Dukeman, First Busey's chairman and CEO, attributed much of the problem to "credit challenges" in Florida and Indianapolis.

Array

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How to Return to Financial Solvency Using Debt Consolidation

There are many advantages you can get by securing a debt consolidation loan when you have bad credit, not the least of which is alleviating the anxiety and stress that accompany an unmanageable level of personal debt. As the level of debt in your life creeps up to an unacceptable level, depression and physical health concerns are not uncommon. Debt consolidation can be the light at the end of the tunnel that will restore you to sanity and good health.

In addition to improving your credit score, debt consolidation can relieve the pressure you may be facing from one or more collection agencies, which have been known to use stress-inducing methods to achieve their goals. If you could roll all of these stressful obligations into one manageable monthly payment, reaching a credit card debt settlement you would begin to feel human again, and with each successful payment, you would feel your dignity restored. At the same time, you would be protected from harassment by the collection agents.

There are specialized debt consolidation loans for people who have fallen into a bad credit situation. As your financial situation deteriorated, most likely you defaulted or were late on several of your loan payments, and each problem payment has a detrimental effect on your credit score. After enough of these problems, you would not be able to qualify for a regular debt consolidation loan, due to your poor credit rating. This can leave you between a rock and hard place, financially speaking.

These debt consolidation loans for bad credit would accept your application even with a low credit score, pay your bills on time every month, and in the process, increase your credit rating a little bit with each payment. In a year or less, you would regain not only your credit rating, but your financial reputation and self-respect.

The companies that offer debt reduction programs would negotiate with each of your creditors to get your credit terms revised to the best possible interest rate and repayment schedule. They can often negotiate down any late payment fees or penalties that are due on the account. This creates a win-win situation for everyone. The creditor gets paid, and you end up with a lower monthly payments and a restored credit rating. Each month, you would pay the consolidation company one payment that is lower than the sum of all the payments that were due before. This allows you to get out of debt as fast as possible while at the same time giving you more available cash to spend living rather than paying to credit card late fees and interest.

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