Albuquerque Journal (Albuquerque, NM)

Small Bank Cashes In On Independence.(Business)

Byline: Aaron Baca Journal Staff Writer

Local First State Shows Profits Of $2.1 Million in 4th Quarter

First State Bank in Albuquerque proving that not all sectors of the economy were dogs in 2000 posted fourth-quarter 2000 profits last week of $2.1 million, or 41 cents per share.

The bank, which has taken great pride in recent years at poking fun at a merger-logged industry, improved its fourth-quarter earnings 41 percent over the fourth quarter in 1999.

Profits have gotten to be old hat at First State. But being the small bank that has stayed independent seems to be a strategy that investors and customers have taken a liking to, bank executives say. …

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