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Business Briefing / Banking

U.S. thrifts post record annual loss

February 27, 2009|Times Wire Reports

U.S. thrifts lost $3 billion in the fourth quarter and more than $13 billion last year, a record annual loss.

The Office of Thrift Supervision said net losses last year surged to $13.44 billion, from $649 million in 2007. But the fourth-quarter loss was actually better than the $4.4-billion loss in the previous quarter and the $8.8-billion loss in the year-earlier period.

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