West Bank profits decline, but loans outstanding grow
West Bancorporation, the holding company for Iowa’s sixth-largest bank by assets, had so far posted improved results through the first six months of the year, but the bank had to write down $1.7 million on real estate it owns that has declined in value as the bank tries to sell it.
“The write-downs were on land and developed lots, which we believe is the weakest segment of our real estate market,” said Dave Nelson, West Bancorporation’s president and CEO. “We are looking for buyers, and they are looking for bargains.”
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