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BedFed Shows Positive Results Despite Disastrous Year In Banking

Last updated on Thursday, January 22, 2009

(BEDFORD) - Despite troubles on the national banking scene, one local financial institution reports it’s came out of last year rather healthily.

Bedford Federal Savings Bank reports their total assets grew by 5% in 2008, and they showed an overall profit of nearly $300,000.

Bedford Federal says their net worth stands just over $9.8 million dollars which, they claim, exceeds the minimum amount required by federal regulators in order to be deemed "well capitalized."

On the national banking scene, bank indices hit a 14-year-low Tuesday, but yesterday, the CEOs of Bank of America and JP Morgan Chase purchased millions of dollars of their companies' stock, leading a late-day rally on the Dow Jones.

Today, the market is off to a rough start due to the announcement of layoffs at Microsoft, IBM and Intel.

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