Baylake Corporation, the holding company of Baylake Bank, has reported a net loss of $9.9m, or $1.25 per share, for the fourth quarter ended December 31, 2008, compared to a net loss of $0.3m, or $0.04 per share, for the fourth quarter ended December 31, 2007.
For the year ended December 31, 2008, the company reported a net loss of $9.82m, or $1.24 per share, compared to a net income of $166,000, or $0.02 per share, for the year ended December 31, 2007.
Baylake’s total assets and shareholders’ equity were $1.1 billion and $69m, respectively, at December 31, 2008, compared to $1.1 billion and $80.3m, respectively, at December 31, 2007.
Robert Cera, Baylake’s president and CEO, said: We expect to see significant improvement in our overall performance in fiscal 2009. We are hopeful that many costs and losses incurred in fiscal 2008 will not be recurring in the future. In addition, the implementation of several key cost reduction initiatives throughout the organisation is anticipated to positively impact our financial performance beginning with the second quarter of 2009.
Baylake Corporation provides general banking and trust services through its subsidiaries — the Baylake Bank, Baylake Investments, the Bank of Sturgeon Bay Building, Cornerstone Financial, Arborview and Baylake Insurance Agency. It accepts demand deposit accounts, various savings account plans, certificates of deposit and offers real estate, consumer, commercial, industrial and agricultural loans.
