DeWITT — First-quarter profit slipped more than 13 percent to $1.3 million, or 21 cents a share, at Beacon Federal Bancorp (NASDAQ: BFED).
The DeWitt–based banking company continues to focus on asset quality during the current challenging economic climate, President and CEO Ross Prossner said in a news release. Beacon leaders expect that an effort to lower the company’s cost of funds and grow noninterest income will produce favorable results in the quarters ahead.
Beacon has total assets of $1 billion and other branches in DeWitt, Marcy, and Rome; Smartt and Smyrna, Tenn.; and Chelmsford, Mass. A subsidiary, Beacon Comprehensive Services Corp., provides investments, insurance, tax preparation.
Contact Tampone at ktampone@cnybj.com
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