SOURCE: Paragon Financial Limited

Paragon Financial Limited

April 09, 2012 08:20 ET

Consumer-Loan Delinquencies Drop as U.S. Economy Continues to Improve -- Banks Looking Strong

The Paragon Report Provides Stock Research on Fifth Third Bancorp and Huntington Bancshares Inc.

NEW YORK, NY--(Marketwire - Apr 9, 2012) - The Banking Industry have continued their recent run in the month of March. The SPDR S&P Regional Banking ETF (KRE) is up over 5 percent the last month and nearly 15 percent year-to-date. The Paragon Report examines the outlook for companies in the Banking Industry and provides equity research on Fifth Third Bancorp (NASDAQ: FITB) and Huntington Bancshares Inc. (NASDAQ: HBAN).

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An improving U.S. economy and a strong labor market have reduced consumer-loan delinquencies in the fourth quarter to 2.49 percent from 2.59 percent in the previous three months. It is the first time in eight years that all 11 loan categories have shown a decrease in delinquencies according to data from the American Bankers Association. "You can't get a better consumer credit report card than this," James Chessen, the ABA's chief economist, said in a statement.

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Fifth Third Bancorp announced that it declared a first quarter 2012 cash dividend on its common shares of $0.08. The cash dividend is payable on April 19, 2012 to shareholders of record as of March 30, 2012.

Huntington Bancshares Incorporated announced today that it has purchased Fidelity Bank from the Federal Deposit Insurance Corporation (FDIC). Fidelity Bank was closed earlier this evening by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. Subsequently, the FDIC sold the 15-branch bank to Huntington. Effective Saturday, March 31, 2012, all of Fidelity Bank branches will open as Huntington branches.

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