Byline: Julie Carr Smyth
GLENS FALLS In a continuing recovery from its $3.3 million in 1993 losses, Evergreen Bancorp Inc. posted first-half profits in 1995 of $3.9 million.
That number represents an 8.7 percent gain over the $3.4 million in profits the holding company for Evergreen Bank reported during the first half of 1994. The bank ended that year with $7.3 million in profits.
Evergreen's second quarter profits for 1995 were $1.8 million, up from $1.7 million in the same period in 1994.
The bank has experienced a 19.5 percent decline in non-performing assets since the end of 1994, which chairman and chief executive officer George W. Dougan attributes to the sale of Hiland Golf Club in Queensbury, a financially troubled housing and golf course it purchased in early 1994 for $12.1 million through a foreclosure sale.
The project, Evergreen's largest non-performing asset, had been in bankruptcy.
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