The Indianapolis-based holding company had profit of $1 million, or 25 cents per share, in the second quarter compared to $1.5 million, or 38 cents per share, in the same period a year ago.
In June 2008, White River announced plans to be acquired by Itasca, Ill.-based First Chicago Bancorp. But, last month, the companies called off the deal. In its quarterly report today, White River revealed $400,000 in transaction expenses from the failed merger.
White River is the holding company for a pair of subprime auto-loan firms: locally-based Union Acceptance Co. LLC and Virginia Beach, Va.-based Coastal Credit LLC.
Its shares, available on the American Stock Exchange under the symbol RVR, were going for $11.85 this morning, no change from yesterday's closing price.