Banking industry
Westcorp, a financial services holding company, has announced the pricing of a $1.0 billion offering of automobile receivable asset-backed securities through its subsidiary WFS Financial Inc. This milestone transaction marks the fourth consecutive $1.0 billion automobile asset-backed securities transaction for WFS, solidifying its position as a leading issuer
Banking industry
Ford Motor Company has increased its compensation offer to the families of the victims of the February Rouge power plant explosion, offering $30 million to the families of the 14 workers injured and six workers killed in the blast. The automaker will provide each of the families a $1 million
Banking industry
Flagstar Bancorp, a leading mortgage lender, released its residential mortgage loan production figures for the first half of 1999, exceeding expectations with a 12.2% increase to $9.2 billion, compared to $8.2 billion in the same period of 1998. Despite a rise in general interest rates, the company&
Banking industry
The Jacksonville Electric Authority (JEA) plans to sell approximately 30 acres of its Southbank riverfront property for development after shutting down its Southside Generating Station. The decision comes as JEA expands its Northside Generating Station and builds a new Westside station at Brandy Branch. According to JEA Managing Director Walt
Banking industry
City National Bank (CNB) has announced the appointment of Kevin Dunigan as executive vice president and head of the core banking division. Dunigan brings over 20 years of banking and marketing experience to CNB, with a strong background in strategic planning and sales and marketing. He joins the company from
Banking industry
The impending interest rate hike by the Federal Reserve, scheduled to meet on June 29, may bring welcome relief to Cleveland area thrifts struggling with declining net incomes due to low mortgage loan rates. Despite long-term rates hitting bottom last fall, banks have seen their net interest margins dwindle, with
Banking industry
Lloyds-TSB, Britain's largest bank, has made a bold move in the competitive financial services industry by acquiring Scottish Widows, a leading mutual life insurance group, for £7 billion. The deal, which will boost Lloyds' position in the UK life and pensions market, marks a significant milestone in
Banking industry
The CEO of Scottish Widows, Mike Ross, has hailed the $7 billion takeover by Lloyds TSB as "great news" for Edinburgh, with policy-holders set to receive payments of between $500 and $6000. The takeover, the largest-ever involving a Scottish financial institution, is expected to create Britain's
Banking industry
The Jim Thorpe Summer Basketball League, in its 42nd year of continuous play, is set to begin on Monday, marking the start of the regular season. The league features five teams, with each team playing six games against the other four teams, resulting in a total of 12 regular-season games.
Banking industry
IBERIABANK, led by President and CEO Larrey G. Mouton, has announced a quarterly cash dividend of $.16 cents per share, representing a seven percent increase. This marks the bank's 17th consecutive quarterly dividend since its initial public offering in 1995. The dividend is payable to shareholders of record
Banking industry
Britishness is a complex and multifaceted concept that eludes many, even the likes of Richard Branson and Virgin. However, McDonald's, the American fast-food giant, has managed to grasp the essence of British culture with striking subtlety. Its recent advertising campaigns have been nothing short of brilliant, showcasing a
Banking industry
Cecil Federal Savings Bank, a subsidiary of Cecil Bancorp Inc., has reached an agreement with Susquehanna Bank to acquire its two branch offices in Elkton, Maryland. The acquisition represents a significant expansion of Cecil Federal's branch network and is expected to benefit its net income in future periods.
