Promontory Interfinancial Network LLC said Monday that its Insured Cash Sweep service is now fully integrated with Data Center Inc.'s iCore360 core banking software.
This integration reduces collateralization costs and the likelihood of an error through automation and provides access to multi-million-dollar insurance from the Federal Deposit Insurance Corp., Steve Kinner, Promontory's head of sales, said in a news release.
Promontory, based in Arlington, Va., previously
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
