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First Marblehead in Boston has agreed to acquire certain assets and liabilities of Cology, a provider of student loan processing and servicing for more than 250 lenders, most of them credit unions.
October 5 -
SunTrust Banks (STI) in Atlanta will offer a new loan program that allows borrowers to refinance their existing private student loans.
August 3
First Marblehead (FMD) in Boston plans to change its name to Collegiate Trust Corp. and initiate a reverse stock split to keep trading on the New York Stock Exchange.
The $491 million-asset company, which specializes in providing private student loans to lenders, credit unions and schools, plans to operate under its new name by June 30, Chief Financial Officer Kenneth Klipper said in an interview Tuesday. He declined to comment on the reasons for the change, which was first
First Marblehead is also planning a 10-to-1 reverse stock split to avoid NYSE delisting. The company expects the split to occur Dec. 3, according to a Tuesday
The reverse stock split would allow First Marblehead to comply with the requirement that shares on the NYSE trade above an average price of $1. The company's stock plunged below that minimum in August after First Marblehead said it was being audited by the Internal Revenue Service in connection with the
The company's stock was trading at 82 cents per share Tuesday afternoon.
