GLASTONBURY, Ct. - (04/28/05) -- A half-dozen corporate acquisitionsover the past year helped increase first quarter revenues for OpenSolutions Inc. by 80%, but a similar 80% rise in expenses producedflat earnings growth for the period. As a result, net income was $3million, or 14 cents a share, for the period, virtually the same asthe first quarter last year. The first quarter was highlighted bythe completion of OSI's acquisition of data processor CGI's USServices to Credit Unions, the company's seventh acquisition of thepast two years, and the completion of a $144 million debt offering.And just after the close of the first quarter OSI completed theacquisition of SOSystems, a provider of in-house data processingfor credit unions. Separately, OSI announced Thursday it plans tobuy back as much as $10 million of its shares over the next 12months.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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