ST. LOUIS - (02/28/06) -- Anheuser-Busch Employees' CU said ithas signed with IA Systems to implement the company's StreamLendVelocity to automate and accelerate its lending operations forconsumer indirect, and home equity loans. The system iscustomizable and paperless and automates the entire lendingprocess, from processing and underwriting to funding and closing.The $810 million credit union has chosen to use IA Systems' newapplication service provider facility, a low-cost option thateliminates the need for on-site installation and maintenance, andprovides superior disaster recovery support.
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The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
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The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
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U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
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Fraser will succeed John Dugan, who's been Citi's chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
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Farmers National Banc Corp. in Ohio plans to acquire in-state rival Middlefield Banc Corp. in a deal that will deepen the buyer's footprint in Columbus.
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An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.
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