PORTLAND, Ore. - (06/07/06) Financial ailing TRM Corp.,operator of the nations second-largest ATM fleet, announcedTuesday it has obtained refinancing for $105 million of principalindebtness and is no longer in forbearance on its loans. Therefinancing will save the company about $6.4 million in debtservice costs a year, said TRM. Specifically, the company's totalrequired annual debt service payments will decline to $9.8 millionfrom roughly $16.2 million, at current interest rates. TRM, whichoperates more than 18,000 ATMs in the U.S., has been strugglingwith debt service and restructuring costs ever since acquiringeFunds 14,200 ATMs in 2005. TRM reported $9 million inlosses for the fourth quarter of 2005 and $1.5 million for thefirst quarter of 2006. The company, which provides 6,500 co-brandedATMs for CO-OP Financial Services, was reported to be in mergerdiscussions with Cardtronics, operator of the nationslargest fleet of ATMs.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18