HOUSTON - (12/24/04) -- Despite a delay, Cardtronis Inc.said it still plans to test the public markets with an initialpublic offering, probably in the first part of 2005. The company,which originally planned the IPO to help finance its $106 millionpurchase of E*TRADE's 15,000 ATMs, told The Credit Union Journalcompletion of the deal and other factors related to going publichave delayed the offering. The E*TRADE deal gives Cartronics afleet of 27,000 ATMs, far outpacing Bank of America's 17,000 as thelargest ATM fleet in the country. Privately held Cardtronics isexpected to increase the size of the proposed $80 million IPO,announced last April. Cardtronics machines are part of the Allpointsurcharge-free ATM network, which has signed more than 60 creditunions.
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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.
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