PORTLAND, Ore. – TRM Corp., the nation’s second largest independent ATM operator, reported yesterday that its auditor, Pricewaterhousecooper LLP declined to stand for reappointment because of numerous questions about the company’s financial auditing. TRM, which wrote down a huge $100 million worth of impaired assets in the third quarter, has ineffective controls over accounts receivable, equipment and accrued liabilities, said the auditor in a filing with the Securities and Exchange Commission. TRM, which operates more than 14,000 ATMs–6,000 of them part of the CO-OP Network–is in the process of shedding its once core photocopier business. The company also sold its Canadian ATM operations recently. The two transactions have raised the company over $25 million. TRM has struggled since it acquired eFunds fleet of 14,000 ATMs in 2004, as the company tried to make itself over into an ATM operator.
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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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18 -
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