CRANFORD, N.J. - (03/09/06) Embattled directors at formercredit union Synergy Financial made a last-ditch plea Tuesday tothe ex-credit unions other 1,000 stockholders to save theirlucrative board seats from a dissident ownership group. Thefuture of your Company is at stakedo not vote for PLCapitals nominees...throw away the green proxy card!the management, headed by director John Fiore, pleaded in proxysolicitations filed with the Securities and Exchange Commission.Fiore claimed that he and two other directors who helped flip thecredit union to savings bank have not unjustly enriched themselves,as charged by PL Capital, with a 9.9 stake the banks largestshareholder. Management, which paid Fiore $4.5 million the pastthree years, claimed that more than $14 million paid to directorsand management since the credit union-convert went public threeyears ago was awarded to encourage directors and employeesto maximize the long-term value of your investment in SynergyFinancial Group. Two of the other directors up forreelection, Nancy Davis and Phil Scott were each paid $500,00 thelast two years. PL Capital is seeking to win two of the three boardseats up for election this month and replace two of Fiore, Davis orScott, all of who helped take the ex-credit union public. SynergyFinancial was known as Synergy FCU until January 1999.
-
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
March 28 -
The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
March 28 -
Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28