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.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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