HOUSTON - (04/13/06) -- The central figure in a bank andcredit union burglary ring pleaded guilty last week to bankburglary charges after he was extradited from Costa Rica, where hehad been hiding. David Thomas Hughes, 33, a renown safecracker,admitted participating in eight bank and credit union burglariessince 2001, reaping as much as $2 million that he split with hisaccomplices. Hughes, a former locksmith, was identified by one ofhis partners, Keith Bailey, after a failed heist at CommunityResource CU, in Baytown, Texas, on August 4, 2003, according to aplea deal reviewed by The Credit Union Journal. Hughes tripped asilent alarm while trying to cut into the vault with a torch in theearly morning hours. When police arrived Hughes and Bailey steppedoutside the credit union, but Hughes, an accomplished long-distancerunner, escaped, leaving Bailey behind. Two other accomplices,Terrance Veltman, 48, and Thomas Davis, 46, have also pleadedguilty and face up to 20 years in prison when sentenced in June.The group's biggest robbery was of Elgin Bank, in Elgin, Texas,where they stole $688,000.
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Noninterest income at the Minneapolis-based company jumped more than 10% while asset quality improved and expenses held steady.
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The bank technology company has released Smart Basket, which uses emerging artificial intelligence to improve transaction routing, a strategy that's quickly becoming table stakes for fintechs and financial institutions that offer payments.
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The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.
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Bank of New York Mellon recorded another quarter of higher-than-expected revenue and earnings. Revenue for the third quarter rose 9% year over year, while earnings per share beat Wall Street's forecast by 12 cents.
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During cybersecurity awareness month (October), financial institutions have ramped up education on phishing, fraud and cyber hygiene. Here's what they're saying.
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PNC CEO Bill Demchak said Wednesday that regulatory processes and enforcement actions take up half of the time that the company's board spends together. Those rules are on deck for a makeover.
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