FLINT, Mich. - (12/28/05) Security FCU here is offering specialauto financing on very specific vehicles-those powered by a Vortec4.2 liter, six-cylinder engine. The reason: the power plant isbuilt by General Motors Flint Engine South plant here. Onqualified vehicles, the credit union is offering aone-percentage-point discount on its current auto rate. Inaddition, the credit union is also offering the deal on a number offull-size, heavy duty trucks, including the Chevrolet Silverado andGMC Sierra, which are also built locally. The credit union said thediscount could save a member several hundred dollars over the lifeof a loan. SFCU is offering rates as low as 3.99% with thediscount. Among the vehicles powered by the engine: the ChevroletTrailBlazer, GMC Envoy, Buick Rainier, and Saab 9-7X sport utilityvehicles. As an additional premium, Security FCU is also offering10 free car washes through a local car wash.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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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.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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