SAN DIEGO - (06/30/05) Long-time Symitar Systems CEO BruceCormode has taken a leave of absence for health-related reasons,according to Jack Prim, CEO of Jack Henry, which owns Symitar.We don't know yet whether he is leaving for good ornot, Prim told The Credit Union Journal. We hopehe'll be coming back, but we just don't know. He's been dealingwith this for a while, and it finally just got to the point wherehe needed to take a few steps back [from the business] to deal withthis. Although there is no hard and fast end date forCormode's leave of absence, Prim suggested he expects Cormode willtry to make a decision about whether he'll be able to come backwithin 90 days. In the interim, the managers who had been reportingto Cormode are now reporting directly to Prim. The firm sentletters to customers informing them of the leave.
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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.
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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.
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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.
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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.
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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.
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