LAKE SUCCESS, N.Y. - (10/13/05) -- DealerTrack Holdings Inc., producersof a popular interface for credit union indirect lending, said itplans to raise as much as $110 million with an initial publicoffering of 10 million shares. As part of the IPO, investors willsell about 3.3 million of those shares. The investors include JPMorgan Chase, Wells Fargo, Capital One, AmeriCredit, WFS WebInvestments and ACF Investments. The company uses the Internet tolink auto dealers with credit unions, banks and finance companies.Proceeds from the offering will be used to repay debt and forgeneral corporate purposes. The shares will be listed on the Nasdaqunder the symbol TRAK.
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Strong loan and deposit growth led to a double-digit increase in revenues and an even bigger jump in profits at the Columbus, Ohio-based regional bank.
October 17 -
Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
October 17 -
In a tough quarter for the auto industry, the Detroit-based lender posted earnings that sped past Wall Street's expectations.
October 17 -
Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.
October 17 -
Regional banks say their asset quality is solid amid skittish investors. The KBW Nasdaq Regional Banking Index was largely stable Friday after falling by as much as 7% the day before.
October 17 -
Coordinated sanctions target two networks behind so-called pig butchering scams, human trafficking and money laundering for North Korean cybercrime groups.
October 17