SCOTTSDALE, Ariz. - (11/03/05) -- Transaction processor eFunds Corp.reported Wednesday that third quarter profits surged 48% to $15.8million, or 34 cents a share, compared to the same period lastyear, even while revenues declined. The company, which processestransactions for the credit union-owned CO-OP Network, said totalrevenues declined 5% for the quarter, due to last year's sale ofits ATM fleet to TRM Corp. But operating expenses also declined by8% to $115.2 million, as a result of the ATMs sale. For the firstthree quarters of the year eFunds reported a 46% rise in net incometo $43.1 million, or 90 cents a share, compared to the first ninemonths last year, and a 14% decline in revenues t $363.7 million,because of the absence of the ATM revenues.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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