CHANTILLY, Va. - (02/15/06) -- Internet services provider OnlineResources Corp. reported a strong fourth quarter, with net incomeof $2.9 million, or 11 cents a share, up from net income of$929,000, or five cents a share, for the same period in 2004.Fourth quarter revenues surged 38% to $15.8 million. For the fiscalyear, the company reported a 43% rise in revenues to $60.5 million,and a doubling of net income to $9 million, or 38 cents ashare.
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The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
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The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
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U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
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Fraser will succeed John Dugan, who's been Citi's chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
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Farmers National Banc Corp. in Ohio plans to acquire in-state rival Middlefield Banc Corp. in a deal that will deepen the buyer's footprint in Columbus.
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An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.
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