ALBANY, Ga. - (06/15/05) -- In a prelude to going public nextweek, Heritage Bank of the South, a mutual savings bank known untilJanuary 2001 as AGE FCU, raised almost $34 million with the sale ofstock to depositors. The credit union-turned thrift is expected tocomplete its initial public offering next week with a listing ofits shares on the NASDAQ. The savings bank/thrift sold 30% of amutual holding company, known as Heritage Financial Group, in theoffering, with plans to float more of the shares in the future.Insiders in the $350 million ex-credit union, including managersand directors, subscribed to 155,500 of the shares, or 7.2% ofthose offered, at $10 each. AGE FCU is the 16th credit union tosell itself to the public after converting to a mutual savingsbank.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
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