SEATTLE, - (12/26/05) The Federal Home Loan Bank ofSeattle reported last week that its vast portfolio of mortgagesecurities is still under water to the tune of $400 million. TheSeattle Bank said the unrealized losses on its portfolio wasunchanged since September 30, which will continue to depressearnings. The Bank said net income for its fiscal third quarterended Nov. 30 was $14.3 million, down 15% for the same period lastyear. The Seattle banks said it continued its exit of the secondarymortgage market, selling off $1.4 billion of mortgages from itsMortgage Purchase Program in August, helping it to reduce itsmortgage portfolio to $7.6 billion at Sept. 30, down from $10.4billion at the end of 2004. The Seattle Bank is owned by its 370member financial institutions, including 50 creditunions.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
April 26 -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
April 26 -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26 -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26