ST. PETERSBURG, Fla. - (10/26/05) -- Cards processor Certegy Inc. saidcosts associated with its pending merger with Fidelity NationalInformation Services pushed down third quarter earnings 15% to$23.3 million, or 38 cents a share, compared to the third quarterlast year. The company reported Tuesday that $6.1 million ininvestment banking, legal, accounting and other costs related tothe pending deal, reduced its third quarter net. Even whilerevenues climbed 8% to $282.8 million for the quarter, over thesame period last year. For the first three quarters of the year,Certegy reported an 8% rise in revenues to $821.3 million, a 39%surge in net income to $94 million, or $1.49 a share, compared tothe first nine months last year. Certegy has agreed to combine withthe back-office and outsourcing business of Fidelity National, toform a new credit union and bank outsourcing giant known asFidelity National Information Services.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
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Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
April 19