JACKSONVILLE, Fla. - (04/28/06) -- Fidelity National Financial Inc.,which spun off its industry leading title insurance agency andfinancial services outsourcing operations into separately tradedcompanies just months ago, said Thursday it plans to restructureagain to shed its controlling interests in both companies. Afterthe spin-offs, Fidelity National Financial owns 82% of FidelityNational Title, and a controlling 50.7% of Fidelity InformationServices. Meantime, Fidelity National Information Services, whichprovides core processing, lending and other services to thousandsof credit unions and banks, reported on a pro forma basis that netincome for its first quarter as a publicly traded company declined12% to $39.4 million, or 23 cents a share, even while revenues weresurging 38% to $900.9 million for the quarter. Fidelity Informationwas formed earlier this year by the spin-off of Fidelity National'scredit union and bank outsourcing business and its merger withCertegy. The operation also includes remnants of Aurum Technology,ALLTEL Information Services, VISTA Information Solutions, SanchezComputer Associates and InterCept acquired by Fidelity Nationalover the past three years. First quarter financials include costsof about $5.9 million, in accordance with the company's adoption ofFinancial Accounting Statement 123, for expensing options toCertegy executives as part of the merger, and $2.9 million ofmerger-related expenses. Fidelity National Title, the othersubsidiary of Fidelity National Financial, reported a 4% decline innet income to $79.1 million, or 46 cents a share, for the firstquarter, despite a 10% rise in revenues to $1.4 billion.
-
The top five banks and thrifts have combined total assets of nearly $13 trillion.
Just now -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
2h ago -
Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
4h ago -
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
6h ago -
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
7h ago -
In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
8h ago