KANSAS CITY - (09/06/05) -- Tax preparers H&R Block, whichhas evolved into a diversified financial services provider, saidlast week it expects to win a bank charter under Utah's IndustrialLoan Company regulations later this year. The company, which runs alarge mortgage banking and financial consulting operation, is thelatest, along with Wal-Mart, Sallie Mae, and other non-traditionalfinancial service providers, to seek a bank charter under Utah'slaws. Separately, Block reported a loss of $28.3 million, or 9cents a share, for its first quarter, compared with a loss of $36.7million, or 11 cents a share, a year earlier. The company usuallyhas a down season in its first quarter, which comes after taxseason. Revenue for the first quarter rose 26% to $615 million,lifted by strong sales in the company's Option One mortgagedivision, where loan volume surged 60% to an all-time high of $10.9billion.
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The Los Angeles-based company, which focuses on Korean Americans, said the acquisition of Territorial Bancorp will allow it to expand its customer base.
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The first bank failure of 2024 will result in the Lancaster, Pennsylvania-based Fulton nearly doubling deposits in Philadelphia, a market it has viewed as strategically important for several years.
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The combination of the two regional banks is set to create a $64.5 billion-asset company with a 13-state footprint across parts of the Midwest, South and West.
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Banks and other financial market participants have been keyed into the central bank's communications around monetary policy expectations. But in an unpredictable economy, the guidance doesn't always hit the mark.
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Michigan State University Federal Credit Union is working with the relationship-based lending app Zirtue to offer members a tool for outlining lending agreements and repayment plans.
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Isabel Casillas Guzman, administrator of the Small Business Administration, wants the agency to get involved in direct lending, a practice that was discontinued during the Clinton administration. Congress has not embraced the idea, to put it mildly.
April 29