ATLANTA - (03/03/05) -- John H. Harland Co. said it hasinvested $1.5 million into Mitek Systems Inc. in exchange for a 15%stake in the financially ailing maker of image and recognitionsoftware. Under the deal, Harland has agreed to purchase up to 2.1million shares of unissued stock for $1.5 million, or 70 cents ashare, and will also receive warrants to buy another 321,000 sharesat the same price. The cash infusion will allow Mitek to go forwardwith its partnership with Harland to introduce self-authenticatingchecks for preventing check fraud. Harland plans to validate theauthenticity of the check owner's signature and the physical checkdocument using Mitek's image processing, data encoding andencryption, and validation software.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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