INDIANAPOLIS - (10/25/05) -- Indianapolis Members CU, the state'ssecond largest credit union, is planning a big expansion. The $950million credit union, fresh of a merger with $30 million CapitalPlus CU, announced plans last week to add six new branchesthroughout the Indianapolis suburbs by 2009. The credit unionchartered in 1956, now serves more than 1,000 select groupsthroughout the state of Indiana and as far away as Boulder, Colo.,through its 22 branches and 64 ATMs.
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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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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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