FEASTERVILLE, Pa. - (05/17/05) -- Top executives of IGA FederalSavings Bank had agreed to sell the thrift once known as IGA FCUmonths before a year-long regulatory cooling-off period hadexpired, after it became the first ex-credit union to go public inan October 1999 initial public offering. Documents obtained by TheCredit Union Journal show that IGA executives, who had also managedthe credit union until its conversion to a mutual savings bank twoyears before, had a definitive agreement to sell the creditunion-convert to PSB Bancorp., of Philadelphia in March of 2000,just six months after the IPO. But federal regulators with theOffice of Thrift Supervision ordered a halt to the deal, which wasto be signed on March 28, 2000, delaying its completion until thefull year had expired, the documents show. PSB, the parent ofPennsylvania Savings Bank, had agreed to buy the former creditunion for $14.50 a share, but lowered the price to $13.55 afterlearning that Jade Financial had lost $2.5 million in a failedInternet banking project known as Bankzip.com. The acquisition byPSB earned insiders in the credit union-turned-bank millions ofdollars in windfall profits on their newly minted stock, and onfuture stock grants and options.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24 -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24 -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
April 24