MILWAUKEE - (10/15/04) -- Marshall & Ilsley said thirdquarter earnings climbed 11% to $155.4 million, or 69 cents ashare, due to the continued growth in its Metavante financialservices unit. Total non-interest income for the bank holdingcompany rose 13% for the quarter to $367.9 million. Through thefirst nine months of the year net income increased 12% to $453.3million, or $2.01 a share, and on-interest revenues, most of itearned by Metavante, climbed 11% to $1 billion. Metavante, a whollyowned unit of M&I, has completed six major acquisitions in thefirst three quarters, including the NYCE electronic funds network,Advanced Financial Solutions (AFS), owner of the CheckpointExchange check clearing network, the Kirchman Corp. and ResponseData, a provider of bill pay and check processingservices.
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The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
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The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
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U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
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Fraser will succeed John Dugan, who's been Citi's chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
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Farmers National Banc Corp. in Ohio plans to acquire in-state rival Middlefield Banc Corp. in a deal that will deepen the buyer's footprint in Columbus.
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An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.
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