EAST LANSING, Mich. - (08/31/05) -- Michigan State University FCU saidit has acquired a 33 acre plot near the university campus off ofInterstate 27 where it plans to build a new headquarters. The $1.2billion credit union's current facility on campus will bemaintained as the campus branch. The new administration buildingwill consist of 100,000 square feet and house a full-service branchon the first floor. The architects for the project Daniels andZermack Inc., with Workstage designers and builders hired to buildan environmentally conscious green facility. The design will aimfor sustainable site planning, the reduction of water usage, energyefficiency, material and resource conservation and a healthynon-toxic environment for employees. There will be substantial useof natural light to save energy and make for happier, moreproductive employees.
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The Charlotte, North Carolina-based bank reported net income of $1.45 billion for the third quarter and earnings per share of $1.04, which beat analysts' forecast of $0.99 per share.
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Earlier in the day, Fed Gov. Stephen Miran chastised the Fed for wading into politics under the Biden administration, as he currently takes unpaid leave from President Donald Trump's top advisory council.
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CEO Chris Gorman applauded what he sees as a transformation of bank regulation since President Trump took office. He described a shift from layers of exams and documentation to a streamlined focus on liquidity, capital and earnings.
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Zions Bancorp. is among the latest banks to report material losses due to alleged borrower fraud. Stocks of regional lenders plunged on Thursday.
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Merchants alleged the major card networks illegally conspired to shift fraud liability onto them with the adoption of EMV chip technology.
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The Buffalo-based bank said Thursday that the paring of its CRE loan book, which has nearly halved in volume over the last three years, may be near its inflection point.
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