ST. JOSEPH, Mich. - (03/23/05) -- A drug dealer convicted of lastJanuary's armed robbery at Greater Niles Community FCU will begranted a lighter jail term when he is sentenced next month inexchange for his testimony in a murder trial this week. Authoritieshave agreed to not consider three previous felony convictionsagainst Odie Miller when he is sentenced April 28 for the $10,000credit union robbery because Miller's testimony helped convict hisjailhouse cellmate Rodney Hubbard of murder this week. It as a July25 conversation with Hubbard, secretly recorded by Miller, in whichHubbard bagged about the 1999 killing, that was key to the murdertrial, authorities said. Miller's accomplice in the credit unionrobbery was sentenced last July to as long as 75 years injail.
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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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