CHARLSTON, S.C. - (04/25/06) - Organizers of the newly charteredPort Trust FCU, the Charleston area's first new credit union inalmost 40 years, have hired a manager and plan to begin operationaround the middle of next month. The operation will be managed byDavid Torres, a local mortgage banker. Port Trust FCU, which willserve about 65,000 area residents, is one of two credit unionschartered in South Carolina so far this year. The other one isSouth Carolina Firefighters FCU in Columbia.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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