McLEAN, Va. - (10/21/04) -- Online Resources Corp. said thirdquarter earnings rose to $2.1 million, or 11 cents a share,compared to just $364,000, or two cents a share, for the sameperiod last year. Revenues grew a strong 19% to $11 million for theperiod. During the quarter Online Resources increased its clientbase by 10 financial institutions to a total of 697. Through thefirst three quarters of the year the company reported an 8% rise inrevenues to $31 million, and net earnings of $3.8 million, or 19cents a share, compared to $2.4 million, or 15 cents a share, forthe same period last year.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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