Online Resources Corp., fresh off an e-payment contract with U.S. Central CU, said it hopes to stave off a delisting bid by the Nasdaq stock market by a recapitalization plan. Under the plan, Online Resources raised $4.4 million through a private placement of 1.4-million newly issued common shares and used $3.9 million of the funds to buy back $3.9 of its convertible notes at par.
The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.
South African bank's approach to chatbots offers lessons for U.S. players; small lenders embrace automation for latest PPP round; flush with capital, Canadian banks eye U.S. acquisitions; and more from this week's most-read stories.