SEATTLE - (04/25/05) -- The Federal Home Loan Bank ofSeattle is weighing whether to ask two directors targeted in aninsider trading probe to resign from the regional bank's board. Anindependent review committee of the Seattle bank is looking intocharges that three of its member institutions used insideinformation of the bank's declining financial condition when theyrequested $337 million in stock redemptions last fall, severalmonths before the bank reported a $260 million unrealized loss oninvestments and said it would pay minimal or no dividends for threeyears. Washington Mutual is one of the three institutions thatredeemed its stock but a spokesman insisted it redeemed Class B (2)stock, also known as 'excess' stock. The other two institutions,still unnamed, redeemed Class B (1), or 'activity,' stock, which isneeded if a member wants to get advances from the FHLB. The SeattleBank has 375 financial institution members/owners, including 79credit unions.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
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Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
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