AUSTIN, Texas - (06/12/06) Private deposit insurance forcredit unions made a comeback in the Lone Star State Friday whenthe Texas CU Commission approved an application from ASI to privatecoverage for state chartered credit unions. The comeback was a longtime in coming since the state folded up its private insurer, knownas Texas Share Guaranty, in 1992, after the failure of Rhode IslandShare and Deposit Indemnity Corp. caused public confidence inprivate insurance to plummet. The Texas fund was one of a dozenprivate credit union insurers to fold in the wake of the RISDICcrises. But the Texas Commission, which barred all but federalinsurance under NCUSIF at the time, opened the door in 1999 when itadopted rules to provide an option to federal insurance. Dublin,Ohio-based ASI, which is the only surviving competitor to federaldeposit insurance, currently insures primary shares (up to$100,000) in eight states, and excess shares (over $100,000 peraccount) in 32 states.
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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.
April 19 -
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.
April 19 -
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
April 19 -
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.
April 19 -
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.
April 19