BAY CITY, Mich. - (09/02/05) -- FinancialEdge Community CU said itwill continue to help members weather skyrocketing gas prices byextending its special gas rebate program till the end of the year.The credit union had offered to rebate 5% on all gas purchasesfinanced on one Visa cards since June 1, but has agreed to extendthe program--at a 3% rebate--until the end of the year, accordingto Pam Swope, marketing manager at the $55 million credit union.Despite costing tens of thousands of dollars in rebates, thepromotion has broken even because of the vast increase in cardusage it has induced, Swope told The Credit Union Journal. It'seven prompted the use of dormant card accounts and attracted manynew accounts, said Swope. "We make money on the interchange fees,"she explained. The program, which is increasing in popularity asgas price in the area rose 60 cents this week to an average of$3.20 per gallon of regular, is being promoted at the creditunion's branches, its ATMs and in inserts to all members, and evengained attention of the local television stations.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
April 25