ATLANTA - (05/04/06) -- Financially struggling S1 Corp.settled a proxy fight with its largest shareholder Wednesday underwhich Ramius Capital Group will receive a seat on the company'sboard in exchange for dropping its bid for four board seats. Inaddition, S1 has agreed to retain investment bank Friedman,Billings, Ramsey Group as its financial advisor in activelyexploring strategic alternatives to maximize shareholder value,such as the sale of the company, as proposed by Ramius Capital. Thecompany also agreed to amend its bylaws to restore the right ofstockholders owning 10% of the outstanding shares of common stockto call a special meeting. Under the deal, Jeffrey Smith, amanaging director of Ramius Capital, which owns a 9.4% stake in S1,will be joining the S1 board. S1 reported a first quarter loss of$444,000 last week and a 13% decline in revenues.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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