SEATTLE - (02/01/05) -- The Federal Home Loan Bank ofSeattle said Monday it is cutting its dividend for the firstquarter of 2005--based for the first time on fourth quarterearnings--to just 1.63% on its class B (primary) shares, because ofa supervisory order it has entered with regulators to raise itsretained earnings. That's down from 4% paid in the first and secondquarters last year, and 3.5% for the third quarter. Under its newpolicy, the Seattle bank will declare dividends for a given quarterbased on earnings from the prior quarter. The bank will continue tolimit dividends while it seeks approval from the Federal HousingFinance Board, which regulates the 12 FHLBs, for a three-yearbusiness and capital management plan under a supervisory agreemententered into in December. Like many FHLBs, the Seattle bank paysits dividends in the form of new shares of stock. Dividends will bepaid to 379 members, including 82 credit unions.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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