WAYCROSS, Ga. - (07/19/06) Credit unions converting tosavings bank are loath to use the four-letter word, but now sixyears after switching charters one ex-credit union is finally readyto say the word. Atlantic Coast Federal Corp., which was AtlanticCoast FCU until 2000, announced Tuesday it is changing its name toAtlantic Coast Bank. The former credit union said it will takeabout six months to change the signs and the logo on the checks,cards and statements. Atlantic Coast FCU was chartered in 1939 toserve workers of what became the CSX Railroad, then converted to amutual savings bank in 2000.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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