HARRISBURG, Pa. - (01/31/05) -- The Pennsylvania Higher EducationAssistance Association launched a media blitz last week to helpfend off a hostile takeover offer from student loan giant SallieMae. The release of a 53-page booklet to media outlets and aletter-writing and email campaign came as Sallie Mae executiveswere lobbying state legislators to override the PHEAA's rejectionof the company's $1 billion offer. Teachers and administrators fromall over the Keystone State joined the fight to defeat the rarehostile takeover of a publicly-run student loan agency. PHEAA,which is controlled by the legislature, has a 21% share of thestudent loan market in Pennsylvania and Sallie Mae has a 7% share,but Sallie Mae has come to dominate the national market and howmakes more than half of all the guaranteed student loans in thecountry. Sallie Mae, with its $108 million in student loans undermanagement and diversified operation from orginations tosecuritizations and collections, claims it can provide loans toPennsylvania's college students cheaper and more efficiently thanthe state-run agency. The PHEAA Board has countered by sayingPennsylvania students will pay higher loan costs under thefor-profit structure of Sallie Mae.
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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.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25