AUBURN HILLS, Mich. - (08/19/04) Volkswagen of America plans by year-endto be operating an Internet bank that offers checking, savings,CDs, debit cards and online bill pay. It will be called VolkswagenBank USA. The bank is to be piloted this month with active andretired Volkswagen employees, with CDs to be offered to the publicbeginning in November and all other products by early 2005. Thecompany is pursuing a contract with a national ATM network to givedepositors access to cash at no charge. It will also reimbursecustomers for ATM fees incurred at other machines.
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The New York-based bank, which works with many Democratic campaigns, faces investor concerns that it might be targeted by the Trump administration. CEO Priscilla Sims Brown says the bank's "strong profitability" is its best shield from political threats.
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The Ohio bank is working with Alloy Partners to build startups in fintech, payments and wealth management even as it acquires multiple banks this year.
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Huntington's $7.4 billion acquisition of Cadence would give the Ohio-based bank a top-five market share in both Dallas and Houston. It comes just a week after Huntington closed its last Texas acquisition.
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In an expanded partnership announced Monday, the card network and payment fintech will enable hundreds of millions of consumers and tens of millions of merchants to use new forms of artificial intelligence for shopping and payments.
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The Arkansas-based company spent nearly four years on the M&A sidelines, grappling with asset quality issues and litigation tied to its 2022 acquisition of Texas-based Happy State Bank. Now it's signed a letter of intent to buy an unnamed bank.
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The company cited efforts to improve profitability behind its decision, with Popular joining a line of other banks in ending mortgage operations in 2025.
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