PACSCAGOULA, Miss. - (09/15/05) -- The destruction of Jackson CountyFederal Employees FCU's only branch by Hurricane Katrina did notprevent the $2 million credit union from serving its members. Whileflood waters sped all around, the credit union manager set up shopin the back of a pick-up truck, while an employee's husband armedhimself with a shotgun to provide security for the makeshiftbranch. The tiny credit union did what it could to provide servicesfor one of its members, Doug DeSilvey, who came by asking for$6,000 for burial expenses for his daughter, his ex-wife and bothof her parents, who had all drowned when their home was flooded. Itis unlikely the credit union will be able to rebuild because it didnot have flood insurance and its insurer deemed the damage wasflood-related. The only insurance money it will receive is paymentfor two computers and one phone.
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Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.
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The Arkansas Republican is currently the vice chairman of the House Financial Services Committee and has a deep background in the banking industry and policy.
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The Buffalo, New York-based bank set a goal four years ago to limit its commercial real estate loan portfolio to 160% of its capital and reserves, and it's closing in on that target, says Chief Financial Officer Daryl Bible.
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Democratic Sens. Elizabeth Warren, Mass., and Sheldon Whitehouse, R.I., decried the U.S. Chamber of Commerce's suit against the Consumer Financial Protection Bureau's credit card late fee rule, saying the suit is an example of the kinds of frivolous litigation it opposes elsewhere.
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The New York megabank is working to deploy artificial intelligence as it seeks to make its own operations more efficient. Solomon also sees an "unprecedented" opportunity in financing clients' needs as they invest in AI.
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In an ongoing case, Citi and the New York attorney general are disputing who is responsible for wire transfer fraud that drained a customer's retirement savings.
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