PORTLAND, Ore. - (03/20/06) ATM giant TRM Corp. said Fridayit will delay filing its fourth quarter and annual reports andexpects to report losses for both periods. The announcement camethree days after the company, which used to form the backbone ofthe CO-OP Network, replaced its CEO Kenneth Tepper withPhiladelphia attorney Jeffrey Brotman. The delay in filing willprovide Brotman additional time to review the companysfinancial position. TRM has run into financial troubles since ittransformed itself from an operator of copier rentals with lastyears purchase of eFunds 14,200 ATMs. The companysproblems progressed when the CO-OP announced in February it wasterminating 5,000 of the 6,000 ATMs it rented from TRM. TRM said itbelieves it will not be in compliance with its loan agreementsbecause of, among things, charges related to the eFunds business.The lenders, including Bank of America, have agreed to forbear onthe loans for 90 days.
-
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
40m ago -
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
49m ago -
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
2h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
3h ago -
Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.
4h ago -
U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.
4h ago