DETROIT - (11/11/05) -- A federal grand jury indicted twomore people this week in a 2001 armed robbery of a cash deliverythat resulted in the death of an armored car guard outside DearbornFCU. The grand jury charged Earl Johnson, 37, and Khayyam Wilson,32, both of Dearborn, with premeditated murder with a firearm,which carries a maximum penalty of life in prison or death. Johnsonhad previously been charged in a criminal complaint with fourothers. Wilson had never been charged. Both men pleaded not guiltyat an arraignment in U.S. District Court here Thursday. They weredetained pending a court hearing next week. Four other individualshave been charged in the robbery, in which they thieves got awaywith $204,000. The same gang is believed responsible for at leastone other robbery of a cash delivery at Comerica Bank that netted$175,000.
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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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