First Security Corp. said Thursday that it would buy back up to 3.7 million, or about 2%, of its common shares.
The banking company said the repurchase would "facilitate" its pending purchase of Van Kasper & Co., a San Francisco-based investment bank that agreed on Sept. 23 to sell to First Security for $100 million. That transaction is scheduled to close in January. However, First Security said there would be no time limit to complete the stock buyback program.
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The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of technology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of frictionless payments.