Safeco announced Friday that its board of directors had increased the company's share repurchase authorization to 10 million, including shares that remain available for repurchase under previously approved programs.
The current authorization equals 8.1% of Safeco's shares outstanding at Oct. 31.
The Seattle insurer has repurchased 18.6 million shares since 2003, or 13.4% of its then outstanding stock, at a total cost of $918 million.
The recent uptick in commercial-and-industrial lending is the result of disruption in the private credit sector, one economist argues. Bank analysts say the upheaval in private credit is one factor among many.
The president's son has seemingly cut ties with the digital asset fintech ALT5 Sigma, whose shares lost 90% of their value after purchasing the tokens.
The Consumer Financial Protection Bureau finalized a new version of a small-business lending rule that took 17 years to get over the finish line. Banks are still lobbying for the rule to be repealed.
New York extracted $5 million and a broker registration from Uphold over its promotion of CredEarn, a yield product whose issuer collapsed in 2020.
A federal judge harshly criticized the settlement of a civil suit between the Department of Justice and a Texas land developer.
The San Antonio-based bank reported annual declines in net charge-offs and nonaccrual loans, extending a run of solid credit-quality trends at Texas-based regional banks.
