Mellon Bank Corp. said it signed a letter of intent to buy AFCO Credit Corp., the nation's largest provider of insurance premium financing, for $100 million in cash.
Mellon also agreed to pay AFCO's parent, the Continental Corp., up to $78 million more after five years, based on loan growth.
AFCO, based in New York, has $1.2 billion in assets and earned $23 million before taxes on $65 million in revenue last year.
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
Strong consumer spending and cross-border activity drove an 8% increase in Visa's total payments volume during the first quarter of the year, although Asia's economic recovery is taking longer than expected.
Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
