-
OmniAmerican Bancorp in Fort Worth, Texas, said Monday that its fourth-quarter earnings nearly quadrupled from the same period in 2010, to $1.2 million, as declines in loan yields were more than offset by an 18% increase in average balances of earning assets.
February 13 -
OmniAmerican Bancorp Inc. in Fort Worth, Texas, reported a five-fold increase in third-quarter earnings from a year earlier, to $1 million, due primarily to improved asset quality.
November 7
OmniAmerican Bancorp (OABC) in Fort Worth, Texas, is exiting the business line that accounts for its largest single group of loans.
The $1.3 billion-asset company will stop buying auto loans originated through dealerships, it said Wednesday. OmniAmercan plans to cut about 24 jobs, or 8% of its workforce, as it exits indirect auto lending.
The company also terminated Terry Almon, its chief operating officer, as part of the cuts. The company said in a
OmniAmerican said it expects to record about $800,000 in employee separation costs in the fourth quarter, including $80,000 tied to exiting the indirect auto business.
"Interest margin pressure and the competitive rate environment are impacting the profitability of banks across the nation," Chief Executive Tim Carter said in a press release. "In order to adjust to these pressures, we must continually streamline our processes and find new ways to reduce our expenses."
OmniAmerican held $252 million of indirect auto loans, or 31% of its entire loan portfolio, at June 30, according to its
OmniAmerican
