BankNews April 2015

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Banking and Payment Vertical Continues to Offer Strong Opportunities for Smart Cards

September 18 – The global smart card market will see steady growth due to the increasing emphasis on the Europay, MasterCard and Visa (EMV) standard in the payment and banking vertical. In 2015, multiple financial institutions in the US are expected to make their payment cards EMV-compliant. Countries in the Middle East, Africa and Asia-Pacific will follow suit.

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Anchor BanCorp Recapitalizes; Files for Pre-packaged Chapter 11 Reorganization

Aug 15 – Anchor BanCorp Wisconsin Inc. (OTC Market: ABCW) has announced that the holding company has entered into definitive stock purchase agreements with a number of institutional and other private investors as part of a $175 million recapitalization of the institution. No new investor will own in excess of 9.9 percent of the common equity of the recapitalized holding company.

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Eastern Virginia Bankshares Announces $45 Million Capital Raise and Strategic Initiatives

March 27 – Eastern Virginia Bankshares Inc., Tappahannock, Va., (NASDAQ: EVBS) has entered into securities purchase agreements with affiliates of Castle Creek Capital Partners and GCP Capital Partners and certain other institutional investors pursuant to which it expects to raise aggregate gross proceeds of $45 million through private placements of approximately 4.6 million shares of common stock and 5.2 million shares of a new series of non-voting mandatorily convertible non-cumulative preferred stock, each at $4.55 per share. The closing of the private placements is subject to shareholder approval and other conditions.

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The future of the ATM in a Changing Payments World

Change has come to retail banking on a significant scale as the range of customer-owned channels grows in popularity. Increasing numbers of clients now access their accounts through PCs, tablets, smart phones and mobile phones. How will the ATM fit into this evolving payments field? In particular, how will ATMs, mobile phones and online banking interface in years to come?

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FDIC Publishes a Money Guide for Young Adults and Teens

Dec 17 – The FDIC has published a collection of simple, practical tips for young adults and teens on saving, managing money, and avoiding financial scams. This special edition of the agency’s quarterly FDIC Consumer News (Fall 2012), entitled “For Young Adults and Teens: Quick Tips for Managing Your Money,” also includes suggestions for parents and caregivers on saving for a child’s future and teaching youngsters about money.

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FDIC Consumer Newsletter Features Banking Tips for Small Businesses

Feb 24 – Small businesses are crucial to the U.S. economy and they’re very important to their owners — the entrepreneurs who put their own money and long hours into operating and growing a company. The Winter 2011/2012 FDIC Consumer News, published by the FDIC, features practical tips and information in a collection of articles entitled “Minding Your Own Business: Banking Tips for Small Companies.” This issue also includes articles on protecting senior citizens from financial fraud and theft, and guidance for consumers turned down for a checking account because of mismanagement.

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FDIC Offers Tips for Keeping Costs Down on Checking and Savings Accounts

Aug 25 – New rules limit the fees banks and other financial institutions can charge on some services, so it’s possible that the costs of other services, such as checking and savings accounts, could go up. The Summer 2010 issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation, features ways that careful consumers may avoid unnecessary costs on their deposit accounts. Other timely topics include the permanent increase in the basic federal deposit insurance limit to $250,000 and personal finance advice for young adults.

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FDIC Offers Money-Saving Tips in the New World of Credit Cards

May 25 – A new credit card law helps protect consumers from most instances of sudden increases in interest rates and other unfavorable changes in terms, but there are still potential pitfalls. The Spring 2010 issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation, offers eight ways to avoid problems including increases in rates and fees and reductions in credit limits. Other timely articles discuss questions to ask before depositing money through an “agent” or broker instead of directly with a bank, and understanding the risks and costs of a reverse mortgage.

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New Consumer Protections for Credit Cards and Mortgages: How They Can Help Borrowers Avoid Surprises

Aug 31 – New federal consumer protections for credit cards and mortgages — including prohibitions against abusive lending practices and requirements for clearer, more timely disclosures — will help people avoid surprises. The Summer 2009 issue of FDIC Consumer News from the Federal Deposit Insurance Corporation features key changes in the rules and what they mean for the public.

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Fed Announces Two Interest Rates Applicable to Loans Extended Under TALF

April 22 – The Federal Reserve Board has announced two new interest rates applicable to loans extended under the Term Asset-Backed Securities Loan Facility. The rates apply to certain loans secured by asset-backed securities with weighted average lives to maturity of less than two years. The new rates will be based on one- and two-year London interbank offered swap rates, resulting in a better match to the duration of the underlying ABS collateral.

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