Twin Cities Classifieds

  • banking & finance news
  • Bremer Bank Expands Its Digital Offerings           business wire
  • 10-23 JACKSONVILLE, Fla.–(BUSINESS WIRE)–In order to keep up with the ever-growing demands of technology and the increasing expectations of consumers and commercial customers using its digital channels, Bremer Bank selected FIS™ to provide Consumer eBanking, Business eBanking and Mobile solutions. FIS (NYSE: FIS), the world’s largest provider of banking and payments technology, also was tapped by Bremer Bank to provide frontline teller and teller capture solutions.
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  • SEC wins fraud judgment against Minneapolis fund          pioneer press
  • 10-23 A jury in St. Paul has returned a judgment against a Minneapolis-based investment fund accused of fraud after raising more than $21 million by misleading investors.
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  • A 4th round of job cuts at Wells          star tribune
  • 10-17 Wells Fargo & Co. on Wednesday notified 102 people in its Minnesota mortgage operations that their jobs are being eliminated within 60 days, the fourth round of job cuts in as many months.
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  • U.S. Bancorp profit slips          mspbj
  • 10-16 Profits dip at U.S. Bank’s parent company on mortgage slowdown and slow economic growth.
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  • U.S. Bancorp Reports Earnings for the 3Q of 2013          business wire
  • 10-16 MINNEAPOLIS–(BUSINESS WIRE)–U.S. Bancorp (NYSE:USB) today reported net income of $1,468 million for the third quarter of 2013, or $.76 per diluted common share, compared with $1,474 million, or $.74 per diluted common share, in the third quarter of 2012. Highlights for the third quarter of 2013 included:
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  • Bank poised to cut off Somalis          pioneer press
  • 10-15 LONDON—A British bank could soon be cutting a financial lifeline for millions of Somalis. Barclays is poised to sever its ties to Dahabshiil, one of the Somali expatriate community’s biggest money transfer services, as part of a larger reorganization of its business. Barring a successful last-minute court challenge, experts say the move will jeopardize 100 million pounds ($160 million) worth of payments made from the U.K. each year.
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  • Firms vie to underwrite stadium          twin cities business
  • 10-10 The firms—which include some of the country’s largest financial services companies—made pitches to help underwrite taxpayers’ $498 million portion of the new stadium.
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  • Ceridian Forms Separate HCM & Payments Businesses           business wire
  • 10-4 MINNEAPOLIS–(BUSINESS WIRE)–Ceridian announces that it has completed the legal separation of its Human Capital Management (HCM) and Payments businesses. Ceridian completed the separation on October 1, 2013 through a series of transactions that result in the Payments business being operated as Comdata Inc. (“Comdata”), and the HCM business being operated as Ceridian HCM Holding Inc.
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  • Wells Fargo Playing Hardball With New York           the street
  • 10-3 Wells Fargo (WFC_), which dominates the mortgage market and has sometimes taken one-third of it, must have figured it was past the market’s problems after signing off on the $25 billion national industry settlement in 2011, dealing with charges against mortgage holders during and right after the Great Recession.
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  • Vikings pick trio of banks          mspbj
  • 10-2 The same trio of banks that financed the San Francisco 49ers’ stadium will do so for the Minnesota Vikings.
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  • U.S. Bank owes 2.7 million people for overdrafts          star tribune
  • 9/27 About 2.7 million people have received notifications this month that U.S. Bank owes them refunds as part of a $55 million overdraft settlement.
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  • Wells cuts hundreds of TC jobs          mspbj
  • 9/18 Wells Fargo & Co. is cutting another 332 jobs in the Twin Cities, citing further weakening in demand for home-mortgage refinancing.
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  • U.S. Bancorp Posts Results of Stress Test          business wire
  • 9/17 MINNEAPOLIS–(BUSINESS WIRE)–U.S. Bancorp (NYSE: USB) posted today the results of the Company’s 2013 Dodd-Frank Act Mid-Cycle Stress Test. The results are available in the “Investor;/Shareholder Information” section of U.S. Bank’s website at www.usbank.com
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  • Finance sector fuels TC growth          mspbj
  • 9/17 The Twin Cities economy grew by 3.9 percent in 2012, its fastest growth rate in almost a decade, according to new data released Tuesday.
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  • TCF customers complain most          mspbj
  • 9/17 TCF Bank customers were most likely to complain to federal regulators but are often offered cash for their trouble.
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  • TCF and the U: How close is too close?          minnesota daily
  • 9/12 University of Minnesota biology freshman Alyssa Oakman thought she needed to open a TCF Bank account in order to receive her U Card. “That’s how they presented it at orientation, that it would be easier to have them linked,” she said. “I didn’t fully understand what was going on.”
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  • Lender temporarily barred          pioneer press
  • 9/9 A Minneapolis judge has temporarily blocked Internet lender CashCall from making new loans in Minnesota, after the company was sued by state officials who argue it’s an illegal, sham business.
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  • Banks turn to credit cards          star tribune
  • 9/7 Wells Fargo & Co. and U.S. Bancorp are betting on credit cards and payments to help fuel revenue growth as the mortgage refi boom fades in the rearview mirror.
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  • Somali-Americans send estimated annual $215 million          twin cities daily planet
  • 9/6 Since the civil war erupted in Somalia more than two decades ago, thousands of families have flocked to the United States and left some of their loved ones in the war-ravaged country, which now has one of the highest unemployment rates in Sub-Saharan Africa.
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  • TPG Credit Management Changes Name to Castlelake           business wire
  • 8/29 MINNEAPOLIS–(BUSINESS WIRE)–TPG Credit Management, L.P. today announced that it has changed its name to Castlelake, L.P. The firm was founded in 2005 by Rory O’Neill, in an alliance with TPG Capital as a silent minority partner. Mr. O’Neill, the company’s managing partner and CEO, said that over the past eight years the firm has grown and evolved to the point where management believes the timing is right to create an identity that better represents the firm’s distinct culture and investment strategies. Castlelake currently manages several funds with an aggregate of $2.4 billion of assets under management and employs 53 professionals in its Minneapolis and London offices.
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  • U.S. Bank Soars in Customer Service Ratings          business wire
  • 8/22MINNEAPOLIS–(BUSINESS WIRE)–U.S. Bank has earned high praise for its customer service as reported in the 2013 Temkin Customer Service Ratings released this week. The company ranked third in the banking industry and 36th overall among 235 companies representing 19 industries. U.S. Bank had one of the strongest gains in 2013 compared to 2012 when it ranked 126th overall and 10th among banks.
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  • Community banks improve           mpr
  • 8/22 ST. PAUL, Minn. — As they continue to emerge from the economic depths of the Great Recession, Minnesota’s community banks are contending with fewer loans that have soured, the Federal Reserve Bank of Minneapolis concluded after a quarterly look at banking conditions in the state.
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  • Wells Fargo cutting 161 in TC          mspbj
  • 8/21 Wells Fargo & Co. is laying off 2,323 more mortgage employees nationwide, including 161 in the Twin Cities.
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  • SEC says Anchor BanCorp settling fraud lawsuit          pioneer press
  • 8/16 MADISON, Wis.—Anchor BanCorp Wisconsin and its former chief financial officer have agreed to settle a federal fraud lawsuit accusing them of underreporting losses from bad loans, but they have not admitted misconduct. The U.S. Securities and Exchange Commission filed the lawsuit Wednesday, just two days after Anchor BanCorp filed for bankruptcy reorganization. The lawsuit accuses the company and former CFO Dale Ringgenberg of “intentionally; or recklessly” underreporting losses from bad loans in 2009. ).
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  • Warren Buffett Ups U.S. Bancorp Holdings By 27%          twin cities business
  • 8/15 Berkshire Hathaway increased its stake in U.S. Bancorp to more than 78 million shares at an average price of $34.31 during the second quarter, according to a regulatory filing released Thursday.
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  • SEC to bar Twin Cities-area money manager          star tribune
  • A Buffalo money manager with a history of financial misconduct will be barred from the securities industry and has been ordered to pay $1.1 million, including a $200,000 civil penalty…
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  • Fed maps Minnesota bank failures          mspbj
  • 8/13 A new Fed project has mapped Minnesota’s bank failures from Access Bank to RiverBank…
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