| First American in $5 million settlement
WASHINGTON (AP) - A First American Corp. title insurance subsidiary will pay $5 million to settle federal and state allegations that it gave kickbacks for new business, federal and state officials said Friday. The Santa Ana, Calif.-based company settled with the U.S. Department of Housing and Urban Development and Florida insurance and banking regulators, the agencies said in prepared statements. They alleged the company's First American Title Insurance Co. unit illegally used Florida-based title insurance agencies created by the company solely to pay mortgage brokers, banks and homebuilders for referrals. Title insurance protects homeowners and lenders against unknown claims or liens on property. The company has agreed to shut down 84 partnerships as part of the settlement, HUD said.
Wachovia boosts online offerings for small biz
Wachovia Corp. is expanding its online product offerings to include electronic deposits and bad-check recovery. The Charlotte, N.C.-based bank -- Central Florida's third-largest financial institution -- says the service will provide small businesses with cash-management services comparable to those available to most large businesses. With online deposits, small business owners can scan paper checks from their desktops and electronically send the images to Wachovia for deposit. Wachovia says the Internet-based application eliminates the need for software installation. To qualify, customers must have been in business for at least one year and have a Wachovia deposit account. In addition, Wachovia (NYSE: WB) has hired Federal Automated Recovery Systems, a subsidiary of Infinity Business Group Inc., to manage the electronic re-presentment of checks that have been returned for insufficient funds.
Reliance insurance to foray into health segment
Mumbai, Nov 21 (UNI) Reliance Life Insurance, an arm of Anil Dhirubhai Ambani Group will soon foray into the Health Insurance segment and will invest Rs 1,500 crore in its insurance business by 2010.
''We are growing at 155 per cent year on year and has 6.25 per cent market share in the insurance sector and we expect to double our current rate of growth and this capital infusion in the sector is directed towards achieving the goal'', P Nandgopalan, CEO of the company told mediapersons here today.
Besides this capital infusion, the company is also planning to foray agressively into the health insurance segment. However, the time frame for the same has not been decided yet.
Reliance Life Insurance company which has 500 branches across the country has a current capital base of Rs 900 crore.
Structured Products Awards for Excellence in Europe 2007 Results Announced
Results announced in the Structured Products Awards for Excellence in Europe 2007. The awards recognise excellence and superior performance by the leading derivatives-based investment houses, the best providers of services and the top performing investment banks in 10 key European regions. .
GB&T Bancshares Reports Third Quarter Results
GAINESVILLE, Ga., Nov. 2, 2007 (PRIME NEWSWIRE) -- GB&T Bancshares, Inc. (NasdaqGS:GBTB - News), a multi-bank holding company operating seven community banks in markets surrounding metropolitan Atlanta, reported a third quarter 2007 net loss of $6.3 million, or $0.44 per diluted share, compared with net income for the 2006 third quarter of $4.2 million, or $0.30 per diluted share, and net income of $3.1 million, or $0.22 per diluted share for the second quarter of 2007. For the first nine months of 2007, GB&T Bancshares reported net income of $515,000, or $0.04 per diluted share, compared with $11.4 million, or $0.83 per diluted share, for the comparable prior-year period. Results reflect a slowdown of loan growth, as well as continuing deterioration in credit quality, which has affected virtually all aspects of GB&T's performance.
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