FIRST HORIZON LOSES $248 MILLION
First Horizon National, parent of First Tennessee Bank and once the pride of the Memphis financial industry, reported a $248 million quarterly loss Thursday and cut its quarterly dividend from 45 cents to 20 cents. The stock price dropped 15 percent to $16, which is near its 52-week low and down 64 percent from its 52-week high of $45.
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NAVY FEDERAL CREDIT UNION IS MAKING ITS MARK WITHIN THE FINANCIAL SERVICES INDUSTRY
January 17, 2008, Vienna, VA - Navy Federal Credit Union is a leader for innovative and quality services and products within the credit union industry. For more than 75 years, Navy Federal has provided Sailors, Marines, and their families with trusted savings and lending programs geared to fit every purpose and budget. Within the past year the largest credit union in the world has gotten attention from outside of the industry for offering competitive products to members.
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SALLIE MAE TO LAY OFF 350 WORKERS, OR 3% OF WORKFORCE
NEW YORK (MarketWatch) -- SLM Corp., better known as Sallie Mae, said it would lay off about 3% of its workforce to cut costs in the face of shrinking federal subsidies and other financial pressures, The Washington Post reports in its Friday edition.
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BLACKSTONE'S BUYOUT DEAL COMING UNGLUED
Hedge funds that bet on merger deals took another beating yesterday after shares of Alliance Data Systems tumbled on fears that billionaire Stephen Schwarzman's Blackstone Group would abandon its $8 billion deal to buy the credit-card processing company.
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ACXIOM'S NEW CHIEF PLANS TO FOCUS ON MOBILE
ALTHOUGH NEW ACXIOM CORP. CEO John Meyer doesn't officially take the reins until Feb. 4, he already is making plans on how to lead the embattled data-management giant back into Wall Street's good graces.
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DATA LOST ON 650,000 CREDIT CARD HOLDERS
Personal information on about 650,000 customers of J.C. Penney and up to 100 other retailers could be compromised after a computer tape went missing. GE Money, which handles credit card operations for Penney and many other retailers, said Thursday night that the missing information includes Social Security numbers for about 150,000 people.
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FLETCHDATA, LLC PURCHASED BY FORMER VP OF SALES
FletchDATA, LLC, which is a provider of the National Directory Assistance Database, has been acquired by Alison and Ken Barton.
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MORTGAGE RELIEF RISES AS FORECLOSURES JUMP
NEW YORK (CNNMoney.com) -- Amidst the housing slump, the mortgage industry continued to modify a large number of mortgages in the third quarter of 2007.
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CHAIRMAN BEN S. BERNANKE
Developments in Financial Markets
Since late last summer, financial markets in the United States and in a number of other industrialized countries have been under considerable strain. Heightened investor concerns about the credit quality of mortgages, especially subprime mortgages with adjustable interest rates, triggered the financial turmoil. Notably, as the rising rate of delinquencies of subprime mortgages threatened to impose losses on holders of even highly rated securities, investors were led to question the reliability of the credit ratings for a range of financial products, including structured credit products and various special-purpose vehicles. As investors lost confidence in their ability to value complex financial products, they became increasingly unwilling to hold such instruments. As a result, flows of credit through these vehicles have contracted significantly.
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FTC DATA PROTECTION REQUIREMENTS IMPACT CREDIT, COLLECTIONS AND DEBT BUYING INDUSTRY
Failure to follow FTC guidelines may result in 20 years of FTC oversight and millions of dollars in fees, fines and expenses.
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SOUNDBITE COMMUNICATIONS APPOINTS MARK FRIEDMAN AS CHIEF MARKETING AND BUSINESS DEVELOPMENT OFFICER
SoundBite Communications Inc. (NASDAQ: SDBT), a leading provider of on-demand automated voice messaging solutions, today announced that Mark Friedman has been appointed to the role of Chief Marketing and Business Development Officer. In this newly created position, Mr. Friedman will spearhead SoundBite's market and product expansion initiatives.
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EXTENDICARE TO IMPROVE REVENUE CYCLE MANAGEMENT WITH ONTARIO SYSTEMS' ARTIVA HEALTHCARE PRODUCT
Extendicare recently selected Ontario Systems' Artiva Healthcare product to strategically manage their revenue cycle.
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2007 M&A IN THE ARM INDUSTRY STILL ACTIVE: KAULKIN GINSBERG ANALYSIS OF ECONOMIC FORCES PORTENDS MARKET TURN AHEAD
Rockville, MD - Merger and acquisition activity remained high in the accounts receivable management (ARM) industry in 2007, but economic forces and market conditions may slow down activity in 2008, according to Kaulkin Ginsberg, the leading strategic advisor to the industry.
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PHILLIPS AND COHEN LAUNCHES TITANIUM ORE ENTERPRISE SOFTWARE
Fairfax, VA, January 16, 2008 - CR Software, LLC (CRS), the leading collections solutions provider for collection agencies and corporate debt recovery departments, announced today that Westampton, NJ-based, Phillips and Cohen Associates, Ltd. (PCA) with offices in Canada, the United Kingdom, and throughout the United States, has successfully implemented Titanium ORE to run their entire collection operations. PCA is an industry leading collection agency that provides its clients with nationwide deceased account collection and servicing, pre-chargeoff collection, post-chargeoff collection, bankruptcy and litigation/arbitration management services.
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WELLS FARGO 4Q PROFIT SLIDES 38 PCT TO LOWEST LEVEL IN 6 YEARS
Wells Fargo & Co. ended 2007 with its lowest quarterly profit in six years, dragged down by the declining home values and mortgage mess that's tormenting most of the banking industry.
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PAYSIMPLE APPOINTS DAVID SHARP, FORMERLY OF GLOBAL PAYMENTS, VICE PRESIDENT OF BUSINESS DEVELOPMENT
DENVER, CO, January 14, 2007 - PaySimple, an industry-leading provider of payment management solutions for businesses, is pleased to announce the addition of David Sharp to its management team. David, formerly of Global Payments Inc. [NYSE: GPN], is now the Vice President of Business Development and will be based at the company's headquarters in Denver, CO.
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JPMORGAN SUFFERS EARNINGS SLIDE
NEW YORK (CNNMoney.com) -- JPMorgan Chase & Co. reported a decline in quarterly earnings Wednesday after suffering a $1.3 billion subprime-related hit, becoming the second bank this week to post dismal results.
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CHOICEPOINT EXPANDS DEBT CAPACITY TO $1.025 BILLION
ALPHARETTA, Ga. - January 15, 2008 - ChoicePoint (NYSE: CPS) today announced it has entered into a $300 million unsecured term loan credit facility to pay down outstanding loans under its existing revolving credit facility and fund general corporate purposes including share repurchases. As a result of this transaction, ChoicePoint's debt capacity increased from $725 million to $1.025 billion. Wachovia Capital Markets, LLC acted as lead arranger for the transaction, which included fifteen banks.
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INDYMAC CUTTING WORK FORCE: 'PAINFUL' 24%
LOS ANGELES (AP) -- Mortgage lender IndyMac Bancorp said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and sagging demand for home loans.
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BANKRUPTCIES ROCK VALLEY, ARIZONA
A rising number of Valley residents and businesses threw in the towel last month, filing nearly twice as many bankruptcy petitions in December compared with the previous year.
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M&T'S QUARTERLY EARNINGS DROP 70%
M&T Bank Corp.'s fourth-quarter net income dropped 70 percent as the bank wrote off all but $4.4 million of its exposure to collateralized debt obligations backed by residential mortgages.
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THE CHARMING SHOPPES FULL VALUE COMMITTEE DISCLOSES NOMINATION OF THREE HIGHLY QUALIFIED DIRECTOR CANDIDATES
NEW YORK, Jan. 15 — The Charming Shoppes Full Value Committee (the "Committee") announced today that it has nominated a slate of three director nominees for election to the Board of Directors of Charming Shoppes, Inc. ("Charming Shoppes" or the "Company") (Nasdaq: CHRS) at the Company's 2008 Annual Meeting of Shareholders. The members of the Committee beneficially own an aggregate of 9,276,805 shares, or approximately 7.9% of the outstanding shares, of common stock of the Company. Crescendo Partners II, L.P., Series Q delivered the written notice to the Corporate Secretary of Charming Shoppes on January 14, 2008, in accordance with the Company's Bylaws.
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FAIR ISAAC ANNOUNCES PRELIMINARY FIRST QUARTER 2008 RESULTS AND REVISED SECOND QUARTER AND FULL YEAR FISCAL 2008 GUIDANCE
January 14, 2008 - (Minneapolis, Minnesota, USA) Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology today announced the preliminary financial results for its first fiscal quarter ended December 31, 2007 and revised guidance for the second fiscal quarter ending March 31, 2008 and full fiscal year 2008, both of which are lower than the company's previously announced guidance. First quarter results are preliminary, subject to the company's management and independent auditor completing their customary quarterly closing and review procedures.
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UNITED BANCORPORATION OF WYOMING, WELLS FARGO ANNOUNCE DEFINITIVE AGREEMENT
Wells Fargo & Company (NYSE:WFC) and United Bancorporation of Wyoming Inc. said today they have signed a definitive agreement for Wells Fargo to acquire United Bancorporation of Wyoming's five banking operations in Wyoming and eastern Idaho. After the transaction, Wells Fargo will be #1 in both deposits and assets among banks in Wyoming, the nation's ninth fastest-growing state according to census data (7/2006-7/2007). Terms of the cash transaction agreement were not disclosed.
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NORTHERN ROCK RESCUE PLAN REJECTED
NEWCASTLE-UPON-TYNE, England (AP) -- Northern Rock shareholders dealt a partial blow to the board of the embattled mortgage lender Tuesday, voting in favor of a proposal to take away some of its power to negotiate a rescue deal.
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BERNANKE COULD BE CAUGHT IN TUG OF WAR OVER STIMULUS PLAN
WASHINGTON — Federal Reserve Chairman Ben Bernanke is the man in the middle as Congress and the White House eye a possible package of tax cuts and spending increases to stimulate the economy.
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FEARS GROW AS CONSUMERS PULL BACK FURTHER
NEW YORK (CNNMoney.com) -- A new round of economic data released Tuesday show that holiday sales were even worse than many experts had expected - adding to fears that 2008 could be an even more challenging year for retailers.
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CITIGROUP SUFFERS $9.8 BILLION LOSS
NEW YORK (CNNMoney.com) -- Citigroup Inc. delivered some of the worst quarterly results in its history Tuesday, reporting a nearly $10 billion loss that was much worse than Wall Street had anticipated.
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ONTARIO SYSTEMS TECHNOLOGY LEADERSHIP RECOGNIZED
Ontario Systems technology leadership and commitment to the accounts receivable management industry was recognized again with seven products in Collection Advisor's Top 100 Collection Technology Products for 2007.
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The following Updates and New Entries occured since the last At A Glance was sent: | | | Portfolios For Sale | $2,055,626.00 Consumer Loans
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| | Agency | ABC-AMEGA INC.
800-732-0206
| | Attorney | LAW OFFICES OF GREGORY T. LATTANZI, LLC
203-772-3000
UNDERWOOD LAW FIRM
314-621-4940
| | Brokers | WRIGHT,SCOTT&ASSOCIATES,LLC
888-581-0202
| | Consultants | COMPLIANCE MANAGEMENT PARTNERS
David Mertz
913-712-9665
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| | Contact Solutions/Dialers | CAPITOL COLLECTION SERVICES CORP
800-509-4983
| | Debt Buyers | KONDAUR CAPITAL CORPORATION
714-352-2034
| | Debt Sellers | MATTIA & ASSOCIATES
GEORGE MATTIA
619-312-0539
More Information
| | Mail Services | PCI GROUP INC
Anthony Faldetta
631-582-2650
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| | Skip Tracing | SYNERGY SOLUTIONS, INC.
970-663-1703
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Industry Events
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7th National Symposium on Privacy & Security of Consumer and Employee Information
American Conference Institute
The Union League of Philadelphia
Philadelphia, Pennsylvania
January 23 - 24, 2008
(888) 224-2480
More Information
Consumer Bankruptcy in Practice: A Webinar Series
American Bankruptcy Institute
Nashville, Tennessee
January 28, 2008
(703) 739-0800
More Information
DBA International 11th Annual Conference
DBA International
Mirage Hotel and Casino
Las Vegas, Nevada
February 5 - 7, 2008
(703) 610-0224
More Information
13th Rocky Mountain Bankruptcy Conference
American Bankruptcy Institute
Denver, Colorado
February 14 - 15, 2008
(703) 739-0800
More Information
16th Annual Bankruptcy Battleground West
American Bankruptcy Institute
Santa Monica, California
February 22, 2008
(703) 739-0800
More Information
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