American Express Company has reached settlements with several regulatory agencies to resolve previously disclosed reviews of certain aspects of the company’s U.S. consumer card practices. Similar settlements were reached with several of the company’s subsidiaries, including American Express Centurion Bank; American Express Bank, FSB; and American Express Travel Related Services Company, Inc. The settlements were…
Visa appointed Kevin Knight Head of Credit and Debit Products, North America to manage development and growth in consumer credit, debit and small business product suite. He joins Visa from Nordstrom as president of the credit division and chairman of Nordstrom FSB, the company’s bank subsidiary. He was responsible for the company’s credit business, payment acceptance and processing for its stores, and built Nordstrom’s retail loyalty program supported by credit and debit payment products. He also spent more than 20 years at GE Capital overseeing credit card and financial services.
American Express and U.S. Bank, the lead bank of U.S. Bancorp, have joined forces to spur business growth in economically challenged communities and provide jobs for at least 3,000 workers. U.S. Bancorp Community Development Corporation (USBCDC), a wholly-owned subsidiary of U.S. Bank, arranged and will manage a $74 million New Markets Tax Credit fund for American Express. The fund has provided capital for the construction and operation of 11 real estate developments and operating businesses throughout seven southern and western states including Alaska, Arizona, California, Louisiana, Oregon, Utah and Washington. The projects are anticipated to directly produce more than 1,600 construction jobs, increase the sustainability of 100 jobs and create more than 1,300 full-time positions.
The Board of ValuCard Nigeria Limted appointed Agada Apochi as Managing Director/Chief Executive Officer and Bisi Onasanya, Group MD/CEO, First Bank of Nigeria (FBN) as Chairman. Onasanya takes over as from Philips Oduoza, the Group MD/CEO of UBA as Chairman and will lead the company to new heights through his wealth of experience. Apochi is the company’s fourth CEO and the first through internal succession since inception. He was until the appointment ValuCard’s Executive Director. Apochi joined the services of ValuCard Nigeria Limited in 2005 and is an alumnus of the University of Jos, Lagos Business School and Bank Card Business School in Cambridge with several academic honors and awards including University Prize for Best Graduating Student.
Elan Financial Services credit card issuer & Flagstar Bancorp now offer its customers the Flagstar Bank-branded credit card program. With this, Flagstar Bank cardholders will benefit from a variety of credit card products with a full one percent cash back feature, merchandise, gift certificates or travel rewards. Special features will also be available for small business cardholders, including rewards for every dollar spent and tools to track and manage their expenses. Elan Financial Services, a full-service credit card issuer, is dedicated to serving financial institutions with best-in-class credit card products and rewards that meet the unique needs of every customer.
USAA Federal Savings Bank (FSB) has reached an ATM branding agreement with Cardtronics and will subsequently brand 189 Cardtronics-owned and operated ATMs in the metro Washington, D.C and offer fee-free cash access to USAA members. All 189 Cardtronics-owned/USAA-branded ATMs are located in the Washington, D.C. area (Washington, D.C. proper, northern Virginia and southern Maryland) CVS/pharmacy locations. USAA’s expanded banking services network through Cardtronics complements USAA Financial Centers with ATMs located in high-profile retail locations. In addition to this ATM branding agreement, USAA has participated in the Allpoint Network since 2009.
Visa electronic payments kicked off its new payments solutions to replicate Visa POS payments within traditional and digital eCommerce, mobile commerce and social networking commerce environments. These will include a secure cross-channel digital wallet and a range of customized mobile payments services that address the specific requirements of geographic markets around the world, namely on the Association’s digital wallet and services platform. This platform will store Visa and non-Visa payments accounts, support NFC payments through the innovative Visa payWave application and deliver a wide range of transaction services for eCommerce, mobile commerce, micropayments, social networks and person-to-person payments. It is already slated to serve customers of Barclaycard US; BB&T Corporation; Card Services for Credit Unions (CSCU); ICBA Bancard; Nordstrom fsb; Pentagon Federal Credit Union; Scotiabank; TD Bank Group (US and Canada); and US Bank, to name a few. Visa expects to launch the digital wallet in the U.S. and Canada in fall 2011.
IBERIABANK Corporation has appointed Barry F. Berthelot as Executive VP,
Director of Organizational Development. Bringing with him over 20 years’
financial services industry experience, Barry most recently served as
President of the Acadiana Market for JP Morgan Chase. Prior to this, he
served Bank One, First National Bank of Lafayette (as President for
both), and as Chief Administrative Officer for Lafayette Parish
Government from 1985 through 1987 after serving as Director of
Administration/Finance for the City of Lafayette Government for five
years. He holds a B.S. in Business Administration from the University of
Southwestern Louisiana and a Masters from Northern Michigan University.
IBERIABANK Corporation has reported 2009 net income to common
shareholders of $144
million, up 273% compared to $39 million in 2008. Earnings per share for
2009 was $8.03, up 171% compared to $2.96 in 2008.
Total assets increased $3.2 billion, or 50%, to $9.7 billion at December
31, 2009, and up $59 million, or 1%, excluding the FDIC acquisitions of
Orion Bank and Century Bank. Over the last 10 years, the Company’s asset
base grew at a 22% annual compounded growth rate. Total shareholders’
equity increased $104 million, or 12%, since September 30, 2009 and grew
at a 10-year compounded annual rate of 23%. The Company’s market
capitalization was $1.1 billion at year-end 2009 and climbed at a
10-year compounded annual growth rate of 28%. IBERIABANK
Corporation is holding company of the 122-year-old IBERIABANK and
Payment software provider S1 Corporation has consolidated Postilion, S1 Enterprise and FSB Solutions under a single brand called S1. S1 has consolidated the websites supporting the three brands into a single website (www.s1.com) and has adopted a single logo and established a supporting corporate identity for its single brand.
S1 Corporation supports 3,000 organizations worldwide with payments, online banking, mobile banking, voice banking, branch banking and lending solutions.
USAA Federal Savings Bank will implement the “MasterCard
Integrated Processing Solutions” debit processing platform. USAA will employ the full capabilities of the platform’s branded network and issuer processing services in support of signature and PIN debit, and ATM driving. “MasterCard IPS” is designed to help financial institutions create differentiated products and services and expand their payment portfolios across multiple business channels with efficient administration and minimal infrastructure investment. Issuers will be able to save considerable time and resources when designing and deploying new products and services by simply providing data for the platform’s pre-determined parameters. With its proprietary “Portfolio Viewer” tool, “IPS” delivers a 360-degree view of aggregated cardholder intelligence across debit and prepaid products that can help issuers customize their offerings. USAA Federal Savings Bank is the 23rd largest bank in the nation with more than $31 billion in deposits.
American Express has introduced “Personal Savings” that offers a
FDIC-insured certificates of deposit and high-yield savings
accounts. The Personal Savings deposit
accounts feature competitive rates, no monthly fees, no minimum balances
and 24/7 account access via web or phone, making it easy for consumers
to manage their accounts whenever they want, wherever they are. The
high-yield savings accounts have an Annual Percentage Yield of 1.85% and
certificates of deposit are
available in a range of maturities from three months to five years
Personal Savings deposit accounts are available to both American Express
Cardmembers and to consumers who do not currently have an American
Express Card. Consumers can also rely on the security of a Personal
from American Express, because all deposits are FDIC insured up to
$250,000 per depositor.