Bove, of Rochdale Securities, said in a research report that his company's new ratings system sets Birmingham-based Regions at "undervalued," which equates to "buy" under the old system. Bove said he expects shares to reach 75 percent of book value or $8 a share, down from an earlier estimate of $9.50.
Despite the cut in the target price, Bove said the employer of 6,000 people in the metro area is on the right track.
"The bank has money once again to put into capital spending," Bove wrote, noting the repayment of $3.5 billion of investment under the Troubled Assets Relief Program and the $1.2 billion sale of brokerage Morgan Keegan. "It is, therefore, improving its technology both to cut operating costs and also to offer new distribution systems to the consumer."
Also Thursday, Regions was ranked 16th on the SNL Financial list of Top 50 U.S. banks during the first quarter, unchanged from the fourth quarter, with $125 billion of assets. The company operates about 1,700 branches in 16 states and claims a metro-area deposit share of 38 percent.
Five other banks with major operations in Birmingham made the SNL Financial list:
</arrow>San Francisco-based Wells Fargo & Co., at No. 4. The successor to Wachovia Corp. has $1.3 trillion of assets and a 13 percent deposit market share in Birmingham, good for third-place behind No. 1 Regions and No. 2 BBVA Compass.
</arrow>Pittsburgh-based PNC Financial Services, at No. 9. PNC bought North Carolina's RBC Bank this year, gaining 17 branches in the metro area. PNC now ranks seventh in Birmingham, with 2.6 percent deposit share.
</arrow>Winston-Salem-based BB&T Corp. rated 13th on the SNL Financial list, with $175 billion of assets. In Birmingham, BB&T ranks fifth in deposit share, with 3.7 percent. The company entered Birmingham in 2009 after a government-brokered takeover of bankrupt Colonial Bank.
</arrow>BBVA U.S. Bancshares at No. 28 in assets on the SNL list, with $65 billion. The holding company is based in Houston, but the 710-branch banking subsidiary BBVA Compass is based in Birmingham, where it has a second-place deposit share of 15 percent.
</arrow>Columbus, Ga.-based Synovus Financial Corp., at No. 40, with $27 billion in assets. The company operates First Commercial Bank in Birmingham, which has a 6 percent metro-area deposit share.
The nation's largest bank, according to SNL, is New York-based JPMorgan Chase & Co., with $2.3 trillion of assets. The company is embroiled in litigation with bankrupt Jefferson County, over $3.2 billion of defaulted sewer bonds arranged and sold its investment banking division.
Stocks with Strong Financial Metrics (NYSE: KRA) - takeoverchatter.com
Kraton Performance Polymers, Inc. (Kraton) is a global producer of styrenic block copolymers (SBCs) and other engineered polymers.
Stocks Cut Gains as Fed Gives No Further QE Hints - CNBC
Stocks lost steam in the final hour of trading to finish mixed Thursday, after the Federal Reserve announced new capital rules for financials and following Bernanke's comments that offered little hope for further central bank intervention.
Stocks saw an initial boost at the open after China's central bank cut its key interest rate by 25 basis points in a surprising move, in an aim to bolster its sagging economy. (Read More: Why China’s Interest Rate Cut Is a Really Big Deal)
The Dow Jones Industrial Average came off its triple-digit rally, but still rose 46.17 points, or 0.37 percent, to finish at 12,460.96, led by Caterpillar [CAT Loading... () 
] and United Tech [UTX Loading... () ].
The S&P 500 slipped 0.14 points, or 0.01 percent, to end at 1,314.99. The Nasdaq erased 13.70 points, or 0.48 percent, to close at 2,831.02. Still, all three major averages are on pace to logging their biggest weekly gains of 2012.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 22.
Among the key S&P sectors, telecoms and techs led the laggards, while utilities held modest gains.
In the final hour of trading, the Federal Reserve announced it wants U.S. banks to set aside more money to cover for unexpected losses, a move aimed at preventing another financial crisis. The news pushed major banks into negative territory, with Morgan Stanley [MS Loading... () ] and BofA [BAC Loading... () ] leading the sector laggards.
Earlier, Bernanke told a congressional panel the central bank is "prepared to take action" if needed to boost the U.S. economy, but made no specific commitment to more easing. The Fed leader also said the economy continues to grow at a moderate pace but faces challenges from the jobs market as well as the debt crisis in Europe.
Bernanke's comments were a buzzkill to investors who had hoped for further policy action on the heels of several disappointing economic reports. On Wednesday, Fed's vice chair Janet Yellen along with several other regional Fed Presidents had made cases for further easing.
Gold slid below $1,600 an ounce after Bernanke's comments, while the dollar rose.
“In fact, investors should be hoping that [Bernanke] doesn’t have to use QE3—that would indicate that the system is getting back on its feet by itself,” said Lawrence Creatura, portfolio manager at Federated Investors. “QE3 is a temporary salve and we’ve already used it twice—it has provided temporary relief of the symptoms but it does not treat the disease.”
Investors also saw some evidence that European policymakers would act to prop up Spain’s banking sector, sending European shares closed higher, adding to the previous session's sharp rally.
Meanwhile, Fitch cut its rating on Spain's government debt by three notches to 'BBB' and added it could lower it further by putting the country on negative outlook. The new rating was Spain's lowest among the three main ratings agencies.
“The Fitch downgrade pushes Spain to the forefront, which means Europe has got less time and has got to get there and ring-fence the Spanish banks and that’s the hope you’re seeing,” said Art Cashin, director of floor operations at UBS Financial Services on CNBC's "Power Lunch." “Europe has to act and act rapidly before it gets lost to the people in the streets—the ATMs of Athens Madrid—if you get something that resembles a real bank run, then it’s out of their hands.”
Best Buy [BBY Loading... () ] declined after founder Richard Schulze said he was resigning as chairman and a director and was exploring all options for his 20.1 percent stake in the company.
Among earnings, Lululemon Athletica [LULU Loading... () ] slumped after the yoga-apparel retailer posted higher quarterly profit, but said same-store sales growth would slow.
Men's Wearhouse [MW Loading... () ] plunged after the men's clothing retailer posted quarterly results that missed estimates and projected weak earnings in the upcoming quarter.
Meanwhile, JM Smucker [SJM Loading... () ] edged higher after the Jif peanut butter maker topped earnings and revenue expectations.
Starbucks [SBUX Loading... () ] said its U.S. stores will begin selling K-cups for Green Mountain's [GMCR Loading... () ] Keurig brewers as early as next week. Rival Dunkin Donuts [DNKN Loading... () ] was slightly lower.
A federal judge ruled that Chesapeake Energy [CHK Loading... () ] will not need to delay its scheduled annual meeting on Friday to allow shareholders more time to investigate CEO Aubrey McClendon's financial dealings.
Goodyear Tire & Rubber [GT Loading... () ] acquired 100 percent ownership of its Nippon Giant Tire unit in Japan for an undisclosed amount.
On the economic front, claims for unemployment benefits fell more than expected last week for the first time in April, declining 12,000 to a seasonally adjusted 377,000, according to the Labor Department.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
FRIDAY: International trade, wholesale trade, Fed's Kocherlakota speaks, Chesapeake annual meeting
More From CNBC.com:
- 10 Worst Jobs in America
- Billionaire Security: Ultimate Protection Measures
- Heaviest Drinking Countries
US STOCKS-Futures jump after China's surprise rate cut - Reuters UK
* China interest rate cut boosts risk assets
* Bernanke to testify before congressional committee
* Hedge funds take a hit in May
* Futures up: S&P 10 pts, Dow 63 pt, Nasdaq 18.50 pts
By Edward Krudy
NEW YORK, June 7 (Reuters) - U.S. stocks looked set to rally on Thursday after the Chinese central bank cut bank lending and deposit rates, fueling hopes of coordinated action to aid a flagging global economy.
The surprise move by China's central bank to cut benchmark interest rates by 25 basis points to shore up slackening economic growth comes a day after hopes of more stimulus by central banks drove U.S. stock indexes up more than 2 percent in a sharp turnaround from recent heavy losses.
The rate cut in the world's No. 2 economy had a sudden and dramatic impact on U.S. companies linked to China's commodity-hungry industrial output. U.S. Steel Corp jumped 3.1 percent in premarket trading, and miner Freeport-McMoRan Copper & Gold Inc jumped 2.4 percent.
"It's more indication that interest rates are crumbling around the world, which should help stabilize economic activity going forward and should be positive for equities," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "The move ... certainly indicates economies have slowed, but cheaper money should help stabilize the global economy."
Later Thursday, Federal Reserve Chairman Ben Bernanke will testify before a congressional committee. Investors will parse his words closely after his No. 2, Janet Yellen, said the Fed was ready to support to the fragile economy.
The number of Americans lining up for new jobless benefits fell last week for the first time since April, a reminder that the wounded labor market is still slowly healing.
S&P 500 futures rose 10 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 63 points, and Nasdaq 100 futures rose 18.50 points.
U.S. stocks jumped more than 2 percent on Wednesday, giving the S&P 500 its best day since December, as talk of a rescue of Spain's troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling.
After the S&P 500's 6-percent fall in May, and with the index below its 200-day moving average, the market was ripe for a rebound, analysts said. The index has reversed sharply above that closely watched level.
European stocks jumped 1.3 percent in morning trade, adding to the previous session's sharp rally, following the China rate cut and as investors bet policymakers in Europe could soon unveil measures to prop up ailing Spanish banks.
Even though Spain has not yet requested assistance and is resisting being placed under international supervision, Germany and European Union officials are urgently exploring ways to rescue the country's banking sector, sources said.
Spain met strong demand when it sold 2.1 billion euros ($2.62 billion) of medium-term and long-term bonds, passing a key test of its ability to tap investors after a minister said earlier this week the country was being cut off from credit markets.
Green Mountain Coffee Roasters Inc is in talks with pharmaceutical companies about developing drinks for its Keurig brewers that it hopes could aid the health of consumers and company margins, a senior executive said.
Chesapeake Energy Corp need not delay its scheduled annual meeting on Friday to allow shareholders more time to investigate the financial dealings of the natural gas company's embattled chief executive, Aubrey McClendon, a federal judge ruled.
May's stock market rout dealt a blow to many on Wall Street including several big hedge fund stars whose bets on prominent U.S. companies looked badly timed.
Oracle Corp launched a new suite of cloud-based products on Wednesday to try to catch up with smaller but nimbler vendors, such as Salesforce.com Inc, in the business of hosting and distributing software via the Internet. The stock rose 1 percent to $27.80 premarket in very light trading. (Additional Reporting By Rodrigo Campos; Editing by Chizu Nomiyama and Padraic Cassidy)
Stocks Hit a Wall For Now-How to Trade FX for the Rest of June - Yahoo Finance
FXCM Expo Videos
Innovative Techniques with Traditional Technical Indicators
Trading with the Elliott Wave Principle
Seeing the Forest from the Trees: An Analysis of Global Markets
Afternoon Technicals (all charts)
As focused on last week and early this week, a panic low was registered last Friday after NFP (in FX and gold). Copper and equities got the message on Monday and Crude followed finally bottomed on Tuesday. Interestingly, gold (one of the leaders at the recent low) was the first to roll over (see the Daily Technicals for more on gold and other markets’ specific patterns and levels) and equities are at resistance.
The S&P gap higher into resistance on heavy volume and subsequent reversal this morning was a thing of beauty. It’s good to be bearish at resistance but wave structure and market internals (NYSE statistics) demand that we respect potential for a rally similar to the one that we just endured later in June, albeit from lower levels.
Want to learn more about this stuff? Come to next week’s Bootcamp.
“THE MARKET(S)” a.k.a. “RISK” - 60 Minute Closes
Prepared by Jamie Saettele, CMT
In the current environment of central bank printing, and specifically USD printing, markets ebb and flow with the expansion and contraction of USD denominated credit. That’s all.
Russell 2000 Index ETF (IWM)
Prepared by Jamie Saettele, CMT
The Russell has come back to test the neckline of a well formed head and shoulders top. The decline from the March top was a 5 wave affair and we should therefore expect 3 waves higher from Monday’s low throughout June. The implications from the current juncture are for weakness but probably in a choppy manner (see wave 4). Expect this B wave correction to consume the rest of this week and probably next week. The labels on RSI correspond to waves in price of course but the characteristics of the indicator, such as the wave 3 extreme and divergence with wave 5, suggest that our interpretation is correct.
S&P 500 Index ETF (SPY)
Prepared by Jamie Saettele, CMT
No need to go through the wave count explanation because it’s the same as the Russell but I wanted to provide these levels for risk management purposes. Ultimately, wave B might bottom near the gap left open from yesterday at 129.26. The 61.8% retracement of the rally from Monday’s low is at 129.58 and the 5/21 low is 129.55. It’s interesting to note that if today was the top of wave A (seems likely given the volume during the first hour of trading) and if wave B bottoms near the suggested level, then the rally from Monday’s low would compose 2 equal legs at the April low. I’ve shown the SPY ETF rather than the index because I wanted to highlight the gaps but corresponding index levels are noted.
S&P 500 Index Support for wave B (probably towards the end of next week)* - 1287.62-1291.98
S&P 500 Index Resistance for wave C (probably towards the end of June)* – 1357.38-1365.88
How do use this information to trade FX? You’ve already seen that everything is correlated so be bearish at resistance and bullish at support. We are at resistance now. There are many candidates to trade, including any combination of EUR, AUD / USD, JPY. AUDJPY (or NZDJPY) is the highest beta play (most risk).
*Time is approximate
S&P 500 Index ETF (SPY) & NYSE ADV/DEC & VOLUME
Prepared by Jamie Saettele, CMT
Price pattern (form) is the primary consideration but secondary considerations such as volume and breadth (NYSE advancing issues and decline issues) help in determining if the interpretation of form is correct. In this case, the volume spike on 5/18 is consistent with labeling that day as wave 3. The surge in breadth on 6/6 is consistent with the beginning of a larger (next degree) 2nd wave advance.
AUDJPY 240 Minute Bars
Prepared by Jamie Saettele, CMT
The interpretation of wave structure in risk at the current juncture is bearish but probably for just a partial retracement of the advance off of the low. The best expression of risk in the FX market is the AUDJPY, which reversed in the area of former congestion today. Resistance extends to 8055 in the event of another pop but downside risk outweighs upside risk in the short term. 7770-7830 serves as support over the next 1-2 days but 7700 is probably stronger support next week.
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com
Jamie is the author of Sentiment in the Forex Market.
Financial worries add to cancer patients' burden - KLTV
By E.J. Mundell
HealthDay Reporter
WEDNESDAY, June 6 (HealthDay News) -- A small study gives a snapshot into the financial anxieties that plague many patients with advanced cancer and their spouses, even as they struggle against the disease itself.
Four of every five such American patients and their spouses-caregivers in the study said they had concerns about meeting medical costs and suffered "financial stress." Worries about paying medical costs also were tied to lower mental and physical health, the study found.
"Across the board, the longer they were in treatment or reaching the end of life, there were [financial] concerns. There were concerns whether it came to their own well-being or their families' well-being," said study lead author Fay Hlubocky, a clinical psychologist and ethicist at the University of Chicago Pritzker School of Medicine.
She reported the findings this week at the annual meeting of the American Society of Clinical Oncology (ASCO), in Chicago.
The study involved 52 patients with advanced cancers, all of whom were enrolled in clinical trials, and their spouses. While patients in clinical trials are a slightly different group than that seen in the general population (because some expenses of treatment may be paid for), Hlubocky said the numbers from her study "are borne out in the literature generally" for patients battling cancer outside of such trials.
Patients ranged in age from 28 to 78, with a median age of 61. All were married, two-thirds had more than a high school education, and just over half made less than $65,000 a year. Forty-five percent of the patients were employed, as were two-thirds of spouses-caregivers. Each patient and their spouse were asked about a wide range of financial concerns, and they also took part in standard tests assessing depression, anxiety, quality of life and mental/physical health.
The researchers found that at the beginning of the study, 82 percent of the patients and 69 percent of the spouses reported "medical cost concerns," while 79 percent of the patients and 81 percent of spouses said they had "financial stress." Queried a month later, the level of "medical cost concerns" had risen -- 85 percent of patients and 72 percent of spouses now cited such worries.
People who encountered "unexpected" costs related to care had higher anxiety and depression scores than those who did not, the study found. Quality-of-life scores were lower for patients who had financial worries, and the physical and mental health of the spouses-caregivers seemed to decline as medical care cost worries persisted, the study found.
What were patients and their spouses worried about? According to Hlubocky, it ranged from the "little things" -- parking and hotel accommodations, gas and mileage getting to and from doctors' appointments -- to much larger concerns, including insurance coverage (or lack thereof), how to provide for loved ones after death, and even bankruptcy.
Some participants expressed real anxiety in meeting their financial obligations. "We had to pay for an additional hospitalization for a small-bowel obstruction, and insurance would not cover it," one patient told the researchers. "If we had to sell our house to pay, we'd do it."
Other patients felt their illness threatened their livelihood. "My employer has an attendance policy that if violated too many times will result in termination," the patient said. "My appointments have to be midday usually." The patient considered going on disability, "but that would not pay for my insurance."
One expert said these types of fears are all too common for people coping with cancer.
"It is certainly true that the impacts beyond diagnosis and treatment are tremendous for cancer patients," said Dr. Sylvia Adams, ASCO spokeswoman and assistant professor in the department of medicine at NYU Langone Medical Center, in New York City. "They do face several challenges. And as this article shows, there is a substantial number of patients who feel that there is anxiety and depression and lower quality of life associated with worries about financial stability."
Adams said that, even for people with insurance, costs can quickly escalate. These include medication co-pays, transportation costs, time missed from work, child-care issues and the cost of in-home medical devices.
However, both Hlubocky and Adams stressed that, as challenging as things can be for cancer patents, help and resources are out there. First and foremost, they said, is to make sure you have a social worker on your cancer-care team who can point you in the right direction for help.
"There's lots of different foundations and coalitions out there that are willing to help," Hlubocky said. "Certain hospitals, you can just go and talk to the social worker and try and find out what's the best way to help cover some of the financial problems. Many patients don't know. A social worker is an absolutely wonderful person to have on your team."
Adams agreed. "It is very important that the treating team has a multidisciplinary aspect, and that it involves psychological support as well," she said, since the stress of dealing with cancer and its treatment can be overwhelming.
Findings presented at medical meetings are typically considered preliminary until published in a peer-reviewed journal.
More information
There are resources for cancer patients and their caregivers at the American Society of Clinical Oncology.
Copyright © 2012 HealthDay. All rights reserved.
Kellogg Company Profile, SWOT & Financial Report - SBWire
Naperville, IL -- (SBWIRE) -- 06/07/2012 -- Kellogg Company Profile, SWOT & Financial Report contains in depth information and data about the company and its operations. The profile contains a company overview, key employees, business description, competitive benchmarking, SWOT analysis, key facts, information on products and services, details of locations and subsidiaries, plus information on key news events affecting the company.
Introduction and Landscape
Kellogg Company Profile, SWOT & Financial Report is a crucial resource for industry executives and anyone looking to access key information about "Kellogg Company"
Kellogg SWOT & Financial report utilizes a wide range of primary and secondary sources, which are analyzed and presented in a consistent and easily accessible format. Canadean strictly follows a standardized research methodology to ensure high levels of data quality and these characteristics guarantee a unique report.
Key Features and Benefits
- Examines and identifies key information and issues about "Kellogg Company" for business intelligence requirements.
- Studies and presents the company's strengths, weaknesses, opportunities (growth potential) and threats (competition). Strategic and operational business information is objectively reported.
- Provides data on company financial performance and competitive benchmarking.
- The profile also contains information on business operations, company history, major products and services, prospects, key employees, locations and subsidiaries.
Key Market Issues
- Quickly enhance your understanding of "Kellogg Company"
- Gain insight into the marketplace and a better understanding of internal and external factors which could impact the industry.
- Increase business/sales activities by understanding your competitors’ businesses better.
- Recognize potential partnerships and suppliers.
Key Highlights
Kellogg Company (Kellogg) is a manufacturer and marketer of ready-to-eat cereals and convenience foods. Its major products are cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods. The company offers its products under various brands such as Kellogg's, Keebler, Pop-Tarts, Eggo, Cheez-It, Nutri-Grain, Rice Krispies, Morningstar Farms, Famous Amos, Special K, Stretch Island, All-Bran, Frosted Mini-Wheats, Club and Kashi. It principally operates in the US and the UK markets. Kellogg's products are manufactured in 18 countries and marketed in more than 180 countries across the world. The company also market cookies, crackers and other convenience foods, under brands such as Kellogg's, Keebler, Cheez-It, Murray, Austin and Famous Amos, to supermarkets in the US through a direct store-door (DSD) delivery system and other distribution methods. Kellogg is headquartered in Battle Creek, Michigan, US.
To view the detailed table of contents for this report please visit: http://www.reportstack.com/product/66256/kellogg-company-consumer-packaged-goods-company-profile-swot-financial-report.html
American Financial to refinance $200 million in debt - The Business Journal
American Financial Group Inc. plans to refinance nearly $200 million in debt, it said Thursday in a Securities and Exchange Commission filing.
American Financial (NYSE: AFG) said it plans to issue senior notes and use the money it borrows and cash on hand, if necessary, to pay off $112.5 million in senior notes. It pays a 7.5 percent interest rate on those notes, which are due in November 2033. American Financial also will pay off $86.3 million in 7.25 percent notes that are due in January 2034.
If it has money left over from the debt offering, American Financial plans to pay off part of the $115 million in 7.1 percent debt that is also due in 2034, it said in the filing. It could also use additional money it raises for general working capital purposes.
The downtown-based insurer didn’t say how much it plans to raise in the debt offering, what the interest rate will be or when it will make the offering. It will provide that information later.
American Financial’s stock rose 17 cents, or 0.4 percent, to $39.42 in mid-morning trading Thursday.
See all your followed company news on your personalized dashboard.
To access the full benefits of bizWatch and receive a weekly email with aggregated news on all the companies you are following, please provide your email address below.
You must have a bizjournals account to follow a company.
Please Log In or Register.
The D2D Fund and The Center for Financial Services Innovation Attends the Clinton Global Initiative America Meeting - StreetInsider.com
D2D and CFSI to launch a mobile app development competition aimed at helping consumers make smart financial choices and improve their access to high-quality financial services
CHICAGO--(BUSINESS WIRE)-- The D2D Fund (D2D) and The Center for Financial Services Innovation (CFSI) committed to launch and administer a mobile applications competition as a part of the Clinton Global Initiative America (CGI America) meeting. The FinCapDev Competition will offer cash prizes and recognition to those who develop the best mobile applications (apps) to help Americans make smart financial choices and better access financial services.
Fall 2012, D2D and CFSI will solicit proposals from developers, students, financial service firms, entrepreneurs, social innovators and more to develop functional mobile apps to promote financial access and capability. Entrants to the FinCapDev Competition with the best submissions will receive cash prizes, access to expert advice, and other resources needed to successfully develop and launch final prototypes. Such resources include design, technology, marketing and business strategy consulting support and access to research and open data sets on the supply of financial products in the U.S. and middle and lower-income consumers’ financial services preferences and behaviors.
"The time is right for a competition like this,” commented Timothy Flacke, Executive Director, D2D Fund. “Mobile technology has reached near ubiquity in the US, but many of us have only begun to fully appreciate the power of the modern phone. We believe the competition will challenge creative, thoughtful people to push the boundaries of this new technology - with lasting benefits for consumers and the country."
“The FinCapDev Competition is an ideal way to spur the development of next-generation tools help consumers' access financial products and better manage their money,” said Jennifer Tescher, president & CEO of CFSI. “We are excited to work with developers across the country as they think creatively and share their app proposals centered on meeting this important consumer need.”
D2D and CFSI have a long history of promoting financial access and financial capability for middle and lower-income consumers through research, pilot projects, convenings and education efforts. The competition capitalizes on the sponsors’ expertise, while introducing a new public challenge tool to their approach. In the near term the FinCapDev Competition will introduce new high-value apps into the market; over time the Competition will nurture an emerging “ecosystem” of stakeholders focused on the potential of mobile technology to increase financial inclusion.
The FinCapDev Competition is made possible by funding support provided by The Ford Foundation and the Citi Foundation.
To learn more about D2D, visit www.d2dfund.org or CFSI, visit www.cfsinnovation.com
About CFSI:
The Center for Financial Services Innovation is the nation’s leading authority on financial services for underbanked consumers. Since 2004, its programs have focused on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies. CFSI works with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com or follow us on twitter @cfsinnovation.
About D2D:
Doorways to Dreams (D2D) Fund strengthens the financial opportunity and security of low and moderate income consumers by innovating, incubating and stimulating new financial products and policies. Operating at the intersection of the private, non-profit and public sectors, D2D incubates and promotes practical applications with social impact that might otherwise lack a champion to nurture and bring them to market. D2D was incorporated as a 501(c)3, non-for-profit organization in 2000 and is headquartered in the Allston neighborhood of Boston, across the street from Harvard University's recently opened Innovation Lab. For more on D2D, go to www.d2dfund.org
About the Clinton Global Initiative (CGI)
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to create and implement innovative solutions to the world’s most pressing challenges. CGI Annual Meetings have brought together more than 150 heads of state, 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media.
To date CGI members have made more than 2,100 commitments, which are already improving the lives of nearly 400 million people in more than 180 countries. When fully funded and implemented, these commitments will be valued at $69.2 billion.
CGI’s Annual Meeting is held each September in New York City. CGI also convenes CGI America, a meeting focused on collaborative solutions to economic recovery in the United States, and CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.
About CGI America
President Clinton established the Clinton Global Initiative America (CGI America) to address economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting in June 2011, CGI America participants have made more than 100 commitments valued at $11.8 billion. When fully funded and implemented, these commitments will improve the lives of three million people, create or fill more than 150,000 jobs, and invest and loan $354 million to small and medium enterprises in the United States. The 2012 CGI America meeting will take place June 7-8 in Chicago. To learn more, visit www.cgiamerica.org.
The Center for Financial Services InnovationMedia ContactMaris BishSpecialist, Marketing and Communication312.881.5847mbish@cfsinnovation.com
Source: The Center for Financial Services Innovation
Carver Federal Savings Bank Partners With Nexxo Financial Corporation to Provide Underbanked Consumers New Services With Less Hassle and Cost - TMCnet
Carver Federal Savings Bank Partners With Nexxo Financial Corporation to Provide Underbanked Consumers New Services With Less Hassle and Cost
BURLINGAME, CA, Jun 07, 2012 (MARKETWIRE via COMTEX) -- Carver Federal Savings Bank is leading the next generation of banking by providing financial services not traditionally offered by banks. By partnering with Nexxo Financial Corporation, Carver is adding four user-friendly kiosks at ATMs around New York City where underbanked consumers can access alternative financial services conveniently and affordably. Nexxo developed this technology to bring a full range of services together in one unique bank-in-a-box kiosk.Starting in July, Carver's new and existing customers will be able to quickly and easily cash checks, buy money orders, load pre-paid cards, pay bills, and send money. After this pilot, Carver expects to add twenty more kiosks later in the year.
"We're making lives easier for our consumers by offering much needed alternative financial services without the frustration and expense they experience now. With Nexxo's technology, we can expand cost-effectively to offer our community access around the clock at convenient locations," said Ed Sheerins, Vice President, Head of Branch Administration, Carver Federal Savings Bank.
"Carver is redefining banking by launching a suite of product and services through Carver Community Cash, allowing more of our community residents who have been marginalized to enter or re-enter the banking system. Our goal is to meet the immediate needs of community residents, while providing financial education, access to savings, credit, and other traditional financial services. Our partnership with Nexxo provides Carver an additional delivery channel, giving us more access into our communities," said Deborah C.
Wright, Chairman and CEO of Carver Federal Savings Bank.
"Carver was intrigued with our one-stop shopping solution. Now their customers can simply register once, complete most transactions within one minute, and be remembered on their next visit," said Freddie Seba, Vice President Business Development, Nexxo Financial Corporation.
Nexxo technology has been successfully used by retailers for more than six years at 200+ locations in California alone. In fact, Nexxo has processed more than $1 billion at these retail, grocery, and convenience stores. Now financial services companies are seeking to partner with Nexxo to expand their own services.
May saw Nexxo's first partnership with a credit union when Centris Federal Credit Union launched nine kiosks in branches and grocery stores around its Omaha, Nebraska, headquarters. The new partnership with Carver will expand Nexxo's reach in two ways: into the East Coast and into the African-American and Caribbean communities.
The FDIC estimates 60 million people don't use traditional banks for their alternative financial services. Instead, underbanked consumers go to multiple locations and pay high fees to complete their transactions. The financial services industry is transforming dramatically to better meet this growing need. Serving the underbanked market is the hot topic at the 7th Annual Underbanked Financial Services Forum, presented with the Center for Financial Services Innovation, June 13th through 15th in San Francisco.
Both Seba and Sheerins are speaking at the 7th Annual Underbanked Financial Services Forum, and both Nexxo and Carver have booths on the exhibit floor.
Carver Federal Savings Bank is the largest African American-operated bank in the United States. It is headquartered in Harlem, and nearly all of its nine branches and stand-alone 24/7 ATM centers are located in or adjacent to low-to-moderate income neighborhoods.
About Nexxo Founded in 2003, Nexxo is the leader in self-serve financial solutions. Its Everyday Financial Services Platform (EFS) offers a unified, customer-centric solution that seamlessly handles multiple products (check cashing, money transfer, bill pay, money orders, prepaid card servicing, and phone minute top-ups) and multiple channels (self-serve kiosk, teller-assisted desktop, and via mobile phone). With more than four million transactions and $1 billion processed, Nexxo's technology has been proven at hundreds of field locations. Nexxo offers its turn-key financial solutions and service applications to an expanding network of retail partners, domestic and international banks, and financial service providers.
For more information, visit nexxofinancial.com.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Carver Federal Savings Bank, the largest African- and Caribbean-American run bank in the United States, operates nine full-service branches in the New York City boroughs of Brooklyn, Queens and Manhattan. For further information, please visit the Company's website at www.carverbank.com.
CONTACT:
Adriana Eiriz
Chief Marketing Officer
650.685.3101
Email Contact
SOURCE: Nexxo Financial
http://www2.marketwire.com/mw/emailprcntct?id=FBDC24F0F51B013F
No comments:
Post a Comment