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By Bill Atkinson and Bill Atkinson,SUN STAFF | October 19, 1995
A sharp increase in consumer loans and higher income from banking products helped fuel a 41 percent increase in Provident Bankshares Corp.'s third-quarter earnings, the company said yesterday.Provident earned $4.8 million in the quarter ended Sept. 30, and $12.9 million for the first nine months of the year, up 45 percent from a year ago."We have come a long way in five years," said Carl W. Stearn, Provident's chairman and chief executive, who noted that 1990 was the last time the company lost money.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | June 13, 2013
State regulators have ordered a South Dakota-based payday lender to stop making consumer loans in Maryland after finding the company used predatory tactics and charged excessive interest rates. Western Sky Financial, located on a reservation in Timber Lake, S.D., has said it was not required to follow Maryland law because of tribal immunity, according to the Maryland Department of Labor, Licensing and Regulation. The labor department's Division of Financial Regulation said Thursday it has issued a final cease and desist order against Western Sky, its owner Martin Webb and other related parties.
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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 16, 1996
NationsBank Corp.'s third-quarter earnings jumped to a record $625 million, an 18 percent increase from a year ago, as consumer loans surged and a strategy of putting more profitable credits on the books has taken hold, the company said yesterday.The Charlotte, N.C.-based bank earned $2.12 a share for the third quarter in 1996, compared with $1.95 for the same quarter a year ago, beating analysts' estimates."It was a good quarter, it came in on target," said George M. Salem, a banking analyst with New York-based Gerard Klauer Mattison & Co. "They are becoming more of a consumer and small corporate bank; that is where returns are higher."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 15, 2011
The silver lining in all this economic upheaval lately: low interest rates on consumer borrowing. Mortgage rates are at or near record lows, causing a jump in refinancing. Credit cards rates remain largely flat. And new car loans have been inching downward. But whether consumers will be able to take advantage of these low rates — or even want to — is uncertain. The best rates often are available to only the most creditworthy customers. And recent events, including the downgrading of the nation's credit rating, have shaken consumer confidence to the point where many might not want to take on more debt just yet, no matter how much rates decline.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 17, 1996
Provident Bankshares Corp.'s earnings soared 23 percent in the third quarter as the company racked up gains in consumer loans and fees from services.Provident earned $5.9 million for the third quarter ended Sept. 30, or 67 cents a share, compared with $4.8 million, or 56 cents a share, for the same time a year ago."It is the best quarter we have ever had," said James R. Wallis, Provident's chief financial officer.The Baltimore-based banking company's earnings jumped 30 percent for the first nine months of the year to $16.8 million, or $1.92 a share, compared with earnings of $12.9 million, or $1.51 a share, in 1995, adjusting for a 5 percent stock dividend .Provident's stock closed yesterday at $34.75, down 50 cents.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 21, 1999
Provident Bankshares Corp.'s profit rose 14.2 percent in the third quarter, propelled by strong demand for consumer loans and banking products, the company said yesterday.Provident made $11.3 million in the quarter that ended Sept. 30, compared with $9.9 million for the corresponding period in 1998. The year-ago figure was boosted by $1.6 million in net securities gains.The company made 43 cents per diluted share, up 16 percent from the prior year. The results beat analysts' estimates by a penny, according to Zacks Investment Research, which surveyed five analysts who follow the company.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 21, 1995
Scores of banks across the country yesterday lowered the prime lending rate a quarter of a point, following the Federal Reserve's move on Tuesday to cut short-term interest rates.First Maryland Bancorp, Provident Bankshares Corp., NationsBank Corp. and Signet Banking Corp. were among area banks to trim the prime rate to 8.5 percent from 8.75 percent.The prime rate is a benchmark that banks use to set interest rates on business and some consumer loans. Its reduction could mean lower interest rates for business and consumer loans, including auto loans and some credit cards, said Christine Chmura, chief economist with Richmond-based Crestar Bank.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 18, 1996
A surge in consumer loans and income from checking account products pushed Provident Bankshares Corp.'s earnings up 41 percent in the fourth quarter, the company said yesterday.Provident earned $5.1 million in the fourth quarter and $18 million for the full year -- a 44 percent gain over 1994.On a per-share basis, Provident made 61 cents for the quarter and $2.20 for the year, compared with 45 cents and $1.72 respectively in 1994."It has been an upward trend," said James R. Wallis, Provident's chief financial officer, referring to the once-troubled company's turnaround, which began in 1990.
NEWS
May 1, 1991
The Office of Thrift Supervision has placed Augusta Federal Savings Bank of Baltimore, which has a branch in Carroll County, in receivership and chartered a new federal mutual institution to take its place.The new institution, Augusta Federal Savings Association, will assume certain assets and liabilities of the old thrift and will operate in conservatorship under the management of the Resolution Trust Corp.The receivership did not result in any interruption of Augusta Federal's day-to-day operations.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | October 24, 1991
Hardly anything could be nicer than to pick up your mail and find a check for $1,554.82 -- not one of those that say "You may be a winner," but the kind you can actually put in the bank.With it you could pay off your creditors, take a vacation, get your tires rotated, join the health club. Possibilities abound.But there are a few catches. The check is a loan. By endorsing it, you agree to pay back the money at a 24 percent interest rate. In total, during the next 36 months, you will pay an additional $641.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 8, 2011
Investors watched stock markets swoon and economists fretted about the nation's fragile recovery on the first day of trading after the unprecedented downgrade of the nation's credit rating. But amid the gloom Monday were a few bright spots for consumers: Borrowers may be able to get better rates on mortgages and other loans, and even pay less at the pump. In an ironic twist, jittery investors who bailed out of stocks poured money into U.S. Treasuries — still considered a haven in an uncertain world despite doubts raised by Standard & Poor's in its credit downgrade late Friday.
BUSINESS
By Hanah Cho, The Baltimore Sun | March 9, 2011
Maryland financial regulators have ordered a South Dakota-based payday lender to stop making loans to Maryland consumers, alleging that the company charged excessive interest rates and conducted business without being licensed. Martin A. Webb -- doing business as Western Sky Financial, Great Sky Finance, Payday Financial and licensed in South Dakota -- was suspended in February by the Maryland Department of Labor, Licensing and Regulation. Webb's firms were providing consumer loans on the Internet.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | January 4, 2009
Credit markets for housing are loosening up a bit. Will automobile lending be next? Car dealers certainly hope so. Thanks partly to the decline in consumer spending power and partly to the evaporation of credit, 2008 was the worst year for auto sales in a very long time. Maryland dealers sold 16,842 new cars in November, down 38 percent from November 2007 and the worst result for any month in more than a decade. But dealers hope that federal bailouts will do for car loans what they're starting to do for home loans.
NEWS
By Greg Garland and Greg Garland,Sun reporter | May 31, 2008
Burt Greenwood Jr.'s business is booming - not in spite of a dismal economy but because of it. His squadron of tow truck drivers can barely keep up with the orders to repossess cars and trucks of people who have fallen behind in their payments. "Our intake of new work is increasing like crazy because of the state of affairs economically," said Greenwood, chief executive officer of Greenwood Recovery, who estimates his volume at 40 percent higher than a year ago. That mirrors what appears to be happening statewide.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | July 12, 2002
First Mariner Bancorp. will unveil today its Finance Maryland LLC subsidiary, a consumer-finance firm the bank intends to build into the dominant player in the state during the next five years. "This will be a core business for us and will offer quality, service and convenience to consumers," Edwin F. Hale Sr., First Mariner's chairman, said yesterday. The business is expected to generate a small loss for the rest of this year but turn profitable for all of next year, said Hale, who said the business has performed much better than expected in its early tests.
BUSINESS
By JONATHAN A. AZRAEL | March 25, 2001
Dear Mr. Azrael, I have questions about FICO scores, which are used by credit reporting companies to rate the creditworthiness of borrowers. An article in the Jan. 21 issue of The Sun stated that borrowers using high-rate consumer credit loan companies take a hit on their FICO scores. Will borrowing from a high-rate loan company hurt my ability to refinance my home loan with a lower-rate mortgage company or savings bank? Will high-rate borrowing affect my ability to finance the purchase of a second home?
NEWS
November 18, 1992
When Gov. William Donald Schaefer called for a special General Assembly session, there was only one pressing issue on the table: a deficit-reduction plan to end a $147 million local subsidy that pays Social Security costs for teachers and librarians. But as legislators start their emergency meeting today, a second pressing issue has been added -- dealing with a court ruling that could deflate a mini-boom in the state's retail economy.Lawmakers from Montgomery and Prince George's counties are resisting the cutback in local aid for parochial reasons: They stand to lose the most money.
BUSINESS
June 15, 1993
Apple unveils price cuts, rebatesApple Computer Inc., buckling under competitive pressures, announced a slew of price cuts and rebates yesterday on a broad range of its computers, printers, scanners and other products.The world's second-largest manufacturer of personal computers said it had cut prices of its popular Macintosh personal computers as much as 12.6 percent.Apple also slashed prices of printers and other peripherals as much as 26 percent and offered rebates of up to $350.Site to build cheapest car studiedVolkswagen AG's controversial production chief Jose Ignacio Lopez de Arriortua said yesterday his dream of setting up a high-tech, low-cost plant to build the world's cheapest car apparently is about to come true.
NEWS
By Thomas W. Waldron and Thomas W. Waldron,SUN STAFF | March 1, 2001
The payday-lending industry renewed its push yesterday to offer its services in Maryland, even as a Baltimore delegate, under fire from constituents, said he was withdrawing his sponsorship of legislation to allow the loans. Del. Talmadge Branch, who heads the Legislative Black Caucus, said he would pull his name from the bill after hearing from hundreds of Baltimore residents who decried payday loans as legalized loan-sharking. "If that's how they feel, that's what I'll do," said Branch, an East Baltimore Democrat.
NEWS
By William Patalon III and William Patalon III,SUN STAFF | May 17, 2000
Federal Reserve policy-makers boosted short-term interest rates yesterday by half a percentage point, to their highest level in nine years, an aggressive move central bankers hope will hold off inflation and slow the most prosperous economy in U.S. history. The rate increase takes the Federal Reserve's overnight lending rate to 6.5 percent, a level not seen since January 1991. Yesterday was the sixth time since June 30 that the Fed had raised rates, and the first time since February 1995 that the central bank resorted to a half-point rate hike.
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