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Banking & Finance

Disaster loan forgiveness program established

MISSISSIPPI GULF COAST — Federal regulations have been finalized that will allow Mississippi communities to apply to have loans associated with Hurricanes Katrina and Rita forgiven. The Federal Emergency Management Agency (FEMA) has completed its work to establish a loan forgiveness program for the Gulf Coast, as authorized by Congress, after it became apparent that loan forgiveness was not included ...

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ABA report finds shrinking loan delinquencies

WASHINGTON — Consumer loan delinquencies fell in seven loan categories, marking the first time since 2007 that so many loan categories experienced declines, according to the American Bankers Association’s (ABA’s) “Consumer Credit Delinquency Bulletin.” The composite ratio, which tracks eight closed-end installment loan categories, fell 12 basis points to 3.23 percent of all accounts compared to 3.35 percent of all ...

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CMI shows 'mild progress'

The December Credit Managers’ Index (CMI) matched the mood of the economy as a whole — essentially flat, but showing some mild progress. The most important aspect of the report is that the index remained above the 50 mark that separates growth from contraction, and even showed a slight gain as it moved from 52.3 to 52.9. The indicators that ...

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Bynum meets with President Obama

JACKSON — Bill Bynum, CEO of ECD/HOPE (Enterprise Corporation of the Delta/Hope Community Credit Union), recently participated in a meeting with President Barak Obama to identify innovative ways to boost lending to small businesses and move the economy forward. Bynum joined a select group of 12 leaders from other community development financial institutions (CDFIs) and community banks from across the ...

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SBA loan enhancements to continue

WASHINGTON — President Obama has signed the U.S. Department of Defense (DoD) appropriations bill, which includes $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to the U.S. Small Business Administration’s (SBA’s) two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business ...

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Hancock purchases Florida bank

GULFPORT — Hancock Holding Company has acquired the banking operations of Peoples First Community Bank (Peoples First) through a loss-sharing agreement with the Federal Deposit Insurance Corporation (FDIC). Depositors of Peoples First will automatically become depositors of Hancock Bank, and deposits will continue to be insured by the FDIC. All offices of People First opened Dec. 19 as branches of ...

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Fitch gives Trustmark an 'A-'

JACKSON — Fitch Ratings has affirmed the long-term issuer default ratings (IDRs) for Trustmark Corporation (TRMK) and its banking subsidiary, Trustmark National Bank at “A-.” The outlook is “stable.” Fitch said it has affirmed TRMK’s ratings and outlook “based on its strong capital positions, solid core earnings strength, and good franchise, particularly in its home state of Mississippi. TRMK recently ...

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Stanford hearing, report touted

JACKSON — A hearing held in Jackson back in October and a subsequent state report concerning the Stanford Financial scandal are being touted by secretaries of state around the nation as proof there needs to be more securities and investment regulations on the state level. In response to the Stanford Financial scam that affected many states across the nation, Secretaries ...

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Report: State to lead in auto loan problems

TransUnion released its annual auto loan forecast indicating national auto loan delinquencies (the ratio of borrowers 60 or more days past due) will increase approximately 7 percent at the end of 2010 to 0.92 percent from an expected 0.86 percent at the conclusion of 2009. It forecasts that Mississippi will have the highest delinquency rate in the nation at the ...

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Lawmakers petition for Ex-Im Bank office

NEW ORLEANS — U.S. senators Mary Landrieu, chair of the Senate Committee on Small Business and Entrepreneurship, and David Vitter along with congressmen Rodney Alexander, Charlie Melancon, Charles Boustany, Steve Scalise, Ahn “Joseph” Cao, Bill Cassidy and John Fleming, have sent a letter to the chairman of the Export-Import Bank of the United States, Fred P. Hochberg, requesting he open ...

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