| Treasury provides financial support to 43 banks (AP) and Sparta Commercial Announces New Revolving Credit Facility (Marketwire) |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 01/06/2009 - Credit Services industry news provided by Financial News USA. WASHINGTON (AP) -- The Treasury Department said Monday that it has provided $1.9 billion to 43 banks as part of the government's $700 billion financial rescue program.Buffalo, N.Y.-based M&T Bank Corp. received the most, getting $600 million from the Treasury in return for preferred stock and warrants. Fulton Financial Corp., based in Lancaster, Pa., received $376.5 million, the department said.
The department previously announced that it was providing the money but did not reveal the recipients' names until late Monday.Some of the funds were granted to 20 privately held banks. A total of 34 private banks have now received funds from the financial rescue program.So far, Treasury has invested more than $162 billion in 207 banks. [Read the full article] NEW YORK, NY--(MARKET WIRE)--Dec 30, 2008 -- Sparta Commercial Services, Inc. (OTC BB:SRCO.OB) has announced that its wholly owned subsidiary, Sparta Funding LLC, has entered into a one year, extendable revolving credit agreement with Autobahn Funding Company LLC as lender, and DZ Bank AG Deutsche Zentral-Genossenchaftsbank New York Branch ("DZ Bank") as Administrative Agent and Liquidity Agent. The new credit facility is for the purchase of retail sales and lease contracts secured by new and used powersports vehicles, including motorcycles, select scooters, and all-terrain vehicles (ATVs), and a portion of this facility can also be used to finance municipal and commercial fleet leases. [Read the full article] CONCORD, N.H. (AP) -- A payday lender that says it can't make enough money under a new interest rate cap in New Hampshire now wants the banking commissioner's permission to change its loan offerings -- but not the high rates it charges. Banking Commissioner Peter Hildreth said Monday he is reviewing a request from South Carolina-based Advance America Cash Advance Centers Inc. to provide small loans as open-ended lines of credit.A state law that takes effect Thursday caps the interest rate on payday loans at 36 percent a year, which the industry has said will put it out of business. Hildreth said Advance America wants to loan money under another section of the banking law that covers small lenders. He said Advance America would charge between 365 percent and 456 percent in annual interest depending on whether the borrower allows automatic payment on the loan.Payday lenders typically charge $20 per $100 for two-week loans backed by the borrower's car title or next paycheck. [Read the full article] NEW YORK (AP) -- The average annual interest rates charged on popular types of credit cards fell again last week, according to Bankrate.com.For low-interest cards, which have rates below the national average but are often offered only to customers with strong credit histories, the average APR declined to 11.33 percent, from 11.42 percent the week before. Cash back cards, which feature cash or other reward incentives and generally require a good-to-excellent credit rating for approval, saw their average APR dropped to 13.51 percent, from 13.57 percent last week.For balance transfer cards, which allow consumers to consolidate outstanding debt from one or more cards and sometimes include a low introductory rate, the average annual percentage rate fell to 13.01 percent, from 13.07 percent the week before.Overall, the average APR charged for all variable-rate cards tracked by Bankrate was 10.86 percent, down from 11.04 percent the previous week. Bankrate surveys the 10 largest banks and thri [Read the full article] About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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