On Wednesday, Shares of Citizens Financial Group Inc (NYSE:CFG), lost -3.02% to $26.03.
Citizens Financial Group, declared settlements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation in connection with certain operational practices related to its handling of deposits in the period 2008 to 2013.
Like many other peer banks, Citizens employed certain practices to ensure the next-day crediting of deposits in situations when deposit slips contained mathematical errors. However, these past practices and disclosures, principally preceding to early 2011, could have been better. Our implementation of a new teller system in the fourth quarter of 2013 has automated this reconciliation process, and we believe our process is now considered among the best in the industry.
Over this period, the over- and under-credits to customers were about equal. Customers who were over-credited will keep the excess funds applied to their accounts and customers who were under-credited will be reimbursed. In addition to customer remediation, the company also agreed to pay fines totaling $20.5 million to the CFPB, the OCC and the FDIC.
Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States.
Shares of Fortress Transprtn and Infr Investrs LLC (NYSE:FTAI), declined -5.54% to $14.50, during its last trading session.
Fortress Transportation and Infrastructure Investors stated financial results for the period ended June 30, 2015. The Company’s merged comparative financial statements and key performance measures are attached as an exhibit to this press release.
For the second quarter of 2015, our total FAD was $8.5 million. This amount comprises $23.4 million from equipment leasing activities, offset by $(7.9) million and $(7.0) million from infrastructure and corporate activities, respectively. Separately, we have attained or committed to acquire about $150 million of aviation assets subsequent to our IPO. We believe that this acquisition activity will generate an additional $7.5 million of quarterly FAD after assuming a 20% return, and our equipment leasing activities will therefore have the potential to generate about $23.9 million of quarterly FAD (net of ($7.0) million impact from corporate), or $95.5 million on an annualized basis.
Second Quarter 2015 Dividends
The Company’s Board of Directors declared a cash dividend of $0.15 per common share, payable on August 31, 2015, to holders of record on August 21, 2015. The $0.15 per share represents a prorated quarterly dividend of $0.33 per share, or $1.32 per share on an annualized basis, calculated from May 20, 2015 through June 30, 2015.
Fortress Transportation and Infrastructure Investors LLC (FTAI), stated financial results for the period ended June 30, 2015. The Company’s merged comparative financial statements and key performance measures are attached as an exhibit to this press release.
Fortress Transportation and Infrastructure Investors LLC owns and acquires infrastructure and related equipment for the transportation of goods and people worldwide. It operates in five segments: Aviation Leasing, Offshore Energy, Shipping Containers, Crude-by-Rail Terminal, and Railroad.
Finally, Chubb Corp (NYSE:CB), ended its last trade with -0.40% loss, and closed at $124.89.
The Chubb Group of Insurance Companies has created an insurance product to assist protect professional services firms, media organizations and technology companies from errors and omissions (E&O), media liability and cyber exposures.
“As new technologies and growth opportunities prompt companies to expand their product and service offerings beyond traditional areas, they are facing converging liability exposures,” said Catherine Padalino, senior vice president and global errors and omissions manager for Chubb. “A firm that provides consulting services may also be creating website content, storing confidential customer data and providing software products. An organization that creates media and advertising may also be developing applications to disseminate content and collect private consumer information. These organizations are exposed to media, cyber, and errors and omissions liability.”
The Chubb Corporation, through its auxiliaries, provides property and casualty insurance to businesses and individuals. It offers personal insurance products for homes, valuable articles, homeowners, automobiles, and yachts; and personal liability, and personal accident and supplemental health insurance products.
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