Congress mandates one-time SAIF assessment and lowers deposit insurance expense for Star Bank.CINCINNATI--(BUSINESS WIRE)--Oct. 2, 1996--As a result of legislation passed by Congress to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF), Star Bank, N.A., will be assessed a one-time premium of approximately $5.0 million. The legislation signed into law on September 30, 1996, includes a provision that requires banks which have SAIF deposits to make a one-time payment in order to replenish re·plen·ish v. re·plen·ished, re·plen·ish·ing, re·plen·ish·es v.tr. 1. To fill or make complete again; add a new stock or supply to: replenish the larder. 2. the SAIF Fund. It is anticipated that most banks involved in the acquisition of thrifts or thrift thrift: see leadwort. deposits will be affected by the legislation. This legislation had been widely anticipated for two years and discussed in earlier Star Banc news releases. The actual assessment will be lower than the $6-11 million previously expected by Star Banc management. The one-time charge will reduce Star's third quarter reported earnings by approximately $0.11 per share. Star Banc is scheduled to announce its third quarter earnings on Thursday, October 10, 1996. More importantly, the legislation also contains a provision that mandates reductions in deposit premiums on SAIF insured deposits. Star anticipates a reduction in its deposit insurance premium of approximately $1.8 million in 1997 through 2000. This reduction is the result of the rate of assessment being lowered from 23 basis points to 6.44 basis points on SAIF deposits. Star Banc Corporation is a $9.6 billion multi-state bank holding company with headquarters in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. . Star Banc Corporation, the parent company of Star Bank, operates 258 full- service banking locations in Ohio, Kentucky and Indiana, in addition to Star Banc Finance, Inc., a consumer finance company. Also, Star Bank recently announced its "Five Star Service Guarantee" which assures customers of certain key banking benefits or Star will pay customers for their inconvenience. Additionally, Star Bank was the first bank in the U.S. to introduce "24-Hour Remote Banking," a fully integrated customer service and banking convenience package which includes branch banking, voice-activated phone banking, PC banking, super ATMs, screen phone banking, video kiosk kiosk Originally, in Islamic architecture, an open circular pavilion consisting of a roof supported by pillars. The word has been applied to a Turkish summer garden pavilion and a type of early Persian mosque. banking and Internet banking. Star Bank was founded in 1863. CONTACT: Star Banc Corporation, Cincinnati Steve Dale (Media), 513/632-4524 David Moffett David Moffett is an executive businessman who was notably the Group Chief Executive of the Welsh Rugby Union from 2002 until 2005. He has three children; Kirsten, Graham and Edwina plus three grandchildren. (Analysts), 513/632-4008 Jennifer Finger (Analysts), 513/632-4703 |
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