FDIC Says Unbanked Americans Provides Great Opportunity for Insured Financial Institutions to Expand Customer Base
September 26 2012 - 8:20AM
Marketwired
Banking stocks have been some of the strongest performers in the
markets. Recent stimulus measures announced by the U.S. and Europe
have helped ease concerns of a global economic slowdown. The SPDR
S&P Bank ETF KRE has gained roughly 20 percent year-to-date.
The Paragon Report examines investing opportunities in the Banking
Industry and provides equity research on SunTrust Banks, Inc.
(NYSE: STI) and Hudson City Bancorp, Inc. (NASDAQ: HCBK).
Access to the full company reports can be found at:
www.ParagonReport.com/STI
www.ParagonReport.com/HCBK
The Federal Deposit Insurance Corp. has urged the banking
industry to increase their focus on unbanked Americans. According
to numbers from the FDIC's National Survey of Unbanked and
Underbanked Households the number of U.S. households that do not
use banking services increased by 821,000 from 2009 to 2011.
Approximately 8.2 percent of the nation's population manages their
finances without the use of bank accounts from financial
institutions.
"Insured financial institutions have an important chance to grow
their customer base by expanding opportunities that bring unbanked
and underbanked individuals into mainstream banking," Martin J.
Gruenberg, the acting chairman of the FDIC, said in an e-mailed
statement.
Paragon Report releases regular market updates on the Banking
Industry so investors can stay ahead of the crowd and make the best
investment decisions to maximize their returns. Take a few minutes
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SunTrust Banks is one of the nation's largest banking
organizations, serving a broad range of consumer, commercial,
corporate and institutional clients. As of June 30, 2012, SunTrust
had total assets of $178.3 billion and total deposits of $128.4
billion. SunTrust is scheduled to release their third quarter 2012
results before market open on Monday, October 22, 2012.
With over $40 billion in assets, Hudson City is the largest
thrift institution headquartered in New Jersey. The company
recently reported that it will merge into a subsidiary of M&T
Bank Corporation. "This merger creates tremendous opportunities to
build on the successes that each company has achieved individually
in its own markets," said Hudson City Chairman and CEO, Ronald E.
Hermance, Jr.
The Paragon Report has not been compensated by any of the
above-mentioned publicly traded companies. Paragon Report is
compensated by other third party organizations for advertising
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