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Fly News Breaks for September 7, 2017
OMF, FCFS, EZPW, SYF, DFS, COF
Sep 7, 2017 | 07:44 EDT
Wedbush analyst Henry Coffey says that while the exposure to Florida for companies in his coverage remains limited as most maintain a diversified and national loan portfolio, any damage or fallout from Hurricane Irma is incremental to the impact of Hurricane Harvey. For the credit card lenders in his coverage universe, exposure to Florida runs from 6.2% of credit card loans for Capital One (COF) and Discover (DFS) to 8.1% of credit card and related loans for Synchrony (SYF). Coffey anticipates an uptick in delinquencies in the coming months in these markets, especially when also considering the previous impact of Hurricane Harvey. Meanwhile, the analyst points out that the Texas market is critical for the branch based lenders and pawn shop industry, but these companies are less exposed to the Florida market. Ezcorp (EZPW) maintains roughly 12.5% of its locations within the state while First Cash Financial (FCFS) and OneMain Holdings (OMF) have just 3.7% and 3.2% of their branches in Florida.
News For COF;DFS;SYF;EZPW;FCFS;OMF From the Last 2 Days
COF, DFS
Mar 28, 2024 | 06:11 EDT
In a regulatory filing on Wednesday, Discover (DFS) announced that its board accepted the resignation of Michael G. Rhodes from his positions as CEO and President of the company, a member of the board and a director and officer of Discover Bank, each effective April 1. Rhodes, who was not expected to have a long-term role at the combined company after completion of the company's merger with Capital One (COF), informed the board that he has accepted a job offer at another financial institution. Also on Wednesday, Ally Financial (ALLY) announced that Rhodes will be its new CEO, starting at the company on April 29.
DFS
Mar 27, 2024 | 16:14 EDT
Ally Financial (ALLY) announced that Michael Rhodes will be its new CEO, starting at the company on April 29. He will also be appointed as a member of Ally's board of directors at that time. Rhodes most recently served as CEO of Discover Financial Services (DFS) and was a member of the company's board of directors. He additionally held the role of President of Discover Bank and sat on the Bank's board of directors.