American Banker back issues from July 1991:
Forget the GNP, bankers watch the credit cycle. (Economic Outlook)
Jul 01, 1991; ... Forget the GNP, Bankers Watch The Credit Cycle While many Americans gauge the health of the economy by watching for quarterly changes in the gross national product, bankers keep an eye on a different measure: the credit cycle. The credit cycle improves as banks are able ...
Philip Morris raising lines to $15 billion.
Jul 01, 1991; ... Philip Morris Raising Lines To $15 Billion In a move that may presage an acquisition or additional share buybacks, Philip Morris Cos. Inc. is negotiating a $15 billion credit line that would replace its $12 billion facility, according to sources familiar with the talks. ...
Bush bill passes test, but margin only 3 to 2. (banking reform, House Banking Committee)
Jul 01, 1991; ... Bush Bill Passes Test, But Margin Only 3 to 2 WASHINGTON - The House Banking Committee voted Friday to approve the Bush administration's broad-ranging banking reform bill - but by a surprisingly narrow margin that suggested that at least some aspects of the legislation face ...
First American gets $40 million from Sheik to meet capital rules. (First American Bankshares Inc., Sheik Zayed al-Nahyan of Abu Dhabi)
Jul 01, 1991; ... First American Gets $40 Million From Sheik to Meet Capital Rules WASHINGTON - First American Bankshares Inc., an ailing affiliate of Bank of Credit and Commerce International, has received a $40 million capital infusion from Sheik Zayed al-Nahyan, the ruler of Abu Dhabi and ...
RTC's Cooke: I'm not being forced out. (Resolution Trust Corp., David C. Cooke)
Jul 01, 1991; ... RTC's Cooke: I'm Not Being Forced Out WASHINGTON - As manager of the savings and loan bailout, David C. Cooke does not have many good days. But June 21 was his worst since he became executive director of the Resolution Trust Corp. nearly two years ago. Mr. Cooke opened ...
Paperless tax plan worries banks; automated payments might curb earnings from float. (Technology/Operations News)
Jul 01, 1991; ... Paperless Tax Plan Worries Banks Internal Revenue Service plans to automate tax payments are intended to save money by reducing the amount of paper the agency must handle. But there may also be an unwelcome effect for banks: eliminating their ability to earn money on float. ...
Diversified's POS service translates many terminals. (Diversified Transactions Inc., point-of-sale)(Technology/Operations News)
Jul 01, 1991; ... Diversified's POS Service Translates Many Terminals A small firm has introduced a point-of-sale processing service that can capture credit card transactions from a wide variety of older or specialized merchant terminals. The Translink system, developed by New York-based ...
To whom should a bank be loyal? (Comment) (column)
Jul 01, 1991; ... To Whom Should a Bank Be Loyal? I had been watching the stock of a bank that had done some creative financing a couple of years ago fall steadily from the mid-30s to a price below $5. Then, after this 80% drop, the company sent out a notice that "to enhance and protect shareholder ...
Aderholdt joins Wachovia unit. (John M. Aderholdt, Wachovia Bank of Georgia) (Brief Article)
Jul 01, 1991 ... Aderholdt Joins Wachovia Unit ATLANTA - John M. Aderholdt, formerly a vice president with Alex. Brown & Sons in Atlanta, has joined Wachovia Bank of Georgia as vice president of public finance. The bank recently changed its name ...
Fleet/Norstar slates $111 million for Massachusetts CRA program. (Fleet/Norstar Financial Group Inc., Community Reinvestment Act)(Consumer News) (Brief Article)
Jul 01, 1991; ... Fleet/Norstar Slates $111 Million For Massachusetts CRA Program Under pressure from community groups after winning Bank of New England's franchise, Fleet/Norstar Financial Group Inc. last week unveiled at $111 million community reinvestment program for Massachusetts. ...
Midlantic does well by doing good. (Community Relations) (Brief Article)
Jul 01, 1991; ... Midlantic Does Well By Doing Good Midlantic Corp. said it generated about $100 million in new deposits and donated $21,000 in equipment to 43 schools under its "Banking on Your ...
Morgan backing aged-care plan. (J.P. Morgan and Company Inc.)(Community Relations) (Brief Article)
Jul 01, 1991; ... Morgan Backing Aged-Care Plan J.P. Morgan & Co. is encouraging New York businesses to help their employees deal with the problems of caring for elderly relatives. Along with American Express Co. and Philip Morris Co., Morgan is attempting to drum up interest in the ...
Japanese banks pledge housing funds. (Community Relations) (Brief Article)
Jul 01, 1991; ... Japanese Banks Pledge Housing Funds Eleven Japanese-owned banks, under pressure to comply with the Community Reinvestment Act, pledged last week a total of $1 million in lending for housing renovations in New York City. While the dollar amount is relatively small for a ...
Colombia reassures on currency market; says new exchange system will hinder, not aid, money laundering. (International News) (Brief Article)
Jul 01, 1991; ... Colombia Reassures on Currency Market BOGOTA, Colombia - The Colombian government moved to calm fears that the opening of the foreign exchange market would lead to a rash of money-laundering by drug-traffickers. "That is not going to happen," said Finance Minister ...
Kuwait may borrow for rebuilding. (International News) (Brief Article)
Jul 01, 1991 ... Kuwait May Borrow for Rebuilding SINGAPORE - Some senior Kuwaiti government officials would prefer to borrow money to finance rebuilding of the economy rather than sell assets, a senior Kuwaiti bank official told those at a conference here. The reconstruction bill, ...
Guardian Savings seized by the OTS. (Guardian Savings and Loan Association, Office of Thrift Supervision) (Brief Article)
Jul 01, 1991 ... Guardian Savings Seized by the OTS WASHINGTON - The Office of Thrift Supervision said it placed Guardian Savings and Loan Association of Huntington Beach, Calif., under government conservatorship and named the Resolution Trust Corp. to manage the failed thrift. ...
Chase branch opening features youth art. (Chase Manhattan Bank) (Brief Article)
Jul 01, 1991 ... Chase Branch Opening Features Youth Art NEW YORK - Chase Manhattan Bank has combined the opening of a new branch with a special children's art exhibit sponsored by the Police Athletic League. The exhibit includes illustrations of poetry that will be featured in the ...
Maxwell denies being contacted on RTC job. (David O. Maxwell, Resolution Trust Corp.)(People) (Brief Article)
Jul 01, 1991; ... Maxwell Denies Being Contacted on RTC Job David O. Maxwell's name is in the hopper for the job of S&L bailout czar, but the former chairman of the Federal National Mortgage Association says all he knows about that is what he reads in the papers. In a telephone ...
Shackleford says lender test for thrifts increases risks. (Donald Shackleford of the U.S. League of Savings Institutions ) (interview)
Jul 01, 1991 ... Shackleford Says Lender Test For Thrifts Increases RisksDonald Shackelford, chairman of the U.S. League of Savings Institutions, doesn't see banks or thrifts when he looks into his crystal ball. Mr. Shackelford, who is also chairman of State Savings Bank in Columbus, Ohio, sees ...
For Baptista, lost cause is reborn; panel's vote to end curbs on bank ownership a big win. (Sam Baptista, House Banking Committee)(Washington Monday) (Brief Article)
Jul 01, 1991; ... For Baptista Lost Cause Is Reborn In his last four years of lobbying, Sam Baptista can count his legislative victories on one hand. Well, O.K., make that one finger. Still, when Mr. Baptista wins, he wins big. Last week, when the House Banking Committee voted to ...
Brady and Seidman wrangle over who will pick RTC chief. (Nicholas F. Brady, L. William Seidman, Resolution Trust Corp.) (Brief Article)
Jul 01, 1991; ... Brady and Seidman Wrangle Over Who Will Pick RTC Chief The thrift bailout needs a well-established, successful chief executive. Treasury Secretary Nicholas Brady and Resolution Trust Corp. Chairman L. William Seidman agree. But questions of who will appoint the new CEO, ...
Bank of Boston flexes muscle with acquisition. (First Mutual Bank for Savings)(Capital)
Jul 01, 1991; ... Bank of Boston Flexes Muscle with Acquisition Proving it is a player on the New England merger scene, Bank of Boston Corp. on Friday took over the $1.2 billion-asset First Mutual Bank for Savings in a federal assisted transaction. In recent weeks, Bank of Boston has ...
Silicon Valley postpones offering after price drop. (Silicon Valley Bancshares)(Stocks) (Brief Article)
Jul 01, 1991; ... Silicon Valley Postpones Offering After Price Drop SAN FRANCISCO - Silicon Valley Bancshares has postponed its 1.2 million-share equity offering for two weeks because of a sharp drop in the stock's price, sources close to the company said. The offering, the first by an ...
Chase hit by flak from Wells' bombshell. (Chase Manhattan Corp., Wells Fargo and Co.)(Stocks) (Brief Article)
Jul 01, 1991; ... Chase Hit by Flak from Well's Bombshell Chase Manhattan Corp. and other bank stocks helped push the market steeply lower Friday in active trading. Friday's sell off in bank stocks represented further fallout from Wells Fargo & Co.'s surprise announcement Tuesday of a ...
As bank stocks rebound, the Feshbachs get routed. (Kurt, Matt, and Joe Feshbach, Tom Barton)
Jul 02, 1991; ... As Bank Stocks Rebound, The Feshbachs Get Routed PALO ALTO, Calif. - The Feshbach brothers have a sign pinned up on a bulletin board that could serve as their credo: "Having fun at the expense of others." Last year, the three brothers had lots of fun at the expense of ...
Bank shares' good times ended during June, most analysts say. (Stocks)
Jul 02, 1991; ... Bank Shares' Good Times Ended During June, Most Analysts Say Banking shares left the rest of the stock market in the dust during the first half of 1991, though renewed jitters about borrowers' credit quality exacted a toll in June. The American Banker index of the 225 ...
Citicorp lines up investors for big troubled properties. (Commercial Real Estate)
Jul 02, 1991; ... Citicorp Lines Up Investors For Big Troubled Properties Citicorp is arranging to sell hundreds of millions of dollars of prime commercial real estate in transactions structured to give the bank a share of the profits in these projects when markets improve. Bank ...
First Interstate to post big loss, cut dividend. (First Interstate Bancorp)
Jul 02, 1991; ... First Interstate to Post Big Loss, Cut Dividend LOS ANGELES - Edward M. Carson's efforts to turn around First Interstate Bancorp were dealt a blow Monday when the company unexpectedly said it would make a $295 million provision for loan losses and cut its dividend by 60%. ...
Breeden forms blue-ribbon panel to advise him on financial issues. (Richard C. Breeden of the Securities and Exchange Commission )
Jul 02, 1991; ... Breeden Forms Blue-Ribbon Panel To Advise Him on Financial Issues WASHINGTON - Securities and Exchange Commission Chairman Richard C. Breeden has formed a panel of 10 prominent financial services executives to advise him on legislative and regulatory matters. The ...
Reed sees tough times in the Western U.S. (John Shepard Reed of Citicorp) (Brief Article)
Jul 02, 1991 ... Reed Sees Tough Times in the Western U.S. NEW YORK - Credit problems in both real estate and consumer loans are worsening in the Western United States, Citicorp chairman John Reed said Monday. "In the last month or so the West has joined the East," Mr. Reed told those ...
Phillips ready for role at Federal Reserve Board. (Susan M. Phillips)(People in the News) (Brief Article)
Jul 02, 1991; ... People in the news Phillips Ready for Role At Federal Reserve Board Susan M. Phillips made history in 1983 when she became the first woman to head a federal financial regulatory agency - the Commodity Futures Trading Commission. Now she is waiting in the wings to move ...
N.Y. Fed's Corrigan sounds an alert; says overreliance on the market is a dangerous path. (E, Gerald Corrigan of the Federal Reserve Bank of New York) (Brief Article)
Jul 02, 1991 ... N.Y. Fed's Corrigan Sounds an Alert NEW YORK - E. Gerald Corrigan, president of the Federal Reserve Bank of New York, said Monday that relying entirely on market forces risks to the world financial system. "There is a tendency to think ... they must be good, and ...
Control Data's terminal may let taxis charge it. (Technology/Operations News) (Brief Article)
Jul 02, 1991; ... Control Data's Terminal May Let Taxis Charge It Control Data Corp. has introduced a service that may pave the way for consumers to use their credit cards in taxicabs. Control Data Corp. has introduced a service that may pave the way for consumers to use their credit ...
First Union seeks edge in lending; system to integrate accounts seen as stimulus to sales. (Technology/Operations News)
Jul 02, 1991; ... First Union Seeks Edge in Lending Searching for ways to support more aggressive lending, First Union Corp. is working on a computer system that pulls together all available information on corporate customers' accounts. The Charlotte, N.C., banking company believes that ...
It's time to start lobbying for the next banking bill. (Comment) (column)
Jul 02, 1991; ... It's Time to Start Lobbying for the Next Banking Bill The history of banking legislation has been one of knee-jerk reactions to problems already wreaking havoc upon the industry. But the Treasury proposal currently being dissected by Congress takes a broader approach, addressing ...
Wayward bankers face tougher times in court. (Comment) (column)
Jul 02, 1991; ... Wayward Bankers Face Tougher Times in Court In response to the growing savings and loan industry crisis, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the Comprehensive Thrift and Bank Fraud Prosecution and Taxpayer Recovery Act of ...
Northern Trust completes deal. (acquisition of Tri-Valley National Bank) (Brief Article)
Jul 02, 1991 ... Northern Trust Completes Deal CHICAGO - Northern Trust Corp., said it has completed its aquisition of Tri-Valley National Bank in Dublin, Calif., following approval by shareholders and regulators. The $10 million-asset Tri-Valley National Bank, which was a subsidiary of SJNB ...
U.S. Trust ponders Florida campaign; charter obtained through thrift purchase opens rich new markets. (Consumer News) (Brief Article)
Jul 02, 1991; ... U.S. Trust Ponders Florida Campaign With a thrift charter now in hand, officials of the U.S. Trust Company of Florida will spend the summer planning new branches and trying to attract clients in a competitive market. The unit of New York-based U.S. Trust Corp. is ...
Jepsen rejects GAO's criticism. (Roger W. Jepsen, General Accounting Office)(Credit Unions) (Brief Article)
Jul 02, 1991 ... Jepsen Rejects GAO's Criticism The National Credit Union Administration has taken exception to two items in a state-of-the-industry report prepared by the General Accounting Office. Mr. Jepsen, the NCUA chairman, wrote a letter finding fault with the congressional ...
Regulator offers guidelines on real estate lending. (Roger W. Jepsen of the National Credit Union Administration)(Credit Unions) (Brief Article)
Jul 02, 1991; ...Regulator Offers Guidelines On Real Estate Lending The National Credit Union Administration recently sent a letter to credit unions describing how to make a sound real estate loan. The regulator's letter advises institutions to develop written policies placing ...
OCC places restraints on Holtz's bank. (Office of the Comptroller of the Currency, Abel Holtz, Capital Bank of Washington) (Brief Article)
Jul 02, 1991; ... OCC Places Restraints on Holtz's Bank WASHINGTON - Capital Bank of Washington, one of three institutions owned by Miami banker Abel Holtz, has agreed to stop paying dividends without prior approval from the Office of the Comptroller of the Currency. The bank also ...
Foreign banks may have won hollow victory. (House Banking Committee bank capital requirements) (News Analysis)(International News) (Brief Article)
Jul 02, 1991; ... Foreign Banks May Have Won Hollow Victory NEW YORK - Foreign banks won a victory last week when the House Banking Committee voted to allow them to use new banking powers without setting up a U.S. holding company. But only a few foreign banks would benefit from the ...
Swiss find 3 guilty of insider trading. (International News) (Brief Article)
Jul 02, 1991 ... Swiss Find 3 Guilty Of Insider Trading ZURICH - A Swiss court has found three bank employees guilty of insider trading and has given them jail sentences of up to five months, a court spokesman said. The Zurich court convicted two bourse traders at Credit Suisse - now ...
Realty storm batters D.C. region while easing in some parts of nation. (Commercial Real Estate) (Brief Article)
Jul 02, 1991; ... Realty Storm Batters D.C. Region While Easing in Some Parts of Nation The real estate problems ravaging many U.S. banks for the past two years are venting their full fury on the District of Columbia while easing a bit in some other parts of the country, analysts said. ...
N.J. bankers choose Garber as chairman. (Richard P. Garber)(Executive Changes) (Brief Article)
Jul 02, 1991 ... N.J. Bankers Choose Garber As Chairman Richard P. Garber, president of Broad National Bank, Newark, has been elected chairman of the New Jersey Bankers Association for the years 1991 and 1992. Mr. Garber succeeds John Kay, president of Shrewsbury State Bank, ...
Harris Bankcorp elevates Delaney. (Philip A. Delaney)(Executive Changes) (Brief Article)
Jul 02, 1991 ... Harris Bankcorp Elevates Delaney Philip A. Delaney has been elected vice chairman of Harris Trust and Savings Bank and its holding company, Harris Bankcorp, Chicago, a subsidiary of the Bank of Montreal. Donald S. Hunt, executive of the personal financial services ...
One Valley Bancorp makes changes at top. (Executive Changes) (Brief Article)
Jul 02, 1991 ... One Valley Bancorp Makes Changes at Top One Valley Bancorp of West Virginia Inc. and its principal subsidiary, One Valley Bank, Charleston, announced several management changes. Robert F. Baronner retired as president and chief executive officer of the bank holding ...
Bank of Tokyo brings Tanaka back to N.Y. (Kazuteru Tanaka)(Executive Changes) (Brief Article)
Jul 02, 1991; ... Bank of Tokyo Brings Tanaka Back to N.Y. Kazuteru Tanaka has taken over as vice chairman of Bank of Tokyo Trust Co., the New York subsidiary of Bank of Tokyo Ltd. Mr. Tanaka replaces Yukio Yoshida, who is returning to Tokyo as director and general manager of the ...
First Bancorp of Kansas. (Executive Changes) (Brief Article)
Jul 02, 1991 ... First Bancorp of Kansas First Bancorp of Kansas, Wichita, said Paul C. Clendening has been elected president and chief executive officer of First Colonial Bank, an affiliate bank in Prairie Village. William L. Edison, who was ...
Banc One Ohio Corp. (Executive Changes ) (Brief Article)
Jul 02, 1991 ... Banc One Ohio Corp. Banc One Ohio Corp., Columbus, said William A. High has been elected president and chief executive officer of Bank One, Dover. Mr. High has been executive vice president and chief ...
Mellon Bank Corp. (Executive Changes) (Brief Article)
Jul 02, 1991 ... Metropolitan Financial Corp. Metropolitan Financial Corp., ...
Analysts share in pessimism about Citicorp. (Brief Article)
Jul 02, 1991; ... Analysts Share In Pessimism About Citicorp Why are the Feshbachs so bearish on Citicorp? The first thing they point to is the company's loan portfolio. Nonperforming assets are 1.4 times common equity, and Citicorp's reserve for loan losses is proportionately smaller ...
Comptroller bans 2 from banking. (Office of the Comptroller of the Currency, Jack J. Clifford and Jack M. Clifford of Southwest National Bank) (Brief Article)
Jul 02, 1991 ... Comptroller Bans 2 from Banking WASHINGTON - The chairman and another board member of the defunct Southwest National Bank in Albuquerque, N.M., have been permanently barred from the banking industry and assessed civil money penalties, the Office of the Comptroller of the Currency ...
Judge lets stand fraud charges against Keating. (Charles H. Keating Jr.) (Brief Article)
Jul 02, 1991 ... Judge Lets Stand Fraud Charges Against Keating LOS ANGELES - A Los Angeles Superior Court judge has let stand fraud charges against Charles Keating Jr., the former head of the failed Lincoln Savings and Loan Association, paving the way for a trial beginning Aug. 2. ...
Lining up at home loan system; in San Francisco, a dozen banks consider joining. (Federal Home Loan Bank Board and Federal Home Loan Bank of San Francisco) (Brief Article)
Jul 02, 1991; ... Lining Up at Home Loan System SAN FRANCISCO - The Federal Home Loan Bank of San Francisco, the largest of Home Loan System's 12 banks, says that an unprecedented number of commercial banks are considering joining the institution. As of mid-June, the bank was processing ...
Hanover wins agency role despite Chemical's low bid. (Manufacturers Hanover Trust Co., Chemical Bank)(Deals) (Brief Article)
Jul 02, 1991; ... Hanover Wins Agency Role Despite Chemical's Low Bid Manufacturers Hanover Trust Co. won the coveted spot of administrative agent for a $463 million buyout loan, despite rival Chemical Bank's bid to underwrite the entire credit at a cheaper price. The bank loan will ...
The bloom is off fixed-rate preferred. (preferred stocks)(Capital)
Jul 02, 1991; ... The Bloom Is Off Fixed-Rate Preferred Prices have slumped lately on newly issued shares of fixed-rate preferred stock, indicating that investors are losing their appetite for this form of bank capital. Investor demand has waned markedly following a three-month spate of ...
First Interstate. (Capital Monitor) (Brief Article)
Jul 02, 1991 ... First Interstate First Interstate Bancorp's bonds were battered in the secondary market following the bank's announcement of a large loan loss provision and a cut in its dividend. The Los Angeles bank's 8.65% subordinated capital notes due in 1999 were trading at a yield 225 ...
D.C. debate: to heal or kill shaky banks. (Analysis: Follow-Up on the News)
Jul 03, 1991; ... D.C. Debate: To Heal or Kill Shaky Banks Regulators and lawmakers are on a collision course over how to deal with institutions moving toward failure. Both sides agree quicker government action is needed to deal with the growing number of faltering banks and thrifts. But ...
Bank crimes rose 16% in '90, FBI reports. (Federal Bureau of investigation)
Jul 03, 1991; ... Bank Crimes Rose 16% in '90, FBI Reports WASHINGTON - Odetta R. Jordan, a pregnant mother in Cleveland, turned to robbing banks last year after falling behind on her bills. Over two months Mrs. Jordan - unarmed - held up seven banks by passing notes to tellers. She ...
Banks shun the markets as cost of capital climbs. (Capital)
Jul 03, 1991; ... Banks Shun the Markets As Cost of Capital Climbs Reports of big second-quarter losses at two major California banks have depressed the market for bank stocks and bonds, making it more difficult for almost all U.S. banks to raise fresh capital. The announcements of big ...
Dutch bank boosts stake in European American. (ABN-Amro Holding N.V.)
Jul 03, 1991; ... Dutch Bank Boosts Stake In European American NEW YORK - ABN-Amro, the Dutch banking giant, announced Tuesday that it has acquired full control of European American Bank, a suburban New York bank that floundered under the ownership of a consortium of European banks. ...
Harris denounces CRA rating, requests another Fed review. (Harris Trust and Savings Bank, Community Reinvestment Act)
Jul 03, 1991; ... Harris Denounces CRA Rating, Requests Another Fed Review Disappointed by a poor community reinvestment rating, Harris Trust and Savings Bank of Chicago has taken its dispute with regulators public. The Harris Bankcorp unit said on Tuesday it received a "needs to ...
Ohio's Star Banc buys Kentucky Bancorp. (Brief Article)
Jul 03, 1991 ... Ohio's Star Banc Buys Kentucky Bancorp. CINCINNATI - Star Banc Corp. said it has completed the purchase of Kentucky Bancorp., a six-bank holding company ...
HomeFed picks veteran guide for rocky path. (Thomas J. Wageman)
Jul 03, 1991; ... HomeFed Picks Veteran Guide For Rocky Path Troubled HomeFed Corp. Tuesday said it chose Thomas J. Wageman, a veteran of the Texas thrift wars, to lead it through its period of retrenchment. Mr. Wageman, the former chief executive of Dallas-based Sunbelt Savings, ...