American Banker back issues from October 1991:
How industry is dealing with FDIC fee hike. (Analysis: Follow-Up on the News)
Oct 01, 1991; ... How Industry Is Dealing with FDIC Fee Hike When deposit-insurance premiums rose by 92%, banks were faced with a classic dilemma: Should they pass the increase on to consumers and risk defections? Or should they eat the expense and further depress profits? Based on a ...
Credit unions say regulator goes overboard. (National Credit Union Administration)
Oct 01, 1991; ... Credit Unions Say Regulator Goes Overboard The usually harmonious relationship between the credit union industry and its chief regulator has been shattered. Ralph Swoboda, president of the industry's main trade group, recently accused the National Credit Union ...
Top 100 banks boosted capital 6% in 1st half.
Oct 01, 1991; ... Top 100 Banks Boosted Capital 6% in 1st Half Despite an industry profit slump, the top 100 bank holding companies increased core capital by almost 6% in the first half of this year, an American Banker survey shows. The 25 largest companies did even better, showing a ...
Blackstone taps Chemical in bid for Days Inns. (Blackstone Group, Chemical Bank)(Deals)
Oct 01, 1991; ... Blackstone Taps Chemical in Bid For Days Inns Blackstone Group is returning to Chemical Bank to help finance its latest deal - the proposed acquisition of the Days Inns of America Inc. franchise system for $250 million in cash and securities. Blackstone, a New ...
Operational problems to delay Chemical's merger of lead banks. (Chemical Banking Corp., Manufacturers Hanover Corp.)
Oct 01, 1991; ... Operational Problems to Delay Chemical's Merger of Lead Banks The merger of the lead banks of Chemical Banking Corp. and Manufacturers Hanover Corp. will not be completed until the second half of next year because of operational problems, according to bank insiders and investment ...
Treasury's Russell Morris to lead its war on paper. (People in the News)
Oct 01, 1991; ... Treasury's Russell Morris To Lead Its War on Paper Russell D. Morris has been chosen to lead the Treasury Department's Financial Management Service into a paperless future. As the newly appointed commissioner of the Treasury unit, Mr. Morris, 50, oversees the $2 ...
Ranieri's thrift purchases $2.3 billion in RTC deposits; agency also sells $1 billion to First Chicago. (Lewis S. Ranieri, United Savings Association of Texas)
Oct 01, 1991; ... Ranieri's Thrift Purchases $2.3 Billion in RTC Deposits United Savings Association of Texas, controlled by mortgage-securities pioneer Lewis Ranieri, grew into the state's second-largest thrift last week with the acquisition of $2.3 billion of deposits from the Resolution Trust ...
Economists urge Fed to ignore calls for easing. (Shadow Open Market Committee, Federal Reserve Board, interest rates)
Oct 01, 1991 ... Economists Urge Fed to Ignore Calls for Easing WASHINGTON - The Shadow, Open Market Committee, a group of economists that critiques Federal Reserve policies, called on the central bank Monday to resist pressure to lower interest rates. The economists contended that the ...
Huntington, AT&T joining forces; banking services to be offered over a special phone. (Huntington Bancshares Inc.)(Technology/Operations)
Oct 01, 1991; ... Huntington, AT&T Joining Forces Huntington Bancshares Inc. has formed an alliance with the American Telephone and Telegraph Co. to market an electronic home banking and information service that they plan to offer to banks next year. Senior banking officials said ...
Ohio bank's image system handling nearly all checks. (Huntington Bancshares Inc.)(Technology/Operations)
Oct 01, 1991; ... Ohio Bank's Image System Handling Nearly All Checks Huntington Bancshares Inc. has reached a milestone in getting its check image processing system from Unisys Corp. into day-to-day use. Columbus, Ohio-based Huntington last week became the first bank to use imaging to ...
History repeats in financial ideas - and crises. (Comment) (column)
Oct 01, 1991; ... History Repeats in Financial Ideas - and Crises Many American financial managers and commentators are innocent of banking history. Therefore, while cyclically reliving financial crises, they rediscover financial ideas. Let us consider some examples: * The ...
Mexico seen as reluctant to lift banking barriers. (International News)
Oct 01, 1991; ... Mexico Seen as Reluctant To Lift Banking Barriers NEW YORK - U.S. and Mexican officials have begun preliminary talks on a financial services section for the North American free trade agreement, Treasury officials and banking sources said. But bankers said that progress ...
Bush presses Senate on Fed nominees. (Alan Greenspan, Lawrence B. Lindsey, Susan Phillips) (Brief Article)
Oct 01, 1991 ... Bush Presses Senate On Fed Nominees MIAMI - President Bush urged the Senate on Monday to approve quickly his two nominations to serve on the Federal Reserve Board, saying inaction on them is "just plain inexcusable." He also urged the Senate to approve Alan Greenspan as ...
With bank credit scarce, builders hope for REIT revival. (real estate investment trusts)(Commercial Real Estate)
Oct 01, 1991; ... With Bank Credit Scarce, Builders Hope for REIT Revival With California banks unwilling to finance real estate construction, some homebuilders are pinning their hopes on real estate investment trusts. Success in California could open the door when housing demand ...
Mitsui links with realty broker to guide Japanese banks in N.Y. (Edward S. Gordon Company Inc.)(Deals) (Brief Article)
Oct 01, 1991; ... Mitsui Links with Realty Broker To Guide Japanese Banks in N.Y. An affiliate of Mitsui Bank and Trust and Mitsui Taiyo Kobe Bank has formed a partnership with Edward S. Gordon Co., a leading New York real estate broker, in hope of giving Japanese banks a firmer toehold in a ...
Environmental Data and Toxicheck merge. (Environmental Data Resources Inc.) (Brief Article)
Oct 01, 1991; ... Environmental Data and Toxicheck Merge Environmental Data Resources Inc. and Toxicheck merged on Friday, combining an extensive data base of government records on environmental liability with a computerized mapping service. Environmental Data, based in Southport, Conn., ...
First Interstate of Iowa buying its 11th bank. (Community State Bank of Clear Lake) (Brief Article)
Oct 01, 1991 ... First Interstate of Iowa Buying Its 11th Bank DES MOINES - First Interstate of Iowa Inc. said a subsidiary, First Interstate Bank of Iowa-North, has ...
Union Bank's shares dip on news of loss reserve. (Stocks)
Oct 01, 1991; ... Union Bank's Shares Dip On News of Loss Reserve Union Bank's stock price tumbled more than 10% late last week, even though investors were generally braced for bad news from California banks. The San Francisco-based bank more than doubled its loan-loss provision, ...
Global meeting soon on securities ratios. (Capital)
Oct 01, 1991; ... Global Meeting Soon on Securities Ratios Top banking and securities regulators from 15 industrialized nations will meet as early as November to begin hammering out minimum capital standards for debt and equity securities. The moving force behind the talks is a capital ...
Make your bank easy for Wall St. to understand. (Comment) (column)
Oct 02, 1991; ... For most of the past 18 months, the prices of bank stocks have been lower than normal valuation techniques would predict. The reason: questions about the true value of banks assets. In the past few months, the market has adjusted to those questions, so bank stocks ...
Chemical, Hanover protect 47 managers with pay deals. (Chemical Banking Corp., Manufacturers Hanover Corp.)
Oct 02, 1991; ... Twenty-nine top executives of Chemical Banking Corp. would be protected against pay cuts for three years if shareholders approve the company's scheduled merger with Manufacturers Hanover Corp., according to a filing with the Securities and Exchange Commission. In addition, 18 ...
Analyst sees realty woes inflicting more wounds to banks' earnings. (Thomas Hanley)(Stocks)
Oct 02, 1991; ... A leading bank analyst is warning that bank profits are vulnerable to further surprises arising from the real estate debacle. Thomas Hanley of Salomon Brothers expects a continuing free-fall in commercial real estate to hurt bank profits for the third and fourth quarters more ...
KeyCorp, Fleet seen as leaders in N.H. bidding. (New Hampshire bank mergers)
Oct 02, 1991; ... WASHINGTON -- Fleet/Norstar Financial Group and KeyCorp emerged as the leading candidates to acquire five troubled New Hampshire institutions as signs grew that the Federal Deposit Insurance Corp. is getting ready to pull the trigger on a deal. The agency's board met Tuesday in ...
Forecast for year 2000: 24% fewer banks.
Oct 02, 1991; ... Predictions that the banking industry faces widespread consolidation were reinforced Tuesday in a major study released by Arthur Andersen & Co. and the Bank Administration Institute. The study predicts that the number of U.S. banks will decline by 24% this decade, with virtually ...
Ruling clears Ernst & Young in failure of Western Savings. (Brief Article)
Oct 02, 1991; ... DALLAS -- A federal judge Monday dismissed a $560 million lawsuit filed against Ernst & Young by the Federal Deposit Insurance Corp., saying the national accounting firm was not liable in the failure of a big Texas thrift it had audited. The decision could set a precedent for ...
NBD purchases Florida trust unit from First Fidelity. (First Fidelity Trust-Florida) (Brief Article)
Oct 02, 1991 ... NBD Bancorp said it has acquired First Fidelity Bancorp.'s trust bank in Boca Raton, Fla. The Detroit bank company said it plans to merge First Fidelity Trust-Florida into NBD Trust Co. of Florida, bringing the unit's assets under management to about $441 million. A ...
Hibernia sells half billion in loans; company also in 'serious' talks on selling Texas bank.
Oct 02, 1991; ... Hibernia Corp., New Orleans, disclosed on Tuesday that it sold almost $500 million in loans and said it was in "serious discussions" to sell its Texas bank. The troubled banking company said it was not certain the sale of its Texas franchise could be struck in time to avert an ...
Citibank keen, others wary, on dip-in card reader. (ATM card)(Technology/Operations: A Weekly Feature)
Oct 02, 1991; ... Though Citibank is using television ads to tout the user-friendly card-reading devices found on its automated teller machines, other banks have shunned the technology. Citibank's custom-designed ATMs, which have been cited as among the most innovative, are the only cash machines ...
Don't base closures solely on capital. (Comment) (column)
Oct 02, 1991; ... Several recent bank failures - Bank of New England and madison National, among others - came as no surprise to people in the banking industry. Uninsured depositors started pulling out of these banks a year or more before they were closed. The congressional banking committees ...
No snags expected from Europe's review of BankAmerica-Security merger. (European Commission, BankAmerica Corp., Security Pacific Corp.)(International News)
Oct 02, 1991; ... LONDON -- The European Commission's review of the proposed merger of BankAmerica Corp. and Security Pacific Corp. is not likely to impede the deal, bankers predicted. The regulator has one month to approve the deal or open a full inquiry if it thinks the merger of the banks' ...
Bank of Boston bets on splashy approach to advertising. (includes related news on Commercial Bank of New York, Morgan Guaranty) (Private Banking)(Consumer News)
Oct 02, 1991; ... Bank of Boston is coming on strong with a new advertising campaign for its private banking services. The ad splash is the first since the New England bank recruited Susan Haney from the Boston Co. to reorganize private banking in early 1990. The one-page and two-page ...
Fidelity Federal expects losses for first 9 months. (Brief Article)
Oct 02, 1991 ... GLENDALE, Calif. -- Citadel Holding Corp. said it expects to report a loss for the first nine months and probably for all of 1991 as a result of writedowns and additional loan-loss provisions for its Fidelity Federal Bank subsidiary. Citadel said it plans to write down $11.9 ...
Thrifts' cost of funds is lowest since 1987. (Brief Article)
Oct 02, 1991 ... WASHINGTON -- The average cost of funds for federally insured thrifts fell in the second quarter to 7.12%, its lowest level since the 7.06% of the first quarter in 1987, the Office of Thrift Supervision ...
Builders seek easier capital rule; support halving of risk weight for presold homes.
Oct 02, 1991; ... WASHINGTON -- Federal regulators are weighing a proposal by home builders to halve the capital requirements for some residential construction and apartment loans. The proposal - under review by the Office of Thrift Supervision and the Office of the Comptroller of the Currency - ...
Citicorp launches issue for Cemex. (Deals) (Brief Article)
Oct 02, 1991; ... The London-based investment banking unit of Citicorp has arranged a $250 million medium-term note program for Cemex, a Mexican company that is the world's No. 4 cement supplier. Citicorp Investment Bank Ltd. on Friday launched an initial $150 million issue split into three $50 ...
Banks call notes to cut interest cost. (Capital)
Oct 02, 1991; ... Like homeowners rushing to refinance mortgages at lower interest rates, several leading banks have taken steps to reduce their interest burden. Since July, Chase Manhattan Corp., Chemical Banking Corp., Continental Bank Corp., and Fleet/Nostar Financial Group Inc. have elected ...
The bank bond market. (Capital Monitor) (Brief Article)
Oct 02, 1991 ... The bank bond market was quiet Tuesday as investors awaited news of banks' third-quarter results. No new issues had emerged by midafternoon. Their absence suggested that banks, too, are waiting until their quarterly earnings are ...
Chemical dodges the tough calls in merging staffs. (Chemical Banking Corp., Manufacturers Hanover Corp.)(Analysis: Follow-Up on the News)
Oct 03, 1991; ... The new Chemical Banking Corp. has spared the ax in its first chance to demonstrate the cost-cutting resolve promised last July. Rather than trim upper layers of management, the combined Chemical and Manufacturers Hanover Corp. would tolerate numerous instances of overlapping ...
IBM-Diebold unit to unveil a new generation of ATMs. (InterBold)(Technology/Operations)
Oct 03, 1991; ... The joint venture of International Business Machines Corp. and Diebold Inc., a dominant supplier of automated teller machines, next week will unveil a new generation of ATMs guaranteed to perform 99% of the time. Besides representing a new option for banks in the market to buy ...
C&S/Sovran to boost reserves, post loss.
Oct 03, 1991; ... ATLANTA -- C&S/Sovran Corp. said Wednesday that it would report a third-quarter loss of up to $55 million after taking a $300 million provision for commercial real estate loan losses. C&S/Sovran was expected to take a hefty provision in advance of its proposed merger with NCNB ...
Defunct bank companies having an afterlife on the bond market. (Capital)
Oct 03, 1991; ... Southeast Banking Corp. and Bank of New England Corp. dwell among the ghosts of bank holding companies, but some of their bonds now trade as if the institutions still had some life. Senior debt obligations of both companies were trading recently at substantial levels - 28 cents ...
For CB&T, 72 directors = 72 salespeople. (Columbus Bank and Trust Co.)
Oct 03, 1991; ... COLUMBUS, Ga.--Meet 72 people living on the edge - and loving it. The group, directors of Columbus Bank and Trust Co., is probably the largest bank board in the United States. Some 40 to 50 directors, all local movers and shakers, show up each month at the bank's ...
N.Y. mutual to buy a stock S&L. (Independence Savings Bank, Long ISland City Financial Corp.) (Brief Article)
Oct 03, 1991; ... Independence Savings Bank, a depositor-owned thrift in Brooklyn, N.Y., said it is buying Long Island City Financial Corp. which is publicly traded. The deal, for about $73 million in cash, is unusual because thrifts owned by depositors do not customarily buy shareholder-owned ...
Pay-as-you-go thrift bailout gets support. (Brief Article)
Oct 03, 1991 ... WASHINGTON -- The House Banking Committee's subcommittee on financial institutions voted Wednesday to put the thrift bailout on a pay-as-you-go financing plan. The panel voted 18-17 to amend the Bush administration's legislative proposal to refinance the Resolution Trust Corp. ...
Want to buy a shaky bank? An ex-retiree answers yes. (William S. Ogden)(People in the News)
Oct 03, 1991; ... At a time when other bankers might think of retiring, William S. Ogden is looking to buy and run troubled banks. Mr. Ogden, a longtime Chase Manhattan Corp. executive whom regulators installed to run Continental Illinois National Bank and Trust Co., has started up his own ...
Exit hatch from Home Loan system; members could redeem 40% of stock, then leave.
Oct 03, 1991; ... WASHINGTON -- The Federal Housing Finance Board is circulating its long-awaited proposal on how thrifts would be allowed to cash out a chunk of their Federal Home Loan Bank stock and eventually quit the system. Under the plan, which needs congressional approval, thrifts insured ...
BankAmerica offers ATM 'ministatements'; printout service is a first in California; $1 charge set for next year. (Technology/Operations) (Brief Article)
Oct 03, 1991; ... SAN FRANCISCO -- BankAmerica Corp.'s California unit has become the first bank in the state to offer checking account "ministatements" through its automated teller machines. In a service starting up this week, the machines will list on paper as many as seven of a customer's most ...
Security Pacific tech execs losing out in merger. (BankAmerica, Security Pacific merger)(Technology/Operations) (Brief Article)
Oct 03, 1991; ... BankAmerica Corp. executives are winning out over their Security Pacific Corp. counterparts in key technology-unit appointments at what will be the merged institution. That was expected once Marty Stein, a Bank of America executive vice president, won the top computer operations ...
Credit restraint won't choke recovery. (Comment) (column)
Oct 03, 1991; ... The U.S. economy is slowly emerging from recession. There usually are conflicting signals at turning points, and activity remains very weak in some industries and regions. Nevertheless, there is enough evidence to confirm that overall activity bottomed out in the second quarter. ...
Pass on reserve costs? Yes, but be honest about it. (Comment) (column)
Oct 03, 1991; ... The requirement that banks hold 12% of their demand deposits with the Federal Reserve in accounts that bear no interest has hurt earnings potential, as have skyrocketing deposit insurance premiums. Hard-pressed banks are questioning the logic of absorbing such costs. ...
Hanover sells German trading unit. (Manufacturers Hanover Bank GmbH)(International News) (Brief Article)
Oct 03, 1991; ... LONDON -- Manufacturers Hanover Corp. has completed the sale of its German securities unit to a French state bank, Caisse des Depots et Consignations, for an undisclosed price. The unit, Manufacturers Hanover Bank GmbH, mainly trades and underwrites German bonds. It also has ...
In first for Britain, Royal Bank of Scotland will test photo ID cards. (International News)
Oct 03, 1991; ... LONDON -- Despite widespread resistance from the financial industry, Royal Bank of Scotland is to become the first in Britain to put customers' photographs on bank cards -- to thwart crime. The Edinburgh-based banking company is launching a pilot program this week among 30,000 ...
Campaign by M&T Bank features greenbacks, suspense. (Manufacturers and Traders Trust Co.)(Marketing/Advertising)
Oct 03, 1991; ... Twice a week for three consecutive weeks this summer, M&T Bank mailed crisp $1 bills to 500 potential customers. Until the very end, the bank never identified itself. The Buffalo-based bank used the six-part teaser campaign to build awareness of its corporate trust division. ...
FDIC to auction $500 million in real estate. (Brief Article)
Oct 03, 1991 ... DALLAS -- The Federal Deposit Insurance Corp., in its largest disposal of assets seized from failed banks and thrifts, announced Wednesday that it will sell commercial real estate appraised at $500 million in an auction Dec. 12. Hotels and More "The auction ...
Monaco declares Visa its 'preferred' credit card. (Brief Article)
Oct 03, 1991; ... It looks as if Robin Leach will need a Visa card. In Monaco, a popular setting for Mr. Leach's "Lifestyles of the Rich and Famous" television show, the Government Tourist Office has endorsed Visa as its "preferred" credit card. The glitzy principality, long known as a ...
American Express lawsuit halts ad for MasterCard cash advances. (Brief Article)
Oct 03, 1991; ... NEW YORK -- American Express Co. filed a federal lawsuit on Wednesday against MasterCard International, charging unfair advertising practices. As a result, the card association was forced to cancel a television commercial that promotes the cash advance features of MasterCard ...
OTS aims to simplify paperwork. (Office of Thrift Supervision)
Oct 03, 1991; ... WASHINGTON -- The Office of Thrift Supervision has a plan to streamline reporting for savings and loan holding companies. Currently, the companies must sift through four sets of registration forms and instructions to determine which forms they must file. Would ...
Infinity Broadcasting adds to bank credit. (Brief Article)
Oct 03, 1991 ... NEW YORK -- Infinity Broadcasting Corp. said it has gotten an additional $50 million as part of an amended bank credit and also bought back about $87 million face amount of its 14.25% senior subordinated discount debentures, ...
Daiwa Bank opening a Cleveland loan office. (Brief Article)
Oct 03, 1991; ... NEW YORK -- Daiwa Bank Ltd., Japan's eighth-largest commercial bank, plans to open a loan production office in Cleveland early next year. A spokesman in Tokyo said the bank expects to obtain approval from Ohio state regulators after Jan. 1. The $171 billion-asset ...
OTS rejects capital plan of Investors Savings. (Office of Thrift Supervision) (Brief Article)
Oct 03, 1991 ... RICHMOND, Va. -- Investors Savings Bank said the Office of Thrift Supervision had rejected its application for a capital plan. Investors Savings, a unit of Investors Financial Corp., said it had filed its most recent application for a capital exemption, accompanied by a capital ...
Newark honors N.J. bank for reinvestment. (National Community Bank of New Jersey) (Brief Article)
Oct 03, 1991; ... National Community Bank of New Jersey has been given the City of Newark's first award for outstanding achievement in banking. The prize, to be awarded annually, was presented to National Community's chairman and chief executive officer, Robert M. Kossick, by McKinley Howell, the ...
West One unit wins reversal of judgment. (West One Bank Idaho N.A.) (Brief Article)
Oct 03, 1991 ... BOISE -- West One Bancorp said the Idaho Supreme Court reversed an $8.3 million judgment against its principal bank subsidiary. The judgment had been awarded in a lender liability lawsuit brought by Bliss Valley Foods Inc. and others. The court returned the case for a ...
Sumitomo wins approval for securities unit. (Sumitomo Bank Ltd.) (Brief Article)
Oct 03, 1991; ... NEW YORK -- The Federal Reserve Board has approved an application by Sumitomo Bank Ltd. to enter the U.S. securities markets. The new unit, Sumitomo Bank Securities Inc., would have start-up capital of $40 million and was expected to begin operations shortly. It is to trade ...
Mellon consolidates banks. (Mellon Bank Corp.) (Brief Article)
Oct 03, 1991 ... PITTSBURGH -- Mellon Bank Corp. said it has completed the previously announced ...
First Florida viewed as ripe for picking. (First Florida Banks Inc.)(Stocks)
Oct 03, 1991; ... John Mason seldon recommends investments in potential merger targets, but the bank analyst at Interstate Johnson Lane finds it hard to resist a likely play on First Florida Banks Inc. With Southeast Banking Corp. sold to First Union Corp., and C&S/Sovran being merged with NCNB ...