American Banker back issues from December 1991:
Consumer blues depress markets; low confidence undermines stocks and the dollar. (Consumer News)
Dec 02, 1991; ... Consumer Blues Depress Markets NEW YORK - Consumer confidence - or rather, the lack thereof - has become a major preoccupation of the U.S. financial markets. When confidence indexes for November were released last Tuesday, they proved weak. Treasury securities rose. The ...
Merger in North Dakota. (Community First Bankshares Inc., Community First North Dakota Bankshares Inc.) (Brief Article)
Dec 02, 1991 ... Merger in North Dakota FARGO, N.D. - Community First Bankshares Inc. said the North ...
Fed economist defends card rates. (Randall Pozdena of the San Francisco Federal Reserve Bank) (Brief Article)
Dec 02, 1991 ... Fed Economist Defends Card Rates SAN FRANCISCO - High interest rates on credit cards are consistent with the risks and costs involved, an economist at the Federal Reserve Bank of San Francisco said. "Attempts to reduce credit card rates through usury legislation will ...
Citibank faces big job of refitting ATMs for disabled. (Special Report: Retail Delivery Systems)
Dec 02, 1991; ... Citibank Faces Big Job of Refitting ATMs for Disabled Citibank, the owner of one of the nation's biggest ATM networks, faces a major remodeling job to comply with the new federal law mandating access for the disabled. To differentiate itself from rival banks in New ...
Keystone chiefs march to more collegial tune. (Keystone Financial) (3 'Super' Business Strategies)(Super Community Banks) (Brief Article)
Dec 02, 1991; ... Keystone Chiefs March to More Collegial Tune When Carl L. Campbell coordinated the merger of two banks in 1986, he opted to give the emerging management hierarchy a unique twist. Instead of selecting a lead bank to head up the new Keystone Financial Corp., he decided on a merger ...
SouthTrust wins with autonomy at local level. (3 'Super' Business Strategies)(Super Community Banks) (Brief Article)
Dec 02, 1991; ... South Trust Wins With Autonomy At Local Level Few banks in the South are as decentralized as South Trust Corp., nor are there many that have grown as fast or earned as much. For Alabama's largest bank holding company, local autonomy clearly works. South Trust's ...
West One's diet of nonpotatoes boosts muscle. (3 'Super' Business Strategies)(Super Community Banks) (Brief Article)
Dec 02, 1991; ... West One's Diet Of Nonpotatoes Boosts Muscle The potatoes did not grow in 1985. Moore Financial Group of Boise, Idaho, was the seventh biggest agricultural lender in the country back then, recalled Daniel R. Nelson, chairman and CEO of what has since been renamed West ...
A superstrategy for generating superlative profits. (Super Community Banks)(Comment) (Column)
Dec 02, 1991; ... A Superstrategy for Generating Superlative Profits The strategy of a super community bank is three-pronged: strong community orientation, customer-transparent cost savings, and a broad product line. This strategy is unique in that it provides defenses against large and small ...
Small banks: extinct species? (Comment) (Brief Article)
Dec 02, 1991; ... Small Banks: Extinct Species? Many smaller banks see the super community bank structure as a major threat to their existence. Rightly so. In many cases, a super community bank can offer service that is equal - if not superior - to the smaller bank, thereby nullifying ...
Employee or independent contractor? What the law says. (Comment) (Column)
Dec 02, 1991; ... Employee or Independent Contractor? What the Law Says Employers continually struggle over the question of whether their workers are independent contractors or employees, an issue that is the subject of extensive state and federal regulatory and enforcement efforts. At ...
Though narrower than expected, bill means lots of changes. (Special Report: Congress Passes Bank Bill)
Dec 02, 1991; ... Though Narrower than Expected, Bill Means Lots of Changes The omnibus banking bill passed by Congress last week is a mere shadow of the ambitious package offered in February by the Bush administration. But the five titles will nonetheless bring significant changes, including the ...
Finance board to stay part time till '94. (Federal Housing Finance Board)(Special Report: Congress Passes Bank Bill) (Brief Article)
Dec 02, 1991; ... Finance Board to Stay Part Time Till '94 WASHINGTON - The last-minute compromise on the banking bill leaves the Federal Housing Finance Board serving part time through 1993 before being converted to a fulltime agency. The deal, struck at 4:30 a.m. last Wednesday by the ...
The RTC gets some some fuel and an overhaul. (Resolution Trust Corp.)(Special Report: Congress Passes Bank Bill)
Dec 02, 1991; ... The RTC Gets Some Fuel and An Overhaul WASHINGTON - The Resolution Trust Corp., after running on empty for weeks, now has half a tank of gas. Congress last week pumped $25 billion into the thrift-cleanup agency. That's much less than the $80 billion requested but enough ...
Short interest up sharply in bank shares on Nasdaq. (Stocks)
Dec 02, 1991; ... Short Interest Up Sharply In Bank Shares on Nasdaq The bear hug on banks grew tighter in the 30 days that ended Nov. 15. While the broader market saw short positions increase by 2.2% during the month, the short-sellers increased their positions by more than 14% in a ...
Figuring out where the profits come from. (Capital)
Dec 02, 1991; ... Figuring Out Where the Profits Come From Seeking control over risk-reward payoffs, bankers are working furiously to get a better handle on which businesses and products are profitable. "All of a sudden, bankers don't have a choice," said John Dorman, president of ...
In Arkansas, they're banking on the poor. (Banking on the Fringe, part 4)
Dec 02, 1991; ... In Arkansas, They're Banking on the Poor HAMBURG, Ark. - Caterer Diane Grayson, 30, was turned down for a business loan this summer. It wasn't bankers who rebuffed her - it was hog farmer Joe Miles Haynes, trucker Ronald Hubbard, and junkyard owner Earl Jacob. The ...
Midsize banks: a tough new breed arises. (Super Community Banks)
Dec 02, 1991; ... Midsize Banks: A Tough New Breed Arises Some medium-size banking companies are out to disprove one of the widely held assumptions of the merger wave - that the future belongs only to very large, efficient banks and to small, community banks. Not accepting the notion ...
Time to bail out of credit cards? That's one view. (A. Gary Shilling)(Economic Outlook)
Dec 02, 1991; ... Time to Bail Out Of Credit Cards? That's One View In the 1967 film "The Graduate," the Dustin Hoffman character was told to bet his future on plastic. For 1992, maverick economist A. Gary Shilling is warning banks to get out of the stuff that revolving consumer credit is made of ....
Banks play to a tie on reform bill. (News Analysis)(Special Report: Congress Passes Bank Bill)
Dec 02, 1991; ... Banks Play to a Tie on Reform Bill WASHINGTON - In the end, the banking industry fought Congress to a standstill. On the one hand, the omnibus bill approved last week was stripped bare of key measures aimed at boosting bank profits - including interstate branching ...
Two setbacks for retail bankers. (Special Report: Congress Passes Bank Bill)
Dec 02, 1991; ... Two Setbacks for Retail Bankers This year's banking legislation was intended to give banks broader authority to offer consumer services but ended up dealing them a double blow. Rather than expand powers, the bill blocks states from letting banks underwrite insurance. ...
OTS boosts supervision fees by 5%. (Office of Thrift Supervision) (Brief Article)
Dec 02, 1991; ... OTS Boosts Supervision Fees by 5% WASHINGTON - Saying it has tightened its belt as much as possible, the Office of Thrift Supervision announced on Friday a 5% increase in the fees charged thrifts to fund its regulatory operations. The increase, the first since July ...
Banc One agrees to buy Kentucky's First Security.
Dec 02, 1991; ... Banc One Agrees to Buy Kentucky's First Security Banc One Corp. on Wednesday agreed to buy First Security Corp., quintupling its assets in Kentucky to $2 billion. The stock swap is valued at $204 million, or 1.85 times First Security's book value. First Security shares ...
Continental doesn't expect 'double dip.'
Dec 02, 1991 ... Continental Doesn't Expect |Double Dip' CHICAGO - Continental Bank Corp.'s chief economist is sticking to his view that a second economic downturn - the double-dip recession - is unlikely. "There is little doubt that the spark required to generate additional strength ...
Chemical says tech plans on track; decision pending on post-merger consumer systems. (Technology/Operations)
Dec 02, 1991; ... Chemical Says Tech Plans on Track Trying to ease Wall Street jitters over progress toward their impending merger, Chemical Banking Corp. executives said last week that plans for back-office consolidation with Manufacturers Hanover Corp. are on schedule. At a briefing ...
Mellon promotes tech boss, starts hunt for replacement. (Technology/Operations)
Dec 02, 1991; ... Mellon Promotes Tech Boss, Starts Hunt for Replacement Mellon Bank is looking again for a technology chief after promoting an executive hired recently for the hard-to-fill slot. Eight months after the departure of the respected George P. DiNardo last January, the bank ...
Farewell to 250,000 bank jobs. (Comment) (Column)
Dec 02, 1991; ... Farewell to 250,000 Bank Jobs Warnings, lessons, and even some satisfaction can be gleaned from Andersen Consulting's prediction of 250,000 fewer banking jobs - a 20% drop - by the year 2000. Some of the reasons for this conclusion, based on a survey of 250 CEOs and ...
Listen, Congress, even the GAO likes insurance powers. (General Accounting Office)(Comment) (Column)
Dec 02, 1991; ... Listen, Congress, Even the GAO Likes Insurance Powers If you're a really astute observer of the banking scene, you may be able to guess the source of the following quotes. "Bank sales of insurance underwritten by an unaffiliated insurance company present no risk to bank ...
IMF chief contradicts Menem: Argentine loan not approved. (Michel Camdessus, Carlos Saul Menem) (Brief Article)
Dec 02, 1991 ... IMF Chief Contradicts Menem: Argentine Loan Not Approved BUENOS AIRES - A $3 billion extended-fund-facility loan that Argentine officials seem to take for granted is a long way from being approved, the head of the International Monetary Fund said in an interview. "How ...
Canadian bank says privacy is assured. (Royal Bank of Canada)(Consumer News)
Dec 02, 1991 ... Canadian Bank Says Privacy Is Assured Canada's largest bank is trying to reassure its customers that their financial dealings will remain private. Telling consumers it needs confidential information about customer finances, the Royal Bank of Canada is handing out a ...
New Hampshire bank's news ads include consumer financial advice. (Bank of New Hampshire)(Consumer News) (Brief Article)
Dec 02, 1991; ... New Hampshire Bank's Newsy Ads Include Consumer Financial Advice At a time when most New Hampshire banks are shying away from the spotlight, Bank of New Hampshire is trumpeting its name through advertisements with the look and feel of news. The Manchester-based company ...
N.Y. seizing BCCI hotels; state, as the liquidator, files for foreclosures. (New York State Banking Department, Bank of Credit and Commerce International)(International News)
Dec 02, 1991; ... N.Y. Seizing BCCI Hotels The New York State Banking Department has moved to foreclose on four hotel properties as part of its liquidation of the seized Bank of Credit and Commerce International. The department, as liquidator, filed suit last week in federal court in ...
Reform fiasco presages a bleak future for banks. (bank reform legislation)(Comment) (Column)
Dec 03, 1991; ... Reform Fiasco Presages a Bleak Future for Banks Among the many lessons that emerge from the failure to pass significant banking reform legislation this year, four seem to be particularly relevant: * Current leaders, whether in Congress or the Treasury, lack the ability ...
Hanover loan to help retire junk debt of Color Tile Inc. (Deals)
Dec 03, 1991; ... Hanover Loan to Help Retire Junk Debt of Color Tile Inc. Color Tile Inc. plans to retire high-cost junk bonds with lower-cost bank loans underwritten entirely by Manufacturers Hanover Trust Co., a Hanover official said Monday. The blended rate on three tranches of ...
Banks fear latest move by FASB on securities. (Financial Accounting Standards Board)(Capital)
Dec 03, 1991; ... Banks Fear Latest Move By FASB On Securities The Financial Accounting Standards Board dropped a bombshell last week with its latest proposal for mark-to-market accounting of banks' unrealized gains and losses on investment securities. Under the rule, changes in the ...
NCR plans to acquire Teradata in $520 million share exchange. (Technology/Operations)
Dec 03, 1991; ... NCR Plans to Acquire Teradata In $520 Million Share Exchange Teradata Corp., a maker of specialized computers used by some of the country's biggest banks, will be acquired by NCR Corp., it was announced Monday. The deal, a stock swap valued at $520 million, caps a ...
Baltimore Bancorp's Hale: tough as bullets. (Edwin F. Hale)
Dec 03, 1991; ... Baltimore Bancorp's Hale: Tough as Bullets Edwin F. Hale, the new chairman of Baltimore Bancorp, is not the type to run away from a fight, especially about money. Four years ago, the Baltimore shipping executive donned a flak jacket and bought a pistol after receiving ...
As PR man for megamergers, George Sard has been busy. (People in the News)
Dec 03, 1991; ... As PR Man for Megamergers, George Sard Has Been Busy George Sard suspected he would be unusually busy last summer when Chemical Banking Corp. and Manufacturers Hanover Corp. tapped his public relations company to handle the announcement of their $2.3 billion megamerger. ...
Realty leaders tell Bush banks choke the economy; role of regulators also criticized at meeting.
Dec 03, 1991; ... Realty Leaders Tell Bush Banks Choke the Economy WASHINGTON - Bankers continue to restrain the economic recovery by restricting real estate credit, a dozen realty industry leaders charged in a meeting Monday with President Bush and his top economic advisers. "Unless the ...
U.S. housing most affordable since March '77. (Brief Article)
Dec 03, 1991 ... U.S. Housing Most Affordable Since March '77 WASHINGTON - Continued declines in mortgage rates and home prices made U.S. homes more affordable in October and pushed the National Association of Realtors' housing affordability index to its highest level in nearly 15 years. ...
Pioneer to assume deposits. (Brief Article)
Dec 03, 1991 ... Pioneer to Assume Deposits WASHINGTON - The Federal Deposit Insurance Corp. said it has approved the ...
Must ACH debits be authorized? First Security's action after plane crash spurs debate. (First Security Bank of Idaho)(Technology/Operations)
Dec 03, 1991; ... Must ACH Debits Be Authorized? The Federal Reserve accused an Idaho bank of improperly using the automated clearing house last month to process payments after checks were destroyed in a plane crash. The bank acknowledged that it had gone against a Fed recommendation ...
Speak up, bankers! Don't accept blame for the recession. (Comment) (Column)
Dec 03, 1991; ... Speak Up, Bankers! Don't Accept Blame for the Recession The public image of bankers has clearly suffered over the last five years, and it is again under assault. In fact, recent events and publicity are beginning to transform the public perception of conservative ...
Chemical picks branch-office merger czar; search for savings puts spotlight on internal real estate. (Chemical Banking Corp., Kent L. Stewart)(Commercial Real Estate)
Dec 03, 1991; ... Chemical Picks Branch-Office Merger Czar Chemical Banking Corp. is about to name a Manufacturers Hanover Corp. veteran to oversee the integration of the two banks' global office and branch systems. Kent L. Stewart has been senior vice president and director of ...
Appraisal rule delayed a year. (Commercial Real Estate) (Brief Article)
Dec 03, 1991; ... Appraisal Rule Delayed a Year Last week had ups and downs for real estate lenders, who won a reprieve from tougher appraisal requirements but lost a battle over environmental liability. Congressional conferees hammering out bank legislation in Washington approved a ...
GE Capital bid wins RTC apartment units. (General Electric Capital Corp.) (Brief Article)
Dec 03, 1991 ... GE Capital Bid Wins RTC Apartment Units General Electric Capital Corp. said it will pay $75 million for 5,589 apartments in 26 complexes put on sale by the Resolution Trust Corp. The price amounted to $2.9 million per complex, or $13,419 per apartment unit. ...
Easing by Fed in December is considered likely. (interest rates and the Federal Reserve Board) (Brief Article)
Dec 03, 1991; ... Easing by Fed in December Is Considered Likely NEW YORK - The Federal Reserve will likely cut interest rates again this year, but it will take a dramatic slump in November payrolls to get the Fed to move immediately, economists said. "The Fed is balancing [its] position ...
Fed on the spot as political pressure builds for a rate cut. (Federal Reserve Board and interest rates)
Dec 03, 1991; ... Fed on the Spot as Political Pressure Builds for a Rate Cut WASHINGTON - Calls for lower interest rates by President Bush and members of his administration have put the Federal Reserve Board in an awkward position, according to a former central bank official and other analysts. ...
Brace for tougher times, trade group president warns. (Kenneth Robinson of the National Association of Federal Credit Unions)(Credit Unions, Consumer News) (Interview)
Dec 03, 1991 ... Brace for Tougher Times, Trade Group President Warns Kenneth Robinson, president of the National Association of Federal Credit Unions, has been trooping across the country urging credit unions to cut costs, lend carefully, and keep a close eye on the bottom line. It is ...
Morgan forced to delay South African debt issue. (J.P. Morgan and Company Inc.)(International News)
Dec 03, 1991; ... Morgan Forced to Delay South African Debt Issue LONDON - J.P. Morgan & Co. has been forced to postpone the controversial issue of $100 million of debt securities for a South African development agency, the bank said. The action follows the refusal of the African ...
State Street opens trust unit in Japan. (State Street Boston Corp.)(International News) (Brief Article)
Dec 03, 1991 ... State Street Opens Trust Unit in Japan State Street Boston Corp. opened a Tokyo-based trust bank, State Street Trust and Banking Co. The subsidiary which will provide custody and investment management services for ...
Moody's reduces ratings of two Japanese banks. (Long-Term Credit Bank of Japan Ltd., Mitsui Taiyo Kobe Bank Ltd.)(International News) (Brief Article)
Dec 03, 1991; ... Moody's Reduces Ratings Of Two Japanese Banks Moody's Investors Service announced yesterday that it down-graded the long-term credit ratings of two Japanese banks, affecting over $9 billion in debt. The company lowered the ratings of the Long-Term Credit Bank of Japan ...
BCCI's liquidation delayed in Britain; top court puts off hearing as Abu Dhabi owners draft a settlement plan. (Bank of Credit and Commerce International)
Dec 03, 1991 ... BCCI's Liquidation Delayed in Britain LONDON - Britain's High Court adjourned until Jan. 14 a hearing on a Bank of England petition to liquidate Bank of Credit and Commerce International. BCCI's provisional liquidators, the accounting firm Touche Ross, asked for the ...
Citibank FSB in Chicago to cut passbooks to 3.15%. (Brief Article)
Dec 03, 1991; ... Citibank FSB in Chicago To Cut Passbooks to 3.15% Citicorp is planning to slash the rates it pays on passbook savings accounts at its Chicago thrift to 3.15% from 4.34%. The cut, which will take effect on Dec. 16, jolted rivals and distressed some consumer advocates ....
Allied Irish given nod to acquire York Bank. (York Bank and Trust Co.) (Brief Article)
Dec 03, 1991; ... Allied Irish Given Nod to Acquire York Bank WASHINGTON - Ireland's largest banking company has gotten Federal Reserve Board approval to expand its U.S. holdings. Allied Irish Banks and its U.S. subsidiary, First Maryland Bancorp, Baltimore, last week got a green light ...
Bank of New York drops share offering. (Brief Article)
Dec 03, 1991; ... Bank of New York Drops Share Offering Bank of New York Co. withdrew its planned stock offering, less than three weeks after it had filed to issue new shares. The proposed offering would have been the first by a major New York bank since 1989. A spokesman for ...
Merger expected to blunt Zale's impact on NCNB. (Zale Corp.)(Stocks)
Dec 03, 1991; ... Merger Expected to Blunt Zale's Impact on NCNB NCNB Corp.'s exposure to a troubled Texas jewelry retailer has stirred some concern on Wall Street, but the company's pending merger with C&S/Sovran Corp. is expected to muffle the impact. NCNB's nonperforming assets ...
Visa's welcome to nonbanks excludes Sears. (Visa U.S.A., Sears Discover Card)(Analysis: Follow-Up on the News)
Dec 04, 1991; ... Visa's Welcome To Nonbanks Excludes Sears Visa U.S.A. has opened its doors to nonbank companies - but not to the one that most wants to enter. The San Mateo, Calif.-based card association voted late Monday to lift its year-old moratorium on admitting members owned by ...
Banking bill's pay controls cause an uproar in industry. (Spotlight on the 1991 Banking Act, part 1)
Dec 04, 1991; ... Banking Bill's Pay Controls Cause an Uproar in Industry WASHINGTON - A provision in the 1991 banking legislation that regulates bank officials' pay is causing an uproar throughout the industry. Initially overshadowed by deposit insurance and other issues, the contested ...
Fannie Mae and Glenfed in record CRA pact. (Federal National Mortgage Association, Glendale Federal Bank, Community Reinvestment Act of 1977)
Dec 04, 1991; ... Fannie Mae And Glenfed In Record CRA Pact Glendale Federal Bank said Tuesday that it will make $1 billion of mortgage loans to lower-income people and convert the loans into securities through the Federal National Mortgage Association. The securitization commitment is ...
A down market could hamper stock offering by new Chemical. (Chemical Banking Corp.)(Stocks)
Dec 04, 1991; ... A Down Market Could Hamper Stock Offering by New Chemical The weak market for bank stocks is raising questions about whether Chemical Banking Corp. will have to scale back its plans to issue $1.25 billion in stock next month to help finance its acquisition of Manufacturers Hanover ...
Greenspan: admired, but style irks some. (Chairman Alan Greenspan of the Federal Reserve Board)
Dec 04, 1991; ... Greenspan: Admired, but Style Irks Some In the midst of a burgeoning crisis last fall, bankers attending their annual convention looked to Alan Greenspan for insights and guidance. Instead, they got a nuts-and-bolts lecture on the payments system. The episode still ...
Top court backs Fed in MCorp dispute. (MCorp and subsidiary banks) (Brief Article)
Dec 04, 1991; ... Top Court Backs Fed in MCorp Dispute A Supreme Court decision on Tuesday backed the Federal Reserve in forcing MCorp to prop up ailing subsidiary banks. The high court found unanimously that the federal district court did not have legal jurisdiction to rule that the Fed ...
Charles Peabody starts boutique; quits Kidder after friction over his bearish reports. (East Shore Partners Inc.)
Dec 04, 1991; ... Charles Peabody Starts Boutique Charles W. Peabody, Kidder Peabody & Co.'s senior bank stock analyst, left the investment bank Tuesday to start his own short-selling firm. Though a Kidder spokeswoman denied that Mr. Peabody, 36, was pused out, his exit follows the loss ...
Decatur signs Systematics for processing. (Decatur Federal Savings and Loan, Systematics Financial Services Inc.)(Technology/Operations: A Weekly Feature) (Brief Article)
Dec 04, 1991; ... Decatur Signs Systematics for Processing Decatur Federal Savings and Loan announced Tuesday a five-year facilities management agreement with Systematics Financial Services Inc., Little Rock, Ark. According to terms of the contract, Systematics will manage and operate ...
British gripe about banks, but ATMs fade as target. (Technology/Operations: A Weekly Feature)
Dec 04, 1991; ... British Gripe About Banks, But ATMs Fade as Target LONDON - Automated teller machines may no longer be Public Enemy No. 1 of bank customers in Britain, but the increasing automation of bank services still causes plenty of grievances, a study has found. Customer ...