American Banker back issues from January 1992:
Like it or not, FDIC will levy risk-based fees. (Federal Deposit Insurance Corp.) (Spotlight on the 1991 Banking Act)
Jan 02, 1992; ... One-size-fits-all deposit insurance is on the way out, thanks to the 1991 banking legislation. Beginning in 1994, the banks and thrifts deemed least risky could see their Federal Deposit Insurance Corp. premiums go down, while those judged unfavorably could face dramatically ...
Bankers' New Year hope: don't let the ax hit us; tens of thousands of jobs to vanish in '92.
Jan 02, 1992; ... David Wyss, an economist at DRI/McGraw Hill, sums up the banking industry's grim outlook by paraphrasing a country song: "Mama, don't raise your babies to be bankers." Mr. Wyss may have a future as a career counselor. Employment in the banking and thrift industries has been ...
GAO study faults some outsourcing contracts. (General Accounting Office) (Technology/Operations)
Jan 02, 1992; ... The General Accounting Office, an investigative arm of Congress, is preparing to publish a report critical of some of the outsourcing contracts that banks are signing with technology companies. Accordig to people who have seen a draft of the study, 20% to 30% of institutions ...
Merger fever boosts stocks of independents. (a correction to this article appears in the January 3, 1992 issue)
Jan 02, 1992; ... As mergers accelerated last year, stock gains were not confined to banks near the main events in New York, California, and Ohio. A total of 173 merger announcements in 1991 lifted the stock of strong independent banks in Colorado, Indiana, Michigan, Louisiana, and Florida, where ...
O'Brien of Emigrant a key figure as mergers sweep thrift group. (Raymond V. O'Brien; Emigrant Savings Bank) (People in the News)
Jan 02, 1992; ... Trade association mergers have become second nature to Raymond V. O'Brien, chairman of the National Council of Community Bankers. Even before he helped engineer the merger agreement last month between the two major thrift trade groups, the 64-year-old chairman of Emigrant ...
NationsBank is officially incorporated. (Brief Article)
Jan 02, 1992; ... NationsBank Corp. was born Tuesday following the completion of NCNB Corp.'s acquisition of C&S/Sovran Corp. NationsBank filed its articles of incorporation Tuesday, after receiving final approval from the Justice Department. The Federal Reserve Board and other regulatory bodies ...
Fed can't bar relocations by banks, U.S. Court says. (Federal Reserve Board; U.S. Court of Appeals) (Brief Article)
Jan 02, 1992; ... WASHINGTON -- The Federal Reserve Board lacks authority to rule on bank relocations, a federal appeals court has said. The Fed's authority is over bank acquisitions, not relocations, according to the ruling Dec. 20 by the U.S. Court of Appeals for the District of Columbia. It ...
First Prairie accepts restrictions. (First Prairie Bankshares) (Brief Article)
Jan 02, 1992; ... WASHINGTON -- Plagued by commercial lease losses, a $20 million-asset Illinois banking company has agreed to enforcement measures sought by the Federal Reserve Bank of Chicago. In the written agreement, First Prairie Bankshares, parent of First National Bank of Georgetown, ...
Teller machines remain king of the hill; as branch growth slows, automation keeps its appeal for big banks. (Technology/Operations)
Jan 02, 1992; ... The nation's top banking institutions added automated teller machines almost four times as fast as they did domestic branches in 1991, an American Banker survey found. According to data from 178 of the nation's top 200 banking companies, the number of ATMs in the United States ...
Serving the disabled: an action plan. (complying with Americans with Disabilities Act of 1990) (Column)
Jan 02, 1992; ... In an ideal world, when Jan. 26 rolled around, all U.S. banks would be fully able to accommodate the blind, the hearing impaired, people in wheelchairs, and other disabled persons. On that date, the Americans with Disabilities Act (ADA), passed by Congress last summer, is to ...
Shell-shocked banks need to lend again. (Congressman Charles Schumer) (Interview)
Jan 02, 1992; ... Q: Congressman, you went to Boston to speak with the chief economist of the Bank of Boston, who says they are aggressively looking for new business. How does that square with what you hear? SCHUMER: I am not hearing that at all. I am still hearing from different businesspeople ...
Tokyo stock prices jump on news of a cut in Japan's discount rate. (International News) (Brief Article)
Jan 02, 1992; ... TOKYO -- Japan's financial markets reacted favorably to a surprise discount rate cut. But further gains, while likely, will probably be limited in the near term, traders and analysts said. Stocks and bonds both rose after the Bank of Japan cut the official discount rate to ...
Ukraine applies to be member of Monetary Fund, World Bank. (International Monetary Fund) (International News) (Brief Article)
Jan 02, 1992 ... WASHINGTON -- Ukraine has applied to join the International Monetary Fund, the organization said in a statement. A World Bank spokesman said Ukraine has also made a membership application to the international lending organization. A First from Ex-Soviet Republic ...
Maxwell administrators set to offer jurisdiction plans. (Maxwell Communication Corp. trying to avoid conflict between US and British courts)
Jan 02, 1992 ... LONDON -- Administrators running Maxwell Communication Corp. said they would submit proposals on ways to avoid jurisdictional conflicts in U.S. and English courts. A spokesman for administrators Price Waterhouse said they had made "substantial progress in their discussions with ...
Citibank to offer fund transfer to Vietnam. (Consumer News) (Brief Article)
Jan 02, 1992; ... Citibank will introduce a money transfer service this month for people sending funds between the United States and Vietnam. The bank said there are at least 700,000 Vietnamese in the United States, many of whom send money to relatives in Southeast Asia. Families to ...
Commerce Bancshares inaugurates variable-rate, no-fee credit card. (called Special Connections) (Brief Article)
Jan 02, 1992 ... Commerce Bancshares Inc. introduced a variable-rate credit card this week that it claims is "unique to the industry in that it combines a low rate with no annual fee" and 25 days' grace. The Kansas City, Mo., bank holding company said its new product, dubbed the Special ...
Chase lends $5 million for low-income units. (Chase Manhattan Corp.) (Consumer News) (Brief Article)
Jan 02, 1992 ... Chase Manhattan Corp. said that its community development subsidiary is lending $5 million for construction of 51 units of low-income housing on Manhattan's Lower East Side. The money will be used to build a six-story apartment building on a vacant lot. The project ...
TRW to offer free reports. (TRW Inc. Information Services; credit reports) (Brief Article)
Jan 02, 1992 ... TRW Information Services said that consumers can begin requesting a free copy of their credit reports on April 30. The large credit-reporting companies, under pressure from consumer groups and Congress because of faulty reports, have agreed to various concessions in recent ...
WM Bancorp names Stone president, CEO. (Donald E. Stone) (Executive Changes) (Brief Article)
Jan 02, 1992; ... Donald E. Stone has been appointed president and chief executive officer of WM Bancorp, a Cumberland, Md.-based bank holding company, effective Jan. 1. Mr. Stone formerly was chairman, president, and chief executive officer of NBT Bancorp and its subsidiary, National Bank and ...
Margaretten & Co. (Executive Changes) (Brief Article)
Jan 02, 1992; ... Margaretten & Co., the Perth Amboy, N.J.-based mortgage banking unit of Primerica Corp., has named Bruce M. Schnelwar senior vice president and chief financial officer. ...
Bank of Naples. (Executive Changes) (Brief Article)
Jan 02, 1992; ... Bank of Naples, Fla., has named Robert Guididas president and chief executive officer. He ...
Madison Savings and Loan Association. (Executive Changes) (Brief Article)
Jan 02, 1992; ... Madison Savings and Loan Association, Palm Harbor, Fla., has elected Robert A. Jason to vice president and ...
Chemical to market Days Inns loan. (Chemical Bank) (Finance: Deals) (Brief Article)
Jan 02, 1992; ... Chemical Bank is about to market a new $310 million credit for Blackstone Group, the New York merchant bank cleared last month to buy the Days Inns of America franchise system. A meeting for prospective syndicate members is expected to be held within two weeks, banking sources ...
Chemical sees greater savings and costs. (Chemical Banking Corp.) (Finance: Deals) (Brief Article)
Jan 02, 1992; ... Chemical Banking Corp. celebrated its merger with Manufacturers Hanover Corp. New Year's Eve by announcing that both the projected savings and restructuring charges related to the deal will be greater than estimated. Hours after the merger was consummated Tuesday, Chemical said ...
Heavy buying buoys MNC. (MNC Financial) (Finance) (Brief Article)
Jan 02, 1992; ... Heavy trading lifted MNC Financial in the last two days of 1991, as some investors apparently looked for a turn-around at the beleaguered Baltimore bank. But one analyst issued a warning: Even if new problems are on the wane, heavy chargeoffs for real estat loans are still a ...
Correction. (to 'Merger fever boosts stocks of independents' in January 2, 1992 issue) (Correction Notice)
Jan 03, 1992 ... [No ...
Avoiding pitfalls of commercial realty loans. (Column)
Jan 03, 1992; ... Avoiding Pitfalls of Commercial Realty Loans The four bank regulatory agencies have yet to come to terms with the mark-to-market problem, even though they recently issued a widely publicized statement outlining uniform guidelines for bank examinations. During the past ...
First Union offering a line of CDs denominated in foreign currency. (certificates of deposit available in ten currencies) (Brief Article)
Jan 03, 1992 ... First Union Offering a Line of CDs Denominated in Foreign Currency First Union Corp. introduced on Thursday certificates of deposit denominated in 10 foreign currencies. The North Carolina company, through its First Union National Bank subsidiary, thus joins units of ...
Morgan predicts slow growth in 1992. (J.P. Morgan and Company) (Brief Article)
Jan 03, 1992 ... Morgan Predicts Slow Growth in 1992 NEW YORK - Economic growth worldwide is likely to be slow in 1992 but inflation will remain in check, J.P. Morgan & Co. said in its latest survey on world financial markets. Morgan forecast real growth of 0.1% in U.S. gross domestic ...
Consolidating Community banks sign data contract. (Community Bank System becomes Community Bank and contracts for data-processing services with Mellon Bank) (Brief Article)
Jan 03, 1992 ... Consolidating Community Banks Sign Data Contract SYRACUSE, N.Y. - Community Bank System Inc. said it received final regulatory approvals to consolidate its five affiliate banks into one, effective Wednesday. The single, upstate New York institution was named Community ...
RTC bulk deal with investor group draws fire in bank panel report. (Resolution Trust Corp.'s agreement to sell 50 to 100 properties to Patriot American Investors, financial institutions subcommittee of the House Banking Committee) (Brief Article)
Jan 03, 1992; ... RTC Bulk Deal with Investor Group Draws Fire in Bank Panel Report WASHINGTON - Rep. Frank Annunzio, D-III., released a 74-page report Thursday blasting the Resolution Trust Corp.'s $500 million deal with an investment group known as the Patriot American Investors. It ...
Has bottom been reached by small California banks?
Jan 03, 1992; ... Has Bottom Been Reached By Small California Banks? Investors have noted that California's dismal economy is punishing the state's community banks, which usually enjoy good times in the shadow of giant West Coast institutions. Community banks in the Golden State suffered ...
Fed funds market ends '91 on quiet note.
Jan 03, 1992; ... Fed Funds Market Ends '91 on Quiet Note The fed funds market ended 1991 with a whimper. Trading was less frenetic than at a typical yearend, when banks normally scramble to make sure their balance sheets are in order. Banks short on funds borrow from banks with funds to ...
Survival of thrifts lies in niche banking. (speech from United States League of Savings Institutions 1991 convention) (Transcript)
Jan 03, 1992; ... Survival of Thrifts Lies in Niche Banking I'll give you the bad news up front, followed by the good news. First, your profitability will decline because of interest-rate movements, housing cycles, and other variables in the economy over which you have no control. ...
Thanks, Mr. Clarke, for rallying forces against bank bill. (Comptroller of the Currency Robert L. Clarke) (Column)
Jan 03, 1992; ... Thanks, Mr. Clarke, for Rallying Forces Against Bank Bill Many proponents of the original bill to expand bank powers seem inclined to spread the blame for the failure to pass broad-based banking reform legislation. The administration, Congress, and lobbyists get their share of ...
Builders could get hammered by 'birth dearth.' (smaller group of young adults may mean decline in housing demand) (Economic Outlook)
Jan 06, 1992; ... The housing industry, already wobbly from the recession, may ultimately be decked by a more formidable foe: the "birth dearth." Some economists say that housing markets are already suffering the effects of this post-baby-boom era, which has left the nation with a smaller cohort ...
Wachovia to take loss linked to acquisition.
Jan 06, 1992; ... Wachovia Corp. said Friday that it would report a loss of about $40 million for the fourth quarter after taking $207 million in special charges and provisions, mostly relating to its acquisition of South Carolina National Corp. Though Wachovia was expected to report a decline in ...
Lawmakers clash with regulators over bank exams. (bank examiner evaluations of real estate loans)
Jan 06, 1992; ... WASHINGTON -- Lawmakers and regulators faced off Friday at a House Banking Committee hearing, with neither side giving ground on the controversy surrounding bank examiners' evaluations of real estate loans. Rep. Henry B. Gonzalez, D-Tex., the committee chairman, called the ...
For capital-hungry U.S. banks, 4th quarter was a time to feast.
Jan 06, 1992; ... Banks replenished their capital coffers in 1991 after being shunned by investors in 1990. In the fourth quarter alone, banks issued nearly $800 million in common stock, more than $800 million in preferred stock, and $5.4 billion in underwritten fixed-rate debt, according to ...
Chemical stock climbs sharply after merger. (Chemical Banking Corp.)
Jan 06, 1992; ... Shares of the new Chemical Banking Corp. have started the year with a sharp gain. By Friday afternoon, the New York money-center institution had soarde 13% in value in the first two trading days of the year. The stock closed Friday ahead 50 cents, at $23.875, its ...
Will lower rates give the housing sector enough steam to lift the economy out of a recession? (Sound Off)
Jan 06, 1992; ... Q Will lower rates give the housing sector enough steam to lift the economy out of a recession? * David SeidersEconomist National Association of Home Builders, Washington These various statistics have been bouncing around a bit, but fundamentally, ...
Key Democrats offer economic plan; Sarbanes and Sasser call for lower rates worldwide. (Senators Paul Sarbanes and James Sasser)
Jan 06, 1992; ... WASHINGTON -- Two key members of the Senate Banking Committee criticized the Federal Reserve on Friday for keeping interest rates too high, and called for a worldwide reduction in rates. But at least one of the senators - Paul Sarbanes, D-Md. - still thinks Fed Chairman Alan ...
Fed faults purchasing managers' index. (Federal Reserve Bank of New York)
Jan 06, 1992 ... A study by the Federal Reserve Bank of New York said a widely followed index of corporate purchasing plans is of dubious value as a leading economic indicator. The index, based on surveys by the National Association of Purchasing Managers, is at best a complement to other ...
Banks are offered end-of-day foreign currency pricing.
Jan 06, 1992; ... Standard Rate Services Ltd. has introduced an end-of-day currency pricing mechanism aimed at reducing risks in the banks' back offices. Demand for this kind of impartial, third-party information has heated up because banks and other institutions that trade in the chaotic ...
Culture shock can choke growth. (Comment) (Column)
Jan 06, 1992; ... "I just couldn't stand the bank culture," my friend explained as he told me why he was leaving a major banking organization to return to a small mortgage banking company. He had been brought in a year earlier to run the bank's mortgage banking operation, after a long career with ...
Most lenders would rather profit than discriminate. (Comment) (Column)
Jan 06, 1992; ... If David Duke were a loan commissar doling out a limited supply of funds to a horde of anxious borrowers who had no options, he probably wouldn't make loans to blacks. If he were an independent agent compensated by commission in a highly competitive market, he almost certainly would. ...
Two thrifts seek changes in charters. (Pulawski Savings and Loan Association, Summit Savings Bank) (Brief Article)
Jan 06, 1992 ... Thrift institutions in New Jersey and Washington have taken steps to leave the regulatory jurisdiction of the federal Office of Thrift Supervision. Pulawski Savings Bank, Savings and Loan Association said it filed to change its charter in a bid to cut costs. It will ...
Different Drummers: Banking and Politics in Canada.
Jan 06, 1992; ... "Different Drummer" is both history and memoir. But for an American banker, the book is also part fairy tale because it provides the history of a banking world that we never have seen and, in all likelihood, never will. In describing the rise of Canada's six giant banks, Robert ...
Chase's Copenhagen branch shut in global restructuring. (Chase Manhattan Bank) (Brief Article)
Jan 06, 1992; ... Chase Manhattan Bank has closed its branch in Copenhagen, leaving Citicorp the only U.S. bank with an office in Denmark. The unit of Chase Manhattan Corp. decided to run its Danish business from London and will move six of its 15 Copenhagen employees there, according to a ...
Nigerian president asks for relief on foreign debt payments in '92. (Ibrahim Babangida) (Brief Article)
Jan 06, 1992 ... ABUJA, Nigeria -- The nation's military president, Ibrahim Babangida, called last week for substantial foreign debt relief, saying the country could not survive if it had to meet all servicing obligations this year. "Substantial debt relief must be sought and achieved in 1992," ...
Broker uses CRA as a lure; her client banks get to claim donations. (Muriel Siebert; Community Reinvestment Act)
Jan 06, 1992; ... Muriel Siebert, showing a characteristic flair for innovation, is offering banks and thrifts a way to score points with Community Reinvestment Act examiners while making their own investments. Ms. Siebert, the former New York State superinntendent of banks and the first woman to ...
Challenging the examiners' loan appraisals. (Comment) (Column)
Jan 06, 1992; ... One of the most challenging responsibilities of a thrift executive is the proper valuation of assets on the institution's books. As everyone in the industry knows by now, the current regulatory approach to asset valuation is more conservative that it has ever been. Consider the ...
F&M projects losses linked to merger. (F and M Financial Services Corp.) (Brief Article)
Jan 06, 1992 ... MENOMONEE FALLS, Wis. -- F&M Financial Services Corp. said it expects to post losses for the fourth quarter and all of 1991 because of a $13.5 million provision and $2.5 million pretax charge against income. The actions are aimed at strengthening the balance sheet before a ...
Veribanc analyst sees positive data; but industry's recovery is still linked to economy. (Dr. Warren Heller) (Interview)
Jan 06, 1992; ... American Banker: You just finished crunching third-quarter numbers for the banking industry's 12,518 banks. What did you find? Warren Heller: The data indicated that problem loans are down $3.1 billion, that loan-loss reserves appear to be stabilized, and that we had net income ...
Ex-OTS aide has some explaining to do. (Office of Thrift Supervision; James R. Barth) (People) (Brief Article)
Jan 06, 1992; ... Former Office of Thrift Supervision chief economist James R. Barth jetted to Egypt during the holidays, but it wasn't for rest and relaxation. Mr. Barth, now a finance professor at Auburn University, gave Egyptian government officials and bankers lessons in deposit insurance, ...
Jose Ceppi. (promoted to assistant general counsel at Resolution Trust Corp.) (People) (Brief Article)
Jan 06, 1992; ... Jose Ceppi was promoted to assistant general counsel at the Resolution Trust Corp. He will oversee the bailout agency's extensive dealings with private-sector lawyers and try to recruit more minority- and woman-run law firms. Mr. Ceppi ...
UST, bank units plan consent agreements. (Brief Article)
Jan 06, 1992 ... BOSTON -- UST Corp. and its two Massachusetts banking subsidiaries expect to enter into consent agreements with federal and state regulators, UST said this week. Among other things, the Boston-based banking company anticipates the three entities must satisfy a 6% capital-ratio ...
Banc One's McCoy appointed to Fed council. (John B. McCoy; Federal Advisory Council) (Brief Article)
Jan 06, 1992 ... CLEVELAND -- The Federal Reserve Bank of Cleveland said John B. McCoy of Banc One Corp. has been appointed the Fourth Federal Reserve District's representative on the Federal Advisory Council for 1992. Mr. McCoy is chairman, president, and chief executive officer of Banc One, ...
Visa opens 1st Mexican site. (Brief Article)
Jan 06, 1992 ... SAN FRANCISCO -- Visa International said it has opened its first office in Mexico. The office, in Mexico City, is headed by Eduardo Coarasa, area manager for the ...
Intercontinental gets North Ridge deposits. (Brief Article)
Jan 06, 1992 ... MIAMI -- International Bank agreed to assume $87.2 million of deposits and certain assets of the failed North Ridge Bank held by the Federal Deposit Insurance Corp. Intercontinental paid a premium of $850,000 for the deposits. It also took $79.4 million of the failed bank's ...
Promising year for mortgage-backeds: trading volume expected to surge as a result of lower interest rates.
Jan 06, 1992; ... NEW YORK -- The U.S. market for mortgage-backed securities is likely to set records in 1992 as the lowest interest rates in 18 years unleash a wave of mortgage borrowing and securitization, industry executives say. "The mortgage sector will be a bigger portion of the fixed ...
Standard & Poor's plans to reconsider ratings of Chemical. (Chemical Banking Corp.) (Brief Article)
Jan 06, 1992; ... Standard & Poor's Corp. said it may upgrade Chemical Banking Corp. now that its merger with Manufacturers Hanover Corp. is completed. Chemical is about to launch a $1.25 billion common stock offering, raising new equity capital. When that offering is completed -- ...
Loosening of credit expected by midsize companies' CEOs. (Brief Article)
Jan 06, 1992; ... Chief executives of fastgrowing midsize companies think credit conditions will begin to loosen in the first quarter of 1992. At the same time, most think their cost of funds will continue to decline, according to a survey by the American Business Conference. These ...
Rhode Island near sale of four credit unions.
Jan 07, 1992; ... One year after the crisis began, Rhode Islands is close to resolving at least part of its massive credit union problem. Northeast Savings, a $4 billion-asset thrift in Hartford, Conn., is negotiating to buy four failed credit unions holding $400 million of deposits, according to ...
S&P sees banking revival at least three years away. (Standard and Poor's Corp.)
Jan 07, 1992; ... The pace of bank downgradings will slow in 1992, but marked improvement in credit quality won't be visible before 1995, according to analysts at Standard & Poor's Corp. That assessment reinforced earlier indications that the free fall in asset quality has ended. "The ...