American Banker back issues from February 1993:
Farm Credit Bank of Texas reaps rewards from satellite system. (Management Strategies)
Feb 01, 1993; ... Rodney Gilson, vice president of computer services at the Farm Credit Bank of Texas, used to think a half a second delay was a big deal. Not anymore. That half-second is the time data take to make a round trip from one of the bank's branches to its IBM AS/400 host by means of a ...
Bond markets giving Clinton a thumbs-up.
Feb 01, 1993; ... President Clinton may not be getting much of a honeymoon with the press, but he is enjoying great initial success in the bond markets. Historically, bonds do badly in Democratic administrations as investors worry that inflation in a runaway economy will eat away at the value of ...
Chemical to cancel EDS pact. (Chemical Banking Corp; Electronic Data Systems)
Feb 01, 1993; ... Chemical Banking Corp. will save $40 million a year by terminating an "extraordinarily" expensive outsourcing contract at the failed First City banks it is buying, a top Chemical executive said. "First City had extraordinarily high data processing and insurance costs," said Marc ...
Bank of N.Y. enters N.J. with $543 million deal. (Bank of New York Co. purchase of National Community Banks Inc.)
Feb 01, 1993; ... Bank of New York Co. on Friday said it will buy National Community Banks Inc., a $4.2 billion New Jersey company, for a healthy two-and-a-half times book value, or about $543 million. The move represents Bank of New York's first excursion into neighboring New Jersey, a state ...
Can BankAmerica's finance chief work his magic for Uncle Sam. (Frank N. Newman nominated to Treasury Dept. post)
Feb 01, 1993; ... SAN FRANCISCO - The banking industry's most respected chief financial officer is going to Washington. Frank N. Newman, a vice chairman and CFO of Bank-America Corp., was nominated two weeks ago to become under secretary of the Treasury for domestic finance, one of the nation's ...
Bank bonds are favorites of debt market.
Feb 01, 1993; ... Bank bonds are the star performers of the corporate debt market this year. Market favorites include Citicorp, Wells Fargo & Co., Continental Bank, and Chase Manhattan Corp. - low-rated banks that have exceeded analysts' earnings forecasts. Yields Tightening ...
Altman sees delay in effort to ease rules. (Deputy Treasury Secretary Roger Altman; banking rules) (Brief Article)
Feb 01, 1993 ... WASHINGTON - The Clinton administration plans to push for modernizing the laws governing the banking industry, though perhaps not right away, Deputy Treasury Secretary Roger Altman said. On John McLaughlin's "One-on-One" television program, Mr. Altman criticized "antiquated ...
South Trust sued by Florida Bay Banks. (to prevent foreclosure of Bay Bank and Trust Co.) (Brief Article)
Feb 01, 1993 ... PANAMA CITY, Fla. - Florida Bay Banks Inc. sued Alabama's South Trust Corp. and the Florida banking department to prevent foreclose on its principal asset Bay Bank and Trust Co. The bank, which has $161 million in assets, was pledged as collateral for a loan that SouthTrust made ...
Chase to open trust unit on west coast. (Chase Manhattan Corp.) (Brief Article)
Feb 01, 1993 ... MINNEAPOLIS - First Bank System Inc. said it had extended the contract of John Grundhofer, its chairman, president, and chief executive officer. Mr. Grundhofer's ...
First Bank extends Grundhofer's contract. (First Bank System; John Grundhofer) (Brief Article)
Feb 01, 1993 ... MINNEAPOLIS - First Bank System Inc. said it had extended the contract of John Grundhofer, its chairman, president, and chief executive officer. Mr. Grundhofer's ...
Citicorp-Ford card called reaction to GM. (credit card) (Brief Article)
Feb 01, 1993; ... Citicorp's plan to launch a credit card with Ford Motor Co. comes in response to mounting pressure from the General Motors Corp. card, analysts said Friday. Citicorp and Ford are expected to unveil next week a "co-branded" Visa card similar to the MasterCard launched last fall ...
FASB plan may lead to bank failures, OCC warns. (Financial Accounting Standards Board; market-value accounting of investments; Office of the Comptroller of the Currency) (Brief Article)
Feb 01, 1993 ... WASHINGTON - The Office of the Comptroller of the Currency said a Financial Accounting Standards Board proposal could make bank capital more volatile and spur liquidity problems that could lead some otherwise viable banks to fail. The office said FASB's proposal would require ...
Michigan National takes lead in electronic overhaul. (reengineering of commercial lending operation) (Management Strategies)
Feb 01, 1993; ... According to conventional wisdom, smaller banks follow the lead of the money-center institutions. But don't tell that to Michigan National Corp. At a time of stagnant - some would say nonexistent - loan activity, little-known $10.7-billion-asset Michigan National, with ...
Public Data launches on-line service: New York City records can be accessed with a personal computer.
Feb 01, 1993; ... Public Data Corp. has introduced an on-line service that provides banks with current bankruptcy, foreclosure, lien, and court judgment information filed in New York City. More than 17 million filings, judgments, and related documents are incorporated into the data base. ...
Politically correct rules strangle smaller banks. (Editorial)
Feb 01, 1993; ... The Independent Bankers Association of America published a study last week that should not be allowed to disappear in the tidal wave of white papers, campaign bibles, proposals, demands, and manifestos now engulfing the Clinton administration. The study, whose likely impact ...
The president's plan stinks, but consider the alternatives. (President Clinton's plan for community-development banks) (Front Row on Washington) (Column)
Feb 01, 1993; ... Bill Clinton's plan to create community development banks in 100 of the country's most depressed neighborhoods deserves a rousing Bronx cheer. However, commercial bankers ought to jump on the band-wagon anyway and sing praises until they're as hoarse as the new president. ...
Will prospects for stronger economic growth, steady short-term interest rates, and stepped-up loan demand in 1993 translate into less investment and more community bank lending? (Sound Off)
Feb 01, 1993; ... In 1992 many community banks were left with excess cash, a result of both tepid loan demand and cautiousness about lending to consumers who may be unable to pay them back. So, with interest rates on the decline, bankers rushed to invest that money in short-term government securities ....
Big writeoffs seen for Japanese banks.
Feb 01, 1993 ... Large Institutions Are Expected to Follow in Sumitomo's Footsteps TOKYO - A decision by Sumitomo Bank Ltd. to write off huge bad loans has raised expectations that other similarly burdened Japanese banks will try to do the same before the business year ends in March. ...
IDS in joint venture with Interface Corp. (IDS Financial Services) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... IDS Financial Services, as part of an effort to redesign its technology operations, signed a contract of undisclosed value with Interface Corp., to jointly develop Macintosh versions of the software vendor's application development systems. IDS, an American Express financial ...
Maryland bank signs with Systematics. (First National Bank of Maryland; Systematics Financial Services Inc.) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Baltimore-based First National Bank of Maryland signed a five-year software agreement with Systematics Financial Services, Inc. Based in Little Rock, Ark., Systematics will provide ...
M&I makes a deal in Minnesota. (M&I Data Services; American Bancorp. of St. Paul) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... The $1.3 billion American Bancorporation of St. Paul signed a data processing contract with M&I Data Services, Inc. American Bancorporation's lead bank, American National Bank & Trust, and three affiliates, ...
Polish bank brings ATM network on-line. (Bank Gdanski; automated teller machine) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... The Bank Gdanski, located in Gdansk, Poland, went live with its first automated teller machine network, which ...
Buffalo bank uses networking software. (Manufacturers and Traders Trust Co.) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Banks with disparate networks might be interested in how Manufacturers and Traders Trust Company of Buffalo, N.Y., got two different systems to communicate. The $5.4 billion bank, which had recently completed a bank acquisition, faced the question of what to do with its newly acquired ...
Six banks buy cash management software. (Stockholder Systems Inc. software) (Contracts)(Management Strategies ) (Brief Article)
Feb 01, 1993 ... Stockholder Systems Inc. signed six contracts in the last quarter for the use of its PC-based Network Banker cash management software. New customers include the $1.5 billion-asset Boulevard Bank in Chicago; $750-million-asset Intercontinental Bank in Miami, Fla.; $3-billion-asset Citizens ...
Texas bank signs outsourcing contract. (City National Bank of Taylor) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... City National Bank of Taylor, Texas, has renewed its full back-office outsourcing contract with EDS for 51/2 years. With only 39 employees, the bank services a $97 million asset base and 5,000 customers daily with nearly 15,000 accounts. It ...
Interlink to conduct debit card program. (Interlink Network) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Interlink Network, the direct debit subsidiary of Visa USA, is conducting a pilot debit card program in 12 Target Stores, a national discount chain. Interlink has 16 million cardholders and approximately 7,000 retailers currently on line. ...
Trust units at risk after lawsuit: Phoenix cleanup case sets environmental liability.
Feb 01, 1993; ... American banks with trust departments might be sitting on top of a costly environmental time bomb. A federal court in Phoenix on Jan. 19 found the trust department of Valley National Bank-liable for cleaning up toxic wastes at the city dump. The bank held title for one of its ...
National inks five-year contract. (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Nationar, a commercial bank with over $1.5 billion in assets, won a five- year $1.4 million contract with the New York State Department of Taxation and Finance to process all the state's income tax refund checks. After a year of negotiations, the contract was signed in January. Nationar ...
Jack Henry purchases software firm. (Jack Henry and Associates; Fremont Software Inc.) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Jack Henry & Associates, Inc., a software and hardware vendor in Monett, Mo., purchased the business operations of Fremont Software, Inc., of Fremont, Ind., for an undisclosed sum. FSI markets software and is an authorized remarketer of IBM computer ...
Systematics software for First Union. (Systematics Financial Services; First Union Corp) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... First Union Corporation of Charlotte, N.C., signed a long-term outsourcing agreement for software and services with Systematics Financial Services, Inc., an outsourcing vendor located in Little Rock, Ark. First Union is the nation's 12th largest bank holding ...
Barnett Banks turns to outsourcing. (retail lockbox operation) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... The $38 billion-asset Barnett Banks Inc. is outsourcing its retail lockbox operation. The Jacksonville, Fla.-based bank signed a letter of intent to enter into a multi-year agreement with CashFlex, a division of Financial Telesis Inc. Under the terms of the contract, ...
Verifone acquires POS software firm. (Perdata Corp.) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Verifone Inc., one of the nation's leading suppliers of point-of-sale systems, acquired Perdata Corp., for an undisclosed price. Based in Clear-water, Fla., Perdata designs and sells ...
IPS to market investment software. (Interactive Planning Systems) (Contracts)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Atlanta-based Interactive Planning Systems signed a marketing agreement with Wall Street Consulting Group, which will give IPS the exclusive right to market the company's PC-based investment systems. Based in Milburn, N.J., Wall Street Consulting Group's software gives ...
HSBC Holdings taps 4 senior executives. (Executive Changes) (Brief Article)
Feb 01, 1993; ... HSBC Holdings said it had appointed David Beath general manager and group audit controller and Richard Hennessy group chief accountant. Both will be based in London. The banking company named Aman Mehta ...
Margaretten Financial Corp. (Executive Changes) (Brief Article)
Feb 01, 1993 ... MARGARETTEN Financial Corp., Perth Amboy, N.J., has named Bruce Schnelwar executive vice president and ...
NCR and CKI to market imaging for chargebacks. (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... NCR Corp. and CKI Inc. of Arlington, Va., will jointly market an image-based system that helps speed processing of credit card chargebacks. NCR will provide the hardware and CKI the software. Customer service representatives will have images of documents immediately at their fingertips, ...
Fiserv expands service offering. (New Products)(Management Strategies) (Brief Article)
Feb 01, 1993 ... The Fiserv Comprehensive Banking System, processing software that is typically used in-house, is now available as a service bureau offering for commercial and community banks through data centers in Arlington Heights, Ill., and Fresno, Calif This option means the service bureau client can ...
Chemical, Barnett test ATM imaging. (automated teller machine) (New Products)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Chemical Bank in New York and Barnett Bank in Jacksonville, Fla., are running ATM test programs that capture and process full electronic images of a check or bill. The software, which is compatible with NCR's fourth-generation ATMs, reads the dollar ...
Financial Reports available on-line. (Companyline database) (New Products)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Information from six leading financial publishers is available on-line from the Companyline data base. The service merges the financial reports, credit ratings, brokers' analyses, and a host of other corporate information from Dun & Bradstreet, Moody's Disclosure, ICC, Extel Financial, and ...
Atalla offering secures networks. (computer network security processor) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... Atalla introduced a hardware-based A6000-IBM network security processor. It is designed to secure high-value transaction processes - such as EDI, EFT/POS, ATM, wholesale money transfer, and ...
Glassco selling hedging software. (Glassco Park Inc.) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... A Windows-based software product, the Perfect Hedge, by Glassco Park Inc., of Surrey, British Columbia, is suitable for financial institutions looking to manage interest rates, foreign exchange, and commodity prices without the expense of a mainframe-based system. The software, ...
Michigan National eases data access. (New Products)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Michigan National Bank of Farmington Hills is using marketing and sales software that allows users to access bank data off-site. The software was developed by BancA, Michigan National's Dallas-based subsidiary. Using the software, loan officers who are equipped with laptop ...
Vysion rolls out answering device. (telephone answering) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... Vector, an interactive voice response system, was introduced by Vysion Inc. of Livonia, Mich. Its basic functions consist of automating information exchange between standard touch-tone phones and computer ...
Network Controls eases migration. (NCR 4700 Wizard software) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... Users of the IBM 4700 Finance Communication System can migrate branch-based applications to a PC-based token-ring LAN with NCI 4700 Wizard software, version 3.0, from Network Controls International Inc., Charlotte, N.C. ...
MicroBilt expands software offering. (acquisition of COIN Banking Systems) (New Products)(Management Strategies) (Brief Article)
Feb 01, 1993 ... MicroBilt Corp. has enhanced its banking product line through the acquisition of COIN Banking Systems Inc. Both companies are based in Atlanta. COIN provides PC/LAN-based software to financial industry institutions ...
Quality control for check printing. (MICR-check) (New Products; Management Strategies)(Brief article) (Product Announcement)
Feb 01, 1993 ... As more checks are printed using laser technology, bankers and customers can check the quality and avoid processing errors by using MICR-check by Xytec Corp., Tempe, Ariz. The stand-alone ...
Management system for data. (Automated Distribution of Data and Software) (New Products)(Management Strategies) (Brief Article)
Feb 01, 1993 ... Corporate Microsystems Inc. and NSS formed a strategic partnership late last year to develop, license, and distribute a system for managing software technology from data centers to branches. Bedford, N.H.-based NSS, known for its branch automation software and ...
Kapati offers reporting aid. (FreeForm GRS software) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... Aiming to ease the production of the numerous regulatory reports now demanded by most central banks, Kapiti launched a new PC-based product, FreeForm GRS, which runs on the company's Equation central data base. The data provide a snapshot of the bank's position at predetermined ...
NCR unveils software for midrange systems. (LifeKeeper FRS product group) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... NCR Corp. has unveiled a new set of software, services, and tools designed to enhance the availability, serviceability, and performance of midrange systems. The product, called LifeKeeper FRS, ...
Imaging system ready for test. (Checkout system) (New Products; Management Strategies)(Brief Article) (Product Announcement)
Feb 01, 1993 ... For banks that want to produce image statements for their checking account customers, Mutual Services Inc., Braintree, Mass., introduced the Checkout system. Due to be tested in ...
At State Street, it's systems over banking. (Management Strategies) (Company Profile)
Feb 01, 1993; ... Saying technology is important to State Street Boston Corp. is like saying oxygen is important to humans. Technology is the life force behind highly focused State Street, which is looked on by Wall Street analysts as more of a data processing company than a bank. In ...
Picking winners for a CalFed fund. (Main Street Growth and Income fund; California Federal Bank) (Portfolio Manager)
Feb 01, 1993; ... John Wallace, who runs the Main Street Growth and Income fund for Oppenheimer Management Corp., has given a struggling thrift something to smile about. The equity mutual fund, which is currently sold exclusively through California Federal Bank, Los Angeles, has bed the best ...
Societe Generale's U.S. chief seeks global image for bank. (Jean R. Huet) (People in the News)
Feb 01, 1993; ... Call Societe Generale a French bank and you quickly raise the hackles of Jean R. Huet, the bank's newly arrived U.S. general manager. "We're an international bank that operates worldwide rather than just a French bank with an international network," says Mr. Huet. ...
Perelman stake of 2.6 million shares in BankAmerica is going on market. (Ronald Perelman) (Brief Article)
Feb 01, 1993 ... NEW YORK - First Boston Corp. is offering 2.6 million shares of BankAmerica Corp. common stock held by financier Ronald Perelman's MacAndrews & Forbes Holdings Inc. It plans to bring the shares to market today, traders said. Buyers are lined up for most of the shares, which are ...
Analyst says regionals are poised for big move. (Thomas Hanley; regional bank stocks)
Feb 01, 1993; ... Tom Hanley has turned contrarian. While the rest of Wall Street has become less bullish on banks, the influential analyst at First Boston Corp. believes the rally is just getting its legs, at least as far as superregional and regional banks are concerned. "The market ...
BancTexas in black for 1st time since '83. (earnings) (Brief Article)
Feb 01, 1993 ... DALLAS - BancTexas Group Inc. reported its first annual profit since 1983. The 1992 net income was $1.06 million, or 6 cents a share, compared with a loss of ...
S&P upgrades debt of Signet Banking. (Standard & Poor's) (Brief Article)
Feb 01, 1993 ... New York - Standard & Poor's Corp. upgraded on Friday the subordinated debt of Signet Banking Corp., Richmond, to BB-plus from BB-minus. The action affected $250 million in debt. ...
Friday's market. (Stocks) (Brief Article)
Feb 01, 1993 ... Bank stocks were mixed Friday in relatively quiet trading. The Dow rose 3.78 points, to 3,310.03. Society Corp.'s shares fell $1, to $64.25, as investors showed concern about the progress of its acquisition of Ameritrust ...
Bonds gain despite strong growth reports. (economic growth) (The Markets)
Feb 01, 1993; ... The bond market continued to advance on Friday, ignoring two government reports showing strong economic growth. Instead, the market focused on the Clinton administration's plans to cut the budget deficit and hopes for lower interest rates. The Commerce Department ...
St. Paul Bancorp completes $30 million sale of notes. (Brief Article)
Feb 01, 1993 ... CHICAGO - St. Paul Bancorp Inc. completed the sale of $30 million of subordinated capital notes due in 2000. The issue, priced to yield 8.25%, was ...
Fast-growing First Banks switches to midrange system. (computer system) (Management Strategies) (Company Profile)
Feb 01, 1993; ... The formula for growth at First Banks Inc. is not unusual these days: its future relies on a steady stream of mergers and acquisitions. However, gobbling up smaller, mostly rural banks had given the $2 billion-asset institution, based in the St. Louis suburb of Creve Coeur, Mo., ...
SCNB uses Southern charm to take the chill out of cold calls. (South Carolina National Bank; telemarketing of credit cards) (Management Strategies)
Feb 01, 1993; ... Say the word "telemarketing" to a banker and you can almost be sure the response will be negative. After all, how many people like to be called at home by a salesperson - or worse yet, a recorded voice? Ever mindful of how consumers feel about cold calls, executives ...
How have asset-liability regulations affected asset-liability management software? (Management Strategies)
Feb 01, 1993 ... ANTHONY F. KUMMERL Vice president of asset-liability management advisory services SunTrust Banks Inc., Atlanta The evolution of asset-liability software is a result of guidance from forward-thinking bankers, input from the industry's leading experts in asset-and-liability ...
Boatmen's taking the legwork out of document retrieval. (Boatmen's Bancshares) (Management Strategies)
Feb 01, 1993; ... When a new technology offered the chance to improve customer service, cut down on the use of paper, decrease costs, and strengthen productivity, Boatmen's Bancshares Inc. jumped at the opportunity. The St. Louis-based bank holding company is upgrading the way document requests ...
N.J. bank stocks hot after deal by Bank of N.Y. (New Jersey, Bank of New York Co.)
Feb 02, 1993; ... Bank of New York Co. has lit a fire under New Jersey bank stock prices. Last Friday, the New York bank announced its first into the neighboring state, signing an agreement to buy National Community Banks Inc., West Paterson, for about $637.6 million in stock, or a robust 2.6 ...