American Banker back issues from June 1993:
Figures belie cries of woe by farm banks. (Department of Agriculture figures show commercial banks' share of farm debt increasing)
Jun 01, 1993; ... Farm bankers often complain that the federal Farm Credit System is eating their lunch, but some numbers from the U.S. Department of Agriculture show otherwise. Since 1982, the data show, the Farm Credit System's share of the total farm debt has eroded steadily. Commercial banks, ...
Regulators rebuke NCR's outsourcing unit. (NCR Corp.)
Jun 01, 1993; ... Bank regulators have delivered an unusually harsh rebuke to NCR Corp. for having inadequate back-office controls in its outsourcing unit. The Federal Deposit Insurance Corp. has urged NCR's bank customers to take steps to ensure that the vendor provides adequate security for ...
Short-term rate spike seen hurting bank shares.
Jun 01, 1993; ... Rising short-term interest rates are expected to cause trouble for bank shares this week. Investors view bank earnings as tied to changes in interest rates, so bank shares have moved in lockstep with the bond market since the end of the first quarter. With the ...
Banking group's members vote to merge. (Association of Bank Holding Companies to merge with Association of Reserve City Bankers) (Brief Article)
Jun 01, 1993 ... WASHINGTON -- Members of the Association of Bank Holding Companies voted Friday to approve its merger with the Association of Reserve City Bankers, effective June 30. Anthony C. Cluff, head of Reserve City since 1980, will be president of the combined association. Thomas L ....
Senate votes more time to claim deposits. (insured depositors to have up to 10 years to file claim) (Brief Article)
Jun 01, 1993 ... WASHINGTON -- The Senate late Thursday passed a bill giving insured depositors as long as 10 years to claim their funds after a bank or thrift fails. Under present law, the depositors have only 18 months to make a claim. "This bill provides a major new consumer ...
Mortgage disclosure rules put bankers on the hot seat. (Home Mortgage Disclosure Act data indicates bankers need to increase minority lending)
Jun 01, 1993; ... WASHINGTON -- A stack of records that would reach as high as the Washington Monument has brought minority lending to the forefront of the banking industry's agenda. That's how much data regulators collect each year to with the Home Mortgage Disclosure Act. Public ...
Northern Trust to invest in Shorebank. (Northern Trust Corp., Shorebank Corp.) (Brief Article)
Jun 01, 1993 ... CHICAGO -- Northern Trust Corp. said it had committed to invest $1 million in nonvoting common shares of the parent of South Shore Bank in Chicago, widely regarded as the model for inner-city community development banks. Northern Trust ...
Ahmanson hires firm to manage properties. (H.F. Ahmanson and Co. hires Lowe Enterprises Inc.) (Brief Article)
Jun 01, 1993 ... IRWINDALE, Calif -- H.F. Ahmanson & Co. said it hired Lowe Enterprises, a Los Angeles-based asset management firm, to manage its $600 million portfolio of residential and commercial development properties. The contract covers about 30 ...
EDS completes BEI deal. (Electronic Data Systems Corp. acquires BEI Golembe) (Brief Article)
Jun 01, 1993 ... Electronic Data Systems Corp., Plano, Tex., has completed its previously announced acquisition of BEI Holdings Ltd.'s ...
Reassure the foreign banks or risk backlash against U.S. (regulatory trends discourage foreign banks) (Column)
Jun 01, 1993; ... As the Clinton administration grapples with bilateral and multilateral trade issues, financial services have begun to emerge as a major area of concern. At a recent forum, representatives of foreign banks, mainly from Europe and Japan, expressed dismay over U.S. legislative and ...
Sallie Mae CEO undaunted by the push for direct loans. (Sallie Mae executive Lawrence Hough) (Brief Article)
Jun 01, 1993 ... NEW YORK -- The Student Loan Marketing Association will survive possible changes in the guaranteed student loan program, its president and chief executive said last week. "Our franchise is on track and up to whatever challenges and changes" that occur, said the executive, ...
Chemical upgrades cash management. (Chemical Banking Corp. BankLink Inc.) (Brief Article)
Jun 01, 1993; ... A Chemical Banking Corp. unit announced a cash management service that provides customer service staff with greater control over back-office functions. BankLink Inc., the Chemical unit, introduced Bankers Workstation at the American Bankers Association's National Operations and ...
First Midwest names Brown to head a bank. (First Midwest Bank Illinois appoints Keith J. Brown president and chief executive officer) (Brief Article)
Jun 01, 1993; ... Keith J. Brown, a former First Chicago Corp. executive, has a new job as president and chief executive officer of First Midwest Bank Illinois, a subsidiary of the Naperville, Ill.-based First Midwest Bancorp. Mr. Brown, 43, joins the $900 million-asset bank following a 20-year ...
Portage National. (Portage National Bank appoints Lawrence T. Giannone president and chief executive officer) (Brief Article)
Jun 01, 1993 ... PORTAGE NATIONAL Bank, Portage, Pa., has appointed Neal P. Stager chairman of the board, Ferdinand ...
Penncore Financial. (Penncore Financial Services Corp. appoints Howard N. Hall chief financial officer) (Brief Article)
Jun 01, 1993 ... PENNCORE FINANCIAL Services Corp., Newton, Pa., parent company of Commonwealth State Bank, has appointed Howard N. Hall vice president and chief financial officer of the bank holding company. Mr. Hall already head these ...
It's a fight to do right by East St. Louis. (bankers struggle to increase lending in East St. Louis, Illinois)
Jun 01, 1993; ... Imagine running a bank in one of America's most blighted communities -- one where three-fourths of the residents are unemployed and where communitY leaders accuse you of bad faith. These are daily realities for the bankers of East St. Louis, Ill., a once-proud urban community ...
Chattahoochee. (Chattahoochee Bancorp Inc. president Grant R. Essex Jr. resigns) (Brief Article)
Jun 01, 1993 ... CHATTAHOOCHEE Bancorp, Atlanta, said Grant R. Essex Jr. has resigned from the from the bank holding company to pursue other interests. Mr. Essex most recently was president of Chattahoochee ...
FNB Rochester to sell bank to Bath National. (FNB Rochester Corp., Bath National Bank) (Brief Article)
Jun 01, 1993 ... ROCHESTER, N.Y. -- FNB Rochester Corp. said it has signed a letter of intent to sell its Atlanta, N.Y., National Bank to Bath National Bank, a unit of Bath National Corp. FNB Rochester said it would be paid ...
Banco Nacional de Mexico. (Credit Ratings) (Brief Article)
Jun 01, 1993 ... Banco Nacional de Mexico: Moody's Investors Service Inc. assigned a Ba2 rating to long-term, ...
Barnett Banks Inc. (Credit Ratings) (Brief Article)
Jun 01, 1993 ... Barnett Banks Inc.: Duff & Phelps Credit Rating Co. assigned an A rating to the company's $150 million issue of floating-rate notes. "Barnett has ...
Citicorp. (Credit Ratings) (Brief Article)
Jun 01, 1993 ... Citicorp: Fitch Investors Service Inc. assigned a BBB-plus grade to Citicorp's new $325 ...
Continental Bank Corp. (Credit Ratings) (Brief Article)
Jun 01, 1993 ... Continental Bank Corp.: Fitch assigned a BBB-plus rating to the Chicago bank's new $150 ...
Dime Savings Bank. (Dime Savings Bank of New York F.S.B.) (Credit Ratings) (Brief Article)
Jun 01, 1993 ... Dime Savings Bank: Moody's upgraded long-term deposits to B1 from B3. The agency cited the thrift's recent rights ...
Zions Bancorp. (Credit Ratings) (Brief Article)
Jun 01, 1993 ... Zion's Bancorp: Moody's confirmed senior notes at Baal. Zions, based in Salt Lake City, has announced plans to acquire Discount Corp. of New York, a primary dealer of government securities, for $65 million. Moody's said the rating decision was ...
Calif. drive to end limit on card fees runs into a snag. (Brief Article)
Jun 01, 1993; ... A bill to lift retraints on credit card late fees charged by California banks has stalled in the state Legislature. The snag leaves in place, at least for now, court decisions that limit the fees to smaller amounts than allowed in many other states. The bill, which ...
NBT to acquire 2 KeyCorp units. (NBT Bancorp.) (Brief Article)
Jun 01, 1993 ... NORWICH, N.Y. -- NBT Bancorp, parent the National Bank and Trust Co. of Norwich, said it is acquiring two branches in the Plattsburgh, N.Y., area of Clinton County from Key Bank of New York. The acquisition includes the purchase of the offices and assumption of a total of $34 ...
Regulators are focus of attention as fair-lending issue gains steam. (public and political pressure to enforce equal credit access)
Jun 01, 1993; ... WASHINGTON -- As with bankers, the minority-lending issue has turned a spotlight on banking regulators. Congress and consumer advocates have criticized the four bank and thrift agencies for not vigorously enforcing civil rights laws. Growing increasingly frustrated with, their ...
Bank takeover of a fund firm seen likely. (banks find mutual fund business increasingly attractive)
Jun 01, 1993; ... WASHINGTON -- A wave of mutual fund takeovers is coming, and a major U.S. bank is likely to take home one of the first prizes, a prominent fund industry figure said last week. "I think we will see an acquisition of a mutual fund management company by a large domestic bank ...
Alabama leads a surge in southeast lending.
Jun 01, 1993; ... Southeastern banks have been booking more loans than their brethren in other regions, and the trend is expected to continue at least to yearend. Surprisingly, some of the strongest gains have been in Alabama, a state not normally known for go-go growth. "We noticed a ...
BankAmerica setting its sights on less than mammoth targets. (BankAmerica Corp.) (Brief Article)
Jun 01, 1993; ... LOS ANGELES -- BankAmerica Corp. doesn't expect to issue more common stock in order to carry out its near-term acquisition plans, the company's chairman and chief executive said. "We don't believe we would have to go to the capital markets for the kinds of acquisitions we are ...
Farm groups, bankers at odds over bankruptcy law extension. (Chapter 12 of federal Bankruptcy Code)
Jun 01, 1993; ... WASHINGTON -- Bankers are squaring off with agricultural groups over a 1986 law that gives farmers special treatment under the federal Bankruptcy Code. Bankers say that Chapter 12, which was adopted in reaction to the farm-belt problems of the 1980s, has hurt the very people it ...
Bankers wary of new rules on wire transfers.
Jun 02, 1993; ... A joint Federal Reserve-Treasury Department effort to write new money-laundering rules has bankers expecting the worst. As mandated by Congress last year, the rules will require banks to keep extensive records of wire transfers. A related regulation will require banks to tell ...
Huntington agrees to buy Indiana S&L for $89 million. (Huntington Bancshares; Railroadmen's Federal Savings and Loan Association)
Jun 02, 1993; ... Continuing its acquisition drive, Ohio's Huntington Bancshares on Tuesday agreed to acquire Indiana-based Railroadmen's Federal Savings and Loan Association for about $88.6 million in stock, or about twice book value. The deal will nearly double Huntington's small presence in ...
Mortgage lenders win battle over bankruptcies. (Supreme Court decision)
Jun 02, 1993; ... WASHINGTON -- In a big victory for home lenders, the Supreme Court ruled Tuesday that borrowers who file for bankruptcy cannot reduce their mortgage debt to the current value of the property. The decision, which settles conflicting rulings from lower courts, apparently will stop ...
Improbable allies: bankers and activists. (Minority Lending)
Jun 02, 1993; ... Banks under the gun to improve their minority lending are finding that success is elusive when they try to go it alone. Even the most elaborate plans to increase loan applications from minority groups often fizzle the cooperation and counsel of the banking industry's traditional ...
Check-processing poll finds slower advances. (Banker Administration Institute's annual check-processing survey) (Technology/Operations)
Jun 02, 1993; ... Productivity increases in bank's check-processing operations have leveled off after years of big gains, according to a recent study. According to the 21st installment of the Bank Administration Institute's annual check-processing survey, check reader-sorter productivity - ...
After-the-merger streamlining can be welcome event for all. (Column)
Jun 02, 1993; ... To the list of well-known but doubtful assertions, we can now add one more: "Everything will be the same after the merger." Anyone who has worked for an institution that has been involved in a merger or consolidation knows that this is just not the case. To the ...
A strategy for prospering in hard times. (Community banking) (Interview)
Jun 02, 1993; ... Since 1978, Woodbury C. "Woodie" Titcomb has presided over Peoples Savings Bank, Worcester, Mass. - a region where banks have been hit hard by asset problems. But prudent lending has enabled his thrift to survive and prosper, says Mr. Titcomb. And the numbers bear him out. ...
Dakota banks halt stampede to nonbanks. (First International Bank of Watford City, North Dakota) (Investment products)
Jun 02, 1993; ... In the windblown farming town of Watford City, N.D., banking customers run in herds. Seven years ago, they withdrew nearly $1 million a month from the bank in a year's time -- and stampeded to brokerage houses, insurance companies, and mutual fund companies. Although ...
Bank of Boston referral program breaks down barriers. (Investment products)
Jun 02, 1993; ... At a recent dinner with employees from various Bank of Boston Corp. divisions, president Charles K. Gifford went around the table and asked what referrals each employee had made recently. The exercise pointed up Bank of Boston's commitment to breaking down the barriers between ...
2 key rulings from agencies underscore banks' growing role in mutual funds. (Comptroller of the Currency and Federal Reserve Board) (Investment products)
Jun 02, 1993; ... NationsBank's joint venture with Dean Witter and Mellon Bank Corp.'s acquisition of Boston Co. represent the first times that major U.S. banking organizations have teamed up with major U.S. securities firms in providing retail mutual fund products and services to the public. ...
Brooklyn brouhaha. (Michael J. Gagliardi of Green Point Savings Banks resigns) (Brief Article)
Jun 02, 1993; ... Green Point Savings Bank's decision to go public followed a bitterly divisive internal debate that led to the resignation of the thrift's chief executive, according to well-placed sources. Michael J. Gagliardi, a well-regarded manager who had headed the prosperous Brooklyn, N.Y ....
Help wanted. (U.S. Bancorp personnel selection) (Brief Article)
Jun 02, 1993; ... U.S. Bancorp is looking for a new finance chief. The Portland, Oregon-based company said it is planning to replace executive vice president and treasurer Paul M. Devore, 57. A bank spokeswoman said Mr. Devore "is looking at retiring," though no departure date has been set. ...
Buyout buzz. (group of Mellon Bank Corp. executives planning to acquire trust processing unit) (Brief Article)
Jun 02, 1993; ... A group of Mellon Bank Corp. executives want to do a leverage buyout of the trust processing unit that the bank recently put up for sale, sources said. The Mellon executives, who were not identified, hope to recruit George DiNardo, the bank's former technology chief who left two ...
Beyond the Big Apple. (New York Cash Exchange expansion planned) (Brief Article)
Jun 02, 1993; ... New York Cash Exchange, the automated teller machine network, may expand beyond the city for which it's named. Feeling increasing pressure from competing ATM networks to the south and west, NYCE, owned by a consortium of New York banking companies, is talking to Mellon Bank ...
Moderate U.S. growth to continue, president of Richmond Fed predicts. (Alfred Broaddus, president of the Federal Reserve Bank of Richmond) (Brief Article)
Jun 02, 1993 ... BATON ROUGE, La. -- Leaving aside the possible effects of fiscal policy, the U.S. economy is poised for continued moderate growth, according to Alfred Broaddus, president of the Federal Reserve Bank of Richmond. Consumer spending slowed in the first quarter a "buying rampage" ...
Mutual funds boost stock market volume. (Brief Article)
Jun 02, 1993; ... A continued migration by investors from bank deposits into mutual funds lifted volume on the New York Stock Exchange in the first three months of 1993, the Securities Industry Association said. Retail activity on the exchange rose 38% in the three-month period that ended March ...
Mutual fund execs see a rosy future as assets climb on low interest rates. (Investment products) (Brief Article)
Jun 02, 1993; ... Fearless predictions were flying last week as mutual fund industry executives gathered in Washington for the Investment Company Institute's general membership meeting. Low interest rates have helped push fund assets past the $1.7 trillion mark. Just how high could assets climb ...
Provident unit is sued over thrift it acquired. (Provident Bank of Inc. Cincinnati; Hunter Savings Association) (Investment products) (Brief Article)
Jun 02, 1993 ... CINCINNATI -- Provident Bancorp Inc. said its subsidiary, Provident Bank of Cincinnati, is a defendant in a legal dispute over certain obligations of a thrift it acquired, Hunter Savings Association. The ...
Comerica renames Hibernia's Tex. branches. (Hibernia National Bank in Texas) (Brief Article)
Jun 02, 1993 ... DETROIT -- Comerica Inc. said Tuesday that Hibernia National Bank in Texas has merged with Comerica Bank-Texas. The Hibernia branches in Dallas, Houston, Austin, and San Antonio now operate under the Comerica name. Michigan-based Comerica agreed to buy Hibernia's $800 million ...
First Bank takes over Colorado National. (First Bank System Inc.; Colorado National Bankshares) (Brief Article)
Jun 02, 1993 ... MINNEAPOLIS -- First Bank System Inc. said Friday that it completed its previously announced acquisition of Colorado National Bankshares following approval of its shareholders. Colorado National shareholders approved the acquisition Thursday in Denver. The Minnesota-based ...
Fourth Financial to buy Ponca Bancshares. (Brief Article)
Jun 02, 1993 ... WICHITA, Kan. -- Fourth Financial Corp. has agreed to buy Ponca Bancshares Inc. and its subsidiary, Security Bank and Trust Co. of Ponca City, Okla. The bank, with five offices, has assets of $120 million. Terms of the deal were not announced. Through its ...
U.S. Trust Co. taps Sanford for Calif. unit. (Gregory F. Sanford of U.S. Trust Company of California) (Executive changes) (Brief Article)
Jun 02, 1993; ... Gregory F. Sanford was named president of U.S. Trust Company of California, Los Angeles, the investment management, private banking, and financial services subsidiary of New York-based U.S. Trust Corp. Mr. Sanford will direct the company's expansion throughout California and ...
Park Avenue Bank. (Executive changes ) (Brief Article)
Jun 02, 1993 ... PARK AVENUE BANK, New York, named Maurice ...
Bonds stage rally as gold prices fall; interest rates drop across the board. (Brief Article)
Jun 02, 1993; ... Interest rates fell sharply on Tuesday, as bonds rallied on a plunge in gold prices. At 4 p.m. in New York, the yield on the Treasury's 30-year bond was down to 6.88% from 6.97%. The drop was across the board, as the five-year note fell to 5.27% from 5.36% and the two-year to ...
France to put 5 government-owned banks on the block. (Brief Article)
Jun 02, 1993; ... France's new conservative government plans to privatize five state-owned banks, attracting more international investors to the Paris stock exchange. The government said last week that it will sell its stakes in two of the world's largest banks, Banque Nationale de Paris and ...
Firstar's efficiency rating to get a boost, chief vows. (Roger L. Fitzsimonds) (Brief Article)
Jun 02, 1993; ... CHICAGO -- Roger L. Fitzsimonds, the chairman and chief executive of Firstar Corp., isn't satisfied with his company even though it is one of the best performing banks in the nation. The executive told analysts last week that Firstar is "below average at cost management," and ...
How to exude the aura of a top exec. (Career Counsel )
Jun 03, 1993; ... Bankers who want to make it to the top might take some lessons from people who are already there. The high and the mighty display subtle characteristics not often found in lower-level managers. And the good news, says Mark Patten, senior vice president of Fleet Investment ...
Activists, appetites whetted, seek more disclosure laws. (lending discrimination)
Jun 03, 1993; ... The Home Mortgage Disclosure Act has been so successful at drawing attention to lending discrimination that many consumer advocates are crying out for more. Activist groups want Congress to bring nonbank financial companies under HMDA-like disclosure rules and force lenders now ...
SecPac CEO, bank analyst to advise on mergers. (Robert H. Smith of Security Pacific Corp.)
Jun 03, 1993; ... SAN FRANCISCO - Robert H. Smith, who as chief executive of Security Pacific Corp. helped engineer the biggest merger in U.S. banking history, is ready to advise other banks on mergers. The 57-year-old executive confirmed that he is going into the investment banking business with ...
Deluxe system sniffs out check bouncers. (Deluxe Corp. offers ChexSystems) (Technology/Operations)
Jun 03, 1993; ...Units of the check printing company Deluxe Corp. have announced a service that allows banks to screen new accounts with a data base of bad checks written to major retailers and supermarkets. The service links ChexSystems. an electronic listing of checking account abusers gathered ...
Morgan shakes up domestic private bank. (J.P. Morgan and Co.) (Brief Article)
Jun 03, 1993; ... J.P. Morgan & Co. has reorganized its domestic private banking business, elevating two senior executives to new positions. Joel I. Cohen, a managing director in international funds management, will oversee the development of customized products for the bank's wealthiest private ...
Citibank to extend in Eastern Germany. (Citibank Privatkunden AG) (Brief Article)
Jun 03, 1993 ... LEIPZIG, Germany - Citibank Privatkunden AG, the retail banking unit of Citicorp's German holding company, said it intends to expand its branch network in eastern Germany while reducing the number of its west German outlets. The parent, Citibank Beteiligungen, will spend $31 ...
Republic Realty buys NationsBanc unit. (Republic Realty Mortgage Corp.; Margaretten Financial Corp.) (Brief Article)
Jun 03, 1993 ... CHICAGO - Republic Realty Mortgage Corp., a Chicago-based commercial mortgage banker, has purchased the commercial real estate investment banking group of NationsBanc Mortgage Corp. Terms were not disclosed. Republic Realty said the acquisition will ...
Community First completes acquisitions. (Community First Bankshares acquires F&M Bank Holding Co. and Lincoln Banking Company Ltd.) (Brief Article)
Jun 03, 1993 ... FARGO, N.D. - Community First Bankshares Inc. said it has completed the acquisitions of F&M Bank Holding Co., which owns Farmers and Merchants Bank of Cooperstown, N.D., and Lincoln Banking Company Ltd., parent of Bank Northwest in Steamboat Springs, Colo. F&M, which had $26 ...