American Banker back issues from July 1993:
Chicago is ABN Amro's kind of town. (ABN Amro Holding N.V., a Dutch bank holding company)
Jul 01, 1993; ... The Second City has become a second home to Amsterdam's ABN Amro Holdings PLC. Since 1988, the company has gone on a buying spree in Chicago, culminating with its acquisition last year of Talman Home Federal Savings and Loan Association. ABN Amro now operates nine ...
Rate drop re-ignites boom in refinancings. (long-term interest rates)
Jul 01, 1993; ... The recent drop in long-term interest rates has given a new lease on life to the mortgage refinancing boom. "Refinance mania is in full gear," said Steve Norman of Cal Coast Mortgage Corp., San Diego. "It had started to subside, but new applications are picking up." ...
Midwest rain hits hard at farms, banks. (flood damage will hurt crops and farm loan repayment)
Jul 01, 1993; ... Losses are likely to mount for farmers and their bankers in the wake of heavy rains in the upper Midwest. The rains and subsequent floods could damage up to 35% of the $31 billion corn and soybean crop this year, by one estimate, with potentially serious repercussions for ...
TV or not TV: home banking idea rescreened. (home banking will be offered on interactive television networks) (News Analysis)
Jul 01, 1993; ... In a case of technological deja vu, bankers are once again being drawn to the TV set as the way to offer home banking services. The catalyst for the change - a throwback to the first flurry of interest in home banking in the early 1980s - is the technology revolution gripping ...
Chemical hit with ATM complaints in midst of 'expect more' campaign. (Chemical Banking Corp., automated teller machines)
Jul 01, 1993; ... In the middle of a major ad campaign urging customers to "expect more" from it, Chemical Banking Corp. is experiencing service problems with its automated teller machines. An internal report obtained by the American Banker found that customer complaints about ATM service at the ...
HUD plans an overhaul to focus on loan bias. (Department of Housing and Urban Development) (Brief Article)
Jul 01, 1993; ... WASHINGTON -- The Department of Housing and Urban Development is "working feverishly" to restructure its fair-housing programs to focus more on loan discrimination, HUD Assistant Secretary Roberta Achtenberg said Wednesday. She said Housing and Urban Development Secretary Henry ...
How to rekindle interest in your stock after a crisis. (Column)
Jul 01, 1993; ... Mr. Parnell, a vice president of corporate relations at People's Bank oF Connecticut for six years, recently joined Oglivy Adams & Rinehart, a public relations firm in NEVA, York, as a managing director specializing in financial institutions. Over the past few years, investor ...
Ohio plans to let small banks jointly form trust companies. (Brief Article)
Jul 01, 1993; ... Ohio's top bank regulator plans to draft legislation this summer that would permit community banks to form and run joint trust companies. State law currently prohibits the formation of independent trust companies. The proposal would allow a group of community banks to ...
Fed should sit tight until trend becomes apparent. (Federal Reserve Board; US inflationary trend) (Column)
Jul 01, 1993; ... At its meeting this week, the Federal Open Market Committee will review its monetary targets and economic outlook for this year and will assess the prospects for 1994. Committee members should find conditions more problematic than they had thought. At the beginning of this year, ...
CEOs must take a hands-on approach to their banks' credit cultures. (Column)
Jul 01, 1993; ... What is the chief executive officer's role in helping an institution achieve profitability? Part of the answer is obvious: Have the right people in place and support a strong, independent loan review function. Unfortunately, it takes more than that. The right people can go ...
An industry David reloading its slingshot. (Simmons First National Bank credit card operations) (includes related article on Union Planters National Bank credit card)
Jul 01, 1993; ... After raising $16 million in a recent stock offering, an Arkansas bank may soon put its improbable credit card juggernaut back into gear. Simmons First National Bank of Pine Bluff, which made a national name for itself by offering low-rate cards, stopped accepting out-of-state ...
B of A completes sale of distressed realty. (BankAmerica Corp.) (Brief Article)
Jul 01, 1993 ... SAN FRANCISCO -- BankAmerica Corp. said Wednesday that, as expected, it had completed the sale of distressed real estate loans and assets acquired in its merger last year with Security Pacific Corp. Kearny Street Real Estate Co., a collecting entity owned by Morgan Stanley Real ...
Morgan-led unit to reinsure for Lloyd's. (J.P. Morgan and Co. joint venture; Lloyd's of London) (Brief Article)
Jul 01, 1993 ... NEW YORK -- J. P. Morgan & Co. has formed a joint venture with a unit of Marsh & McLennan Companies Inc. to provide reinsurance to syndicates managed by the Merrett Group, a major underwriting agency of Lloyd's of London. The Bermuda-based venture, Underwriters Capital (Merrett) ...
Big-bank trade groups complete merger. (Association of Reserve City Bankers and the Association of Bank Holding Companies) (Brief Article)
Jul 01, 1993 ... WASHINGTON -- The Association of Reserve City Bankers and the Association of Bank Holding Companies said their merger became official on Wednesday, as scheduled. The merged ...
Fortune's conversion approved by OTS. (Fortune Bank becomes state-chartered; Office of Thrift Supervision) (Brief Article)
Jul 01, 1993 ... CLEARWATER, Fla. -- Fortune Bank said it has received approval from the Office of Thrift Supervision to convert to a state-chartered commercial bank with membership in the Federal Reserve System. ...
First Bank acquires Republic Acceptance. (Brief Article)
Jul 01, 1993 ... MINNEAPOLIS -- First Bank, the lead subsidiary of First Bank System Inc., said it has completed the previously announced acquisition of Republic Acceptance Corp. from Churchill Financial Services Co. Republic, a Minneapolis-based commercial finance ...
Fed warns banks on passing along FDIC premiums. (Federal Reserve Board; Federal Deposit Insurance Corp; transferring costs to retail customers) (Brief Article)
Jul 01, 1993; ... SAN DIEGO -- Banks passing deposit-insurance premiums on to retail customers risk a congressional backlash that could result in another layer of regulation, a Federal Reserve official said. Leonard N. Chanin, managing counsel, warned of a repeat of the Truth-in-Savings Act of ...
What's selling in the mutual funds marketplace. (fund supplier survey)
Jul 01, 1993; ... As bank customers swarm to mutual funds, they are consistently picking the most conservative, risk-averse types. That often means fixed-income funds -- but not always. As the following sample shows, fund suppliers are employing a broad range of investment strategies to meet the ...
1st Union's Georgia boss keeping the pressure on. (First Union National Bank of Georgia; Harald R. Hansen)
Jul 01, 1993; ... IT TOOK Harald R. Hansen seven years to build First Union National Bank of Georgia into a major power across the state. With retirement less than four years away, the veteran banker has no intention of giving up any ground. First Union and its competitors "are going to fight ...
First Commerce to buy Acadiana, enhancing Louisiana dominance. (Acadiana National Bancshares) (Brief Article)
Jul 01, 1993; ... Buttressing its position as Louisiana's largest bank, First Commerce Corp. said Wednesday that it would acquire First Acadiana National Bancshares. First Commerce, based in New Orleans, signed a letter of intent to buy the Opelousas-based bank for $32.7 million, or 1.8 times ...
Chase Manhattan asks Poland for permission to open bank. (Brief Article)
Jul 01, 1993; ... Chase Manhattan Corp. has applied to Polish banking authorities for permission to open a bank in Warsaw, Chase officials disclosed this week. The Polish bank is the second that Chase is attempting to set up in Eastern Europe. Last week, Chase and Citicorp confirmed that they have filed ...
Intercontinental hikes its dividend by 60%. (Intercontinental Bank) (Brief Article)
Jul 01, 1993 ... MIAMI -- The board of Incontinental Bank has, approved a quarterly dividend increase of 3 cents, or 60%, to 8 cents per common share, payable Sept. 30 to shareholders of record on sept. 3. ...
Buyers await Friday's jobs report. (The Markets) (Brief Article)
Jul 01, 1993; ... Buyers disappeared from the government securities market on Wednesday ahead of Friday's employment report. In late trading in New York, the yield on the 30-year Treasury bond was unchanged at 6.67%. It had risen above 6.70% during the day. Ten-year notes yielded 5.78%, up from ...
Wednesday's market. (bank stocks for June 30, 1993) (Brief Article)
Jul 01, 1993 ... Shares of Crestar Financial Corp. rose 50 cents to $41.625 after coverage of the Richmond bank was initiated with a "buy" rating by analyst Michael A. Plodwick of C.J. Lawrence Inc, Other bank stocks also turned in strong performances in late trading on Wednesday, led by MBNA ...
Prudential mortgage unit gets $1.1 billion unsecured revolver. (Prudential Home Mortgage Company Inc; revolving credit)(Deals)
Jul 01, 1993; ... Prudential Home Mortgage said it obtained its first bank credit line -- a $1.1 billion revolver from a group of 20 domestic and foreign banks. The 364-day credit will be used to fund the origination of residential mortgages. Fleet Mortgage Group recently renewed a ...
Economic growth seen spurring loan demand. (American Bankers Association Economic Advisory Committee) (Brief Article)
Jul 01, 1993; ... WASHINGTON -- Higher inflation will push up interest rates, but a growing economy will fuel loan demand nonetheless, a panel of bank economists said on Wednesday. "With inflation edging higher and economic growth close to 3%, short-term interest rates are expected to begin ...
Boatmen's get rave from Lehman Brothers. (Boatmen's Bancshares Inc receives 'outperform' rating)
Jul 01, 1993; ... Banking analyst Mark T. Lynch of Lehman Brothers initiated coverage of Boatmen's Bancshares Inc. on Wednesday with an "outperform" rating. He called Wall Street's 1993 earnings estimates for the St. Louis superregional "way too low." Mr. Lynch expects Boatmen's to ...
Summit offers $50 million of subordinated debt. (Summit Bank) (Brief Article)
Jul 01, 1993 ... A $50 million issue of subordinated notes from Summit Bank, Chatham, N.J., was offered through Merrill Lynch & Co. The ...
Let employees know of their stake in earning profits. (banking industry personnel relations and management advice) (Column)
Jul 01, 1993; ... Thank you, Weekly Adviser readers: The letters keep coming in. I hope some of the suggestions printed in this space have helped community bankers in their constant battle to keep their customers, their employees, and their regulators happy. Typical is the letter I received from ...
Second quarter looks like a big winner. (News Analysis)
Jul 02, 1993; ... U.S. banks are poised to deliver another round of stellar quarterly results in coming weeks, fueled by a familiar blend of wide net interest margins, credit quality improvements, and pins in fee income and efficiency. The reports of second-quarter performance should soothe ...
Bankers Trust, First Fidelity form check-processing unit. (Bankers Trust New York Corp., First Fidelity Bancorp.)
Jul 02, 1993; ... NEW YORK - Bankers Trust New York Corp. and First Fidelity Bancorp. on Thursday announced an unprecedented joint venture to process checks. The partners hope to generate significant fee income by handling checks for other institutions. They also expect to slash their own ...
OCC readies consumer protection squadron. (Office of the Comptroller of the Currency)
Jul 02, 1993; ... WASHINGTON - The Office of the Comptroller of the Currency is creating a class of examiners to enforce consumer protection laws. The new examiners, numbering 100 to 150, will allow for more frequent compliance exams at national banks, according to Stephen M. Cross, deputy ...
U.S. bank loans to Latin America up 9% last year. (Federal Reserve Board statistics)
Jul 02, 1993; ... U.S. bank loans to Latin America rose more than 9% last year, for the first increase in eight years, according to Federal Reserve Board data. Total outstanding loans in the public and private sectors increased by $3.2 billion to $38.8 billion. Bankers said the ...
Wells revamps branch strategy, reducing power of local managers. (Wells Fargo and Co.)
Jul 02, 1993; ... Wells Fargo & Co. is rew the rules of branch banking. After more than a year of study and sharp internal debate, the San Francisco-based company is jettisoning the traditional model in which a branch manager rules over a domain of tellers and platform officers. ...
Bank failures down in first six months. (of 1993) (Brief Article)
Jul 02, 1993 ... WASHINGTON - Bank failures in the first half fell to 23 from 66 in the first six months of 1992, according to a Federal Deposit Insurance Corp. tally. The 1993 failures to date had $2.7 billion of assets. During all of last year, 122 banks with $46.2 billion of assets failed. ...
Synovus unit to promote Visa check cards. (Synovus Financial Corp.'s Total System Services Inc.) (Brief Article)
Jul 02, 1993 ... SAN FRANCISCO - Visa U.S.A. said it entered into a "marketing partnership" with Total System Services Inc. to promote Visa check cards, formerly called Visa Debit. The effort is similar to one previously announced with First Data Corp., parent of the leading independent ...
Continental names O'Neill finance chief. (Continental Bank Corp., Michael E. O'Neill) (Brief Article)
Jul 02, 1993 ... CHICAGO - Continental Bank Corp. said Michael E. O'Neill will succeed Hollis W. Rademacher as chief financial officer. Mr. Rademacher is retiring in October after 36 years at the bank. Mr. O'Neill joined Continental in 1974, spent some time with ...
AmSouth to buy FloridaBank for stock. (AmSouth Bancorp.) (Brief Article)
Jul 02, 1993 ... BIRMINGHAM, Ala. - Amsouth Bancorp. said it signed a definitive agreement to acquire Floridabank, a thrift based in Jacksonville, Fla., for stock with an indicated value ...
FDIC will use ombudsmen to field complaints at liquidation offices. (Federal Deposit Insurance Corp.)
Jul 02, 1993; ... WASHINGTON - The acting chairman of the Federal Deposit Insurance Corp. told New England lawmakers on Thursday that he plans to place ombudsmen in each of the agency's liquidation offices to handle complaints from the public. The first would be installed in New England, probably ...
Sears to install receipt system. (Sears, Roebuck and Co.) (Brief Article)
Jul 02, 1993; ... Sears. Roebuck and Co. of Chicago and Service Merchandise Co. of Nashville plan to install computer systems this year that record and store electronic copies of credit card receipts at the point of sale. The merchants are believed to be the first to agree to install the ...
A study guide for FDIC's test of how you handle the reins. (Federal Deposit Insurance Corp.) (Column)
Jul 02, 1993; ... During congressional consideration of what ultimately became the Federal Deposit Insurance Corporation Improvement Act of 1991, only an alert few focused serious attention on the section of the bill requiring new reports on internal controls. This small section requires chief ...
Citicorp: profits on the horizon for its Japan branches.
Jul 02, 1993 ... NEW YORK - Citicorp's Japanese consumer business should be profitable in the next two to three years, according to Masamoto Yashiro, the company's chief executive in Japan. The only foreign bank with a retail branch network in Japan, Citicorp is looking to take advantage of ...
Fewer companies changing names. (Anspach Grossman Portugal Inc. report) (Brief Article)
Jul 02, 1993 ... NEW YORK - In a sign of business uncertainty related to the slowdown in merger activity, fewer banks and other corporations are changing their names. Anspach Grossman Portugal Inc., the corporate identity firm that tracks name changes, said 451 major U.S. companies changed their ...
St. Francis Capital on NASDAQ. (Brief Article)
Jul 02, 1993 ... MILWAUKEE - St. Francis Capital Corp. said its stock has begun trading on the Nasdaq system after the company's conversion from mutual ownership. St. Francis Capital is the newly ...
Limit on insider loans pinches few small banks.
Jul 02, 1993; ... After complaining that the Federal Reserve's limits on insider loans would devastate its members, the Independent Bankers Association of America has found that less than 1% of smaller banks are bumping up against the limit. And only 6% of banks with deposits of less than $100 ...
Hawaii's CB Bancshares gaining a prized niche with acquisition. (International Holding Capital Corp.)
Jul 02, 1993; ... Hawaii's CB, Bancshares is about to make a deal that will hand its City Bank subsidiary a strong position in a very important market. International Holding Capital Corp. on June 24 agreed to a buyout offer of $51.7 million in cash and stock from the $750 million-asset banking ...
Mortgage unit drives an upturn at Centerbank.
Jul 02, 1993; ... Centerbank, based in Waterbury, Conn., stopped accumulating mortgages for its portfolio a few years ago. And no wonder. With the slump in the New England real estate market and the stagnation of the region's economy, the bank lost money from 1989 through 1991 because of bad ...
Gonzalez asks 22% rise for Ginnie Mae. (Rep. Henry Gonzalez seeks to increase funding for Government National Mortgage Association) (Brief Article)
Jul 02, 1993 ... WASHINGTON - Rep. Henry Gonzalez, chairman of the House Banking Committee, introduced a bill to increase by nearly $20 billion the fiscal 1993 commitment authority for the Government National Mortage Association. The Texas Democrat's bill would increase Ginnie Mae's authority ...
Empire of America mortgage bank said to be for sale. (Empire of America Realty Credit Corp.) (Brief Article)
Jul 02, 1993; ... Empire of America Realty Credit Corp., a sizable mortgage bank, is for sale by its owners, according to an industry source. The Buffalo-based company is owned by Carbadon Corp., a joint venture of Cargill Inc., the commodities giant, Gordon Investments, a Canadian merchant ...
Chase picks Dreyer to head new unit. (Chase Manhattan Corp., Geoff Dreyer, Troy and Nichols Inc.) (Brief Article)
Jul 02, 1993; ... Chase Manhattan Corp. has named Geoff Dreyer as president of Troy & Nichols, a mortgage unit in Monroe, La. Chase announced the appointment on Thursday as part of a statement that it had completed its acquisition of the company. Mr. Dreyer was formerly chief financial ...
GMAC to retain its home loan subsidiaries. (General Motors Acceptance Corp.) (Brief Article)
Jul 02, 1993; ... Ending months of speculation, General Motors Acceptance Corp. said that it would not sell its mortgage subsidiaries. "We're committed to these businesses, and we're going to promote their ongoing success," said Terry Sullivan, a spokesman for GMAC. Since late last ...
House call by Shawmut opens door to critics. (Shawmut National Corp. criticized for mutual fund marketing) (Brief Article)
Jul 02, 1993; ... Shawmut National Corp. found out the hard way last week that marketing mutual funds to ordinary depositors can be a touchy business. When two of the bank's mutual fund salesmen paid a visit to the home of a 93-year-old man who had $6,000 in maturing deposits, the story landed on ...
National City plans to quadruple force. (retail brokerage services) (Brief Article)
Jul 02, 1993; ... National City Corp. is kicking its investment products program into high gear. The Cleveland company plans to quadruple its retail brokerage force to 200 within a year. "Until recently, we've operated a modest program," said David Dunning, a vice president. "But we recognized ...
Citi unit helping to launch card for clubs. (Citicorp's Citicorp Retail Services, private-label credit cards) (Brief Article)
Jul 02, 1993; ... With the help of a Citicorp unit, a recently formed company is teeing off this month into the private-label card market. Selected American Golf Enterprises of Timonium, Md., is preparing a national rollout of a credit card for private clubs. Citicorp Retail Services, ...
Two to expand activity in black community. (United Bank of Philadelphia, Key Federal Savings Bank) (Brief Article)
Jul 02, 1993; ... Two institutions with ties to the African-American community made credit card announcements this week. United Bank, a black-owned institution in Philadelphia, is launching a nationwide advertising campaign for a secured credit card. Meanwhile, Key Federal Savings Bank ...
Fed budget to rise 3.2% next year. (Federal Reserve Board) (Brief Article)
Jul 02, 1993; ... WASHINGTON - The Federal Reserve Board said it plans to increase its operating budget by 3.2 % in 1994. This will bring the Fed's 1994 operating budget to $141.3 million. Details of the budget, based on the levels approved by the governors, will be made final later in the year. ...
Crestar Financial seeks listing on big board. (New York Stock Exchange) (Brief Article)
Jul 02, 1993 ... RICHMOND, Va. - Crestar Financial Corp. said it has filed an application to list its common shares on the New York Stock Exchange. Richard G. Tilghman, chairman and chief executive officer, said he ...
1st Colonial to try again on deals. (First Colonial Bankshares Corp. works to acquire Hi-Bancorp and GNP Bancorp) (Brief Article)
Jul 02, 1993 ... CHICAGO - Hoping to reverse a recent rejection by the Federal Reserve Board, First Colonial Bankshares Corp. has amended its agreement to acquire two banks north of Chicago. The amendment extends until March 31, 1994, the deadline for completing the acquisitions of Hi-Bancorp ...
House seeking to limit direct student lending. (Brief Article)
Jul 02, 1993; ... WASHINGTON - The House approved, 397 to 28, a call for limiting President Clinton's plan for direct lending to students to 4% of the market. The nonbinding measure, sponsored by Rep. Bart Gordon, D-Tenn., essentially instructs the House conferees who will negotiate with the ...
Cheshire to merge more subsidiaries. (Cheshire Financial Corp.; Valley Bank of Hillsborough, New Hampshire; Cheshire County Savings Bank) (Brief Article)
Jul 02, 1993 ... KEENE, N.H. - Cheshire Financial Corp. said it will merge two subsidiaries in a continuation of its consolidation plan. Cheshire said Valley Bank of Hillsborough, N.H., which has $72 million in assets, would merge later this year into Cheshire County Savings Bank of Keene, the ...
Montana's Security Federal to form holding company. (Security Federal Savings Bank) (Brief Article)
Jul 02, 1993 ... BILLINGS, Mont. - Security Federal Savings Bank said its board has approved the formation of a savings and loan holding company. ...
Baltimore Bancorp wins endorsement. (stock rating upgraded)
Jul 02, 1993; ... Capping its recovery from financial difficulties, Baltimore Bancorp has received a "buy' rating on its stock from bank analyst Anthony J. Polini of Mabon Securities Corp. He said the $2.4 billion-asset banking company is "a budding turnaround play trading well below book value." ...
Thursday's market. (Brief Article)
Jul 02, 1993 ... Bank stocks were mostly higher again on Thursday despite a lower overall market. The leaders were National City Corp., up $1.375 to $51.75, and CoreStates Financial Corp., ahead $1.125 to $58.875. Bankers Trust New York Corp. rose $1 to $75.125, while J.P. Morgan & Co. improved ...
Long rates up in reaction to Commodity price rise. (long-term interest rates, Commodity Research Bureau index) (Brief Article)
Jul 02, 1993; ... Long-term interest rates rose on Thursday, as rising commodity prices and some uneasiness about today's employment report offset news ordinarily favorable for Treasuries. The yield on the 30-year bond rose to 6.69% from 6.67%. Ten-year notes yielded 5.78%, up from 5.77%. And ...
Fed expected to end bias for rate hike. (Federal Reserve neutral on rate policy)
Jul 06, 1993; ... Federal Reserve policymakers are expected to back away from the current pro-tightening stance in light of the weak employment report released last Friday. The Federal Open Market Committee, which meets today and tomorrow, is likely to return to a neutral stance on monetary ...