American Banker back issues from November 1993:
Officers of San Francisco Fed board named. (Federal Reserve Board of San Francisco) (Brief Article)
Nov 01, 1993 ... SAN FRANCISCO - A retired Bay Area health care executive, James A. Vohs, has been designated chairman and a Seattle attorney, Judith M. Runstad, deputy chairwoman of the board of the Federal Reserve Bank of San Francisco for 1994 by the central bank's Board of Governors. Mr ....
First Security unit buys a Wyoming Bank. (First Security Bank; State Bank of Green River) (Brief Article)
Nov 01, 1993 ... ROCK SPRINGS, Wyo. - First Security Bank, a unit of First Security Corp., said it has completed its acquisition of State Bank of Green River, Wyo. ...
Citibank to manage Philippine Eurobonds. (Philippine National Bank) (Brief Article)
Nov 01, 1993 ... MANILA - The Philippine National Bank, the country's largest commercial bank, said it had chosen Citibank, a ...
Empire of America realty is no longer for sale. (Empire of America Realty Credit Corp.) (Mortgages) (Brief Article)
Nov 01, 1993; ... Carbadon Corp. has pulled Empire of America Realty Credit Corp. from the auction block. The Buffalo-based mortgage bank was put up for bids early in the summer but failed to attract a price its owners felt was fair, according to David L. Brown, president of Empire of America. ...
Anchor net climbs despite writedown. (Anchor Bancorp) (Brief Article)
Nov 01, 1993; ... Anchor Bancorp reported that a $3.1 million writedown of purchased mortgage-servicing rights had a negative impact on earnings in its first fiscal quarter ended Sept. 30. Despite the writedown, net income amounted to $11.1 million, nearly double the $5.7 million recorded a year ...
Stock index tracks public companies. (Mortgage Bankers Association of America) (Brief Article)
Nov 01, 1993; ... The Mortgage Bankers Association of America has inaugurated a stock index designed to track the market value of 19 publicly-traded mortgage banking companies. "The primary motivation behind the development of the index is to elevate the discussion of mortgage-banking performance ...
Refinancing boom stalls in L.A. area. (Los Angeles, California) (Brief Article)
Nov 01, 1993; ... The boom in mortgage refinancings appears to be tailing off in Southern California, especially in the Los Angeles area. Figures from TRW Redi Property Data, Riverside, Calif. for the first half ofthis year show a decline of 7.3% in refinancings in Los Angeles, by far ...
Pilgrim launching a bond fund with U.S., Mexico, Argentine debt. (Pilgrim Management Corp.) (Brief Article)
Nov 01, 1993; ... Pilgrim Management Corp. today will begin selling a bond fund featuring Mexican and Argentine government and corporate securities along with U.S. debt. The Pilgrim All-Americas Government Income Trust is targeted toward banks, said Jim Ash. president of the Los Angeles-based ...
BankAmerica snags ball team's 401(k). (San Francisco Giants) (Brief Article)
Nov 01, 1993; ... BankAmerica Corp. has clinched a deal to provide, a retirement savings plan to the staff of its hometown baseball club, the San Francisco Giants. The full-service program, called 401(k) Daily Advantage, will enable participants to check balances and reallocate investments in ...
Banks urged to play up the risks of using nonbank advisers. (Investment Products) (Brief Article)
Nov 01, 1993; ... SAN DIEGO - Ted R. Ridlehuber says banks should want their customers to wake up in the middle of the night and worry - about their investments outside the bank. Mr. Ridlehuber, president of Cannon Financial Institute, a sales-management consulting firm in Athens, Ga., said too ...
Fund assets rise to $1.9 trillion. (Investment Company Institute reports increase in mutual fund assets) (Brief Article)
Nov 01, 1993 ... Assets invested in mutual funds grew to $1.913 trillion in September. the Investment Company Institute reported. That's an increase of about $10 billion from August, when fund assets totaled $1.903 trillion. According to the Washington-based mutual fund trade group, ...
Citicorp testing a nonrevolving charge card and one that offers a 5% rebate on oil and gas. (called the Next Card) (Credit/Debit/ATMs) (Brief Article)
Nov 01, 1993; ... Moving aggressively to protect its turf against challengers both old and new, Citicorp is testing a nonrevolving charge card modeled after the American Express card and a credit card that offers a 5% rebate on gasoline and oil purchases. The nation's biggest credit card issuer ...
Bank issuers promote cruise offers to stimulate big-ticket purchases. (Credit/Debit/ATMs) (Brief Article)
Nov 01, 1993; ... The possibility of big-ticket transactions has lured some bank card issuers into promoting cruises. Bank of New York (Delaware), NationsBank Corp. of Charlotte, N.C., and First Interstate Bank of California are among the banks that have stuffed promotional inserts from Cruise ...
Fiechter of OTS sees charter flips in thrifts' future. (Jonathan L. Fiechter of the Office of Thrift Supervision)
Nov 01, 1993; ... WASHINGTON - Jonathan L. Fiechter, acting director of the Office of Thrift Supervision, has a sweet-and-sour vision of the S&L industry's future. For thrifts, the good news is that Mr. Fiechter has "great faith that the individual institutions - a vast majority of them - will, ...
S&L industry's elite of the '80s pursuing new careers. (savings and loans associations)
Nov 01, 1993; ... In the six years since the nation's savings and loan executives last gathered in the Crescent City for an annual convention, there's been a lifetime worth of changes in the industry. Failures and mergers during that intervening period have pared the total number of S&Ls by about ...
Mastercard is aiming to clean up reputation of secured credit cards.
Nov 01, 1993; ... Setting itself up as an authority on secured credit cards, MasterCard International Inc. is launching a national educational and consumer awareness campaign. A panel of 15 card executives met in New York last month to discuss and review several programs that MasterCard will ...
Ohio bank offering stock to lure execs into mergers. (Provident Bancorp Inc.)
Nov 01, 1993; ... WASHINGTON - A Cincinnati bank is using a generous stock package to induce mutual thrift managers in three states to convert to stock ownership while simultaneously merging with the bank. Provident Bancorp, which has $4.1 billion of assets, has been offering to give to savings ...
Bank of Boston flattens management; 3 ousted. (three executive vice presidents)
Nov 01, 1993; ... In a sweeping reorganization of its top management, Bank of Boston Corp. on Friday promoted two of its five executive vice presidents to vice chairman and dismissed three others. The executives elevated - both of whom joined Bank of Boston within the past 14 months - are New ...
Advanta, First USA, MBNA gain in profits and credit quality.
Nov 01, 1993; ... The three credit card specialists - Advanta Corp., First USA Inc., and MBNA Corp. - again impressed analysts with strong growth and continued improvement in credit quality in the latest quarter. Advanta, based in Horsham, Pa., earned $20.3 million, up from $13.7 million in the ...
Senate bill seen linking interstate, insurance. (bill would allow interstate branching but limit bank insurance powers)
Nov 01, 1993; ... WASHINGTON - Despite reservations within the Clinton administration, the Senate Banking Committee appears likely to vote this month on legislation authorizing interstate branching and limiting bank insurance powers. People familiar with the committee's plans say that Chairman ...
Citi's giant branch-overhaul project includes focus on the human element. (Citicorp branch banks)
Nov 01, 1993; ... NEW YORK - Nestled on a busy corner of tony Park Avenue, Citicorp's new headquarters branch is sending a strong signal to the market about the future of branch banking. As consumer banking technology grows more sophisticated, cost-conscious bankers are increasingly questioning ...
Welsh Carson: financing the technology of finance. (Technology/Operations)
Nov 01, 1993; ... NEW YORK - It's been 15 years since Bruce Anderson held his last job with a technology firm, but it seems he has never been quite able to shake his fascination with the business. Since 1979, Mr. Anderson, along with his partners in the firm Welsh, Carson, Anderson & Stowe, has ...
NationsBank choice for No. 2 post seen affirming cost-cutting goal. (Kenneth D. Lewis named president)
Nov 01, 1993; ... The ascension of Kenneth D. Lewis to the No. 2 post at NationsBank Corp. is seen by analysts as an affirmation of the Charlotte, N.C.-based bank's emphasis on expense controls. Mr. Lewis, 46, who was appointed president last Thursday, had been considered the heir apparent to ...
Banks split on oversight of Fed check clearing. (small banks favor continuation of Federal Reserve's check clearing services)
Nov 01, 1993; ... WASHINGTON - A congressional proposal that favors external oversight of the Federal Reserve's check clearing business has received cautious approval from big banks and drawn fire from community banks. It revives a long-standing dispute between correspondent banks providing ...
Selloff in bank shares may be nearing an end. (bank stock prices seen leveling at end of October 1993)
Nov 01, 1993; ... There are signs that bank stocks are nearing a post-earnings equilibrium, after dropping 6% in the past month. "The group has still been under attack in recent days, but we are beginning to see some signs of stabilization," said Frank J. Barkocy, a managing director of Advest ...
Tigert is likely FDIC nominee, Hove renomination expected. (Ricki Tigert and Andrew C. Hove expected to be named to Federal Deposit Insurance Corp.) (Brief Article)
Nov 01, 1993 ... WASHINGTON - Word about Washington is that the Clinton administration has finally settled on Ricki Tigert to chair the Federal Deposit Insurance Corp. She may be getting the job because Ms. Tigert is the least controversial of all the candidates that have popped up during ...
Fleet Connecticut elects Copeland as chief exec. (Fleet Bank of Connecticut, Frederick C. Copeland) (Brief Article)
Nov 01, 1993 ... Frederick C. Copeland, president of Fleet Bank Connecticut, Hartford, has been elected to the additional posts of chairman and chief executive officer. Mr. Copeland, who was named president in January, succeeds Robert J. Higgins as chairman and CEO. Mr. Higgins was promoted in ...
Mercantile's Babb gets merger tasks. (Mercantile Bancorporation Inc.; Ralph W. Babb Jr.)(includes news about other executive appointments) (Brief Article)
Nov 01, 1993; ... Ralph W. Babb Jr., vice chairman of Mercantile Bancorp., St. Louis, has been given responsibility for its acquisition activities, including the management of new acquisitions outside Missouri. The assignment is part of a management realignment related to the acquisition of ...
Golden West to buy back 5% of stock; program is first by a major thrift. (Golden West Financial Corp.) (Brief Article)
Nov 01, 1993; ... Golden West Financial Corp. on Friday said its board has authorized the company's repurchase of up to 3.2 million shares, or 5% of its outstanding common stock. The move marks the first time a major thrift has taken such a step. Golden West is one of the industry's ...
BT, Citi poised for role in $1 billion purchase. (Bankers Trust and Citibank to finance purchase of Pay Less Drug Stores Inc.) (Brief Article)
Nov 01, 1993; ... Leonard Green & Partners, a prominent Los Angeles buyout firm, has reportedly signed a letter of intent to buy K mart Corp.'s Pay Less drugstore chain for about $1 billion. While it's unclear at this point how the deal will be financed, it's expected that bank loans would ...
Great Western's stock is rated a 'buy.' (Brief Article)
Nov 01, 1993 ... NEW YORK - Salomon Brothers Inc. analyst Bruce Harting upgraded Great Western Financial Corp. stock to "buy" from "hold." Mr. Harting says he thinks the Chatsworth, Calif-based thrift holding company - the nation's second largest - is "75% of the way through its problems" ...
Losses reduced at Bank of San Francisco.
Nov 01, 1993 ... SAN FRANCISCO - Bank of San Francisco Co. reported a net loss of $2 million in the third quarter, versus an $8.1 million loss a year earlier. For the first nine months, the company, which has $283 million of assets, lost $8.5 million, versus $18 million in the same period last ...
Magna to buy First National in Madison. (Magna Group; First National Bank) (Brief Article)
Nov 01, 1993 ... ST. LOUIS - Magna Group said it had reached a definitive agreement to acquire the First National Bank in Madison. The agreement calls for Magna to issue stock equal to 125 percent of an adjusted book value of First National ...
Ponce Federal wins easing of constraints. (Ponce Federal Bank) (Brief Article)
Nov 01, 1993 ... PONCE, Puerto Rico - The Office of Thrift Supervision eased certain lending constraints on Ponce Federal Bank. Ponce Federal said the restrictions, imposed in 1991, applied to auto loans, ...
Banks fight equity buildup with buybacks, dividends.
Nov 02, 1993; ... The level of bank equity jumped dramatically in the third quarter, and a growing number of banks are trying to combat that buildup through boosting dividends or buying back stock. The median level of tangible equity to assets for the top 50 banks jumped 32 basis points, to ...
Hicks Muse using BT in deal for Heileman. (Hicks, Muse & Co. used financing from Bankers Trust New York Corp. to purchase G. Heileman Brewing Co.)
Nov 02, 1993; ... The Dallas buyout firm Hicks, Muse & Co. agreed to buy G. Heileman Brewing Co. for $390 million, and, in a surprise, tapped Bankers Trust New York Corp. to finance most of the deal. Chemical Bank had previously appeared to have a virtual lock on Hicks Muse's bank deals. ...
Thrift group's chairman foresees regulatory merger. (Savings and Community Bankers of America, David F. Holland)
Nov 02, 1993; ... WASHINGTON -- David F. Holland, incoming chairman of Savings and Community Bankers of America, expects consolidation in the banking industry to go beyond the depository institutions themselves. Mr. Holland also expects bank and thrift regulators, charters, and insurance funds to ...
Thrift group seeks bank summit to address threat of competition. (Savings and Community Bankers of America)
Nov 02, 1993; ... NEW ORLEANS -- The thrift industry trade group sounded a warning cry for the thrift and banking industries by calling for a banking industry summit to address broadly its concerns that the industry has lost ground to nonbanks, foreign banks, credit unions., and other institutions. ...
85% of Argentina's back interest paid off. (national debt to foreign creditors) (Brief Article)
Nov 02, 1993 ... NEW YORK -- Argentina and its agent, Citibank, said they have successfully completed payment of around 85% of the interest Argentina owed foreign creditors. The disbursements were made Friday and totaled approximately $6.6 billion of floating-rate bonds and $636 million of cash ....
Policy on loan-loss reserves expected. (bank regulation) (Brief Article)
Nov 02, 1993 ... WASHINGTON -- The bank regulatory agencies are expected to publish a policy statement this week on the setting of loan-loss reserves. The statement, in the works for two years, is intended to clear up confusion ...
'Decade of punishment' for thrifts near end, veteran lobbyist feels. (thrift lobbyist Jim Butera)
Nov 02, 1993; ... WASHINGTON -- Life as a thrift lobbyist is no bed of roses. Just ask Jim Butera, one of the foot soldiers who fought legislation that stripped away tax advantages the government had granted in order to market a group of failed thrifts in December 1988. "I met with 15 senators ...
California Bancshares agrees to buy MBC. (stock-swap) (Brief Article)
Nov 02, 1993 ... SAN RAMON, Calif -- California Bancshares signed a definitive agreement to acquire MBC Corp. in a stock swap valued at $21.5 million. MBC has $163 million of assets. Its ...
Cost-of-funds index was down in West. (Federal Home Loan Bank of San Francisco) (Brief Article)
Nov 02, 1993 ... SAN FRANCISCO -- The Federal Home Loan Bank of San Francisco said the September monthly weighted average cost of funds index for 11th District savings institutions was 3.881%. The index, which is used to ...
Harbor gets Coast Bank assets from FDIC. (Harbor Bank; Federal Deposit Insurance Corp.) (Brief Article)
Nov 02, 1993 ... LONG BEACH, Calif. -- Harbor Bank said it had acquired from the Federal Deposit Insurance Corp. certain assets and insured deposits of the former Coast Bank. The ...
BB&T buys North Carolina savings bank. (BB&T Financial Corp.; Mutual Savings Bank of Rockingham County) (Brief Article)
Nov 02, 1993 ... WILSON, N.C. -- BB&T Financial Corp. said it has completed the acquisition of Mutual Savings Bank of Rockingham County, Reidsville, N.C. Mutual Savings has two offices in Reidsville and one in Eden, N.C. It had $86 million of assets on Sept. 30. The acquisition ...
New York regulator of foreign banks sees progress. (New York State Banking Supervisor Robert H. McCormick) (Interview)
Nov 02, 1993; ... Robert H. McCormick is supervisor of foreign banks at the New York State Banking Department, the oldest bank regulatory agency in the nation. Almost 95% of all the U.S. assets of foreign banks are supervised by state, banking regulators New York alone supervises 207 licensed ...
Intercontinental's deal voted by holders. (merger of Commercial Trust Bancorp Inc. and Commercial Trust Bank into Intercontinental Bank) (Brief Article)
Nov 02, 1993 ... MIAMI -- Intercontinental Bank, Commercial Trust Bancorp Inc., and Commercial Trust Bank announced that the shareholders of each entity have approved the merger of Commercial Trust Bancorp and its majority-owned subsidiary into Intercontinental. Commercial operates three banking ...
FFO Financial says OTS lifted curbs. (Office of Thrift Supervision) (Brief Article)
Nov 02, 1993 ... ST. CLOUD, Fla. -- FFO Financial Group, a savings and loan holding company, said the Office of Thrift Supervision had terminated a capital directive issued last January and a written agreement in place since October 1990. The company said that after a five million-share common ...
ABA: extend truth-in-savings to mutual funds. (American Bankers Association; Truth in Savings Act) (Brief Article)
Nov 02, 1993; ... WASHINGTON -- The American Bankers Association on Monday urged key lawmakers to subject mutual funds and other financial services companies to the same kind of disclosure requirements that banks face under the Truth-in-Savings Act. While consumers now view a broad range of ...
White House backs trade-retaliation measure. (for not allowing U.S. financial institutions to operate freely in foreign countries)
Nov 02, 1993; ... Citing lack of progress in multilateral talks to liberalize trade infinancial services, the U.S. administration has thrown its support behind a bill that would allow the United States to retaliate against countries that don't allow U.S. financial institutions to operate freely in their ...
Lomas signs on Huntington Mortgage. (Lomas Information Systems) (Brief Article)
Nov 02, 1993 ... DALLAS -- Computer Power Inc., the servicing industry's long-time technology leader based in Jacksonville, Fla., is losing a major client for the first time. Lomas Information Systems of Dallas, Tex., has signed Huntington Mortgage Co., with its more than 100,000 loans, to a ...
Minority lending still seen as lagging.
Nov 02, 1993; ... WASHINGTON -- Despite widespread efforts by lenders to end discrimination, regulators are expected to release data showing little improvement in minority lending last year. While the total number of applications appears to have increased nationwide in 1992, the disparity in ...
Buying of first homes soars, survey finds. (ARCS Mortgage Inc. survey) (Brief Article)
Nov 02, 1993 ... CHICAGO -- First-time homebuying is booming, according to 250 real estate agents randomly surveyed by Calabasas, California-based ARCS Mortgage Inc. The survey, released last week, showed that sales of homes to first-time buyers climbed more than 40% this year. Such buyers ...
'Streamlining' called a key spur to recent boom in refinancings. (streamlining refinancing procedures) (Brief Article)
Nov 02, 1993 ... While many mortgage bankers are quick to lay the blame for repeated refinancings on mortgages with reduced closing costs, a recent report from Merrill Lynch, New York, points instead to the influence of streamlined refinancing procedures. "The intuition here is that streamlined ...
Bankers fear agencies will lower loan limit. (loan limits of Federal National Mortgage Association and Federal Home Loan Mortgage Corp.)
Nov 02, 1993; ... WASHINGTON -- It's November again, so the mortgage industry is engaged in a favorite guessing game: What will happen to the loan limits at Fannie Mae and Freddie Mac? Right now, the maximum home loan that the agencies can buy is $203,500. But, as a result of declining, home ...
Sanwa Bank of Calif. aiming to beat its U.S. rivals on their own turf. (Company Profile)
Nov 02, 1993; ... LOS ANGELES -- No one can accuse Isao S. Matsuura of aiming low. His Sanwa Bank California has been an anemic performer in recent years. But Mr. Matsuura, president and chief executive of the Japanese-owned bank, says he wants to turn his institution into the best-quality bank ...
Midlantic sets a $200 million loan goal. (Midlantic National Bank; Continental Bank) (Brief Article)
Nov 02, 1993 ... EDISON, N.J. -- Midlantic Corp. said its principal subsidiaries, Midlantic National Bank in New Jersey and Continental Bank in Philadelphia, have set a goal of $200 million for community development and reinvestment loans for 1994-96. Included in the $200 million target are $72 ...
Narrow legislation on fund sales is urged. (bank mutual fund sales)
Nov 02, 1993; ... A member of the House Ways and Means Committee is pressing for a narrow version of legislation to oversee bank mutual fund sales programs. A bill, introduced last week by Rep. Richard E. Neal, D-Mass., would require financial institutions to supply mutual fund customers with ...
Mellon names a retail banking chief. (Mellon Bank Corp.'s Mellon PSFS; Paul S. Beideman) (Brief Article)
Nov 02, 1993 ... PHILADELPHIA -- Mellon Bank Corp. announced the appointment of Paul S. Beideman as president of Mellon PSFS, its retail banking unit in Philadelphia. Mr. Beideman joined Mellon in Pittsburgh in 1989 as manager of marketing, product development, sales, and service support. He was ...
Comerica Texas unit finishes acquisition. (Comerica Bank-Texas; acquisition of Sugar Creek National Bank) (Brief Article)
Nov 02, 1993 ... HOUSTON -- Comerica Bank-Texas said it has completed its acquisition of Sugar Creek National Bank in southwest Houston. The Sugar Creek bank has assets of $200 million, and the Texas unit of Detroit-based Comerica Inc. exceeds $3 billion. Comerica began its expansion ...
Amsouth acquisition gets FDIC approval. (AmSouth Bancorp.; acquisition of Mid-State Federal Savings Bank; Federal Deposit Insurance Corp.) (Brief Article)
Nov 02, 1993 ... BIRMINGHAM., Ala. -- Amsouth Bancorp. said the Federal Deposit Insurance Corp. has approved its proposed acquisition of Mid-State Federal Savings Bank, Ocala, Fla. The ...
Huntington National Bank. (appointment) (Brief Article)
Nov 02, 1993 ... HUNTINGTON National Bank, a subsidiary of Huntington Bancshares, Columbus, Ohio, has elected Maurice A. Cox Jr. president and chief executive officer of ...
Bank One Indianapolis. (appointment) (Brief Article)
Nov 02, 1993 ... BANK ONE Indianapolis has elected Norma Oman to its board of directors ....
Apple Bancorp. (appointment) (Brief Article)
Nov 02, 1993 ... APPLE BANCORP, New York, said treasurer Alan Shamoon will become president, chief operating officer, and a director on Dec. 1 He will hold the same titles at Apple ...
First Advantage Mortgage Corp. (appointment; Entrust Funding Co.) (Brief Article)
Nov 02, 1993 ... FIRST ADVANTAGE Mortgage Corp., Columbus, Md., said Anthony W. Schweiger has joined the company as executive vice president and chief lending officer and that H. Franklin Green 3d and James W. Raker have been promoted to executive vice presidents. Mr. Schweiger also assumes the ...