American Banker back issues from December 1993:
Massachusetts Financial enhances annuities. (death benefit added to Massachusetts Financial Services Co.'s Regatta Gold annuity) (also includes personnel changes at the Winsbury Group and weekly report on money market mutual funds) (Brief Article)
Dec 01, 1993; ... Massachusetts Financial Services is offering a new and improved variable annuity. The Boston-based firm in adding a death benefit to both the fixed and variable versions of the MFS Regatta Gold annuity. An annuity is an insurance contract that invests in an underlying ...
A Banc One label might undermine acquiree's funds. (Column)
Dec 01, 1993; ... An interesting set of circumtances in bank mutual funds is likely to arise from the recently announced takeover of Liberty National Bancorp of Louisville by Banc One Corp. Banc Once has the sixth-largest bank proprietary mutual fund family in the nation, with over $5.6 billion ...
ATM company patents bill payment system. (ATM Communications International)
Dec 01, 1993; ... ATM Communications International, based in Wilmington, Del., has been granted a patent for a system that can enable standard automated teller machines to deliver bill payment services. The system is anchored by electronic mailboxes that would reside on computers at regional ...
Bank of N.Y. to let businesses print guaranteed checks in house. (Bank of New York Company Inc.)
Dec 01, 1993; ... Bank of New York Co. has introduced an electronic check-printing service that it hopes will help solidify its relationship with large mortgage banks and brokerage companies. With the service, Bank of New York will transmit instructions over telephone lines to printers in the ...
Police call buttons installed at credit union's ATM. (Educational Employees Credit Union has installed police dispatch buttons at its automated teller machines) (Technology/Operations) (Brief Article)
Dec 01, 1993; ... The Educational Employees Credit Union, based in Fresno, Calif., has installed at each of its 10 automated teller machines an emergency button that links the ATM site directly with police dispatchers. When the button is pushed, the customer is immediately connected to an ...
Freddie Mac won't lower loan limits. (Federal Home Loan Mortgage Corp.)
Dec 01, 1993; ... WASHINGTON - In a controversial decision, Freddie Mac said Tuesday it would not reduce the maximium size of home loans it buys, even though the benchmark traditionally used to set the ceiling declined by 3%. Fannie Mae, the other major player in the secondary market for ...
RTC nominee bows out, citing Riegle opposition. (Resolution Trust Corp., Stanley G. Tate, Donald W. Riegle)
Dec 01, 1993; ... WASHINGTON - Florida businessman Stanley G. Tate withdrew as President Clinton's nominee to head the Resolution Trust Corp. on Tuesday, accusing Senate Banking Committee Chairman Donald Riegle of scuttling his nomination. Mr. Tate called his own press conference in the swank ...
Greenspan has himself to blame for fervid interest in transcripts. (Alan Greenspan, Federal Open Market Committee transcripts) (Column)
Dec 01, 1993; ... The Federal Open Market Committees's secret transcripts, which are the object of a tug-of-war between Fed Chairman Alan Greenspan and House Banking Committee Chairman Henry B. Gonzales, probably have a lot in common with sex, in that they are more exciting when details are left to the ...
Ramapo of N.J. agrees to Fed restrictions. (Ramapo Financial Corp., Federal Reserve Bank of New York) (Brief Article)
Dec 01, 1993 ... WAYNE, N.J. - Ramapo Financial Corp. said it entered ail agreement with the Federal Reserve Bank of New York governing certain of its financial transactions. The company, which has $257 million of assets, said the agreement forbids it to pay any dividends, redeem or repurchase ...
Rochester Community taps Shaw for board. (Rochester Community Savings Bank, Karen D. Shaw) (Brief Article)
Dec 01, 1993 ... ROCHESTER, N.Y. - Rochester Community Savings Bank said it named Karen D. Shaw as a director. The $3.8 billion-asset thrift said her appointment increases its board size by one member, to ...
FCB Financial plans to buy back stock. (Brief Article)
Dec 01, 1993 ... NEENAH, Wis. - FCB Financial Corp. said its board and the regulatory authorities have authorized it to repurchase up to 5% of its outstanding common shares. The company said the purchases will be made from time to time in the open market, pursuant to privately ...
2 Provident units join Home Loan Bank. (Provident Bank Cincinnati and Provident Bank of Kentucky; Federal Home Loan Bank of Cincinnati) (Brief Article)
Dec 01, 1993 ... CINCINNATI - The Federal Home Loan Bank of Cincinnati said the Provident Bank Cincinnati and the ...
FDIC limits product offerings of state banks. (Federal Deposit Insurance Corp.)
Dec 01, 1993; ... WASHINGTON - The Federal Deposit Insurance Corp. adopted a regulation Tuesday that bars state-chartered banks from offering products or services that national banks may not offer. Congress in 1991 instructed the FDIC to crack down on states that allow their banks to engage in ...
Immunity hearing for a BCCI figure is scheduled by bank panel chairman. (Bank of Credit and Commerce International, Sheik Zayed of Abu Dhabi, Henry B. Gonzalez) (Brief Article)
Dec 01, 1993 ... WASHINGTON - House Banking Committee chairman Henry B. Gonzalez has scheduled a hearing for next Thursday to review a request for immunity by a key figure in the Bank of Credit and Commerce International scandal. Sheikh Zayed, the emir of Abud Dhabi, was the principal ...
RTC blocks Meridian acquisition of 21 New Jersey thrift branches. (Resolution Trust Corp., Meridian Bancorp Inc.) (Brief Article)
Dec 01, 1993; ... The Resolution Trust Corp. rejected Meridian Bancorp's agreement to acquire 21 branches of a New Jersey thrift, Meridian announced Tuesday. Meridian, which began expanding into New Jersey last year from its base in Reading, Pa., had entered into a purchase-and-assumption ...
Chase specializes in other banks to hone its syndication skills. (Chase Manhattan Corp.)
Dec 01, 1993; ... Chase Manhattan Corp. may lag behind its money-center brethren when it comes to syndicating loans for corporate clients. But when it comes to loan syndications for commercial bank holding companies, Chase is a leader of the pack. That's no accident, Chase executives says ....
M&I chooses Hanson, Ebert to manage a merged unit. (Marshall and Ilsley Corp., Valley Bancorp, David M. Hanson, John H. Ebert) (Brief Article)
Dec 01, 1993; ... Marshall & Ilsley Corp., Milwaukee, said upon completion of its merger with Valley Bancorp., expected in mid-1994, the M&I Bank of Watertown and Valley Bank of Appleton will combine, creating a single operation with offices in Watertown, Beaver Dam, and Juneau. David M. Hanson, ...
Robb heads Morgan's subsidiary in Florida. (David B. Robb Jr., J.P. Morgan Florida) (Brief Article)
Dec 01, 1993; ... David B. Robb Jr., former managing director of J.P. Morgan Delaware's private banking group, has become president and chief executive officer of J.P. Morgan Florida, Palm Beach. Mr. Robb succeeds Bruce ...
The Federal Reserve Bank of Cleveland. (Thomas M. Nies elected to board of directors) (Brief Article)
Dec 01, 1993 ... The Federal Reserve Bank of Cleveland said Thomas M. Nies, president and chief executive of Cincom Systems Inc., Cincinnati, has been elected to its board of directors. Alfred C. Liest, ...
Chase Manhattan Corp. (Samuel H. Cooper appointment) (Brief Article)
Dec 01, 1993 ... CHASE MANHATTAN Corp., New York, has appointed Samuel H. Cooper to senior vice president. Mr. Cooper is president of Chase Mortgage ...
First Fidelity deal gets OCC approval. (First Fidelity Bancorp. acquisition of Peoples Westchester Savings Bank, Office of the Comptroller of the Currency) (Brief Article)
Dec 01, 1993 ... HAWTHORNE, N.Y. - The Office of the Comptroller of the Currency approved the acquisition of Peoples Westchester Savings Bank by First Fidelity Bancorp., Lawrenceville, N.J. The transaction, which has been approved by Peoples Westchester shareholders, is expected to close on Dec ....
B of A to split Sepac Financial Services. (Bank of America, Security Pacific Financial Services) (Brief Article)
Dec 01, 1993 ... SAN DIEGO - Bank of America said Security Pacific Financial Services, which had been made up of Security Pacific Housing Services Inc. and a national consumer finance company, will become two separate units. M. Faye Wilson was named head of the nationwide consumer finance ...
First Home of N.J. sues accounting firms. (First Home Savings Bank, Deloitte and Touche, KPMG Peat Marwick) (Brief Article)
Dec 01, 1993 ... PENNSVILLE, N.J. - First Home Savings Bank said it filed suit against two accounting firms - Deloitte & Touche and KPMG Peat Marwick - stemming from auditing work the firms did. Fidelity Mutual was a savings and loan association that suffered substantial losses that resulted in ...
People's Heritage to buy Mid Maine Savings. (People's Heritage Financial Group Inc., Mid Maine Savings Bank F.S.B.) (Brief Article)
Dec 01, 1993 ... PORTLAND, Maine - Peoples Heritage Financial Group Inc. said it agreed to acquire Mid Maine Savings Bank for an indicated price of $11.5 million of stock. If regulators and Mid Maine shareholders approve of the deal, Mid Maine will merge into Peoples Heritage Bank, the largest ...
Men's Wearhouse amends credit accord. (Brief Article)
Dec 01, 1993 ... FREMONT, Caiif. - Men's Wearhouse Inc. amended a credit agreement with three banks that Provides for up to $69 million through Nov. 16, 1996. The agreement is with NationsBank of Charlotte, N.C., acting as agent, Union Bank of Los Angeles, and Wells Fargo Bank, San Francisco. ...
First Interstate begins branch construction. (First Interstate Bank of Washington N.A.) (Brief Article)
Dec 01, 1993 ... SEATTLE - First Interstate Bank has begun construction of three Puget Sound area branches in Lake Serene, Puyallup, and Redmond. ...
Michigan's D&N Financial aims to restore its health with $23 million offering.
Dec 01, 1993; ... D&N Financial Corp., Hancock, Mich., hopes that a $23 million rights offering will help it jettison the esoteric assets that caused the community bank to lose millions in recent years. D&N, a $1.1 billion-asset banking company, will use the proceeds to boost the weak capital of ...
Ex-head of Housing Finance Board rues its switch to full-time status. (Daniel F. Evans Jr.) (Interview)
Dec 01, 1993; ... Daniel F. Evans Jr. recently resigned as chairman of the Federal Housing Finance Board, an agency created after the thrift crisis to oversee the Federal Home Loan Bank System. Mr. Evans' board members served on a part-time basis. After January, the law requires it to become a ...
Unisys software gives PC users access to banks' customer data. (personal computer)
Dec 01, 1993; ... Unisys Corp. has introduced a suite of products intended to help bankers sharpen their customer focus without losing sight of existing technology. The new set of products, called Bankview, consists of applications software for customer information and management decision ...
Cirrus is developing emergency services. (Cirrus System Inc.) (Brief Article)
Dec 01, 1993 ... Cirrus System Inc., the international ATM network that is a unit of MasterCard International, announced it is developing a program to help cardholders get cash in emergency situations. The program, which Cirrus plans to pilot next year, will provide consumers who hold ...
Advent converts portfolio software to run in Windows. (Advent Software Inc., Microsoft Windows) (Brief Article)
Dec 01, 1993; ... Hearing the call from its customers, Advent Software Inc. has introduced Axys, a portfolio management system that runs under Microsoft's Windows. Advent is headquartered in San Francisco. The firm's Professional Portfolio, which run under Microsoft's DOS, is use by over 2,500 ...
Electronic check presentment is ready for the challenge of same-day settlement. (Column)
Dec 01, 1993; ... Bankers are understandably wary of new regulations, especially those that alter the dynamics of fine-tuned lines of business. From its conception in the 1980s, the regulation known as same-day settlement has seen as one of those regulations. It was apparent from the beginning ...
Bank of New York issues notes in plan to shed expensive debt. (Brief Article)
Dec 01, 1993; ... In preparation to redeem expensive debt, Bank of New York Co. issued $250 million in 10-year subordinated notes on Tuesday. The notes were priced to yield 6.55% and were sold via a competitive bid won by Goldman Sachs & Co. The selling concession is $3 and the reallowance is ...
Midlantic senior debt is raised to investment grade by Moody's. (Moody's Investors Service) (Brief Article)
Dec 01, 1993; ... Moody's Investors Service upgraded Midlantic Corp. to investment grade on Tuesday. The agency raised its rating on the banking company's senior debt to Baa3, the lowest investment grade, from Ba2. In addition, Moody's raised the rating on the principal banking units, ...
Chemical, Fleet, Morgan stocks are upgraded by UBS Securities. (Chemical Banking Corp., Fleet Financial Group Inc., J.P. Morgan and Company Inc.)
Dec 01, 1993; ... Wall Street issued yet more favorable reviews for banks Tuesday in the wake of a seven-week battering in the market that has cut prices sharply for many of their stocks. At UBS Securities, analysts modified the bearish stance adopted six months ago. They upgraded banks to ...
Tuesday's market. (stock market report for November 30, 1993) (Brief Article)
Dec 01, 1993 ... Bank stocks were mixed as increases in short-term interest rates appeared to hold back a general recovery in share prices. NationsBank Corp. slid 50 cents a share, to $47.125; Society Corp. was down 75 cents, to $28.75; and its merger partner, Keycorp. eased 62.5 cents, to ...
3 banks picked to lead American Airlines credit. (Citicorp N.A., J.P. Morgan and Company Inc., NationsBank Corp.)
Dec 01, 1993; ... American Airlines Inc. picked three banks to lead a new $750 million credit line. But the timing of the syndication was thrown off by the pre-Thanksgiving flight attendants strike against the airline, sources said. With the loan market now beginning to wind down for ...
Cultural issues complicate small-bank acquisitions. (selling a small bank can involve emotional issues)
Dec 01, 1993; ... Not all bank acquisitions are made equal. The ease of acquisition is in many regards inversely related to the institution's size for various reasons: First, small institutions are emotionaI about the acquisition process. Therefore, the purchase process and negotiations are often ...
Fannie, Freddie urged to buy more low-equity refi loans. (Federal National Mortgage Association, Federal Home Loan Mortgage Corp.; refinanced loans) (Brief Article)
Dec 01, 1993; ... WASHINGTON - Lenders are pushing Fannie Mae and Freddie Mac to further loosen their policies on buying refinanced loans with low equity. Last month, both agencies bowed to lender pressure and agreed to buy refinance loans for which homeowners put as little as 5% down. ...
Increased homebuying encourages lenders as refinancing fades. (Brief Article)
Dec 01, 1993; ... Mortgage professionals are hoping that an uptick in home-buying will sustain industry volume as the demand for refinancings slacken. That's the message many are taking from October figures released this week by the Washington-based National Association of Realtors, which ...
Ryland Group taps Dreier as president. (home building and mortgage company; R. Chad Dreier) (Brief Article)
Dec 01, 1993 ... Columbia, Md. - Ryland Group Inc., a home-building and mortgage finance company, has named R. Chad Dreier, 46, president, chief executive officer, and a member of the board. He succeeds Andre W. Brewster as CEO. Mr. Brewster, who had been interim CEO, remains as chairman ...
There's plenty of refinancing business still to come. (Column)
Dec 01, 1993; ... The refinance boom-bust theme has been sounded so often that it now ranks with death and taxes as one of the axioms of life. But the reports of the industry's impending death from refi anemia are premature. Certainly, refinancing as we know it today - the 60% of mortgage ...
First Bank System shuffles credit card team.
Dec 01, 1993; ... First Bank System Inc. of Minneapolis has realigned its credit card management team, filling a key vacancy at its Denver affiliate and creating a unified organization for all the company's card operations. The moves follow First Bank's March 1993 acquisition of Colorado ...
Invest Financial regroups after tough year. (Company Profile)
Dec 01, 1993; ... It's been a rocky year for Invest Financial Corp. First, the marketing company lost some of its biggest clients, including Chemical Banking Corp. Then, just this week, its high-profile chairman abruptly resigned. D. Mark Olson, the departed executive, had been ...
Natwest trims its ties to outside broker-dealer. (National Westminster Bank; MDS Bankmark) (Brief Article)
Dec 01, 1993; ... National Westminster Bank is ending its reliance on an outside broker-dealer to run the banks's retail mutual fund and annuity sales program. The Jersey City bank said Tuesday it will transfer to its own broker-dealer 125 sales representatives who are now employed MDS Bankmark ...
NationsBank switch laid to growth needs. (discontinues using Funds Distributor to distribute its $10 billion Nations Funds)
Dec 01, 1993; ... It was growth of its mutual funds family, not legal complications, that caused NationsBank Corp. to drop the distributor of its $10 billion Nations Funds. That, at least, is the word from Funds Distributor, the dropped company. A broke-dealer unit of First Data Corp., it was ...
Boston Private raises capital to enhance marketing, service. (Boston Private Bancorp Inc.) (Brief Article)
Dec 01, 1993; ... Boston Private Bancorp raised $8.2 million in a stock offering last week to build the company's marketing and service capability. The company, parent of Boston Private Bank and Trust, which has $90.5 million of assets, sold nearly three million shares at $2.75 a share. About ...
Great Bay Bankshares. (Robert D. Steele, Richard W. DuBois elected directors) (Brief Article)
Dec 02, 1993 ... GREAT BAY Bankshares, Dover, N.H., said Robert D. Steele has been elected a director of its Southeast Bank for Savings and Richard W. DuBois of Constitution Trust Co., both also in Dover ....
National Exchange Bank and Trust. (Joseph R. Coppola, Michael L. Wagner elected directors) (Brief Article)
Dec 02, 1993 ... NATIONAL EXCHANGE Bank and Trust, Fond du Lac, Wis., said Joseph R. Coppola and Michael L. Wagner have been elected directors. Mr. Coppola is board ...
Summit Bancorp. (Donald P. Sacco, Donald M. Jasper elected directors) (Brief Article)
Dec 02, 1993 ... SUMMIT BANCORP, Bellevue, Wash., the holding company for Summit Savings Bank, has elected Donald M. Jasper and Donald P. Sacco as directors. Mr. Jasper is co-founder and co-owner of ...
Small banks need quick relief from CRA requirements. (Community Reinvestment Act) (Column)
Dec 02, 1993; ... Secretary of the Treasury Lloyd Bensten's recent indication that the Clinton administration would support special treatment for Community banks under the Community Reinvestment Act comes not a minute too soon. In discussions with l wide range of community bankers, we find CRA compliance to ...
Tolland Bank. (Joseph H. Rossi appointed chief financial officer) (Brief Article)
Dec 02, 1993 ... TOLLAND BANK, Vernon, Conn., has elected Joseph H. Rossi as senior vice president, treasurer, and chief financial officer. ...
OTS revving up to slash red tape, aide says. (Office of Thrift Supervision to reduce regulatory burden on banks) (Timothy R. Burniston)
Dec 02, 1993; ... WASHINGTON - A senior thrift regulator says his agency will implement major changes in response to complaints about the regulatory burden. The mission, said Timothy R. Burniston, is to finally introduce uniformity to the process. Mr. Burniston, deputy assistant ...
For the poor, homeownership can be cheaper than renting. (NeighborWorks Campaign for Home Ownership survey)
Dec 02, 1993; ... WASHINGTON - A survey by the NeighborWorks Campaign for Home Ownership found that 40% of buyers it has assisted are paying less for shelter than they did as renters. The campaign to provide homeownership opportunities to 10,000 low-income people was organized six months ago by ...
Countrywide's Mozilo: price war won't arrive. (Countrywide Funding Corp., Angelo R. Mozilo)
Dec 02, 1993; ... If you are expecting a price-cutting bloodbath in the mortgage market next year, think again. That's the message beamed to investors by Angelo Mozilo, president of Countrywide Funding Corp. Mr. Mozilo, who spoke at a New York conference sponsored by Alex. Brown & ...
Accounting change on originations may prove to be a mixed blessing. (Brief Article)
Dec 02, 1993; ... Possible changes in accounting for originated mortgage servicing rights, heralded earlier as a boon to publicly held mortgage companies, may instead prove to be a mixed blessing. Bruce Schnelwar, chief financial officer of Margaretten & Co., Perth Amboy, N.J., said he expected ...
Comerica buys assets of Edgemark Mortgage. (Comerica Mortgage Corp.) (Brief Article)
Dec 02, 1993 ... DETROIT - Comerica Mortgage Corp., Comerica Inc.'s mortgage banking subsidiary, has acquired some assets and liabilities of Edgemark Mortgage Corp., an Illinois-based lender. The deal is another indication of commercial banks' growing appetite for mortgage banking companies. ...
Hedging program geared for small, midsize firms. (Angus Energy) (Brief Article)
Dec 02, 1993; ... A risk-management specialist in Florida is offering a hedging program that helps small and midsize mortgage bankers reduce interest-rate risk on loans approved but not yet closed. Phil Baratz, president of Angus Energy, Fort Lauderdale, said the program also permits smaller ...
PNC Bank acquires Sears Mortgage unit. (Sears Mortgage Banking Group) (Brief Article)
Dec 02, 1993 ... PITTSBURGH - PNC Bank Corp., Pittsburgh, has completed its acquisition of Sears Mortgage Banking Group, Vernon Hills, Mich. PNC said the Sears group and its own mortgage banking business would be combined and would operate under the name PNC Mortgage. Walter C. Klein ...
Midcoast hires Kislak's president as CEO. (Willard B. Soper II, J.I. Kislak Mortgage Corp., Midcoast Mortgage Corp.) (Brief Article)
Dec 02, 1993 ... Willard B. Soper 2d has resigned as president of J.I. Kislak & Co., Miami Lakes, Fla., to join Midcoast Mortgage Corp., Melville, N.Y., as president and chief executive officer. Mr. Soper's move comes at a sensitive time for Kislak. The lender is in the throes of a significant ...
Alliance adjusts pricing to offer more options. (Alliance Capital Management L.P.)
Dec 02, 1993; ... Alliance Capital Management has some good news and some bad news. The New York-based investment company announced it has streamlined prices and lowered sales charges on some of its mutual funds, effective Nov. 19. So what's the bad news? The price breaks apply only to ...
Eager to build Republic unit from scratch. (Republic National Bank of New York's Leslie E. Bains) (Brief Article)
Dec 02, 1993; ... The challenge of building a private banking operation from scratch exhilarates Leslie E. Bains. The 25-year banking veteran welcomes the chance to build a domestic private banking unit for Republic National Bank, which already has an established international private banking ...
Puerto Rico's Banco Popular using Marketing One and Invest. (INVEST Financial Corp.) (Brief Article)
Dec 02, 1993; ... In an unusual move, Banco Popular has chosen two rival marketing firms to propel the bank into the retail investment-product business. Banco Popular is using Marketing One, Portland, Ore., to start what is believed to he the first investment-product sales program in branches on ...
B of A hopes to revive card operation with strategy based on relationships. (BankAmerica Corp.) (includes related article on credit card delinquency rate)
Dec 02, 1993; ... PHOENIX - On the surface, an announcement by Bank of America Arizona on Oct. 27 seemed of only local interest, and a bit gimmicky. It actually spoke volumes about the awakening of a credit card issuer that many competitors had been writing off as a sleeping giant. The ...
Banc One discloses details of giant swaps portfolio.
Dec 02, 1993; ... Seeking to calm jittery investors, Banc One Corp. offered a detailed view Wednesday of its controversial derivatives portfolio, which is unusually large for a regional bank's. In front of analysts in New York, chairman John B. McCoy defended the Ohio-bug bank's extensive use of ...