American Banker back issues from May 1994:
Clinton may get branching legislation by Memorial Day.
May 02, 1994; ... WASHINGTON -- The House and Senate appear to be moving quickly toward negotiations on interstate branching legislation, raising the prospect that it could be ready for President Clinton's signature by Memorial Day. Staffers have already begun meeting on the bill, and ...
OTS changes focus of enforcement work to healthy thrifts. (Office of Thrift Supervision)
May 02, 1994; ... WASHINGTON --The Office or Thrift Supervision said Friday it wEll focus its entorcement efforts on live institutions - and leave it for the Resolution Trust Corp. to deal with failed thrifts. The change was contained in the agency's new enforcement policy, which was announced on ...
True believer praises swaps. (Joseph Bauman) (Interview)
May 02, 1994; ... BankAmerica's Joe Bauman feels derivatives will not just be the domain of the big players, but will be found in every bank's portfolio. It doesn't take much to get Joseph Bauman to sing the praises of derivatives. Just~ mention a recent headline about a company ...
Profit squeeze spurs a selloff of servicing. (mortgage servicing rights)
May 02, 1994; ... The first-quarter earnings reports of mortgage companies have so far had a common theme: Origination volume remains will above the level of a year earlier, but profits are under pressure because of competitive pricing. And many companies have been selling what amounts to the family ...
Pay at 1st Interstate unit based on number of loans, not value. (First Interstate Bank of Oregon) (Brief Article)
May 02, 1994; ... First Interstate Bank of Oregon lauched a unique compensation and sales strategy last week that the company said will create a "new army" of home loan officers for it. The "Class of 94," a group of 15 new loan officers - with no mortgage lending experience - began a monthlong ...
Marketer touting idea of preapproved home equity loans. (Anton Morell of Investment Marketing Group) (Brief Article)
May 02, 1994; ... Some mortgage companies may be going the way of the credit card by offering pre-approved home equity loans through third party marketers. Using the latest technology to tap into consumer credit histories and demographics, these marketers are hoping to generate business by ...
Norwest Mortgage's servicing portfolio tops $50 billion. (Brief Article)
May 02, 1994 ... DES MOINES, Iowa -- The loan-servicing portfolio of Norwest Mortgage Inc. has topped $50 billion, the company said. In an announcement, Norwest said that only for the past five years has it retained servicing rights on the loans it originates, making its portfolio one of the ...
Santa Monica lender has them laughing all the way to the bank. (Santa Monica Bank)
May 02, 1994; ... Santa Monica Bank, simply by amusing people, has picked up a healthy share of the lending business spurred by Southern California's recent earthquake. The bank -- Santa Monica's top construction lender -- has been hit far harder by tumbling real estate values than it was by the ...
Mutual funds' impact on banks' bottom lines has been slight so far. (Federal Reserve survey)
May 02, 1994; ... WASHINGTON -- While banks are enthusiastically expanding their mutual fund and retail brokerage businesses, the impact on bottom lines has been quite small so far, a Federal Reserve survey shows. In a poll of 55 of the nation's largest commercial banks, the Fed found that just ...
What potential buyers need to know as RTC unloads last parcels. (Resolution Trust Corp.) (Column)
May 02, 1994; ... After nearly a two-year lay-off, the RTC is up and running - and running fast. The RTC intends to ; resolve by midyear the remaining 63 thrifts holding nearly $20 billion in deposits in 23 states. bid meetings started in early January and will extend until midyear. While ...
Boston's State Street dominated fund custodian business last year. (State Street Bank and Trust, 1993) (Brief Article)
May 02, 1994; ... Banks are still carving out their niche in the high profile business of managing mutual funds, but they have long dominated the important behind-the-scenes role of fund custodian. Custodians are the safe-keepers of the securities that make up a mutual fund portfolio. The duties ...
First Union clearing path for Evergreen Funds. (acquisition of Lieber and Co.) (Brief Article)
May 02, 1994; ... WASHINGTON -- Now that banking regulators have approved its purchase of a $3.1 billion family of mutual funds, First Union Corp. is laying the groundwork for a seamless merger, industry observers say. The North Carolina bank's acquisition of Lieber & Co., the investment ...
Concern rises over net interest margins as 1st-quarter data point to rate hikes.
May 02, 1994; ... Bank economist and analysts are again worrying about net interest margins in the wake of first quarter economic data that virtually assure fresh hikes in interest rates by the Federal Reserve Board, "For bank margins, it has become a question of defense and not offense," said ...
IBM-Fleet deal could founder if Vanguard persists. (Fleet Financial Group, Vanguard Group)
May 02, 1994; ... Fleet Financial Group, which won the bidding last month to buy the mutual fund business of International Business Machines Corp., may be in for a bitter fight with a disappointed rival. The Vanguard Group, the nation's second-largest mutual fund company, is crying foul over the ...
Prudential Mortgage operation slashes staff. (Residential Services Corporation of America)
May 02, 1994; ... The home loan unit of Prudential Insurance Company of America is preparing to lay off nearly 600 people, or 12% of its staff. The plans, announced internally last week, could mark the start of a massive retrenchment by the mortgage industry. With rising interest rates ...
Expected compromise on Superfund seen settling controversial issues. (Brief Article)
May 02, 1994; ... WASHINGTON -- The Superfund bill, which includes provisions limiting for lenders, may be moving back on track again. The White House plans a meeting Tuesday to dicuss the issue, and industry sources said they expect the session to help smooth out some of the controlversies that ...
Bowing to Comptroller, regulators agree to meet to weigh use of mutual fund 'mystery shoppers.' (Comptroller of the Currency Eugene A. Ludwig) (Brief Article)
May 02, 1994; ... WASHINGTON -- The heads of the banking, thrift, and securities agencies will meet June 1 to consider dispatching "mystery shoppers" to test mutual fund disclosures. Comptroller of the Currency Eugene A. Ludwig called for the meeting in an April 11 letter to his counterparts at ...
Lobbyists bracing for a fight over Fair Credit bill. (Fair Credit Reporting Act) (Brief Article)
May 02, 1994; ... WASHINGTON -- The Senate is scheduled to take up amendments to the Fair Credit Reporting Act Today, and bank lobbyists have begun to worry that the bill could become a vehicle for a variety of amendaments that they opposes. "It could be a real mess," said Edward l. Yingling, ...
Illinois legislature considering measure requiring ATMs to show transaction fees. (automated teller machines)
May 02, 1994; ... Automated teller machine users in Illinois may soon encounter a new screen during ATM transactions disclosing how much the transaction will cost and giving them the option to terminate it without penalty. The Illinois treasurer's office, saying it is unreasonable to expect bank ...
Bankers Trust on watch for downgrade on trading risk. (Bankers Trust New York Corp.) (Brief Article)
May 02, 1994; ... Citing volatility in Bankers Trust New York Corp.'s proprietary trading, Standard & Poor's on Friday placed the money center's debt under review for possible downgrade. The bank's trading revenues fell to $14 million in the first quarter from more than $340 million in the year ...
First Nationwide Financial lost $44 million in quarter. (Brief Article)
May 02, 1994; ... SAN FRANCISCO -- First Nationwide Financial Corp., Ford Motor Co.'s thrift holding company, reported a $44 million loss for the first quarter, compared with a $17 million deficit in the year-ago period. During the most recent quarter, Ford reached an agreement to sell its San ...
Despite antitrust settlement, ATM network critical of U.S. on overcharge allegations. (Electronic Payment Systems Inc.) (Brief Article)
May 02, 1994; ... Electronic Payment Systems Inc. has settled an antitrust dispute with the Justice Department recently, but it nonetheless finds itself on the defensive. The Wilmington, Del.-based banking network took exception to the Justice Department contention that EPS' MAC network ...
Chemical's Shipley urges industry to speed oversight of derivatives to avoid regulations. (Walter V. Shipley of Chemical Banking Corp.) (Brief Article)
May 02, 1994 ... BOCA RATION, Fla. -- Chemical Banking Corp. chairman Walter V. Shipley said the banking industry should hasten its supervision of derivatives to avoid governmentall regulations. Mr. Shipley said derivatives have become a political issue and he is concerned the industry "is not ...
First National in New Orleans lures exec from Westinghouse. (William J. Harper of First National Bank of Commerce; Westinghouse Financial Services) (Executive changes) (Brief Article)
May 02, 1994; ... William J. Harper has joined the senior management team of the $4.4 billion-asset First National Bank of Commerce, New Orleans. Mr. Harper assumes the presidency of a new subsidiary that will be created as a small-business investment corporation. The new unit, licensed by the ...
Bank of N.Y. shrugs off cut-price card rivals.
May 02, 1994 ... NEW YORK -- Bank of New York Co.'s rapid credit card growth will not be deterred by the aggressive marketing campaigns of other issuers, chief executive J. Carter Bacot said. "They are still nowhere near us," he said, referring to the on-slaught of low-rate, no-annual-fee ...
Cirrus says sweepstakes sparked record volume. (Cirrus System Inc.) (Brief Article)
May 02, 1994; ... Cirrus System Inc., the international automated-teller network, said that its "World of Cash" sweepstakes sparked record transaction volume. During the "World of Cash" sweepstakes, which ran from Oct. 1 through Nov. 30, Cirrus said credit and ATM debit transactions rose 31% ...
Competition among ACH marketers at fever pitch; Chase remains No. 1. (automated clearing house, Chase Manhattan Corp.)
May 02, 1994; ... Competition is nothing new to marketers of automated clearing house services, but last year it reached propertions not seen in the 20-year history of the paperless payment system. Chase Manhattan Corp., in its customary position at the top of the consolidated ACH volume table ...
Clearing house group hones strategic plan. (National Automated Clearing House Association's Sam S. Cerverizzo and Elliott C. McEntee) (Interview)
May 02, 1994; ... The National Automated Clearing House Association of Herndon, Va., holding its annual conference this week in Orlando, is celebrating its 20th anniversary. To look back and look ahead, American Banker writers Jeffrey Kutler and Barton Crockett recently interviewed Elliott C. McEntee, ...
Technology stocks flat despite higher profits. (Brief Article)
May 02, 1994; ... Bank technology stocks basically held their positions this week, even though several firms posted higher quarterly earnings. Two out outsourcing companies, Fiserv Inc. and Electronic Data Systems Corp., posted strong earnings increases. Milwaukee-based Fiserv Inc ....
George Mason posts 31% profit increase. (George Mason Bankshares) (Brief Article)
May 03, 1994 ... FAIRFAX, Va. -- George Mason Bankshares' first-quarter net income jumped 31% to $1 million, compared with earnings of $764,000 a year ago. Return on average assets and equity for the three month period were 1.11% and ...
Suburban of Florida continues recovery. (Suburban Bankshares Inc.) (Brief Article)
May 03, 1994 ... LAKE WORTH, Fla. -- Suburban Bankshares continued to work its way back to profitablility- earning $168,000 in the first quarter, compared with profits of $18,000 the same time a year ago. The company received $126,000 in insurance proceeds related to the death of a former ...
Mid-America reports a flat first quarter. (Mid-America Bancorp) (Brief Article)
May 03, 1994 ... LOUISVILLE, Ky.-- MidAmerica Bancorp reported flat earnings for the first quarter of $2.6 million, or 31 cents a share. The $1.1 billion-asset company earned $2.57 million - or 30 cents a share - in the year-earlier period. The board of directors declared a ...
Milwaukee bidder tackles CRA problem. (Roger Dirksen leads investor group set to acquire Milwaukee Western Bank; Community Reinvestment Act)
May 03, 1994; ... Milwaukee banker Roger Dirksen is leading a buyout of he only Wisconsin financial intitution that has ever flunked a community reinvestment exam. and he intends to transform it into a respectable community lender. Mr. Dirsen's investor group is buying $86 million-asset ...
Century South sets an earnings record. (Century South Banks Inc.) (Brief Article)
May 03, 1994 ... DAHLONEGA, Ga.-- Century South Banks Inc. earned a record $1.2 million for the first quarter, up 43.8% for the same time a year ago. Excluding a $193,000 aftertax loss on the sale of its data processing subsidiary recorded in the first ...
Cenfed acquiring United California Savings. (Cenfed Financial Corp.) (Brief Article)
May 03, 1994; ... Cenfed Financial Corp., Pasadena, Calif., continued on the merger path last month, agreeing to acquire $458 million-asset United California Savings Bank. Cenfed is one of a small number Of healthy thrifts taking advantage of the depressed market in Southern California to grow ...
Gonzalez, OCC ask Fed to let banks collect sex, race data. (Henry B. Gonzalez; Office of the Comptroller of the Currency; Federal Reserve Board; data on business borrowers)
May 03, 1994; ... WASHINGTON -- As scrutiny of minority lending broadens beyond home mortgages, lawmakers and administration officials have asked the Federal Reserve to revise rules limiting the type of data that banks can collect. In recent weeks, Comptroller of the Currency Eugene A. Ludwig and ...
AT&T offers incentive to hike card balances. (credit cards)
May 03, 1994; ... Raising the stakes in the credit card wars, AT&T Universal Card Services unveiled an ambitious program to reward cardholders for carrying balances. The plan - an enhancement to AT&T's already formidable Universal card - awards points toward gifts on the basis of monthly ...
Flip side of compliance 'Burden' is chance to develop business. (Column)
May 03, 1994; ... Is compliance a burden or a challenge? The answer is: Yes. As in so many issues of the day, the cost of complying with regulatory requirements continues to escalate. It the pendulum has swung so far in one direction, isn't it time for a swing in the other direction? In the short ...
IRS rule may force some to alter forms for opening accounts.
May 03, 1994; ... WASHINGTON -- Banks and thrifts may need to alter account-opening forms as a result of new Internal Revenue Service instructions designed to avoid customer confusion. The IRS recently issued new instructions for banks and other companies on what information they may collect on ...
Green Point chief sees branching as the key to a healthy industry. (Thomas Johnson of Green Point Savings Bank) (Interview)
May 03, 1994; ... WASHINGTON- Thomas Johnson, chairman, president, and chief executive of Green Point Savings Bank and its new parent, GP Financial Corp., recently made headlines when the giant, Flushing, N. Y.based mutual thrift sold stock for the first time in a controversial deal. The American ...
Banc One, PNC still honing programs. (PNC Bank Corp.; investment product sales programs)
May 03, 1994; ... WASHINGTON -- Bane One Corp. and PNC Bank Corp. are widely seen as trailblazers in investment product sales, but executives say they are still working out the kinks in their programs. For example, Bane One recently discovered a gap in its plan to create four types of personal ...
Money fund assets off for week. (Brief Article)
May 03, 1994; ... Assets of retail money market mutual funds fell $3.12 billion, to $423.22 billion, in the week that ended April 26, the Investment Company Institute reported. It was the first decline in a month. Throughout the first part of April, retail investors had responded to volatility in ...
N.Y. lawyer fights the rising tide of cross-border fraud. (New York lawyer Robert F. Brodegaard of Thacher Profitt and Wood)
May 03, 1994; ... International financial fraud is growing and is likely to increase in the future. The reasons: rapid internationalization of banking, financial deregulation, and the entry of banks from developing countries into more sophisticated international capital markets, says Robert F. Brodegaard, a ...
Law firm sets up unit on bank mutual funds. (Arnold and Porter)
May 03, 1994; ... How's this for a sign of the times? A premier Washington law firm has ;et up a bank mutual funds practice. Arnold & Porter announced last week that it had appointed partner Melanie Fein to head the new practice. In all, 18 lawyers in Washington, Los Angeles, and New York are ...
Superregulator is an idea whose time has not yet come. (banking regulation) (Column)
May 03, 1994; ... This time, the cliche has a certain accuracy: It's deja vu all over again. And again and again. Reform of the banking system's confusing and duplicative regulatory structure is again being reviewed, with rationality the objective. Again, we will try to find a way to avoid ...
Insurance brokers and banks facing similar challenges in a global market. (Column)
May 03, 1994; ... As we prepare to enter the 21st century, the banking and insurance industries will be facing similar challenges. Both are seeing breathtaking changes in their business and have to prove to the world and especially to their customers that they are able to find new ways to serve in today's ...
Banc One down again on fears expansion drive may be stalled. (stock price)
May 03, 1994; ... Banc One's already lackluster stock has weakened again, as investors fret that the superregional is an unlikely buyer of other major banks this year. On Monday, Bane One's shares were down 75 cents to $32.35 at the close, a drop in value of 8.2% from the stock's most recent ...
Chemical, in 401(k) drive, to offer competitors' funds. (Chemical Banking Corp.)
May 03, 1994; ... Chemical Banking Corp. is going after 401 (k) plan business in a big way, and it is turning to mutual fund companies to help fuel the drive. To provide corporate clients with a broad selection of retirement-plan options, the New York bank will offer funds from rival companies ...
White House signaling agreement with the Fed on higher-rate strategy. (Federal Reserve Board)
May 03, 1994; ... WASHINGTON -- The cordial relationship between the Clinton administration and the Federal Reserve is still intact, despite recent moves by the Fed that some observers fear will slow the economic expansion for which the President is claiming credit. Mr. Clinton's topeconomic ...
ICM chief turns his sights to making loans in Mexico. (ICM Mortgage Corp., Jeffrey D. LeClair)
May 03, 1994; ... Jeffrey D. LeClair's mortgage company may be based in the Rocky Mountains, but these days his attention is aimed south of the border, at Mexico. The president of ICM Mortgage Corp. - the Greenwood Village, Colo., subsidiary of Pulte Home Corp. will soon join a cooperative that ...
ITT exec explains shift to syndication. (ITT Corp. Treasurer Ann Reese) (Interview)
May 03, 1994; ... As treasurer of lTT Corp., a big part of Ann Reese's job is managing the New York conglomerate| banking relationships. And as a former banker herself. Ms. Reese appreciates that relationship banking is a two-way street. "I believe the best relationship banking is something ...
Comptroller names Barton chief national bank examiner. (Comptroller of the Currency; Jimmy Barton) (Brief Article)
May 03, 1994; ... WASHINGTON -- Jimmy Barton is the new chief national bank examiner, replacing Don CoonIcy, who is moving to Kansas City as the deputy comptroller for the midwestern district. Mr. Barton has been deputy comptroller for multinational banking for three years, developing large-bank ...
Fed likely to keep announcing monetary policy changes. (Federal Reserve Board) (Brief Article)
May 03, 1994; ... WASHINGTON -- The Federal Reserve will likely announce future interest rate changes, Fed Governor John P. LaWare said last week. Asked in a CNBC 'interview on Friday if the Fed would continue to announce its monetary policy changes, Mr. LaWare said, "It is a little difficult to ...
Bank of China has 200-plus correspondent U.S. banks. (Brief Article)
May 03, 1994; ... Bank of China is developing correspondent banking relationships with U.S. banks in order to keep pace with growing trade and finance between the two countries. Bai Shizhen, director and general manager of the Bank of China, said her bank has so far established correspondent ...
Comerica buys Pacific Western. (Pacific Western Bancshares) (Brief Article)
May 03, 1994 ... DETROIT -- Comerica Inc. has completed the acquisition of Pacific Western Bancshares in San Jose, Calif., for approximately $124 million of Comerica common stock. The $1 billion-asset Pacific Western Bancshares is the parent company of Pacific Western Bank. The merger is ...
First Bank System acquires Boulevard. (Boulevard Bancorp Inc.) (Brief Article)
May 03, 1994 ... MINNEAPOLIS -- First Bank System Inc. said that it has completed its previously announced acquisition of Boulevard Bancorp of Chicago. The acquisition was approved by Boulevard shareholders at a meeting in Chicago. Boulevard Bancorp, a commercial bank holding company, ...
Citicorp expected to issue at least $150 million of preferred stock. (Brief Article)
May 03, 1994; ... Citicorp this week is expected to start marketing an issue of adjustable-rate preferred stock totaling at least $150 million. The issue, which capital market sources say is likely to be increased to more than $200 million, follows on the heels of a $227.5 million ARP offering by ...
Drop in refis casts pall over spring loan spree. (home refinancing) (Brief Article)
May 03, 1994; ... Ah, springtime. The flowers are in bloom, and for mortgage enders, the homebuying season is in full swing. But no matter how strong the spring home-purchase season is this year - and it is indeed robust - mortgage lenders are almost too preoccupied with the fossilizing refinance ...
Visa promotes a pair of systems professionals. (Visa International Inc.)
May 03, 1994; ... Fine-tuning its management structure for automation and payment systems, Visa Interuational has promoted William L. Chenevich and Scott J. Lodeshess to group executive vice president. Mr. Chenevich, 50, executive vice president for delivery systems since early this year, was ...
MasterCard launches address-verification system. (MasterCard International Inc. introduces Address Information Management system) (Brief Article)
May 03, 1994; ... MasterCard International is targeting the mail-order and telephone-order industry with a new address-verification service introduced last week. Address Information Management is designed to verify the legitimacy of any address in the country and to reduce the merchant's burden ...
MasterCard offers travel agents advice on thwarting card fraud. (MasterCard International Inc.)
May 03, 1994; ... MasterCard International is arming travel agents with information they can use to prevent credit card fraud. In a 1992 survey, the New York-based association discovered that travel agents are increasingly concerned about fraud, and they do not receive proper training in how to ...
Shawmut National signs up with AT&T for upgrade of phone banking system. (Brief Article)
May 03, 1994; ... Shawmut National Corp. has signed a $20 million agreement with American Telephone and Telegraph Co. to revamp its telephone banking services. The northeastern money-center will use AT&T to upgrade the inbound phone center - originally created in the mid- 1980s and build a new ...
Clearing house group cuts capital requirements. (National Clearinghouse Association reduces its membership capital requirements)
May 03, 1994; ... The National Clearinghouse Association has lowered its membership capital requirements, setting the stage for further expansion. On April 11, the Federal Reserve Board approved the association's application to cut the Tier 1 capital requirement for members in half, to $50 ...
SourceOne using image system from GTE to speed approvals. (SourceOne Financial Services Inc., GTE Corp. GTE Vantage Solutions)
May 03, 1994; ... SourceOne Financial Services Inc., a Herndon, Va.-based organization that delivers financial services to consumers, is using an image loan-processing system to improve customer service and loan-processing efficiency for banks and other loanproviding organizations. Developed by ...
Financial firm sales buoy software maker. (American Management Systems) (Brief Article)
May 03, 1994; ... Software developer American Management Systems last week announced higher first-quarter earnings and revenues, largely due to higher sales to financial firms, company officials said. ...