American Banker back issues from August 1994:
Rush to repurchase stock may complicate mergers. (bank mergers)
Aug 01, 1994; ... The wave of stock repurchases washing across the banking industry may cleanse some balance sheets of excess capital, but it could also complicate potential consolidation efforts. Wells Fargo & Co. and National City Corp., both of which announced large stock repurchase programs ...
Credit card competition is worrying Wall Street.
Aug 01, 1994; ... Prudential Downgrades First Chicago to 'Hold' First Chicago Corp. shares were downgraded Friday by Prudential Securities Inc. in a sign of Wall Street wariness about the high-growth credit card sector of the banking industry. George M. Salem, Prudential's banking ...
Clintons got Whitewater warning from RTC source, D'Amato charges. (Resolution Trust Corp., Alfonse D'Amato) (Brief Article)
Aug 01, 1994; ... WASHINGTON -- President and Mrs. Clinton were given crucial advance warning that regulators were running out of time to sue them in connection with the failure of Madison Guaranty Savings and Loan, a Republican lawmaker charged. As the Senate Banking Committee kicked off its ...
Firstfed Financial lost $26M in quarter; Calif. realty, earthquake blamed. (Brief Article)
Aug 01, 1994; ... SAN FRANCISCO -- Faced with continuing credit woes, Firstfed Financial Corp., Santa Monica, Cal., reported a second-quarter loss of $25.6 million, or $2.42 per share, compared with an $8.3 million profit for the comparable period last year. For the first six months of 1994, ...
NationsBank said target of lawsuit over sales practices at brokerage unit. (NationsSecurities) (Brief Article)
Aug 01, 1994; ... NationsBank Corp. of Charlotte, N.C., is being sued for deceptive sales tactics by three former brokers from its NationsSecurities affiliate. the Washington Post reported Friday. The suit seeks millions of dollars in damages for the brokers, who claim they were forced out of ...
$50M from 1st Interstate for affordable mortgages. (Brief Article)
Aug 01, 1994 ... LOS ANGELES -- First Interstate Bank of California said it has established a $50 million portfolio to fund for mortgage loans to low- to moderate-income borrowers. The program is part of the First Interstate Bancorp unit's commitment to lend and invest at ...
J.P. Morgan reestablishing itself in China; plans commercial, investment operations.
Aug 01, 1994; ... J.P. Morgan & Co., once a major underwriter of Chinese bonds, is rebuilding its presence in China after a 45-year absence. John D. Langlois, Jr., Morgan's Hong Kong-based managing director, said Morgan is expanding commercial as well as investment banking operations in China, ...
Olson update designed for portfolio analysis. (Olson Research Associates Inc.)(Management Strategies) (Brief Article)
Aug 01, 1994 ... Olson Research Associates Inc., which provides asset/liability management systems, released a new version of its financial planning model, designed to help bankers perform detailed portfolio analysis. Version 5.1 integrates new forecasting, analysis, and reporting issues created ...
ACH package runs on Windows, DOS. (American Development Inc.)(Management Strategies) (Brief Article)
Aug 01, 1994 ... American Development Inc., a Cookeville, Tenn.-based business specializing in development, training, and consulting for both hardware and software systems, released a PC-based automated clearing house package that is compatible on both Windows and DOS. For $99, Autodraft gives ...
United Mo CEO does it his way. (United Missouri Bancshares CEO R. Crosby Kemper) (Company Profile)
Aug 01, 1994; ... Critics say R. Crosby Kemper's egocentric management style is at least partly responsible for United Missouri's inertia. Mr. Kemper is unfazed. KANSAS CITY, Mo. -- Presiding at an annual meeting two decades ago, R. Crosby Kemper proudly told stockholders how good the previous ...
AT&T fax device protects privacy. (Surity 3700)(Management Strategies) (Brief Article)
Aug 01, 1994 ... A security device from AT&T, the Surity 3700, connects to standard fax machines and provides digital encryption to protect fax privacy. Encryption is performed automatically when transmitting to other machines with Surity fax devices. The device lets users set up a closed ...
Fair, Isaac offers credit scoring tool. (Management Strategies) (Brief Article)
Aug 01, 1994 ... Lenders will soon be able to develop and automate systems designed to manage credit decision-making with Fair, Isaac & Co.'s newest release, Application ScoreWare software. The system helps set lending decision criteria for cross-selling, pricing, credit limit assignment, dealer reserve ...
Remote system for paying bills. (released by Arkansas Systems Inc.)(Management Strategies) (Brief Article)
Aug 01, 1994 ... Arkansas Systems Inc., Little Rock, released a system that allows a bank's customers to pay bills, perform other banking transactions, and make inquiries via touch-tone telephone, personal computer, or automated teller machine. It can be set up to pay a customer's bills automatically each ...
ABA: banks will drop charters for annuities; files appeal of Supreme Court decision on insurance powers. (American Bankers Association)
Aug 01, 1994; ... Files Appeal of Supreme Court Decision on Insurance Powers More national banks will relinquish their federal charters for state ones if they are not allowed to enter the annuities market, the American Bankers Association said in a brief filed Friday with the Supreme Court. ...
Tool for gauging a rival's growth. (offered by Bauer Financial Reports)(Management Strategies) (Brief Article)
Aug 01, 1994 ... Bauer Financial Reports Inc. of Coral Gables, Fla., is offering a report that compares an institution's present performance to selected previous periods. The report can be used to measure a competitor's performance to assess its growth and profitability. The company reconstructs ...
Vermont Financial's turning things around on its own terms. (Vermont Financial Services Corp.,)(Management Strategies)
Aug 01, 1994; ... THE ONCE-GLOOMY picture at Vermont Financial Services Corp. has brightened enough that John D. Hashagen Jr. can chuckle about his early days as president and chief executive. "The month after I took over as CEO of the holding company is when our nonperformers started to go up ....
Cole Taylor Bank gets data act together. (Management Strategies)
Aug 01, 1994; ... FOR YEARS, bankers have been investing a considerable chunk of their technology dollars in computer systems that help process information and transactions. The faster a computer can process checks or loan payments, for example, the better. But the disparate systems that have emerged from ...
Chemical's solution fort fast client feedback: phone surveys. (Chemical Banking Corp.)(Management Strategies)
Aug 01, 1994; ... WHEN CHEMICAL Banking Corp. wants to know how it is doing with its customers, it picks up the telephone and asks. The New York-based banking giant realized that the conventional method of correspondent surveying for customer feedback was not the best way to find out how it was ...
SunTrust unit puts student loan processing in the express lane. (Third National Bank)(Management Strategies)
Aug 01, 1994; ... AS IT TRAVELS THE information superhighway, Nashville's Third National Bank is making a local stop - at Belmont University. The subsidiary of Atlanta's SunTrust Banks Inc. is using electronic data interchange to process student loan payments and related loan information. ...
What bank technology jobs are most likely to exhibit high growth over the next few years? (Management Strategies)
Aug 01, 1994; ... WHAT I'VE SEEN IS, NUMBER ONE, A shift into project management responsibilities. The second change I've seen is the use of many different platforms to solve a user requirement. I'm speaking about the client-server environment. Client-server brings a whole new level of ...
Feature/functionality: an ever-advancing frontier at banks. (Executive View)(Management Strategies)
Aug 01, 1994; ... FEATURE/FUNCTION is one of the most underappreciated, yet critical, subjects in all of banking technology. The words themselves are innocuous enough. "Features" are those attributes of banking application software that serve the needs of the business. For example, the ability of ...
Software enables Fourth Financial to keep up with its takeover pace. (Management Strategies)
Aug 01, 1994; ... OVER THE LAST few years Fourth Financial Corp. has been on a shopping spree that makes even the most acquisitive banks seem downright timid. Since 1990, the Wichita, Kan.-based banking company has purchased between 10 and 12 institutions a year. Currently, the ...
Sanchez enrolls banks in Hungary and Portugal. (Sanchez Computer Associates Inc.)(Management Strategies) (Brief Article)
Aug 01, 1994 ... Banks in Hungary and Portugal purchased software and services valued at more than $10 million each from Sanchez Computer Associates Inc., Malvern, Pa. Hungary's Magyar Hitel Bank will be converting to Sanchez's Profile banking and financial management system over the next 18 ...
Kredietbank get optical fiche tool. (Management Strategies) (Brief Article)
Aug 01, 1994 ... Kredietbank has signed a contract with International Financial Systems Ltd. for the Optical Fiche and Image System. The Brussels-based bank, with $73.5 billion in assets, will install the system in its New York City office. The system is a Windows-based application ...
Innovative lands 2 pacts in UK. (Innovative Systems Inc.)(Management Strategies) (Brief Article)
Aug 01, 1994 ... Innovative Systems Inc., a Pittsburgh firm that provides marketing and sales information systems, won two contracts in the United Kingdom for customer information systems. The Bradford & Bingley Building Society, the largest thrift in the United Kingdom, ordered software and ...
Illinois bank switching to Bisys. (Bank of Lyons, Bisys Group Inc.) (Management Strategies) (Brief Article)
Aug 01, 1994 ... Bank of Lyons in Illinois will convert its teller system to one offered by Bisys Group Inc. The package includes personal computers to access on-line information, including electronically stored signatures, and an ...
Systematics wins Barclays contract. (Systematics Financial Services Inc., Barclays Bank PLC)(Management Strategies) (Brief Article)
Aug 01, 1994 ... Barclays Bank PLC selected Systematics Financial Services Inc. to provide software and services for centralizing loan operations. Barclays, with $250 billion of assets, operates 2,000 branches in ...
CoreStates revamps its branch system after acquisition. (CoreStates Financial Corp.) (Brief Article)
Aug 02, 1994; ... PHILADELPHIA -- CoreStates Financial Corp, said Monday it will reorganize its branch system in two Pennsylvania counties and close 13 branch offices. The consolidation is a result of CoreStates recent acquisition of Independence Bancorp. Four CoreStates First ...
Kansas City banks taking Boatmen's plans in stride. (Boatmen's First National Bank plans to focus on small business loans) (Brief Article)
Aug 02, 1994; ... Boatmen's First National Bank of Kansas City doesn't scare community bankers with its plan to target small-business lending - but it may make them hustle a little more. "It's like anything else - when you're in a race with somebody and they start running faster, you start ...
American Residential surges on rumors of bidding war. (American Residential Mortgage merger talks) (Brief Article)
Aug 02, 1994; ... Merger speculation pushed American Residential Mortgage to a 52-week high at the close last Friday, reaching $24.75, up $1.25 for the week. It has been widely rumored in the industry that the La Jolla, Calif.-based mortgage lender has attracted bids from several major ...
Taxable assets fuel money market gains. (money market mutual funds) (Brief Article)
Aug 02, 1994; ... Assets of money market mutual funds grew 0.16%, to $594.65 billion, in the week that ended July 27, the Investment Company Institute reported. The increase, from $593.71 billion the previous week, was concentrated in taxable funds for both retail and institutional investors. ...
Diversified unit in Dassault deal. (Transaction Network Plus Inc., Dassault Electronique Inc.) (Brief Article)
Aug 02, 1994; ... Transaction Network Plus Inc., the New York-based card processing unit of Diversifted Investors Corp., has agreed to develop software for Dassault Electronique Inc.'s hand-held point of sale terminal. Dassault is the American arm of French-based Dassault Automatismes et ...
Sweden's Ikea takes Maestro at its furniture stores in U.S. (Mastercard's on-line debit card) (Brief Article)
Aug 02, 1994; ... Ikea, the Swedish home-furnishings retailer, has begun accepting MasterCard International's on-line debit card, known as Maestro. Debit cards, which act like electronic checks, have been accepted mainly by retailers whose businesses are based on small, dollar purchases. ...
Economist says credit demand may spur rates higher this year. (Kevin Logan) (Brief Article)
Aug 02, 1994 ... NEW YORK -- Demand for credit has picked up markedly since the end of 1993 and has contributed to this year's rise in interest rates, Kevin Logan, chief U.S. economist for Swiss Bank Corp., said in the Standard & Poor's Corp. publication Credit Week. Mr. Logan said the aggregate ...
Crossland pulling plug on brokerage; move reverses trend - regulation cited. (Crossland Federal Savings Bank closing Crossland Investor Services)
Aug 02, 1994; ... Weary of increased regulations, Crossland Federal Savings Bank is preparing to shutter its retail brokerage unit, executives at the thrift say. Crossland Investor Services is expected to cease operations by late fall, a staff member said. The $4.5 billion-asset thrift, based in ...
Multifamily loans at risk from L.A. quake.
Aug 02, 1994; ... Community thrifts in Los Angeles, already hurting from the downturn in realty prices over the last three years, could face aftershocks in their multifamily portfolios from the Northridge earthquake in January. The reason? Owners of multi-family properties, the hardest hit in the ...
BB&T, Southern Natl. in $2.2 billion merger. (BB&T Financial Corp., Southern National Corp.)
Aug 02, 1994; ... Citing the need to prepare for the interstate branching era, the fourth- and sixth-largest banking companies in North Carolina announced a $2.2 billion merger agreement on Monday. When combined, the two companies - BB&T Financial Corp. and Southern National Corp. - will have ...
Firstar buying Chicago's First Colonial in stock swap worth $314 million. (First Colonial Bankshares)
Aug 02, 1994; ... CHICAGO -- Firstar Corp. of Milwaukee said Monday that it has agreed to acquire First Colonial Bankshares of Chicago in a stock deal valued at $314 million. With $1.8 billion of assets and 30 branches in metropolitan Chicago, First Colonial will more than double the size of ...
1st Union of N.C. acquires BancFlorida. (BancFlorida Financial Corp.) (Brief Article)
Aug 02, 1994 ... JACKSONVILLE, Fla. -- First Union Corp. said it has acquired BancFlorida Financial Corp., the parent of BancFlorida, a thrift based in Naples. North Carolina-based First Union announced the agreement to acquire $1.6 billion-asset BancFlorida on Jan. 17 ....
Pa.'s Fulton Financial buys Maryland bank. (Mid-Atlantic Bankcorp) (Brief Article)
Aug 02, 1994 ... LANCASTER, Pa. -- Fulton Financial Corp. said it has completed the acquisition of Mid-Atlantic Bankcorp of Hagerstown, Md., for about $69 million in stock. Mid-Atlantic shareholders will receive 2.06 shares of Fulton Financial common stock for ...
Wells leads $75M credit for Tennessee REIT. (Wells Fargo Real Estate Group; CBL & Associates Properties Inc. real estate investment trust) (Brief Article)
Aug 02, 1994 ... CHATTANOOGA, Tenn. -- CBL & Associates Properties Inc., a real estate investment trust, said it has completed a $75 million credit facility led by Wells Fargo Real Estate Group. Also in the group are First Bank System and NationsBank. CBL closed a $15 ...
Hibernia completes 2 deals in Louisiana. (mergers with First Bancorp of Louisiana and First Continental Bancshares) (Brief Article)
Aug 02, 1994 ... NEW ORLEANS -- Hibernia Corp. said its mergers with First Bancorp of Louisiana and First Continental Bancshares became effective Monday. First Bancorp is a $22,5 million-asset, two-bank holding company based in west Monroe. It extends Hibernia's coverage to two additional ...
LaSalle extends perfume chain's credit line. (LaSalle National Bank; Perfumania Inc.) (Brief Article)
Aug 02, 1994 ... MIAMI -- Perfumania Inc. said LaSalle National Bank has agreed to extend its $20 million line of credit through April 1996. The line of credit, which was to expire last weekend, is secured by all of Perfumania's assets and is subject to certain ...
U.S. Electricar establishes financing unit. (Electricar Credit Corp.) (Brief Article)
Aug 02, 1994 ... SANTA ROSA, Calif. -- U.S., Electricar, a producer of electric vehicles, said it has formed a finance company, Electricar Credit Corp. The subsidiary will provide four categories of financing: sedans and light pickup trucks to utilities, governments and businesses; buses to ...
ABA weighs in against Pa. ban on interstate late card fees. (American Bankers Association; Pennsylvania's ban on late credit card payment fees) (Brief Article)
Aug 02, 1994; ... WASHINGTON -- The American Bankers Association urged a federal appeals court Monday to uphold a decision permitting banks to "export" late fees, even to customers in states that don't permit such charges. Failure to do so could destroy credit competition and hamper the ...
Home loan system adds 95 members, to total 4,878. (Federal Home Loan Bank System) (Brief Article)
Aug 02, 1994; ... WASHINGTON -- The Federal Home Loan Bank System gained 95 new members in June, boosting membership to 4.878 banks. thrifts. credit unions. and insurance companies. Although the system has traditionally been dominated by thrifts, commercial banks now account for 55% of its ...
Corrections. (to July 21, 1994, article on Putnam Investments understating growth of Fidelity Investments' Advisor Funds; and to July 28, 1994, article on State Street Bank and Trust Co. misnaming its customer, Southeastern Asset Management Inc.) (Correction Notice)
Aug 02, 1994 ... A July 21 article about Putnam Investments' experimenting with a new commission structure understated the growth of rival Fidelity Investments' Advisor Funds. Their assets increased 145% in the 12 months through ...
Why National Penn trades at three times book. (National Penn Bancshares) (Company Profile)
Aug 02, 1994; ... Can a bank trade at over three times book for three years running? National Penn Bancshares of Boyertown, Pa., can. When I first asked president Larry Jilk where the stock is trading and heard it was over 3 1/2 times book, I ascribed this to a built-in acquisition premium ....
Sanwa California bets on home equity lines.
Aug 02, 1994; ... California's home equity loan market just got a little hotter after a bid from the state's fifth-largest bank to grab consumer interest with rock-bottom rates. San Francisco's Sanwa Bank California has seen higher interest rates pull the rug out from under many bank loan ...
Settlement Act fades as market takes over. (Real Estate Settlement Procedures Act)
Aug 02, 1994; ... For the last seven or eight years, the trade associations for mortgage bankers and real estate brokers have spent an inordinate amount of money trying to get the upper hand in the area of mortgage loan originations. Instead of being played out in the marketplace, this battle has been ...
Signature's hub-and-spoke plan approved in U.K. (Signature Financial Group, mutual fund distribution)
Aug 02, 1994; ... Signature Financial Group is claiming its first success in a campaign to get regulators to approve its distinctive approach to mutual fund distribution in Europe. Last week, the Boston-based company said regulators in the United Kingdom have approved its plan to distribute ...
Pulse forms subsidiary to fight check fraud. (Pulse EFT Association)
Aug 02, 1994; ... The Pulse EFT Association, the largest regional automated teller machine network in the Southwest, has formed a subsidiary dedicated to preventing check fraud against member institutions. The for-profit unit, Pulse Chek Service Corp., will monitor a checking account data base ...
Bisys branches out to offer electronic home banking.
Aug 02, 1994; ... Looking to diversify its services and take advantage of the current home banking craze, Bisys Inc. has begun to offer electronic banking services to its customers. The fast-growing, Houston-based outsourcing company has already signed on more than 20 banks for its home banking ...
Depository Trust Co. (election of William F. Jaenike as chairman and chief executive) (Brief Article)
Aug 02, 1994 ... DEPOSITORY TRUST CO., New York, elected William F. Jaenike chairman of the board and chief executive. He succeeds William T. Dentzer Jr., who is retiring. Mr. Jaenike, 56, is currently president and chief operating officer of the company. ...
Citi, Credit Suisse in $1.4B pact with Borden. (Citibank) (Brief Article)
Aug 02, 1994 ... COLUMBUS, Ohio -- Borden Inc. said it has obtained a commitment from Citibank and Credit Suisse for a $1.4 billion, 2 1/2-year credit facility. The commitment is subject to customary conditions before closing, Borden said. The amount will be underwritten in ...
IBM to create imaging system for B of A check processing. (Bank of America)
Aug 02, 1994; ... Bank of America is expected to sign a multimillion-dollar contract this week with International Business Machines Corp. to install and implement an imaging system for its check processing operations. The decision by the lead subsidiary of San Francisco-based BankAmerica Corp. is ...
First Boston seen as credible threat to banks' leveraged-lending business. (CS First Boston Corp.)
Aug 02, 1994; ... Insiders at Bankers Trust New York Corp. made no effort to conceal their disappointment earlier this year when Mark Patterson, a key executive, bolted for the investment banking firm CS First Boston Corp. As head of U.S. debt finance, Mr. Patterson was credited with building ...
Chemical, Mellon to merge their stock transfer units. (Chemical Banking Corp., Mellon Bank Corp.)
Aug 03, 1994; ... Chemical Banking Corp. and Mellon Bank Corp., two of the biggest providers of stock transfer and related services to publicly held companies, said Tuesday they are forming a joint venture. Industry experts said it was the first time major competitors in that highly concentrated ...
ABA ag chief on rural development: can we talk instead of legislating? (American Bankers Association's agricultural bankers division chief Jeff Plagge) (Interview)
Aug 03, 1994 ... Though Iowa banker Jeff Plagge opposes legislation that would expand the scope of the Farm Credit System, he says the issue has prompted much-needed discussion on rural development for community bankers. The chairman of the American Bankers Association's agricultural bankers ...
NationsBank faces heat on referrals to brokerage; branch staff allegedly got improper bonuses.
Aug 03, 1994; ... Branch Staff Allegedly Got Improper Bonuses NationsBank Corp. has come under fire for an alleged practice, said to have been abandoned in January, of paying hefty cash bonuses to branch employees who referred business to its brokerage affiliate. Two pending lawsuits ...
Fannie-Freddie volume battle a standoff in second quarter. (Federal National Mortgage Association, Federal Home Loan Mortgage Corp., 1994) (Brief Article)
Aug 03, 1994; ... WASHINGTON -- Fannie Mac and Freddie Mac engaged in a spirited battle for business in the second quarter even as their total volume shrank by a third. The outcome was a draw, with each agency cornering about the same market share as it did in the first quarter. But the struggle ...
B of A unit keys ARM to average treasury rate. (BA Mortgage, adjustable-rate mortgage) (Brief Article)
Aug 03, 1994 ... BLOOMINGTON, Minn. -- BA Mortgage, a new division of Bank of America, has introduced a six-month adjustable-rate mortgage keyed to a 12-month average of short-term Treasury securities. Arthur D. Ringwald, an executive vice president who heads the bank's residential group, said ...
Chase plans to test parallel processing for card marketing. (Chase Manhattan Corp.)
Aug 03, 1994; ... Chase Manhattan Corp, has joined the first wave of banks to buy advanced "massively parallel" computers to mine huge data bases. Such systems allow large numbers of microprocessors to work together, sharing pools of computer memory while operating independently. ...
GE raises $350M for realty partnership. (GE Investments, GE Investment Realty Partners III) (Brief Article)
Aug 03, 1994 ... STAMFORD, Conn. -- GE Investments said it has raised $350 million to form its third real estate closed-end limited partnership with 11 institutional investors. The fund, GE Investment Realty Partners III, will seek out North American equity investments in office,. industrial, ...
B of A leads $185M Ferrellgas financing. (Bank of America) (Brief Article)
Aug 03, 1994 ... LOS ANGELES -- Bank of America said it led a $185 million financing for Ferrellgas LP, the nation's third-largest propane distributor. The financing is structured in two tranches - a $100 million revolving credit to provide working capital, and a three-year revolving credit that ...