American Banker back issues from November 1994:
The election season gives banks a mini-boom in campaign loans.
Nov 01, 1994; ... WASHINGTON -- When his poll numbers were looking down, Sen. Edward M. Kennedy turned to Bank of Boston. And the bank was only too happy to help. The Massachusetts Democrat pledged his $6 million McLean, Va., home as collateral and Bank of Boston advanced him $2 million. Sen ....
Gonzalez puts thrift fund rescue on front burner. (House Banking Committee Chairman Henry B. Gonzalez)
Nov 01, 1994; ... WASHINGTON -- House Banking Committee Chairman Henry B. Gonzalez has outlined six ways to rescue the Savings Association Insurance Fund -- including a merger with the Bank Insurance Fund. In a memo last week to the committee's 50 other members, the Texas Democrat indicated that ...
ABA hires Skadden Arps to study U.S. enforcement of fair lending. (American Bankers Association retains law firm of Skadden, Arps, Slate, Meagher and Flom for advice on government interpretations of the Equal Credit Opportunity Act and the Fair Housing Act) (Brief Article)
Nov 01, 1994; ... WASHINGTON -- The American Bankers Association hired one of the country's top law firms Monday to investigate the government's fair-lending enforcement efforts. Lawyers at Skadden, Arps, Slate, Meagher & Flom will advise the ABA on whether government is properly interpreting the ...
RTC wins one, loses one in Whitewater probe. (federal court upholds Resolution Trust Corp subpoena issued for Madison Guaranty Savings and Loan's James B. McDougal, dismisses similar subpoena against Arkansas Governor Jim Guy Tucker) (Brief Article)
Nov 01, 1994 ... WASHINGTON -- A federal court has upheld one subpoena issued by the Resolution Trust Corp. as part of its Whitewater investigation, but dismissed another. U.S. District Court Judge Harold H. Greene last Friday ordered James B. McDougal, head of the failed Madison Guaranty ...
FDIC Chairman Tigert names Woolley as deputy for policy. (Federal Deposit Insurance Corp. Chairman Ricki R. Tigert appoints Leslie Woolley as Tigert's policy deputy) (Brief Article)
Nov 01, 1994; ... Forming her new team at the Federal Deposit Insurance Corp., chairman Ricki R. Tigert has hired Leslie Woolley as her deputy for policy. Ms. Woolley has been Sen. Bob Graham's legislative director since 1987. In addition, Ms. Woolley's resume includes stints at Chemical Bank ...
Fed's new deadlines expected to speed regulatory process. (Federal Reserve Board)
Nov 01, 1994; ... WASHINGTON -- The Federal Reserve Board is promising faster service under new regulatory approval deadlines required by Congress. The central bank last week shortened the time it takes to set up a bank holding company, gain approval for new activities, and clear antitrust ...
OTS bans ex-chief of failed N.Y. S&L. (Office of Thrift Supervision banned former Yorkville Federal Savings and Loan Association Chairman Warren H. Young from participating in the banking industry) (Brief Article)
Nov 01, 1994; ... WASHINGTON -- The former chairman of a failed New York thrift has been banned from the banking industry, the Office of Thrift Supervision said Monday. Warren H. Young, once chairman of Yorkville Federal Savings and Loan Association, Bronx, N.Y., consented to an OTS order to ...
Republic spreads its wings: after decades of staying close to home in New York, Republic New York Corp. is expanding across the U.S. and into foreign markets.
Nov 01, 1994; ... Breaking with a decades-old policy of sticking to its own Big Apple backyard, Republic New York Corp. is expanding across the United States and abroad. [CHART OMITTED] "We're looking at acquisitions in California and Florida, and we've let the investment bankers ...
Dime Chief's move took all by surprise. (Dime Bancorp Chairman Richard Parsons accepts offer to become president of Time Warner Inc.)
Nov 01, 1994; ... Although no one expected Dime Bancorp chairman Richard Parsons to remain long after the thrift's upcoming merger with Anchor Bancorp, analysts and bank executives agreed Monday his decision to jump ship for the presidency of Time Warner Inc. was a complete surprise. The move ...
Small-town strategy pays off for New York's CBSI. (Community Bank Systems Inc.) (Company Profile)
Nov 01, 1994; ... DEWITT, N.Y. -- To get to the newest and nearest branch of Community Bank Systems Inc. in Cato, the company's executives must wend their way for 40 miles through rolling countryside and past sprawling farms aglow with the brilliance of fall colors. In fact, to get to any of its ...
Security national in North Carolina posts $4M conversion-related loss. (Security Capital Bancorp) (Brief Article)
Nov 01, 1994; ... Security Capital Bancorp of Salisbury, N.C., lost $4 million in the quarter ended Sept. 30. The loss, which was expected, stemmed primarily from the recognition of deferred tax liabilities in the merger of its three savings bank subsidiaries into a commercial bank, said David B ....
Pa. thrift to pull out of real estate, hoping for commercial bank merger. (First Harrisburg Bancor) (Brief Article)
Nov 01, 1994; ... A Pennsylvania thrift holding company is exiting the real estate development business in anticipation of a in-state merger with a commercial bank, analysts say. First Harrisburg Bancor Inc. said it sold a 150-lot single-family home development, Greenwood Hills Land Development, ...
Carver Federal becomes a stock company. (Carver Federal Savings Bank) (Brief Article)
Nov 01, 1994 ... NEW YORK -- Carver Federal Savings Bank has completed its conversion from a mutual to a stock company, and began trading last week (Oct. 25) on the NASDAQ National Market System under the symbol CARV. The $308.5 million-assets Carver Federal Savings is the nation's largest ...
York Financial's third-quarter earnings flat. (1994) (Brief Article)
Nov 01, 1994 ... YORK, Pa. -- York Financial Corp. reported flat first-quarter earnings of $2 million compared to September 1993 earnings before accounting changes. The $881-million-asset parent of York Federal Savings and Loan Association earned $4.1 million for the September 1993 quarter after ...
Adjustable loans gaining with fixed rates on rise.
Nov 01, 1994; ... WASHINGTON --Consumers, seeking refuge from the rising cost of fixed-rate loans, are continuing their rapid shift to adjustable-rate mortages. ARMs represented 46% of the market in September, the highest in more than five years. What's more, the number appears to be headed ...
Private insurer stocks spotlighted as lower-income loans are focused. (Brief Article)
Nov 01, 1994; ... Given the increased focus on lending to people with low and moderate incomes, stocks of private mortgage insurance companies may be getting more attention. CMAC Mortgage is a case in point. Shares of the Philadelphia-based company surged 10% last week, closing Friday at $27.375, ...
Lenders vying for Columbia Alumni tie-in. (Columbia University Alumni Federation) (Brief Article)
Nov 01, 1994; ... In what could mark the return of brisk competition to the affinity lending business, participants have been engaging in frenzied bidding for a contract with the Columbia University Alumni Federation. The group will sign on a lender to make home loans to its members within a ...
Winsbury, bank fund division of Bisys, is given a new name. (Bisys Investment Services Group) (Brief Article)
Nov 01, 1994; ... Winsbury Cos., a leading distributer of bank mutual funds, has been given a new name: the fund services division of Bisys Investment Services Group. Bisys Group, a Little Falls, N.J. computer-services concern, purchased Winsbury last year. The newly rechristened ...
Boston Private Bancorp's income up. (Brief Article)
Nov 01, 1994; ... Boston Private Bancorp Inc. last week reported strong net income of $373,000, or seven cents a share, for the third quarter ending Sept. 30. This is a big jump from the corresponding period in 1993, when the company posted profits of $113,000, or four cents a share. The earnings ...
Bank fund sales imperative: target markets. (Column)
Nov 01, 1994; ... In the heyday of regulated markets and guaranteed interest spreads, bank marketing consisted of running a rate ad in the Sunday paper and waiting for new customers to walk in the door. Unfortunately, while advertising strategies are much more upscale, good sales programs seem to ...
Detroiters can get GM card rebate at Krogers. (General Motors credit card program, Kroger supermarkets)
Nov 01, 1994; ... GM MasterCard holders in Detroit will be able to earn an extra 1% rebate when they shop at Kroger Co. stores on top of the 5% they would otherwise earn. Last week, General Motors' credit card operation announced a yearlong test with Kroger, the nation's largest supermarket ...
Star Banc, Wells Fargo testing 911 'emergency buttons' at ATM sites.
Nov 01, 1994; ... In response to rising consumer fears of crime at automated teller machines, several financial institutions are testing 911 "emergency buttons" that enable customers to contact police while using an ATM. Top ATM Security FeaturesPercentage of consumers finding each ...
Ohio bank launches cards tied to area high schools. (Huntington National Bank)
Nov 01, 1994; ... Huntington National Bank has found another target group for its credit cards -- parents and supporters of local schools. The Columbus-based bank has targeted Visa cards to people affiliated with two Ohio school systems. While many card issuers have launched affinity ...
Europay introduces European debit card. (Europay International) (Brief Article)
Nov 01, 1994; ... Europay International said its German members have introduced "edc," the European debit card tied in with MasterCard International's Maestro program. With the edc logo added, 42 million German bank cards -- 36 million Eurocheque cards and six million domestic debit cards -- can ...
BankAmerica installing funds transfer system.
Nov 01, 1994; ... BankAmerica Corp. has signed contracts with Intranet Inc. and Digital Equipment Corp. to install a new funds transfer system. The San Francisco-based banking giant will be implementing Intranet's Money Transfer System, or MTS, a payment processing and communications system that ...
Reported Chase deal for U.S. Trust processing business typifies a trend. (Chase Manhattan)
Nov 01, 1994; ... Chase Manhattan Corp.'s anticipated acquisition of a securities processing business from U.S. Trust Corp., though still hearsay, typifies the dynamics of a market that is consolidating in parallel with banking services in general. The rumored deal -- which would give Chase the U.S. Trust ...
Citi to link buildings with fiber optics. (Citicorp)
Nov 01, 1994; ... To control costs and greatly improve communications network capabilities, Citicorp is deploying high-speed fiber optic technology to connect its key businesses in New York metropolitan buildings. The $254 billion-asset institution will use Sonet --Synchronous Optical Network -- ...
Hudson City Savings signs with outsourcer for check clearing. (Financial Services Inc. to supply check clearing services) (Brief Article)
Nov 01, 1994; ... Financial Services Inc., an outsourcing company in Glen Rock, N.J., has signed an agreement with Hudson City Savings Bank to supply check-clearing services. Based in Paramus, Hudson City Savings has $4.6 billion of assets. It is the largest mutual savings bank in New Jersey. ...
Better-rated clients' share of bank loans is growing. (Citibank Loan Index)
Nov 01, 1994; ... The portion of bank loans going to clients rated single-A or better has been on the rise, according to a new index. [CHART OMITTED] The percentage of bank loans to the better rated clientele surged to 51.0% from 40.6% in the last year, while loans to all other ...
B of A to lend $50M for a Dravo project. (Bank of America extends loan to Dravo Lime Co. to finance construction of production facility in Carntown, KY) (Brief Article)
Nov 01, 1994 ... CHICAGO -- Dravo Corp.'s Dravo Lime Co. said it has arranged for $50 million of project financing from Bank of America. Dravo said construction and term financing was committed by Prudential Power Funding Associates. The Bank of America financing will be used to ...
Swaps Group's chief moves on to bank job. (International Swaps and Derivatives Association interim-CEO Robert J. Schwartz moves to Republic New York Corp. as deputy treasurer) (Brief Article)
Nov 01, 1994 ... Robert J. Schwartz, who took over as interim head of the International Swaps and Derivatives Association in August after Frederick R. Medero resigned, has left the association to accept a position with Republic New York Corp. Mr. Schwartz, a former member of ISDA's board, ...
Chase expands loan to chemical firm. (Chase Manhattan Inc. completes syndication of $250 million loan to Great Lakes Chemical) (Brief Article)
Nov 01, 1994; ... Chase Manhattan has completed syndication for the financing of a $250 million loan to Great Lakes Chemical. The credit refinances a $190 million loan made earlier this year to the Indiana-based company. The specialty chemical manufacturer is getting a reduction in ...
Bank analyst leaves Lehman for Wellington Post. (former Lehman Brothers bank stock analysts Mark T. Lynch joins Wellington Management Co.) (Brief Article)
Nov 01, 1994; ... Mark T. Lynch, a Wall Street bank stock analyst for the past decade, is joining Wellington Management Co. today after resigning from Lehman Brothers, New York, according to market sources. Mr. Lynch, who could not be reached for comment Monday, is the second banking analyst in ...
1st Hawaiian gets media loan chief. (First Hawaiian Bank hires Barbara S. Tomber as manager of its Media Finance Division) (Brief Article)
Nov 01, 1994 ... First Hawaiian Bank, Honolulu, has named Barbara S. Tomber senior vice president and manager of the newly created Media Finance Division. Ms. Tomber will oversee the bank's lending to broadcasting, cable television, and publishing companies, focusing on business expansion plans ....
Derivatives skid over at trading banks? (Stocks) (Column)
Nov 01, 1994; ... The dark days could soon be over for the stocks of banks that trade heavily in derivatives, analysts predicted. [CHART OMITTED] Although third-quarter trading revenues were nowhere near the record levels of the year before, they were significantly improved from the ...
Lots at stake for industry in Congressional contests. (November 8, 1994, elections)
Nov 02, 1994; ... WASHINGTON -- The voters in Tennessee are getting ready to have their say, and their voices could speak volumes about the direction of Washington banking legislation. Democratic Sen. Jim Sasser, a senior member of the Senate Banking Committee, is locked in a tight race with ...
First Data acquiring control of 440 Financial: to be top administrator of bank-managed funds. (440 Financial Group)
Nov 02, 1994; ... To Be Top Administrator Of Bank-Managed Funds First Data Corp. has signed a letter of intent to buy a majority stake in a leading servicer of bank-managed mutual funds, industry sources said. The agreement, struck last week, calls for First Data's Shareholder ...
Thrift delays IPO as regulators probe alleged proxy fraud. (Flushing Savings Bank, initial public offering)
Nov 02, 1994; ... WASHINGTON -- Flushing Savings Bank has abandoned its bid to sell $71.5 million in stock as federal regulators investigate charges that the thrift manipulated depositor votes, according to individuals familiar with the deal. The $598 million-asset mutual announced today that it ...
Pizza exec among appointees to key positions at Fed Bank. (Godfather Pizza president Herman Cain to be chairman of Federal Reserve Bank, Kansas City) (Brief Article)
Nov 02, 1994; ... WASHINGTON -- The president of a chain of pizza restaurants, a power company executive, and a retired head of a health care organization were among six new faces to join the Federal Reserve System as chairman or deputy chairman of a reserve bank, the Fed announced last week. ...
OCC cuts may save banks $7M yearly. (Office of the Comptroller of the Currency to lower corporate fees) (Brief Article)
Nov 02, 1994; ... WASHINGTON --National banks stand to save $7 million annually because of lower corporate fees, the Office of the Comptroller of the Currency said Tuesday. "We are able to reduce regulatory costs to banks because the Comptroller's office is becoming more efficient as a bank ...
Activist demands Lindsey not vote on CRA overhaul. (Center for Community Change's Allen Fishbein, Lawrence Lindsey, Community Reinvestment Act reform) (Brief Article)
Nov 02, 1994; ... WASHINGTON -- Federal Reserve Board Governor Lawrence B. Lindsey should recuse himself from voting on Community Reinvestment Act reform because of his vocal opposition to parts of the proposal, a community activist said Tuesday. "We think it is inappropriate during a public ...
Student loans risky, trade group agrees. (Consumer Bankers Association) (Brief Article)
Nov 02, 1994; ... WASHINGTON -- Rush is right. At least, according to Fritz Elmendorf of the Consumer Bankers AssOciation. Mr. Elmendorf said Mr. Limbaugh was correct when he said banks that make student loans are incurring risk Mr. Limbaugh's accuracy was questioned recently when the ...
Gonzales urges governors to study derivatives use on the state level. (Henry B. Gonzalez, state governors) (Brief Article)
Nov 02, 1994; ... WASHINGTON -- House Banking Committee Chairman Henry B. Gonzalez is focusing. his concern over derivatives down to the state level. In a letter last week the Texas Democrat asked National Governors Association chairman Howard Dean, the governor of Vermont, to request that his ...
Missouri's Commerce buying Wichita-based Union Bancshares. (Commerce Bancshares) (Brief Article)
Nov 02, 1994; ... Expanding its presence in neighboring Kansas, Missouri-based Commerce Bancshares agreed Tuesday to buy $650 million-asset Union Bancshares for $86.6 million in cash. The price equals nearly 190% of Union's book value, or about 14 times the Wichita-based company's estimated 1994 ...
Big banks' interest margin lowest since early '92. (American Banker survey, third quarter 1994)
Nov 02, 1994; ... The average net interest margin for the top 25 bank holding companies hit its lowest point since March 1992 despite strong profits, a survey of third-quarter results compiled by the American Banker shows. Based on data supplied by SNL Securities, Charlottesville, Va., the survey ...
Barclays Bank PLC. (Bernard C. Grisby 2d named CEO Barclays de Zoete Wedd Securities Inc.) (Brief Article)
Nov 02, 1994 ... BARCLAYS BANK PLC, New York, said Bernard C. Grisby 2d had been named chief executive officer and managing director of Barclays de Zoete Wedd Securities Inc., the bank's primary dealer and U.S. Section 20 securities subsidiary. He succeeds Samuel R. Marrone, who was named ...
Advanta Corp. (Thomson Information/Publishing Group CEO Robert C. Hall elected to board) (Brief Article)
Nov 02, 1994 ... ADVANTA Corp. Horsham, Pa., said Robert C. Hall has been elected to the board of directors of the consumer financial services ...
BankAmerica Business Credit. (Chris A. Bowers named national sales manager, BankAmerica Corp. completes acquisition of Continental Bank Corp. September 1, 1994) (Brief Article)
Nov 02, 1994; ... BANKAMERICA Business Credit, San Diego, said Chris A. Bowers has joined the nationwide commercial finance company in the newly created post of executive vice president and national sales manager. He will be based in Chicago. Mr ....
Unhappy investor points finger at Great Western. (Robert Snider, Great Western Financial Corp.)
Nov 02, 1994; ... Robert Snider says his life is in shambles, and maintains that a leading California thrift bears some of the blame. Because of an accident on a loading dock 10 years ago, the 41-year-old Palo Alto, Calif., man says he had to have a plate put into his spine, is forced to walk ...
Rich business owners seen as hard sell for banks. (U.S. Trust Survey of Affluent Americans) (Brief Article)
Nov 02, 1994; ... Affluent business owners are a fertile source of new business for banks, but they are different from clients who inherited their wealth, according to a new study. The U.S. Trust Survey of Affluent Americans, released Monday by the United States Trust Company of New York, found ...
Collections restructuring seen as key to fewer American Express chargeoffs. (according to senior vice president Vijay Parekh) (Brief Article)
Nov 02, 1994; ... PHOENIX -- Chargeoffs have dropped by more than half since American Express Co. restructured its collections department, said Vijay Parekh, senior vice president, at a collections conference here. In his keynote address at Faulkner & Gray's Credit Card Collections conference ...
Funds transfer group hires a pair of pros. (Electronic Funds Transfer Association names Robert P. Barone as CEO, Wayne I. Boucher as president)
Nov 02, 1994; ... After seven months without a chief executive officer, the Electronic Funds Transfer Association has installed two people at the top with extensive industry experience. The association named Robert P. Barone, recently retired from Diebold Inc., as chairman and CEO; and Wayne I ....
Amex rolls out a card for business travelers. (American Express Co.'s Rewards Plus Gold Card)
Nov 02, 1994; ... American Express Co. has launched its first new charge card since 1984, when the upscale Platinum card debuted. The new product, called Rewards Plus Gold Card, initially will be offered to existing American Express cardholders. It is designed to attract frequent business ...
How another Houston banker took on the giants. (Walter Johnson, Southwest Bank of Texas) (Column)
Nov 02, 1994; ... Some time ago I wrote an article about Sterling Bank, a fine super community bank gaining ground in Houston through acquisitions and mergers. In return I received a challenging letter from Walter Johnson, the chief executive of Southwest Bank of Texas, who asked: "How come ...
Would-be sellers left gasping as prices ebb. (acquisition offers decline for community banks) (Brief Article)
Nov 02, 1994; ... Acquisition offers for community banks are settling down to price levels more consistent with their earnings, after months of unusually expensive deals, analysts say. "It's bringing back some measure of caution to the marketplace," said First Albany Corp. bank analyst Don J ....
Three Florida branches buy Carteret branches from the RTC. (Commercial Bank of Florida, Life Savings Bank, Hamilton Bank, Carteret Federal Savings Bank, Resolution Trust Corp.) (Brief Article)
Nov 02, 1994; ... Three Florida community banks have acquired nine branches of the failed Carteret Federal Savings Bank. The largest purchase, approved Friday by the Resolution Trust Corp., was made by the Miami-based Commercial Bank of Florida. It acquired five Carteret branches with $120 ...
Two Atlanta consulting firms join forces as LSI Partners Inc. (Bretton Woods Group Inc., Leadership Solutions Inc.) (Brief Article)
Nov 02, 1994; ... Two Atlanta-based bank consulting firms have merged to form LSI Partners Inc. Bretton Woods Group Inc. and Leadership Solutions Inc. recently tied the knot to meet the growing demands of community bankers. Atlanta-based LSI is headed up by Charles Hinely, a 25-year ...
Countrywide hotline aids Spanish-speaking buyers. (Countrywide Funding Corp.) (Brief Article)
Nov 02, 1994; ... Countrywide Funding Corp., Pasadena. Calif. has established a toll-free hotline for Spanish-speaking customers seeking home loans. Bilingual service representatives are available to field questions on interest rates, refinancing, down payment programs. and home counseling ...
Strategic of Calif. stays on acquisition trail. (Strategic Mortgage Services Inc. buys Credit Bureau Services) (Brief Article)
Nov 02, 1994; ... Strategic Mortgage Services Inc. already calls itself the nation's largest provider of services to the mortgage industry. It is determined to. grow even faster and has been using the acquisition route to help it along. The company, based in Costa Mesa. Calif., has just announced ...
Wholesalers buying home equity loans. (home mortgage banks buy from other creditors) (Brief Article)
Nov 02, 1994; ... Home mortgage banks are expanding further into the domain of commercial bankers.. Now they are purchasing home equity lines of credit from other originators. Countrywide Credit Industries began its wholesale operation for correspondent lenders on Tuesday. Household Financial ...
Argentbank employs EDS consumer-loan system. (Electronic Data Systems Corp.)
Nov 02, 1994; ... Argentbank, a community bank based in Thibodaux, La., has instituted an innovative approach to building an indirect-lending business. To cost-effectively develop and maintain an indirect auto loan financing program, the $543 million-asset bank has employed the expertise of a ...
Lamar Bank in Mississippi to use Kirchman's Dimension software. (new core processing system) (Brief Article)
Nov 02, 1994; ... Lamar Bank in Purvis, Miss., has selected a new core processing system. The Purvis, Miss.-based bank will be using Kirchman Corp.'s Dimension software running on an AT&T System 3000 computer, starting in March of next year. Lamar Bank is also the only community bank ...
Sumitomo, N.Y. firm in outsourcing pact. (Sumitomo Trust and Banking Corp., Telehouse International Corp. of America) (Brief Article)
Nov 02, 1994; ... Sumitomo Trust and Banking Corp. announced an outsourcing agreement with Telehouse International Corp. of America. The five-year contract calls for the Staten Island, N.Y.-based outsourcing firm to manage Sumitomo's electronic data-processing functions, including its payment and ...
Boston bank using client-server on trading floor. (Bank of Boston Corp.'s Unix-style operation)
Nov 02, 1994; ... Bank of Boston Corp. has revamped its trading floor operation in an effort to tie together disparate systems and provide customers with faster and more complete information. The wholesale banking giant spent $25 million to install a client-server system in its treasury ...
Montreal bank raises profile with U.S. listing. (Bank of Montreal listed on New York Stock Exchange) (Brief Article)
Nov 02, 1994; ... By DANIEL DUNAIEF Bank of Montreal last week became the first Canadian bank to list its stock on the New York Stock Exchange. The move underscores the bank's strategy of increasing its U.S. presence, and could result in greater disclosure to investors of financial ...