American Banker back issues from March 1995:
Wells to cut 450 jobs in pullout from mortgage originations. (Wells Fargo Bank) (Brief Article)
Mar 01, 1995; ... Reacting to rocky market conditions, Wells Fargo Bank is pulling out of mortgage originations and laying off 450 employees.The San Francisco-based bank joins a growing list of companies pulling out of entire sectors of the home-loan business. rates rising and consumer demand ...
Leach attacks Clinton plan for underwriting as too risky. (Jim Leach, securities underwriting)
Mar 01, 1995; ... WASHINGTON - House Banking Committee Chairman Jim Leach vowed an all-out fight Tuesday against an administration proposal to permit securities underwriting through bank subsidiaries.The Iowa Republican said he is pleased the White House wants to repeal the Glass-Steagall Act, but ...
D'Amato chides credit union regulator for Cap Corp mortgage securities mess. (Alfonse M. D'Amato, National Credit Union Administration, Capital Corporate Credit Union) (Brief Article)
Mar 01, 1995; ... WASHINGTON - The Senate Banking Committee chastised the National Credit Union Administration on Tuesday for lax oversight of Capital Corporate Credit Union, the liquidity center seized by the government Jan. 3 1.The hearing was not completed Monday, and will be continued March 8. ...
Banks' own bias tests could backfire despite Justice Department pledge. (fair-lending tests)
Mar 01, 1995; ... Self-testing for fair-lending violations could return to haunt banks, despite assurances to the contrary from Assistant Attorney General Deval L. Patrick.Mr. Patrick promised late last month that he would not punish bankers who use self-testing to uncover fair-lending problems. But ...
OCC may ease curbs on insiders who sell credit-life insurance. (Office of the Comptroller of the Currency) (Brief Article)
Mar 01, 1995; ... WASHINGTON - The Comptroller of the Currency wants to revise a restriction prohibiting bank insiders from personally profiting from credit-life insurance sales.Ford Barrett, assistant director of litigation al the Comptroller's office, told attendees at the Financial Institutions ...
Administration considers secondary market for energy loans to spread banks' risks. (Department of Energy plan) (Brief Article)
Mar 01, 1995; ... WASHNGTON - A proposal under consideration by the administration to create a secondary market for energy loans could allow banks to breathe easier when lending to petroleum product producers.The Department of Energy is mulling over the creation of a "Petroleum Development ...
Fleet-Shawmut deal turns up the heat on BayBanks, Inc. (merger between Fleet Financial Group Inc. and Shawmut National Corp. increases competition for BayBanks, Inc.) (Brief Article)
Mar 01, 1995; ... BayBanks Inc., a major player in the Boston-area retail banking market, has always competed more with Fleet and Shawmut banks than with Bank of Boston, and the competition just got stiffer with the planned Fleet-Shawmut merger."BayBanks is known for having an ATM on every corner," ...
Bank of Boston, in shadow of big merger, issues a declaration of independence. (merger between Fleet Financial Group Inc. and Shawmut National Corp.) (Brief Article)
Mar 01, 1995 ... BOSTON - Bank of Boston Corp., overshadowed by last week's merger announcement involving New England competitors Fleet Financial Group and Shawmut National Corp., vowed to remain independent.The $3.7 billion merger will create an asset base under the Fleet banner of $81 billion, ...
BankAmerica 2d U.S. bank with Hanoi office. (Brief Article)
Mar 01, 1995 ... HANOI - BankAmerica Corp. has opened a branch in Hanoi, becoming the second U.S. bank to have a a full-fledged business office in the Vietnamese capital.BankAmerica said the new branch will be managed by Luu Le a vice president who heads the bank's Indochina representative office ....
Star opening a 7-day branch near Dayton. (Star Bank; Dayton, Ohio) (Brief Article)
Mar 01, 1995 ... DAYTON - Star Bank said it has opened a branch office m the Dayton metropolitan area that will be open to the public seven days a weekThe branch will be located in Beavercreek, Ohio.It will be open from 9 ...
Natwest opens lead branch in New York. (National Westminster Bank USA) (Brief Article)
Mar 01, 1995 ... NEW YORK - National Westminster Bank USA said it opened a flagship branch office on Park Avenue in Manhattan.The subsidiary of National Westminster Bancorp said it is leasing 8,000 square feet of space at Park Avenue and 51st Street. The branch houses ...
Heller Bank forms joint venture in Poland. (V.B. Heller Bank; venture includes Bank Handlowy w Warszawie and the International Finance Corp.) (Brief Article)
Mar 01, 1995 ... CHICAGO - Heller International Group said its V.B. Heller Bank has formed a joint venture to provide receivables management and factoring to Polish businesses.The venture, called ...
Midwest. (Federal Reserve Bank of Cleveland appoints two executives to the board of its Pittsburgh, PA, office) (Brief Article)
Mar 01, 1995; ... The Federal Reserve Bank of Cleveland appointed Thomas J. O'Shane, president and chief executive of First Western Bancorp, New Castle, ...
Florida regulator is aiming to be last one who's elected. (Robert F. Milligan prefers that bank regulators be appointed) (Brief Article)
Mar 01, 1995; ... Robert F. Milligan, Florida's newly elected bank regulator, has taken a step toward making on a campaign promise: to try to turn the job into an appointive one.The former Marine Corps general, who campaigned as a reformer and defeated incumbent Gerald Lewis last fall, appointed a ...
CEO quits at New York Bancorp unit month after deal that almost fell through. (Gerald E. Lundgren, former CEO of Home Federal Savings Group) (Brief Article)
Mar 01, 1995; ... The president and chief executive of New York Bancorp's subsidiary bank is resigning just one month after the holding company completed an on-again, off-again acquisition.Gerald E. Lundgren, CEO and president of Home Federal Savings Bank as well as executive vice president of the ...
Pro-interstate Okla. banks say holdout states might be stuck with the decision. (repercussions of the federal interstate bank branching Act)
Mar 01, 1995; ... The Oklahoma Bankers Association has thrust a rhetorical monkey wrench into the efforts of interstate branching opponents, sparking a lively legal controversy.At issue is whether a state can "opt back in" after it "opts out" of interstate branching.Some lawyers have ...
Minnesota warns that portfolio losses will trigger scrutiny. (state Department of Commerce)
Mar 01, 1995; ... ST PAUL - Worried by depreciation of the securities portfolios of Minnesota-chartered banks, the state Department of Commerce has warned banks to take a close look at their investments.The portfolios shrank by $178.7 million last year, or about 3.5%, according to figures released ...
Fort Wayne National says net rose in '94. (Brief Article)
Mar 01, 1995 ... FORT WAYNE, Ind. - Fort Wayne National Corp. reported 1994 net income of $26.2 million, or $2.28 per share, up from $24.1 million, or $2.11 per share in 1993.The $2.1 billion-asset holding for Fort Wayne National Bank reported ...
First Harrisburg Bancorp declares a dividend. (on February 15, 1995) (Brief Article)
Mar 01, 1995 ... HARRISBURG, Pa. - First Harrisburg Bancor will pay a quarterly cash dividend of 5.5 cents per share on Feb. 15 to shareholders as of Feb. 1.The company had declared a 2-for-1 stock split paid Jan. 17 to shareholders ...
1st Source earnings rose 10.4% last year. (fourth quarter, 1994) (Brief Article)
Mar 01, 1995 ... SOUTH BEND, Ind. - 1st Source Corp., which has $1.6 billion in assets, said earnings were up for the fourth quarter and all of 1994.The company said 1994 net income was $18.5 million, a 10.4% increase from $16.7 million in 1993. 1st Source reported 1994 return on equity of 14.21% ...
Mahaska says profits off for year, quarter. (Mahaska Investment Co., fourth quarter, 1994) (Brief Article)
Mar 01, 1995 ... OSKALOOSA, Iowa - Mahaska Investment Co., a $187 million-asset bank and thrift holding company in southern Iowa, said 1994 earnings declined to $2.78 million from $2.97 million in 1993.Fourth-quarter earnings were $795,000, compared with $838,000 for the same period in 1993. ...
Head of NationsBank unit builds a servicing empire. (NationsBanc Mortgage Corp. president Andrew D. Woodward Jr.)
Mar 01, 1995; ... A month ago, wags were calling Andrew D. Woodward Jr., president of NationsBanc Mortgage Corp., the Hamlet of the home loan business, hesitating to buy while his competitors at major banks were snapping up mortgage assets.But nobody doubts any longer that Mr. Woodward is a man of ...
Fannie defends its issuance of structured notes. (Federal National Mortgage Association) (Brief Article)
Mar 01, 1995 ... WASHINGTON - The Federal National Mortgage Association said it "rarely develops structured notes in the absence of a dealer's request."The company said that "in the case of purchases of our structured notes by Orange County, Calif., as in the vast majority of Fannie Mae structured ...
What happens if rates top 10%? Not much, recent past indicates. (mortgage rates)(part 2)
Mar 01, 1995; ... Since there is a possibility, however slight, that mortgage rates will break 10%, it's useful to see what has happened in the past when rates did break this barrier and whether there was a corresponding increase in activity adjustable-rate loans. There were three major periods that we can ...
Wachovia renames brokerage to reflect wider product range. (named Wachovia Investments) (Brief Article)
Mar 01, 1995; ... Wachovia Corp. has renamed its brokerage unit Wachovia Investments, a move that the North Carolina banking company says underscores the breadth of services it now offers.In the past year, the unit, formerly known as Wachovia Securities, has added investment counseling and ...
National City's profits in trust area off 4%. (1994) (Brief Article)
Mar 01, 1995; ... Last year was "lackluster" for National City Corp.'s trust business, Salomon Brothers Inc. said in a recent analyst's report.The Cleveland banking company was unable to expand its assets under management and custody. As a result, net income in trust declined 4%, to $31 million ....
Summit Bancorp to take unusual step of helping to manage fixed annuity. (Brief Article)
Mar 01, 1995; ... Executives at Summit Bancorp are very clear about what they expect from annuities: management fees.That's why the Summit NJ., bank company is taking a hand in managing a fixed annuity that will be available in branches later this yearIt's a role that relatively few banks ...
New England Mutual Life Insurance Co. (plans new family of annuity investments) (Brief Article)
Mar 01, 1995; ... New England Mutual Life Insurance Co. is using a new product and a new processing system to crack the bank market.The Boston insurer plans to launch the American Growth Series. an annuity family with 13 investment options. CS First Boston and Salomon Brothers Inc. are among the ...
Rates on one-year CDs catching up with those paid on fixed annuities. (during period February 1994 to February 1995; certificates of deposit) (Brief Article)
Mar 01, 1995; ... The spread between rates on fixed annuities and one-year certificates of deposit sold by banks narrowed to 84 basis points in mid-February, according to a consultant who tracks the data.The decline, from a 94-basispoint spread in mid-January, reflects growing competition for ...
Planners' ranks swell - but not at banks. (certified financial planners) (Brief Article)
Mar 01, 1995; ... The ranks of certified financial planners swelled by 1,700 last year, but banks accounted for very little of the increase.The Certified Financial Planners Board of Standards said it licensed 29,532 planners in 1994, up from 27,817 in 1993.But the Denver-based group said ...
Big banks looking to secured cards for growth. (secured credit cards)
Mar 01, 1995; ... Secured credit cards are piquing the interest of more banks. particularly bigger ones.In 1994, MasterCard International says, secured credit card accounts grew 114% to 1.5 million. And the association estimates that by the end of this year the number of accounts will exceed two ...
Miami thrift aims at people without credit histories. (Chase Federal Bank) (Brief Article)
Mar 01, 1995; ... Chase Federal Bank is taking an unconventional road into the credit card business.The Miami-based thrift is offering traditional credit cards to support a new secured card program.The $2.7 billion-asset thrift, which calls itself "the bank for working-class people" is ...
MasterCard: China isn't axing deal. (People's Bank of China to allow MasterCard International to participate in credit card project) (Brief Article)
Mar 01, 1995; ... Rebutting an Asian newspaper report, MasterCard International says its participation in the Guangzhou Golden Card project has been given the green light by the People's Bank of China.In a telephone interview from Taiwan, Hung Fu "Hank" Chiang, MasterCard's senior vice president and ...
Visa added 50,000 ATMs worldwide in '94. (Visa International, automated teller machines) (Brief Article)
Mar 01, 1995 ... SAN FRANCISCO - Visa International added nearly automated teller machines to the Visa/Plus network in 1994.The global network ended the year with 213,162 ATMs, a 30% increase over the previous ...
Household unit to handle Yamaha projects. (Household Retail Services Inc., Yamaha Motor Corp. U.S.A.) (Brief Article)
Mar 01, 1995 ... PROSPECT HEIGHTS, III. - Household Retail Services Inc., a unit of Household International Inc., said it has been contracted to service and process Yamaha Motor Corp. U.S.A.'s new private label revolving credit card ...
SafeCard acquires travel package retailer. (SafeCard Services Inc., National Leisure Group) (Brief Article)
Mar 01, 1995 ... CHEYENNE, Wyo. - SafeCard Services Inc. said it completed the previously announced acquisition of National Leisure Group, a retailer of vacation travel packages and services to credit card companies, brand-name retailers, and wholesale clubs.The price was $14.5 million in cash and ...
Verifact signs on 5 provincial liquor boards. (International Verifact Inc., Canadian liquor boards) (Brief Article)
Mar 01, 1995 ... TORONTO - International Verifact Inc. has added contracts for its point of sale payment terminals with liquor boards in Newfoundland, Nova Scotia, New Brunswick, Quebec, and Ontario.There were more than 2.6 million beer, liquor, and wine transactions last year in Canada, totaling ...
Fleet brings track record in merging back offices. (Fleet Financial Group Inc.)(includes related article on problems involved with merging bank technology systems)
Mar 01, 1995; ... Fleet Financial Group Inc. can draw on solid experience in postmerger integration to bring Shawmut National Corp. into its operational fold, bank technology experts say.After the $3.7 billion acquisition was announced last week, Fleet officials refused to discuss how the two ...
Chase installs unified account-data system. (Chase Manhattan Corp.)
Mar 01, 1995; ... Chase Manhattan Corp. has rolled out a multimillion-dollar client-server system for its retail banking business to provide customers with one-stop banking.The system is meant to let the New York-based money-center's 12 million retail customers easily receive up-to-date account ...
Temporary bankruptcy solution helps lenders. (Bankruptcy Reform Act of 1994, subrogation rights waivers) (Column)
Mar 01, 1995; ... The Bankruptcy Reform Act of 1994 solved what has come to be known as the "Deprizio" preference problem. But one of the temporary solutions found for the problem may provide a continuing benefit to lenders.By way of background, the Deprizio problem stemmed from the Bankruptcy ...
Analyst sees 'perfect market' for bank stocks. (Katrina Blecher)
Mar 01, 1995; ... The best time to buy bank stocks is right now, according to Katrina Blecher of Gruntal & Co.She gives three reasons for her bullishness, which puts her at odds with some other Wall Street analysts.With the Federal Reserve at or near the end of its efforts to brake the ...
Administration pushes to keep banking, commerce separate.
Mar 02, 1995; ... WASHINGTON -- The administration pressed its case Wednesday for maintaining the legal barriers between banking and commerce, warning of financial conflicts of interest and even money laundering if banks are allowed to affiliate with commercial enterprises.Deputy Treasury Secretary ...
Big thrift seeks bank charters to beat higher SAIF premium. (Great Western Financial Corp.; deposit insurance premium)
Mar 02, 1995; ... WASHINGTON -- Great Western Financial Corp., the nation's second-largest thrift company, is planning to charter two national banks in an effort to escape the high costs of thrift deposit insurance.The move, unveiled Wednesday, illustrates how far the thrift industry is prepared to ...
Kentucky upstart aims to beat Giants by opening a 'virtual bank' on Internet. (Cardinal Bancshares)
Mar 02, 1995; ... A community bank in Lexington, Ky., is trying to outpace some of the industry's giants by building a bank on the information superhighway.Cardinal Bancshares plans to use the Internet, the global web connecting thousands of computer networks, to deliver a wide range of banking ...
Fed Wire overdraft fee rising 50% in April; bigger hike scuttled to curb banks' flight. (Federal Reserve Board fee schedule)
Mar 02, 1995; ... WASHINGTON -- Bankers will find it more expensive to overdraw their Fed Wire accounts under a fee schedule approved Wednesday by the Federal Reserve Board.The Fed voted unanimously to raise overdraft fees from an annual rate of 10 cents per $100 of overdrafts to 15 cents per $100 ....
FDIC seeking comments on plan to cut premiums for banks but not thrifts. (Federal Deposit Insurance Corp.; deposit insurance premiums)
Mar 02, 1995 ... The Federal Deposit Insurance Corp. will hold March 17 on its plan to cut bank premiums 83% while holding thrift rates at historic highs.The agency posed 15 questions on which the FDIC is seeking comment. Requests to testify are due by the close of business March 8. They may be ...
Fight continues in Ky. over ruling that confirmed insurance powers. (ruling giving Owensboro National Bank right to sell insurance overturned by appeals court, trade groups challenge latest ruling) (Brief Article)
Mar 02, 1995; ... WASHINGTON -- A number of banking trade groups have asked the federal appeals court in Kentucky to let stand a December ruling allowing Owensboro National Bank to sell insurance.Industry lawyer David W. Roderer, writing for 10 banking and thrift groups, said in a brief Tuesday that ...
CoreStates and Industrial of Washington use leapfrog loophole to consolidate interstate. (gain approval for multistate banks with single charter) (Brief Article) (Brief Article)
Mar 02, 1995; ... WASHINGTON -- CoreStates Bank and Industrial Bank of Washington are the latest institutions to win permission to form multistate banks operating under a single charter.Both moves were authorized under a legal loophole that allows national banks to move their main offices 30 miles ...
Compass dissidents send 'fight letter,' early proxy to 2,000 big shareholders. (Compass Bancshares)
Mar 02, 1995; ... Intensifying their effort to gain control of Compass Bancshares, dissident shareholders have sent a "fight letter" and preliminary proxy statement to the bank company's investors.Meanwhile, Compass stock has traded slightly higher in the wake of reports last week that the bank's ...
President of Old Kent Financial adds title of chief executive. (David Wagner) (Brief Article)
Mar 02, 1995; ... Saying he feels a sense of "ownership" about the strategies in place at Old Kent Financial Corp., president David Wagner took the additional title of chief executive on Wednesday.Carrying out a plan that was announced a year ago, Mr. Wagner succeeds John C. Canepa, who will remain ...
Ex-CEO of bank acquired by CoreStates quits as region chief with layoffs looming. (John Harding of Independence Bancorp) (Brief Article)
Mar 02, 1995; ... With major layoffs about to be announced at CoreStates Financial Corp., the president of the bank's northern division has resigned, saying he needs "something more entrepreneurial."John Harding, who made his announcement Monday, had been president and chief executive of ...
Ax-Swinging politicians should spare CRA.
Mar 02, 1995; ... Political leaders and Congress would be making a grave mistake if they attempt to weaken the Community Reinvestment Act.Current estimates are that nearly $60 billion has been invested in low- and moderate-income neighborhoods as a result of this law.Federal Reserve Board ...
OCC watchdog paves way for high-tech exams. (Office of the Comptroller of the Currency bank examiner Jimmy Barton)
Mar 02, 1995; ... WASHINGTON - Jimmy Barton is shaking things up again.The man who made a name for himself closing the Bank of New England has climbed to the top of the Comptroller's ranks with big plans to revamp the way banks are examined.Mr. Barton, the chief national bank examiner, ...
HUD says it will limit use of self-test data against banks. (lending-discrimination data)
Mar 02, 1995; ... WASHINGTON - To encourage banks to self-test for lending discrimination, the Department of Housing and Urban Development - like the Justice Department - has decided not to use a bank's results against it during an investigation.Nevertheless, HUD is leaving a window open: ...
Harland executive named CEO of Formation Technologies unit. (Joe Rose; John H. Harland Co.) (Brief Article)
Mar 02, 1995; ... Formation Technologies Inc., the nation's third-largest bank compliance software company, named Joe Rose as its president and chief executive.Denver-based Formation was bought last April by John H. Harland Co., a check printing concern in Atlanta. Mr. Rose, a Harland executive, has ...
MasterCard chief: evolution, not revolution. (H. Eugene Lockhart) (Interview)
Mar 02, 1995; ... Finishing his first year as president and chief executive officer of Mastercard International Inc., H. Eugene Lockhart seems to exude even more optimism and confidence than he had going in.MasterCard's payment businesses are blessed with a prosperity. that gave Mr Lockhart the ...
Signs of an upturn for mutual fund sales.
Mar 02, 1995; ... After a year of depressed sales, the mutual fund drought may be coming to an end.That was the view expressed by bankers and fund executives in a round of interviews this week.These executives said they have seen pockets of improvement since the beginning of the year, ...
1st of America buys 49% of asset manager. (First of America Bank Corp. investment in Gulfstream Global Investors)
Mar 02, 1995; ... First of America Bank Corp. has acquired a stake in a money management firm that specializes in international investments.The Kalamazoo, Mich., banking company last week paid $4.6 million in cash for 49% of Gulfstream Global Investors. The firm, based in Houston, oversees $160 ...
PNC completes BlackRock deal. (PNC Bank Corp. acquires BlackRock Financial Management LP) (Brief Article)
Mar 02, 1995; ... PNC Bank Corp. said it has completed its previously announced acquisition of New York money manager BlackRock Financial Management LP for $240 million of cash and notes.PNC said the acquisition will be nondilutive and will boost its trust and mutual fund revenues by a fifth. These ...
Market-share worries overshadow problems with red tape, poll finds. (survey of community bankers)
Mar 02, 1995; ... ORLANDO - Community bankers are much more concerned with losing market share than they are with the regulatory burden, a preliminary survey by the American Bankers Association and Bank Marketing Association shows.Forty-three percent of bankers attending the trade groups' national ...
Miss. bankers fight court ruling that lender's liable for cleanup. (responsibility for borrower's environmental costs) (Brief Article)
Mar 02, 1995; ... Bankers in Mississippi are in an uproar over a decision in a lender liability case that, if sustained, would hold banks responsible for sharing in environmental cleanup costs incurred by a borrower.The decision, which involves the $140 million-asset Citizens State Bank in Magee, ...
People's Heritage of Maine expanding in N.H. with deal to buy Bankcore for $19.5 million. (People's Heritage Financial Group) (Brief Article)
Mar 02, 1995; ... Maine's largest independent bank is taking another bite out of the New Hampshire market.Portland's People's Heritage Financial Group is buying privately held Bankcore Inc. of North Conway, N.H., for $19.5 million in cash.Bankcore subsidiary North Conway Bank, with $133 ...
Alliance Funding exodus: longtime president quits, 5 defect to GMAC unit. (Robert T. Riordan; Residential Money Centers)
Mar 02, 1995; ... A number of top executives have left Alliance Funding Co., the 25th-largest company in home equity and credit-impaired loans. Some of them have joined a nearby competitor.Robert T. Riordan, president since the company's founding 10 years ago, left the company Tuesday Michael ...
ARMs' share kept growing in January, but dip is foreseen. (adjustable-rate mortgages; Federal Housing Finance Board statistics) (Brief Article)
Mar 02, 1995; ... WASHINGTON - Adjustable-rate mortgages continued to gain popularity in January, making up 59% of all mortgages, closed that month.That was up from a 55% share in November and December, according to numbers maintained by the Federal Housing Finance Board.The new increase ...
Express America leaving mortgage business. (Express America Holdings)
Mar 02, 1995 ... Express America Holdings Corp. said it is dropping originations, the last vestige of its Scottsdale, Ariz.-based mortgage operation.Nationwide mortgage originations have been dramatically reduced during the past 12 months in reaction to rising interest rates and the company can no ...