American Banker back issues from July 1995:
House spares development banks from budget ax.(Brief Article)
Jul 03, 1995; ... Banks and thrifts scored a budget victory last week, as the House approved a new spending-cuts package that provides financial incentives for community development lending.The package makes $50 million available for President Clinton's community development bank program. However, ...
Critics of Fed calling for cut in rates as corrective measure.(Federal Reserve)
Jul 03, 1995; ... The Federal Reserve this week may start subtracting some of what it added to short-term interest rates last year.If so, it will be moving none too soon for the benefit of the economy, according to a former top Fed official and a school of economists who think rates were pushed too ...
Banks revive IRA marketing effort in bet tax breaks will be expanded.(individual retirement accounts)
Jul 03, 1995; ... As Congress mulls legislation that would expand tax breaks for individual retirement accounts, some banks are kicking marketing campaigns into high gear.Keycorp, First Union Corp., and Wells Fargo & Co. are among those that have renewed efforts to pitch IRAs. In doing so, they hope ...
FDIC blazing the e-mail trail for comments.(Federal Deposit Insurance Corp. to allow comments on proposed regulations to be posted through Internet)(Brief Article)
Jul 03, 1995; ... You've heard of on-line banking.Now there's on-line banking regulation.In an apparent first for a bank regulatory agency, the Federal Deposit Insurance Corp. has decided to allow comments on a proposed regulation to be submitted via the Internet.The FDIC board ...
Regulatory relief debate threw new, and brighter, light on panel members.(House Banking Committee)
Jul 03, 1995; ... A couple of remarkably long days of deliberations on regulatory relief legislation last week gave the Washington banking community some new insights into the mix of people and politics on the House Banking Committee.While the committee's work on the 91 listed amendments officially ...
Chase unveils treasury system with multifunction workstation.(Chase Manhattan Corp.)(Brief Article)
Jul 03, 1995; ... Marking a new milestone on the way to totally automated electronic banking, Chase Manhattan Corp. introduced an advanced global treasury management system that it claims is unlike any other.The multiple-function workstation, known as Chase Insight, will enable corporate treasurers ...
Comerica acquiring QuestStar in Houston.(QuestStar Bank)(Brief Article)
Jul 03, 1995 ... Comerica Inc. said it had agreed to acquire $196 million asset QuestStar Bank, Houston, for $25 million in cash.The purchase price represents 2.1 times QuestStar's book value on March 31, and 6.4 times expected 1995 earnings.The deal, subject to shareholder and regulatory ...
People's Bank in Conn. plans 45 grocery branches.(will open new branches in planned and existing Super Stop and Shop stores in Connecticut)(Brief Article)
Jul 03, 1995; ... People's Bank said it will open 45 new branches in existing and planned Super Stop and Shop stores throughout Connecticut over the next three years. The move will increase People's branch network by more than 50% and add 250 more jobs by 1998, the bank said.The ...
Ahmanson unit expands product line in effort to be 'one stop' bank.(H.F. Ahmanson and Co.'s Home Savings of America)
Jul 03, 1995; ... The country's biggest thrift, $41 billion-asset Home Savings of America, has begun a push to sell a broader range of consumer loans.The Irwindale, Calif.-based unit of H.F. Ahmanson & Co. is beginning to sell home equity, auto, and personal unsecured loans in addition to the ...
Unlikely pilot for bank that tried to fly too high; ex-aerospace plant manager setting new course.(NBT Bancorp president and CEO Daryl Forsythe)
Jul 03, 1995; ... Daryl Forsythe can tell you everything you need to know about building jet engine ignition systems. But he's still figuring out how to rev up a bank.Six months after taking the helm of upstate New York's NBT Bancorp, the former general manager of a BF Goodrich Aerospace Division ...
Co-ops feed bank deposit, loan business. (cooperative agricultural businesses)
Jul 03, 1995; ... Agriculture banks in the Upper Midwest are taking advantage of a boomlet in the cooperative business.Rural bankers say co-ops are a welcome new source of loan and deposit business - and also offer much-needed cash flow to their borrowers who are members."The idea behind ...
Searching for ways to cash in on insurance sales. (banks seeking new market)
Jul 03, 1995; ... Vowing not to repeat the mistakes that derailed past efforts to sell life insurance, bankers congregated here last week to learn from the few in their industry who have succeeded in this endeavor."Life insurance is the next major step in building fee income," said Roger R ....
Phoenix's bank sales effort to get boost from marketer. (Phoenix Home Life Mutual Insurance Co. in agreement with Planco Group for marketing Phoenix's mutual fund products to banks)(Brief Article)
Jul 03, 1995; ... Sensing competitive obstacles to expanding in the bank sales channel on its own, Phoenix Home Life Mutual Insurance Co. has struck an alliance with a leading marketer of annuities through banks.Planco Group, Paoli, Pa., agreed last week to promote the insurance company's 17 mutual ...
Money-fund assets hit a record high. (Investment Company Institute reports assets reached $699.21 billion, a 0.6% increase, for the week ending June 28, 1995)(Brief Article)
Jul 03, 1995; ... Money market mutual fund assets rose 0.6%, to a record $699.21 billion, in the week that ended June 28, the Investment Company Institute reported.Most of the gains came in retail money market funds, which attracted $2.83 billion in fresh assets to close the week at $489.43 billion ....
NCUA plan to curb loan officer bonuses comes under attack. (National Credit Union Administration)(Brief Article)
Jul 03, 1995; ... Credit unions are criticizing the government's plan to restrict bonuses paid to loan officers.A refrain in many of the 70 letters filed on the National Credit Union Administration proposal is that credit unions alone should design incentive programs.The comment period ...
Senate committee passes bill letting U.S. limit state groups' lending, investments. (Banking Committee passes legislation concerning state-chartered credit unions)(Brief Article)
Jul 03, 1995; ... A bill strengthening the federal government's power over state- chartered credit unions cleared the Senate Banking Committee on a unanimous vote last week.The Credit Union Reform and Enhancement Act, which would limit the lending and investing powers of federally insured, state- ...
L.A. institution sues NCUA to block merger. (Public Works Employees Credit Union suing National Credit Union Administration over merger between Engineers Federal Credit Union and Lockheed Employees Federal Credit Union)(Brief Article)
Jul 03, 1995; ... Claiming unfair competition, a small Los Angeles credit union is suing the government for approving a merger between two other, larger credit unions.Public Works Employees Credit Union charged that its interests were ignored by the National Credit Union Administration when it ...
NCUA will weigh in with merger guides. (National Credit Union Administration)(Brief Article)
Jul 03, 1995 ... The National Credit Union Administration is working on a new proposal regulating mergers.The plan, which should be finished by the end of the year and may take the form of a policy statement or a new regulation, is expected to address how to mesh the fields of membership of merging ...
Calif. lawmaker seeks investigation of Patelco. (Rep. Bill Baker, Patelco Credit Union)(Brief Article)
Jul 03, 1995 ... A U.S. lawmaker has stepped into the internal feud raging at Patelco Credit Union.Rep. Bill Baker, R-Calif., has urged the National Credit Union Administration to press the Justice Department to investigate evidence that insiders at San Francisco's largest credit union defrauded ...
New York state league looks to neighbors for volume. (New York State Credit Union League; includes related articles on collateralized mortgage obligations and National Credit Union Administration's proposed rulemaking)(Brief Article)
Jul 03, 1995; ... The New York State Credit Union League believes its future crosses borders.The New York league, like some others across the country, is looking to increase its joint operations with neighboring states to provide more services to credit unions, league president Charles M. Whitney ...
Visa, MasterCard move to defuse privacy issue. (Visa U.S.A. Inc., MasterCard International Inc.)
Jul 03, 1995; ... Visa U.S.A. and MasterCard International want federal regulators to know that they and their members are a step ahead on the potentially hot issue of consumer privacy.Each of the card associations has developed a set of privacy principles, in large part aimed at preempting ...
Fleet joins charity marketing race with card tied to Special Olympics. (Fleet Financial Group Inc.)
Jul 03, 1995; ... Joining other credit card companies in cause-related marketing, Fleet Financial Group has begun offering a Visa credit card designed to benefit the Special Olympics.The Providence, R.I.-based bank will contribute 50 cents for every $100 of purchases made with the new cards to ...
Response rate dips as direct mail grows, study finds. (BAI Mail Monitor report on survey of banking industry covering the first quarter, 1995)(Brief Article)
Jul 03, 1995; ... The number of direct mail solicitations keeps going up, while response rates continue to decline, a consumer survey revealed.The first quarter of 1995 yielded 723.2 million solicitations with a 1.2% response rate, said BAI Mail Monitor, a Tarrytown, N.Y.-based firm that tracks ...
Most set a record for volume in May. (Most network, encompassing point of sale and regional automated teller machine transactions, 1995)(Brief Article)
Jul 03, 1995 ... Most, the regional automated teller machine and point of sale network, said it handled a record 17.6 million transactions in May, 18% ahead of May 1994.The network, operated by Internet Inc. of Reston, said its 81 million transactions from January through May also represented a ...
Plus goes on-line with marketing blitz. (Plus System Inc.)(Brief Article)
Jul 03, 1995 ... Plus System Inc., Visa International's worldwide network of automated teller machines, has launched a marketing campaign on Prodigy, America Online, and the Electronic Newsstand.As part of a broad ...
Executive suites in home equity will soon need revolving doors. (increasing executive changes)(Brief Article)
Jul 03, 1995; ... Suddenly, top home equity lenders are playing musical chairs.In the last month, several of the industry's most noteworthy executives have quit their posts or jumped ship. This in an industry where "executives usually retired" to leave a company, as one lender put it.The ...
EAB will approve homebuyers for a fee. (European American Bancorp.)(Brief Article)
Jul 03, 1995 ... European American Bancorp. has introduced a preapproval program for home loans. The program allows potential homebuyers to determine in advance how large a loan they qualify for and preapproves them for the financing they expect to need."Real estate professionals and people selling ...
S. Florida home sales off 14% early in '95. (TRW Redi Property Data report)(Brief Article)
Jul 03, 1995 ... Home sales in South Florida declined in the beginning of this year from the same period the year before, according to a recent data analysis.TRW Redi Property Data, a real estate information company based here, reported home sales dropped more than 14% in the first five months ...
Insurance applications via America Online. (PMI Mortgage Insurance Co. contract with Independent Mortgage Corporation of America to use America Online Inc. electronic mail service)(Brief Article)
Jul 03, 1995 ... An agreement between PMI Mortgage Insurance Co. and Independence Mortgage Corp. of America will enable the Florida-based lender to transmit mortgage insurance applications by electronic mail over America Online.PMI said the link marks the first announced transmission of mortgage ...
Lenders biased? How do you know? (Washington Legal Foundation attorney David Andrew Price on discrimination in mortgage lending; includes related article on effect to Lomas Financial Corp. from sale of Prudential Home Mortgage Corp.)(Brief Article)
Jul 03, 1995; ... Expert studies have proven that the mortgage lending process is riddled with racial bias.True or false?Ask David Andrew Price, a Washington lawyer and writer, and he will answer with a resounding "false." What is more, he believes that journalists have been taken in by ...
Tech stocks run out of steam after big rally. (bank-technology related companies)(Brief Article)
Jul 03, 1995; ... Bank technology stocks mainly drifted lower last week, breaking a monthlong rally that boosted many firms' shares to their highest levels in a year.Investors seemed to be engaged in some end-of-quarter profit taking, especially after technology issues had a sizzling June. ...
In N.Y. showroom, traders can test-drive the latest from 27 vendors. (Structured Technologies Associates Inc. consultancy bringing together service providers and product manufacturers for financial traders' needs)(Brief Article)
Jul 03, 1995; ... More than two dozen vendors of trading-room systems and related equipment have joined together to create a unique product showroom where Wall Street executives can try out the latest technologies.The technology showroom, in lower Manhattan not far from the city's bustling financial ...
NationsBank offers lockbox imaging. (Brief Article)
Jul 03, 1995; ... NationsBank Corp. has added image technology to its wholesale lockbox operations.The Charlotte, N.C.-based company spent about a year developing a system that will deliver electronic images of checks, invoices, and other remittance records to corporate customers via CD-ROM, tape, ...
$3M verdict for Credit Agricole in 'swaption' case against CBI.(Caisse Nationale de Credit Agricole, CBI Industries Inc.)(Brief Article)
Jul 03, 1995; ... In one of the first cases involving the repudiation of a derivatives contract, the U.S. District Court in Chicago has awarded more than $3 million in damages to a French bank spurned in a "swaption" deal.The decision in the case of Caisse Nationale de Credit Agricole against CBI ...
Culture shock may have been too much for Margaretten exec who quit Chemical.(Chemical Banking mortgage head David Frank; Margaretten Financial)(Brief Article)
Jul 05, 1995; ... Why did David Frank chuck his job as Chemical Banking Corp.'s mortgage chief? Some observers are pointing to a culture clash.Chemical, one of the largest players in home loans, announced last week that Mr. Frank was resigning the post just a year after assuming it - to "pursue new ...
ATMs out of favor as tool for dispensing mutual funds.(automated teller machines)
Jul 05, 1995; ... Just two years ago, bankers viewed automated teller machines as the next great delivery channel for mutual funds.By providing access to mutual fund accounts side by side with checking accounts, the reasoning went, banks could truly position investment products as a core retail ...
Microsoft adds Centura to list of partners in home banking.(Centura Banks)
Jul 05, 1995; ... Centura Banks Inc. has joined Microsoft Corp.'s bank partnership program, a sign that the software monolith is as eager as ever to expand its version of banking via personal computer.The alliance program had seemed to be on hold since Microsoft announced its ill-fated takeover bid ...
No sick S&Ls seized before thrift fund took over for RTC. (Resolution Trust Corp.)(Brief Article)
Jul 05, 1995; ... The Resolution Trust Corp.'s June 30 deadline for accepting new cases came and went without any last-minute thrift shutdowns.As of midnight Saturday, thrift failures ceased to be the responsibility of the largely taxpayer-funded RTC. Now any resolution costs must be paid by the ...
Fed allows Iowa Bank to purchase realty title abstracting company. (First National Co.)(Brief Article)
Jul 05, 1995; ... The Federal Reserve Board has granted the First National Co. of Storm Lake, Iowa, permission to enter the title abstracting business, giving some Fed watchers hope that the central bank is warming to banks' selling title insurance.The June 30 decision allows the $177 million-asset ...
Well-versed expert witness can turn the tide.(government suits against banks)
Jul 05, 1995; ... When the government sues, a banker's best friend is not always a lawyer. Rather, the banker's fate may lie in the hands of an expert witness.These professionals take the stand and explain the context of the case to the jury. Also, they debunk the government's claims, something ...
Streetwise survivor helps rebuild LA riot zone.(Richard P. McNish, of Southern California Business Development Corp.)
Jul 05, 1995; ... It was in the rubble of the Martin Luther King Center in the troubled south-central part of this city that Edward Rice, owner of a vandalized Popeye's fried chicken outlet, first met Mac.Mr. Rice had come to help with the daunting job of cleaning up after the Rodney King riots of ...
Stockholders approve Fleet-Shawmut merger. (Fleet Financial Group, Shawmut National)(Brief Article)
Jul 05, 1995; ... Fleet Financial Group said its stockholders overwhelmingly approved the proposed merger of Fleet and Shawmut National Corp.Shawmut stockholders, meeting at the same time in Boston, also approved the transaction, Fleet said.The shareholder authorizations clear the way for ...
Citicorp stressing consumer, 3d World, multinational efforts.(Brief Article)
Jul 05, 1995; ... In a move to further develop consumer, emerging markets, and multinational corporate banking, Citicorp has given three executives increased responsibilities.In an internal memorandum dated June 22, John Reed, Citicorp's chairman, said he has named vice chairman Pei-Yuan Chia head ...
1st Union-United Financial deal clears hurdle. (First Union acquisition of United Financial)(Brief Article)
Jul 05, 1995; ... United Financial Corporation of South Carolina said its pending acquisition by First Union Corp. has been approved by federal banking regulators.The transaction remains subject to approval by United Financial shareholders and other conditions of closing. ...
Equity mutual funds dominating field at banks.
Jul 05, 1995; ... After months on the sidelines, bank brokerage customers are finally getting into the stock fund game.That's the word from mutual fund executives and bank brokerage chiefs. In a round of interviews last week, these players said they've begun to see clear interest in stock funds from ...
California banks tapping investors to stay afloat.
Jul 05, 1995; ... Despite the spotty record of such deals in recent years, outside investors last week injected new capital into two ailing institutions in Southern California.But far from suggesting that there's unlimited capital to be had for troubled Golden State community banks and thrifts, the ...
Independent bankers' source of strength: they enjoy what they do.(Column)
Jul 05, 1995; ... Observers of the banking scene usually forget to evaluate one of the greatest strengths of the independent bank and its management: They have fun.Superregionals talk about their "corporate cultures" and in doing so, some stress that they offer a solid environment for employees. ...
At BAI parley, the direct focus was on USAA.(Bank Administration Institute's branchless banking conference , USAA Federal Savings Bank)
Jul 05, 1995; ... The Bank Administration Institute dared to schedule its "branchless banking" conference in steamy Orlando the last week in June.That it was off-peak for Disney World and Sea World did not deter almost 300 people from attending. The topic is at least as hot as the Florida summer. ...
Expect more challenges on exportation of fees.(credit card fees)
Jul 05, 1995; ... The proliferation of credit cards has led to heightened judicial and legislative scrutiny. Some consumer litigation targets the fees and charges set forth in credit card agreements.These agreements typically allow for multiple fees and charges that are assessed throughout the ...
Bell Atlantic link allows wireless verification. (credit card verification deal with Firstnet)(Brief Article)
Jul 05, 1995 ... Bell Atlantic Mobile has joined with Firstnet Corp. to provide merchants in the Middle Atlantic states with the ability to perform secure wireless credit card verification using cellular digital packet data technology.Using a specialized modem from Cincinnati Microwave Inc., ...
Payment Systems' parent in European alliance. (NFO Research)(Brief Article)
Jul 05, 1995 ... NFO Research Inc., a leading provider of consumer research and the parent of Payment Systems Inc., announced an alliance to expand in Europe.NFO signed an agreement in principle with Paris-based Ipsos, a major European marketing research firm, and L&T Participations, an Ipsos ...
Some payment industry issues likely to survive wrangling over reg relief. (regulatory relief)(Brief Article)
Jul 05, 1995; ... As the regulatory relief battle rages in the House Banking Committee, it appears that any final bill would likely include some provisions addressing payment systems.The surviving versions of the legislation affect card industry issues such as stored value cards, the sharing of ...
Economic jitters dull appetite for loans. (mortgages; First Tennessee National completes acquisition of HomeBanc Mortgage loan business)(Brief Article)
Jul 05, 1995; ... Though interest rates have been falling since the beginning of the year, consumers are not ready to buy homes and big-ticket items, industry observers say.The reason: A lack of confidence in the economy."People are in a hunker-down mentality," said William D. Dallas, ...
Creditors eager to speed up bankruptcy process.
Jul 05, 1995; ... When Chemical Banking Corp. decided to offer an $80 million "exit loan" to Harvest Foods Inc. - a company that was about to file for reorganization under Chapter 11 of the Bankruptcy Code - it set the stage for a record breaking performance.The Little Rock, Ark., grocery chain made ...
BT forming alliance with Credit Lyonnais. (Bankers Trust New York; global-custody joint venture)
Jul 06, 1995; ... Bankers Trust New York Corp. said Wednesday that it will form a global- custody joint venture with Credit Lyonnais covering $85 billion of the French bank's assets under management.The U.S. bank is nearing a similar strategic alliance with a South African bank, said Richard Feehan, ...
NationsBank buying Florida's no. 1 thrift. (CSF Holdings Inc.)
Jul 06, 1995; ... Continuing a breakneck expansion in Florida, NationsBank Corp. said Wednesday that it had signed a definitive agreement to buy closely held CSF Holdings Inc. of Miami, the state's biggest thrift company, for $516 million in cash.The announcement came nine days after NationsBank ...
Appeals court in Pa. eases U.S. path in suing thrift directors.
Jul 06, 1995; ... The federal appeals court in Philadelphia has made it easier for the government to successfully sue directors and officers of failed thrifts, reigniting a legal debate the industry thought it had already had won.The U.S. Court of Appeals for the Third Circuit, ruling June 26 in ...
Fed's inspector general flunks examiners on commercial realty rules. (Federal Reserve; bank examiners)
Jul 06, 1995; ... Federal Reserve examiners need additional training so they can properly apply commercial real estate lending rules, the central bank's inspector general found in one of six audits recently sent to Congress.Other reviews examined the failure of California's Pioneer Bank, and the ...
National Cooperative Bank making loans to condominiums and homeowners groups.(Brief Article)
Jul 06, 1995; ... National Cooperative Bank has begun providing loans to condominium and homeowners associations, filling a financing niche that most banks have ignored.The loans will allow community associations to spread out payments for renovation and repairs for up to 10 years. ...
Bank South opens 2 Kroger branches. (Atlanta, GA-area in-store banks)(Brief Article)
Jul 06, 1995 ... Bank South said it has opened two in-store banking offices in the Atlanta area.This brings Bank South's total number of in-store facilities to 48 in metropolitan Atlanta and 59 statewide. ...
Chase advised Parmalat in Venezuelan purchase. (Chase Manhattan Bank; acquisition of dairy company Indulac)(Brief Article)
Jul 06, 1995; ... Chase Manhattan Bank said it advised Parmalat, an Italian milk producer, in its winning bid for the Venezuelan state-owned dairy company, Indulac.To obtain control of Indulac, Parmalat made an investment of $50 million, Chase said. Besides Parmalat, the other prequalified bidders ...
First Hawaiian acquiring GE Unit's in-state deposits. (First Hawaiian Bank; GECC Financial Corp.)(Brief Article)
Jul 06, 1995; ... First Hawaiian Bank has agreed to buy all of the Hawaiian retail deposits of a General Electric Capital Corp. unit for an undisclosed sum.With the deal, which is expected to be concluded by yearend pending approval by state and federal regulators, First Hawaiian Bank will gain ...
The Robert Morris guide for investment of cash collateral. (Robert Morris Associates)
Jul 06, 1995; ... Robert Morris Associates is the association of credit and risk management professionals. Its committee on securities lending was formed in 1983 to improve the skills and increase the knowledge of current issues of bankers involved in the lending of marketable securities.The ...
Erosion at Shorebank adds to the challenge of acquiring Indecorp.
Jul 06, 1995; ... Shorebank Corp. faces myriad challenges in its pending acquisition of the nation's largest black-owned bank - not the least of which is its own flagging performance.The $305 million-asset Shorebank and its South Shore Bank of Chicago have been cited by President Clinton as a model ...
Essex buying Va. bank in effort to save itself. (Essex Bancorp; Home Bancorp of Norfolk)(Brief Article)
Jul 06, 1995 ... Essex Bancorp will acquire Home Bancorp of Norfolk, Va., in a transaction meant to save Essex from failure.Essex said the transaction should push it past all regulatory capital requirements. The company now falls short of two of the three requirements.Without the ...