American Banker back issues from November 1997:
GOP Leader: No Reform-Bill Vote Without Broad Banking Support.
Nov 03, 1997; ... The House will not vote on financial reform legislation if widespread banking industry opposition persists, a key Republican leader pledged Friday."We understand the final bill has to be acceptable to a wide array of the banking industry if it is going to succeed," House ...
Wanna Make a Mortgage Payment? Write, Don't Visit, Says N.Y. Thrift.
Nov 03, 1997; ... In an unusually strident move to cut costs, a top New York thrift is barring customers from making monthly mortgage payments in branches.Green Point Bank is requiring borrowers to make their payments either by mail or through automatic deductions from savings or checking accounts. ...
NationsBank Set to Romp in Consumer Finance.
Nov 03, 1997; ... NationsBank Corp. hasn't talked much about it. But when the Charlotte, N.C.-based banking giant absorbs Barnett Banks Inc. early next year, it will get much more than the No. 1 position in Florida.The company also will get a big boost in the national consumer finance arena, where ...
Global Crises Move Some Investors to Regionals.
Nov 03, 1997; ... In the wake of last week's market tumult, investors are apparently shying away from big banks with global exposure in favor of more stable regional banks.Bank stocks in general rebounded in Friday's market as fears of fallout from currency meltdowns in Southeast Asian and Latin ...
2 Fed Nominees to Be Sworn in Next Week.(Brief Article)
Nov 03, 1997; ... Roger W. Ferguson and Edward Gramlich are expected to be sworn in as Federal Reserve Board governors in time for the central bank's Nov. 12 monetary policy meeting.The Senate confirmed both nominees Thursday. Mr. Ferguson was a banking consultant with McKinsey & Co., while Mr ....
Mergers Hurt CRA Efforts, Fed Governor Says.(Community Reinvestment Act)(Brief Article)
Nov 03, 1997; ... Federal Reserve Board Governor Laurence H. Meyer said Friday that bank mergers and declining federal subsidies threaten community development efforts."Consolidation of the financial services industry ... is raising concerns among community developers that the resources and ...
Fed Council Urges Simpler Disclosures, Clashes on How.
Nov 03, 1997; ... The Federal Reserve Board's Consumer Advisory Council last week recommended simplifying rate disclosures for homebuyers and tightening limits on fees for home equity loans.But the 30 bankers, lawyers, consumer advocates, and other council members who met in Fed headquarters ...
New OTS Director Makes Agency Staffing Her Priority.(Office of Thrift Supervision)(Brief Article)
Nov 03, 1997 ... Ellen S. Seidman was sworn in Wednesday as director of the Office of Thrift Supervision, the agency's first Senate-confirmed leader in five years."It's a little scary, but it's also very exciting," Ms. Seidman said in an interview. "There are relatively few jobs in Washington ...
Incoming ACB Chief Vows to Defend Thrift Charter.(America's Community Bankers)
Nov 03, 1997; ... When Cornelius "Neil" D. Mahoney takes the helm of America's Community Bankers this week, Congress will be considering legislation to eliminate the thrift charter.In an interview here, the president and chief executive of Woronoco Savings Bank said his No. 1 priority is persuading ...
Community Bankers Meeting in San Francisco-And on the Net.(America's Community Bankers)(Brief Article)
Nov 03, 1997; ... America's Community Bankers' annual convention gets under way today in San Francisco.For the first time, much of the conference will be transmitted live over the Internet."It shows that we are up-to-date with the most modern technology, and for the people who can't ...
PNC Completes $150M Loan Using Net Technology.(Brief Article)
Nov 03, 1997 ... PNC Capital Markets announced Friday the completion of a $150 million loan for Carbide/Graphite Group Inc.It was PNC Capital Markets' first syndicated loan transaction using Internet technology to distribute offering information and other materials.PNC Capital Markets, ...
High-Yield Spreads Widen, Issuance Slows After Storm.(Brief Article)
Nov 03, 1997; ... Last week's stock market volatility sent chills through the high-yield market, widening spreads and temporarily slowing new issuance.Credit spreads on domestic, cash-pay bonds widened about 50 basis points last week, while spreads on non-cash-paying bonds, such as zero-coupons and ...
BankBoston and Deutsche Wrap Up $175M Loan to Iteq for Astrotech Purchase.(Brief Article)
Nov 03, 1997; ... BankBoston Corp. and Deutsche Bank closed a $175 million loan last week for Iteq Inc., backing the company's acquisition of Astrotech International.Structured by BankBoston as administrative and syndication agent, with Deutsche Bank acting as documentation agent, the new credit was ...
NationsBank's Deal for Barnett Protested Over Antitrust, Minority Lending Issues.(Brief Article)
Nov 03, 1997; ... A group of community organizations have challenged NationsBank Corp.'s deal to buy Barnett Banks Inc., claiming the merger raises antitrust concerns and would probably hurt minority groups' access to credit."If antitrust laws had any meaning, this merger would be precluded," said ...
1st Union Insider Becomes President.(Brief Article)
Nov 03, 1997; ... First Union Corp. said Friday it has named vice chairman John Georgius president of the $144 billion-asset company, succeeding the retiring Anthony Terracciano.Mr. Georgius, 53, has been vice chairman of Charlotte, N.C.- based First Union since 1996, managing operations in the ...
Ending Suspense, Old National Of Indiana Names a Successor.(Brief Article)
Nov 03, 1997; ... Old National Bancorp of Evansville, Ind., has named executive vice president James A. Risinger to take over as chairman and chief executive officer on Jan. 1.Mr. Risinger, 48, will succeed John N. Royse, 64, who will retire. Mr. Royse, who has held the posts since 1994, will remain ...
Web Systems Kept Ticking Despite Blizzard of Trades.
Nov 03, 1997; ... Though trading on-line during last week's market turmoil had its glitches, the existence of the Internet meant that investors had more stock price information than in 1987, when those phoning brokers could not get through.San Francisco-based E-Trade Group and Charles Schwab & Co., ...
Toronto Dominion Brokerage Launching Cable TV Ads Touting Price and Flexibility.(Brief Article)
Nov 03, 1997; ... Waterhouse Investor Services, the U.S. discount brokerage arm of Toronto Dominion Bank, plans to roll out a new television advertising campaign this week.The campaign will run only on cable networks like CNBC, CNN, and MSNBC, said Randy Miller, executive vice president for ...
Most Bank Tech Stocks Down After Wild Week.
Nov 03, 1997; ... The roller-coaster market took bank technology stocks on a ride that ended with most of them down for the week.Several companies took big hits early in the week, as investors reacted to the Dow Jones industrial average's largest-ever single- day point plunge. But by week's end most ...
First Virtual Sends a Message with New Platform.
Nov 03, 1997; ... First Virtual Holdings Inc., known to bankers mostly as an Internet payment system developer, is redefining itself."We're a lot more than a payment system," said Lee Stein, the San Diego company's chairman and chief executive officer. "We have built a complete commercial ...
CFI Gets Financing For High-LTV Moves.(Brief Article)
Nov 03, 1997 ... CFI Mortgage Inc., a rapidly growing mortgage bank, said it has been approved for a $50 million, revolving, accumulation warehouse line of credit by Nikko Financial Services Inc.The company also recently got a $50 million warehouse credit facility from Banc One.Don M ....
S&P to Consider Hike In HomeSide Ratings.(Brief Article)
Nov 03, 1997 ... Standard & Poor's Corp. has placed its ratings of HomeSide Inc. and its subsidiary HomeSide Lending Inc. on credit watch with positive implications.The move came after HomeSide's agreement to be acquired by higher-rated National Australia Bank Ltd. for $1.23 billion. The rating ...
Firstplus Reports Net Rose 271% in Quarter.(Brief Article)
Nov 03, 1997 ... Firstplus Financial Group reported net income of $49.6 million in its fourth fiscal quarter, a 271% increase from the same period last year.In the three months ended Sept. 30, Firstplus reported, it increased its portfolio of high-loan-to- value mortgages to $4.7 billion, from $3.6 ...
Specialty REIT Plans An IPO at $18 a Share. (NovaStar Financial Corp. real estate investment trust, initial public offering)(Brief Article)
Nov 03, 1997 ... NovaStar Financial Corp., a specialty finance real estate investment trust, announced an initial public offering of 3.75 million shares at $18 per share.The company will use 90% of the capital raised to buy wholesale loans from its affiliate, NovaStar Mortgage Inc., and to buy ...
Luxury Home Sellers Seek Bright Side of Dow Plunge. (Dow Jones industrial average)
Nov 03, 1997; ... From the Hamptons to Seattle's lakefront mansions, sellers of luxury homes are betting their upscale customers won't be scared away by the market's plunge."I don't like to see those kinds of gyrations because I think it puts fear into people," said Jack L. Hangen, who owns Agawam ...
Pennsylvania Banks In $56 Million Deal. (Community Bank to acquire People's State Bank)(Brief Article)
Nov 03, 1997; ... Looking to enter fast-growing York County, Pa., Community Banks Inc., Millersburg, Pa., has agreed to acquire People's State Bank for $55.9 million.The stock deal is valued at 2.77 times book. Each People's share would be traded for 0.889 Community share.The deal, which ...
Flag Financial Buying Citizens of Vienna, Ga. (Citizens Bank of Vienna)(Brief Article)
Nov 03, 1997; ... Flag Financial Corp., parent company of First Federal Savings Bank of LaGrange, Ga., agreed last week to buy Citizens Bank of Vienna in an all-stock deal.Citizens shareholders would receive 15.75 shares of Flag stock for each Citizens share. The $119 million-asset Citizens would ...
Guaranty, Humboldt In $7M Kansas Merger. (Commercial Guaranty Bancshares and Humboldt Bancshares)(Brief Article)
Nov 03, 1997; ... Commercial Guaranty Bancshares of Shawnee Mission, Kan., last week agreed to merge with $60 million-asset Humboldt (Kan.) Bancshares in a cash and stock deal worth $7 million.Commercial Guaranty, the $43 million-asset parent of First Commercial Bank of Overland Park, would assume ...
Looking for an Effective Sales Resource? First, Check Out Front Liners. (front-line staff at banks)(Column)
Nov 03, 1997; ... Members of a community bank's front-line staff can be an effective sales resource without leaving the boundaries of their service positions and jeopardizing their relationship with the customer. This is the conclusion reached after analyzing findings from a series of focus groups at ...
Alternative Delivery Vehicles With Engines and Wheels. (banks offering mobile banking services)(Brief Article)
Nov 03, 1997; ... When F&M Bancorp of Frederick, Md., closes its branch in rural Urbana, the employees don't hang up a "closed" sign and lock the front door. They hit the road.The branch is a modified recreational vehicle that serves the community, retirement homes in the area, community centers, ...
Use of Data Bases as Marketing Tools Spreads. (for banks)(Brief Article)
Nov 03, 1997; ... Banks are beginning to use their data bases to identify profitable small-business customers, cross-sell products, and find new prospects."Without a data base, you are basically looking in Yellow Pages to find businesses to call on," said John Menke, senior vice president and ...
N.Y. LBO Firm Looks to Expand Capital Financing to Small Business. (leveraged-buyout firm, Liberty Partners)(Brief Article)
Nov 03, 1997; ... Liberty Partners, a New York leveraged-buyout firm that operates a $750 million fund, wants to expand its venture capital financing to small businesses.Carl E. Ring, a managing director at Liberty, said prices for equity stakes in midsize businesses have become so high that the ...
Women Entrepreneurs Got $2.3B from Wells. (Wells Fargo and Co., small-business owners)(Brief Article)
Nov 03, 1997 ... Wells Fargo & Co. lent $2.25 billion to women small-business owners in the last two years, the San Francisco-based bank announced last week.In 1995 the bank formed an alliance with the National Association of Women Business Owners and promised to lend $1 billion to women business ...
Fleet Is New England's Biggest SBA Lender. (small business lender, Fleet Financial Group)(Brief Article)
Nov 03, 1997 ... Fleet Financial Group made the largest number of Small Business Administration loans in New England for the 1997 fiscal year, according to the SBA.Boston-based Fleet made 401 SBA loans for $53.7 million. That's more than 10% of the 3,767 SBA loans for $675 million in New England ...
Chicago's Poor Areas Received Fewer Loans. (according to the Woodstock Institute)(Brief Article)
Nov 03, 1997 ... A research group's analysis of the 1996 Community Reinvestment Act found that fewer small-business loans were made in low-income areas of Chicago than in upper-income areas.The study by the Chicago-based Woodstock Institute examined the number of loans per 100 businesses in ...
Integra Has Data Base On Loan Applicants. (Integra Information)(Brief Article)
Nov 03, 1997 ... Integra Information has designed a data base that lets lenders compare small-business loan applicants with other businesses in the same industry.The data base, called Business Profiler, includes information ...
Small Banks Using Factoring to Build Relationships.
Nov 03, 1997; ... Reaching deeper into the small-business market, Founders Bank of Arizona, Scottsdale, began offering accounts-receivable financing last month."Hopefully these are clients that will grow into conventional bank customers," said Julian Fruhling, president and chief executive officer ...
To Drum Up Deposits, PNC Offering a Package Deal of Bargains. (PNC Bank Corp.)(Brief Article)
Nov 03, 1997; ... PNC Bank Corp. is offering loans at prime rate for five years and waiving a slew of fees on its checking accounts to get new small business deposits.The offer is part of a package deal available to businesses in PNC's six-state territory that deposit more than $10,000 before Feb ....
Global Picks Up Alliance's Bank Card Processing. (Global Payment Systems, Alliance Data Systems Corp.)
Nov 03, 1997; ... Global Payment Systems and Alliance Data Systems Corp. have entered an agreement to process cobranded credit cards.Alliance Data is one of the top five third-party processors of private-label cards, and Global Payment Systems is a merchant acquirer and bank-card processor. ...
Capital One/Mercedes Card May Face Rough Ride. (Capital One Financial Corp. and Daimler-Benz North America to offer Mercedes-Benz Credit Corporation Visa credit card)
Nov 03, 1997; ... Capital One Financial Corp. wants to drive into the pockets of an elite group of consumers.The Falls Church, Va.-based card issuer has partnered with the car manufacturer Daimler-Benz North America Corp. to launch the Mercedes-Benz Credit Corporation Visa credit card. ...
Visa to Open Office In Japan for Olympics. (Visa International)(Brief Article)
Nov 03, 1997 ... Visa International said it would open a customer service center in Nagano, Japan, on Feb. 6 - the day before the opening ceremonies of the Winter Olympic Games there.Visa, a corporate sponsor of the Olympics, said the centrally located facility would offer general assistance and ...
Total System Services Unit Names President. (Clifford B. Mason, Total Solutions Inc.)(Brief Article)
Nov 03, 1997 ... Total System Services Inc. said Clifford B. Mason has been promoted to president of TSYS Total Solutions Inc.The subsidiary, acquired in 1992 and known until recently as Lincoln Marketing Inc., provides fulfillment, telemarketing, and various mail processing services. The name ...
Norwest Sees Greener Pastures in Nevada. (for its credit card portfolio)(Brief Article)
Nov 03, 1997 ... Norwest Corp. said it is transferring its $1 billion credit card portfolio from Norwest Bank Iowa to Norwest Bank Nevada.Brian O'Hare, president of Norwest Card Services, said the move of the credit card business will take advantage of more favorable card issuing laws in Nevada. ...
Wachovia Planning Service Center in Va. (Wachovia Bank Card Services)(Brief Article)
Nov 03, 1997 ... Wachovia Bank Card Services said it plans to open a credit card customer service center in Chesapeake, Va.The move comes on the heels of Wachovia Corp.'s agreements to acquire Virginia-based Central Fidelity Banks Inc. and Jefferson Bankshares. Wachovia plans to open the center in ...
Asia's Troubles Likely to Spread, Experts Say, Hurting U.S. Trade Balance, Overall Growth. (economic and financial problems)
Nov 03, 1997; ... The economic and financial turmoil in Asia is unlikely to end quickly and may spread, according to several economists.And for the United States, the situation heralds slower economic growth but not necessarily a recession."I think we will be seeing far more moderate ...
Buybacks Seen in Comeback After Stock Market's Decline. (bank stocks)(Brief Article)
Nov 03, 1997; ... Stock repurchase programs, after falling from favor because of high stock prices, may suddenly be back in vogue in the wake of the market's downdraft.Repurchases were wildly popular just two years ago, enabling banks to boost their stock prices while simultaneously managing excess ...
CoreStates Taps CS First Boston To Be Adviser. (CoreStates Financial Corp., Credit Suisse First Boston)(Brief Article)
Nov 03, 1997; ... CoreStates Financial Corp., heavily rumored as a takeover target, has hired Credit Suisse First Boston to advise it on its options, according to Bloomberg News.The Philadelphia banking company turned down a recent offer from Mellon Bank Corp. and has repeatedly said it wants to ...
WHO'S SPENDING WHAT ON IT AND WHY. (financial services companies purchasing information technology)(Column)
Nov 03, 1997; ... No matter whom in the financial services industry you ask-CEO, president, CIO or business unit head-technology investment is one of those subjects that gets more intriguing, and complex, with every conversation, never mind each passing quarter.As the financial services business ...
IT INVESTMENT. (information technology for financial services industry)(Brief Article)
Nov 03, 1997 ... To say that the U.S. financial services industry has been rocked by information technology over the past 24 months is arguably one of the year's greatest understatements. As detailed in American Banker-Meridien Research, Inc.'s Strategic Technology Investment Report 1998, the impact and ...
Bolstering Business Plans, Competitive Position. (financial services companies investing in information technology)
Nov 03, 1997 ... Unlike routine tactical IT spending, strategic IT investment helps institutions to plan ahead and stay ahead of the pack, supporting business initiatives, such as developing new products and services, and expanding into new markets.Financial services is the most ...
Investments: not Just Bigger, But Smarter; as technology expenditures continue to grow, U.S. financial institutions redirect their focus from creating efficiencies to distinguishing themselves from competitors and generating revenue streams.
Nov 03, 1997 ... As technology expenditures continue to grow, U.S. financial institutions redirect their focus from creating efficiencies to distinguishing themselves from competitors and generating revenue streams.In 1996, U.S. financial institutions, including banks, securities firms and ...
Drivers and Pitfalls of Technology Spending. (financial services companies investing in information technology)
Nov 03, 1997 ... Aging infrastructure, cost efficiency, and market changes propel IT investment. But M&A activity and Year 2000 spending pose impediments, primarily to medium-sized financial institutions.The results of our research into strategic technology investments indicate that there are major ...
Link Between IT Spending and Roa is Tenuous; spending more can be dangerous; what matters is quickly identifying and integrating promising technology into existing infrastructure. (return on assets)
Nov 03, 1997 ... Spending more can be dangerous; what matters is quickly identifying and integrating promising technology into existing infrastructure.Given the huge levels of investment in information technology in recent years, it is hardly surprising that many chief executive officers and ...
Wells Fargo: innovations in Customer Management.(Brief Article)
Nov 03, 1997 ... Distributed object-oriented middleware has the potential to become the favored course of action for large financial institutions that are content with core account processing systems, but lack an effective operational customer information system. Its advantages are modularity, quick ...
People's of Calif. Picks Essex for Annuity Sales.
Nov 04, 1997; ... Essex Corp., the New York-based insurance marketing firm, entered an alliance Friday with People's Bank of California to sell fixed and variable annuities.Los Angles-based People's, with $1.7 billion of assets, has 19 retail branches in three Southern California counties. People's, ...
Pa. Bank, Agency Join On Insurance Sales. (Indiana, PA's First Commonwealth Financial Corp. in deal with Kuzneski Agency to form First Commonwealth Insurance Agency)(Brief Article)
Nov 04, 1997; ... Fast on the heels of legislation in Pennsylvania that liberalizes the regulation of insurance sales for state banks, First Commonwealth Financial Corp. entered a fee-sharing arrangement with a local agency.The Indiana, Pa.-based banking company announced the formation last week of ...
E-Trade Opens Fund Supermarket. (Mutual Fund Center accessible by telephone or Internet)
Nov 04, 1997; ... based E-Trade Group Inc. unveiled its own mutual fund supermarket Monday.The Mutual Fund Center offers about 3,000 mutual funds from multiple families, including T.Rowe Price, Founders, and Putnam, said an E-Trade spokeswoman.Roughly 500 are no-load, no-transaction-fee ...
Ads Aim to Calm Public Wary Of Doing Shopping On-Line. (advertising by firms such as AT&T and IBM)
Nov 04, 1997; ... To the companies selling electronic commerce, technology is not a problem. Marketing budgets also seem to be ample.But they still face an uneducated, even mystified, public. Many consumers either don't know about the wonders and conveniences of shopping on the Net, or are afraid to ...
Citi, a Home Banking Pioneer, Plants Its Flag on the Internet. (Citibank introduces Internet banking service)
Nov 04, 1997; ... Citibank has unveiled its long-awaited Internet banking service.Direct Access 6.1 includes basic banking functions as well as the ability to buy and sell securities and mutual funds.Despite operating a successful on-line banking program since 1984, the Citicorp subsidiary ...
Site Promotes On-Line Shopping in Europe. (MasterCard, Visa, other firms create e-Christmas.com holiday-shopping Web site)(Brief Article)
Nov 04, 1997; ... Several companies, including both MasterCard and Visa, have joined forces to raise European awareness of electronic commerce. They have created a holiday-shopping-oriented Web site, e- Christmas.com.At least 100 European merchants and businesses are participating in hopes of ...
For Private Equity Firms, Service Outweighs Price.(Investment Intelligence Group survey)
Nov 04, 1997; ... Private equity firms are looking for more than just a good price from their lenders.Asked what is "extremely important" when choosing a lender, a whopping 98% of those responding to a recent survey by Investment Intelligence Group, a Chicago-based consultancy, cited "flexibility." ...
Thrift Population Shrank 6.5% in Year; Growth Was Focused in Top Companies.
Nov 04, 1997; ... Consolidation continues to be the watchword in the thrift industry.At midyear there were 1,852 thrifts-down 6.5% from June 30, 1996. But their assets were up 0.7%, to $1.03 trillion, according to data compiled by American Banker and Sheshunoff Information Services Inc., Austin, ...
TNSI Buys Majority of Swedish Firm. (Transaction Network Services Inc. purchase of Pronoma Systems)(Brief Article)
Nov 04, 1997; ... Transaction Network Services Inc. said it has acquired a majority equity interest in a company that gives it a foothold in Scandinavia.Transaction Network Services, known as TNSI, provides telecommunications links to the merchant processing industry. The Reston, Va., company said ...
Wachovia Closes Jefferson Deal in Va. (completes merger with Jefferson Bankshares)(includes news on Wachovia's merger with Central Fidelity Banks)(Brief Article)
Nov 04, 1997 ... Wachovia Corp. said Monday it completed its merger with Jefferson Bankshares in Charlottesville, Va.In addition, Wachovia expects to complete its merger with Central Fidelity Banks Inc. in Richmond, Va., by mid-December. Central Fidelity shareholders are to vote on the deal Nov ....
Deal Off Linking Carolina Firm, Brokerage. (merger deal involving Resource Bancshares Mortgage Group and Walsh Securities)(Brief Article)
Nov 04, 1997; ... Resource Bancshares Mortgage Group Inc. and Walsh Securities mutually agreed to end their merger agreement.The breakup follows an FBI investigation into allegations that real estate agents and mortgage brokers from whom Walsh had bought loans were involved in a land-flipping ...