American Banker back issues from November 2000:
Webster Looks to Duff For a Corporate Assist.(Brief Article)
Nov 01, 2000; ... Webster Financial Corp.'s deal to acquire a 65% stake in Duff & Phelps LLC, an independent financial adviser and investment bank, illustrates both the challenges and opportunities smaller banking companies face in the corporate market. Webster's home state of Connecticut and the ...
Examiners Cast Wider Net To Find Money Launderers.(Brief Article)
Nov 01, 2000; ... National-bank supervisors have broadened the criteria used to select institutions for intensive exams of their money-laundering programs, a representative of the Office of the Comptroller of the Currency said Tuesday. National banks that do significant amounts of business in 15 ...
TV Banking Goes Back To the Present.
Nov 01, 2000 ... Most bankers who observed efforts in the 1990s to promote television banking saw failures, but the executive who championed the most prominent project has just stepped forward to set the record straight. Catherine Corby Parker, who was director of electronic delivery strategy ...
More Players (Now Citi) and Questions for P-to-P.(Brief Article)
Nov 01, 2000; ... Now that the major technology banks have all lined up behind Internet person-to-person payment systems, the questions are whether consumers will continue to show enthusiasm for these services and whether owning one will turn out to be a true advantage for the banks. Citigroup ...
TODAY'S NEWS.(Brief Article)
Nov 01, 2000 ... First Union has hired a former top exec at Toronto-Dominion Bank as its chief financial officer. Page 4 Midwest community bank execs are getting perks that rival their counterparts on the East and West coasts, a survey says. Page 4 WASHINGTON Banks and ...
Wells Now Talking Up Investment Banking: Backs into business with First Security deal.(Brief Article)
Nov 01, 2000; ... Tucked away in its acquisition of Salt Lake City-based First Security Corp. was a business Wells Fargo & Co. never knew it wanted. First Security owned Van Kasper, a 32-year-old third-tier San Francisco investment banking boutique. In recent days, Wells Fargo executives have ...
Blacks Main Subprime Target, Acorn Says.(African-Americans, subprime interest rate loans, Association of Community Organizations)(Brief Article)
Nov 01, 2000; ... Nearly half of the home refinancing loans made to African-Americans last year came from subprime lenders, compared with 12% to whites and 19.5% to Latinos, according to a study released Wednesday. The Association of Community Organizations for Reform Now analyzed the lending ...
Chief Executive Perks and Pay In the Heartland.(banking industry chief executives' pay and salaries differ by region)(Brief Article)(Statistical Data Included)
Nov 01, 2000; ... Top executives at huge banking companies on the East and West coasts grab headlines for their multimillion-dollar pay packages, but Midwest community bankers also rack up the perks. In a survey of banks and bank holding companies in the region, half the respondents with assets ...
First Union Hires Canadian Exec To Be CFO as Company Reorganizes.(chief financial officer, Robert P. Kelly)(Brief Article)
Nov 01, 2000; ... First Union Corp. Tuesday named Robert P. Kelly, a former top executive of Toronto-Dominion Bank, to be chief financial officer. Mr. Kelly, 46, is to start Nov. 13, succeeding Robert T. Atwood, who is to retire. The $247 billion-asset Charlotte, N.C., banking company ...
Fed Official Tells Banks: Beware Consumers Who Pile Up Excessive Debt.(Federal Reserve Board Vice Chairman Roger W. Ferguson Jr., Office of Thrift Supervision Director Ellen Seidman)(Brief Article)
Nov 01, 2000; ... Federal Reserve Board Vice Chairman Roger W. Ferguson Jr. said Tuesday that banks and thrifts are well-positioned for an economic downturn because of their strong earnings and assets, but he warned them to keep a wary eye on the sharp rise in consumer debt. The signs are mixed, ...
Fair-Lending Focus on Small-Business.(Brief Article)
Nov 01, 2000; ... Bank and thrift examiners are likely to pay more attention in the coming year to fair-lending issues involving small businesses owned by women and minorities, federal regulators said Tuesday. Complaints from small-business owners who had difficulty receiving loans have risen ...
Ariz. Appeal Endures, Not Just in Big Towns.(new banks being set up outside the Phoenix-Tucson corridor)(Brief Article)
Nov 01, 2000; ... Six new banks are being organized in Arizona and, surprisingly, not all are in Phoenix and Tucson. Since 1995, about a dozen banks have received Arizona state charters and nearly all are located in the booming Phoenix-Tucson corridor. But of the six awaiting regulatory approval, ...
MasterCard to Test Web B-to-B Payment Service.(MasterCard International Inc. and TradeCard Inc. to test business-to-business service)(Brief Article)
Nov 01, 2000; ... Ruth Ann Marshall, president of the North American region for MasterCard International, said business customers have been asking bankers for a way to make purchases online without paying 2% to 3% interchange rates. TradeCard, a New York company that provides an infrastructure ...
Merrill Moves to Satisfy Hedge Fund Craving.(Merrill Lynch & Co. )(Brief Article)
Nov 01, 2000; ... An emerging class of investors is increasingly demanding hedge funds, and Merrill Lynch & Co. is aiming to be a major provider. The New York brokerage is merging four alternative-investment-product departments into one to improve its products and market them better to ...
In Brief: Mutual Fund Inflows Dip $3B in Month.(Brief Article)(Statistical Data Included)
Nov 01, 2000 ... Equity and fixed-income mutual funds had inflows of $11 billion in September, against $14 billion in August, according to Financial Research Corp. The company said investors continued to favor domestic and international equity funds over fixed-income funds of any kind. Equity ...
In Brief: A First for Barclays With S&P Product.(Brief Article)(Statistical Data Included)
Nov 01, 2000 ... A new product from Barclays Global Investors is the first exchange-traded fund to be offered on the Chicago Board Options Exchange. The iShares S&P 100 Index Fund seeks investment results to correspond to the price and yield performance of the Standard & Poor's 100 ....
In Brief: 3 Home Loan Banks In Partner Program.(Brief Article)
Nov 01, 2000; ... Three more Federal Home Loan banks have received approval to buy home mortgages from member banks. The Home Loan Banks of Cincinnati, Indianapolis, and Seattle, which had refused to join a secondary mortgage program founded by the Home Loan Bank of Chicago, announced Tuesday ...
In Brief: Fannie Chief Lauds Mortgage Bankers.(Fannie Mae chief executive Franklin Raines)(Brief Article)
Nov 01, 2000; ... Fannie Mae chairman and chief executive Franklin Raines offered up a paean to mortgage bankers during his appearance late Monday at their annual convention. Praising mortgage bankers' hard work, Mr. Raines once again sought to assuage fears that Fannie is even considering moving ...
In Brief: OFHEO Director Hits GSEs' Agreement.(Office of Federal Housing Enterprise Oversight )(Brief Article)
Nov 01, 2000; ... The Office of Federal Housing Enterprise Oversight Director, Armando Falcon, said Tuesday that there are serious shortcomings in an agreement reached last week among Rep. Richard H. Baker, Freddie Mac, and Fannie Mae. Mr. Falcon, in a speech Tuesday before the Mortgage Bankers ...
Real Estate Finance: New Tools, Familiar Issues.(Brief Article)
Nov 01, 2000 ... The Mortgage Bankers Association of America enters its 88th year facing an interesting mix of challenges and opportunities. Technology promises to streamline business practices and offers a whole new way to reach customers. At the same time, providing affordable housing ...
IRS Wins Access to MC, Amex Data.(Brief Article)
Nov 01, 2000; ... MasterCard International and American Express Co. got sucked more deeply into the Internal Revenue Service's effort to crack down on illegal offshore bank accounts Monday when a federal judge signed an order granting the tax agency access to the two companies' transaction records. ...
Technology Stocks Steal Thunder from Bank Shares.(Brief Article)(Statistical Data Included)
Nov 01, 2000; ... Financial stocks took a breather Tuesday as investors shifted their attention back to technology shares. Thrifts slipped from Monday's 52-week highs after Paine Webber Group downgraded Golden West Financial Corp. and Washington Mutual Inc. to "neutral" from "attractive." Golden ...
In Brief: City National to Buy L.A. Investment Firm.(Brief Article)
Nov 01, 2000 ... City National Corp. said Tuesday that it is buying the Los Angeles investment management firm Reed, Conner & Birdwell for an undisclosed sum. Reed, Conner & Birdwell, with about $1.1 billion of assets under management, would operate as an independent ...
In Brief: Lenders Taking More Risks, FDIC Reports.(Federal Deposit Insurance Corp.)(Brief Article)
Nov 01, 2000; ... The Federal Deposit Insurance Corp. issued a report Tuesday that raises concerns about underwriting practices on construction, commercial real estate, and home equity loans. The semiannual report said that the share of FDIC-supervised banks making speculative construction loans ...
In Brief: Bank Legislation Faces Election Deadline.(Brief Article)
Nov 01, 2000; ... Tax cuts and other legislation sought by the banking industry may remain in limbo until after Tuesday's election because contentious yearend negotiations with the White House have Republican leaders leaning toward a rare lame-duck session. Meanwhile, Senate leaders took ...
In Brief: Lehman, Booz Allen Form Capital Venture.(Brief Article)
Nov 01, 2000; ... Lehman Brothers and Booz Allen & Hamilton Inc., a McLean, Va., consulting firm, have formed a joint venture to offer capital and advisory services to start-up companies. The Innovate<at>Lehman Brothers/Booz Allen venture would invest primarily in communications, media and ...
B of A, Chase, IBM Resurrecting Check Imaging.(Brief Article)
Nov 02, 2000; ... At a time when banks are banding together to back next-generation technologies like Internet payments and electronic billing, Bank of America, Chase Manhattan Bank, and International Business Machines Corp. are setting their sights on reviving check imaging, a relative old-timer on the ...
To Keep Corporate Customers, Regionals Vie with Street Bigs.(Brief Article)
Nov 02, 2000; ... Andrew Wolf had a feeling that doughnuts would change things for his employer, BB&T Corp. In April, when an initial public offering by Krispy Kreme Doughnuts Inc. took Wall Street by storm, Mr. Wolf, an equity analyst for BB&T Capital Markets, got a taste of celebrity. The ...
Comerica Is Buying Star Role in Calif. Loans.(Imperial Bancorp of Inglewood)(Brief Article)(Statistical Data Included)
Nov 02, 2000; ... Comerica Inc. of Detroit said Wednesday that it will acquire Imperial Bancorp of Inglewood, Calif., for $1.3 billion in stock. The deal would double Comerica's lending to small and midsize businesses and technology firms in California, but it has raised concerns over credit ...
2 Web Mortgage Trailblazers at End of the Road.(iOwn.com Inc.)(Mortgage.com)(Brief Article)
Nov 02, 2000; ... For two pioneers of online mortgage lending, time and money may have run out. Mortgage.com of Sunrise, Fla., announced Tuesday that it will begin winding down its lending operations, lay off more than 80% of its workforce, and seek a sale of its assets. And ...
Bankers' Early Returns on Election.
Nov 02, 2000; ... Democratic victories in some high-profile Senate races could change the tenor of debate there next year on banking issues from bankruptcy reform to privacy protections. New Democratic seats could move consumer issues to the fore But the face of the Senate and its ...
Today's News.(multiple topics on the banking industry)(Brief Article)
Nov 02, 2000 ... WASHINGTON Lending conditions are strong in most of the country, but bankers in two regions are predicting a slowdown, the Fed says. Page 6 INDUSTRY SNAPSHOT Top 100 publicly traded banking companies ranked by percent change in EPS. Page 7 ...
In Brief: 1st Union, Others Settle Yield-Burn Charges.(Brief Article)
Nov 02, 2000 ... First Union Securities Inc. and three others have agreed to pay $14.7 million to settle federal yield-burning charges stemming from their business in the municipal securities market, said lawyers for the whistleblower behind the cases. Phillips & Cohen in Washington said the ...
In Brief: Merrill Execs Move to Schroder in Germany.(Brief Article)
Nov 02, 2000 ... Schroder Salomon Smith Barney has hired four bankers from Merrill Lynch & Co. to boost its German business, which aims to manage more stock sales. Carsten Vier, Niklas Sandberg, Frank Vogel, and Marcus Scheibel joined the European investment banking unit of Citigroup Inc. in ...
In Brief: Aetna Cites Medical Costs for Earnings Hit.(Brief Article)
Nov 02, 2000 ... We are not authorized to publish this article provided by Bloomberg News. ...
Congress Likely to Get Election Timeout.(Brief Article)
Nov 02, 2000 ... The Senate has agreed to a cease-fire of sorts to let the Republican Congress go home, then return after the election to wrap up this year's business. It did so on a voice vote to approve a stopgap spending measure that would fund government operations through Nov. 14. ...
Phila., Va. District Banks Cautious in Beige Book.(Brief Article)
Nov 02, 2000; ... While lending conditions remained strong in most of the U.S. over the past six weeks, bankers in two regions are forecasting a slowdown, the Federal Reserve Board reported. Virginia bankers said they are afraid higher oil prices and a sharp drop in the value of the euro could ...
In Brief: OCC Recommends Tougher Audit and Internal Controls On National Banks.(Office of the Comptroller of the Currency)(Brief Article)
Nov 02, 2000; ... In an effort to stem what it views as a weakening of audit and internal control systems at national banks, the Office of the Comptroller of the Currency on Wednesday held a telephone briefing for more than 2,000 bankers to outline its expectations and recommendations for strengthening ...
In Brief: Federal Reserve Sets Plan to Modify Clearing House Fees to Boost Competition.(Brief Article)
Nov 02, 2000; ... The Federal Reserve Board announced Tuesday that it would adjust the pricing of its automated clearing house services in order to make it easier for private companies that offer similar services to compete. The Fed's ACH system processes credit and debit transactions originated ...
In Brief: FDIC Activates Updated Call-In Service, Replacing Hotline for Consumers.(Brief Article)
Nov 02, 2000; ... The Federal Deposit Insurance Corp. on Wednesday started operating its new call center -- the agency's primary point of contact with the banking community. The new number, 877-275-3342 (877 ASK-FDIC), replaces a consumer hotline and an ombudsman's toll-free number. The center ...
Executive Changes.(Brief Article)
Nov 02, 2000 ... MIDWEST Cresleigh Bancorp in Carmel, Ind., has hired Craig Royal to be chief financial officer and Dennis Trent to be a vice president and the director of operations. Mr. Royal was a partner and the business development director for five years of Keystone Investment ...
Realty Development Fuels MAF.(Brief Article)
Nov 02, 2000; ... Bucking a trend in which most thrifts have left the real estate development business, MAF Bancorp is laying the foundations for new neighborhoods in Naperville, Ill. The $5.1 billion-asset parent of Mid-America Bank is completing its largest development ever -- a 1,000-unit ...
L.A. Development Bank Seeks $20M Infusion to Stay Open.(Brief Article)
Nov 02, 2000; ... The Los Angeles Community Development Bank says it hopes to raise $20 million from area community banks -- or else may have to shut its doors. The beleaguered institution, initially financed with $435 million of federal money to help rebuild neighborhoods ravaged by riots in ...
In Brief: Universal Drop For Mutual Funds.(Brief Article)(Statistical Data Included)
Nov 02, 2000; ... Investor enthusiasm waned in all categories of mutual funds in September, the Investment Company Institute's monthly survey found. The mutual fund trade organization said net new cash flow to all categories of mutual funds was $17.26 billion in September, against $24 billion in ...
In Brief: Scudder Kemper In Rebranding Move.(Scudder Kemper Investments Inc)(Brief Article)
Nov 02, 2000; ... Scudder Kemper Investments is adding A, B, and, C share classes to more than 30 of its Scudder mutual funds and closing its S class no-load funds to new investors by yearend. The company said its intent is to make its funds more attractive to financial advisers and to rebrand ...
In Brief: Skandia Adds Six To Variable Lines.(Brief Article)
Nov 02, 2000; ... American Skandia has added six investment portfolios to its variable annuity and variable life product lines and is making them available through banks. The AST Kinetics Internet Portfolio seeks long-term capital growth by investing in companies that are developing Internet ...
New BB&T Unit to Court South's Richest Investors.(Brief Article)
Nov 02, 2000; ... BB&T Corp. of Winston-Salem, N.C., has formed a subsidiary, BB&T Asset Management, that is to manage customized investment portfolios for wealthy people and businesses. The subsidiary, which has $15 billion of assets under management, said it will court high-net-worth ...
Hacker Rolls Through Barrier at Tollbooth Billing Site.(Brief Article)
Nov 02, 2000; ... A Internet break-in in the Northeast has raised security concerns about electronic toll collection systems. Still, officials said, the interloper got access only to one kind of personal information: data on when and where another user went through tollbooths. ...
Retail Banks Had Better Get "Smart" Now.
Nov 02, 2000 ... The multiple-application smart card will change retail banking -- not just the credit card. Now is the time for retail bankers to learn about their new smart-card based future and how to make the most of it. To succeed in the United States, multiple-application cards will need ...
Speer Says Financial Sites Lack Personality.(Speer & Associates)(Brief Article)
Nov 02, 2000; ... Most financial services companies are failing to use the Internet to offer personalized services to customers, Speer & Associates' quarterly Web Site Marketing Practices survey found. Of the 180 companies evaluated by the Atlanta company in its fourth marketing-practices survey, ...
Chase to Offer Wireless Banking.(Chase Manhattan Corp.)(Brief Article)
Nov 02, 2000; ... Chase Manhattan Corp. is joining the growing number of big banking companies going wireless. The company is expected to announce today that it plans to start using Tantau Software Inc.'s wireless Internet technology early next year. Once connected, Chase's wholesale ...
First Union Gets Ready to Push Virtual Mall Site.(Brief Article)
Nov 02, 2000; ... Customers of First Union Corp. can now buy clothes, electronics, books, and other consumer goods at its ShopFirst.com, a virtual mall with more than 200 retailers. The $247 billion-asset banking company announced Wednesday that ShopFirst has attracted 5,500 customers since ...
Investment Banking Hikes Deutsche Net.
Nov 02, 2000 ... We are not authorized to publish this article provided by Bloomberg News. ...
Brokerage Shares Slump As Analysts Stay Wary.(Brief Article)
Nov 02, 2000; ... Investment bank shares fell Wednesday as several analysts reiterated lukewarm ratings for the companies and reduced earnings estimates. Shares of Morgan Stanley Dean Witter & Co fell $1.25, or 1.56%, to close at $79.0625. Merrill Lynch & Co. dropped $1.3125, or 1.88%, to ...
In Brief: Banknorth to Invest $7M in Venture Funds.(Village Ventures)(Brief Article)
Nov 02, 2000; ... Banknorth Group Inc. has agreed to invest $7 million in four New England venture capital funds that plan to distribute the money to fledgling businesses in markets where Banknorth has a presence. The four funds are run by Village Ventures, a Williamstown, Mass.-based network ...
In Brief: M&I Drops IPO for Account-Processing Unit.(Marshall and Ilsley Corp.)(Metavante Corp.)(Brief Article)
Nov 02, 2000; ... Marshall & Ilsley Corp. announced Wednesday that it is withdrawing an initial public offering for its Metavante Corp. subsidiary. M&I blamed the decision on a combination of adverse market conditions and a slowdown in financial-account-processing markets. It said it expects to ...
In Brief: Va.'s First Community Closes W.Va. Deal.(First Community Bancshares Inc.)(Citizens Southern Bank)(Brief Article)(Statistical Data Included)
Nov 02, 2000; ... First Community Bancshares has completed its $6.5 million purchase of Citizens Southern Bank Inc. of Beckley, W. Va. First Community, with $1.1 billion of assets, is the third-largest banking company headquartered in Virginia. With its acquisition of $65 million-asset Citizens ...
Today's News.(Brief Article)
Nov 03, 2000 ... WASHINGTON An expected ban on the pooling-of-interests merger accounting method may be delayed again, an FASB member says. Page 4 COMMUNITY BANKING Hamilton's stock plunged after the Miami banking company reported a loss. Page 5 INVESTMENT ...
Postal Service's Brand Passport to EBPP Profit?(Brief Article)
Nov 03, 2000; ... Banks seem to think the market for electronic bill presentment and payment is theirs for the taking -- after all, what other institution would people trust as much with their payments? A quasi-governmental agency -- one with an impressive branch system, at that -- has an answer ...
For Some Small Banks, It's Succession or Sale.(Brief Article)
Nov 03, 2000; ... When Paul B. Murphy succeeded Walter E. Johnson as chief executive officer at Southwest Bancorp of Texas in January, it was no surprise -- the plan was 10 years in the making. More banks may want to consider giving themselves such a head start. "Management succession ...
Thrift Group: Turnaround Is Right on Track.(Brief Article)
Nov 03, 2000 ... Nearly a year after inheriting an organization with disgruntled members and a demoralized staff, Diane M. Casey, chief executive officer of America's Community Bankers, hopes old-fashioned service -- and her steely personal resolve -- have put the embattled trade group on the right track. ...
Banks, Retailers Score; Debit Card Trial Nears.(Brief Article)
Nov 03, 2000; ... Debit cards have been the subject of open warfare for quite a while now, but it seems that both sides have recently gathered impressive new weaponry. Supporters of PIN-based debit cards are rallying behind a product that will make those cards work on the Internet, while ...
Executive Changes.(Brief Article)
Nov 03, 2000 ... MIDWEST National City Corp. has promoted Philip L. Rice to president and chief executive officer of its Cleveland flagship bank, National City Bank. He succeeded and will report to William E. MacDonald 3d, senior vice president of National City Corp. Mr. MacDonald ...
FASB Signals Another Delay On Pooling-of-Interests Ban.(Brief Article)
Nov 03, 2000; ... An expected ban on using the popular pooling-of-interests method of accounting for mergers may be delayed again, a member of the group that sets accounting standards said Thursday. Speaking at an American Institute of Certified Public Accountants conference here, Financial ...
Loss Sends Stock of Fla.'s Hamilton Plunging.(Brief Article)
Nov 03, 2000; ... Hamilton Bancorp's stock plunged 35% Thursday in heavy trading after the Miami company reported a $5.6 million loss, or 55 cents per share, for the third quarter. Consensus estimates had the $1.7 billion-asset company earning as much as 72 cents per share, according to First ...