American Banker back issues from May 2004:
A Leaner Mercantile: Legal compliance big part of consolidation.(Mercantile Bankshares Corp.)
May 03, 2004; ... Even while gobbling up Middle-Atlantic banks and operating them under their own names and charters, Mercantile Bankshares Corp. for years had enviable performance ratios. But because of persistently low interest rates and heavier regulatory burdens on its 20 subsidiary banks, ...
State St.: New Markets Key To Growth.(State Street Corp.)
May 03, 2004; ... After deals that sharpened its focus on institutional rather than individual investors last year, State Street Corp.'s chief executive says he plans to expand by developing in new markets worldwide and cross-selling to customers acquired from Deutsche Bank. David A. Spina, the ...
Nova Ramps Up in Europe With 3 Deals in a Week.(Nova Information Systems Inc.)
May 03, 2004; ... Nova Information Systems Inc. says its recent streak of acquisitions underscores a shift in European banks' attitudes toward outsourcing -- and its chief executive says it plans to pounce on that development. In one week the Atlanta processing unit of U.S. Bancorp announced ...
On Receivers, Conservators, And GSE Fixes.(government-sponsored enterprises)
May 03, 2004; ... A bill to revamp the regulation of the housing government-sponsored enterprises has stalled, but the Bush administration has not stopped banging the reform drum. The Office of Federal Housing Enterprise Oversight said last week that it plans to release a proposal outlining how ...
Eye of 'Tiger' on Riggs Sale?(Riggs National Corp. more likely to sell itself after Anthony P. Terracciano came on the board)
May 03, 2004; ... Now that Anthony P. Terracciano has swooped in on Riggs National Corp., is it more likely to sell itself? Analysts speculated on the possibility Friday as investors drove shares of Riggs up 12.7%. The Washington company disclosed late Thursday that it would nominate Mr ....
Nat Commerce of Tenn. Builds Up Consulting Line.(National Commerce Financial Corp.)
May 03, 2004; ... National Commerce Financial Corp. in Memphis has added marketing advice to its slate of consulting services for banks. NCBS Strategic Marketing Solutions was introduced quietly in February through National Commerce Bank Services Inc., a 17-year-old subsidiary that helps ...
WASHINGTON PEOPLE.(meshed briefs)
May 03, 2004; ... Dorgan Rips OFAC Accusing the Treasury Department's Office of Foreign Assets Control of assigning six times as many agents tracking Americans who travel to Cuba as it has following money funneled to terrorist groups like Al Qaeda, a Senate appropriator on Friday threatened to ...
Carver Says Net Rose 1.6%.(Carver Bancorp)(Brief Article)
May 03, 2004; ... Carver Bancorp of New York reported net earnings of $1.04 million for the quarter that ended March 31, 1.6% more than a year earlier. The quarter closed a fiscal year in which Carver's profits rose 28%, to $4.6 million. In a press release Friday, president and chief executive ...
In Brief: Two Independent Directors for MBNA.(Brief Article)
May 03, 2004; ... MBNA Corp. announced Friday that it had named Mary M. Boies and Laura S. Unger to its board of directors. The second-largest U.S. credit card issuer announced the appointments Friday. The two will fill the seats to be vacated by Norma Lerner and Michael Rosenthal, who will step ...
In Brief: Wincor Nixdorf Plans Mid-May IPO.(initial public offering)(Brief Article)
May 03, 2004; ... Wincor Nixdorf, the German manufacturer of automated teller machines and point of sale terminals, plans to have an initial public offering in mid-May. A U.S. spokesman for Wincor Nixdorf, the third-largest ATM company in the world and the second-largest in Europe, confirmed last ...
In Brief: Hard Rock Cafe To Use MoneyPass.(Brief Article)
May 03, 2004; ... Genpass Inc., which operates the surcharge-free MoneyPass automated teller machine network, announced last week that it has signed Hard Rock Cafe International Inc. Hard Rock is an Orlando subsidiary of the London conglomerate Rank Group PLC. It runs 44 U.S. stores, each ...
In Brief: Sky Renames Pa. Agency.(Sky Financial Group Inc. renames its Meyer & Eckenrode Insurance Group into Sky Insurance)(Brief Article)
May 03, 2004 ... Sky Financial Group Inc. of Bowling Green, Ohio, said Friday that starting today its Meyer & Eckenrode Insurance Group is using the same name as the rest of its insurance operations, Sky Insurance. Sky Financial bought the 100-employee Carnegie, Pa., agency about four years ago ....
In Brief: N.Y. Life Names Supervisor.(New York Life Insurance Co)(Brief Article)
May 03, 2004 ... New York Life Insurance Co. announced Friday that it had named Mark Pfaff northeastern agencies senior vice president. Mr. Pfaff will oversee the recruiting, training, and developing of managing partners and partners. He is also responsible for the sales production and overall ...
In Brief: Hartford Life Promotes Exec.(Brief Article)
May 03, 2004 ... Hartford Life Inc. has promoted Michael Kalen to succeed Robert Kerzner as head of the individual life division. Mr. Kalen had been a senior vice president at Hartford Life, a Simsbury, Conn., subsidiary of Hartford Financial Services Group. Mr. Kerzner is retiring ...
First Quarter Success: Provisions, Private Equity.
May 03, 2004; ... Despite compressing margins, decreased mortgage volume, and stagnant lending, first-quarter net income at the nation's largest banking companies rose 22%, largely because of a sharp drop in loan-loss provisions and a recovery in principal investing. Neither the provision drop ...
In Brief: MBA: Applications Are Up, Refis Down.(Mortgage Bankers Association)(Brief Article)
May 03, 2004; ... The Mortgage Bankers Association's market composite index of mortgage applications rose 0.5% in the week that ended April 23, to 748, as mortgage rates inched up. The trade group's index of purchase loans rose 6.8% from the previous week, to 463.5, while the refinancing index ...
In Brief: Saft to Lead D.C. Lender for Coops.(National Cooperative Bank; Stuart Saft)(Brief Article)
May 03, 2004; ... National Cooperative Bank said has appointed Stuart Saft as its chairman for the next year. The Washington cooperative, a government-chartered company now owned by its more than 1,700 customers, lends to other cooperative organizations. Mr. Saft, whose appointment ...
Lofty Growth Goals for IndyMac, Countrywide.
May 03, 2004; ... Countrywide Financial Corp. and its spinoff, IndyMac Bancorp Inc., may bear little resemblance to each other in size or portfolio mix, but both companies are clearly enamored of setting ambitious goals. That is not surprising. IndyMac's chief executive officer, Michael Perry, ...
Turnaround, New Challenges for S1 and Corillian.
May 03, 2004; ... S1 Corp. and Corillian Corp. both beat earnings expectations on the strength of several first-quarter contracts, but analysts say they could have a hard time selling big-ticket products. The Internet banking software vendors are projecting stronger results for the rest of the ...
Split Decision on InterCept Board.(Brief Article)
May 03, 2004; ... In what looks like a setback for a San Francisco hedge fund seeking control of InterCept Inc., a federal court has ruled that only two of the Atlanta processor's six board seats are open for election this year. But a consultant to the fund, which was seeking to nominate four ...
B of A Resumes Coverage With 'Buy' for PNC, M&I.(Banc of America Securities L.L.C.)(PNC Financial Services Group Inc.)(Marshall & Ilsley Corp.)
May 03, 2004; ... After a three-year absence, Banc of America Securities LLC has started covering banks stocks again. On Friday it initiated coverage for 16 companies. In March it hired two analysts John E. McDonald and Kenneth M. Usdin, from UBS Securities LLC. They are now offering coverage for ...
Clarification.
May 03, 2004 ... In the April 27 paper, a page 17 news brief gave a misleading impression of Online Resources' first quarter. If a year-earlier termination fee is excluded, per-share earnings and revenue ...
In Brief: Texas United to Acquire GNB for $46M.(GNB Bancshares Inc.)(Brief Article)
May 03, 2004; ... Texas United Bancshares Inc. in La Grange is buying the $225 million-asset GNB Bancshares Inc. of Gainesville, Tex., for $46 million in cash and stock. The price is 2.44 times Dec. 31 book value. The deal was announced Thursday after the markets closed. The purchase ...
In Brief: Fed, Utah Clamp Down on Cache Valley.(Cache Valley Banking Co; Federal Reserve Board; Utah State Department of Financial Instituitions.)(Brief Article)
May 03, 2004; ... The Federal Reserve Board and the Utah State Department of Financial Institutions announced an agreement Friday with Cache Valley Banking Co. of Logan, Utah. Among other things, the $154 million-asset company agreed to strengthen board ...
In Brief: 'Buy' Rating for Bank of N.Y., Northern Trust.(Bank of New York Co. Inc)(Brief Article)
May 03, 2004; ... An analyst at Fulcrum Global Partners LLC initiated coverage for five trust and processing banking companies Friday. Thomas McCrohan rated Bank of New York Co. Inc. and Northern Trust Corp. "buy" and Investors Financial Services Corp., State Street Corp., and Mellon Financial ...
In Brief: HUD GSE Proposal Being Published Today.(Department of Housing and Urban Development; government sponsored enterprise)(Brief Article)
May 03, 2004; ... The Department of Housing and Urban Development is expected to publish a proposed rule on Fannie Mae and Freddie Mac's housing goals today in the Federal Register, a HUD spokesman said. The proposal, which has been sent to Congress, is intended to prod the government-sponsored ...
In Brief: Webster and Riggs End the Week Strong.(Riggs National Corp; Webster Financial Corp)(Brief Article)
May 03, 2004; ... Bank stocks were mixed Friday but ended up outperforming the broader market for the day and week. A modest rally in the morning did not last, however. "Nobody has any gusto for a long position," said Peter McCorry a senior trader at Keefe, Bruyette & Woods Inc. The ...
At Least They're Not Suing.(Wells Fargo & Co.)
May 04, 2004; ... Perhaps executives at Wells Fargo & Co. could take a hint from the play "Inherit the Wind," in which the town shopkeeper advises, "Don't have any opinions. They're bad for business." For more than a decade the San Francisco company has courted business from trial lawyers and ...
On-the-Spot Issuance Gets An Audition.
May 04, 2004; ... The credit card business is one of instants -- instant approvals, instant access, instant gratification. Now comes J.P. Morgan Chase & Co. and instant issuance. The company's credit card unit, which has a cobranding partnership with Vivendi Universal Entertainment, ...
Rehabilitating Premier: Chairman: "Scoundrels" gone, profits ahead.(Premier Financial Bancorporation Inc.)
May 04, 2004; ... After two years of dealing with fraud, enforcement orders, and substantial losses at three of its Kentucky banking subsidiaries, Premier Financial Bancorp's chairman says the West Virginia company will "absolutely" be profitable by yearend. "I feel very optimistic about putting ...
Losing the Writeoff, Not The Lease?
May 04, 2004; ... A European Union attack on U.S. efforts to protect long-term leases that some large banks have with foreign airlines could leave financial services companies locked in underpriced deals. As the Senate on Monday began debating sweeping legislation to repeal export tax breaks, the ...
Bank One, JPM Chase Nominate 16 for Board.(J.P. Morgan Chase & Co)(Brief Article)
May 04, 2004; ... J.P. Morgan Chase & Co. and Bank One Corp. jointly announced nominees for the combined company's board Monday, including eight representatives from each. The independent nominees from JPMorgan Chase are Hans Becherer, the retired chairman of Deere & Co.; Lawrence Bossidy, the ...
Guidance Sought on Free Reports.(Fair and Accurate Credit Transactions Act)
May 04, 2004; ... House Financial Services Committee members are urging the Federal Trade Commission to give consumer reporting agencies "definitive" guidance as they gear up for providing consumers with free annual credit reports. The program, which was mandated by the Fair and Accurate Credit ...
Using CD Service To Meet a Portion Of the CRA Test.(Community Reinvestment Act)
May 04, 2004; ... An initiative due out today promises to provide liquidity for community development banks while helping mainstream banks meet the Community Reinvestment Act's investment test. Mainstream banks will be able to make insured deposits of up to $5 million at about 20 of the nation's ...
Minnesota Career Program Targets In-Between Teens.
May 04, 2004; ... While their friends are off working as lifeguards or at youth camps, some Minnesota teenagers will spend their summer being groomed as bank CEOs. The Independent Community Bankers of Minnesota and the Pohlad Family Foundation are sponsoring a program called Training Educating ...
In Brief: SBA Accepting 7(a) Applications via Web.(Small Business Administration)(Brief Article)
May 04, 2004; ... After two years of development and testing, the Small Business Administration started using a Web-based application Monday that lets lenders e-mail 7(a) loan applications. Until now lenders had to fax the lengthy application forms, which were then keyed into the SBA's database. ...
In Brief: F.N.B. Buys Ohio Offices from Thaxton.(Thaxton Group Inc)(Brief Article)
May 04, 2004; ... F.N.B. Corp. in Hermitage, Pa., said Friday after the markets closed that it had acquired eight consumer-finance offices in and around Columbus, Ohio, from the privately held Thaxton Group Inc. of Lancaster, S.C. The $4.6 billion-asset F.N.B. -- which has been in the ...
In Brief: Earnings Down 9% at Anchor of Wis.(Anchor BanCorp Wisconsin Inc)(Brief Article)
May 04, 2004; ... Anchor BanCorp Wisconsin Inc. in Madison reported Monday that earnings for its fiscal fourth quarter, which ended March 31, fell 9% from a year earlier, to $12.1 million. Earnings per share fell 4%, to 53 cents. For the full fiscal year, earnings fell 4%, to $47.4 ...
In Brief: NCR Narrows First-Quarter Loss.(Brief Article)
May 04, 2004; ... NCR Corp. reported a first-quarter net loss Friday of $5 million, or 5 cents per basic and diluted share, an 81.5% improvement over the same period last year. The Dayton, Ohio, automated teller machine maker's revenue rose 5%, to $1.29 billion. Revenue from its ATM segment rose ...
In Brief: MasterCard Reports 1Q Growth.(MasterCard International)(Brief Article)
May 04, 2004; ... MasterCard International reported Monday that first-quarter U.S. credit card spending grew 8% from a year earlier, to $126.7 billion, and signature debit grew 4.6%, to $30.8 billion. Gross domestic volume worldwide, which includes all programs except PIN debit, grew 8.4%, to ...
Automated Appraisal Industry Rakes Fitch Discount Move.
May 04, 2004; ... How reliable are the data underlying automated appraisals? That question is at the center of a debate that has providers and at least one lender on one side and a skeptical Fitch Inc. on the other. Fitch drew the ire of automated appraisal backers last month when it ...
MassMutual Starts Boomer Retirement Unit.(Massachusetts Mutual Life Insurance Co)
May 04, 2004; ... Massachusetts Mutual Life Insurance Co. has formed a new unit to help baby boomers manage their retirement assets after they stop working. Nearly 76 million people will begin their retirement in the next five years, according to the Department of Commerce, and many will live ...
In Brief: Merrill Exec to RunAIG Strategies Group.(Merrill Lynch & Co; American International Group Inc)(Brief Article)
May 04, 2004 ... American International Group Inc. named a Merrill Lynch & Co. executive, Jacob A. Frenkel, as its executive vice chairman Monday. Mr. Frenkel, who joined Merrill in January 2000, will also chair AIG's global economic strategies group. He was the chairman of both Merrill Lynch ...
In Brief: Putnam Reducing Fees on 529 Plan.(Putnam Investments)(Brief Article)
May 04, 2004 ... Putnam Investments said Monday that it will lower fees for its 529 college savings plan. On May 24 the Boston fund company will reduce the annual maintenance fee on its Putnam CollegeAdvantage 529 from $25 to $15. It will also enhance the disclosure in the Ohio-based plan and ...
In Brief: Assets, Earnings Up At Canada's Seamark.(Seamark Asset Management Ltd)(Brief Article)
May 04, 2004 ... Seamark Asset Management Ltd., a Canadian investment manager, announced Monday that its assets under management increased 4.8% during the first quarter, to $10.9 billion. Assets under management increased 23.8% from the end of the first quarter last year. Earnings ...
In Brief: ING Fund Features A 5-Year Guarantee.(Brief Article)
May 04, 2004 ... ING Group NV's U.S. retail fund unit unveiled a fund Monday with a five-year guarantee period. ING Funds Distributor LLC launched the ING Principal Protection Fund X. It will be sold through Aug. 9 and is open to investors only during this three-month period. The minimum ...
Irwin Tops Expectations On Better Credit Quality.(Irwin Financial Corp)
May 04, 2004; ... Irwin Financial Corp. on Monday reported first-quarter earnings that handily beat Wall Street expectations on improved credit quality and a successful hedging strategy. Like many other lenders, the $5.1 billion-asset Columbus, Ind., company had to digest a sharp drop in mortgage ...
In Brief: Franklin Shareholders OK Fifth Third Deal.(Franklin Financial Corp; Fifth Third Bancorp)(Brief Article)
May 04, 2004; ... Franklin Financial Corp.'s shareholders on Monday approved the Tennessee company's deal to sell itself to Fifth Third Bancorp of Cincinnati. Almost all shareholders voted in favor the $310 million deal, Franklin said in a press release. The deal had been a long time ...
In Brief: HUD Investigating Deals by Fannie, Freddie.(Department of Housing and Urban Development; Fannie Mae; Freddie Mac)(Brief Article)
May 04, 2004; ... The Department of Housing and Urban Development is examining whether three multifamily transactions Fannie Mae and Freddie Mac entered at the end of last year should count toward housing goals, Federal Housing Commissioner John C. Weicher said Monday. In a conference call with ...
In Brief: Five New Offices for SunTrust Leasing Unit.(SunTrust Banks Inc)(Brief Article)
May 04, 2004; ... SunTrust Banks Inc.'s leasing unit said Monday that it has opened commercial leasing offices in five major cities in an effort to expand. The Baltimore unit, SunTrust Leasing Corp., recently opened offices in Boston, Chicago, Minneapolis, Columbus, Ohio, and Bohemia, N.Y. ...
In Brief: Economists Want Housing GSEs Privatized.(government sponsored enterprices)
May 04, 2004; ... Add the Shadow Open Market Committee to the list of supporters for the idea of privatizing of Freddie Mac and Fannie Mae. At a press conference Monday, the group of economists cited "excessive lobbying, accounting scandals, and excessive pay" at the government-sponsored ...
In Brief: Bank Stocks Rise as Deal Rumors Fly.(Brief Article)
May 04, 2004; ... Bank stocks rose Monday, as did the broader market. Good economic news lifted Wall Street's spirits, and even bank stocks took a break from their recent drop. A busy market turned to old rumors. Charter One Financial Corp. rose 6.9%. Analysts and traders said that ...
Unsettled on Settlement.(Brief Article)
May 05, 2004 ... There's no disputing that Check 21 will hasten the move toward electronic settlement of checks. But community bankers say they are getting mixed signals about what they need to do and when. Also inside: Why a proposal to change the way banks account for ...
Redefining the Signature for New Accounts.
May 05, 2004; ... Banks have eagerly adopted the Internet as a tool to get customers to pay bills, move money between accounts, trade stocks, and even apply for loans. Until recently only consumers who already had a relationship with a particular bank could enjoy this digital interaction, because ...
Option Play: A Battle for Control of a Philly Bank.(PSB Bancorporation Inc.)
May 05, 2004; ... Already facing a high level of shareholder discontent, a Phila-delphia community bank is fighting to regain its balance after a judge told it to issue nearly 900,000 stock options to a group of disaffected investors. At stake could be nothing less than control of the $471 ...
Why Mortgage Profit Story Still Has Legs.
May 05, 2004; ... What securities gains and lower provisioning did for first-quarter earnings, mortgage fees and generally better consumer and commercial lending conditions could do for the current quarter's results. Bankers and analysts say it stands to be a good period for mortgage banking ...
AmSouth's Next 3 Years: Better balance, bigger in Fla., without deals.
May 05, 2004; ... AmSouth Bancorp. executives say its latest three-year strategic plan should allow it to grow by generating a better profit balance from its businesses, including its Florida operations and its wealth management unit, without pursuing acquisitions. During the annual investor day ...
Opinions Split on Fannie Mae Accounting Move.
May 05, 2004; ... If you lock four accountants in a room with a question, how many answers will you get? While the answer to the old joke -- eight, depending on your interpretation -- may be amusing, it could prove to be anything but funny in the case of the Office of Federal Housing Enterprise ...
CORPORATE COMMUNITY: Wachovia Uses Golf Event to Champion Public Education.
May 05, 2004; ... When Wachovia Corp. landed a professional golf tournament for its hometown of Charlotte, it had a problem banks across the country face almost daily: finding the right nonprofit to receive the proceeds. "We wanted an organization that had both a far-reaching aspiration and ...
Trustmark Opts for State Charter.
May 05, 2004; ... In swapping its national charter for a state license, Mississippi's second-largest bank said it values the specialized knowledge of local regulators over the federal preemption offered by the Office of the Comptroller of the Currency. Trustmark Corp. of Jackson, Miss., plans to ...
Don't Sell Those Stock Listings Short.
May 05, 2004; ... Younger bankers may not recognize the full significance of this newspaper's publishing of bank share price moves and its indexes of bank and thrift equity prices broken down by region. When I became a financial reporter in 1955, fresh out of the Army, the only market for most ...
GE Insurance Unit Signs Pact.(Brief Article)
May 05, 2004; ... America's Community Bankers and GE Mortgage Insurance said Monday that they have entered a joint marketing agreement. The trade group will market the General Electric Co. unit's products to its members, and GE will tout the trade group to community banks. Lewis Fain, ...
HUD Taking Closer Look at GSE Report Accuracy.(Department of Housing and Urban Development)
May 05, 2004; ... The Department of Housing and Urban Development is seeking to clarify, codify, and enhance its ability to ensure the accuracy of reporting that enables it to determine if Fannie Mae and Freddie Mac are meeting housing goals. The strengthening would come amid concerns that the ...
In Brief: 4Q Fund Assets Grew By 9% Worldwide.(Brief Article)
May 05, 2004 ... Mutual fund assets worldwide rose to $13.96 trillion at the end of the fourth quarter, an increase of about 9% from the previous quarter, according to annual data Tuesday from the Investment Company Institute. Asset growth was boosted by positive stock market returns in almost ...
In Brief: Wells' Acordia Buys An Agency in Ohio.(Baldwin & Whitney)(Brief Article)
May 05, 2004 ... Acordia Inc., the Chicago insurance agency subsidiary of $388 billion-asset Wells Fargo & Co., said Tuesday that it has bought Baldwin & Whitney, doubling the size of its operation in Dayton, Ohio. The price was not disclosed. The deal, closed May 1, is Acordia's 14th since it ...