American Banker back issues from February 2008:
Securitizing Mortgages: When Smoke Finally Clears: What participants expect to change - and to go away.
Feb 01, 2008; ... Market watchers say it will take at least a year to 18 months for the asset-backed securities market to reopen to disfavored collateral like nonagency mortgages. In order for that to happen, it will take more than simply the passage of time. Market participants say several ...
The Tech Scene: Imaging Trends Have More Small Banks Outsourcing.
Feb 01, 2008; ... Banks, especially small ones, that have yet to invest in check imaging technology are increasingly likely to outsource the work rather than license software to use in-house. Industry watchers say that the financial companies still lacking imaging capabilities are being squeezed ...
4Q Earnings: MasterCard Results Show Pricing Power.(Financial report)
Feb 01, 2008; ... Aside from MasterCard Inc.'s strength in the face of a weakening consumer market, one of the more noteworthy things about its fourth-quarter report was its continued success in garnering price increases from its bank customers. Revenue increased 27.8% from a year earlier, to ...
B of A, Wachovia Have Sights Set on Colorado.(Bank of America Corp. and Wachovia Corp. set expansion plans)
Feb 01, 2008; ... The top executives at Wachovia Corp. and Bank of America Corp. continue to eye Colorado as ripe for expansion, despite increased competition from other out-of-state companies and obvious signs of a slowdown in the state's housing market and overall economy. This week both G ....
People.(opinion of invetsment strategist Larry Adam about Superbowl)
Feb 01, 2008; ... A Rooting Interest First things first: Take this with a grain of salt. Second, prepare to think of Super Bowl Sunday a little differently this year. Deutsche Bank's chief investment strategist, Larry Adam, is pulling for a New York Giants win this Sunday, not because ...
Bair, Democrats Try to Think Ahead of Next Mortgage Woe.(Sheila Bair)
Feb 01, 2008; ... Reprising her role as the mortgage market's Cassandra, Federal Deposit Insurance Corp. Chairman Sheila Bair is now outlining the next problem: 1.7 million nontraditional loans worth $600 billion facing interest rate resets next year. Ms. Bair told the Senate Banking Committee ...
Banks Urged to Take CRE Loan Initiative.(commercial real estate)
Feb 01, 2008; ... With commercial real estate markets deteriorating, Comptroller of the Currency John Dugan urged bankers Thursday to take proactive steps - or face harsh treatment from examiners. Speaking in Florida, where nonperforming loans are multiplying as values plummet, Mr. Dugan said ...
Signature Delays 4Q Report.(Signature Bank Corp. in )(Financial report)(Brief article)
Feb 01, 2008; ... Signature Bank Corp. in New York says it is postponing its fourth-quarter and full-year earnings report because it needs more time to determine the market value of asset-backed securities in its investment portfolio. The $5.6 billion-asset company announced the delay late ...
4Q Earnings: Western Union's Looking Abroad.(Financial report)
Feb 01, 2008; ... Western Union Co. said the difficulties in its U.S.-to-Mexico remittance business have recently been compounded by the housing market bust and a change in immigration patterns. Many of the Englewood, Colo., money transmitter's customers work in construction, which has suffered ...
Ex-TSYS Unit Execs Lead A New Prepaid Processor.(executives joining TxCore Inc.)(Brief article)
Feb 01, 2008; ... Several former executives of the prepaid unit at Total System Services Inc. are heading a new prepaid processing company, TxCore Inc. Anil D. Aggarwal, a founder of Clarity Payment Solutions Inc., which TSYS bought in 2004, joined TxCore as its chief executive last month. Carl ...
Wilmington Trust Deal Would Double Retirement Business.(impact of merger on retirement planning services of Wilmington Trust Corp.)
Feb 01, 2008; ... Wilmington Trust Corp.'s agreement to buy AST Capital Trust Co. is more about expanding its retirement plan services business - in both capabilities and scale - than an effort to expand geographically. The deal, announced Thursday, would nearly double the retirement plan assets ...
Cardtronics Signs Safeway, Hotel Outfit.(contract of automated teller machines between CardTronics and Safeway Inc. and Gaylord Entertainment Co.)(Brief article)
Feb 01, 2008; ... The automated teller machine company Cardtronics Inc. has two new customers. On Thursday it announced a multiyear agreement to operate ATMs at about 650 grocery stores owned by Safeway Inc. of Pleasanton, Calif., including maintenance, processing, and customer service. The ...
Katz Adds Nat City, Regions, N.Y. Life.(Ronald A. Katz Technology)(National City Corp.)(Regions Financial Corp.)(New York Life Insurance Co.)(Brief article)
Feb 01, 2008; ... Three more financial companies have licensed a patent portfolio for interactive voice systems from Ronald A. Katz Technology Licensing LP of Los Angeles. The licensing company announced the nonexclusive agreements Wednesday with National City Corp. of Cleveland, Regions ...
Hypercom CFO Liguori Set to Leave.(Thomas Liguori)(Brief article)
Feb 01, 2008; ... The point of sale terminal company Hypercom Corp. is looking for a new chief financial officer. Hypercom said in a Securities and Exchange Commission filing Thursday that its current CFO, Thomas Liguori, plans to take a job elsewhere. Mr. Liguori is to remain with the Phoenix ...
Viewpoint: On Retailing - Most Powerful Message: Next Pleased Customer.(methods of managing customer relations)(Viewpoint essay)
Feb 01, 2008; ... A recent conversation with the owner of an independent toy store reminded me of why we ask our branch managers to "act like owners" when running their businesses. While running errands with my family, my wife asked me to visit the Treasure Chest. She told me that it was a small ...
Viewpoint: STP 820's the Best Format forB2B Wire Transfer.(Electronic funds transfer systems)(Viewpoint essay)
Feb 01, 2008; ... Over 15 months ago the Federal Reserve Bank of New York and The Clearing House Payments Co. LLC released the results of their research on wire transfer business-to-business payments. Their study, "Business to Business Payments: Customer Preferences and the Opportunities for Financial ...
Viewpoint: Counterpoint - Why It Feels Like 1991, All Over Again.(Viewpoint essay)
Feb 01, 2008; ... American Banker welcomes Vernon Hill, founder and former chairman of Commerce Bancorp of New Jersey, as a contributor to our Viewpoints section. Mr. Hill's essayswill be published in the daily print edition of American Banker, as well as on AmericanBanker.com. They will draw on his past, ...
Viewpoint: Conglomerate Problem's Too Big to Ignore.(Viewpoint essay)
Feb 01, 2008; ... In recent months large banks and Wall Street firms have reported more than $100 billion of losses resulting from financing and securitizing subprime mortgages and from issuing derivatives related to those loans. Analysts predict that the subprime debacle will ultimately inflict more than ...
B of A Signals Intentions with Exec Plan.(Bank of America Corp.)
Feb 01, 2008; ... Bank of America Corp.'s announcement Thursday that it has chosen Countrywide Financial Corp.'s president and chief operating officer to run its mortgage business may indicate the Charlotte company is willing to give third-party origination a try, observers said. The $1.7 ...
Discount Window Lending Up.(Brief article)
Feb 01, 2008; ... Lending through the Federal Reserve Board's discount window increased 130% from a week earlier, to $46 million as of Wednesday. Most of the loans - $43 million - were in the form of primary credit to strong financial institutions, according to data released Wednesday. The ...
Bank of the West Profits Sink.(Financial report)(Brief article)
Feb 01, 2008; ... Bank of the West, a $62 billion-asset unit of BNP Paribas SA, posted a 99% plunge in fourth-quarter earnings from a year earlier, barely staying in the black with net income of $1.7 million, amid a slumping California housing market. Full-year net income dropped 27%, to $417.3 ...
Capital One Dividend Spikes.(Capital One Financial Corp.)(Brief article)
Feb 01, 2008; ... Capital One Financial Corp. made good Thursday on plans to boost its dividend. The $151.4 billion-asset McLean, Va., company raised its quarterly payout to 37.5 cents a share, from 2.7 cents. Capital One said late last year that it would begin paying out a more ...
Site Sales Help First Niagara.(First Niagara Financial Group Inc.)(Financial report)(Brief article)
Feb 01, 2008; ... Branch sales boosted First Niagara Financial Group Inc.'s fourth-quarter net income by 33% from the year earlier, to $27.8 million, the company said Thursday. Earnings per share increased 42%, to 27 cents. The $8 billion-asset Lockport, N.Y., company said several one-time items ...
Correction.(Correction notice)
Feb 01, 2008 ... In the Jan. 31 paper, a story on page 1, "Cole Taylor Looks Outside After a Loss," incorrectly said that Mark Hoppe was taking the helm of Taylor Capital Corp. He was named its president and the president and CEO of Cole Taylor Bank. (Bruce Taylor will remain the parent's chairman and ...
Bank and Thrift Stocks.(Statistical table)
Feb 01, 2008 ... Highlights: Thursday, January 31, 2008 Percentage Changes Computed from the indexes reported one, five and 20 days previous, respectively Value Day Week Month American Banker Bank Index: 2112.7 3.30 6.85 9.51 ...
Record 4Q Provisioning Done; Banks Not Finished: First-half reserving seen for credit cards, CRE, and home loans.(Financial report)
Feb 04, 2008; ... No matter how low expectations were for the fourth quarter - eight of the 10 largest banking companies saw fit to warn investors about weak earnings before releasing them - the actual results were even worse. By one important yardstick, it was the worst quarter ever: The ...
In Focus: Will Capital Rules Open to Empty House?(interpretation of new banking law)
Feb 04, 2008; ... WASHINGTON -- After years of pushing regulators to complete the Basel II capital accord, the banking industry may need some extra time to comply with it. Though the complicated accord will take effect April 1, the 12 largest banks can take six months to win approval of an ...
Bank of Granite CEO Talks Turnaround.(R. Scott Anderson )
Feb 04, 2008; ... For much of the past half-century Bank of Granite Corp. in Granite Falls, N.C., was a rock-solid performer. It consistently delivered stellar returns on assets and equity, boasted an efficiency ratio that ranked among the industry's best, and rewarded shareholders by increasing ...
Executive Changes.(appointment of Jeffrey A. Klaus as president of Webstar Bank)(reitrement of Tom Pizzo from wells fargo century)(Thomas C. Woodward appointed as president of Bank of America Corp. in Charlotte )
Feb 04, 2008; ... NEW ENGLAND Webster Bank, a Waterbury, Conn., unit of Webster Financial Corp., has hired Jeffrey A. Klaus as the regional president for its New Haven region and Paul Mollica as its senior vice president of commercial banking for Boston. Mr. Klaus had been the senior ...
Washington People.(Don Powells view on Sheila Bair the sole banking regulator to appear before the Senate Banking Committee)(Senate Banking members welcome back Chairman Chris Dodd after returning from the presidential race)(finance for Sen. John McCains election campaign)
Feb 04, 2008; ... Casting a Shadow It was the kind of moment former Federal Deposit Insurance Corp. Chairman Don Powell would have killed for. Sheila Bair, his successor, was the sole banking regulator to appear before the Senate Banking Committee last week to testify on solutions to ...
Fed Plans More Loan Auctions.(Brief article)
Feb 04, 2008; ... The Federal Reserve Board said Friday that it would extend its term loan auctions into February as part of its efforts to curb the liquidity crisis. Auctions will be held on Feb. 11 and Feb. 25 on $30 billion of loans. The central bank is encouraging more participation from ...
Seller's Loans Seen as Integra Deal Killer.(cancellation of merger between Integra Bank Corp. and Peoples Community Bancorp Inc.)
Feb 04, 2008; ... In terminating its deal to buy Peoples Community Bancorp Inc. of West Chester, Ohio, Integra Bank Corp. in Evansville, Ind., might have gotten itself back into the good graces of its investors. Though Integra would have picked up 19 branches in the attractive Cincinnati market ...
Start-Up Pushes An Alternative to Tax Refund Loans.(Checkspring Bank offering tax refund service to account holders)
Feb 04, 2008; ... Checkspring Bank, a Bronx, N.Y., start-up that caters to underbanked consumers, is promoting an alternative to refund anticipation loans through a partnership with the financial education nonprofit Ariva Inc. Last month Ariva began offering free tax-preparation sessions in the ...
Amex, Discover Downgraded.(American Express Co.)(Discover Financial Services)(Brief article)
Feb 04, 2008; ... Concerns over credit quality prompted an analyst to downgrade American Express Co. and Discover Financial Services. Michael Taiano, an associate director with Sandler O'Neill & Partners LP, downgraded Amex's stock Friday to "hold," from "buy," and Discover's to "sell," from ...
TD Unit Picks New President.(Shoppers Charge Accounts Co. a unit of Toronto-Dominion Bank appointing Marc G. Sczesnak as president)(Brief article)
Feb 04, 2008; ... Shoppers Charge Accounts Co., a Mahwah, N.J., unit of Toronto-Dominion Bank, said Friday that it has hired Marc G. Sczesnak as its president. He succeeded Thomas Nelson, who retired after more than two decades with the company. Mr. Sczesnak, who has more than 25 ...
Moody's Eyes Insurer Ratings.(Moody's Investor Service)
Feb 04, 2008; ... Moody's Investors Service Inc. is reassessing its ratings of private mortgage insurers in light of its expectation that mortgage losses will be higher than it had previously forecast. The ratings agency said last week that a sharp deterioration in the performance of first-lien ...
Builder Partner Of Countrywide Out of Lending.(contract of mortgage between Beazer Homes USA Inc. and Countrywide Financial Corp.)
Feb 04, 2008; ... By closing its lending unit and agreeing to refer homebuyers to Countrywide Financial Corp., Beazer Homes USA Inc. has gone further than other builders in withdrawing from mortgage activities. The Atlanta builder said Friday that it had shuttered Beazer Mortgage Corp. and ended ...
Tex. Loan Buyer's REO Listings.(Mortgage Assistance Center Corp. adding listings of repossessed properties to its Web site.)(Brief article)
Feb 04, 2008; ... Mortgage Assistance Center Corp. of Dallas, a buyer of distressed real estate assets, has added listings of repossessed properties to its Web site. In a press release issued Thursday, Ron Johnson, the company's president and chief executive officer, said visitors to mac-tx.com ...
First Houston Hires Wells Exec.(First Houston Mortgage appointing Candace Jones )(Brief article)
Feb 04, 2008; ... First Houston Mortgage Ltd., a lender licensed in 18 states, will announce today that it has named Candace Jones a retail branch manager in charge of relationships with home builders, real estate agents, and corporate relocation firms. Ms. Jones previously was a branch manager ...
Fifth Third's Putting More People, Effort into Advice.(Fifth Third Bancorp.)
Feb 04, 2008; ... Fifth Third Bancorp is responding to shifts in the marketplace by making fundamental changes to its investment business where it wants to take more of an advisory role with its wealthy and mass-affluent customers. A broad slate of initiatives under way include steering licensed ...
Gallagher Closes Pair of Acquisitions.(Arthur J. Gallagher and Co. acquiring Crist Elliott Machette Insurance Services Inc. and Yanni Partners Inc.)(Brief article)
Feb 04, 2008; ... The Itasca, Ill., insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has completed its acquisitions of Crist Elliott Machette Insurance Services Inc. of Oakland, Calif., and Yanni Partners Inc. of Pittsburgh. Both deals closed last week. Arthur J ....
Morgan Stanley Starts Long/Short Fund.(Brief article)
Feb 04, 2008; ... Morgan Stanley Investment Management has launched the Morgan Stanley Global Long/Short Fund, an alternative investment fund of hedge funds that offers a diversified, institutional-quality portfolio of long/short equity hedge funds to eligible individual investors and small institutional ...
Bank of N.Y. Mellon Opens Tampa Office.(Brief article)
Feb 04, 2008; ... Bank of New York Mellon Corp.'s wealth management arm has opened an office in Tampa. It is BNY Mellon Wealth Management's 21st office that is has opened in Florida. Raymond E. Ifert will run the office as a regional director, with the help of senior directors Matthew ...
Deutsche Unit Hires an Advisory Exec.(Bill Seugling appointed as managing director)(Brief article)
Feb 04, 2008; ... Deutsche Bank Private Wealth Management hired Bill Seugling as a managing director and the head of investment advisory solutions. Mr. Seugling will manage the investment consulting and cash management advisory programs as well as Charter Select, Deutsche Bank Private Wealth ...
For Bill Me Later, Speed Is the Name of the Game.(impact of speed and easy accesability on growth of Bill Me Later Inc. )
Feb 04, 2008; ... Bill Me Later Inc. says its ability to decide quickly whether to grant credit has been a key factor in its growth. The Timonium, Md., alternative payment provider offers instant credit for people who do not have credit cards or do not want to use them online. Because its service ...
Fiserv Unloads Mortgage Unit.(Fiserv Inc. selling Del Mar DataTrac Inc.)(Brief article)
Feb 04, 2008; ... As part of an effort to focus on its core businesses, Fiserv Inc. has sold Del Mar DataTrac Inc., a San Diego mortgage automation provider, back to the company that sold it three years ago. Del Mar DataTrac Inc. announced last week that Wells had sold it back to the San Diego ...
HBOS to Use SAS Software.(Brief article)
Feb 04, 2008; ... The Edinburgh financial company HBOS PLC has agreed to use antifraud software from SAS Institute Inc. of Cary, N.C. SAS announced Friday that HBOS has signed a seven-year deal to use the SAS Fraud Management software, to monitor all card transactions. HBOS' insurance ...
Deutsche Postbank Upgrades.(management of online banking of Deutsche Postbank AG)(Brief article)
Feb 04, 2008; ... Deutsche Postbank AG says using a faster internal data network from Voltaire Ltd. will help it improve the performance of its online banking application, accelerate the delivery of information to customers, and save money. "More and more customers are using Internet online ...
Webster of Conn. Has Deal To Sell Insurance Unit.
Feb 04, 2008; ... Webster Financial Corp. has said its primary focus this year is to boost revenue and cut expenses to lower its operating efficiency ratio by about 5 percentage points, to 60%. Last week the $17.2 billion-asset Waterbury, Conn., company appeared to be making some inroads. ...
Franklin of Houston Posts a $66M Loss.(Franklin Bancorporation Inc.)(Financial report)(Brief article)
Feb 04, 2008; ... Shares of Franklin Bank Corp. plunged Friday after the beleaguered Houston company reported that it lost $66 million, or $2.64 a share, in the fourth quarter as a result of a $65 million goodwill impairment charge and a $23.5 million increase in its loan-loss allowance. For the ...
B of A-Countrywide Deal Probe Sought.(Bank of America Corps. merger with Countrywide Financial Corp.)
Feb 04, 2008; ... Several consumer groups called on Congress to hold hearings on Bank of America Corp.'s deal to purchase Countrywide Financial Corp. The California Reinvestment Coalition, the Community Reinvestment Association of North Carolina, the Neighborhood Economic Development Advocacy ...
Deutsche Bank Buys HedgeWorks.(Brief article)
Feb 04, 2008; ... Deutsche Bank AG has acquired the Carlsbad, Calif., hedge fund administrator HedgeWorks LLC. The Frankfurt company announced the acquisition Friday but did not say how much it paid for HedgeWorks, which has more than $10 billion of assets under administration. The ...
SEC to Study Cost Of Section 404.(Brief article)
Feb 04, 2008; ... The Securities and Exchange Commission said Friday that it has proposed giving small companies an extension on complying with a Sarbanes-Oxley Act auditing provision while it conducts a cost-benefit study on rule's impact. The SEC is following the recommendation of Chairman ...
U.S. Bancorp Adds Baker to Its Board.(Douglas M. Baker Jr. appointd as the boards of directors)(Brief article)
Feb 04, 2008; ... U.S. Bancorp of Minneapolis said Friday that it elected Douglas M. Baker Jr. to its board. Mr. Baker, 49, is the chairman, president, and chief executive officer of Ecolab Inc., a St. Paul provider of cleaning and safety products for the food service and health care markets. He ...
Top 225 Banks.(Statistical table)
Feb 04, 2008 ... Top 50 Banks Index: 894.6 % Change Day 2.14 Week 11.15 Month 15.07 52-Week Div. Avg Volume $Change %Change Hi Lo Name P/E Yld (000) %Chg Last Dy Wk Dy Wk 78.95 49.31 AlaNatBancorp-AL 19.8 2.1 220 65 78.41 0.16 0.82 ...
Top Financial Services Companies.(Statistical table)
Feb 04, 2008 ... Specialty Finance Companies Government Sponsored Enterprises Index: 1012.8 % Change Day 5.59 Week 11.38 Month 6.76 52-Week Div. Avg Volume $Change %Change Hi Lo Name P/E Yld (000) %Chg Last Dy Wk Dy Wk 70.57 ...
Top Thrifts.(Statistical table)
Feb 04, 2008 ... Top 25 Thrifts Index:762.0 % Change Day 3.81 Week 17.52 Month 29.25 52-Week Div. Avg Volume $Change %Change Hi Lo Name P/E Yld (000) %Chg Last Dy Wk Dy Wk 29.96 19.45 AnchorBanCorp-WI 14.2 2.9 143 69 25.00 0.00 ...
Top Community Banks.(Statistical table)
Feb 04, 2008 ... MidWestern Banks 52-Week Div. Avg Volume $Change %Change Hi Lo Name P/E Yld (000) %Chg Last Dy Wk Dy Wk 19.15 8.68 BNCCorp-ND 23.6 0.0 2 -37 13.00 0.00 0.80 0.0 6.6 13.50 8.16 CamcoFin-OH 14.7 5.8 3 43 10.30 ...
Analyst Consensus Rankings.(Statistical table)
Feb 04, 2008 ... Top 50 Banks Change '08 Forecast '09 Forecast Price/ Price/ Score 1-Wk 4-Wk Name EPS %Chg EPS %Chg Price '08 EPS '09 EPS 2.1 0.3 0.1 StateStreetCorp-MA 4.56 33 5.14 13 82.12 18.0 16.0 2.2 0.6 0.4 Popular-PR -0.27 -122 ...
Killinger's Test: Getting Retail to Live Up to Promise.(Kerry Killingers plans for Washington Mutual Inc.)
Feb 05, 2008; ... Kerry Killinger has long held out branch banking as the diversifier that would help Washington Mutual Inc. insulate itself from the cyclical nature of mortgage lending. Last year's results make it far from clear whether the $328 billion-asset Seattle thrift company has the kind ...
Bank Loan Officers See Broad Drop In Quality.(survey of bank loan officer)
Feb 05, 2008; ... WASHINGTON -- As economists and policymakers debate whether a recession is in the offing, bankers are already preparing for a significant downturn and rejecting most of Washington's attempts at a fix, according to a Federal Reserve Board study released Monday. In its periodic ...
Despite Bumps, Brookline CEO Likes Auto.(Richard P. Chapmans view on automobile loans)(Brookline Bancorp's)
Feb 05, 2008; ... Richard P. Chapman, Brookline Bancorp's chairman and chief executive officer, is not going to let one rough quarter sour him on automobile lending. The $2.4 billion-asset Massachusetts thrift company's fourth-quarter profit fell 45% from a year earlier, mostly because of a ...
'09 Budget Skirts New Plans While Retaining Old Ideas.(impact of budget on economic conditions)
Feb 05, 2008; ... WASHINGTON -- For those looking for ways to stem the housing crisis and prevent the economy from sliding into recession, President Bush's final budget offered no new proposals. Instead, the 2009 budget, released Monday, played up old ideas the administration has been endorsing ...
SBA Loan Authority Unchanged: Budget.(Small Business Administration)(Brief article)
Feb 05, 2008; ... The budget for the Small Business Administration would authorize the agency to provide $28 billion of loan guarantees to small businesses next fiscal year, under a budget proposal the Bush administration released Monday. The amount is unchanged from what the agency is authorized ...
First Niagara Hires Consumer Executive.(J. Lanier "Lanny" Little appointed by First Niagara Financial Group Inc.)(Brief article)
Feb 05, 2008; ... First Niagara Financial Group Inc. in Lockport, N.Y., said Monday that it has hired J. Lanier "Lanny" Little as its executive vice president of consumer banking. Mr. Little, who has more than 35 years of banking experience, was a regional president in Milwaukee for Wells Fargo & ...