American Banker back issues from March 2008:
Retail Help Wanted - Across Pond.
Mar 03, 2008; ... In recent years several European banking companies have reached across the Atlantic for senior talent, and even though the number of instances is still relatively low, some say volume could pick up this year. Robert Voth, a partner in the New York office of the executive search ...
Too Early to Buy Again? Maybe Not ...(management of acquisitions by United Financial Inc.)
Mar 03, 2008; ... Fresh off a significant acquisition, People's United Financial Inc. opened the year with the intention to integrate first and resume shopping later. The pledge is a common one for companies after sizable deals, and for People's, the $1.9 billion purchase of Chittenden Corp ....
Why Notion Of Rebound Via Refis Didn't Last.(high interest rates blocks refinancing service)
Mar 03, 2008; ... Home lenders had hoped a refinancing surge would give their first-quarter profits a much-needed boost, but interest rates, processing bottlenecks, and a further tightening of secondary-market requirements conspired to depress refis in the past few weeks. After soaring in ...
In Focus: Failures Ahead But Where Are The 'Problems'?(causes of bank failures)
Mar 03, 2008; ... WASHINGTON -- The modest list of institutions cited by the Federal Deposit Insurance Corp. as risking insolvency last quarter has complicated the now-popular guessing game of how many banks and thrifts will fail in the current downturn. Despite rising industry losses, the ...
Royal Bank of Canada Earnings Slide.(RBC Centura Banks Inc.)(Financial report)(Brief article)
Mar 03, 2008; ... Royal Bank of Canada said Friday that its fiscal 2008 first-quarter profit slipped because of exposure to turmoil in the financial markets and credit-quality deterioration at RBC Centura Inc., its U.S. banking unit. RBC Centura, of Raleigh, has been struggling with exposure to ...
Fremont General Shares Take a Tumble.(increase in stock market of Fremont General Corp.)(Brief article)
Mar 03, 2008; ... Fremont General Corp.'s stock plunged Friday, a day after the Brea, Calif., mortgage lender said that its financial problems last year were worse than it thought and that it could sell itself. The $8.8 billion-asset Fremont said late Thursday it is exploring its options, ...
OCC to Collect Data from Large Banks.(United States. Office of the Comptroller of the Currency restructures loan servicing)
Mar 03, 2008; ... The Office of the Comptroller of the Currency said Friday that it would collect comprehensive data from nine of its largest banks to provide a broad picture of loan-restructuring efforts. The OCC, announcing the initiative in a letter from Comptroller John Dugan, said the ...
Washington People.(Chris Dodd of United States. Congress. Senate. Committee on Banking, Housing and Urban Affairs promoting Barack Obama for presidential elections)(law governing mortgage banks and brokers for blocking housing loan)(Taco Bell Corp. acquired Federal Deposit Insurance Corp.)
Mar 03, 2008; ... Piling on Dodd ... Senate Banking Committee Chairman Chris Dodd is taking some hits for canceling an oversight hearing on the Department of Housing and Urban Development last week so that he could formally endorse Sen. Barack Obama for the Democratic presidential nomination. ...
Global Cash Access Plans To Fold Casino Card Line.(Global Cash Access Inc. plans to discontinue credit card processing for gambling industry)
Mar 03, 2008; ... Global Cash Access Inc. is getting out of the card business. The main business for the Las Vegas unit of Global Cash Access Holdings Inc. is providing automated teller machines to casinos. Its Arriva credit card, introduced in 2006, is considered an extension of that core ...
Galileo Processing Hires a President.(appointment of Todd Brockman at Galileo Processing Inc.)(Brief article)
Mar 03, 2008; ... Galileo Processing Inc., a Salt Lake City prepaid card processor, announced Friday that it had hired Todd Brockman to be its president. Mr. Brockman was Visa Inc.'s senior vice president of prepaid products and had run the credit card company's prepaid operations for seven ...
Travelex in Prepaid Foreign-Cash Card.(Travelex Ltd. would offer perpaid card in North America)(Brief article)
Mar 03, 2008; ... Travelex Ltd. is planning to offer a prepaid card in North America next quarter that will store funds in foreign currencies. The Cash Passport card is to be distributed through banks, travel agencies, and Travelex sites, the London foreign exchange and business payments company ...
AIG Fourth-Quarter Loss Tops $5 Billion.(American International Group Inc.)(Financial report)(Brief article)
Mar 03, 2008; ... American International Group Inc. president and chief executive Martin Sullivan did not try to sugarcoatits 2007 results, which he called "clearly unsatisfactory." "We are in uncharted waters," Mr. Sullivan said on a conference call Friday after the New York company, the ...
PowerShares Gets SEC Nod for ETFs.(PowerShares Capital Management LLC receives license for rendering service for exchange-traded funds)(Securities and Exchange Commission )(Brief article)
Mar 03, 2008; ... PowerShares Capital Management LLC is the first exchange-traded fund provider to receive Securities and Exchange Commission approval to offer actively managed exchange-traded funds. The Chicago asset manager, a unit of Invesco Ltd., announced Thursday that it plans to begin ...
Affiliated of Boston Opens London Office.(Affiliated Managers Group Inc.)(Brief article)
Mar 03, 2008; ... Affiliated Managers Group Inc. has opened a London office to expand distribution for its affiliates in the Middle East. The Boston asset manager will provide institutional investors in the Middle East with investment services and products offered by its affiliates across ...
Good '07 for Fidelity 401(k) Platform.(services of Fidelity Investments increase revenue)(Financial report)(Brief article)
Mar 03, 2008; ... Assets rose 26% last year, to $21.2 billion, for Fidelity Investments' Advisor 401(k) platform, which is offered exclusively through third-party financial advisers to small and midsize companies. The Boston fund company said the number of new plans it funded rose 21% in 2007, to ...
Amcore Exec Focusing on Enhancing Efficiency.(Don Wilson's strategies for increasing profitability of AMCORE Financial Inc.)
Mar 03, 2008; ... Don Wilson, the president and chief operating officer for Amcore Financial Inc., has a broad plan to improve profitability at his Rockford, Ill., company. The $5.2 billion-asset Amcore is aiming for loan growth in the low single digits this year. It is rewarding employees ...
Mass. Town Eyes Branch Hurdle.(Massachusetts)(office startup permit for banks and credit unions at Belmont)(Brief article)
Mar 03, 2008 ... Officials in Belmont, Mass., are considering whether to make it much more difficult for banks and credit unions to open branches there. A proposed zoning amendment would require obtaining a special permit for any new branch in the Boston suburb, which already has a dozen. ...
Cardtronics Projects Profit From Vcom Kiosks This Year.(Financial report)
Mar 03, 2008; ... Cardtronics Inc. says it expects its Vcom kiosks to start making money this year. The Houston automated teller machine operator said last week that it has nearly completed an overhaul of its Vcom operations, including the renegotiation of some contracts and the moving of many ...
Open Solutions: Upgrade as CRM For Small Banks.(Open Solutions Inc. positioning the customer relationship management system to help community banks)
Mar 03, 2008; ... Open Solutions Inc. is positioning the newest version of its core processing application as a customer relationship management system that can help community banks compete more effectively against large ones. The Glastonbury, Conn., vendor is expected to announce today that it ...
Freddie: Accounting Move Slashed Loss.(impact of accounting method on reduction of losses of Federal Home Loan Mortgage Corp.)(Brief article)
Mar 03, 2008; ... Freddie Mac's fourth-quarter loss would have been $1.2 billion larger, or $3.7 billion, had it not made important changes to its accounting methodology that it said provided a more accurate financial picture and synchronized its approach with that of competitors like Fannie Mae. ...
Fannie Mae Unveils HomeSaver Advance.
Mar 03, 2008; ... Fannie Mae has introduced a program under which servicers can offer unsecured loans to delinquent homeowners for the amount past due on their mortgages so the borrowers can cure their defaults and avoid foreclosure. The HomeSaver Advance program should help reduce the number of ...
Fed Schedules March Liquidity Auctions.(Federal Reserve Board)(Brief article)
Mar 03, 2008; ... The Federal Reserve Board on Friday said it will hold two liquidity auctions this month. The first auction of term debt is slated for March 10; the second, March 24. The auctions will be worth $30 billion each. In an attempt to improve efficiency, the central bank said it will ...
Wachovia Cuts Short Hewitt HR Contract.(Wachovia Corp. resuming direct responsibility for human resources tasks that it outsourced to Hewitt Associates)(Brief article)
Mar 03, 2008; ... Wachovia Corp. will resume direct responsibility for several human resources tasks that three years ago it outsourced to Hewitt Associates, the human resources consultant in Lincolnshire, Ill. A Wachovia spokeswoman confirmed Friday a memorandum was sent to employees last week ...
Analyst Consensus Rankings.(Statistical table)
Mar 03, 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 0.1 0.1 StateStreetCorp-MA 4.56 33 5.16 13 81.71 17.9 15.8 2.2 0.0 0.0 Popular-PR -0.27 -122 ...
Bank and Thrift Stocks.(Statistical table)
Mar 03, 2008 ... Highlights: Friday, February 29, 2008 Percentage Changes Computed from the indexes reported one, five and 20 days previous, respectively Value Day Week Month American Banker Bank Index: 1855.5 -4.18 -5.97 -13.91 ...
Broadened Respa Plan Attracting More Critics: Estimate, kickback provisions among those drawing fire.(interpretation of Real Estate Settlement Procedures Act)
Mar 04, 2008; ... WASHINGTON -- A plan to revamp home mortgage disclosures is more sweeping than expected and includes several provisions that likely will delay, and could endanger, its enactment, industry representatives said Monday. A proposal to reform the Real Estate Settlement Procedures ...
What Kept Texas Market Hot As Others Were Cooling Off.(Financial report)
Mar 04, 2008; ... In a dismal fourth quarter for the banking industry, Texas was a bright spot. Banks there accounted for 10% of the industry's net income in the quarter, versus less than 2% in the fourth quarter of 2006, according to data from the Federal Deposit Insurance Corp. ...
On Wachovia Radar: Youth, Hispanics.(Wachovia Corp.)
Mar 04, 2008; ... CHARLOTTE -- Wachovia Corp. is trying to close competitive gaps between its products and two population segments it is looking to attract: Hispanics and 20-somethings. The $783 billion-asset banking company has aggressively expanded in several states with significant Hispanic ...
Fed Official Odd Man Out At Dodd Panel's Hearing.(Gov. Randall Kroszner)
Mar 04, 2008; ... WASHINGTON -- When regulators testify today to the Senate Banking Committee on the state of the financial services industry, the witness list will be missing a key name: Gov. Randall Kroszner, the Federal Reserve Board's point person on banking issues. Mr. Kroszner is chairman ...
Wealth Management Shaken Up at Citi.(Citigroup Inc. reorganizing wealth management business to cut expenses and boosting market share )
Mar 04, 2008; ... Citigroup Inc. is reorganizing its U.S. wealth management business with an eye toward cutting expenses and boosting market share. In a memo to employees Monday, Citi announced that it is splitting the wealth management unit, which includes Smith Barney's retail brokerage ...
Loan-Mod Data Reporting Urged.(government agencies urging financial institutions to report detailed loan-modification data )(Brief article)
Mar 04, 2008; ... Three agencies urged financial institutions Monday to report detailed loan-modification data as pressure builds on the industry to show progress on foreclosure mitigation. In separate letters to their institutions, the Federal Deposit Insurance Corp., Federal Reserve Board, and ...
Alliance of Pa. Posts a Loss.(Alliance Bancorp.)(Financial report)(Brief article)
Mar 04, 2008; ... Shares of Alliance Bancorp Inc. of Broomall, Pa., fell 2.8% Monday after the company restated its fourth-quarter earnings to show a $197,000 loss. In January the parent of the $424 million-asset Alliance Bank had reported earnings of $370,000, or 5 cents a share. ...
Enterprise's CEO to Step Down.(retirement of Kevin C. Eichner as president and CEO of Enterprise Financial Services Corp. )(Brief article)
Mar 04, 2008; ... Enterprise Financial Services Corp. in St. Louis said Kevin C. Eichner will step down May 1 as its president and chief executive officer to become the president of Ottawa University in Kansas. Peter F. Benoist, the chairman and an executive vice president of Enterprise and the ...
Intermountain's Profits Climb.(Intermountain Community Bancorp)(Financial report)(Brief article)
Mar 04, 2008; ... Intermountain Community Bancorp of Sandpoint, Idaho, said its fourth-quarter earnings rose 20.9% from a year earlier, to $2.8 million, because of strong growth in fee income and loans. The company also said Monday that its assets had swollen 14%, topping the $1 billion mark for ...
Visa, MasterCard Calling For Wide PCI Compliance.(Visa Inc. and MasterCard Inc. takes security measures for data security)
Mar 04, 2008; ... Now that the card networks have achieved broad adoption of the Payment Card Industry data security standard among merchants, it is being pushed down the pipe to collection agencies and their technology vendors. In the more than 12 months since hackers breached the databases of ...
Barclays U.S. Division Hires Karinshak.(Barclays PLC hired Tom Karinshak)(Brief article)
Mar 04, 2008; ... Barclays PLC has hired Tom Karinshak as its managing director for customer card and bank operations at its U.S. card division. Mr. Karinshak spent the last eight years at Time Warner Inc., most recently as its senior vice president of customer management ....
JPM Chase Arm Buys Medical Financier.(JPMorgan Chase & Co.'s Chase Card Services division had acquired Unicorn Financial Services Inc.)(Brief article)
Mar 04, 2008; ... JPMorgan Chase & Co., said its Chase Card Services division had acquired the Tallahassee, Fla., patient financing company Unicorn Financial Services. The acquisition was announced Monday. JPMorgan Chase did not say how much its division paid for Unicorn, but it did say Unicorn's ...
Wealth Management Media Scan: What consumer financial publications wrote about this week.(trends in Real estate investment trusts)
Mar 04, 2008 ... REIT Redux A handful of mortgage REITs are rising above the rubble and even thriving as the economy falters, according to The New York Times. So-called agency REITs devote the bulk of their portfolios to residential mortgages guaranteed by government-sponsored ...
Echoes of August Heard In Thornburg's Downturn.(trends in mortgage backed securities could hamper growth of Thornburg Mortgage Inc.)
Mar 04, 2008; ... The sharp reversal of Thornburg Mortgage Inc.'s fortunes serves as a reminder of how quickly and steeply things can deteriorate in a market characterized by fear and uncertainty. Just a few months ago the Santa Fe, N.M., company, which specializes in jumbo loans to prime ...
HSBC Stands By Struggling U.S. Consumer Unit.(HSBC Holdings PLC will offer services of consumer loans)
Mar 04, 2008; ... Continued credit losses from U.S. consumer lending marred a profit report from HSBC Holdings PLC that was otherwise characterized by strong growth in emerging markets around the globe. But the London banking company announced no further cuts in the business and portrayed it as a ...
Irwin Puts Dividends on Hold.(Irwin Financial Corp. suspended dividends on preferred shares and trust-preferred securities)(Brief article)
Mar 04, 2008; ... Irwin Financial Corp. suspended dividends on its common and preferred shares and trust-preferred securities and warned that its first-quarter results "are likely to be weaker than earlier expected." Over the last two years dividends have exceeded profits, Will Miller, the $6 ...
IndyMac Production Declines.(IndyMac Bancorp Inc. loan production dropped )(Financial report)(Brief article)
Mar 04, 2008; ... IndyMac Bancorp Inc. said its January loan production dropped by a third from December and by two-thirds from a year earlier, to $2.9 billion. Excluding the discontinued conduit business, production dropped by nearly half from a year earlier, the $32.7 billion-asset Pasadena, ...
Some on Street Say Diebold Was Smart to Turn Down UTC.(Diebold Inc. denies from acquiring United Technologies Corp.)
Mar 04, 2008; ... Diebold Inc. has rejected an unsolicited buyout offer from a company that could provide it with deep pockets and a larger international profile, but could also shift its focus away from financial services. The North Canton, Ohio, automated teller machine company said Monday ...
Wells Expands Forex for Small Business.(Wells Fargo & Co. provides online foreign exchange services)
Mar 04, 2008; ... Wells Fargo & Co. says it has expanded its online foreign exchange services to reach its small-business customers. The San Francisco banking company announced last week that international payment services are now available through Wells Fargo Business Online Banking, its Web ...
Calif. CU Picks Web Banking Vendor.(Provident Credit Union contracted with Online Resources Corp. for online banking)(Brief article)
Mar 04, 2008; ... Provident Credit Union said Monday that it is planning to use several online banking applications from Online Resources Corp. The Chantilly, Va., vendor said the credit union in Redwood Shores, Calif., expects to have its online banking software running by midyear, as well as ...
Fiserv to Meld a Unit into CheckFree.(Fiserv Inc.'s interactive technologies unit uses Fee billing system)(Brief article)
Mar 04, 2008; ... Fiserv Inc. said last week that it would merge its interactive technologies unit, which developed its Advantage Fee billing system for banks and money managers, into its CheckFree investment services unit. Cheryl Nash, the senior vice president of strategy, marketing, and ...
As Execs Move, Comerica Seeking a More Even Mix.(Comerica Inc. new office building)
Mar 04, 2008; ... Comerica Inc.'s move from Detroit to Dallas will take another step this week as executives finally settle into their permanent offices. The new offices are only an elevator ride away - to the first through fifth floors from the 21st - but the move is symbolic progress and will ...
GAO Fee Study May Help Overdraft Bill.(rules governing overdraft facilities of banks)(Government Accountability Office)
Mar 04, 2008; ... Bank fees, often hidden from consumers, are rising, according to a Government Accountability Office study, which could help legislation aimed at overhauling overdraft programs. A bill requiring banks to give consumers a chance to "opt in" to overdraft protection, rather than ...
Cuomo, OFHEO Unveil Appraisal Accord.(Department of Housing and Urban Development. Office of Federal Housing Enterprise Oversight)(Federal National Mortgage Association)(Federal Home Loan Mortgage Corp.)(Brief article)
Mar 04, 2008; ... New York Attorney General Andrew Cuomo and the Office of Federal Housing Enterprise Oversight announced Monday that Fannie Mae and Freddie Mac have agreed to new appraisal standards. The agreement, which American Banker reported last week, prohibits lenders that want to sell ...
Comptroller: Banks Not Ready for Basel.(law governing services of banks)(Brief article)
Mar 04, 2008; ... Despite nearly a decade spent developing Basel II, Comptroller of the Currency John Dugan acknowledged Monday that no bank is slated to move to the rule when it goes live April 1. The nation's 12 largest banks that will be subject to the rule must notify their supervisor 60 days ...
Legislators Seek Action on FHLB Bill.(law governing financial services of Federal home loan banks)(Brief article)
Mar 04, 2008; ... The House Financial Services Committee is pressuring the Ways and Means Committee to get the ball rolling on legislation that would let Federal Home Loan banks guarantee tax-exempt bonds. The legislation could lower municipal borrowing costs stemming from the bond insurance ...
Hope Now: Fewer Subprime Workouts.(trends in subprime mortgage borrowers)(Brief article)
Mar 04, 2008; ... The Hope Now alliance said the number of loans altered in January by participating mortgage servicers increased 11.2% from a month earlier but subprime workouts declined slightly. The January figure brought the total workouts since Hope Now was formed in July to 1.035 million, ...
Corrections.(Correction notice)
Mar 04, 2008 ... In the Feb. 29 paper, a story on page 17, "Though Cap Is to End, Freddie Still 'Cautious' Buyer," misquoted Anthony S. Piszel, the chief financial of Freddie Mac, on its capital level at the start of the year. He said Freddie had $4.5 billion more than the surplus required by its ...
Credit Unions with Largest Portfolios of Loans and Leases.(Statistical table)
Mar 04, 2008 ... On September 30, 2007. Dollars in thousands Loans and Vs. year Non- Number of Return on Leases earlier performing* loans, leases assets 1 Navy Federal Credit Union Vienna, Va. $24,866,717 28.2% 0.61% 1,926,467 $31,451,911 2 State ...
Bank and Thrift Stocks.(stock price indexes of banks)
Mar 04, 2008 ... Highlights: Monday, March 3, 2008 Percentage Changes Computed from the indexes reported one, five and 20 days previous, respectively Value Day Week Month American Banker Bank Index: 1830.0 -1.38 -7.79 -11.98 Thrift ...
Regulators Leave Door Open for Loan Plan B.(Federal Reserve Board)(rules regarding loan services offered by banks)
Mar 05, 2008; ... WASHINGTON -- Regulators offered cautious endorsements Tuesday of Democratic efforts to develop a contingency plan if the housing crisis worsens, but they insisted it is far from clear whether one will be needed. Testifying at a Senate Banking Committee hearing on the state of ...
As Remote Deposit Grows, So Do Oversight Concerns.
Mar 05, 2008; ... With more banks offering remote deposit capture to business customers, regulators are taking a closer look at the technology to ensure it is safe for merchants, consumers, and banks themselves. Within the next few months federal regulators are expected to issue the first ...
Sovereign Plays Limbo With Sheet.(Sovereign Bancorp Inc. abides to rule of financial misrepresentation)
Mar 05, 2008; ... Sovereign Bancorp Inc. is using short-term balance sheet maneuvers to remain in compliance with federal thrift regulations. By law, large commercial loans may not make up more than 10% of a thrift's assets. But Mark R. McCollom, who until Monday was Sovereign's chief financial ...
Executive Changes.(Comerica Inc. hired Patricia McCann)(NYSE Euronext Inc. hired John K. Halvey)(Bank of America Corp. hired Janice Sears )
Mar 05, 2008; ... MIDWEST Comerica Inc. in Dallas hired Patricia McCann as a vice president and national civic affairs manager of its $14 million-asset Comerica Bank and Trust in Detroit. Ms. McCann was director of volunteer services and manager of the corporate volunteer council at ...
Frank Bill to Give Servicers Shield Against Investors.(rule governing services on mortgages)
Mar 05, 2008; ... WASHINGTON -- House Financial Services Committee Chairman Barney Frank is moving forward on legislation designed to encourage servicers to renegotiate more mortgages by shielding them from investor lawsuits. A draft bill by the Massachusetts Democrat, which was obtained by ...
System Verifies Transactions by Phone's Location.(banks ues mobile phones locator system for marketing purpose)
Mar 05, 2008; ... Secure Identity Systems LLC is offering banks a system designed to verify card transactions by determining the location of cardholders' mobile phones and whether they are physically close to the point of sale. The system, developed by mConfirm Ltd. of Tel Aviv, uses mobile ...
Security Watch.(TJX Companies Inc.)(Kraft Foods Inc.)(United States. Department of Veterans Affairs )(managign data security and reducing data breach)
Mar 05, 2008; ... Legal Deal Victims of last year's TJX Cos. Inc. data breach should begin receiving the details of a settlement offer soon. The Framingham, Mass., retailer has begun mailing settlement notices to customers in the United States, Canada, and Puerto Rico, the Associated ...
ILCs, Mortgage Reform on ICBA Chief's Mind.(Cynthia Blankenship of Independent Community Bankers of America)(Occupation overview)
Mar 05, 2008; ... Cynthia Blankenship, who became the Independent Community Bankers of America's chairman today, was once an aspiring archeologist. But after graduating from high school, she took a summer job as a teller that would prove to be life-altering. Since then she has changed banks ...
KeyCorp: Brokerage Revamp Reaps Cross-Selling Success.(services for retail investment )
Mar 05, 2008; ... KeyCorp has revitalized its retail investment business by turning back the clock, its executives said. A decade ago the Cleveland company acquired regional broker-dealer McDonald Investments and put it in charge of its in-house retail brokerage unit. But poor results prompted ...
Royal of Canada Rebrands a U.S. Unit.(RBC Dain Rauscher name changed to RBC Wealth Management)(Brief article)
Mar 05, 2008; ... As part of its global branding strategy, Royal Bank of Canada has changed the brand name of RBC Dain Rauscher, its U.S. wealth management arm, to RBC Wealth Management. The brand change took effect Monday. The unit oversees a platform with a sales force of nearly 1,800 financial ...