American Banker back issues from December 2008:
Nonredemption RateHigh with Gift Cards.(Cards)(Brief article)
Dec 01, 2008 ... Byline: CardLine Despite the growing popularity of gift cards, a significant portion go unused, according to a report released last week by Consumers Union. The Yonkers, N.Y., advocacy group found that 66% of consumers plan to buy gift cards for others this year, up ...
Prepaid Preferredfor Store Rebates.(Cards)(Brief article)
Dec 01, 2008 ... Byline: CardLine Consumers prefer open-loop prepaid cards to checks when it comes to rebates from retailers, according to the loyalty marketing firm Parago Inc. "Consumers understand the benefits of the prepaid card - it's a cash equivalent," Juli Spottiswood, ...
Fidelity Gain from LandAmerica Moves.(Impact of LandAmerica Financial Group's bankruptcy filing on market share of Fidelity National Financial Inc.)
Dec 01, 2008 ... Byline: National Mortgage News LandAmerica Financial Group's bankruptcy filing on Wednesday paved the way for Fidelity National Financial Inc. to surpass First American Corp. of Santa Ana, Calif., as the nation's largest provider of title insurance. Concurrent with ...
Applications Up for U.S.-Backed Loans.(Brief article)
Dec 01, 2008 ... Byline: National Mortgage News The government-insured share of new mortgage applications continues to grow relative to conventional home loan applications, according to the Mortgage Bankers Association. During the month of October, 33% of home loan applications were ...
Lawyer Hired in Dispute with GMAC.(group of bondholders hiring Andrew Rosenberg to represent them in opposing GMAC LLC's planned debt exchange)(Brief article)
Dec 01, 2008 ... Byline: A group of bondholders has hired Andrew Rosenberg, a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, to represent them in opposing GMAC LLC's planned debt exchange. GMAC notes are to be bought back for as little as 55 cents on the dollar or swapped ...
New-Home Sales At Lowest Since 1991 in Oct. Data.(Mortgages)
Dec 01, 2008 ... Byline: Bloomberg News New-home sales in the United States fell in October to the lowest level in 17 years as the credit crunch deprived potential buyers of financing. Purchases dropped 5.3%, to an annual pace of 433,000, lower than forecast and the fewest since ...
Are Credit Woes Straining Target-JPMorgan Setup?(Cards)(Target Corp.)(JPMorgan Chase & Co.)(Financial report)
Dec 01, 2008; ... Byline: Maria Aspan After six months as a passive 47% shareholder in Target Corp.'s credit card portfolio, JPMorgan Chase & Co. may soon have reason to take a more active role. In each of the last two months, the retailer has charged off more than 10% of the $8.7 ...
Whitney: $44B of Big-Bank Writedowns.(Market Monitor)(Financial report)(Brief article)
Dec 01, 2008; ... Byline: Kevin Dobbs Large U.S. banking companies will post $44 billion in writedowns and credit-loss provisions in the fourth quarter, forcing them to use capital injections from the federal government to beef up their balance sheets instead of lending the money out to ...
FDIC Tries to Quicken Eligibility Reviews.(Market Monitor)(eligibility process to bid on the assets of failed banks)(Brief article)
Dec 01, 2008; ... Byline: Steven Sloan As part of an effort among regulators to speed up the eligibility process to bid on the assets of failed banks, the Federal Deposit Insurance Corp. will begin using a less exhaustive review process. The agency said Wednesday that its reviews could ...
Hanmi Applies for Treasury Funding.(Community Banking)(Brief article)
Dec 01, 2008; ... Byline: Alan Kline Hanmi Financial Corp. in Los Angeles said it has applied for $105 million from the Treasury Department's Capital Purchase Program and said that if the application is approved it would use the funds to increase its lending to small and midsize businesses. ...
Small Ind. Bank Buying in Indianapolis.(Community Banking)(Greensfork Township State Bank buying Symphony Bank )(Brief article)
Dec 01, 2008; ... Byline: Alan Kline Greensfork Township State Bank, a two-branch bank in rural Lynn, Ind., is moving into the state's largest market with a deal to acquire the $57 million-asset Symphony Bank in Indianapolis. The Indianapolis Business Journal reportedthat the $158 ...
Chevy Chase: Last Chance For D.C. Rise.(National/Global)(Chevy Chase Bank F.S.B. getting acquisition proposals due to its location)
Dec 01, 2008; ... Byline: Paul Davis Why are so many banks interested in buying Chevy Chase Bank in Maryland? Location, location, location. The $15.5 billion-asset thrift is one of the few banks of its size available in the Washington area, particularly since PNC Financial Services ...
More than Ever, Customers Looking for Safe, Sound Banks.(Community Banking)
Dec 01, 2008; ... Byline: Robert Barba Consumers and business owners have historically based decisions about where to bank on access, convenience, and the price of products and services, but with the economy in a tailspin, customers above all want to be sure their money is safe and that their ...
Corn-Price Slump Saps Farm Belt Credit Demand.(Market Monitor)
Dec 01, 2008; ... Byline: Kevin Dobbs Agricultural lending, a bright spot for banking amid the enduring credit crisis, may be losing some luster. Though healthy in the third quarter, farm credit conditions are expected by bankers and economists to weaken in coming months as ...
IN FOCUS: FDIC Gains LoanMod Leverage in Rescues.
Dec 01, 2008; ... Byline: Emily Flitter By Emily Flitter WASHINGTON - The Federal Deposit Insurance Corp. has moved beyond urging banks to adopt its systematic loan modification program, and is now forcing some to do so. In two recent deals - the government's backstop of Citigroup ...
WASHINGTON PEOPLE.(Washington)(economic aspects of Citigroup Inc.)(Sheila Bair rated as the 2nd most powerful woman in the world)
Dec 01, 2008; ... Byline: Steven Sloan, Cheyenne Hopkins, and Rob Blackwell Now We Know The mystery of what Robert Rubin does at Citigroup Inc. has been solved. The former Treasury secretary is an "advocate for expanding business opportunities based on four conditions: ...
McQuade to Leave B of A, a 2nd Time.(National/Global)(Eugene McQuade leaving Bank of America Corp.)(Brief article)
Dec 01, 2008; ... Byline: Paul Davis For the second time in four years, veteran banker Eugene McQuade is opting not to forge a career at Bank of America Corp. after it buys his current employer. Mr. McQuade, 62, the head of banking at Merrill Lynch & Co., is to leave Bank of America ...
U.S. Vendors Get London Transit Job.(Technology)(Cubic Transportation Systems Ltd.)(Hewlett-Packard Co.)(Brief article)
Dec 01, 2008; ... Byline: CardLine Two U.S. vendors have taken over the contract to run the Oyster contactless payment system for London's mass transit agency. Under the three-year deal announced last month, Cubic Transportation Systems Ltd. of San Diego and Hewlett-Packard Co.'s EDS ...
Open Solutions in Panini Scanner Pact.(Technology)(Brief article)
Dec 01, 2008; ... Byline: Will Wade Open Solutions Inc. has agreed to offer scanners from Panini North America Inc. with its imaging applications. The Glastonbury, Conn., banking technology vendor announced the reselling agreement last week. It plans to offer its bank clients Panini's ...
Remote Capture Services Finding Consumer Niche.(Technology)
Dec 01, 2008; ... Byline: Daniel Wolfe Remote deposit capture aimed at consumers has become more common, and though banks and vendors consider it a niche service, they say it has become increasingly vital in the niche. Businesses have embraced remote deposit, which lets them convert ...
Hartford Relies on Wholesalers To Boost Adviser Channel Sales.(Wealth Management)(Hartford Financial Services Group Inc.)
Dec 01, 2008; ... Byline: Steve Garmhausen Hartford Financial Services Group Inc. is banking on its wholesalers - and an emphasis on fee-based distribution channels - to carry its mutual fund and 529 college savings plan businesses through the market turbulence, says the head of those businesses ....
Fidelity Hires Institutional Exec.(Wealth Management)(Charles G. Goldman appointed as president of institutional platforms)(Brief article)
Dec 01, 2008; ... Byline: Matt Ackermann Fidelity Investments has hired Charles G. Goldman, an executive vice president and head of Schwab Institutional, to be its president of institutional platforms in the Fidelity institutional products group. Mr. Goldman is to join the Boston ...
Two Victory Global Funds Begun.(Wealth Management)(Victory Capital Management Inc.)(Brief article)
Dec 01, 2008; ... Byline: Matt Ackermann Victory Capital Management Inc., KeyCorp's asset management arm, announced that it had introduced two funds, Victory International and Victory International Select. The portfolios, which were started last week, are to invest in a range of ...
Vanguard Adds Growth Fund Help.(Wealth Management)(Vanguard Group Inc.)(Franklin Portfolio Associates L.L.C.)(Kalmar Investment Advisers )(Brief article)
Dec 01, 2008; ... Byline: Matt Ackermann Vanguard Group has announced the addition of two firms to its Vanguard Morgan Growth Fund's investment advisory team. Frontier Capital Management Co. LLC and Kalmar Investment Advisers succeeded Franklin Portfolio Associates LLC as managers of ...
Equity-Trade Chief Joins Putnam.(Wealth Management)(Daniel C. Farrell appointed head of equity trading of Putnam Investments Inc.)(Brief article)
Dec 01, 2008; ... Byline: Matt Ackermann Putnam Investments, a Boston subsidiary of Great West Lifeco Inc., has hired Daniel C. Farrell to head its equity trading. Mr. Farrell, who has more than 15 years of institutional equity trading experience, was vice president of equity trading ...
Finance Services Investor Adds 2.(Wealth Management)(Aquiline Capital Partners LLC appointing Deborah L. Bernstein and Jason A. Rotman as investment professionals)(Brief article)
Dec 01, 2008; ... Byline: Matt Ackermann Aquiline Capital Partners LLC, a New York private-equity firm that invests in financial services, has announced that Deborah L. Bernstein and Jason A. Rotman joined the firm as investment professionals. Ms. Bernstein and Mr. Rotman, who each ...
Nonbanks' Charter Plans Spark Deposit Concerns.(National/Global)
Dec 02, 2008; ... Byline: Paul Davis Letting companies like Morgan Stanley, Goldman Sachs Group Inc., and American Express Co. obtain bank charters adds another wrinkle to conducting business in these tough times by intensifying deposit pricing competition, some bankers say. "This is ...
Top Issuers, with Less Appetite For Risk, Slashing Credit Lines.(Cards)
Dec 02, 2008; ... Byline: Daniel Wolfe Tightening credit lines at the top five card issuers could cut the overall credit available to U.S. consumers by up to 45%, or as much as $2 trillion, over the next 18 months, according to a report. Meredith Whitney, an analyst with Oppenheimer & ...
Nautilus Deal Awaits Approval.(Cards)(Nautilus Hyosung Inc. purchase of Triton Systems of Delaware Inc. waits approval of Department of Justice)(Brief article)
Dec 02, 2008 ... Byline: CardLine The Justice Department has yet to approve a deal that would let the South Korean automated teller machine maker Nautilus Hyosung Inc. purchase Triton Systems of Delaware Inc. When Nautilus Hyosung and Dover Corp., Triton's New York parent, announced ...
Online PIN Questioned in U.S.(Cards)(testing of PIN-based online formats )(Brief article)
Dec 02, 2008 ... Byline: CardLine Consumers in other countries with well-entrenched debit payment systems may be more likely than Americans to accept the PIN-based online formats that are being tested by two U.S. network operators, according to Les Riedl, the president and chief operating ...
Profit-Taking Hits Market, Eroding Last Week's Gains.(Market Monitor)
Dec 02, 2008; ... Byline: Katie Kuehner-Hebert Bank stocks were severely punished Monday as investors took gains after a week of rallies and bad economic news flooded the market, heightening fears. The KBW Bank Index sank 17.4%%, after rising 3.15% on Friday and closing up 29.7% last ...
Report Faults OCC For Slow Response To ANB's Troubles.(Nationa/Global)
Dec 02, 2008; ... Byline: Joe Adler The Office of the Comptroller of the Currency was slow to handle problems at ANB Financial before it failed in May, and the agency needs better procedures generally for banks with high amounts of brokered deposits, a report by the Treasury Department's ...
Dead-Deal Tally Rises In U.S., Ohio.(Community Banking)(imoact of financial crises on merger deal between First Place Financial Corp and Camco Financial Corp)
Dec 02, 2008; ... Byline: Bonnie McGeer The faltering economy has sunk yet another banking merger. Two Ohio companies, the $3.3 billion-asset First Place Financial Corp. in Warren and the $1 billion-asset Camco Financial Corp. in Cambridge, said late Friday that they have mutually ...
Blank-Check Firm's $400M Offer Hinges on CRE Pledge.(Community Banking)(NRDC Acquisition Corp.injecting funds into a community bank for commercial real estate lending)
Dec 02, 2008; ... Byline: Marissa Fajt NRDC Acquisition Corp. is looking to inject as much as $400 million into a community bank that commits to using the added capital to turbocharge its commercial real estate lending. With interest rates on commercial real estate loans nearly twice ...
Loan Mods Draw Suit As Investors Cite B of A.(Mortgages)(bondholders filing a suit against Countrywide Financial Corp. for changing mortgage terms without their permission )
Dec 02, 2008; ... Byline: Kate Berry In the first major legal challenge to mass loan modification programs, bondholders have filed a lawsuit claiming Countrywide Financial Corp. cannot change mortgage terms without their permission. The suit, filed Monday in the New York State Supreme ...
Who Will Own Fannie, Freddie Next - FHLBs?(Washington)(Federal Home Loan Bank)
Dec 02, 2008; ... Byline: Steven Sloan WASHINGTON - In one of the more unusual marriages that could result from the financial crisis, buzz is growing that the Federal Home Loan banks might purchase the government-controlled Fannie Mae and Freddie Mac. The idea is very early in ...
Glacier Closes Deal To Enter Colorado.(Market Monitor)(Glacier Bancorporation Inc.)(Brief article)
Dec 02, 2008 ... Glacier Bancorp Inc. of Kalispell, Mont., said Monday that it has completed its acquisition of Bank of the San Juans in Durango, Colo. Bank of the San Juans has two branches in Durango and Pagosa Springs. As of Sept. 30 it had $146 million of assets. The acquisition ...
Citigroup to Unload A Japanese Unit?(Market Monitor)(Citigroup is planning to sell NikkoCiti Trust and Banking Corporation)(Brief article)
Dec 02, 2008; ... Byline: Niamh Ring Citigroup Inc. is reportedly selling NikkoCiti Trust and Banking Corp., a small Japanese custody administration unit. The New York company, which has lost $20 billion over the last four quarters and recently received a government bailout, is in the ...
FDIC Finds Growth In Overdraft Tools.(Market Monitor)(Federal Deposit Insurance Corp.)(bank overdrafts)(Report)(Brief article)
Dec 02, 2008; ... Byline: Marissa Fajt Overdraft programs have grown rapidly in the last seven years, according to a Federal Deposit Insurance Corp. study set to be released today. The study, begun in 2006 to help officials establish policy related to the growth in such programs, said ...
Start-Ups, Too Dependent On Realty, Swell Failures.(Washington)(bank failures)(Report)
Dec 02, 2008; ... Byline: Joe Adler WASHINGTON - Among the 22 failures to date in 2008, thrifts have dominated the headlines. Washington Mutual, IndyMac, Downey - all victims of the housing downturn. But another large category has been prominent among failed institutions - those ...
Risk Rising in More Markets.(Mortgages)(risk of mortgage delinquency)(Report)(Brief article)
Dec 02, 2008; ... Byline: Kate Berry Flat or declining wages and rising job losses are raising the risk of mortgage delinquency in some cities that have not had large numbers of foreclosures, according to a report First American CoreLogic Inc. released last week. Eight of the 10 ...
Employees Stay the Course with 401(k)s.(Wealth Management)(Report)
Dec 02, 2008; ... Byline: Matt Ackermann Despite difficult market conditions that have yielded poor investment returns, individual investors are maintaining their retirement savings and continuing to invest in their 401(k) plans, according toHewitt Associates' annual retirement study. ...
TSYS-China UnionPay Venture in Pact.(Technology)(Total System Services Inc.)(Brief article)
Dec 02, 2008; ... Byline: Will Wade China UnionPay Data Services Co. Ltd., a joint venture of Total System Services Inc. and the payment network China UnionPay, has agreed to process credit card transactions for China Postal Savings Bank. TSYS announced the processing contract Monday. ...
A Dubai Bank Installs Fiserv Software.(Technology)(contract between Dubai Islamic Bank and Fiserv Inc.)(Brief article)
Dec 02, 2008; ... Byline: Will Wade The $84.3 billion-asset Dubai Islamic Bank has installed using transaction management and reconciliation software from Fiserv Inc. of Brookfield, Wis. The installation was part of a recent network expansion project for Dubai Islamic Bank, which is ...
Ga. CU to Use Online Resources Tools.(Technology)(contract between Delta Community Credit Union and Online Resources Corp.)(Brief article)
Dec 02, 2008; ... Byline: Will Wade Delta Community Credit Union in Atlanta has agreed to use online bill payment services from Online Resources Corp. of Chantilly, Va. The $2.8 billion-asset credit union plans to begin using the PayAnyone service by mid-2009, Online Resources said ...
Gift Cards Available Online via iPhones.(Technology)(contract between GiftCertificates.comhas and Trillusion Media Inc)(Brief article)
Dec 02, 2008; ... Byline: Will Wade The New York online gift card provider GiftCertificates.comhas started offering an application that lets consumers purchase its products through Apple Inc. devices. The application, developed by Trillusion Media Inc.,can be downloaded for free on to ...
Can You Hear Us Now? Mobile Carriers Eye Financial Revenue.(Technology)(Verizon's Acquisition Of Alltel)
Dec 02, 2008; ... Byline: Steve Bills As bankers continue to roll out services for mobile phones, wireless carriers are trying to find ways to earn more revenue from the financial activities moving through their systems. The latest example is Alltel Corp., a Little Rock carrier, which ...
Wealth Management Media Scan; What consumer financial publications wrote about this week.(Wealth Management)
Dec 02, 2008; ... Byline: Chris Costanzo Dos and Don'ts The Wall Street Journal offered a list of strategies for weathering the bear market. First, do not hesitate to get rid of stocks with weakening fundamentals, such as those dependent on consumer sales, the paper said; ...
M&A Head Resigns At Republic of Ky.(Community Banking)(Republic Bancorp Inc.)(Ted Parker)(mergers and acquisitions)(Brief article)
Dec 03, 2008 ... Byline: Less than three months after joining Republic Bancorp Inc. as head of the Louisville company's acquisitions and corporate strategy, former National City Corp. executive Ted Parker has resigned to "pursue other opportunities." The $3 billion-asset Republic ...
Iberiabank Says Yes to U.S. Funding.(Community Banking)(Brief article)
Dec 03, 2008 ... Byline: Alan Kline Iberiabank Corp. in Lafayette, La., said Tuesday that after "extensive and careful consideration" it has decided to participate in the Treasury Department's Capital Purchase Program. The $5.3 billion-asset company said it would accept a capital ...
Portfolio Losses Rise at CU Bank.(Community Banking)(Central Federal Credit Union)(Financial report)
Dec 03, 2008 ... Byline: Credit Union Journal U.S. Central Federal Credit Union in Lenexa, Kan., said the spreading credit crisis tainted more of its asset-backed securities in October, pushing unrealized losses on its vast investment portfolio up by another $1.2 billion, to a total of $7.3 ...
3Q Loss at Ga.BankOver Problem Loans.(Community Banking)(First Coweta Bank revenue report)(Financial report)(Brief article)
Dec 03, 2008; ... Byline: Alan Kline First Coweta Bank in Newnan, Ga., said its problem loans more than tripled from a year earlier in the third quarter, to $14.2 million, resulting in a loss of $484,000 for the three months. The $136 ...
Corrections.(Market Monitor)
Dec 03, 2008 ... In the Nov. 21 paper, a story on page 1, "Txt Me: SMS Gains Mobile Bank Traction," misdescribed mobile banking software from two providers. ClairMail's software uses both text messaging and browsers; mFoundry's uses a ...
Grading Treasury's Plan: Step One, Settle on Goals.(Washington)
Dec 03, 2008; ... Byline: Cheyenne Hopkins and Stacy Kaper How effective is the centerpiece of the Bush administration's rescue effort: the program to inject $250 billion into financial institutions large and small? It is a simple question with no easy answers. First, it ...
KeyCorp Selects Hancock to Be CFO.(National/Global)(Peter Hancock)(Brief article)
Dec 03, 2008; ... Byline: Niamh Ring KeyCorp has hired Peter Hancock, an executive whose resume includes a brief stint as J.P. Morgan & Co.'s chief financial officer, as the vice chairman in charge of its national banking business group. Mr. Hancock joined the Cleveland company Monday, ...
Ocwen Seeks U.S. Charter and A Bank Buy.(Community Banking)(Ocwen Financial Corp.)
Dec 03, 2008; ... Byline: Kate Berry Nearly four years after turning in its thrift charter, Ocwen Financial Corp. has reconsidered the merits of federal regulation and has applied to convert to a bank holding company and buy a tiny Texas bank. With little fanfare, the $2.3 ...
Legal Crackdown Preceded P-to-P Revamps.(Technology)(peer-to-peer lending)
Dec 03, 2008; ... Byline: Daniel Wolfe Prosper Marketplace Inc. has promoted itself as a lending service, but several recent legal filings show that regulators consider its main offering to be securities and, in most cases, unregistered securities. This conclusion sheds light on the ...
RBS Woes Renew Talk On Citizens.(National/Global)(Royal Bank of Scotland PLC)(Citizens Financial Group Inc.)
Dec 03, 2008; ... Byline: Katie Kuehner-Hebert If the British government requires Royal Bank of Scotland Group PLC to shed noncore operations after being forced to step in and take control of the ailing Edinburgh company, selling its U.S. banking arm would be easy, observers say. ...
SECURITY WATCH.(Technology)
Dec 03, 2008; ... Byline: Daniel Wolfe Fraud Market Business is booming for sellers of personal data and software that can be used to raid bank and credit card accounts, according to a report from Symantec Corp. The security software vendor's report tracked the underground ...
Price Data Fuels Default Concerns For Recent Loans.(Mortgages)
Dec 03, 2008; ... Byline: Ted Cornwell, National Mortgage News Despite tighter underwriting standards and the demise of the riskiest loan products, there is growing concern that falling home values could put newly originated loans underwater, raising the risk of default. Data released ...
Visa Joint Venture Gives Foothold in Asia Processing.(Cards)(Yalamanchili Software Exports Ltd.)
Dec 03, 2008; ... Byline: Maria Aspan Visa Inc. is continuing its push into the payments processing space, and expanding its international operations, by forming a joint venture with the Asian software vendor and processor Yalamanchili Software Exports Ltd. Visa announced the venture, ...
Tarp Evolves, but Contracted Firms Remain the Same.(Washington)
Dec 03, 2008; ... Byline: Emily Flitter WASHINGTON - Though the goals and specifics of the Treasury Department's bailout plan have evolved and shifted, a major part of its implementation has remained constant: personnel. Since the bailout law was enacted Oct. 3, the Treasury has ...
VIEWPOINT: Giving GMAC Aid Would Be Big Mistake.(Viewpoints)(GMAC Financial Services )(Viewpoint essay)
Dec 03, 2008; ... Byline: Arthur E. Wilmarth Jr. GMAC Financial Services is seeking to become a bank holding company, so it can receive a capital infusion from the Treasury's Troubled Asset Relief Program. Approving the application would be a terrible mistake, because it would create ...
Fed Extends Liquidity Plans to April 30.(Market Monitor)(Federal Reserve Board)(Brief article)
Dec 03, 2008; ... Byline: Steven Sloan With no end in sight for the financial crisis, the Federal Reserve Board said Tuesday it will extend three liquidity programs through April 30. The primary dealer credit facility, asset-backed commercial paper money market fund liquidity ...
JPM to Process Wamu Cards In-House.(Market Monitor)(Brief article)
Dec 03, 2008; ... Byline: Daniel Wolfe JPMorgan Chase & Co. is planning to take in-house the processing work for Washington Mutual Inc.'s consumer card portfolio. Total System Services Inc., which currently does Wamu's processing, announced Tuesday that it had completed a termination ...