American Banker back issues from January 2009:
Executive Changes.(Community Banking)(Farmington Savings Bank appoints Gregory White)(First Federal Bankshares Inc. appoints Levon L. Mathews)(North Penn Bancorp Inc. appoints Charles E. Burnett )
Jan 02, 2009; ... Byline: Tana Tymesen NEW ENGLAND Farmington Savings Bank in Connecticut has hired Gregory White as an executive vice president and its treasurer and chief financial officer. Mr. White had been a senior vice president and the CFO at Rockville Bank in ...
Corrections.(National/Global)
Jan 02, 2009 ... In the Dec. 29 paper, a story on page 1, "For Regionals, Cleanup Is Top Priority," understated SunTrust's loan-loss allowance rate on Sept. 30. It was 1.54% of total loans. In the Dec. 29 paper, the chart on page 3, "The Year in Failures" contained incorrect data about several ...
Three Acquirers Confront Difficult Integration Jobs.(Market Monitor)
Jan 02, 2009; ... Byline: Paul Davis Wednesday ended a tumultuous year for the financial sector and a trio of companies forced to sell themselves because of the credit crisis. And the new year will pose challenges for those companies' buyers: Wells Fargo & Co., PNC Financial Services ...
Data Hackers Shift to Phishing For Domain Name Credentials.(Technology)
Jan 02, 2009; ... Byline: Daniel Wolfe Security experts are warning financial companies of a relatively new type of computer attack in which hackers gain control of a bank's domain name. The technique gained widespread attention last month when hackers briefly took over the domain ...
CDFI Model Can Show the Way Back to Stability.(community development financial institutions)(Viewpoint essay)
Jan 02, 2009; ... Byline: Greg Fairchild While the world frets about foreclosures, across the gritty blocks of South Side Chicago are hundreds of examples of how to spur lasting development, build communities, and insulate them from the specter of foreclosure. These are homes financed ...
Bondholders Lag in GMAC Deal.(Market Monitor)(GMAC L.L.C.)(Brief article)
Jan 02, 2009; ... Byline: Kate Berry GMAC LLC said Wednesday that it had completed a debt-exchange offer as part of becoming a bank holding company, though just 59% of bondholders took part in the offering, less than the 75% the company had said it needed to achieve its capital goal. ...
Sustainability Critical When Times Are Tough.(environmental sustainability in banking industry)(Viewpoint essay)
Jan 02, 2009; ... Byline: Charles Lockwood Only a few months ago bankers were touting their sustainability and launching ambitious green programs, but today hard-pressed banking companies are slashing every conceivable cost, including some sustainability programs and staff. That is a ...
Review 2008/ Preview 2009: Year's Over, Selling May Last a While.(National/Global)
Jan 02, 2009 ... Byline: Kevin Dobbs By early last month some on Wall Street were ready to call a bottom on bank stocks, but dismal news has continued to pound the sector, bringing skeptics back to the forefront. Beyond expectations of a bloody fourth-quarter earnings season, signs ...
The Art of Saying 'No' in a Positive Way.(customer relations of banks in financial crises)(Viewpoint essay)
Jan 02, 2009; ... Byline: Dave Martin A conversation with a banker last month reminded me of some of my discussions long ago with one of my first banking mentors. In the recent conversation, a friend told me how frustrated he had become with the business climate in which he and his ...
People.(National/Global)(awards of John Allison chairman of BB&T Corp.)(contracts of Baltimore Ravens with M&T Bank Corp.)
Jan 02, 2009; ... Byline: Paul Davis and Katie Kuehner In the Running John Allison, who retired this week as BB&T Corp.'s chief executive but remains its chairman, could be in line for one last honor for his stewardship of the Winston-Salem, N.C., company Mr. Allison is one ...
Pipeline.(Mortgages)(impact of financial crises on skateboarders)(foreign central banks trimming their holdings of U.S. mortgage-related debt)(court approving the use of social networking site for notification)
Jan 02, 2009; ... Byline: Allison Bisbey Colter Subprime Skating The mortgage crisis has been a boon for skateboarders, who are draining the pools of foreclosed homes and skating in them. An article in Monday's New York Times featured a 27-year-old skateboarder using the ...
Review 2008/ Preview 2009: Stars May Have Aligned For a Major Reg Revamp.(Washington)
Jan 02, 2009; ... Byline: Stacy Kaper WASHINGTON - There have been dozens of attempts at regulatory restructuring over the past five decades, but this year may be the one where efforts finally make some headway. System failures have transformed the issue into an imperative, paving the ...
For This REIT, Bank Status Is Worth the Tax.(Community Banking)(CapitalSource Inc.)(Company overview)
Jan 02, 2009; ... Byline: Robert Barba CapitalSource Inc. enjoys a tax advantage as a real estate investment trust, but it is willing to give that up to accelerate loan growth, lower its funding costs, and gain access to a larger infusion of government capital. The Chevy Chase, Md., ...
Universal, Originate-to-Distribute Models Failed.(Viewpoints)
Jan 02, 2009; ... Byline: Joseph V. Rizzi Financial markets are undergoing generational changes, requiring institutions to adapt or risk their demise, yet banks cling to obsolete business models such as universal banking and originate to distribute. The universal banking model has been ...
N.Y.'s Evans Buys a Vendor.(Technology)(Evans Bancorporation Inc. acquires Suchak Data Systems Inc.)
Jan 02, 2009 ... Byline: Steve Bills For Evans Bancorp Inc. of Hamburg, N.Y., which has its eye on growth, owning its technology is better than renting it. The $503 million-asset Evans said Wednesday that it has acquired Suchak Data Systems Inc. of Grand Island, which had been ...
Tenn. Bank Expects 4Q Loss - $16M?(Market Monitor)(Green Bankshares Inc.)(Financial report)(Brief article)
Jan 02, 2009; ... Byline: Robert Barba Green Bankshares Inc. in Greeneville, Tenn., is warning that it expects to report a fourth-quarter loss of up to $16 million because of deteriorating credit quality. The company earned $2.7 million a year earlier. In a press release ...
Bank Call Reports: More Deposit Cover.(Market Monitor)(Federal Deposit Insurance Corp.)(Federal Reserve Board)(Brief article)
Jan 02, 2009; ... Byline: Joe Adler Federal regulators reminded banks Wednesday of the change in their fourth-quarter call reports to reflect higher deposit insurance coverage. A letter from the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, and Federal ...
Amazon Cuts Rival's Payment Method.(Market Monitor)(Amazon.com Inc.)(Brief article)
Jan 02, 2009; ... Byline: Daniel Wolfe Amazon.com Inc. has stopped accepting eBay Inc.'s Bill Me Later as a payment method for its e-commerce site. Amazon bought a small stake in Bill Me Later in 2007 and promoted the payment method heavily on its site; eBay, an Amazon rival, bought ...
Small Business' Dec. Confidence Rises.(Cards)(Discover Financial Services Inc.)(Brief article)
Jan 02, 2009; ... Byline: CardLine Small-business owners' confidence in the economy inched upward in December, according to Discover Financial Services. The Riverwoods, Ill., credit card company said Monday that its monthly Discover Small Business Watch index hit 72.8 last month, up ...
VeriFone Plans to Delay Annual Report.(Cards)(Brief article)
Jan 02, 2009; ... Byline: Daniel Wolfe VeriFone Holdings Inc. has requested a 15-day extension to submit its annual report for fiscal 2008, which ended Oct. 31. The San Jose payments terminal maker announced its filing with the Securities and Exchange Commission Tuesday and said that ...
NCR Adds to University Land Donation.(Cards)(NCR Corp.)(University of Dayton)(Brief article)
Jan 02, 2009; ... Byline: Daniel Wolfe NCR Corp. has said it plans to donate its remaining rights to a 50-acre parcel to the University of Dayton, the university announced. The Dayton, Ohio, automated teller machine company sold the land to the university in 2005 but held on to ...
Anticipating a Recovery, ING Divides Wealth Line.(Wealth Management)(ING Groep N.V.)
Jan 02, 2009; ... Byline: Ken Mccarthy ING Group NV split up its U.S. wealth management business to put the company in position to increase assets under management when the economy eventually recovers, but analysts remain skeptical that anyone in the industry will grow in the near term. ...
Unbanked Data: A Merger Aims For Deeper Dive.(Cards)(Pay Rent Build Credit Inc)
Jan 02, 2009; ... Byline: Maria Aspan Two providers of financial data on people with little credit history say one's purchase of the other will improve the way they serve companies that extend loans to the underbanked. MicroBilt Corp., which serves financial companies and small ...
Dec. Adviser Confidence Up.(Wealth Management)(Brief article)
Jan 02, 2009; ... Byline: Matt Ackermann Advisers' confidence in the economy and stock market improved in December, according to Rydex AdvisorBenchmarking. The Rockville, Md., company's adviser confidence index, which gauges views of the U.S. economy and stock markets, rose 2%, to ...
Premier of W.Va. Buying D.C. Bank.(Community Banking)(Premier Financial Bancorp Inc. buys Abigail Adams National Bancorp Inc.)
Jan 05, 2009; ... Byline: Bonnie McGeer Premier Financial Bancorp Inc. in Huntington, W.Va., has agreed to buy the struggling Abigail Adams National Bancorp Inc. in Washington for $10.9 million in stock. The acquisition would unite a pair of companies that already have strong ties ....
Online Card Marketing Loses Favor.(Cards)
Jan 05, 2009; ... Byline: Maria Aspan After spending the past year cutting back on direct mail solicitations, card issuers are retreating from one of their few remaining acquisition channels: online affiliate marketing. The channel, which includes lead generation Web sites that let ...
U.K. Group Requests Government Rate Cap.(Cards)(Brief article)
Jan 05, 2009 ... Byline: CardLine A British small-business trade group has called on the government to cap card interest rates. "We know that entrepreneurs use both personal and company credit cards to finance their businesses," John Wright, the national chairman of the Federation of ...
Mintel: More Alerts Sent via Direct Mail.(Cards)(Report)(Brief article)
Jan 05, 2009 ... Byline: CardLine More financial companies are using direct mail to deliver bad news to their cardholders, according to Mintel Comperemedia, which issues quarterly reports about U.S. issuer solicitations. Stephen Clifford, the vice president of financial services for ...
Treasury Guarantee Plan May Help Citi.(National/Global)(United States. Department of the Treasury. Troubled Asset Relief Program)(Brief article)
Jan 05, 2009; ... Byline: Cheyenne Hopkins The Treasury Department outlined a new insurance plan Friday to guarantee assets held by systemically important institutions - one that it could use to help Citigroup Inc. The Treasury said it is exploring the idea of using the Asset ...
Discount Window Borrowing Rises Again.(National/Global)(Report)(Brief article)
Jan 05, 2009; ... Byline: Rob Blackwell Total borrowing through the Federal Reserve Board's discount window rose 3.8% in the past week, to $193.9 billion on Dec. 31, the central bank said Friday. Traditional borrowing from banks posted the sharpest increase, rising 10.4%, to $93.8 ...
Hazarding Guesses: What '09 May Bring.(Market Monitor)
Jan 05, 2009 ... The year that just ended was one of the most remarkable on record for the financial services industry. Bear Stearns and Lehman Brothers, are no more. Freddie Mac and Fannie Mae were seized by the government, Bank of America has absorbed Merrill Lynch, and Goldman Sachs and Morgan Stanley ...
The 'B' Word: Tackling Tarp's Image Problem.(Commuity Banking)(bailout)(Brief article)
Jan 05, 2009; ... Byline: Marissa Fajt Rusty Cloutier has heard the word "bailout" more often than he can stand. In the months since the Treasury Department began distributing funds through its Troubled Asset Relief Program, Mr. Cloutier says his frustration has mounted every time the ...
Flagstar to Fast-Track Capital Move; Stock Rises.(Community Banking)(Flagstar Bancorporation Inc.)(Market share report)(Brief article)
Jan 05, 2009; ... Byline: Robert Barba Shares of Flagstar Bancorp Inc. soared Friday after the company announced that it would bypass shareholder approval for a placement of private capital that hinges on its ability to get money from the Treasury. The $14.2 billion-asset company in ...
Nonprofit's Eye Turns to Rentals, Rehabs of REOs.(Mortgages)(Neighborhood Reinvestment Corp.)(Real estate owner)
Jan 05, 2009; ... Byline: Brian Collins, National Mortgage News WASHINGTON - Neighborhood Reinvestment Corp., which does business as NeighborWorks America, is shifting gears to give more support for developing affordable rental housing and dealing with vacant and foreclosed properties. ...
Infusions May Spur M&A in A Calif. Niche.(National/Global)(mergers and acquisitions)
Jan 05, 2009; ... Byline: Katie Kuehner-Hebert Flush with capital from the Treasury Department, executives from several Asian-American banking companies in California say they may be ready to explore deals again. The chief executives of UCBH Holdings Inc. in San Francisco and East ...
REVIEW 2008/PREVIEW 2009: The Age of Dominance Reaches Its End for GSEs.(government-sponsored enterprises)
Jan 05, 2009; ... Byline: Emily Flitter WASHINGTON-Though many companies suffered sudden reversals of fortune in 2008, perhaps none were more dramatic than the fall of Fannie Mae and Freddie Mac. Just 12 months ago the government-sponsored enterprises were regarded as potential white ...
FDIC to Sell IndyMac; But Cost Estimate Grows.(Washington)(Federal Deposit Insurance Corp.)
Jan 05, 2009; ... Byline: Joe Adler WASHINGTON - After more than a week of market speculation, the Federal Deposit Insurance Corp. announced a nearly $14 billion deal Friday to sell IndyMac Federal Bank to a private-equity consortium led by the head of Dune Capital Management LP. IMB ...
EZCorp Closes Deal For 67 Pawnshops.(Mortgages)(Value Financial Services Inc.)(Brief article)
Jan 05, 2009; ... Byline: Marc Hochstein The Austin payday and pawn lender EZCorp has closed on the purchase of Value Financial Services Inc., a deal that was struck in June and almost fell through. Value operated 67 pawnshops in Florida, Tennessee, Georgia, and Mexico. EZCorp paid ...
Mass. Foreclosures Seen Eased in Nov.(Mortgages)(Massachusetts, United States)(November)(Brief article)
Jan 05, 2009 ... Byline: National Mortgage News The number of foreclosure deeds recorded in Massachusetts dropped in November, from October, but jumped 38% from the year earlier, according to Warren Group, which tracks foreclosures in four New England states. In addition, foreclosure ...
Private Mortgage Insurers Off in Nov.(Mortgages)(Brief article)
Jan 05, 2009 ... Byline: National Mortgage News November was a difficult month for private mortgage insurance companies, which saw primary new insurance written fall to $5.8 billion from $7.7 billion in October. The Mortgage Insurance Companies of America trade group disclosed the ...
Prepaid Card Firm Nixes Split.(Technology)(Prepaid Card Holdings Inc.)(Brief article)
Jan 05, 2009; ... Byline: Daniel Wolfe Prepaid Card Holdings Inc. of Las Vegas said Friday that it has cancelled the 10-for-1 reverse stock split it had proposed last month. In a Dec. 5 filing with the Securities and Exchange Commission, Prepaid Card Holdings had said the split would ...
Diebold Pitches Outsourcing.(Technology)(Brief article)
Jan 05, 2009 ... Byline: CardLine The Canton, Ohio, automated teller machine company Diebold Inc., which is trying to generate more demand for its ATM management services, is offering bankers an electronic reference book that explains the potential benefits of outsourcing. Keith ...
REVIEW 2008/PREVIEW 2009: In Mobile Market, Changing View Of Single-Tool Approach.(Technology)
Jan 05, 2009; ... Byline: Steve Bills Bankers and technology vendors are rethinking their approach to delivering financial services through mobile phones. The early thinking focused on creating a single application with many capabilities, much like an online banking site that can be ...
Variable Annuity Outlook Hinges on Market Upturn.(Wealth Management)(Financial report)
Jan 05, 2009; ... Byline: Steve Garmhausen Variable annuity sales sank in 2008 as the stock market's swoon scared investors off. As a result, insurers are raising prices and adding restrictions on the products. But sales of variable annuities should rebound once the stock market does, ...
Money Market Fund Assets Set Record.(Wealth Management)(Brief article)
Jan 05, 2009; ... Byline: Matt Ackermann U.S. money market fund assets grew 0.6% during the week that ended Dec. 30, to a record $3.759 trillion, according to Informa PLC's Money Fund Report. Taxable money market fund assets rose 0.7%, to a record $3.268 ...
CBiz Acquires Mahoney Cohen Business.(Wealth Management)(Century Business Services Inc. acquires Mahoney Cohen & Co)(Brief article)
Jan 05, 2009; ... Byline: Matt Ackermann CBiz Inc., a Cleveland benefits services firm, said last week that it has closed its deal to buy the non-attest business of Mahoney Cohen & Co., a New York provider of accounting and management consulting services. Mahoney Cohen, which was ...
Scottrade Opening 5th Nevada Branch.(Wealth Management)(Brief article)
Jan 05, 2009; ... Byline: Matt Ackermann The St. Louis investment firm Scottrade Inc. is opening a branch today in North Las Vegas, Nev. The branch is Scottrade's fourth in the Las Vegas area and its fifth in Nevada. The others are in Las Vegas, Summerlin, Henderson, and Reno. ...
REVIEW 2008/PREVIEW 2009: Another Reason to Disagree Over Basel; Loan woes amplify regulatory division on implementation.(Washington)
Jan 06, 2009; ... Byline: Steven Sloan WASHINGTON - Nothing about the Basel II capital rule has been simple, and its latest flaws, exposed by massive losses in the mortgage market, have further divided regulators. In one corner is Federal Deposit Insurance Corp. Chairman Sheila Bair, ...
MasterCard Buy a Sign of Networks' New Imperative.(Cards)(Orbiscom acquired)
Jan 06, 2009; ... Byline: Harry Terris MasterCard Inc.'s $100 million purchase of the Dublin software company Orbiscom Ltd. shows how the payment networks are trying to broaden their offerings to win and retain issuers' business. The acquisition, announced Monday, is MasterCard's ...
Royal Dutch Shell Rolls Out ACH Card.(Cards)(Brief article)
Jan 06, 2009; ... Byline: Steve Bills Royal Dutch Shell PLC has introduced a closed-loop payment card that uses the automated clearing house system to process transactions. The petroleum company announced plans in November to offer the payment system, the Shell Saver Card, which uses ...
Echo Drops Online Tobacco Payments.(Cards)(Brief article)
Jan 06, 2009 ... Byline: CardLine Electronic Clearing House Inc. of Los Angeles has agreed to stop processing online tobacco sales at the request of the attorneys general of Idaho, New York, and California, the Idaho attorney general said. Echo, a unit of Intuit Inc., was targeted ...
Correction.(Market Monitor)(Correction notice)
Jan 06, 2009 ... In the Jan. 5 paper, a brief item on page 2, "Discount Window Borrowing Rises Again," overstated the Federal ...
After Synovus, Who's Next in Atlanta?(National/Global)(BB&T Corp.)(SunTrust Banks Inc.)(Synovus Financial Corp.)(Financial report)
Jan 06, 2009; ... Byline: Paul Davis Atlanta's frozen real estate market is expected to force banking companies with operations there to write off more loans. Unable to sell enough bad Atlanta residential loans, Synovus Financial Corp. said Saturday that it would add $350 million to ...
Pressure for 2 Terminal Firms.(Cards)(Hypercom Corp.)(VeriFone)(Financial report)
Jan 06, 2009; ... Byline: Will Wade The U.S. payment terminal companies Hypercom Corp. and VeriFone Holdings Inc. will face increased earnings pressure this year as the global economy slows and a French rival, Ingenico SA, tries to expand in the United States, according to Gil Luria, an analyst ...
Legislators Split On Madoff Case Roots, Lessons.(Market Monitor)
Jan 06, 2009; ... Byline: Emily Flitter WASHINGTON - The scandal at Madoff Investment Securities LLC touched off a fight Monday among lawmakers over whether more regulation could have helped uncover the alleged fraud, or whether regulators failed to use authority they already had. The ...
Aviva Wealth Arm Setting Sights on Growth in '09.(Wealth Management)(Company overview)
Jan 06, 2009; ... Byline: Matt Ackermann Most wealth management companies are preparing to tighten their belts this year, but Aviva Investors North America plans to add staff and develop additional products to increase assets and sales. Gregory D. Boal, the Aviva PLC unit's chief ...
Panel Picks Acting Staff Chief.(Market Monitor)(Colin McGinnis appointed at Senate Banking Committee )(Brief article)
Jan 06, 2009; ... Byline: Stacy Kaper The Senate Banking Committee said Colin McGinnis will be its acting staff director while it searches for a successor. Mr. McGinnis the former chief of staff to Sen. Paul Wellstone, succeeded Shawn ...
Southern National Moves Unit.(Market Monitor)(Brief article)
Jan 06, 2009; ... Byline: Marissa Fajt Southern National Bancorp of Virginia Inc. said Monday that it has moved its bank subsidiary's headquarters from Charlottesville to McLean and switched from a national to a state charter. The $444 million-asset subsidiary, Sonabank, will be ...
Cascade Restates 2Q, 3Q Results.(Community Banking)(Financial report)(Brief article)
Jan 06, 2009; ... Byline: Marissa Fajt Cascade Bancorp Inc. in Bend, Ore., restated its second- and third-quarter resultsbecause of a miscalculation that understated its loan-loss reserves. In a Securities and Exchange Commission filing Friday, the $2.4 billion-asset company said that ...
Impairment Charges for Dearborn.(Community Banking)
Jan 06, 2009; ... Byline: Robert Barba Dearborn Bancorp Inc. in Michigan said it plans to take nearly $40 million in noncash pretax impairment charges for last year's fourth quarter to better align its book value with its tangible book value. The $1 billion-asset company also said it ...
ABA Venture Renews Wells Deal.(Community Banking)(American Bankers Association and Wells Fargo & Co. teams up)(Brief article)
Jan 06, 2009; ... Byline: Alan Kline Community banks that sell mortgages to Wells Fargo & Co. through a partnership with the American Bankers Association can expect the relationship to continue for at least another year. Community Bank Mortgage LLC, a joint venture of the ABA and some ...
In Aggregation, Demand Rising for Tracking Tools.(Technology)(Geezeo Inc.)
Jan 06, 2009; ... Byline: Daniel Wolfe The economic downturn has prompted users of online aggregation and financial management Web sites like Geezeo Inc.'s to request new features for keeping track of their money. Shawn Ward, Geezeo's co-founder, said people are especially interested ...
Navy Federal CU Originations to Rise.(Mortgages)(Brief article)
Jan 06, 2009; ... Byline: Marc Hochstein Navy Federal Credit Union of Vienna, Va., said Monday that it plans to originate $6 billion of mortgages this year, about 5% more than it wrote last year. The $35 billion-asset credit union said that last year was its second-biggest for ...
Shore to Beef Up Origination Staff.(Mortgages)(Shore Mortgage)(Brief article)
Jan 06, 2009 ... Byline: National Mortgage News Shore Mortgage, a Birmingham, Mich., Federal Housing Administration lender that is licensed in 25 states, said it is planning to significantly expand its origination staff because of rate-driven increases in its business. Robert Rahal, ...
Fingerprinting Rule In Effect in Tenn.(Mortgages)(Brief article)
Jan 06, 2009 ... Byline: National Mortgage News The Tennessee Commissioner of Commerce and Insurance has begun requiring fingerprints from certain license and registration applicants, including mortgage lenders, brokers, and servicers. ...