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Article: Thrift Execs Rebut North Fork Chief's Bleak View.(conference, sponsored by the New York Society of Security Analysts, future of mortgage banking)(Brief Article)
- Article from:
- American Banker
- Article date:
- February 16, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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John A. Kanas, chairman of North Fork Bancorp, ruffled more than a few feathers at a conference this week designed to showcase Northeast thrifts when he said the industry is under pressure and no longer tempts his acquisitive eye.
In remarks Tuesday to analysts, investors, and bankers at the conference, sponsored by the New York Society of Security Analysts, Mr. Kanas delivered a grim assessment of the mortgage business and vowed that North Fork of Melville, N.Y., would not buy another thrift.
Thrift deposits are shrinking, and competition is intensifying, he said. "They're not growing, so the only choice is that they merge with themselves and squeeze ...