US Banker articles from November 2003

US Banker archives from November 2003

Just in Time for Santa: This Year's Wish List: Godspeed, John Reed, and while we're at it, wasn't Jamie Dimon supposed to be getting up to something big by now? And p.s., Ashcroft: back off.
November 1, 2003... The holidays give us a chance to slow down and spend time with family and friends. It's also a time of reflection: on the year gone by, the year ahead and what we would like to see change in our lives. Imagine what your Christmas wish list...

Markets: Light, Yes. End of the Tunnel, Yes. Train? We'll See.: Insider trading, leverage has some cringing.
November 1, 2003... The economy is turning around, companies are hiring for the first time all year and cut-to-the-bone interest rates are providing a boost. Maybe. That may all be hot air for the next market balloon, however. Sources say nagging indicators...

Scene and Heard.(Brief Article)
November 1, 2003... "The garbage is floating to the top." Julie Neimann, analyst at St. Louis-based RT Jones Capital Equities, commenting on lower-quality companies posting the highest stock returns in 2003. "Talk about thinking outside the box. Whoever...

Corporate Real Estate: Building Green Buildings: Environmentally friendly and cost efficient.
November 1, 2003... PNC Financial and bank of America are keen on green-and not just money. Energy-efficient and environmentally friendly buildings can save a lot of money long-term-20 to 50 percent on energy consumption alone-while conserving resources....

Hits And Has-Beens.(Brief Article)
November 1, 2003... The new-look Washington Mutual's underway. Banking and financial services group president Dianna W. Oppenheimer now also heads consumer mortgage and insurance. Oppenheimer made US Banker's No. 5 on a ranking of the most powerful women in the...

Fresh Ink.(Brief Article)
November 1, 2003... 1. First Midwest Bancorp plans to buy CoVest Bancshares, a $624 million asset bank in suburban Chicago. The all-cash deal is valued at $102.5 million. The move allows First Midwest to strengthen its Chicago footprint and boost earnings by 6...

Don't Call Me: Will Phones Stop Ringing?: It's the late hours for telemarketing tussle.
November 1, 2003... In a short time lawyers will once again be in front of federal judges trying to stop regulators from pulling the plug on telemarketing. Legal experts say it is now a long shot for telemarketers to regain the upper hand they held so recently...

Pipeline.
November 1, 2003... Bringing out the "Bucks" in Starbucks Marketers have been salivating over Starbucks' brand strategy for so long you'd think a move like $44-billion Charter One Financial's would've happened sooner. The Cleveland, OH-based bank cut a deal...

Word Is...: Money, Money, Money, Money, Money.
November 1, 2003... Money made and money spent. That's what American taxpayers are seeing increasingly often, as the federal government fights to frustrate the faux-monnayeurs responsible for the three million bogus greenbacks in circulation around the world. ...

Noted and Noteworthy.(Brief Article)
November 1, 2003... Ron Howard may be able to milk 'em for laughs, but one caterer to the rich says corporate shenanigans remain topic one for his clients. This is somewhat surprising given that wealthy capitalists tend to be in the "one or two bad apple" camp....

There's Slow, and Then There's Slow: The reform move on options is going on 10 years old with no results. The moving parts are open to view. But if it's no longer an issue by the time it's resolved, was it ever one?
November 1, 2003... It's not yet in general use. But one day, in a lazy echo of a campaign season gone by, one of the meanings of 'slow' will be measured by the exact speed and tone of a Joe Lieberman speech. "Ah, jeez. I had to get my driver's license renewed on...

Grid Computing: Dispersing Power Across the Enterprise: The pooling of computer power into a flexible architecture enables banks to shift resources where and when they're needed most. The upside: lower costs, business agility.
November 1, 2003... Imagine being able to access the power of every computer server in your company and turn it into a virtual supercomputer accessible by every segment of your bank-whether it's in Bangkok or Baltimore. Say hello to grid computing, the new "It"...

Imaging: Banks Rev Up for Check 21: Imminent passage brings education and urgency to capture, archive and exchange images.
November 1, 2003... The anticipated enactment of Check 21 legislation is prompting banks large and small to ramp up plans to deploy not only imaging and archiving systems, but the twin dream schemes of distributed capture from ATMs and image exchange with other...

Can Saying Cheese Make More Dough?: Will bank tellers with toothy grins sell more? Incomm Research thinks so. Psychologists say figuring out the worth of a smile in dollars and cents isn't easy.
November 1, 2003... Most marketers believe business gets better the more you smile, but few have tried to turn the art of a smile into a science. Dr. Allen Konopacki, behavioral scientist and president of Incomm Research, is one of the few who has. His...

AD Beat: Chrietzberg Makes His Own Fifteen Minutes: Chief executive at a small California bank, Charles Chrietzberg hired a local gallery owner to create a commercial message. The result is the talk of the town.
November 1, 2003... California's Monterey County may be home to Clint Eastwood and Doris Day, but a banker there looks to rival both in local celebrity. An advertising campaign that features Monterey County Bank chairman, president and CEO Charles Chrietzberg...

Men Not Big Card Users? Think Again.: A study finds men are more likely than women to have two or more cards.
November 1, 2003... Women get a bad rap when it comes to credit card use, or, as some men suggest, credit card abuse for the sake of shopping. Women may indeed like to shop, but the consumers walking around with the most credit cards-men, who are more likely than...

Recasting Marketing Budgets: New York-based brand consultant James Cerruti says it's time to rethink the ad mix. Many agencies still steer a majority of dollars toward traditional advertising. Changing times call for re-evaluation.
November 1, 2003... Alternative marketing appeals to the customer experience. Vivaldi Partners president and COO James Cerruti says banks should reshape budgets to emphasize new techniques and changing lifestyles. USB: How should banks allocate marketing...

No. 1: Vernon Hill, CEO Commerce Bancorp: The artillery in Hill's ground war? De novo branches, deposit growth.
November 1, 2003... Vernon Hill has become one of the best-known and most-mimicked CEOs. His Cherry Hill, NJ-based Commerce Bancorp regularly tops industry performance charts, and even skeptics can't help but be wowed by its growth. In the third quarter, Commerce...

No. 2: Kerry Killinger, CEO Washington Mutual: Managing Wamu's rapid growth will put Kerry Killinger's skills to the test.
November 1, 2003... Seattle's slide-rule slinger engineered enough momentum coming into the year to carry his outfit plenty far. But Kerry Killinger's Washington Mutual kept pushing past its break into the New York metro area. "We targeted to open 70 new stores in...

No. 3: Martin McGuinn, CEO Mellon Financial: Mellon's transformation is Martin McGuinn's idea; it's taken real salesmanship.
November 1, 2003... When Martin McGuinn sold Mellon Financial's retail bank in 2001, it sparked outrage across Pennsylvania. Was the new chairman and CEO abandoning the company's roots? Would jobs at its Pittsburgh headquarters soon follow? Hardly, argued McGuinn....

No. 4: John Kanas, CEO North Fork: From a buyout binge to a grow-as-he-goes model.
November 1, 2003... After years of playing the Gordon Gekko of New York banking, has John Kanas turned into George Bailey? The 31-year chairman, CEO and president of North Fork Bancorp has been off the buyout bender for two years, following a 13-firm spree in...

No. 5: Patricia Moss, President & CEO, Cascade Bancorp: Branching out to build new relationships.
November 1, 2003... Patricia Moss is Bend, Oregon's biggest fan, but she's fast making a reputation for looking outward. The 50-year-old go-getter got her start first at U.S. Bank and then as a utility player with Bank of the Cascades, which at the time had seven...

No. 1: Mellon Financial, Pittsburgh: Mellon's moving quickly to its post-bank future. Good time for a salute.
November 1, 2003... When future Hall of Famer Cal Ripken went to the All-Star game during his last season, many thought it was a charity tip of the cap to a celebrated name, a last salute to a player on his way to hanging up the spikes. If memory serves,...

No. 2: North Fork, Melville, NY: What's for lunch? A hot stock begs the question.(Brief Article)
November 1, 2003... Expect John Kanas to be hunting again. After all, the man who runs Long Island's North Fork Bancorp once told Crain's New York Business that he's got no compassion for Bambi. "We bring the deer home, where we skin them and eat them," he told...

No. 3: WestAmerica, San Rafael, CA: In a land of fine competitors, and even finer wine vintages, Westamerica keeps its focus.
November 1, 2003... The business of Westamerica is business. And proving it's possible to do business even in a stagnant economy, David Payne's Westamerica, blessed with upscale territories and wine country sophistication in and around California's Marin and...

No. 4: Cascade Bancorp, Bend, OR.: Cascade Grabs Talent and Fosters a Startup's Energy.(Brief Article)
November 1, 2003... Bank of the Cascades and its personable leader, Patricia Moss, gained applause in several houses this fall. Investors are adding to it by bidding the tiny firm's stock up 53 percent on the year. Analysts say the move is driven by Cascade's...

No. 5: Nara Bancorp, Los Angeles: Nara Hit the Jackpot by Tapping Entrepreneurs in Korean Communities.
November 1, 2003... Quietly and rapidly, in Asian neighborhoods plenty of businesses write off as inscrutable, one-billion-dollar Nara is building a franchise and minting money. Longtime banker and First Interstate vet Benjamin Hong fuels his firm with commercial...

No. 1: Brad Davis, CMO Washington Mutual: Washington Mutual Uses "Guerrilla Tactics" on Unsuspecting Metro Areas.
November 1, 2003... When Brad Davis, evp of marketing and brand management at Seattle-based Washington Mutual, talks about "shaking hands with a new market" and using "guerrilla tactics to break through the clutter," he's not just parroting some jargon gleaned at...

No. 2: John Cunningham, CMO Commerce Bancorp: Grabbing Some Seinfeld Cache to Push into NYC.
November 1, 2003... Few $20 billion firms have jolted the top 20 banking giants as Cherry Hill, NJ-based Commerce has. Much of the bank's tenacity and competitive edge comes from the marketing department of John Cunningham, chief marketing officer since 1988....

No. 3: Wilfrid A. Daly, SVP and CMO, Fifth Third Bancorp: Walking a Fine Line Between Humor and the Bottom Line.(Brief Article)
November 1, 2003... The financial returns on marketing campaigns are notoriously hard to pin down, but that's exactly what svp and CMO Wilfrid Daly of Fifth Third demands. Although he's taken the $84 billion bank further into mass media advertising with the...

No. 4: Cathy Bessant, CMO Bank of America: A marketing master gets it done for the masses.
November 1, 2003... Being chief marketing officer for Bank of America, the world's second most profitable bank and the third largest in terms of asset size, requires Cathy Bessant to be part cheerleader, part scientist. With a marketing budget that most rivals...

No. 5: Jarett Levan, CMO BankAtlantic (FL): A little creativity and some copycatting working wonders in Florida.
November 1, 2003... Prospective front-line employees of Fort Lauderdale-based BankAtlantic must jump on one leg, sing lyrics from a favorite song and pass out doughnuts to prove they'll fit in. "Sometimes we find out that certain candidates just aren't suited...

Wamu Goes After the Middle Man: Store-like branches, free checking, low overhead and lots of momentum give the bank the ability to court middle-income customers. This has rivals back on their Heels.
November 1, 2003... There's just no getting around design when looking at Washington Mutual. Its branches are called Occasio. There are play areas for kids, media centers with videos, and no desks, marble or bullet proof glass. Tellers mingle. Walking into a...

Loop's Trust Looks to Win One at a Time: Northern Trust sells the same product as its competitors. what stands out? Returns. And cubs tickets.
November 1, 2003... It's a fickle business. The products are largely commodities, yet investors seem more than willing to jump ship if returns don't measure up. The keys to growth and staying power? Investment performance is certainly important. So, too, is...

2003 Top Primary Financial Advisors: Whole Domestic Bank & Thrift Mergers and Acquisitions.
November 1, 2003... Northeast Announced '03 '02 Deal Value Number Rank Rank Firm ($ millions) of Deals 1 2 Sandler O'Neill &...

The New Mexican Revolution: This One's in Banking: Mexico's banking sector has been in reform mode for more than two decades, but surging competition for the $13 billion remittance market, and promising consumer demographics, will bring banking to millions more Mexicans and continue to reshape the landscape.
November 1, 2003... Eyeing an emerging consumer culture in Mexico, foreign banks continue to elbow their way into the underdeveloped retail banking sector, though the bloodiest battles are predicted in the white-hot competitive $13 billion remittance market. ...

That Sleepy Bank on the Corner? It's Got Wheels.: What a difference two years can make. Community banks, once sluggish engines for growth, are now racing, while technology companies barely register on survey.
November 1, 2003... Community banks make up one-third of America's fastest-growing small companies. It's the highest concentration of companies of any industry and far exceeds the number of banks that made up this group of fast movers in the past two years. Low...

Reverse Mortgager Dumps Fees to Broaden Appeal: While some argue the fee-less reverse mortgage will be instrumental in building volume for this little used mortgage, the industry will need to do a better job educating consumers about this oft-misunderstood product.
November 1, 2003... Reverse mortgages, a relatively new concept as mortgages go, has a new wrinkle. And if things go according to plan at the company that came up with the idea, these loans will be restructured all the way up to the Federal Housing Administration...

Startup Bank Brings Service Back to Area Businesses: Small businesses started calling Legacy Bank before its doors opened on October 1st. Why the interest? The bank's services can influence how well the local market does-good news all around.
November 1, 2003... No matter how perfect the market, how well capitalized the firm, or how much experience the management team brings to the table, starting up a new bank is a nerve-racking affair. But it helps when people and businesses start calling with...

Government Outsourcers May Lose Calpers Funds: Calpers mulls whether to stop investing in companies that win government outsourcing contracts-which often translate into lost or lower paying jobs for government employees.
November 1, 2003... Calpers, the influential pension fund covering California's government workers, is taking aim at companies that government's use to outsource and thus privatize government services. The fund, whose investment decisions are often regarded as a...

Market Leaders Riding On Tech Stocks (Really): A rising tide lifts all boats. Such is the case with mutual funds in what has turned out to be a banner year. But for even juicer returns look to funds that aggressively use leverage.
November 1, 2003... Large cap, small cap, growth, it just doesn't matter this year. Mutual fund investors across the board feasted on some tasty equity returns in 2003 and even the pessimists expect at least a couple more good months to close out the year. ...

Top Performing Mutual Funds of 2003.(Brief Article)
November 1, 2003... Fund Name Returns Assets Ticker 1 ProFunds UltraOTC 82.30% $373.2 mil UOPIX 2 Rydex Dynamic Velocity 100 80.20% $373.2 mil RYVYX 3 Firsthand Technology...

The Risk Revolution Gains Ground.
November 1, 2003... Risk is an inevitable component of any financial organization. The very existence of a financial institution is to take risk. There is no method to eliminate risk completely, but regulations have been laid down from time to time to assist in...

Letters of Credit Remove the Risk of International Payments.
November 1, 2003... Every transaction involves a degree of risk. A buyer expects to receive goods or services as promised; a seller expects to be paid in full for goods or services rendered. In our global marketplace, that risk is magnified. Agreements...