US Banker articles from October 2003

US Banker archives from October 2003

Rants and Raves.(Letter to the Editor)
October 1, 2003... The Allure of Independence I wanted you to know that you really got it right with your commentary "Mergers, Main Street and Staying Independent" (September 2003). As a community banker from Missouri for the past 20-plus years, and now...

Correction.(Correction Notice)
October 1, 2003... In "A Town's Small-Bank Top Dogs Feud, Family Style" (September 2003), U.S. Banker incorrectly identified Clair Wilcox, semi-retired patriarch of Grand Rapids State Bank, as being 72 years old; he is 82 years old oah Wilcox, the bank's CTO and...

25 Performers Not Defined by Convention: For decades-what feels like eons to some-corporate America was defined by convention, and banking was no exception. That's all changed.
October 1, 2003... When Apple Computer launched its "Think Different" campaign six years ago, most executives got tripped up by the grammatically incorrect slogan. They missed the point. This should come as no surprise. For decades-what feels like eons...

Shakeup: Roessler's Out, Stock Surges At National Commerce: But does the future hold renewed focus or a sale?(Ernest Roessler)
October 1, 2003... As the summer started to heat up, Ernest Roessler abruptly quit as chairman and CEO of National Commerce Financial after several disappointing quarters and the settlement of a class-action lawsuit against the bank and a subsidiary. A few months...

Scene and Heard.
October 1, 2003... "Is anything I'm saying making sense to you? Good ow could you please explain it to me?" Les Dinkin, managing principal at NBW Consulting, on the Sunshine State's explosive population growth and its unexpected banking streak-accounting for...

Technology Spending: Which Do You Want First: Good News or Bad News?: Tech jobs at risk, but hatchet men in demand.
October 1, 2003... The next couple years won't be a good time for tech jobs in finance; conversely, it won't be a bad time to sell the technologies that help companies reduce costs-like payroll. That's the mixed bag from a recent TowerGroup report that...

Hits and Has-Beens.(appointments, various companies)(Brief Article)
October 1, 2003... Karl A. McNish was named assistant vp and branch manager of $847-million-asset Union Bank in Lauderhill, FL. He will oversee all branch activities. He was previously a senior loan officer with Affordable Home Mortgage. Torrance, CA-based...

Fresh Ink.(reports on various bank acquisitions)(Brief Article)
October 1, 2003... 1. PNC Financial Services Group plans to buy United National Bancorp for $638 million in cash and stock. United National is a $3-billion-asset bank holding company in New Jersey and Pennsylvania. The deal, which adds 100,000 new customers to...

Word Is...: No Rest Yet from the Blaring Beat of the Boom-Boom Room.(Smith Barney sex discrimination disputes)
October 1, 2003... Eight years, a book, more than a thousand complaints and innumerable curses have flown by on all sides. And still Pamela Martens and Judith Mione march through the system. The duo's complaints at Smith Barney's Garden City, Long Island...

Noted and Noteworthy.(Eliot Spitzer's investigation of bank mutual fund operations includes Richard DeMartini)(Brief Article)
October 1, 2003... New York state attorney general Eliot Spitzer's latest gumshoe work is, as of this printing, shaking the foundations of one of Bank of America's true Wall Streeters, asset management head Richard DeMartini. DeMartini is a formidable presence:...

California's Long Daydream: If Golden State voters think their Tasmanian devil of a recall election is going to make a big difference in solving their state's financial woes, they need to think again.
October 1, 2003... This started out as a curtain-raiser on California's soap opera of a recall election, due to take place a few weeks from the time of writing. Last night a circuit court postponed the recall. In the week it takes the page to go to the...

EBP&P: Yodlee Leaps into ToughE-Billing Game. Ready?: Yodlee's BillDirect puts it in direct competition with the likes of Wells Fargo, BofA and CheckFree. Some hail it as groundbreaking. Others doubt its usefulness.
October 1, 2003... Yodlee, the account-aggregation company, has thrown its hat into the ring of the highly competitive electronic bill payment and presentment market. In August, the Redwood City, CA-based company launched a new bill presentment service...

Meet the "Tweeniors": Repackaged Boomers: Bank marketers work hard to understand consumers, but is their slicing and dicing getting out of hand? A label coined by Garrity Communications raises questions as to whether market segmentation leads or follows trends.
October 1, 2003... Market segmentation keeps getting more elaborate. It's a wonder banks aren't using people's favorite fragrances to sell scented checks. A market segment that Ithaca, NY-based Garrity Communications recently identified as...

AD Beat: Spooning Through The Alphabet Soup.(First National Bank of Longmont becomes First MainStreet)
October 1, 2003... Small banks, too, are moving into other businesses. A new brand may seem dicey. Colorado-based First MainStreet proves sometimes it's not only worth it, but vital. Until this summer, First National Bank of Longmont was one of 28 banks in...

Power. Cool. Confident. Savvy. 25 Women Rewriting The Rules.(in banking)
October 1, 2003... George Bernard Shaw once said "the power of accurate observation is commonly called cynicism by those who have not got it." It's this attitude many women have faced in banking over the years because they saw things so clearly, and acted on what...

5 Most Influential.(people in banking)(Brief Article)
October 1, 2003... 1 Sallie Krawcheck Chairman & CEO Smith Barney 2 Marjorie Magner Chairman & CEO, Global Consumer Services Citigroup 3 Marion Sandler Co-CEO Golden West Financial ...

5 Longest Stints in Banking.(Brief Article)
October 1, 2003... 1 Marion Sandler (years: 40) Co-CEO Golden West Financial 2 Shirley Nelson (years: 39) Chairman & CEO Summit Bancshares 3 Colleen Kvetko (years: 33) President & CEO ...

5 Fast Trackers.(in banking)(Brief Article)
October 1, 2003... 1 Sallie Krawcheck [years: 1] Chairman & CEO Smith Barney 2 Julia Gouw [years: 14] EVP & CFO East West Bank 3 Kathy Thompson [years: 16] EVP, Wealth Management Group ...

5 Youngest Stars.(in banking)(Brief Article)
October 1, 2003... 1 Sallie Krawcheck [age: 37] Chairman & CEO Smith Barney 2 Elizabeth "Lee Lee" James [age: 42] Vice Chairman & CIO Synovus 3 Carrie Tolstedt [age: 43] Group EVP, Regional...

Rank #1.(profile of Sallie Krawcheck, Chairman and CEO of Smith Barney )
October 1, 2003... Plagued by a conflict-of-interest scandal, Sandy Weill turned to Sallie Krawcheck in one of Citi's darkest hours. How she goes about rebuilding investor trust has everyone's attention. Chairman and CEO Smith Barney, New York, NY ...

Rank #2.(profile of Marjorie Magner, Chairman and CEO, Global Consumer Group, Citigroup)
October 1, 2003... Sure, it's a brand no one can touch, but Marjorie Magner runs Citi's global consumer group with a hint of guilt, a listening ear and the energy of someone just getting started. Chairman and CEO, Global Consumer Group Citigroup, New...

Rank #3.(profile of Marion Sandler, co-CEO of Golden West Financial-World Savings and Loan)
October 1, 2003... It was Marion Sandler's analysis of the poorly managed thrift industry that led her and her husband to buy Golden West, now one of the most profitable companies in the country. Co-CEO Golden West Financial-World Savings and Loan,...

Rank #4.(profile of Amy Brinkley, Chief Risk Officer of Bank of America)
October 1, 2003... Relying on her hard-earned knowledge of the bank's activities, Amy Brinkley uses a "three lines of defense" approach to manage risk firmwide. It could be her ticket to the top. Chief Risk Officer Bank of America, Charlotte NC ...

Rank #5.(profile of Deanna Oppenheimer, President, Banking and Financial Services Group, Washington Mutual)
October 1, 2003... From "Action Teller" dolls to branches that feature children's play areas and look like Starbucks, Deanna Oppenheimer is changing the way people think about going to the bank. President, Banking and Financial Services Group Washington...

Rank #6.(Heidi Miller of Bank One, Chicago, is profiled)
October 1, 2003... Leading behind the scenes, unassuming Heidi Miller personifies low-key and steady power. She's a key figure shaping $287 billion Bank One. EVP and CFO Bank One, Chicago IL Years in banking: 24 One of the pre-eminent...

Rank #7.(Julia S. Gouw of East West Bank, San Marino, is profiled )
October 1, 2003... In a business where careers soar based on returns, Julia S. Gouw builds her professional and personal success on taking care of others Director, EVP and CFO East West Bank, San Marino CA Years in banking: 14 A philosophy Of...

Rank #8.(profile of Susan Storey, managing director, CIBC World Markets)
October 1, 2003... Getting in on the ground floor of forex and derivatives trading in the 1980s has helped Susan Storey become one of the industry's top debt managers. Managing director CIBC World Markets, Toronto Canada Years in banking: 21 ...

Rank #9.(profile of E. Lee Beard, President, CEO and Director, First Federal Bank of Hazleton)
October 1, 2003... A community banker with acute political skills, E. Lee Beard does not shirk from a fight, whether at the local country club or the halls of Congress. President, CEO and Director First Federal Bank of Hazleton PA-Northeast Financial...

Rank #10.(profile of Colleen Kvetko, President and CEO, Fifth Third Bank, Florida)
October 1, 2003... Leading Fifth Third into the Sunshine state and building an $840 million business, Colleen Kvetko shows a 16-year-old teller can make good. President and CEO Fifth Third Bank, Florida, Naples, FL Years in banking: 33 It may...

Rank #11.(profile of Barbara Desoer, President of consumer products, Bank of America)
October 1, 2003... Many bankers pay lip service to the notion of putting the customer first, but Barbara Desoer is altering BofA's cultural fabric to achieve that goal. President of consumer products Bank of America, Charlotte, NC Years in banking:...

Rank #12.(profile of Elizabeth James, Vice chairwoman and CIO of Synovus)(Brief Article)
October 1, 2003... As Synovus' first chief people officer, Elizabeth James made the bank a renowned place to work. As vice chair, she's also determining strategy. Vice chairwoman and CIO Synovus, Columbus GA Years in banking: 17 Like many women...

Rank #13.(profile of Susan Pittman Horton, President, CEO and Chairman of Wheatland Bank)
October 1, 2003... A rodeo rider that became one of the nation's youngest bank presidents, Susan Pittman Horton turned around a takeover target President, CEO and Chairman Wheatland Bank, Spokane WA Years in banking: 4 Susan Pittman Horton...

Rank #14.(profile of Peyton R. Patterson, Chairman, President and CEO of New Haven Savings Bank)
October 1, 2003... Good managers keep a constant eye out for future leaders, says Peyton Patterson. It takes one to know one and she surely leads. Chairman, President and CEO New Haven Savings Bank, New Haven CT Years in banking: 20 NOt Long...

Rank #15.(Ina Drew of JPMorgan Chase)
October 1, 2003... More at home on the trading floor than behind a desk, Ina Drew's insightful risk-taking has helped JPMorgan Chase weather wavy markets Managing Director, Division Executive Global Treasury Business JPMorgan Chase, New York NY ...

Rank #16.(Carrie Tolstedt of Wells Fargo)
October 1, 2003... If regional banking is the nexus of cross-selling mortgages and other products, then Carrie Tolstedt is who you want in the center of it all. Group Executive Vice President, regional banking Wells Fargo, San Francisco CA Years in...

Rank #17.(Kathy Thompson of Stock Yards Bank and Trust)
October 1, 2003... How do you bring a wealth management division back from the grave? Just ask Kathy Thompson, Stock Yards' chief shaman officer. Manager, Wealth Management Group Stock Yards Bank & Trust, Louisville KY Years in banking: 16' ...

Rank #18.(profile of Cathy Bessant, chief marketing officer and president of Bank of America)
October 1, 2003... Twice offered a Fed Board governorship thanks to her community development work, Cathy Bessant believes she can do more in the private sector Chief marketing officer and president Bank of America, Charlotte NC Years in banking: 22...

Rank #19.(profile of Doreen Woo Ho, President, consumer credit group, Wells Fargo)
October 1, 2003... Did Babe Ruth really point to the upper deck and hit a home run? Maybe not, but doreen Woo Ho did, by building the nation's biggest home equity lender. President, consumer credit group Wells Fargo, San Francisco CA Years in...

Rank #20.(profile of Ranjana Clark, EVP, head of Treasury Services, Wachovia)
October 1, 2003... With a gift for math and an attraction to finance, Ranjana Clark brings an ambassador's hand to Wachovia's 800-employee Treasury Services unit Evp, head of Treasury Services Wachovia, Charlotte NC Years in banking: 19 As evp...

Rank #21.(profile of Patricia Moss, President and CEO, Cascade Bancorp )
October 1, 2003... Patricia Moss leads one of the nation's most successful community banks. She also helped open a four-year college at the same time. President and CEO Cascade Bancorp, Bend OR Years in banking: 28 Patricia Moss thought she was...

Rank #22.(profile of Karen McCormick, President and CEO, First Federal Savings and Loan Association )
October 1, 2003... Working her way up the corporate ladder, Karen McCormick has never forgotten her roots, and tailors her bank to fit the needs of the community President and CEO First Federal Savings and Loan Association, Port Angeles WA Years in...

Rank #23.(profile of Debra Lins, President, CEO and Director of Community Business Bank)
October 1, 2003... Being a country vet didn't pan out. But Debra Lins takes solace in the key role her bank plays in keeping her rural hometown alive and kicking. President and CEO and Director Community Business Bank, Sauk City WI Years in banking:...

Rank #24.(profile of Shirley Nelson, Chairman and CEO of Summit Bancshares)
October 1, 2003... Part of the "Feinstein Five"-California Senator Dianne Feinstein's informal inner circle-Shirley Nelson has influence beyond the bank she founded. Chairman and CEO Summit Bancshares, Oakland CA Years in banking: 39 Shirley...

Rank #25.(Rebecca Joan David of University Bank)
October 1, 2003... Not afraid to speak her mind and take it on the chin, Rebecca Joan David is now a CEO and using her aggressive attitude to deliver results. CEO University Bank, Ann Arbor MI Years in banking: 24 If there's a woman in banking...

25 Women to Watch.
October 1, 2003... Accomplished. Forward-thinking. Far from finished. Twenty-five women USB sees as rising stars, such as Cascade Financial's Carol Nelson and Wachovia's Debra Nichols, and consistent, never-say-die performers, like Mellon's Janey Place and...

Floridians Bask in the Glow of Bankers' Close Attention: Despite rampant competition, community banks are holding their own in Florida as bankers from large outfits open startups at record rates and focus on niche markets.
October 1, 2003... After his bank changed hands three times in four years, Bruce Keir wanted a place he could call his own. The family-owned Florida firm that employed him for six years merged with Republic Security Bank in 1997. He worked his way up to...

College Ranks Just After Retirement. Both Matter.: New tax laws and a wave of automation could make 529 plans the college savings option of choice. It would help if more people knew what they were, and the benefits they afford.
October 1, 2003... Banc of America Capital Management hopes it's riding a groundswell in touting tax-friendly 529s-college savings plans that are getting more flexible for investors by the day. The problem: Most Americans aren't even aware these investment...

Bank One Joins Parade Of Cheaper Web Billing: Feeling competitive pressure, the bank gives on-line users a break and waives bill pay fees. The result: A rise in new checking accounts.
October 1, 2003... Bank One Corp. has joined the ranks of financial institutions that have waived, lowered or put off charges for on-line bill payment ffective Aug. 1, the company dropped its $4.95 monthly fee, a decision that benefits 1.9 million on-line...

Corporate Trust's Need for Scale Drives M&As: Corporate trustees need to reach a critical mass to compete in today's market ven when the bond markets turn sour, a large operation can always play the float.
October 1, 2003... Two corporate trust buyouts in the last year underscore the growing importance of size and technology in what's sometimes considered a backwater industry, say market participants. But even with a solid growth model, companies in the...

Expect Better Times. Signs of a Healthier Economy Abound-Interest-Rate Hike or Not.: The economy has received a boost from monetary and fiscal policymakers. Record tax cuts and federal spending, combined with attractive borrowing rates, are sure to foster stronger growth going into 2004.
October 1, 2003... A banking industry that is currently healthy, profitable and well capitalized stands to do very well as the economy grows more robust in the months ahead. There is a brighter light now shining at the end of the long economic tunnel we have been...

Sox Help When Feet Held to Fire.(Sarbanes-Oxley Act )
October 1, 2003... The Sarbanes-Oxley Act of 2002 ("SOX" or the "Act") has been widely touted as another tool to hold corporate directors' "feet to the fire," with its enhanced auditor independence (in Title II) corporate responsibility (Title III), and...