American Banker articles from April 2006

American Banker archives from April 2006

'Adoptions': Pros and Cons Of a Fund Deal.
April 3, 2006... The sale of proprietary fund families by banks seeking to avoid rising regulatory costs and overcome distribution limitations is a well-established trend. Among buyers, differing tactics have emerged. Phoenix Cos. Inc., for example, has...

ISO Issue Mars Global Payments 3Q.(Global Payments Inc.)(independent sales organization issue)
April 3, 2006... Global Payments Inc.'s report on Friday of strong fiscal third-quarter profit gains was marred by news that it faced millions of dollars in possible exposure over an incident that had led it to cut off service to a large online merchant. ...

Privacy Notice Revisions Get Mixed Reviews.(bank privacy disclosure legislation)
April 3, 2006... WASHINGTON -- A bank privacy disclosure model federal regulators unveiled Friday was met with a decidedly split response, with some industry officials welcoming it as long overdue and others fearing it could add more burden and cost on banks....

Restatement Done, SVB Sets Sights on Growth.(SVB Financial Group)
April 3, 2006... Jack Jenkins-Stark, SVB Financial Group's chief financial officer, is sounding upbeat these days. Following a Herculean earnings restatement late last year over how it accounted for warrants that caused the company to file its 10-K late,...

In Brief: R&G Sells $150M of Preferred Shares.(Brief article)
April 3, 2006... R&G Financial Corp. of San Juan, Puerto Rico, said it sold $150 million of preferred stock in a private placement through its mainland subsidiary, R&G Acquisition Holdings Corp. According to placement agent, Keefe, Bruyette & Woods Inc.,...

In Brief: First Banks Buys an Insurance Agency.(First Banks Inc., Adrian N. Baker and Co.)(Brief article)
April 3, 2006... First Banks Inc. in St. Louis said Friday that it had bought the Clayton, Mo., insurance agency Adrian N. Baker & Co. The deal, First Banks' first for an agency, complements its agreement in August to offer its customers a multicarrier...

Expansion Set For Early-Access Paycheck Service.(American Bank FSB, Bethesda, Maryland)
April 3, 2006... When American Bank FSB in Bethesda, Md., opened the first of two in-store branches in outlets of the Super Fresh grocery chain in 2003, bank officials started brainstorming ideas to attract grocery store employees to the bank. They came up...

N.J. Trade Groups' Merger Negotiations Break Down.(New Jersey Bankers Association, New Jersey League of Community Bankers)
April 3, 2006... A merger between New Jersey's two banking trade groups that seemed all but assured late last year has been called off, and no new discussions are scheduled. Representatives from the New Jersey Bankers Association and the New Jersey League...

Washington People.
April 3, 2006... AFL-CIOops Ever send a private e-mail only to discover it accidentally went to the whole office? Now imagine that e-mail posted online where everyone can see it. That was the situation faced last week by AFL-CIO associate general...

TRM Pins Loss on Integration Problems, Canceled U.K. Deal.(TRM Corp.)
April 3, 2006... TRM Corp. blamed its fourth-quarter loss on problems with integrating the automated teller machines it bought last year from eFunds Corp., as well as a U.K. deal that fell through. The Portland, Ore., deployer of merchant ATMs said last...

Mellon-U.S. Trust Deal 1st Move in Kelly's Vow to Buy.(Chairman and Chief Executive Robert Kelly, Mellon Financial Corp.)
April 3, 2006... Mellon Financial Corp. says its purchase Friday of U.S. Trust's planned-giving services group makes it the largest provider of charitable giving services in the country, and analysts say this could be the first of many deals under the...

Wall St. Forecast: Another Bumper Crop of Buybacks.(Industry overview)
April 3, 2006... With plenty of money to spend but few compelling ways to spend it, banking companies have been giving mounds of capital back to shareholders through cash dividends and share repurchases. Last year the industry paid $73 billion of cash...

Income Drop, More Delays Add to Woes at Freddie.
April 3, 2006... Freddie Mac's "market update" Friday hit many of the same upbeat notes about business trends that the government-sponsored enterprise has been sounding for several months. There were, however, also several pieces of bad news. Indeed,...

In Brief: Saxon Posts Profit Drop, Restates Results.(Saxon Capital Inc.)(Brief article)
April 3, 2006... Saxon Capital Inc. said its fourth-quarter net income fell 44.2% from the same period a year earlier, to $17.8 million, or 35 cents a share. The Glen Allen, Va., nonprime specialist also said Friday that it had restated its results for...

In Brief: ResCap Joins Minn. Education Program.(Residential Capital Corp., McKnight Foundation, Minnesota Council on Economic Education)(Brief article)
April 3, 2006... General Motors Corp.'s Residential Capital Corp. has joined a program run by the McKnight Foundation and the Minnesota Council on Economic Education that trains community organizations in offering financial advice. The 2-year-old Community...

In Brief: UBS Execs Form Real Estate Investor.(Jeffrey Goldberger, Andrew Cohen form Atlas Capital Group LLC)(Brief article)
April 3, 2006... Two UBS AG managing directors, Jeffrey Goldberger and Andrew Cohen, have formed Atlas Capital Group LLC, a New York commercial real estate investment firm. Atlas, whose formation was announced last week, said it will make equity...

Simulation Tool Helping CompuCredit Revamp Site.
April 3, 2006... CompuCredit Corp. is using specialized project management and simulation software to accelerate the upgrade of a bill payment Web site for one of its card products. Guido Sacchi, the Atlanta subprime credit card marketer's chief...

In Brief: S1 Has No Interest in Selling.(S1 Corp.)(Brief article)
April 3, 2006... S1 Corp. says it has no plans to sell itself, despite calls from a significant shareholder urging it to do so. The Atlanta banking technology vendor said Friday that it believes its "business plan is just starting to show results, and that...

In Brief: AirNet Posts Profit; Revenue Up.(Brief article)
April 3, 2006... The struggling Columbus, Ohio, air courier AirNet Systems Inc. reported a fourth-quarter profit and increased revenue, stemming from increased demand for its passenger charter services and higher fuel surcharges. AirNet's main business,...

JPM's Harrison Got 38% Raise in '05.(Brief article)
April 3, 2006... The compensation of JPMorgan Chase & Co. chairman William B. Harrison Jr. rose 38% last year, to $22 million, the company reported Friday. Chief executive officer James Dimon was paid the same dollar amount, the company said in its proxy...

In Brief: Northern Trust to Pay $38M in Enron Case.(Northern Trust Corp.)(Brief article)
April 3, 2006... Northern Trust Corp. said Friday that it had agreed to a $37.5 million settlement in an Enron Corp.-related class action filed in 2001. The Tittle v. Enron case was filed in U.S. District Court for the Southern District of Texas on behalf...

In Brief: Sterling of Pa. Buying Bay Net of Md.(Sterling Financial Corp., Lancaster, Pennsylvania)(Bay Net Financial Inc., Bel Air, Maryland)(Brief article)
April 3, 2006... Sterling Financial Corp. in Lancaster, Pa., said Friday that it has a deal to buy Bay Net Financial Inc. in Bel Air, Md., for $23 million in cash and stock. The $3 billion-asset Sterling, a five-bank holding company, said it would merge...

In Brief: Cathay General to Buy 20% of First Sino.(Cathay General Bancorp, First Sino Bank)(Brief article)
April 3, 2006... Cathay General Bancorp in Los Angeles said Friday that it is buying a 20% stake in First Sino Bank in Shanghai for about $52.2 million. Closing the deal would make the $6.4 billion-asset Cathay the largest shareholder in First Sino....

In Brief: Iowa Law Bars ILC Branches in Stores.(Governor Tom Vilsack on application from Wal-Mart Stores Inc. for industrial loan charter)(Brief article)
April 3, 2006... Wal-Mart Stores Inc. could not open an industrial loan company branch in any Iowa store location under a law signed last week by Gov. Tom Vilsack. The law makes Iowa the first state this year to enact legislation prohibiting branching by...

Citi Vows to Defend Actions in Australia.(Citigroup Inc., Citigroup Global Markets Australia Party Ltd.)
April 3, 2006... Citigroup Inc.'s efforts to restore its reputation following recent regulatory issues appeared to suffer a setback last week. On Friday the Australian Securities and Investments Commission filed a civil lawsuit accusing Citigroup Global...

Are Huntington Moves First in Succession Plan?(Huntington Bancshares Inc.)
April 3, 2006... Huntington Bancshares Inc. has reorganized its executive team in a move that eliminated a layer of management and that one analyst said sets the groundwork for succession planning. The $33 billion-asset Columbus, Ohio, company announced...

Correction.(Correction notice)
April 3, 2006... In the March 30 paper, the story on page 11, "Bank Variable Annuity Sales Rose as Retirement Answer," misstated Heather Dzielak's job at Lincoln National Corp. She is a vice president of its variable annuity business, not the president.

TransUnion Agrees to Resell Web Tool for Fraud Detection.(TransUnion LLC, ID Analytics Inc.)
April 3, 2006... TransUnion LLC has agreed to resell ID Analytics Inc.'s fraud score, which helps banks verify the identities of people applying for credit, the companies will announce today. Equifax Inc., Visa U.S.A., and other companies already resell...

The Long and Short of It.(bank investments)(Brief article)
April 4, 2006... The flat yield curve has in some ways simplified banks' investment decisions. With long- and short-term investments offering similar yields, many treasury managers are sticking to short-term investments to preserve cash and limit interest rate...

Citi's Turn: Will Brand 7-Eleven's 5,500 ATMs.(Citigroup Inc.)
April 4, 2006... Citigroup Inc. has struck a deal to put its name on more than 5,500 automated teller machines at 7-Eleven Inc. convenience stores around the country. Though Citi is one of the world's largest banks, observers have long criticized its...

First Banks' 'Foundation' Agency Deal.(acquisition of insurance agencies)
April 4, 2006... First Bank in St. Louis says it hopes its first agency purchase will be a springboard for smaller deals in cities like Chicago, Los Angeles, Dallas, and Houston where it has bank branches. Chief financial officer Steven F. Schepman said the...

At FHLBs, Agendas Are Full, But Boards Are Not.(Federal Home Loan banks)
April 4, 2006... WASHINGTON -- As the Federal Home Loan banks are being required to raise retained earnings, register with the Securities and Exchange Commission, and -- in some cases -- restate past financial statements, they are doing so with a significant...

Anxiety Over SBA Hearing: Some see new bid to do away with agency.(Small Business Administration)
April 4, 2006... WASHINGTON -- A Senate subcommittee that has been examining the effectiveness of government agencies will take a close look this week at the embattled Small Business Administration. The subcommittee will hear testimony Thursday from...

$150M Placement Seen Helping Puerto Rico's R&G.(R&G Financial Corp.)
April 4, 2006... R&G Financial Corp.'s shares have dropped since the San Juan, Puerto Rico, company sold a $150 million securities offering, but analysts said the capital should put it on a firmer footing in the long term. On Friday, R&G, one of three...

In Brief: A Bank Said Settling Terror Case.
April 4, 2006... Manhattan District Attorney Robert M. Morgenthau is reportedly negotiating a settlement with a large New York banking company that allegedly diverted $3 billion to terrorist organizations in the last two years. Mr. Morgenthau told the New...

Executive Changes.
April 4, 2006... Midwest LaSalle Bank, a Chicago unit of ABN Amro Holding NV, has promoted Mary Jo Herseth and Trish Kelly from group senior vice presidents to executive vice presidents. Both will remain in the jobs they were given last year: Ms....

In Brief: Union State of Kan. Acquiring State Bank.(Union State Bank, Arkansas City, Kansas)(State Bank, Winfield, Arkansas)(Brief article)
April 4, 2006... Union State Bank in Arkansas City, Kan., has agreed to buy the State Bank in Winfield. The Winfield Courier reported Saturday that the two banks decided to merge in order to be more efficient and have higher lending limits. Steve...

In Brief: Bancshares of Fla. Files to Offer Stock.(Brief article)
April 4, 2006... Bancshares of Florida Inc. in Naples has filed a registration statement with the Securities and Exchange Commission to offer up to 2.5 million common shares. In its filing March 31, the $570 million-asset company said it expects to raise...

In Brief: Community of S.C. Consolidating Units.(Community Bankshares Inc., Orangeburg, South Carolina)(Brief article)
April 4, 2006... Community Bankshares Inc., a multibank holding company in Orangeburg, S.C., plans to combine its four separately chartered banks and its mortgage company under a single charter. The $547 million-asset company said Friday that it hopes to...

In Brief: Fed Banks Ready ACH Risk-Check Service.(Federal Reserve banks, risk-monitoring for automated clearing houses)(Brief article)
April 4, 2006... The Federal Reserve banks plan to start a risk-monitoring service for automated clearing house transactions this spring. FedACH Risk Origination Monitoring Service will allow originating banks to keep track of the companies that initiate...

In Brief: BioPassword Tailors Software for Banks.(BioPassword Inc. introduces BioPassword Internet Edition, authentication software for banks)
April 4, 2006... BioPassword Inc. on Monday announced BioPassword Internet Edition, authentication software that banks can offer their customers. BioPassword, of Issaquah, Wash., already offers the software to other businesses, which provide it to...

Firms Seek More Income From Cash Management.
April 4, 2006... Hoping to reverse a long slump in revenue, banking companies are rolling out a variety of new or upgraded online cash management systems. Though many of the new systems and features are aimed at different target markets and offer different...

Community Banks* with Highest Return on Assets.(Statistical data)
April 4, 2006... Return on avg. assets Return on Efficiency Rank 2005 2004 Assets avg. equity ratio 1 Eastern Savings Bank Hunt Valley, Md. 7.91% 6.82% $851,028 49.79% 33.63% 2 CityBank Lynnwood, Wash....

In Brief: Mellon Joint Venture Started in Germany.(Mellon Financial Corp., WestLB AG)(WestLB Mellon Asset Management)(Brief article)
April 4, 2006... Mellon Financial Corp. announced Monday that it had completed the formation of a previously announced joint venture with WestLB AG to create a German asset management company. The company, WestLB Mellon Asset Management, was started April 1...

In Brief: Deutsche Bank Picks Private-Client Head.(John Dudzik)(Brief article)
April 4, 2006... Deutsche Bank said Monday that it had appointed John Dudzik managing director and head of U.S. private-client services. Mr. Dudzik will report to Thomas Bowers, the head of the U.S. private wealth management division in New York. He is to...

In Brief: ETF Assets Grew9.5% in 1st Quarter.(Brief article)
April 4, 2006... Assets held in exchange-traded funds globally have risen 9.5% since Jan. 1, according to data released Monday by Morgan Stanley. European exchange-traded funds' assets grew 17.7% during the year's first three months, U.S. ETFs' 8.6%, and...

In Brief: ProFund Advisers Starts a Japan Fund.(Brief article)
April 4, 2006... ProFund Advisors LLC, the investment adviser to the Bethesda, Md., ProFunds family of index-based mutual funds, said it launched the UltraShort Japan ProFund on Monday. The portfolio is designed to provide short, magnified exposure to the...

In Brief: Lincoln Closes on Jefferson-Pilot.(Lincoln National Corp.'s purchase of Jefferson-Pilot Corp., Greensboro, North Carolina)(Brief article)
April 4, 2006... Lincoln National Corp. said Monday that it had closed its purchase of the Greensboro, N.C., insurance concern Jefferson-Pilot Corp. The merger agreement was announced in October. The post-merger company will operate under the brand name...

In Brief: Jackson National Education Plan.(Jackson National Life Insurance Co.)(Brief article)
April 4, 2006... Jackson National Life Insurance Co., the Lansing, Mich., subsidiary of London's Prudential PLC, said Monday that it had begun an educational program for financial advisers who want to capture retirement rollover assets. The program...

In Brief: Many 'Retirees' Seen Working.(Brief article)
April 4, 2006... People are increasingly working well past traditional retirement age, according to a study released Monday by MetLife Inc., and some return to the work force after they retire, opting for paid and/or volunteer posts. About 78% of the...

MBNA Veteran Named Freddie Auditor.(Kirk Die, Federal Home Loan Mortgage Corp.)
April 4, 2006... Freddie Mac said it has hired Kirk Die, a former MBNA Corp. executive, as a senior vice president and its general auditor. He will oversee the internal audit department and coordinate with its external auditor. He will directly report to...

2 Agencies: Stake Deal Could Lift GMAC Ratings.(debt rating agencies rate General Motors Acceptance Corp.)
April 4, 2006... Two of the three major debt rating agencies expressed a tentatively brighter view of General Motors Corp.'s finance arm in light of GM's plan to sell a majority stake in it to a consortium that includes Citigroup Inc. and Aozora Bank Ltd. of...

Matrix Sells Some Assets to SN Capital.(Matrix Bancorp Inc., SN Capital Markets LLC, Matrix Bancorp Trading Inc.)(MTX Realty Corp., Metrowest Real Estate Solutions)
April 4, 2006... Matrix Bancorp Inc. of Denver said it had sold certain assets of its Matrix Bancorp Trading Inc. to a limited liability company co-founded by its former employees. The buyer, SN Capital Markets LLC, was recently co-founded by several...

In Brief: TSYS Subsidiary Chief Exec Resigns.(Anil Aggarwal, Total System Services Inc., TSYS Prepaid)(Brief article)
April 4, 2006... Anil Aggarwal resigned Friday as chief executive of Total System Services Inc.'s prepaid card unit, TSYS Prepaid of New York. Eric Bruner, a spokesman for the Columbus, Ga., transaction processor, said Mr. Aggarwal first told his co-workers...

In Brief: Discover Appoints A Bank President.(Christina Favilla, Discover Financial Services LLC)(Brief article)
April 4, 2006... Discover Financial Services LLC, the Riverwoods, Ill., card unit of Morgan Stanley, said Monday that it has hired Christina Favilla to succeed Kathy Roberts as the president of Discover Bank. Ms. Favilla was the first vice president of...

Correction.(Correction notice)
April 4, 2006... In the March 31 paper, a story on page 1, "A 10% Solution and Other New Basel II Ideas," overstated the impact of a plan to limit declines in regulatory capital. If the aggregate minimum regulatory capital held by the large banks adopting Basel...

In Brief: Study Offers Ways to Cut GSE Risk.(government sponsored enterprises)(Brief article)
April 4, 2006... Three economists at the Federal Reserve Bank of Atlanta have released a study Monday concluding that portfolio limits are the best way to reduce the systemic risks posed by Fannie Mae and Freddie Mac. Robert A. Eisenbeis, W. Scott Frame,...

In Brief: Home Equity Lending Hearings.(Federal Reserve Board)(Brief article)
April 4, 2006... The Fed plans to hold hearings this summer on home equity lending, a top official said Friday. Fed Governor Susan Bies said the hearings are the first step toward a broader review of mortgage disclosure rules. "One of the issues that...

In Brief: 2 Pickups in 2 Weeks for Synovus.(Synovus Financial Corp., First Florida Bank, Riverside Bank of Marietta, Georgia)(Brief article)
April 4, 2006... Synovus Financial Corp. said Monday that it had completed its second bank acquisition in two weeks. The $29 billion-asset Columbus, Ga., banking company wrapped up its $87 million purchase of First Florida Bank in Naples on Friday, a...

In Brief: New Check Cashing Guidelines.(tax preparers)(Brief article)
April 4, 2006... Tax preparation businesses that cash other businesses' tax refund anticipation loan checks are required to report certain transactions under new Bank Secrecy Act guidelines. Under certain circumstances, any business that cashes another...

In Brief: '05 Uptick in Costlier Mortgages.(Brief article)
April 4, 2006... The volume of higher-priced mortgages rose last year because of higher interest rates, according to the federal banking and thrift agencies. The information was reported in an updated version of "frequently asked questions" on the Home...

In Brief: American Banker Texas to Launch.(Brief article)
April 4, 2006... SourceMedia Inc., the publisher of American Banker, said that on April 21 it will begin publication of American Banker Texas, the first of a series of state and regional online news services for financial services professionals. "American...

Mixed Outlook on 3 Thrifts Under Pressure.(Industry overview)
April 4, 2006... Bleak earnings prospects fueled by continued pressure from the flat yield curve caused one analyst to downgrade three New York thrift companies' stocks Monday. Jeff K. Davis, an analyst at First Horizon National Corp.'s FTN Midwest...

Climate Control.(Editorial)
April 4, 2006... Navigating the yield curve is a constant challenge for bank treasurers. Treasurers are largely responsible for managing banks' investment portfolios and getting the best yield possible. But though they are well paid to monitor interest...

Why Some S Corporations Are Playing Waiting Game.
April 4, 2006... Next year the banks that became S corporations in 1997 will rejoice as the 10th anniversary of their election eliminates the potential of double taxation on assets subject to built-in-gains taxes. This double taxation occurs on a small...

And Now Some Words from Our CEO.(Enterprise Financial Services Corp.'s marketing strategy)
April 4, 2006... Most banks buy advertising space to tout rates and special products. Enterprise Financial Services Corp. in Clayton, Mo., uses the space it buys to give businesses advice. For four years the $1.3 billion-asset company, which targets small...

Tax Credits - and No Legwork.(National Tax Credit Group, WNC and Associates Inc.)
April 4, 2006... Two California companies with decidedly different approaches are offering to help community banks win tax breaks for lending in distressed areas. National Tax Credit Group, a software service developed by a Long Beach tax accountant,...

After the Disaster - a Specialist for Small Banks.(Agility Recovery Solutions, disaster recovery services for banks)
April 4, 2006... When Donald Hom, the president and chief executive officer of Lincoln Park Savings Bank in New Jersey, saw Hurricane Katrina rip apart community banks in the Gulf Coast, he got to thinking: What if a similar disaster struck his bank? "I...

FloridaFIRST Gives Itself a Passing Grade in Wilma Test.
April 4, 2006... Hurricane Wilma was FloridaFIRST's inaugural test. Though the coalition of eight southeast Florida banks was still in its infancy when the storm was swirling off the Florida coast, Wilma was just the kind of event it was created for. ...

Navigating Rates: Time to Adjust Your Strategy?
April 4, 2006... The diminishing spread between short- and longer-term interest rates - the flattening yield curve - has put the squeeze on many banks' net interest income, but the phenomenon has seemingly simplified their decisions about how to invest spare...

New Reasons to Go Over to Voice Over IP.(voice over Internet protocol)
April 4, 2006... VoIP's big selling point used to be the long-distance bargain, but then phone companies cut their rates. These days banks switch for customer-service benefits, advanced functions, and ease of administration. Bypassing phone lines, Voice...

AmSouth CFO Hired to Run Retail at Key: Latest in spate of finance execs taking nonfinance jobs.(Company overview)
April 5, 2006... KeyCorp hired AmSouth Bancorp's chief financial officer, Beth E. Mooney, to head its community banking efforts, partly filling a post that had been vacant for nearly a year. Her hiring, announced Tuesday, makes her the third banking CFO in...

Option ARMs: Disclosures And Balances Are Both & Up.
April 5, 2006... For home lenders, 2005 may go down as the year that disclosure of details on option ARMs began to achieve critical mass. Information on activity in the niche had long been elusive; among the biggest participants, Downey Financial Corp. was...

Immigrant Bills A Core Issue At Some Banks.
April 5, 2006... Bank lobbyists are staying on the sidelines of the immigration-reform debate, but individual bankers are watching the action in Washington with keen interest. The chief financial officer of one Illinois bank that was a target of...

Prince Puts 'Virtual' Growth on Citi Agenda: Post-deal ban, CEO still emphasizing organic expansion.(Company overview)
April 5, 2006... Citigroup Inc.'s "primary focus" will continue to be organic growth, despite this week's lifting of a yearlong Federal Reserve ban on significant acquisitions, said chief executive Charles O. Prince. However, Mr. Prince did not shut the...

In Brief: Settlement in FTC Card Fraud Lawsuit.(Brief article)
April 5, 2006... Two companies doing business as Universal Card Services and Universal MasterCard will settle Federal Trade Commission charges that they tricked consumers into paying up-front fees for credit cards they never received, the FTC said Tuesday. ...

In Brief: Popular Issues $450M in Bond Offerings.(Brief article)
April 5, 2006... Popular Inc. said it issued $450 million in two bond offerings this week to replace maturing paper. The San Juan, Puerto Rico, banking company said in a filing Tuesday with the Securities and Exchange Commission that a day earlier its...

Executive Changes @BY#By Christopher Wood.
April 5, 2006... MIDWEST Sky Financial Group Inc. of Bowling Green, Ohio, has hired Zahid Afzal as its chief technology officer and an executive vice president. He joined the company, which owns the $15.7 billion-asset Sky Bank, from Bank of America...

In Brief: CTR Filings Supported on Hill.
April 5, 2006... Federal law enforcement officials told the Senate Banking Committee on Tuesday that currency-transaction reports are a vital tool in fighting money laundering. Testimony by the Federal Bureau of Investigation, the Treasury Department, the...

In Brief: Bill to Offer Insurers Options.(Brief article)
April 5, 2006... Two members of the Senate Banking Committee are scheduled today to propose legislation that would give insurance companies the option of a federal charter. Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., also would preserve the...

In Brief: Real Estate Loans Trouble FDIC.(Brief article)
April 5, 2006... Though conditions in most of the country remained strong during the first quarter, the Federal Deposit Insurance Corp. said Tuesday that it is concerned about commercial real estate lending. Each quarter the FDIC releases a report covering...

1Q Surge in Check Fraud.
April 5, 2006... Reports of fraudulent checks spiked in the first quarter -- a phenomenon federal regulators blamed on easier access to counterfeiting technology. The Federal Deposit Insurance Corp. said it warned bankers of counterfeit payment instruments...

W.Va.'s Centra Says It's Close to a Deal For Pa.'s Smithfield.(Centra Financial Holdings Inc.)(Smithfield State Bank )(Company overview)
April 5, 2006... Centra Financial Holdings Inc. in Morgantown, W.Va., is nearing a deal to buy the $236 million-asset Smithfield State Bank in Pennsylvania, Centra's chairman and chief executive officer, Douglas J. Leech, said Tuesday. The $575...

Visa to Scale Back Debit Program Benefits.(Product/service evaluation)
April 5, 2006... Citing low use, Visa U.S.A. said it plans to eliminate several debit card benefits July 1. The benefits, extended warranties and purchase protection for damaged or stolen goods, are part of Visa's gold and platinum packages. The San...