American Banker articles from August 2004

American Banker archives from August 2004

One Thrift That Isn't Aiming To Join Conversion Wave.
August 2, 2004... William C. McGarry has been told that his Ridgewood Savings Bank in Queens, N.Y., could raise as much as $2 billion if it went public. But despite what would be an obvious windfall for him and other top executives, Ridgewood's president and...

CIT Angles for More Deals: Seeks targets with assets of $500M to $1B.
August 2, 2004... Jeffrey Peek, the chief executive officer of CIT Group Inc., plans to pursue international deals similar to one announced last week in which it would acquire some of CitiCapital's European leasing business. However, the Livingston, N.J.,...

Wells Aims To Double Home Loan Sales Force.
August 2, 2004... Wells Fargo Home Mortgage, which was usurped last year as the top originator, is one of several major lenders planning to aggressively recruit retail loan officers as the market moves from refinancings to purchases. Though some companies...

How Citi Will Grow Non-U.S. Profit to 50%.
August 2, 2004... Citigroup Inc., long one of the most active international buyers among U.S. financial services companies, has made divestitures in Saudi Arabia, Taiwan, and the United Kingdom in recent months. Signs of a pullback? Hardly. Sir Deryck...

Executive Changes.
August 2, 2004... MIDDLE ATLANTIC Morgan Stanley of New York has hired Sandip Bhagat as the global head of quantitative strategies and a managing director at its investment management division. He will report to Joseph McAlinden, the division's chief...

Washington People.
August 2, 2004... Pull Up a Chair Fueling speculation that he would get a plum appointment if Sen. John F. Kerry won the White House, Robert Rubin was seated in a high-profile spot next to Teresa Heinz Kerry as her husband accepted the Democratic Party's...

Shelby Shoo-Out And Other Results Of a GOP Defeat.
August 2, 2004... Buoyed by their convention last week in Boston, Democrats are dreaming about capturing not only the White House, but the Senate and possibly the House as well. The trifecta is considered a long shot, but the possibility of the party's...

Pro-Choice Director's Election Triggers Attempt at Boycott.(University Bank of Ann Arbor)
August 2, 2004... An Internet filter that picked up a seemingly routine press release about a bank's electing a new director dragged it into the abortion debate. It all started in March, when the $44 million-asset University Bank of Ann Arbor, Mich.,...

In Brief: IndyMac: Switch Caused Drop.(Brief Article)
August 2, 2004... IndyMac Bancorp Inc. said its second-quarter earnings dropped 44%, to $23 million, because of a change in its accounting for interest rate locks. The switch, mandated by the Securities and Exchange Commission, deferred the recognition of...

In Brief: First Ipswich Raises $3.9M.(Brief Article)
August 2, 2004... First Ipswich Bancorp has completed a stock offering that began May 13, raising $3.9 million. The $330 million-asset Massachusetts company said Thursday that it sold 300,000 shares at $13 each, primarily to employees and members of the...

Regulators' Research Deal To Become Industry Norm?
August 2, 2004... In the wake of a regulatory "global" settlement that last week began requiring the largest Wall Street investment banks to supply independent research free to their retail brokerage customers, some second-tier investment banks may follow the...

After Helping, Securities Starting to Hurt.
August 2, 2004... The first signs of a long-anticipated revival in demand for commercial and industrial loans showed up on balance sheets in the second quarter, but banks will need continuing momentum to cover lurking weakness in other parts of their balance...

In Brief: Charter One Settles Lawsuits.(Brief Article)
August 2, 2004... Charter One Financial Inc. has settled four class actions related to its agreement to sell itself to Royal Bank of Scotland Group PLC's Citizens Financial Group Inc. of Providence, R.I. The suits alleged that Charter One's management team...

Metavante Completes Purchase of NYCE, Lynch to Depart.
August 2, 2004... Metavante Corp., which bought NYCE Corp. on Friday, also announced that it would eliminate the job of chief executive at the payment network. No successor will be named to Dennis F. Lynch, NYCE's longtime CEO, the company said. Mr. Lynch,...

Role for Global Payments In Russia Card Plan.
August 2, 2004... To tap the fledgling Russian consumer credit market, a Czech banking company plans to offer an unorthodox card product at relatively little risk to itself. Home Credit Group of Prague, which has about one-fifth of the point of sale credit...

Fiserv Training Center Borrows (a Little) from GE.
August 2, 2004... In opening the "Fiserv Leadership Center," Fiserv Inc. has taken a page from Jack Welch's playbook at General Electric Co. -- but not the whole chapter. The center, a dedicated building where Fiserv managers from around the world will come...

iBill Changing Hands -- Again.(Internet Billing Co. Ltd)
August 2, 2004... Internet Billing Co. Ltd., whose strong ties to adult Web sites made it a troublesome property for InterCept Inc., will soon be sold for the second time this year, now to the owner of an auction site who envisions it as the next PayPal. ...

In Brief: Mellon Buying the Rest of Pareto Partners.(Brief Article)
August 2, 2004... Mellon Financial Corp. announced Friday that it had signed a definitive agreement to acquire the 70% of the London currency manager Pareto Partners that does not already own. The price was not disclosed. The purchase, from Pareto's...

In Brief: After Delay, MortgageIT Raises $161M.(Brief Article)
August 2, 2004... MortgageIT Holdings Inc. went public Friday, raising about $160.9 million after expenses and underwriting discounts. The share offering had been delayed in June. Several factors created "an awkward environment" then, said Doug W. Naidus,...

It's Official: Rabo to Buy a Farm Lender.(Farm Credit Services of America)
August 2, 2004... Rabobank Group's rumored deal for one of the largest lenders in the government-sponsored Farm Credit System become reality Friday, when the Dutch banking giant said it was buying Farm Credit Services of America. The $600 million cash deal,...

Fifth Third Pounces in Fla.: Deals, Spinoff By F.N.B. Set Stage for Sale.(Fifth Third Bankcorp. purchases F.N.B. Corp. successor First National Bankshares of Florida Inc.)
August 3, 2004... F.N.B. Corp. of Hermitage, Pa., entered Florida long after Fifth Third Bancorp, but the much smaller F.N.B. was far more aggressive in building assets and deposits there. Between 1997, when it first moved into Florida, and the time it spun...

Putting Debit Cobrand to The Test.(cobranded debit cards)(Industry Overview)
August 3, 2004... Bank of America Corp.'s new cobranded card with General Motors Corp. represents a major test for the industry in debit-only cobrand programs. A handful of issuers have had success with debit airline reward programs that grew out of...

Check 21: Changes Accelerating.(preparations for the Check Clearing for the 21st Century Act)(Industry Overview)
August 3, 2004... As preparation for Check 21 enters its later stages, a handful of trends are becoming evident. One is that core processors are tripping over themselves to introduce image-exchange services, which will let financial institutions settle and...

Fifth Third Pounces in Fla.: A High Premium For Expansion In Hot Market.(Fifth Third Bancorp.'s acquisitions in Florida)(First National Bankshares of Florida Inc.)
August 3, 2004... Fifth Third Bancorp has made no secret about its ambitions in the Southeast, and it unveiled a deal Monday -- for First National Bankshares of Florida Inc. -- that would significantly strengthen it there. And the usually cost-conscious...

Despite Heightened Alert, It's Business as Usual.(effect of terrorism alerts, United States)
August 3, 2004... Despite fresh terrorism warnings specifically mentioning New York financial industry buildings, Bank of America Corp. went ahead as scheduled Monday with a groundbreaking ceremony for a 52-story skyscraper a block from Times Square. It was...

State Legislative Group Protests OCC Preemption.(National Conference of State Legislatures, Office of the Comptroller of the Currency)
August 3, 2004... State lawmakers have united against the Office of the Comptroller of the Currency's expansion of its power to exempt national banks from state laws and enforcement actions. Joining the list of critics of the OCC preemption rules, issued in...

Financial Giants Chide FDIC Over Stored-Value Card Plan.(Federal Deposit Insurance Corp.)
August 3, 2004... Large financial services companies have objected to a Federal Deposit Insurance Corp. proposal that would expand government backing of stored-value cards, but small banks and thrifts say they support it. Visa International, Bank of America...

Hearing Set on Money Laundering.(House Financial Services Committee )(hearing on terrorist financing and money laundering)(Brief Article)
August 3, 2004... In light of the release last month of the 9/11 Commission report, the House Financial Services Committee has scheduled a hearing Aug. 23 into terrorist financing and money laundering. Testimony will be taken from Treasury Department and...

Moldovan Ag Lenders Learn on U.S. Tour.(bankers from Rural Finance Corp. in Moldova, visit Colorado East Bank and Trust and Farmers State Bank, Colorado)
August 3, 2004... The slogan Colorado East Bank and Trust in Lamar uses to attract customers, "Helping make dreams come true," has certainly excited a group of bankers from the Republic of Moldova. In June, six officers of Rural Finance Corp. in Chisinau,...

In Brief: MasterCard Posts 2Q Volume Increase.(MasterCard International Inc.'s second quarter)(Brief Article)
August 3, 2004... MasterCard International reported that global transactions were $349 billion on MasterCard-branded payment cards in the second quarter, up 9.2% year over year. Around 4.1 billion transactions (88% of which were purchases) were made on...

In Brief: NCR Back in Black For Second Quarter.(NCR Corp.)(Brief Article)
August 3, 2004... NCR Corp. reported second-quarter earnings of $122 million, compared with a net loss of $13 million a year earlier. Revenue at the Dayton, Ohio, automated teller machine maker rose 6%, to $1.45 billion. Operating income more than tripled,...

In Brief: MoneyGram's First Report Is a Loss.(MoneyGram International Inc. )(first report since spin off from Viad Corp.)(Brief Article)
August 3, 2004... MoneyGram International Inc. announced a $1.1 million loss for the second quarter, or 1 cent per share, in its first financial report since it was spun off from Viad Corp. on June 30. The Minneapolis company, which is the second-largest...

In Brief: Hypercom Reports $9.4 Million Loss.(Hypercom Corp. )(Brief Article)
August 3, 2004... Hypercom Corp. reported a second-quarter loss of $9.4 million. The Phoenix terminal manufacturer, which reported earnings of 500,000 for last year's second quarter, blamed problems collecting on a contract with the Health Ministry of...

In Brief: Safeco Life Closes Its Sale to Investors.(Safeco Life Insurance Co.)(Brief Article)
August 3, 2004... Safeco Life Insurance Co. in Redmond, Wash., said Monday that its sale to a group of investors led by White Mountains Insurance Group Ltd. and Berkshire Hathaway Inc. for $1.51 billion is now complete. The parent Safeco Corp. has said it...

In Brief: St. Paul Travelers To Take Hit, 2Q Loss.(St. Paul Travelers Co. second quarter loss projected)(Brief Article)
August 3, 2004... St. Paul Travelers Cos. Inc. said Monday that it has determined the accounting treatment for previously announced reserve adjustments and will record the adjustments as a charge against its second-quarter income statement. On July 23 St....

In Brief: CNA Sells Trust Line To S.F.'s Union Bank.(CNA Financial Corp. sells CNA Trust to Union Bank of California )(Brief Article)
August 3, 2004... CNA Financial Corp. of Chicago said Monday it has closed the sale of the retirement plan trust and record keeping business portfolio of CNA Trust to Union Bank of California, the San Francisco-based commercial banking subsidiary of UnionBanCal...

In Brief: Genworth Appoints An Information Chief.(Genworth Financial Inc.)(Scott McKay becomes chief information officer and senior vice president)(Brief Article)
August 3, 2004... Genworth Financial in Richmond, Va., said Monday that Scott McKay was named its chief information officer and the senior vice president of operations and quality. The combined roles consolidate Genworth's corporate leadership in...

In Brief: Calif. ATM Insurer: 75% Growth in Year.(Prevention Insurance sees sales increase)(Brief Article)
August 3, 2004... Prevention Insurance announced Monday that its sales had increased by 75% during the last year in the ATM division. The addition of salespeople to the division is expected to stimulate further growth, the company said. It said it is...

Mellon's Pareto Deal an Alternative-Product Bet.(Mellon Financial Corp. announces plans to buy shares of Pareto Partners)
August 3, 2004... Mellon Financial Corp. says it is seeking to expand its global position in currency management and build up its alternative investment business through its announced deal to buy the shares of Pareto Partners it does not already own. Mike...

Fla.'s Prime Rate Eyes Northeast Buy.(Prime Rate Investors Inc., Coral Gables, Florida)(Brief Article)
August 3, 2004... Prime Rate Investors Inc. of Coral Gables, Fla., announced Monday that it had hired Windsor Capital of New York to find it a "prominent, regional 'hard equity' mortgage company" to buy in the Northeast. In a press release, Richard Astrom,...

In Brief: S1 Posts 2Q Profit, Raises Its Guidance.(S1 Corp.)(Brief Article)
August 3, 2004... S1 Corp.'s net income in the second quarter increased 40% from the previous quarter, to $620,000. Revenue rose 5%, to $60.9 million. The results were a sharp improvement over the second quarter of last year, when the Atlanta company posted...

In Brief: New England Buy Gives Deluxe a Boost.(Deluxe Corp., New England Business Service Inc., John H. Harland Co.)(Brief Article)
August 3, 2004... Deluxe Corp.'s second-quarter net income rose 15% from the same period last year, to $46 million, or 91 cents a share. The Shoreview, Minn., check printer said last week that its revenue slipped less than 1%, to $309.4 million. That total...

In Brief: Albertson's, Coinstar In Phone, Debit Deal.(retail store to sell Constar prepaid debit and phone cards)(Brief Article)
August 3, 2004... Albertson's Inc. has agreed to offer Coinstar Inc.'s prepaid debit and wireless phone cards at more than 1,800 grocery and drugstores in the United States. The cards should be available this year at Albertson's locations nationwide. ...

In Brief: Sallie Mae Settles Dispute with JPM Chase.(SLM Corp.)(dispute with J.P. Morgan Chase and Co. over marketing pact with )(Brief Article)
August 3, 2004... SLM Corp., the student loan company best known as Sallie Mae, said Monday that it had patched up a dispute with J.P. Morgan Chase & Co. over a 1999 marketing pact with Bank One Corp. Sallie said that Bank One has extended to 2008 a...

In Brief: Market Reacts Calmly to Alert.(to terrorism alert, United States)(Brief Article)
August 3, 2004... Bank stocks rose with the market, which fell initially following the Department of Homeland Security's terrorist alert. "Everybody expected it to be down," said Jay Suskind, the head trader at BankAtlantic Bancorp's Ryan Beck & Co Inc. Bank...

In Brief: Bank of America to Test a GM debit card.(General Motors Corp.)(Brief Article)
August 3, 2004... Bank of America Corp. will begin pilot testing a new cobranded debit card with General Motors Corp. next month. The Charlotte banking company, which is expected to announce the product today, says the GM debit card will feature rewards that...

Using the Web To Segment the Product Pitch.
August 4, 2004... Some banks are using the flexibility of Internet technology to address a longtime quandary: Freebies and special offers attract new customers, but not necessarily profitable ones. Rather than offering everyone on the Web a particular...

'And What'll You Do with This Swap?'.(banking regulations tightened regarding identifying complex transactions)
August 4, 2004... Bankers began worrying about having to play the role of law enforcement when federal requirements for identifying retail customers were tightened last year. The concern has intensified now that regulators are making similar demands in...

Late Action in Senate Hints At Tax Relief for S Corps.
August 4, 2004... House and Senate lawmakers have made moves toward easing the tax rules for S corporation banks and other businesses, but it is unclear whether a deal can get done this year. Before leaving Washington late last month for a six-week recess,...

2 U.S. Card Deals for RBS: Tech buy, issuance pact, and bank-deal break.(Royal Bank of Scotland Group PLC)
August 4, 2004... Royal Bank of Scotland Group PLC on Tuesday reiterated its intention to rest from doing bank acquisitions in the United States, but in the same breath announced two nonbank deals to enhance its franchise here. The $949 billion-asset...

EXECUTIVE CHANGES.
August 4, 2004... MIDWEST Jones Lang LaSalle Inc. of Chicago, the big commercial real estate services and investment management firm, has reached outside real estate for a new president and chief executive. Colin Dyer was the CEO of Worldwide Retail...

Wachovia: SEC May Take Action Related to Probes.(Wachovia Corp., Securities and Exchange Commisssion)
August 4, 2004... Wachovia Corp. said Tuesday that the Securities and Exchange Commission is considering enforcement actions related to investigations of stock purchases in 2001 and trading practices in its mutual fund business. The $418 billion-asset...

In Brief: Panel Vote Sought on OCC Bill.(House Financial Services Committee to consider controversial preemption regulations from Office of the Comptroller of the Currency)(Brief Article)
August 4, 2004... Ten members of the House Financial Services Committee have called on Chairman Michael G. Oxley to schedule a vote on legislation to overturn the Office of the Comptroller of the Currency's controversial preemption regulations. "Many...

In Brief: Freddie Mac Forms a PAC.(Federal Home Loan Mortgage Corp., political action committee)(Brief Article)
August 4, 2004... Freddie Mac has formed a political action committee. A spokesman for the government-sponsored enterprise said the PAC was a way to "give voice to Freddie Mac employees who care deeply" about its mission. "This is a great way for them...

Winning Loyalty And Deserving It.(customer loyalty)(Column)
August 4, 2004... One of the most valuable assets any bank can have is loyalty -- loyalty of customers and loyalty of employees. Loyal customers will hang in there even if you cut some corners. They will remain, as a losing Yale football coach said of the...

BankAtlantic Scouting Acquisitions in Florida.(BankAtlantic Bancorp Inc.)
August 4, 2004... In deal-crazy Florida, BankAtlantic Bancorp Inc. has largely avoided buying banks in recent years. Instead, the Fort Lauderdale company has preferred to use its capital to buy fee-generating businesses, including a home builder and an...

Park National Buying Another Ohio Bank.(Park National Corp. plans to buy First Federal Bancorporation Inc.)(Brief Article)
August 4, 2004... Park National Corp. of Newark, Ohio, said it has a deal to buy the $250 million-asset First Federal Bancorp Inc. of Zanesville, Ohio, for $45.9 million in cash. The price, $13.25 per share, works out to about two times book value. The deal...

No Sale of Web Bank/Issuer Egg.(Prudential PLC to keep stake in Egg PLC)
August 4, 2004... Prudential PLC's decision to keep its 79% stake in Egg PLC found mixed reception in the market. Tuesday's announcement by the U.K. insurance company was anticlimactic. Prudential had been looking to sell the Internet bank and credit card...

TSYS Bets $53MOn Prepaid Cards By Buying Clarity.
August 4, 2004... In a deal that may symbolize the card industry's high hopes for the prepaid market, Total System Services Inc. has bought the prepaid processing specialist Clarity Payment Solutions Inc. of New York for $53 million in cash. TSYS, which is...

American Funds: A Quiet Asset-Gathering Success.
August 4, 2004... American Funds' devotion to the adviser channel, where it has become known as a safe fund choice, has proven a potent asset-accumulation formula through the recent bear market and into its aftermath. The Los Angeles company cannot claim to...

ARM Margins Adjusted Too In 2Q -- They Got Smaller.(adjustable-rate mortgages)
August 4, 2004... For thrifts and other financial institutions that like to hold adjustable-rate mortgages and home equity loans and lines, the second quarter provided ample opportunities to expand the portfolio. Even Fannie Mae and Freddie Mac, whose names...

In Brief: MuniMae Profits Down, Available Cash Up.(Municipal Mortgage and Equity L.L.C.)(Brief Article)
August 4, 2004... Municipal Mortgage and Equity LLC's second-quarter earnings fell almost two thirds from a year earlier, to $11.2 million, or 32 cents a share. The Baltimore multifamily finance company, also known as MuniMae, said cash available for...

In Brief: HomeBanc Mortgage Appoints New CFO.(Nicholas V. Cahter named chief financial officers of HomeBanc Mortgage Corp)(Brief Article)
August 4, 2004... Nicolas V. Chater has been named the chief financial officer of HomeBanc Mortgage Corp. Mr. Chater was the CFO for eight years at several units of Cap Gemini Ernst & Young. He succeeded Scott McLellan, who is now the CFO at HomeBanc...

In Brief: ING Making Switch To Sprint System.(Brief Article)
August 4, 2004... ING Bank is about to switch its corporate data network to a secure system that uses Internet protocols without being connected to the public Internet. Mark Thompson, the head of technology at the Wilmington, Del., thrift, which does...

In Brief: China Project Tested Fiserv's Creativity.
August 4, 2004... Usually when a vendor installs a new core banking system for a client bank, it starts with a component such as the loan system. But when Fiserv Inc. handled such a project last fall for Citic Industrial Bank of Beijing, the companies...

JPMorgan Chase Wins U.K. Enron Case.
August 4, 2004... J.P. Morgan Chase & Co. won an Enron-related lawsuit Tuesday, when a British judge upheld its claim on a $165 million letter of credit the German bank WestLB AG issued in 2001 to back a prepaid swap contract. WestLB, of Dusseldorf, will...

In Brief: Study: Big Banks Get Bigger Branch Share.(Brief Article)
August 4, 2004... The biggest banks, those with 1,001 branches or more, doubled their share of the industry's branches from 1994 through mid-2003, to 23.5%, according to a study the Federal Reserve Bank of New York released this week. The researchers also...

In Brief: E.U. Charges Visa Over Membership Bylaw.(Brief Article)
August 4, 2004... The European Commission has filed preliminary charges against Visa International over a bylaw barring competitors such as Morgan Stanley from issuing Visa cards or being accepted by Visa's merchant processing network. The Brussels...

In Election '04, Financials Step Up the Contributions.
August 5, 2004... Thanks to the new campaign finance law, commercial bankers have got their groove back when it comes to funding political bids. Donations of $18.7 million have made employees of banks the eighth-most-generous industry group to presidential...

Tight Margins And Fight for Prime Loans.(mortgage banks)(Industry Overview)
August 5, 2004... Second-quarter results underscored how cutthroat mortgage banking has become for prime originators. As rates rose and lenders sought to maintain production volumes, intense pricing competition cut into gain-on-sale margins, particularly in...

Recasting The Quarterly Presentation.(reporting financial results)(Industry Overview)
August 5, 2004... When Bank of America Corp. delivered its second-quarter financial results July 14, it presented Wall Street with a new look. The most visible change was in size. Revenue and profits rose sharply, mainly because B of A acquired FleetBoston...

CompuCredit's Payday Play: Two acquisitions and plan to fund loans itself.(CompuCredit Corp. purchases assets of First American Cash Advance)
August 5, 2004... CompuCredit Corp.'s entry into payday lending is a play at deepening the subprime card company's relationship with the unbanked but will also see it putting more of its own funds behind loans. During its second-quarter earnings conference...

Profits for CheckFree.
August 5, 2004... The company said its second consecutive quarter of profitability shows the potential of the presentment market. However, growth in e-bill deliveries slowed again. Story on page 17 Copyright 2004 Thomson Media Inc. All Rights Reserved....

Snow Lauds NYSE's Tightened Security.(Treasury Secretary John Snow)(New York Stock Exchange)(Brief Article)
August 5, 2004... Treasury Secretary John Snow said that efforts to protect the financial services industry from terror attacks are light-years ahead of what they were a few years ago. Speaking Wednesday in front of the New York Stock Exchange in lower...

No Clear Answer to Problem of Defensive SARs.(suspicious-activity reports)
August 5, 2004... Defensive filing of suspicious-activity reports is becoming a growing problem in the fight against money laundering by creating a mass of paperwork and distracting law enforcement, regulators warned. But just what can be done to resolve the...

Rabobank's Farm Credit Deal Finds Foes.(Rabobank Group)
August 5, 2004... Rabobank Group's deal to buy one of the largest lenders in the Farm Credit System is causing a fair amount of anxiety in rural America. Farmers wonder how pricing and access to credit might be affected, and lawmakers in farm states have...

Newtek's Keyosk Deal Brings Insurance.(Newtek Business Services Inc., Financial Keyosk)
August 5, 2004... Newtek Business Services Inc. says it bought the insurance outsourcer Financial Keyosk as a step toward offering more services through banks and other financial institutions. Barry Sloane, the chairman and chief executive officer of New...

Union Bank Buys CNA Growth.(Union Bank of California, CNA Trust Co. retirement plan)
August 5, 2004... Union Bank of California says its recent purchase of CNA Trust Co.'s retirement plan trust and record keeping business is a strategic move to bolster sales in a mature market and increase its distribution reach. Piet Westerbeek, the...

In Brief: Mellon Closes Hedge-Fund-of-Funds Deal.(Mellon Financial Corp. closes purchase of Evaluation Associates Capital Markets)(Brief Article)
August 5, 2004... Mellon Financial Corp. announced Wednesday that it had closed its purchase of Evaluation Associates Capital Markets, a hedge-fund-of-funds firm in Norwalk, Conn. Evaluation Associates manages $4.6 billion of assets. It has $2.9 billion of...

In Brief: Spectrem: Affluent's July Mood Fell a Notch.(Spectrum Group survey of affluent investors)(Brief Article)
August 5, 2004... Spectrum Group's monthly survey of affluent investors' sentiment declined to "neutral" from "mildly bullish," according to information released Wednesday. Spectrem, a Chicago research firm, said its Affluent Investor Index fell to a level...

CEO Confident as Visa Posts More Records.(Carl F. Pascarella, Visa U.S.A.)
August 5, 2004... Visa U.S.A. had another quarter of record volume as its payments network entered new merchant categories and claimed more debit and commercial card transactions. Overall purchase volume on Visa cards in the United States rose 19.4% in the...

PIPELINE.(U.S. Bank Home Mortgage)(Moody's Investors Service Inc. considers upgrades to jumbo-loan securitizations)(Thornburg Mortgage Inc.)
August 5, 2004... School's Out Like many top lender executives, U.S. Bank Home Mortgage's chief, Dan Arrigoni, wants to increase its retail sales force so he can pick up market share to offset shrinking refinancing volumes. The goal is to expand the...

A Second Straight Quarter Of Profits for CheckFree.
August 5, 2004... CheckFree Corp. said its second consecutive quarter of profitability according to generally accepted accounting principles validated its vision of electronic bill presentment driving online bill payment adoption. "I don't think there's...

eFunds Posts Revenue Growth in Three Divisions.(eFunds Corp.)
August 5, 2004... eFunds Corp.'s revenue rose only modestly in the second quarter, but its profit almost doubled, because of cost-cutting and good results in three of its divisions. Net income grew 84% over the same period last year, to $9.4 million, while...