American Banker articles from February 2002

American Banker archives from February 2002

Today's News.
February 1, 2002... WASHINGTON A Basel Committee survey found that 60% of banks' operational-risk-related losses occurred in retail and commercial operations. Page 4 COMMUNITY BANKING California's Innovative Bank will seek all its new deposits from...

Conseco: Losses, Downgrade Won't Push Us Out of Prefab.(manufactured housing)
February 1, 2002... Despite the growing aversion among lenders and analysts for manufactured housing, Conseco Inc. says its support for the business is not wavering. "There is nothing I hear that scares me," said Walt Carter, the president of its manufactured...

DC Speaks: Accounting, and Disclosure: The Fed's Meyer sees cause for concern.(former Federal Reserve Board member Laurence H. Meyer)(Interview)
February 1, 2002... If one thing dominated Laurence H. Meyer's public statements during his five and a half years on the Federal Reserve Board, it was his conviction that the markets have the power to compel banks to manage risk carefully. So it was fitting...

In Focus: Accounting, and Disclosure: What to report? Many say rules are vague.
February 1, 2002... Over the years, financial institutions have drawn on increasingly complicated structures to move assets off the balance sheet, often with only minimal guidance from regulatory authorities on what was or was not acceptable. Enron Corp., of...

People: B of A Standing Pat.(Bank of America Corp. CEO Kenneth Lewis)(multiple brief articles)(Brief Article)
February 1, 2002... Bank of America Corp. chief Kenneth Lewis has a story, and he is sticking to it, at least when it comes to expansion: "We're not focused on acquisitions." The 55-year-old chairman and chief executive officer of the Charlotte company...

In Survey, Basel Tries to Quantify Operational Risk.(Basel Committee on Banking Supervision )(Brief Article)
February 1, 2002... A survey conducted by international regulators has found that retail and commercial banking operations are the source of more than 60% of operational risk-related losses suffered by large institutions. The Basel Committee on Banking...

Tax Refund Loans Called Predatory.(Brief Article)
February 1, 2002... Consumer advocacy groups on Thursday accused lenders and tax preparers of teaming up to offer deceptive, high-cost loans that prey on borrowers' tax refunds. The Consumer Federation of America and the National Consumer Law Center issued a...

Bank Currency Service Features Web Ordering.(Independent Community Bankers of America and Travelex Group to offer foreign travelers checks and currency services to customers of association members.)(Brief Article)
February 1, 2002... People looking to pick up a few pesos, pounds, or euros before traveling abroad are now able to do so through community banks. Last week the Independent Community Bankers of America announced that it was teaming up with Travelex Group, a...

FDIC Sees Decline In Credit Quality Continuing in '02.(Brief Article)
February 1, 2002... In a report issued Thursday, the Federal Deposit Insurance Corp. predicted that credit quality and loan losses will continue to worsen this year and hinted that these problems could spread to more community banks. The report cited a 46%...

Calif. Bank Changes Name, Adopts 'Innovative' Model.(Bank of California changes its name to Innovative Bank)
February 1, 2002... The bank formerly called Bank of California in Oakland is putting a new twist on the practice of acquiring deposits from merchant-card customers. Innovative Bank, which took that name Jan. 23, plans to solicit just about all new funds from...

Steps the Federal Reserve Must Take Include Action on 'Too Big to Fail'.(Column)
February 1, 2002... The Federal Reserve Bank cut interest rates 11 times in 2001, and yet the economy remains sluggish. We are told that it takes time for these rate cuts to have any effect. The lag may be nine months or more. Given its present powers, the Fed...

How Even the Smallest Card Portfolio Can Attract a Buyer.
February 1, 2002... Today, small to midsize banks considering selling their card portfolios have a wealth of opportunities. In the past large issuers had little interest in smaller card programs. But times have changed. Many buyers are now actively seeking...

M&A Accounting Change Puts New Emphasis on Management of Cash.(Financial Accounting Standards Board's new rules concerning accounting for mergers and acquisitions)(new rules concerning accounting for mergers and acquisitions)
February 1, 2002... When the Financial Accounting Standards Board announced new rules concerning accounting for mergers and acquisitions -- saying that all acquisitions must henceforth be accounted for using purchase accounting -- the industry anticipated that...

Multifunctionality Can Help Banks Stay Dominant in ATMs.(automated teller machine networks)
February 1, 2002... Today the off-premises automated teller machine market in the United States is, indeed, in the mature stage. Independent sales organization (ISO) deployers are moving up market to displace the largest financial institutions (FIs) at the largest...

Citi Challenging Leaders in Private-Label Cards.
February 1, 2002... When Citigroup Inc. bought Associates First Capital Corp. in 2000, the country's third-largest private-label credit card business was part of the deal. The division, renamed Citi Commerce Solutions from Associates Commerce Solutions, is...

Banks' Latest Enemy: Investor Complacency.
February 1, 2002... After years of fighting the ebb tide of deposits, bank investment product operations now face a different enemy: complacency. It comes as no surprise with the bulls in retreat that individual-investor money that once poured into equities is...

Bear Market Sinks Bank Variable Annuity Sales.(Statistical Data Included)
February 1, 2002... For providers of variable annuities 2001 was hardly a banner year. Sunk by the slumping equity markets, variable annuity sales through banks sagged, and the balance between variable annuities and the more conservative fixed annuities swung...

Bank Mutual Fund Results Mirror Fund World.
February 1, 2002... The investment record at mutual funds owned and advised by banks once again closely matched the performance of the larger fund world last year across a spectrum of equity investment categories. The average return in bank-owned, large-cap...

Hedge Funds Draw Banks and Good Returns.
February 1, 2002... Assets in Larry Simon's hedge fund unit at Bank of New York nearly doubled in 2001, even though the equity markets sank and many mutual funds had performance losses of at least 10%. Mr. Simon credits the explosion in value of the 16...

In Brief: Cendant Details Its Affiliations.(Brief Article)
February 1, 2002... Cendant Corp. on Thursday disclosed details of its business affiliations with other companies and said its financial statements about them reflect generally accepted accounting principles. The real estate, travel, and auto leasing company...

In Brief: Resource Posts $7M Profit for 4Q.(Brief Article)(Statistical Data Included)
February 1, 2002... Resource Bancshares Mortgage Group Inc. on Thursday announced fourth-quarter net income of $7 million, or 42 cents per share, compared with a loss of $3.4 million in the same period a year earlier. NetBank Inc.'s deal to acquire Resource is...

In Brief: Big Board to Drop Finova Stock.(New York Stock Exchange will suspend trading in Finova Group Inc. common stock)(Brief Article)
February 1, 2002... Finova Group Inc. announced Wednesday that the New York Stock Exchange will suspend trading in the company's common stock after the market close on Feb. 6. The decision to suspend Finova's common stock was triggered by the fact that it has...

Mortgage Emphasis, Pickup Pay Dividends for NetBank.
February 1, 2002... NetBank Inc.'s plan to diversify its income by making mortgages a centerpiece of its product lineup paid off last quarter by helping to boost earnings over expectations by 3 cents a share. The Atlanta company reported Thursday that it had...

Progress Winning B of A Thumbs-Up on Wall Street.(Bank of America Corp. stock rated a "buy" by Credit Suisse First Boston)
February 1, 2002... Bank of America Corp. continues to score points with analysts, many of whom say it is ready to emerge from a long restructuring. On Wednesday, Susan L. Roth of Credit Suisse First Boston became the latest analyst to upgrade the Charlotte,...

Bank Merger? Merrill Shrugs Off Idea.(Brief Article)
February 1, 2002... Don't expect the new, leaner Merrill Lynch & Co. to merge with a commercial bank anytime soon, as has been consistently rumored. E. Stanley O'Neal, Merrill's president and chief operating officer, said Thursday that the company has no plans...

In Brief: Providian Delays Release of 2001 Results.(Providian Financial Corp.)(Brief Article)
February 1, 2002... The troubled credit card issuer Providian Financial Corp. said Thursday that it would postpone the release of its fourth-quarter and full-year 2001 earnings by a week. Just hours before the scheduled release at the close of trading on...

In Brief: BB&T Has Deal for Va. Asset Manager.(BB&T Asset Management to buy Virginia Investment Counselors Inc.)(Brief Article)
February 1, 2002... BB&T Asset Management, the investment arm of banking company BB&T Corp., said Thursday that it had agreed to buy Virginia Investment Counselors Inc., a Norfolk firm with $1.2 billion of assets under management, manages money for individuals,...

In Brief: LaFalce Asks Bush to Beef Up SEC Budget.(House Financial Services Committee Member John J. LaFalce seeks increase of Securities and Exchange Commission budget)(Brief Article)
February 1, 2002... In a letter on Thursday, Rep. John J. LaFalce, the ranking member of the House Financial Services Committee, chided President Bush for not mentioning Enron Corp. during the State of the Union address and asked him to increase the Securities and...

Anti-Predator Bill Introduced in Colo.(anti-predatory-lending bill introduced in the Colorado General Assembly)(Brief Article)
February 1, 2002... Anti-predatory-lending bills have been introduced in 13 state and district legislatures this month, including one in the Colorado General Assembly that is backed by community advocates and is scheduled for a hearing in two weeks. The...

300 Best-Performing Publicly Traded Banking Companies: Based on return on average assets for the third quarter of 2001; dollars in thousands.(Statistical Data Included)
February 1, 2002... Assets as of Sept. 30 1 MBNA Corp. Wilmington, Del. $43,089,574 2 Capital One Financial Corp. Falls...

TODAY'S NEWS.
February 4, 2002... Keefe, Bruyette has opened a loan portfolio sales group that evolved from an idea floated by brokers at Cohane Rafferty Securities. Page 2 WASHINGTON Page 4 COMMUNITY BANKING TCF Financial has started a venture capital unit that...

Action Headed for Wamu Implies Integration Glitches.(case against Washington Mutual for improper mortgage servicing)(Brief Article)
February 4, 2002... Few acquisition sprees of the size and scope that Washington Mutual Inc. has undertaken have gone off without a hitch, but with four major deals in two years, Wamu's team appeared to be defying skeptics who doubted they could pull it off. ...

CompuCredit Latest to Dispute Its Auditors.(Earnst & Young claims that CompuCredit owes funds)(Brief Article)
February 4, 2002... Yet another financial services company is involved in an accounting dispute, one that has forced it to delay final fourth-quarter numbers. CompuCredit Corp., which sells credit cards to subprime customers and raises money through...

Image Risk Outweighs Legal in Suit Vs. Lenders.(Silvercreek Management Inc. suit against Enron underwriters and Arthur Andersen)(Brief Article)
February 4, 2002... Legal experts say an Enron Corp.-related lawsuit against three of the nation's largest financial institutions may not pose a direct threat to the modern banking business model, but it raises the prospect of a very public debate about the way...

In Focus: Seeking Push For Terrorism Insurance Bill.(Brief Article)
February 4, 2002... Financial services industry officials rallied last week in favor of terrorism insurance legislation -- a show of force that in itself acknowledged their long odds. For the first time in the weeks since the bill stalled, some encouraging...

JPM Chase, Mellon Units Complete Deal.(Brown & Co. acquires Dreyfus Brokerage Services)(Brief Article)
February 4, 2002... J.P. Morgan Chase & Co.'s online brokerage unit, Brown & Co., said Friday that it had completed its purchase of Dreyfus Brokerage Services, Mellon Financial Corp.'s online trading business. The all-cash deal was first announced in...

Executive Changes.(in the American banking world)(Brief Article)
February 4, 2002... MIDWEST Provident Bank in Cincinnati has hired James Gertie as its chief credit and risk officer. He will succeed senior vice president Philip Myers, who will retire on Tuesday. Mr. Gertie, whose rank will be executive vice...

New KBW Loan Sales Division Has Links to Golf and Cohane.(Keefe, Bruyette & Woods Inc. and Cohane Rafferty Securities Inc. work together in loan portfolio sales group)(Brief Article)
February 4, 2002... In mid-December Keefe, Bruyette & Woods Inc. chief executive officer John G. Duffy got a call from his former golf caddy, Declan O'Callaghan, the two men recalled last week. Mr. O'Callaghan told Mr. Duffy during the call that his bosses at...

Washington People.(ABA lobbys congress by hand, Charlie Korsmo working at the EPA, and Michael G. Oxley's support of payday lenders)(Brief Article)
February 4, 2002... Special Delivery Terrorism has affected the heart of Washington -- lobbying. No longer can a national trade group trying to drum up opposition to a piece of legislation ask its members to write their congressman. Why? Because the...

In Brief: Ill. Legislator Refiles Bill to Bar ATM Fees.(John A. Fritchey introduces bill against ATM fees; Illinois Bankers Association protests)(Brief Article)
February 4, 2002... An Illinois state representative is again sponsoring legislation to ban automated teller machine surcharges in his state, but the Illinois Bankers Association hopes to block him again. Rep. John A. Fritchey, a Democrat from Chicago, has...

In Brief: Capitol of Michigan 4Q Profit Up 28%.(Capitol Bancorp Ltd. announces fourth quarter income)(Brief Article)(Statistical Data Included)
February 4, 2002... Capitol Bancorp Ltd. said its fourth-quarter net income rose 28% from a year earlier, to $2.97 million, and its full-year net income climbed 33%, to $10.7 million. The company's loan portfolio at yearend rose 28%, to $1.73 billion, and...

In Brief: First Republic to Buy Investment Adviser.(Froley, Revy Investment Company Inc.)(Brief Article)(Statistical Data Included)
February 4, 2002... First Republic Bank announced a $17 million deal Friday to buy the rest of Froley, Revy Investment Co. Inc., a Los Angeles investment adviser in which it holds an 18% stake. The $4.2 billion-asset First Republic purchased the 18% stake in...

Start-Up Investor TCF Says Control Is Not Its Goal.(investment strategies from TCF Financial Corp.)(Brief Article)(Statistical Data Included)
February 4, 2002... When TCF Financial Corp. of Wayzata, Minn., started a venture capital unit, it did not seek out the latest high-tech company in need of funding. Instead the $11.4 billion-asset banking company stuck to what it knows best. It decided to...

Fixed Sales Ease Safeco Return to Annuities.(Brief Article)
February 4, 2002... When Safeco Corp. reentered the bank channel with its fixed annuities last year, the company's obstacles included banks' active efforts to work with fewer providers. And the marketplace is still tough, says Mike Korthaus, president of the...

Wilmington Trust Unit Plans More National Growth.(Brief Article)
February 4, 2002... When Peter E. "Tony" Guernsey was approached in 1997 by an executive search firm to open a wealth management unit in New York for Wilmington Trust Corp., he was skeptical. "We were told to build an asset management firm in New York from...

Preferred Issues: Rosy Predictions Abound For Auto Leasing, Retail.(market predictions from Tom Brown of Bankstocks.com)(Brief Article)
February 4, 2002... It is tough to make predictions about this year with the timing and strength of an economic recovery unclear, but that is not about to stop industry analysts and consultants from speculating. Tom Brown, the chief executive officer of...

Electronic Commerce: With Losses Shrinking, Digital Insight Is Upbeat.(Digital Insight Corp.)(Brief Article)(Statistical Data Included)
February 4, 2002... Digital Insight Corp. ended 2001 with a net loss of $51.9 million but still declared victory, pointing out that it had posted a $60 million loss for 2000. Furthermore, the $8.7 million that the Internet software vendor lost in the fourth...

In Brief: Study: Fewer NCUA Loans to Minorities.(National Credit Union Administration)(Brief Article)
February 4, 2002... National Credit Union Administration members make fewer loans to minorities than lenders subject to the Community Reinvestment Act, according to a study released Friday by the National Community Reinvestment Coalition. According to the...

In Brief: Mortgage Insurance Users Topped 2M.(2 million; United States)(Brief Article)(Statistical Data Included)
February 4, 2002... Over two million homebuyers used mortgage insurance last year, a 63% increase over the previous year, the Mortgage Insurance Companies of America reported Thursday. In December 228,661 borrowers used private mortgage insurance, up 28% from...

In Brief: Rates Crept Up Last Week, Freddie Says.(Freddie Mac mortgage rates)(Brief Article)(Statistical Data Included)
February 4, 2002... Mortgage rates rose slightly last week, according to Freddie Mac's weekly rate survey. The average rate for 30-year fixed rate loans crept up 6 basis points from the previous week but fell 7 basis points from a year earlier, to 7.02%. The...

Correction.(Correction Notice)(Brief Article)
February 4, 2002... Friday's "People" column on page 2 misquoted a quip by Jordan Barowitz, New York Mayor Michael Bloomberg's press officer. Pleading ignorance to the question of how long the mayor had been an American Express cardholder, Mr. Barowitz in fact...

In Brief: Suit Accuses PNC of Misleading Investors.(PNC Financial Services Group Inc.)(Brief Article)
February 4, 2002... A Pennsylvania law firm has filed a class action against PNC Financial Services Group Inc. on behalf of the Pittsburgh banking company's stockholders. The suit filed in U.S. District Court for the Western District of Pennsylvania on...

In Brief: Bush Offers Pension Reform Plan Details.(Brief Article)
February 4, 2002... Picking up where he left off in his State of the Union address, President Bush on Friday outlined his pension reform plan. His proposal would give workers more control of their 401(k) or other retirement accounts. It would allow them to...

In Brief: E-Trade to Sell Wireless Time on ATMs.(in deal with Boston Communications Group Inc.)(Brief Article)
February 4, 2002... E-Trade Group Inc. will let consumers pay for wireless airtime with their automated teller machine cards under a deal announced Friday with Boston Communications Group Inc., a provider of transaction processing and recharge services for prepaid...

Fraud Alleged in New Bank Failure.(at Oakwood Deposit Bank Co.)(Brief Article)
February 4, 2002... Federal regulators on Friday shut down $72.3 million-asset Oakwood Deposit Bank Co. in Ohio, attributing its fall to a massive case of fraud. Though the bank was small, the failure is expected to cost a disproportionate $47.3 million --...

B of A Hires From Street To Woo Rich.(Bank of America Corp. upgrades investment services)(Brief Article)
February 5, 2002... A year ago, Richard DeMartini came to Bank of America Corp. on a mission: to upgrade its investment services for the wealthy. In what has been a challenging year for the industry the former-Morgan Stanley executive has plowed on, taking...

No Brotherly Love as Rivals Eye Mellon's Old Retail Base.(Philadelphia banking market changes after Mellon Financial Corp. buyout)(Brief Article)
February 5, 2002... The Philadelphia market has been in constant flux in recent years and is undergoing more with the entrance of Citizens Financial Group Inc. of Providence, R.I., which bought Mellon Financial Corp.'s retail and small-business units late last...

OMB: More Failures, New FDIC Premiums.(Office of Management and Budget )(Brief Article)(Statistical Data Included)
February 5, 2002... The Office of Management and Budget is predicting a sharp and sustained increase in spending on bank failures over the next six years that it says will cause the Federal Deposit Insurance Corp. to charge premiums next year on all banks for the...

BB&T Broker a Careful Dealmaker.(BB and T Insurance Services Inc. buys two companies)(Brief Article)(Statistical Data Included)
February 5, 2002... The dozens of acquisitions BB&TCorp. pulled off in rapid succession to built its insurance agency network made it tempting to conclude that a quick pair of deals last week in brokerage and asset management signaled the start of a similar wave...

TODAY'S NEWS.(Brief Article)
February 5, 2002... Golden State could be an acquisition candidate for Citi or Wells Fargo, two analysts wrote. Page 3 WASHINGTON A failed Ohio bank's CEO confessed to stealing $40 million, according to an affidavit. Page 4 COMMUNITY BANKING ...

Analysts See CalFed Bank Drawing Citi's, Wells' Eye.(Golden State Bancorp. may be acquisition target for Citigroup Inc. or Wells Fargo and Co.)(Brief Article)
February 5, 2002... Golden State Bancorp. could be an acquisition candidate for Citigroup Inc. or Wells Fargo & Co., two Sanford C. Bernstein & Co. analysts wrote in a report released Monday. The analysts do not profess to have any inside knowledge of such a...

FBI Says Failed Ohio Bank's CEO Admitted to Fraud.(Oakwood Deposit Bank Co.; M. Stephen Miller)(Brief Article)(Statistical Data Included)
February 5, 2002... The chief executive officer of the failed Oakwood Deposit Bank Co. confessed to embezzling $40 million and pumping it into a South Carolina casino he partly owns, according to an affidavit filed late last week in federal court. M. Stephen...

In-Store Branches for East West.(East West Bancorp to open two test branches in 99 Ranch Market supermarkets)(Brief Article)(Statistical Data Included)
February 5, 2002... East West Bank is hoping to deepen its Chinese-American niche by opening branches in a supermarket chain that operates in many of the country's largest Asian-American communities. This month East West Bancorp Inc., the bank's $2.8...

Comment: Education Can Make Employees Feel Like Part of Your Team.(team building training information)(Brief Article)
February 5, 2002... Making employees more efficient after a downsizing is hard work. An important step is to make sure they all feel they are part of a team working to help the bank achieve its goals. The best test is whether they talk about the bank and its...

Hartford Life to Banks: Bring Us Your Wealthiest.(plans to sell life insurance through banks)(Brief Article)(Statistical Data Included)
February 5, 2002... Hartford Life says it can crack the bank market with life insurance for the wealthy, something industry observers warn is no simple feat. The key is the company's 190 account executives and 50 external and internal wholesalers, says John T....

Former Barnett Execs Reunited at Processor.(Vital Processing Services chief executive officer and president appoints Catherine Corby Parker product executive)(Brief Article)
February 5, 2002... When Jonathan Palmer was the chief technology officer at Barnett Banks Inc., the Jacksonville, Fla., company had a reputation for technological innovation. Now, as the president and chief executive officer of Vital Processing Services in...

Optimism, Barbs from Morgan Stanley Head.(Morgan Stanley Dean Witter and Co. Philip Purcell)(Brief Article)(Statistical Data Included)
February 5, 2002... Strong results by Discover Financial Services last year helped buffer setbacks in other operations of its parent company, Morgan Stanley Dean Witter & Co., but the company's chief warns that "challenges present themselves" this year. In...

Fannie's Release of Paper Seen as Anti-Fee Weapon.(Federal National Mortgage Association releases report, possibly to counteract imposition of fees by Office of Federal Housing Enterprise and Oversight)(Brief Article)
February 5, 2002... A proposed change in the way the agency overseeing Fannie Mae and Freddie Mac is funded may help explain why Fannie released a paper last week to address charges that the two government-sponsored enterprises are monopolies. The Bush...

In Brief: Another Record Year for Condos, Co-ops.(sales of existing cooperatives and condominiums)(Brief Article)(Statistical Data Included)
February 5, 2002... Sales of existing condominiums and cooperatives set a set a record for the sixth year in a row last year, the National Association of Realtors reported Monday. Though sales eased in the fourth quarter from an all-time high in the third...

In Brief: Fannie's Multifamily Investment Up 68%.(Fannie Mae increases multifamily rental housing investment)(Brief Article)(Statistical Data Included)
February 5, 2002... Fannie Mae on Monday announced that its investment in multifamily rental housing last year increased 68.8%, to $22.8 billion. The announcement came after Freddie Mac said last week that its 2001 multifamily investment surged 73.2%, to $12.3...

Wells Solo Forex Service Targets Small Companies.(Wells Fargo and Co. opens branch for foreign exchange customers)(Brief Article)(Statistical Data Included)
February 5, 2002... Wells Fargo & Co. has bolstered its go-it-alone strategy in foreign exchange by opening a branch for its foreign exchange customers in Manhattan's financial district. Wells, the only top six U.S. banking company that has not joined an...

Manufacturing May Push Midwest Banks' Comeback.(Brief Article)
February 5, 2002... In what may be an early sign that prospects are improving for Midwest banks, Commerce Bancshares Inc. was upgraded a notch to "strong buy" on Monday by a Lehman Brothers analyst. Fatter interest rate margins will fuel higher earnings at the...

In Brief: Fed Survey Finds More Mortgage Demand.(Brief Article)
February 5, 2002... While demand fell and standards rose for commercial and consumer credit, demand for residential mortgage lending strengthened moderately in the last quarter, according to a Federal Reserve Board report released Monday. The Fed's latest...

In Brief: Profits Fell 46% at Nationwide Financial.(Brief Article)
February 5, 2002... Nationwide Financial Services Inc., a life insurer that is acquiring Provident Mutual Life Insurance Co., said its fourth-quarter profits fell 46%, to $58.6 million, or 45 cents a share. The company, which is 81% owned by the...

In Brief: Ga.'s GB&T to Buy Hometown of Villa Rica.(Brief Article)
February 5, 2002... GB&T Bancshares Inc. announced Thursday that it would acquire the $100 million-asset Hometown Bank of Villa Rica for $17 million in stock and cash. Hometown would become the fourth subsidiary bank of $600 million-asset GB&T and would add...

In Brief: Pacific Century President Stepping Down.(Brief Article)
February 5, 2002... Pacific Century Financial Corp. said Monday that Richard Dahl, the president of the company and its Bank of Hawaii, will leave on March 31. Mr. Dahl's departure will follow the completion of the divestiture plan started last April, which he...

In Brief: Fleet Changes Asset Manager's Name.(Brief Article)
February 5, 2002... FleetBoston Financial Corp. said Monday that it has changed the name of its Fleet Asset Management unit to Columbia Management Group Inc. Keith Banks, the unit's chief executive officer, told American Banker in November that a name change...

Tech Scene: Aggregation's Dormancy Doesn't Deter Believers.(Statistical Data Included)
February 6, 2002... Account aggregation, which banks were hot to introduce a year and a half ago, appears to be in a deep freeze. Announcements of new contracts have dwindled to practically nil. Researchers say consumer interest is anemic. And serious...

FDIC: BIF Likely to Hit Premium Trigger.(Federal Deposit Insurance Corp., Bank Insurance Fund)(Brief Article)
February 6, 2002... The Federal Deposit Insurance Corp. said Tuesday that it had become increasingly likely that the ratio of reserves to insured deposits in the Bank Insurance Fund would soon fall below the mandatory 1.25% limit and trigger premiums for all...

Slimmed-Down Robbie Seeks Momentum.(Robertson Stephens looks to recover from losses)(Brief Article)(Statistical Data Included)
February 6, 2002... Last year was a tough year for anyone with a capital markets presence, but for Robertson Stephens, which focuses heavily on the technology sector, it was particularly hard. According to Thomson Financial Securities Data, the FleetBoston...

HUD: Let Lenders Police Brokers and Appraisers.(Department of Housing and Urban Development )(Brief Article)
February 6, 2002... The Department of Housing and Urban Development is seeking to hold lenders accountable for Federal Housing Administration loan fraud by mortgage brokers and appraisers -- and surprisingly, some industry players are applauding the move. To...

TODAY'S NEWS.
February 6, 2002... Lenders are expected to tighten terms of syndicated deals this year, even for some companies that are not struggling. Page 3 WASHINGTON A Treasury official urged credit card firms to fund a public service campaign to promote financial...

Executive Changes.(Brief Article)
February 6, 2002... MIDDLE ATLANTIC First Union Institutional Trust Services, a Philadelphia unit of Wachovia Corp., has named senior vice president John Principe the managing executive in charge of institutional administration, sales, and operations. ...

Tighter Terms Expected from Syndicated Lenders.(due to recent high-profile bankruptcy filings)(Brief Article)
February 6, 2002... Even companies with good credit ratings may have to get a little more flexible when negotiating for loans in the coming months. Burned by the recent bankruptcy filings of previously investment-grade borrowers such as Enron Corp. and Kmart...