American Banker articles from February 2004

American Banker archives from February 2004

Will Chase, Bank One Echo MBNA?
February 2, 2004... MBNA Corp.'s decision to issue American Express cards raises all sorts of tantalizing questions about the future of the payment card business. One of the more interesting questions is whether the deal will influence the choices likely to...

Too Low or Just Right? A Guide To GSE Capital Levels, Issues.
February 2, 2004... Critics say that Fannie Mae and Freddie Mac hold too little capital, but the government-sponsored enterprises insist that they are among the nation's strongest companies. Who's right? To help readers navigate the debate, American Banker...

Investment Units Latest To Fall Under State Audit.
February 2, 2004... Wisconsin banks with out-of-state investment subsidiaries could face bigger tax bills in the coming months if state auditors determine that the units were created chiefly to avoid taxes. Diane L. Hardt, a tax administrator for the Wisconsin...

In Silicon Report, More Questions Than Clarity.
February 2, 2004... Four months ago Silicon Valley Bancshares told Wall Street its business outlook was improving, and its fourth-quarter earnings report Thursday appeared to deliver partly on that promise. But the results were choppy, and analysts were...

Executive Changes.
February 2, 2004... MIDWEST RLI Corp. of Peoria, Ill., which offers specialty property and casualty coverage for niche markets through its subsidiaries, has promoted Piyush K. Singh to chief information officer. Mr. Singh had been its vice president of...

WASHINGTON PEOPLE.
February 2, 2004... Hail and Farewell If you can judge a man's influence by the number and quality of people at his retirement party, then Kenneth Guenther, the outgoing president of the Independent Community Bankers of America, is one of the best-connected...

Bank Atlantic, F.N.B. Spinoffs Go Over Well with Investors.
February 2, 2004... It has been a month since BankAtlantic Bancorp Inc. and F.N.B. Corp. completed spinoffs, and it appears the market is embracing the leaner and easier-to-grasp companies. Stock of F.N.B., which has moved back to Hermitage, Pa., from Naples,...

In Brief: Franklin of Mich. Posts 4Q Profit.(Brief Article)
February 2, 2004... Franklin Bancorp Inc. of Southfield, Mich., said its fourth-quarter earnings rose 64% from the third quarter, to $701,813, versus a $616,000 loss in the fourth quarter of 2002. However, the $519 million-asset company's full-year profits...

In Brief: Fitch Cuts Old National's Rating.(Brief Article)
February 2, 2004... Fitch Inc. has downgraded the long-term debt ratings for Old National Bancorp of Evansville, Ind., and its Old National Bank to BBB from BBB-plus. The reduction reflects Old National's "increased credit-risk profile and lower profitability...

President Post Filled at First Data Unit.(Brief Article)
February 2, 2004... First Data Corp. has appointed James L. Schoedinger president of its card issuing services business, a position that had been vacant for 11 months. Mr. Schoedinger, 45, left Transamerica Corp.'s Real Estate Information Services in Dallas...

Lincoln National CEO Gives Sales Credit to Control of Wholesaling.
February 2, 2004... Lincoln National Corp. pins part of its sales success last year to a move away from captive advisers and outside wholesaling to a greater focus on direct control of distribution through a variety of channels. Jon A. Boscia, the chairman and...

Agency Outsourcer Cites Banks in '03 Sales Growth.
February 2, 2004... Answer Financial Inc. says its insurance agency outsourcing business has grown dramatically in the past year thanks in part to its bank clients. Steven J. Kroll, the senior vice president of marketing at the Los Angeles financial services...

Deal Seen in 'Breakpoint' Probes.(Brief Article)
February 2, 2004... Six financial services companies, including UBS AG and Wachovia Corp., have reportedly agreed to settle Securities and Exchange Commission allegations that their brokers failed to give promised mutual fund discounts. A report Friday by...

Banks Have a Prime Beef With FASB Hedging Plan.
February 2, 2004... Every two weeks for the past year an electronic reminder popped up on Robert Wilkins' computer -- "Address inappropriate application of G13." The Financial Accounting Standards Board's senior project manager has finally crossed that task...

GM Confirms Deal in Bias Suit.
February 2, 2004... General Motors Corp.'s financing arm confirmed to American Banker in e-mail Friday that it had reached a tentative settlement of a class action that alleged its auto-lending policies discriminated against African-Americans. At issue in the...

Countrywide to 'Offshore' 250 Jobs to India.
February 2, 2004... Countrywide Financial Corp.'s chairman said it plans to open a call center in India that will save it about $35,000 per employee per year. Responding to a question Thursday at a Mortgage Bankers Association luncheon in New York, Angelo...

E-Loan Regroups After Break-Even Fourth Quarter.
February 2, 2004... A fourth-quarter stumble as the refinancing mortgage business dried up has prompted E-Loan Inc. to oust its chief operating officer -- and a stock research firm to downgrade its shares to "sell." The online lender's net income dropped 96%...

H&R Block Hires a Legal Chief.
February 2, 2004... H&R Block Inc., the tax preparation company that has been expanding its financial services activities, said Friday that it had hired a lawyer from Intuit Inc. to help coordinate and build that side of the business. Nicholas J. Spaeth will...

A Cloud Lifts as Regulators Free Capital One from Pact.
February 2, 2004... Capital One Financial Corp's announcement Thursday of the termination of its memorandum of understanding with regulators brought relief to analysts, who considered the 17-month agreement a lingering sensitivity for a company that had otherwise...

Correction.(Correction Notice)
February 2, 2004... In Friday's paper, the People column on page 2 was wrong in calling the New England Patriots the defending Super Bowl champions. An editing error was to blame. The team won in 2002. Copyright 2004 Thomson Media Inc. All Rights Reserved....

In Brief: Groups Appeal Maryland Court Decision.(Brief Article)
February 2, 2004... Five financial services trade groups said Friday that they had filed a brief with the Supreme Court urging it to reverse a Maryland court decision they claim could undermine preemption for federal thrifts. The brief, filed by America's...

In Brief: Fed Creates Backup Bank Group.(Brief Article)
February 2, 2004... The Federal Reserve Board said Friday that it has established a private-sector working group to expand on a proposal for a backup clearing bank in the government securities market. The bank would have a limited charter and would be used if...

In Brief: JPM Chase Gets Final Approval for Thrift.(Brief Article)
February 2, 2004... The Federal Reserve Board approved a federal thrift charter for J.P. Morgan Chase & Co. on Friday. The Fed said both businesses and consumers would benefit from the thrift. Noting a protest by a community activist, the Fed said it had...

In Brief: Wal-Mart Joins Fifth Third's EFT Network.(Brief Article)
February 2, 2004... Wal-Mart Stores Inc. has joined the Jeanie electronic funds transfer network owned by Fifth Third Bancorp's processing solutions unit. The Cleveland banking company, which announced Wal-Mart's sign-up Friday, says Jeanie is the...

Bank and Thrift Holding Companies with the Most Deposits: On Sept. 30, 2003. Dollars in thousands.(Illustration)
February 2, 2004... (part 1 of 2) Rank 1 Citigroup Inc. New York 2 Bank of America Corp. Charlotte 3 J.P. Morgan Chase & Co. New York 4 Wells Fargo & Co. San Francisco 5 Wachovia Corp. Charlotte 6 Bank...

Private Equity In Comeback At Big Banks.
February 3, 2004... Some of the nation's top 25 banking companies are reporting the first positive returns in private equity investing in almost three years thanks to a more favorable business environment. J.P. Morgan Chase & Co., Mellon Financial Corp., and...

Future of 7(a) Lending: Policy, Politics, People: Borrowers scramble; White House looks to shift cost to lenders.
February 3, 2004... David Williams has conflicting emotions about the Small Business Administration. A $94,000 loan guarantee from the SBA, plus plenty of sweat equity, helped Mr. Williams open No Rulez Laundry in a Glen Arden, Md., shopping center three...

GSE Reform Emerges as Key Issue in Bush Budget.(government-sponsored enterprises)
February 3, 2004... The Bush administration on Monday stepped up its campaign to revamp the regulation of the housing government-sponsored enterprises, warning in its fiscal 2005 budget proposal of potentially dire consequences if reform is not completed soon. ...

Inside the Proposal.
February 3, 2004... President Bush's budget contains many programs sought by the financial services industry, but the deficit makes it unlikely they will all survive. Story on page 7 Copyright 2004 Thomson Media Inc. All Rights Reserved....

Bankers Offered Compromise on Basel II Details.
February 3, 2004... The Basel Committee on Banking Supervision has offered a compromise to bankers who said the proposed capital requirements for operational risk at subsidiaries would be too harsh. At issue is whether companies would have to earmark capital...

Deficit Threatens To Kill Programs Industry Backs.
February 3, 2004... Contained in the 4-inch-thick, 2,064-page, $2.4 trillion federal budget request President Bush sent to Congress on Monday are tax breaks, savings initiatives, and lending programs the financial services industry favors. But looming over...

Purchase Is Identrus' Latest Move to Spur Adoption.(Identrus L.L.C. acquires eFinance Corp.)
February 3, 2004... Eight months after taking the helm of Identrus LLC, Karen J. Wendel has put her mark on the bank-owned identity-services provider by engineering its purchase of her former company. The acquisition of eFinance Corp., a provider of credit...

Four Banks Agree to Use Viewpointe Image System.
February 3, 2004... Four major banks confirmed their intent last week to begin clearing checks within the next several months using digital images within a shared archive. J.P. Morgan Chase & Co., Bank of America Corp., U.S. Bancorp, and SunTrust Banks Inc....

Vanguard's New ETFs Give It Broader Bank Entree.(exchange-traded funds)
February 3, 2004... Vanguard has launched 14 exchange-traded funds in an attempt to capitalize on what it believes is a hot product, and the move also will add broker-dealers to its bank distribution channel. The nation's No. 2 mutual fund company has $20...

In Brief: Profit Up 48%, to $69M, at T. Rowe Price.(Brief Article)
February 3, 2004... T. Rowe Price Group Inc. has reported that its profits rose 48% in the fourth quarter. The Baltimore asset management company said Friday that net income rose to $68.6 million, from $46.2 million the year earlier. Assets under management...

In Brief: Fidelity Reopens a Value Fund to Investors.(Fidelity Investments, Value Strategies Fund)(Brief Article)
February 3, 2004... Fidelity Investments has announced the reopening of its Value Strategies Fund to investors in a bid to expand its line of value products. The fund had been closed to new shareholders since 1986, the company said Thursday. Harris Leviton,...

In Brief: Principal Bank Offers Account for Students.(Brief Article)
February 3, 2004... Principal Bank, a member of the Principal Financial Group in Des Moines, announced the availability Monday of a special package account exclusively for full- and part-time high school and college students 14 and older. The package's...

In Brief: S&P Rates Lincoln's $200M of Notes A-.(Standard & Poor's Ratings Services assigned an A-minus senior debt rating to Lincoln National Corp.'s $200 million issue of 10-year senior unsecured notes)(Brief Article)
February 3, 2004... Standard & Poor's Ratings Services said it has assigned an A-minus senior debt rating to Lincoln National Corp.'s $200 million issue of 10-year senior unsecured notes due Feb. 15, 2014. The notes' proceeds will be used for paying down...

In Brief: Travelers' Negative Watch; St. Paul Cut.(Travelers Insurance Group, St. Paul Cos., ratings)(Brief Article)
February 3, 2004... Fitch Ratings has put on rating watch negative the AA insurer financial strength ratings of the members of the Travelers Property Casualty Group and the A long-term-issuer and senior debt ratings of Travelers Insurance Group Holdings Corp. in...

Diebold and NCR Benefiting From ATM Replacement Cycle.(automated teller machine)
February 3, 2004... The top two manufacturers of automated teller machines predict a good year for the industry, partly because it is time for banks to replace a number of their machines. Diebold Corp. and NCR Inc., which reported solid fourth-quarter results...

In Brief: UBS: Wamu May Leave Star Network.(Washington Mutual, UBS Investment)(Brief Article)
February 3, 2004... Washington Mutual Inc. could be the next large bank to defect from Concord EFS Inc.'s Star network, a UBS Investment Research analyst predicted in a research note Monday. The Seattle thrift could leave the electronic funds transfer network...

In Brief: Charge Sends Equifax's Earnings Down.(Brief Article)
February 3, 2004... Equifax Inc. reported last week its fourth-quarter earnings fell 39.4% from a year earlier, to $31.3 million, or 23 cents a share. The results included a previously announced charge of 17 cents a share related to the Atlanta credit bureau's...

In Brief: New North America Chief for Gemplus.(Ernest Berger)(Brief Article)
February 3, 2004... The French chip card maker Gemplus International's new North American president says part of his job is to persuade U.S. credit card issuers that smart cards are a worthy investment. Ernest Berger, who was appointed last month, said the...

In Brief: American Financial Buying Boston Tower.(American Financial Realty Trust)(Brief Article)
February 3, 2004... American Financial Realty Trust said Monday it would buy the new State Street Financial Center in Boston for $705 million from the partnership that developed it. The 36-story, 1.05 million-square-foot office tower at One Lincoln Street is...

In Brief: Pa. Exec Heads Realty Trade Group.(Gerard F. Griesser elected chairman of the Real Estate Services Providers Council)(Brief Article)
February 3, 2004... The Real Estate Services Providers Council, which promotes the interests of companies that offer more than one real estate-related service, has a new chairman He is Gerard F. Griesser, the president of Trident Group and an owner of...

In Brief: New Production EVP For Central Pacific.(Central Pacific Mortgage hired Kevin Sexton as its executive vice president of production)(Brief Article)
February 3, 2004... Central Pacific Mortgage of Folsom, Calif., said Monday it has hired Kevin Sexton as its executive vice president of production. In addition to production, Mr. Sexton will oversee sales and marketing for Central Pacific. He was most...

Corrections.(Correction Notice)
February 3, 2004... In Thursday's paper, a page 20 story misstated one of Joseph R. Ficalora's titles at New York Community Bancorp. Mr. Ficalora, its president, is also its chief executive officer. In Friday's paper, a page 1 story misidentified a Florida...

In Brief: Visa, MC Rules Preserved Pending Appeal.(MasterCard)(Brief Article)
February 3, 2004... The U.S. Court of Appeals for the Second Circuit has given Visa U.S.A. and MasterCard International a stay on the decision that struck down rules barring member banks from issuing American Express or Discover cards. The New York court said...

In Brief: Panel OKs Bank-Owned Insurance Plan.(Brief Article)
February 3, 2004... The Senate Finance Committee unanimously approved a proposal Monday that would allow benefits paid by bank- and corporate-owned life insurance policies to remain tax-free under certain circumstances. The proposal, included in a bill on...

Skeptics of Fleet-B of A Now Singing Another Tune.(FleetBoston Financial/Bank of America merger)
February 3, 2004... Analysts initially critical its agreement to buy FleetBoston Financial Corp. have steadily been raising their earnings estimates on of Bank of America Corp., as Michael Mayo of Prudential Equity Group did Monday -- again. Mr. Mayo, who...

Lasting Shift? Bank Advisers Captured Staff, and Share.
February 4, 2004... Banks have been slowly gaining market share by hiring financial advisers and brokers away from the large wire houses and regional investment firms, and analysts and executives said that trend will continue even as the bigger firms rebound from...

Deposit Boom Draws Buyers To New Jersey.
February 4, 2004... Northern New Jersey has become a hot spot for deals as rivals swarm the deposit-rich market, valued for its affluent demographic and its proximity to New York City. Over the last three years 17 merger and acquisition deals have been...

New Details On First Data's Concord Plans.
February 4, 2004... First Data Corp.'s top executive plans to set up a corporate division to combine Concord EFS' debit businesses with First Data's merchant processing operations -- and use the combined organizational might to woo banks that recently left Concord...

Scotland's Royal Deals Self into U.S. Card Market.(Royal Bank of Scotland Group PLC to acquire credit card business from People's Bank)
February 4, 2004... Following through on its designs in the U.S. consumer finance market, Royal Bank of Scotland Group PLC announced Tuesday that it had agreed to buy the $2.3 billion credit card business of People's Bank of Bridgeport, Conn. Royal is...

Fed: Commercial Loan Demand Finally on Rise.
February 4, 2004... Domestic lenders are reporting stronger business loan demand, snapping three straight years of declines, according to a Federal Reserve Board survey released Tuesday. "According to domestic respondents, the most important reasons for the...

EXECUTIVE CHANGES.(Wachovia Wealth Management has named Jeffrey C. Hartman the director for its mid-Atlantic region)
February 4, 2004... SOUTHEAST Wachovia Wealth Management, the Winston-Salem, N.C., wealth management division of Charlotte's Wachovia Corp., has named Jeffrey C. Hartman the director for its mid-Atlantic region. He will be based in Richmond, Va., and...

OFHEO Plans Reforms, Wins Ruling.(Brief Article)
February 4, 2004... Fannie Mae chairman and chief executive officer Franklin Raines would have to give up one of his titles as part of several reforms that the Office of Federal Housing Enterprise Oversight is poised to propose. Separately, a federal judge has...

Timing, Terms Are Gray Areas In Fed Disclosure Proposal.
February 4, 2004... Banks, credit unions, and trade groups are questioning a proposal from the Federal Reserve Board that would overhaul disclosures required by several consumer protection regulations. The Fed's revision, first proposed in November, would...

Tax-Law Changes Can Bring Some Good Dividends.
February 4, 2004... The latest changes in the tax laws, which include lower maximum rates on all incomes and sharply lower tax levies on dividends, should offer banks new revenue opportunities and ways to serve their customers. It can be debated how much the...

Betting on Tenn. Lottery Link.
February 4, 2004... Like many of Tennessee's residents, First Bank in Lexington is hoping to cash in on the state's new lottery. The $1.1 billion-asset bank is promoting its FirstLotteryaccount to convenience stores, gas stations, and other retailers that seek...

In Brief: BB&T Completes McGriff Deal.(Brief Article)
February 4, 2004... BB&T Insurance Services has completed its purchase of the Alabama insurance agency McGriff, Seibels & Williams Inc. for $350 million in cash and stock. The deal was announced in November and closed Monday. It also allows for a $102 million...

In Brief: Bank of N.Y. Buys Thomson Unit.(Thomson Institutional Services Inc.)
February 4, 2004... Bank of New York Co. Inc. announced Tuesday that it had bought Thomson Institutional Services Inc., a research and commission management services firm. The third-party independent firm is a unit of Thomson Corp.'s Thomson Financial. Other...

In Brief: 9/11-Related MBS Downgraded.(Brief Article)
February 4, 2004... Moody's Investors Service on Tuesday downgraded $383 million of securities backed by the mortgage on 7 World Trade Center, an office tower destroyed along with the rest of the complex on 9/11. In a press release the rating agency said the...

In Brief: Conseco Unit Builds Its Origination Staff.(40/86 Mortgage Capital Inc. plans to ramp up its commercial real estate loan production)
February 4, 2004... 40|86 Mortgage Capital Inc. of Carmel, Ind., plans to ramp up its commercial real estate loan production. In an interview Tuesday, Wayne R. Nelis, the vice president who runs the Conseco Inc. unit, said it had expanded its origination staff...

In Brief: Fitch: We Can Live With Cleveland Law.(Brief Article)
February 4, 2004... Fitch Inc. said Monday that it will continue to rate bonds backed by home loans originated in Cleveland, despite an ordinance there against predatory lending. Officials of the New York rating agency explained in a press statement that the...

In Brief: Freddie Renews Deal with ACB.(Freddie Mac renews alliance with America's Community Bankers)(Brief Article)
February 4, 2004... Freddie Mac said Tuesday that it had renewed its alliance it started in February 2002 with America's Community Bankers. The alliance provides members of the trade group with technology, private-label sub-servicing, and other tools. The home...

In Brief: AppIntell Hires Compliance Director.(Brief Article)
February 4, 2004... AppIntell, a data integrity and fraud protection outfit in Weldson Spring, Mo., said Tuesday that it had hired Roger Fendelman as director of compliance for its PredProtect product. Mr. Fendelman is a lawyer who last worked for Nexstar...

In Brief: Former AmrescoExec Joins Upland.(Upland Mortgage Brokerage Services)(Brief Article)
February 4, 2004... American Business Financial Services Inc. of Philadelphia announced Tuesday that it had appointed Peter J. Levasseur executive vice president of Upland Mortgage Brokerage Services. Mr. Levasseur, who will oversee the unit's expansion in...

ID Theft: Help Center Planned, But What About Prevention?
February 4, 2004... Banks are one step closer to forming a center to assist victims of identity theft, but the industry is still a long way from being able to prevent such crimes. Last week the Financial Services Roundtable and its BITS division announced the...

Correction.(Correction Notice)
February 4, 2004... In Monday's paper, the Washington People column on page 3 got the name of the trade group that Joe Belew leads wrong. It is the Consumer Bankers Association. Copyright 2004 Thomson Media Inc. All Rights Reserved....

In Brief: Ex-CIBC Trader Charged in Fund Scam.(Former Canadian Imperial Bank of Commerce trader )(Brief Article)
February 4, 2004... A former Canadian Imperial Bank of Commerce trader was arrested Tuesday near his home in Westchester County, N.Y., and accused of stealing over $1 million from mutual funds in a late-trading scheme. New York Attorney General Eliot Spitzer...

In Brief: Cowlitz: Refi Bust Led to 4th-Quarter Loss.(Cowlitz Bancorp)(Brief Article)
February 4, 2004... Cowlitz Bancorp in Longview, Wash., blamed a fourth-quarter loss of $1.1 million on a plunge in mortgage refinancing. It had racked up a $394,000 profit a year earlier. In the last quarter the $269 million-asset company closed the...

In Brief: Citizens First Financial Must Add Reserves.(Citizens First Financial Corp.)
February 4, 2004... Citizens First Financial Corp., of Bloomington, Ill., has reached a memorandum of understanding with its regulators to replenish its allowance for loan losses. The agreement with the Illinois Office of Banks and Real Estate and the Federal...

In Brief: FCC Is Asked to Delay Caller ID Provision.(Brief Article)
February 4, 2004... Bankers fear that technical problems could cause them to run afoul of the federal Do Not Call Registry, a trade group has told the Federal Communications Commission. Banks that rely on call centers outfitted with digital T-1 lines often...

Doubts on Key's Target For Earnings Per Share.
February 4, 2004... KeyCorp is no stranger to harsh criticism from Wall Street because of lackluster revenues, but its shares have done well in recent months. Too well, according to Nancy A. Bush, who runs the Annandale, N.J., firm NAB Research LLC. She...

Talk of Fund Probe Hurts U.S. Bancorp.
February 4, 2004... U.S. Bancorp's stock fell nearly 3% in early trading Tuesday after reports Monday that the company had disclosed that the Securities and Exchange Commission is looking into an allegation of improper mutual fund trading at a unit. According...

A View of Refi Boom Pressures From the Appraisal Trenches.
February 5, 2004... Home appraisers are usually selected and paid by commissioned loan officers and mortgage brokers, who have an incentive to close as many loans as possible for the highest amounts possible. So it is almost inevitable that some appraisers...

How Quest for 'National' Is Changing Industry.
February 5, 2004... First of two parts Becoming a "truly national bank" is the new "it" thing in banking. The retail banking trend has all but overshadowed two other recent fads -- the importance of "one-stop-shopping" and being a "global player." ...

Cullen/Frost Seeks Capital - For Acquisition?
February 5, 2004... Cullen/Frost Bankers Inc.'s announcement Tuesday that it had proposed selling $100 million of trust-preferred securities has analysts and other observers wondering what it plans to do with all that money. Though it is keeping mum about its...

BMO: More To Follow Latest Deal In Chicago.(Bank of Montreal to acquire New Lenox State Bank)
February 5, 2004... Bank of Montreal, whose Chicago-based Harris Bankcorp unit operates in what is becoming one of the fastest consolidating U.S. markets, is shoring up its position with a new deal of its own, and a plan to continue buying. The deal to buy...

In Play -- and on Block?
February 5, 2004... GreenPoint Financial's shares surged on reports the New York thrift has hired investment bankers to help it sell itself. Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.americanbanker.com

AmSouth's CFO to Leave To Pursue Volunteer Work.(Sloan D. Gibson)
February 5, 2004... AmSouth Bancorp has a new chief financial officer. The Birmingham, Ala., company announced Wednesday that Beth Mooney had succeeded Sloan D. Gibson, who said he is retiring at age 50 to do community work. Ms. Mooney, 49, had been a...

Executive Changes.(various companies)
February 5, 2004... WEST Bank of the Cascades of Bend, Ore., has promoted Michael Delvin from executive vice president to president. Mr. Delvin remains the chief operating officer, which he has been since joining the $721 million-asset unit of Cascade...

Brief Stay in Va. for South Financial.(South Financial Group Inc. sells Community National Bank to National Bankshares Inc.)(Brief Article)
February 5, 2004... Four months after entering Virginia by way of acquisition, South Financial Group Inc. of Greenville, S.C., has decided to leave. The $10.7 billion-asset company announced Tuesday that it had agreed to sell Community National Bank in Pulaski...