American Banker articles from February 2006

American Banker archives from February 2006

Turned Away Six Times, Still Trying.
February 1, 2006... For evidence that hostile bank deals face long odds, look no further than TrustCo Bank Corp NY in upstate New York. The $2.8 billion-asset bank is 0 for 6 over the past six years. In January shareholders of Ballston Spa Bancorp Inc. in...

Shelby Lays Out 2006 Agenda: Senator also sides with Bush on Baker's bill.(George W. Bush)
February 1, 2006... WASHINGTON -- Senate Banking Committee Chairman Richard Shelby said Tuesday that data security, an overhaul of the flood insurance program, and reforming government-sponsored enterprise regulation are top priorities for his panel this year. ...

Mellon Has New CEO, And Outlook Is Different: One analyst sees Kelly turning it into an M&A 'machine'.
February 1, 2006... Mellon Financial Corp. could be poised to transform itself from rumored takeout target to acquirer with the hiring of Wachovia Corp. chief financial officer Robert P. Kelly as its new leader, analysts said. Mr. Kelly, 51, will take over...

In Brief: JPM Report Overhaul: Dimon Says It Again.(Brief Article)
February 1, 2006... JPMorgan Chase & Co.'s chief executive reiterated Tuesday that it will overhaul reporting to show more clearly how its consumer bank is doing. The change will start with its first-quarter report, a spokesman said. "We are changing a...

In Brief: Judge to Resolve Sovereign Suits in 1Q.(Sovereign Bancorp Inc.)(Brief Article)
February 1, 2006... A federal judge set a timetable Tuesday for the litigation between Sovereign Bancorp Inc. and its largest shareholder, Relational Investors LLC. The San Diego fund manager is challenging Sovereign's decision to postpone its annual meeting...

Calif. Court Restores Suit vs. Wells.(Brief Article)
February 1, 2006... A California appeals court has reinstated a Wells Fargo & Co. customer's class action against the San Francisco company over the imposition of overdraft fees on debit card point of sale transactions. In a ruling issued last week, the Court...

Months After Hurricanes, La. Official Still Lobbying.
February 1, 2006... WASHINGTON -- Peter Gwaltney is back here this week, advocating for Louisiana banks that are still reeling months after hurricanes Katrina and Rita blew through the state. On the Louisiana Bankers Association chief executive's wish list:...

NCUA: Michigan CU's Disclosure Documents Faulty.(National Credit Union Administration)
February 1, 2006... The National Credit Union Administration has outlined nearly two dozen concerns about the disclosure materials drafted by a $1.8 billion-asset Dearborn, Mich., credit union seeking to become a mutual savings bank. The agency lacks the...

Ace Will Join Texas Pack In Brokering Loans as CSO.(credit service organization)
February 1, 2006... Ace Cash Express Inc., which had bucked the trend among payday lenders of operating in Texas as a "credit service organization," now says it plans to adopt that business model this year. The Irving, Tex., company originally saw too much...

Profit Off, Diebold to Cut $100M of Costs in 3 Years.
February 1, 2006... Diebold Inc. has unveiled an aggressive cost-cutting plan in response to a fourth-quarter plunge in income. Thomas W. Swidarski, the new president and chief executive of the automated teller machine maker, said he will eliminate more than...

In Brief: Integro: 2 Principals For Chicago Office.(Integro)(Brief Article)
February 1, 2006... Integro, a New York insurance brokerage and risk management firm, announced Tuesday that Thomas M. Biggio and Allison Ast had joined its Chicago office as principals. Mr. Biggio has nearly three decades of casualty and property brokerage...

In Brief: Canada Wealth Firm To Compete on Price.(MD Management Ltd.)(Brief Article)
February 1, 2006... MD Management Ltd., an Ottawa independent financial services company that targets Canadian doctors, said Tuesday that it had started a low-fee wealth management firm for the general investment community. Stratos Wealth Management, which...

In Brief: Calamos Saw 15% Asset Growth in '05.(Brief Article)
February 1, 2006... Calamos Asset Management Inc. of Naperville, Ill., has reported that its assets under management grew 15% last year, to $43.8 billion at Dec. 31. The company said on Monday that revenues rose 24% in the fourth quarter, to $113.5 million,...

In Brief: Hancock Life Policy Has Preretiree Boons.(John Hancock)(Brief Article)
February 1, 2006... John Hancock has announced the introduction of Accumulation VUL, a variable universal life policy that it says offers cash values and retirement income potential to preretirees, especially those who are maximizing contributions to their...

AIG Moves Unit To Adviser Group For Its Synergies.
February 1, 2006... American International Group Inc.'s reorganization of a subsidiary broker-dealer, American General Securities Inc., is intended to let it take advantage of the technology and sales support shared by AIG Advisor Group, the company says. The...

FDIC Says XBRL-Only Format Is Good Fit for Call Reports.(extensible business reporting language)
February 1, 2006... Submitting and reviewing banks' quarterly call reports is a complicated task, but the Federal Deposit Insurance Corp. says a shift to a different file format has dramatically simplified the process. Bank regulators have long published their...

In Brief: Fiserv: No More Quarterly Guidance.
February 1, 2006... Fiserv Inc., its fourth-quarter revenue swelled by a contract termination that will bite this year, will no longer issue quarter-by-quarter earnings guidance, its new president and chief executive said Tuesday Instead, Jeffery W. Yabuki...

In Brief: Ex-First Data CEO Makes $51M on Options.(Charles T. Fote)(Brief Article)
February 1, 2006... Charles T. Fote, the former chairman and chief executive of First Data Corp., made almost $51 million Friday by exercising his stock options and then selling the shares. According to a filing with the Securities and Exchange Commission,...

In Brief: Shareholder Suit vs. Hypercom Dismissed.(Brief Article)
February 1, 2006... A shareholder lawsuit against the point of sale terminal company Hypercom Corp. and two former executives has been dismissed, the Phoenix company said. Last year six shareholder suits were filed in response to Hypercom's restatement in...

Countrywide: Margin Pressure Drove Miss; Bank Kept Growing.
February 1, 2006... Pricing competition, an increase in secondary-market concerns about credit, and shrinking warehousing spreads left Countrywide Financial Corp. with disappointing fourth-quarter results. But Countrywide's servicing and banking earnings...

Spreads Spurred Fannie to Expand Portfolio in Dec.
February 1, 2006... Fannie Mae's portfolio grew in December, for the first time in more than a year, because the government-sponsored enterprise took advantage of wider spreads early in the month and in November. The portfolio grew at a 21.4% annualized rate,...

In Brief: Senate Approves Bernanke for Fed Post.(Brief Article)
February 1, 2006... The Senate overwhelmingly approved Ben Bernanke's nomination as the Federal Reserve Board's 13th chairman by voice vote Tuesday. Mr. Bernanke will begin a four-year term as the Fed chairman and a 14-year term as a Fed governor. As the...

In Brief: Western Sierra Postpones Profit Report.(Brief Article)
February 1, 2006... Western Sierra Bancorp in Cameron Park, Calif., said it is delaying the release of its fourth-quarter and full-year results until it straightens out a tax matter. The $1.2 billion-asset Western Sierra said Tuesday that it may have...

In Brief: Argent Confirms Plan to Idle 600 Workers.(Brief Article)
February 1, 2006... Argent Mortgage Co., the subprime mortgage wholesale arm, of Ameriquest's parent, ACC Capital Holdings, is laying off about 600 employees, 15% of its work force, a spokesman confirmed late Tuesday. "In cyclical industries such as mortgage...

In Brief: Citi Veteran Magner Joins Schwab Board.(Brief Article)
February 1, 2006... Marjorie Magner, the former head of Citigroup Inc.'s consumer group, has joined the Charles Schwab Corp. board of directors. Ms. Magner, 56, worked for Citigroup for nearly 20 years; she resigned last October as the chairwoman and CEO of...

In Brief: Data on 239,000 Card Customers Exposed.(Brief Article)
February 1, 2006... An employee's error has compromised the credit card information of roughly 239,000 Boston Globe subscribers. The employee printed out a customer list that contained subscriber names, credit card numbers, and expiration dates. The list was...

State Bancorp Tanks on News of Verdict.
February 1, 2006... State Bancorp Inc.'s share price plummeted more nearly 17% Tuesday, after a Long Island jury found the Jericho, N.Y., company liable for $44 million of damages in a 4-year-old fraud case. The plaintiff, HSA Residential Mortgage Services of...

Street Responds Quickly To Issues at W Holding.
February 1, 2006... Analysts and investors took W Holding Co. Inc.'s saying it may have to restate some results as more bad news for Puerto Rican banking companies. W Holding, of Mayaguez, announced after the market closed Monday that it would postpone filing...

Can Upstart Tech Vendor Buy Into Small-Bank Niche?(Private Business Inc.)
February 2, 2006... With three acquisitions in the past two months, Private Business Inc. is refocusing itself as a technology provider to community banks. The strategy was set by the financial technology vendor's chief executive, Lynn Boggs, formerly the...

Processor Deal a Hotel Play for Nova.(Nova Information Systems Inc.)
February 2, 2006... Nova Information Systems Inc.'s $433 million acquisition of First Horizon National Corp.'s merchant processing business is a bet that the two companies combined can overcome the growth hurdles that each business faced on its own. Nova,...

Zions Tries A Different Approach for Ore. Entry: Start-up to specialize in small businesses; following Wash. model.
February 2, 2006... The acquisitive Zions Bancorp. is trying something different in Oregon: a start-up bank. Its newest subsidiary, Commerce Bank of Oregon, catering exclusively to small businesses and their owners, is to begin full operation next Thursday....

First U.S. Step by Banorte, With Second Deal Coming.(Grupo Financiero Banorte of Monterrey, Mexico)
February 2, 2006... With its deal for a majority stake in a Texas bank, Grupo Financiero Banorte of Monterrey, Mexico, aims to grab both sides of the remittance business. "Remittance is going to be the wave of the future," Banorte chief executive Luis Pena...

In Brief: B of A Has No Appetite for M&A Abroad.(Bank of America Corp.)(Brief Article)
February 2, 2006... Bank of America Corp. chairman, president, and chief executive Kenneth D. Lewis said Wednesday that the $1.3 trillion-asset Charlotte company has no immediate interest in buying a bank in Europe, Asia, or Latin America. Mr. Lewis said...

In Brief: TD Banknorth Closes Hudson United Deal.(Brief Article)
February 2, 2006... TD Banknorth Inc. said on Wednesday that it has acquired Hudson United Bancorp, of Mahwah, N.J. Also, TD Banknorth said it has increased its stock buyback program by 2 million shares; it is now authorized to repurchase 10.5 million. ...

In Brief: OCC Defends Realty Decisions.(Office of the Comptroller of the Currency)
February 2, 2006... In letters to lawmakers and the National Association of Realtors, the Office of the Comptroller of the Currency defended its decision to let three national banks engage in commercial real estate development. The Realtors have criticized the...

In Brief: Bush Pushes Expansion of HSAs.(George W. Bush)(Brief Article)
February 2, 2006... President Bush used his State of the Union address Tuesday night to launch his plan to expand health savings accounts, which the administration has urged more banks to offer. "We will strengthen health savings accounts by making sure...

FDIC Nomination: More Questions Than Answers.(Federal Deposit Insurance Corp.)
February 2, 2006... WASHINGTON -- Nearly a week after word emerged that Diana Taylor would not get the nomination to lead the Federal Deposit Insurance Corp., observers are still mystified as to the reason. The surprising development and the fact that no name...

Deposit Insurance Reform Clears House by 2 Votes.
February 2, 2006... WASHINGTON -- Lawmakers overcame the final hurdle on Wednesday to enactment of sweeping changes to the deposit insurance system, as the House voted 216 to 214 to approve legislation that included the reform provisions. The budget...

In Brief: Century, BlackRock End Pact.(Century Bancorp Inc., BlackRock Inc.)(Brief Article)
February 2, 2006... Century Bancorp Inc. of Medford, Mass., announced Wednesday that it had terminated its management agreement with BlackRock Inc. Under the 15-month-old agreement, BlackRock, which is majority owned by PNC Financial Services Group Inc., had...

In Brief: Hancock Earnings Climb 21%.(Brief Article)
February 2, 2006... Hancock Holding Co., in Gulfport, Miss., said Wednesday that its fourth-quarter earnings increased 21% from the same quarter in 2004, to $19 million, despite the $5.7 million of pretax expenses the company incurred during the quarter as a...

In Brief: Charge for Ohio's First Financial.(Brief Article)
February 2, 2006... First Financial Bancorp of Hamilton, Ohio, said Wednesday that it would take a fourth-quarter charge of 10 cents a share as it sells $200 million of investment securities to restructure its balance sheet. The $3.7 billion-asset company said...

Executive Changes.
February 2, 2006... WEST Saehan Bancorp, which caters to Korean-Americans in Los Angeles, has hired Benjamin Hong, a banking veteran with long ties to that community, as its president and chief executive officer. Mr. Hong had been the president and CEO of...

U.S. Banking Companies with Highest Multiples of Net to Salary, Benefits: In the third quarter of 2005. Dollars in thousands.
February 2, 2006... Salaries and Return on Multiple Net income benefits average assets 1 Elgin Bancshares Inc. Ill. 6.30 $2,564 $407 3.16% 2 Amboy Bancorp. Old Bridge, N.J. 6.21 22,544 3,629 3.45 3 Dairyland Bank Holding Corp. La...

MC Signs, Expands Tax Pacts.(MasterCard International)
February 2, 2006... MasterCard International signed a deal to reduce the fees consumers are charged for making tax payments online, and it expanded a similar arrangement. The Internal Revenue Service has authorized two vendors to process online tax payments....

In Brief: M&T Buys a Maryland Insurance Agency.(M&T Insurance Agency Inc., Hess Egan Hagerty & L'Hommedieu Inc.)(Brief Article)
February 2, 2006... M&T Insurance Agency Inc. said Wednesday that it had bought Hess Egan Hagerty & L'Hommedieu Inc., a commercial insurance and surety brokerage in Chevy Chase, Md. Hess Egan is to operate as a division of M&T Insurance. The agency's...

In Brief: BNY Brokerage Expands Its Boston Office.(Brief Article)
February 2, 2006... BNY Brokerage Inc., a subsidiary of Bank of New York Co. and member of BNY Securities Group, has expanded the services offered in its Boston office by adding a sales trading desk and increasing its sales force, it said Wednesday. Richard...

In Brief: 5 Allstate Encompass Companies Upgraded.(Brief Article)
February 2, 2006... A.M. Best Co. in Oldwick, N.J., has upgraded the financial strength ratings of four Encompass companies that are part of the Allstate Insurance Group of Northbrook, Ill., to A-plus, from A-minus, and issuer credit ratings to "aa" from...

In Brief: Ameriprise Variables' Accumulation Shield.(Brief Article)
February 2, 2006... Ameriprise Financial Services Inc. announced it had added a guaranteed minimum accumulation benefit to its RiverSource lineup of variable annuities. RiverSource annuities are sold through the personal advisers of Ameriprise Financial as...

BB&T Asset Unit Focuses On Ga.-Fla. Deals, Hiring.
February 2, 2006... BB&T Corp. says it plans to expand its asset management operation deeper into the Southeast through both organic growth and strategic acquisitions. Keith Karlawish, the president of BB&T Asset Management, said it has made three deals in...

Pipeline.
February 2, 2006... A Hint on GMAC? Ken Thompson, Wachovia Corp.'s chairman, chief executive, and president, cast doubt on the recent speculation that his company is a bidder for a 51% stake in General Motors Acceptance Corp. During a presentation...

In Brief: Security Standards Program.(Brief Article)
February 2, 2006... Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Co., U.S. Bancorp, and Bank of New York Co. are developing a uniform set of security standards for their technology providers. The six banking companies plus...

In Brief: PayPal Reducing Fund's Return.(Brief Article)
February 2, 2006... PayPal Inc. will lower the yield on its variable-rate money market fund March 1. Amanda Pires, a spokeswoman for the payment subsidiary of eBay Inc. of San Jose, said Wednesday that it would cut the yield by 25 basis points to offset the...

In Brief: Sterling Stock Drops; Takeover Talk Cited.(Brief Article)
February 2, 2006... Shares of Sterling Bancorp of New York fell 10% Wednesday, to $20.81, reversing much of their 20% gain Tuesday. Analysts said the fluctuation appeared to be motivated by takeover speculation. On Tuesday, Sterling's trading volume was...

In Brief: Earnings, Expenses Increase at BOK.(BOK Financial Corp.)(Brief Article)
February 2, 2006... BOK Financial Corp. in Tulsa said fourth-quarter earnings rose 3.4% from the same period a year earlier, to $48.2 million. Earnings per share rose 2.8%, to 72 cents, but fell 4 cents short of analysts' estimates as expense growth cut into...

In Brief: Profits and Loans Climb at Greater Bay.(Brief Article)
February 2, 2006... Greater Bay Bancorp of East Palo Alto, Calif., said its fourth-quarter earnings rose 8% from the same period a year earlier, to $22.8 million, because of a modest increase in loans. The $7.1 billion-asset Greater Bay said Wednesday that its...

In Brief: BlackRock Falls on Report Deal Talks Off.(Brief Article)
February 2, 2006... BlackRock Inc.'s stock price fell Wednesday after a news report that a potential deal to sell itself to Morgan Stanley had fallen through. CNBC said BlackRock, which is 70% owned by Pittsburgh's PNC Financial Services Group Inc., had ended...

In Brief: Bernanke Sworn In; Greenspan Era Ends.(Brief Article)
February 2, 2006... Federal Reserve Chairman Ben Bernanke was sworn in Wednesday morning by Vice Chairman Roger Ferguson Jr. It was the central bank's first change of leadership since 1987. Alan Greenspan's tenure ended Tuesday night. Mr. Bernanke's term...

Bank of Montreal to Double Harris Sites.(Harris Bancorp Inc.)
February 2, 2006... Bank of Montreal plans for Harris Bancorp Inc. to have 350 to 400 branches in five years, twice the total now. "Our goal is to become the leading midwestern bank," chief financial officer Karen Maidment said Wednesday. "We need to grow...

Parent: Ryan Beck Returns Solid; Unit Not For Sale.
February 2, 2006... Pressure is mounting on BankAtlantic Bancorp Inc. to sell its investment banking unit, but executives insist Ryan Beck & Co. Inc. provides attractive returns and remains a good investment. "At the end of the day, if they return for us......

Synovus Adjusts Operating Structure.(Synovus Financial Corp.)
February 3, 2006... Synovus Financial Corp. of Columbus, Ga., one of the nation's largest decentralized banking companies, is moving away from that model -- but not in a way consumers would notice. Richard Anthony, its president and chief executive, said in an...

Dugan Offers Sharp Critique On Privacy.
February 3, 2006... WASHINGTON -- Calling the privacy notices banks currently send "nothing more than a costly waste," Comptroller of the Currency John Dugan said regulators are testing new ones with consumers. He also urged Congress to create a single federal...

Ben Love's Influence on Generation of Tex. Bankers.(Obituary)
February 3, 2006... The roster of people who got their start working for Ben Love during his nearly two decades as chairman and chief executive officer of the old Texas Commerce Bancshares reads like a who's who in banking and politics. It includes Florida...

Surprises from New Century: A profit surge, a new CEO, and no guidance.(New Century Financial Corp.)
February 3, 2006... Fears about fourth-quarter pressure on nonprime mortgage sales margins turned out to be overblown in the case of New Century Financial Corp., leading to a surprisingly strong earnings report Thursday. It helped that the real estate...

People.
February 3, 2006... Big Deal Banter Chief executive Jamie Dimon, who has repeatedly tried to clarify JPMorgan Chase & Co.'s acquisition strategy, took another crack at it this week: "I think we should just do Citibank and get it done with, you know. ...

MBA on Flood Reform: Don't Overdo It.(Mortgage Bankers Association)
February 3, 2006... WASHINGTON -- An industry representative told Congress it must balance protection of Hurricane Katrina victims against the mortgage market's broader needs as it reforms the National Flood Insurance Program. "It is crucial that Congress act...

Baker, White House Spar Over Aid Plans.(Richard Baker)
February 3, 2006... WASHINGTON -- The White House's war of words with Rep. Richard Baker over the rebuilding of Louisiana escalated Thursday. Writing in Thursday's Washington Post, Don Powell, the Bush administration's point man for rebuilding the Gulf Coast,...

Colorado Banks Applaud State's Higher Loan Caps.
February 3, 2006... Colorado community bankers are cheering a new state regulation that will let them make more large loans and, they say, help them compete against big banks and small out-of-state rivals. As it stands, state-chartered banks there are...

Equifax Outlines Plans (and Price Of Free Reports).
February 3, 2006... Shedding some light on the effects of the Fair and Accurate Credit Transactions Act, Equifax Inc. said it has yet to recover $4.8 million it lost by providing free credit reports to consumers. Those costs come largely from an increase in...

Security Watch.(includes multiple articles)
February 3, 2006... Breaches The list of breaches reported this week could have nearly filled this entire column. Sports Authority Inc. confirmed this week that it recently launched an investigation into its information system after four international...

Deutsche to Pep Up Scudder in Rebranding.(Deutsche Bank AG)(Scudder Investments)
February 3, 2006... Deutsche Bank AG announced Thursday that it is rebranding its U.S. mutual fund business, Scudder Investments, as part of a global asset management strategy focused on increasing distribution through advisers. The asset management unit will...

Calif.'s Union Melds Insurance.(Brief Article)
February 3, 2006... Union Bank of California said Thursday that it had consolidated its insurance operations under a single brand name, UnionBanc Insurance Services Inc., and will aggressively expand its client base with an initial focus on California and Oregon....

In Brief: Freddie Mac Hires Bostrom as Counsel.(Robert Bostrom)(Brief Article)
February 3, 2006... Freddie Mac hired Robert Bostrom as an executive vice president and the general counsel. Mr. Bostrom's hiring was announced Thursday; he started his new job Wednesday. He oversees and manages all legal and regulatory strategies, services,...

In Brief: Sallie Mae Names Andrews to Be CFO.(Brief Article)
February 3, 2006... SLM Corp., the student lender popularly known as Sallie Mae, has appointed C.E. Andrews as its chief financial officer. The appointment was announced Thursday. The Reston, Va., company put Mr. Andrews in charge of corporate finance...

In Brief: U.S. Homeownership Rate Dropped in Dec.(Brief Article)
February 3, 2006... Last year the homeownership rate suffered its first year-over-year decline for a fourth quarter since 1987, according to the Census Bureau. The rate fell 0.2 percentage points from the fourth quarter of 2004, to 69%, the bureau said...

Nonprofit to Enter Subprime Financing.(National Community Capital Association)(Opportunity Finance Network)
February 3, 2006... A Philadelphia nonprofit says it is remaking itself from a trade group and consulting firm for community development financial institutions into a large-scale arranger of private financing for underserved neighborhoods. Last week the...

Permit Credit Unions To Convert? Of Course!
February 3, 2006... After lengthy disputes including a lawsuit over their plans to convert to mutual savings banks, two large Texas credit unions prevailed and completed their conversions at the end of the year. The focus of this issue has now shifted to...

Halt Appraisal Hype -- or Face More Regulation.
February 3, 2006... Ameriquest made news with a settlement of charges of predatory lending and inflated appraisals, but no one in the mortgage industry believes it is the only lender with questionable mortgage activities. During the past five years consumer...

Slow Down and Let 'Em Smell the Coffee.
February 3, 2006... I've often kidded my banking friends that when they report how many customer visits their branches get, they should probably halve that number. That's not a knock on their math skills. I just wouldn't consider what many customers...

Why MC's Revamp Will Work (and Visa's Won't).
February 3, 2006... MasterCard International and Visa U.S.A. are beset by franchise-threatening lawsuits, some of which reach beyond the associations to attack their largest member banks. In response, the payments Goliaths each plan to take measures in 2006 to...

Support and Services Offset Some Slippage at Jack Henry.
February 3, 2006... Jack Henry & Associates Inc. of Monette, Mo., said Thursday that income and revenue both grew last quarter as gains in its support and services unit offset declines in hardware and licensing. Net income rose 22% from a year earlier, to...

In Brief: Clearing House Using Troy ACH Software.(automated clearing house)(Clearing House Payments Co. LLC)(Troy Group Inc.)
February 3, 2006... The Clearing House Payments Co. LLC is using software from an outside vendor to start originating automated clearing house transactions through its Electronic Payments Network. The New York payment company said Wednesday that it had started...

In Brief: Harland Acquires Financialware of Ind.(Harland Financial Solutions Inc.)(Financialware Inc.)(Brief Article)
February 3, 2006... Harland Financial Solutions Inc. has acquired the Carmel, Ind., imaging software vendor Financialware Inc. The deal closed Tuesday. Harland, a unit of the Atlanta check printer John H. Harland Co., announced it Wednesday but did not...

In Brief: HSBC Unit Sending Images via SVPCO.(Brief Article)
February 3, 2006... The Clearing House Payments Co. LLC of New York said Thursday that HSBC Bank U.S.A. has started sending check images through its SVPCO Image Payments Network. The Prospect Heights, Ill., unit of HSBC Holdings PLC is the 12th banking...

In Brief: A Russian Bank Buys NCR Machines.(OJSC Bank Petrocommerce)(Brief Article)
February 3, 2006... OJSC Bank Petrocommerce of Moscow has bought 250 automated teller machines from Diebold Inc., of North Canton, Ohio. The deal, which Diebold announced Wednesday, also includes its Agilis software, which lets banks support ATMs from multiple...