American Banker articles from February 2007

American Banker archives from February 2007

B of A Chief On M&A Talk, Lending Lines.(Kenneth D. Lewis from Bank of America Corp.)(mergers and acquisitions)
February 1, 2007... Bank of America Corp.'s chairman, president, and chief executive, who has said he is bullish on the consumer, offered his stance on various businesses in the sector, discussing a desire to boost student lending and his opinion that entering...

Why Coalition Quit Check-ACH Project.
February 1, 2007... The Check ACH Coalition's decision to abandon its efforts to link the automated clearing house system with image exchange networks acknowledged that the project was too complex -- and had been all but mooted by market forces. The...

FDIC Board To Congress: ILC Problem Is All Yours: Nonfinancials frozen for one more year; 'We will likely be back'.(Federal Deposit Insurance Corp.)(industrial loan company)
February 1, 2007... WASHINGTON -- Bowing to pressure from Congress, the Federal Deposit Insurance Corp. said Wednesday that it would take another year to decide whether Wal-Mart Stores Inc. or Home Depot Inc. may own an industrial loan company. FDIC board...

Fifth Third Details Card Growth Plan.(Fifth Third Bancorp)
February 1, 2007... Executives at Fifth Third Bancorp, who in recent years often have talked about the need to improve their consumer businesses, outlined on Wednesday the latest steps they are taking to accomplish that goal. Deposit account retention, which...

In Brief: Sovereign CEO Outlines Goals.(chief executive officer Joseph P. Campanelli of Sovereign Bancorp Inc. )(Brief article)
February 1, 2007... Sovereign Bancorp Inc. chief executive Joseph P. Campanelli on Wednesday gave guidance on what to expect from the Philadelphia company this year, including increases in deposits and loans. Noting that this is the first time in many years...

In Brief: KeyCorp Hires Consumer Chief.(Robert A. DeAngelis )(Brief article)
February 1, 2007... KeyCorp this week named Robert A. DeAngelis of Wachovia Corp. to head the consumer segment in the Cleveland company's community bank. The $92 billion-asset KeyCorp said Tuesday that it had hired Mr. DeAngelis in mid-January from Wachovia,...

In Brief: OFHEO Head Presses For GSE Compromise.(Office of Federal Housing Enterprise Oversight)(James Lockhart)(government-sponsored enterprise )(Brief article)
February 1, 2007... Office of Federal Housing Enterprise Oversight Director James Lockhart urged lawmakers to accept a compromise House Financial Services Committee Chairman Barney Frank struck with the Bush administration last year and pass legislation reforming...

In Brief: Fannie Pay Package Riles GOP Senators.(Grand Old Party)(Brief article)
February 1, 2007... Republican Sens. Chuck Hagel of Nebraska, John Sununu of New Hampshire, and Mel Martinez of Florida say they want explanations for why big bonuses were approved for top executives at Fannie Mae last year despite its massive accounting scandal....

In Brief: Arriva Casino Cash Draw Excels.(credit card by Global Cash Access )(Brief article)
February 1, 2007... Casino patrons have taken out more than $15 million of cash advances on the Arriva Card since Global Cash Access introduced the private-label product less than six months ago, the Las Vegas company said Wednesday. "The average in-casino...

R.I. Plans to Send Unemployment Benefits via Chase.(Rhode Island )(JPMorgan Chase and Co.)
February 1, 2007... JPMorgan Chase & Co. won a contract to provide reloadable prepaid cards to Rhode Island to replace unemployment checks. Rhode Island is only the eighth state to move from paper checks to cards for unemployment benefits. JPMorgan Chase,...

In Brief: BFC of Fla. in Deal To Buy Home Builder.(Levitt Corp.)(Brief article)
February 1, 2007... BankAtlantic Bancorp Inc.'s largest shareholder has struck a deal to buy a home builder that BankAtlantic spun off three years ago. BFC Corp. in Fort Lauderdale, Fla., said it would pay $286 million in stock for the builder, Levitt Corp.,...

In Brief: German American Of Ind.'s Profits Flat.(German American Bancorp Inc.)(Financial report)(Brief article)
February 1, 2007... German American Bancorp Inc. of Jasper, Ind., said fourth-quarter earnings were flat from a year earlier, at $2.4 million. Diluted earnings per share were also flat, at 22 cents a share, the $1.1 billion-asset German American said...

In Brief: Hancock Holding's Earnings Up 11%.(Financial report)(Brief article)
February 1, 2007... Hancock Holding Co. in Gulfport, Miss., reported fourth-quarter earnings rose 11% from a year earlier, to $21.8 million. Full-year earnings rose 113%, to nearly $102 million, though last year's earnings were depressed by charges relating to...

In Brief: Mutual Thrift Merger Joins Roster in Mass.(Sharon Co-operative Bank merges with Eastern Bank )(Brief article)
February 1, 2007... In yet another deal between mutual thrifts in Massachusetts, Sharon Co-operative Bank in Sharon has agreed to merge into Eastern Bank in Boston. The 95-year-old Sharon has one branch and $68 million of assets. It would be merged into the...

Two Tax Return Programs Designed to Spur Savings.
February 1, 2007... Banks are hoping for a deposit boost from a new Internal Revenue Service program that encourages tax filers to save at least a portion of their refunds. This tax season, for the first time, the IRS is allowing individuals and families...

Executive Changes.(Charles E. Elliott Jr. gets promoted at Santa Clara Valley Bank)(Andrew T. Schmidt joins Delaware Place Bank of Chicago)(Terrance M. McCarthy joins First Banks Inc. of St. Louis )
February 1, 2007... WEST Santa Clara Valley Bank of Santa Paula, Calif., has promoted Charles E. Elliott Jr. to executive vice president. Mr. Elliott, who was a senior vice president, will remain the chief credit officer. Before joining the $96...

RBC Direct-Access Player With Acquisition of Carlin.(Royal Bank of Canada acquires Carlin Financial Group)
February 1, 2007... With its acquisition of Carlin Financial Group, Royal Bank of Canada's RBC Capital Markets joined the ranks of Wall Street firms with proprietary desktop trading platforms that give customers cheap, direct access to financial markets. RBC...

In Brief: Lehman Acquiring Stake in U.K. Fund Firm.(Spinnaker Capital )(Brief article)
February 1, 2007... Lehman Brothers said it plans to acquire a 20% stake in Spinnaker Capital Group, an emerging markets hedge fund manager in London. The price of the deal, announced Wednesday, was not released. Lehman said it expects to increase its stake in...

In Brief: Scottrade Posts Fiscal 1Q Profit Increase.(Financial report)(Brief article)
February 1, 2007... Scottrade Inc. announced that earnings in its fiscal first quarter, which ended Dec. 31, increased 24% from a year earlier, to $54.5 billion. Active accounts at the St. Louis online investment company increased 19%, to 1.6 million. The...

In Brief: New York Life, AARP Offering Policies.(AARP Financial and New York Life Insurance Co. )(Brief article)
February 1, 2007... AARP Financial and New York Life Insurance Co. introduced a line of insurance products Wednesday for AARP members. The AARP Lifetime Income Program is designed to help generate a secure stream of retirement income through fixed immediate...

In Brief: Withdrawal Benefit Rider from Pacific Life.(Pacific Life Insurance Co. )(Brief article)
February 1, 2007... Pacific Life Insurance Co. plans to introduce a guaranteed minimum withdrawal benefit rider today for its variable annuities. The Flexible Life Income rider is designed for those entering or planning for retirement, Pacific Life said...

In Brief: Mellon Opens Southern Calif. Wealth Office.(Mellon Financial Corp)(Brief article)
February 1, 2007... Mellon Financial Corp. has opened a private wealth management office in Century City, Calif., to accommodate its growth in Southern California. The Pittsburgh financial services firm announced Tuesday that it nearly doubled its Los Angeles...

In Their Own Words: 4th Quarter 2007.
February 1, 2007... Citigroup Sallie Krawcheck, CFO "Everybody is waiting with bated breath on credit [quality to worsen], and it's exactly the right time to be. What we're seeing - what everyone is seeing - is still excellent credit overall. We're...

Pipeline.(IndyMac Bancorp Inc. to outsource its workforce)
February 1, 2007... IndyMac: No Layoffs IndyMac Bancorp Inc. said it will not include layoffs in its plan to outsource 13.5% of its work force by yearend and improve its operating performance. Last week the $27 billion-asset thrift company said 9% of its...

Justice Dept. Closes VantageScore Probe.
February 1, 2007... The Department of Justice's antitrust division has closed without action an inquiry into VantageScore Solutions LLC, the credit-scoring joint venture launched by the three credit reporting agencies last March. Experian Group Ltd. of...

New Clients, Expanded Service at CheckFree.
February 1, 2007... CheckFree Corp., the leading provider of electronic bill payment and presentment services, has landed a new bank customer and is trying to expand by offering electronic remittances to small businesses and streamlining its bill presentment...

First Horizon to Cut Further.(First Horizon National Corp.)(Brief article)
February 1, 2007... First Horizon National Corp.'s new chief executive promised additional cost cuts this year and reiterated his company's desire to remain independent. Gerald L. Baker, who became the $38 billion-asset Memphis company's CEO Monday after the...

Corrections.(Correction notice)
February 1, 2007... In the Jan. 30 paper, a story on page 1, "With a Buy, Merrill's Bank Ambitions Come into Focus," overstated the assets required to be a Merrill Lynch private banking customer. Merrill targets investors with at least $10 million. In the...

Prince Says Citi Has What It Needs For Consumer Lift.(Citigroup Inc will acquire Egg Banking PLC)(Financial report)
February 1, 2007... Charles O. Prince, the chairman and chief executive of Citigroup Inc., said Wednesday that it would use the resources already at its fingertips as it seeks boost revenue in its U.S. consumer unit. Those resources would soon include Egg...

Field for a U.S. Card Contract Opens Up with B of A's Exit.
February 2, 2007... The government is preparing to award new contracts for the federal equivalent of corporate cards, but the issuing banks disagree about whether the business is worth the effort. Citigroup Inc., the largest issuer, and U.S. Bancorp, the...

A Step Toward Offline Access: ING Direct links to Allpoint's ATM network.
February 2, 2007... Two months after launching a "paperless checking account," ING Bank FSB has taken a further step toward meeting customers' traditional transactional needs by providing surcharge-free access to a network of automated teller machines. The...

One Bank Hit By Another's Fla. Setback.(Florida; TierOne Corp. and Coast Financial Holdings Inc. )
February 2, 2007... Call it guilt by association. On Jan. 25, TierOne Corp. in Lincoln, Neb., reported strong fourth-quarter earnings and record annual profits of $41.3 million, but by the day's end its stock price had dropped nearly 7%. Shares fell on...

Is Patience Enough for A Putnam Turnaround?
February 2, 2007... With its $3.9 billion cash deal to acquire Putnam Investments, Power Financial Corp. gets the beachhead in U.S. asset management it has coveted, but also inherits the task of turning around a company that has been bleeding assets for years. ...

People.(views of John Stumpf of Wells Fargo & Co. on low yields on investments)
February 2, 2007... Thrown a Curve Wells Fargo & Co. Inc. president and chief operating officer John Stumpf is sleepless in San Francisco. And the culprit, he says, is the inverted yield curve. Asked at an investor conference Wednesday in New York how...

Bankers Criticize Inflexibility Of Market-Risk Rule Proposal.
February 2, 2007... WASHINGTON -- Bankers frustrated by the Basel II capital proposal are also fuming over a separate plan to change how they manage market risks. The largest U.S. banks, including Citigroup Inc., Bank of America Corp., Wachovia Corp., and...

SBA Chief: Storm Relief Advances.(Small Business Administration )
February 2, 2007... WASHINGTON -- The head of the Small Business Administration said Thursday that the agency has disbursed more than $5 billion of disaster loans to home and business owners affected by the 2005 Gulf Coast hurricanes and that it has an additional...

Move Over, Bud: Eastern Airing a Super Bowl Ad.(Eastern Bank Corporation Inc.)
February 2, 2007... The New England Patriots did not make it to the Super Bowl this year, but Boston's Eastern Bank did. The $6.6 billion-asset Eastern will kick off its multimillion-dollar branding campaign with a 60-second television spot that will air four...

4Q Earnings: Fiserv, Off 29%, Predicts Strong 2nd Half of '07.(Financial report)
February 2, 2007... Fiserv Inc. blamed unusually large contract terminations a year earlier for the sharp drop in its fourth-quarter earnings. The Brookfield, Wis., banking technology vendor said Wednesday that net income was $105.9 million, off from the...

House Calls, Hospital Visits Part of the Job.(Jack Salemi)
February 2, 2007... If you're in Eastham, Orleans, or Wellfleet on Cape Cod, Mass., and you see a well-dressed, middle-aged man in a car being tailed by a senior citizen, that may well be Jack Salemi, taking the time to guide one of his elderly clients to where...

Targeting Confidence in Mexico Remittances.
February 2, 2007... Western Union Co. said Thursday during a fourth-quarter earnings call with investors that it was taking steps to expand globally in 2007 and win the confidence of customers sending remittances to Mexico. The effort is aimed at expanding out...

In Brief: N.C. Bank Sells Merchant Processing.(Nova Information Systems Inc.; City Holding Co.)(Brief article)
February 2, 2007... Nova Information Systems Inc. has bought the merchant processing operations of City Holding Co., the latter announced Thursday. City Holding, a Charlotte bank holding company, said it sold the unit to Nova, U.S. Bancorp's merchant acquiring...

In Brief: TRM Closes Sale of Photocopier Business.(Skyview Capital LLC. )(Brief article)
February 2, 2007... TRM Corp. said it has completed the sale of its U.S. photocopier business to Skyview Capital LLC. Skyview Capital in Beverly Hills paid $9.2 million, the companies said Tuesday. It has created a limited liability company, TRM Copy Centers...

Viewpoint: How to Position Your Bank to Attract Buyers.(Viewpoint essay)
February 2, 2007... During 2006, median M&A valuation multiples in bank and thrift deals (price to tangible book and core deposits) reached the record levels of 1998. However, smaller community banking transactions (targets with assets of less than $250...

Viewpoint: Martin On Retailing: Advertising that Wears Well and Fits to a T.
February 2, 2007... If customers agreed to wear your logo or advertising message on their shirts, would you take them up on the offer? Well, they will. Just give them a T-shirt. Seems too obvious, doesn't it? No less an expert on marketing than Dallas...

Viewpoint: A Tool to Strengthen Strong Authentication.
February 2, 2007... With the deadline passing last year for the Federal Financial Institutions Examination Council guidelines for strong authentication, many financial institutions, having prepared their plans to meet these guidelines, may be lulled into a false...

Letter to the Editor: CUs Don't Seek Exemption in Loans to Military.(credit unions)
February 2, 2007... To the Editor: James Wells' letter of Jan. 26 ["Pentagon's Rate Cap Should Be Universal," page 11] does a good job of laying out the rationale for why all financial institutions should be subject to a new law that caps interest rates on...

In Brief: GMAC Mortgage Hires Two Specialists.(Connie Miller and Louis Glinn are appointed)(Brief article)
February 2, 2007... GMAC Mortgage LLC, a Horsham, Pa., unit of GMAC LLC, said its subservicing operation had named Connie Miller the director of contract administration and Louis Glinn the director of analytics and controls. Ms. Miller negotiates subservicing...

Disclosure Form in the Works.
February 2, 2007... The chairman of the Mortgage Bankers Association said it is working on a "simplified, plain-English disclosure form" that would define the strengths and weaknesses of every loan made to a borrower, including the potential for payment shock. ...

In Brief: First BanCorp. of P.R. Posts '05 Profit Drop.(Puerto Rico)(Financial report)(Brief article)
February 2, 2007... First BanCorp. of San Juan, Puerto Rico, issued its long-delayed 2005 earnings report Thursday and said its profits fell 35.4% from the restated results for 2004, to $114.6 million. The $17.4 billion-asset company, which has struggled with...

In Brief: Witness List Released for Predator Hearing.(Brief article)
February 2, 2007... The Senate Banking Committee announced witnesses for its Feb. 7 hearing on predatory lending and home foreclosures. Among those scheduled to testify are: Harry Dinham, the president of the National Association of Mortgage Brokers; Hilary...

In Brief: Meta Reports Loss, Cites Provision Spike.(Meta Financial Group Inc. )(Financial report)(Brief article)
February 2, 2007... Meta Financial Group Inc. of Storm Lake, Iowa, announced a loss of $3.25 million, or $1.30 a diluted share, for its fiscal first quarter, which ended Dec. 31. A year earlier $754.5 million-asset company reported net income of $515,000, or...

In Brief: Citizens of R.I. Closes Deal for GreatBanc.(Citizens Financial Group Inc. acquires Scotland Group PLC)(Brief article)
February 2, 2007... Citizens Financial Group Inc., a Providence, R.I., unit of Royal Bank of Scotland Group PLC, said it completed its purchase of GreatBanc Inc., a $1.2 billion-asset Lisle, Ill., company with 10 branches in the Chicago area. The $164...

BankAtlantic Focused on Cost Cuts.(Financial report)
February 2, 2007... In the face of mounting pressure from Wall Street to rein in expenses, BankAtlantic Bancorp Inc. said it would reduce its 2007 marketing spending by about 22%, or $7.8 million. Though the Fort Lauderdale, Fla., company said it would...

4Q Earnings: Greater Bay Drops 32% After $2M Severance Hit.(Financial report)
February 2, 2007... Greater Bay Bancorp continued its recent record of spotty profit performance in the fourth quarter. The company cited higher expenses because of layoffs but said the effort to bolster commercial lending is yielding solid results. ...

Clarification.(Correction notice)
February 2, 2007... In the Jan. 29 paper, the page 19 story "At SVB, a Good Quarter But a Downbeat Outlook" incorrectly linked the departure of several executives to a 2005 earnings restatement. An SVB spokeswoman said no executives left the company in...

Banks' Activist Shareholders Step Up Efforts.
February 5, 2007... Disappointing fourth-quarter earnings from community banks have ratcheted up tensions between some bankers and activist investors. New Jersey investor Lawrence B. Seidman is battling management at two banking companies there in which he is...

In Focus: Ultimatum? Issuers Opt to Wait and See.
February 5, 2007... WASHINGTON -- Credit card issuers, facing an ultimatum from lawmakers to alter certain practices or confront legislation forcing them to do so, seem willing to wait and see whether Congress follows through on that threat. In public,...

Castle Creek Is Taking Its Model to Fla.(Castle Creek Capital LLC )
February 5, 2007... The private-equity firm Castle Creek Capital LLC is on track to do the same thing in Florida that it has done in California and Texas -- roll up a number of community banks and sell the resulting company for what it hopes is a nice profit. ...

Failure of Pa. Bank Is FDIC's First Since '04.(Metropolitan Savings Bank )(Federal Deposit Insurance Corp.)
February 5, 2007... WASHINGTON -- The Federal Deposit Insurance Corp. announced the closure of the $15.8 million-asset Metropolitan Savings Bank in Pittsburgh on Friday. The state-chartered bank, established in 1892, had "significantly impaired" capital and...

Executive Changes.(Anglo Irish Bank PLC hired Richard Muraida)(Societe Generale Banka A.S. appointed Neil Goulden)(Northern Trust Corp. appointed Kelly King Dibble )
February 5, 2007... NEW ENGLAND Anglo Irish Bank has hired Richard Muraida to be its senior vice president of commercial real estate lending in Boston. He is to report to Eddie Byrne, an executive vice president and the head of U.S. lending for the Dublin...

Washington People.(Independent Community Bankers of America appointed Ike Jones)(Sen. Hillary Clinton and Sen. Lindsey Graham efforts to draft a new banking bill)(Department of Housing and Urban Development. Office of Federal Housing Enterprise Oversight's litigation cost)
February 5, 2007... New America Senators from both sides of the aisle addressed a public policy institute last week on issues that could shape banking policy. Democratic Sen. Hillary Clinton and Republican Sen. Lindsey Graham spoke to members of the New...

Wells Allowing Its Customers To Donate to Charities via ATM.
February 5, 2007... Wells Fargo & Co. is using some of its automated teller machines to help charities. The San Francisco company is one of several in the financial services industry that are testing or have tested expanded uses for their ATMs. Other...

In Brief: Hypercom of Ariz. Sells 60,000 Terminals.(Brief article)
February 5, 2007... Hypercom Corp. has signed a contract to deliver 60,000 point of sale terminals to a Brazilian card issuer. The Phoenix terminal manufacturer announced the multimillion-dollar agreement last week but did not name the customer. The first...

In Brief: Experian Uses Tealeaf Tool to Monitor Site.(Brief article)
February 5, 2007... Tealeaf Technology Inc. of San Francisco said Experian Inc. is using its software to improve the functionality of LowerMyBills.com. The software, cxImpact, records all online customer activity and presents the data in a user-oriented view...

Financial Web Watch: Nielsen rankings for selected categories for week ended Jan. 21.(Statistical data)
February 5, 2007... Audience* Page views Active Time spent (thousands) reach** per person Top online credit card destinations Capital One 5,199 86,015 3.85% 0:13:03 Citi Credit Cards Services 4,554 65,597...

Platform Opens Opportunities for Comerica.
February 5, 2007... Comerica Inc.'s retirement services unit says it increased its sales fourfold in 14 months after shifting to an open-architecture platform. "Historically, the bank has manufactured and distributed just its proprietary products, but late in...

In Brief: Evergreen Buys Control of U.K. Firm.(Evergreen Investments acquired European Credit Management Ltd.)(Brief article)
February 5, 2007... Evergreen Investments, the asset management arm of Wachovia Corp., announced that it had completed its purchase of a majority interest in the privately held European Credit Management Ltd. of London, a fixed income investment manager with $26...

In Brief: Gallagher Buys Boston Company.(Arthur J. Gallagher & Co. )(InterNational Insurance Group Ltd.)(Brief article)
February 5, 2007... Arthur J. Gallagher & Co. has announced the purchase of InterNational Insurance Group Ltd. of Boston. Terms of the deal, which was announced Wednesday, were not disclosed. InterNational Insurance offers risk management and property and...

In Brief: Hartford Wealth Management Exec.(Hartford Financial Services Group Inc. appointed Robert Arena )(Brief article)
February 5, 2007... Hartford Financial Services Group Inc. has promoted Robert Arena to senior vice president of retail investment product management in its U.S. wealth management division. Mr. Arena is responsible for the strategy, development, and...

In Brief: Guardian's Withdrawal Guaranty.(Guardian Life Insurance Co.'s new insurance policy )(Brief article)
February 5, 2007... Guardian Life Insurance Co. of America has introduced a guaranteed minimum withdrawal rider with variable annuities issued by Guardian Insurance and Annuity Co. The Lifetime Focus rider builds on Guardian's Lifetime and Spousal AssetAccess...

In Brief: Turner Funds Adds Two Portfolios.(Brief article)
February 5, 2007... Turner Funds, a Berwyn, Pa., company, said it has started two no-load stock funds, a growth portfolio and a midcap equity fund. Turner International Core Growth Fund invests in large and midcap growth stocks from markets worldwide, the...

In Brief: Hancock Bolsters Guaranteed-Life.(John Hancock)(Manulife Financial Corp.)(Brief article)
February 5, 2007... John Hancock has announced the introduction of a fully guaranteed whole-life insurance product. Protection Whole Life combines affordable lifetime death benefit protection with guaranteed cash values, the Boston unit of Manulife Financial...

In Brief: ProShares Starts 22 ETFs on Amex.(ProShares Inc. )(American Stock Exchange)(Brief article)
February 5, 2007... ProShares Inc. has unveiled 22 exchange-traded funds on the American Stock Exchange. The new funds, benchmarked to 11 Dow Jones U.S. sector indexes, are the first designed to offer short or magnified exposures to specific market sectors,...

Who's Set to Lead, Lag in Fee Income.
February 5, 2007... During January earnings presentations banker after banker painted a gloomy outlook for this year, citing the prolonged inversion of the yield curve, sinfully stiff competition on loan pricing, and rising credit costs. The picture had one...

A Bright Spot: Fee income* was up at several large banking companies during the fourth quarter.(Brief article)(Statistical data)
February 5, 2007... 4Q change from: 4Q '05 3Q '06 4Q '06 3Q '06 4Q '05 Citigroup $11,111 $11,594 $13,789 19.0% 24.0% BofA 7,603 10,067 9,866 -2.0 29.8 JPMorgan 8,804 10,021 10,362 3.0 18.0 Wachovia 3,063...

Calif. Mulls How To Enforce OCC Loan Guidance.(Office of the Comptroller of the Currency)
February 5, 2007... With foreclosure rates rising in California, the chairman of the state Senate Banking, Finance, and Insurance Committee has begun work on what could result in tighter restrictions on certain mortgage-lending practices. On Thursday, a day...

In Brief: Jack Henry: More Banks Using Image Tool.(Brief article)
February 5, 2007... Jack Henry & Associates Inc. said demand for its remote capture technology has surged. The Monett, Mo., banking technology vendor said Friday that it has signed 350 bank customers, including 300 in the past 12 months. Jack Henry's...

In Brief: First Data, Australian Firm Renew Deal.(Cuscal Ltd.)(Brief article)
February 5, 2007... First Data Corp.'s international division has renewed a long-term agreement to offer processing services to Cuscal Ltd., an Australian company that provides various services to credit unions. The five-year renewal was announced last week....

In Brief: Equity Firm to Buy Control of Calif. Bank.(Belvedere Capital Partners Inc. )(Professional Business Bank )(Brief article)
February 5, 2007... The San Francisco private equity firm Belvedere Capital Partners Inc. says it is buying a majority interest in Professional Business Bank in Pasadena, Calif., for $51 million in cash and stock. Alan Lane, a senior adviser to Belvedere and a...

In Brief: B of A Extends Hybrid-Car Reimbursements.(Brief article)
February 5, 2007... Bank of America Corp. said it has taken nationwide a pilot program it began in June that partially reimburses employees who buy a new hybrid vehicle. A spokeswoman for the $1.46 trillion-asset Charlotte company said that since Jan. 1 it...

In Brief: SunTrust Minimizes Tax in Coke Stock Gift.(SunTrust Banks Inc. )(Coca-Cola Co. )(Brief article)
February 5, 2007... SunTrust Banks Inc. said it found a tax-efficient way in the fourth quarter to capitalize on its longtime holdings in Coca-Cola Co. stock. The $182 billion-asset Atlanta company donated some of its Coke stock to one of its charitable...

In Brief: Troubled Fla. Bank's Chairman Stricken.( Coast Financial Holdings Inc.'s James K. Toomey)(Brief article)
February 5, 2007... James K. Toomey, the chairman of Coast Financial Holdings Inc. in Bradenton, Fla., was hospitalized Friday after complaining of chest pains. Mr. Toomey, 41, has been relieved of his day-to-day responsibilities until further notice, Coast...

In Brief: ILC Group Hires Lobby Firm to Fight Limits.(Americans for Banking Competition )(Brief article)
February 5, 2007... Industrial loan companies and their owners have teamed up with a Washington communications firm to start lobbying against ILC restrictions being considered by Congress. Americans for Banking Competition was formed in November with 43...

PNC in Ad Blitz to Push Name in Md., Other Areas.(PNC Financial Services Group Inc.)(Brief article)
February 5, 2007... PNC Financial Services Group Inc. is seeking to boost its brand recognition as it prepares to complete an acquisition in Maryland. The Pittsburgh company is set to kick off the second phase of a marketing campaign today that will use the...