American Banker articles from January 2001

American Banker archives from January 2001

Today's News.(Brief Article)
January 2, 2001... WASHINGTON President Clinton is expected to appoint a new National Credit Union Administration chairman before he leaves office. Page 3 The Fed and Treasury have agreed on how to handle bank expansion questions that are not covered by...

Thrift Stocks' Moment in Sun May End in '01.(Brief Article)
January 2, 2001... In 2000, thrift stocks ceased being wallflowers and started to rumba. Marked as safety nets for credit problem-averse investors and boosted by interest-rate stabilization, thrift companies as a group handily outpaced the S&P 500 and both...

Aggregation Standard-Setter 1st Union Downplays Service.(Brief Article)
January 2, 2001... David Carroll, an executive vice president at First Union Corp. and its electronic commerce officer, was unexpectedly thrust into the spotlight last year when his company became a leader in setting standards for account aggregation. But in...

... But Industry Bias Lately Is to Settle.(credit card companies)
January 2, 2001... With shakiness on Wall Street and stock prices and reputations on the line, more credit card companies are settling class actions rather than going through time-consuming and costly litigation, according to lawyers and experts who follow the...

GOP Seeks Broadening Of House Bank Panel: Introducing the Committee on Financial Services?(Brief Article)
January 2, 2001... House Republicans are expected today to propose broadening the Banking Committee's jurisdiction to include securities and insurance. A vote by the full House is expected as early as Wednesday. If approved, the expanded panel would be renamed...

Fleet to Tough Out Minn. Suit ...: Calls charges by privacy-activist attorney general inflammatory.(Fleet Mortgage Corp.)(Brief Article)
January 2, 2001... With his sortie against Fleet Mortgage on Thursday, Minnesota Attorney General Mike Hatch emerged as a public crusader for consumer privacy -- and the latest gadfly to take on the big financial services companies. However, unlike Mr....

In Brief: Morgan-Chase Tops Syndicate Loan List.(J.P. Morgan Chase and Co.)(Brief Article)(Statistical Data Included)(Illustration)
January 2, 2001... The combined J.P. Morgan Chase & Co. held the lead in the fourth-quarter and the full-year rankings of U.S. syndicated lenders, according to Thomson Financial Securities Data. Morgan-Chase had 31.2% of the market for U.S. syndicated loans...

In Brief: A.G. Edwards Sets Lines of Succession.(Brief Article)
January 2, 2001... A.G. Edwards Inc. on Friday announced several senior management changes that will become effective in March after the retirement of Benjamin F. Edwards 3d, its chairman and chief executive officer. Robert A. Pietroburgo will become head of...

In Brief: Wells Tightens Loan Line for Omaha Firm.(Wells Fargo Bank Nebraska)(Ballantyne of Omaha Inc)(Brief Article)
January 2, 2001... Wells Fargo Bank Nebraska has for the second time in two months reduced the size of a loan it arranged for Ballantyne of Omaha Inc., a motion picture and specialty lighting equipment maker. The bank, a unit of San Francisco-based Wells...

Executive Changes.(Brief Article)
January 2, 2001... MIDWEST Huntington National Bank in Columbus, Ohio, has named Patrick W. Kelly, a senior vice president, as the credit officer of its northern region, which covers Cleveland, Toledo, Ashland, Mansfield, Dover, Kent, Burton, Wadsworth,...

President Set to Appoint Credit Union Board Head.(President Clinton)(Yolanda T. Wheat)(Brief Article)
January 2, 2001... Before turning over the reins of power, President Clinton is expected to promote Yolanda T. Wheat, a Democrat, to chairman of the National Credit Union Administration. A board member since April 1996, Ms. Wheat would succeed Norman E....

Details of Plan For 'New Activities' After Fin-Mod.(financial modernization law)(Brief Article)
January 2, 2001... The Treasury Department and the Federal Reserve Board outlined last week how they will decide whether financial institutions may engage in new activities not specified by the authors of financial modernization law. Treasury Under Secretary...

Comment: Shortage of Core Deposits Isn't Just The Bank's Problem.(Brief Article)(Statistical Data Included)(Column)
January 2, 2001... The business community's reaction to the declining role of core deposits in financing banks' loans reminds me of the man smiling on the deck of a sinking ship while everyone else is in a panic. When queried on his optimistic attitude, he...

Lower Fees Spur Charter Swap for Farmers of Md.(Farmers and Mechanics Bank in Frederick, Md)(Brief Article)
January 2, 2001... Farmers and Mechanics Bank in Frederick, Md., has applied to switch from a national to a state charter. The $1.5 billion-asset bank cited the expense of national charter examinations as its reason for seeking to join the long list of banks...

American Skandia to Push Wraps, Mutual Funds.(Brief Article)
January 2, 2001... American Skandia Inc., which is known for variable annuities, plans to change its image this year. The Shelton, Conn., company -- owned by Skandia Insurance Co. of Stockholm -- will mount a campaign to sell its four-year-old mutual funds...

Net Inflows to Funds Fell by Half in November.(Brief Article)(Statistical Data Included)
January 2, 2001... A dip in net inflows for most mutual fund categories in November should give credence to assertions that a bear market is emerging. Mutual funds got $8.82 billion of new cash in November, down more than 50% from October, according to the...

In Brief: Worldwide Growth Fund from AIM.(Brief Article)
January 2, 2001... AIM Management Group Inc.'s advisory unit introduced a new long-term capital appreciation fund on Thursday. The AIM Worldwide Spectrum Fund will invest in small-, mid-, and large-cap stocks in the United States and abroad. It will be able...

In Brief: Nvest Plans to Add Three Stock Funds.(Brief Article)
January 2, 2001... CDC Asset Management's fund unit announced Thursday that its Nvest fund family will launch three new stock funds this year, bringing its offerings to 29 in all. The Nvest Select Fund will be a value-oriented fund focused on U.S. stocks....

In Brief: ING Cleared to Sell Funds in Canada.(Brief Article)
January 2, 2001... ING Canada announced Friday that it had been approved by the Canadian Provincial Securities Commission to sell mutual funds in Canada. A new unit, ING Advisor Funds in Toronto, will offer the funds throughout the country, starting this...

In Brief: First Annapolis Names Partners.(Brief Article)
January 2, 2001... First Annapolis Consulting Inc., a financial services consulting firm specializing in the payment card industry, has made five of its executives equity partners: Charles Marc Abbey, John C. Grund, Lee E. Manfred, Sheila Narayan, and David A....

In Brief: Visa Fits System For BEA's Tuxedo.(Brief Article)
January 2, 2001... Visa U.S.A. has built its new payment processing system, Visa DirectExchange, on BEA Systems Inc.'s Tuxedo transaction server. Visa DirectExchange, which is being connected to Visa U.S.A. member banks, will be the world's largest private...

In Brief: Small-Biz Web Bank At Ohio's Nat City.(Brief Article)
January 2, 2001... National City Bank has introduced an online banking site for its small-business customers. The site, nc4bizonline.com, lets small businesses pay bills, transfer funds, review account activity, download to Intuit's QuickBooks accounting...

In Brief: IBM Launches IT Spending Calculator.(information technology)(Brief Article)
January 2, 2001... International Business Machines Corp. has unveiled a Web calculator that lets financial institutions benchmark their information technology spending. IBM derived the benchmarks from data received as part of its ongoing global survey of...

Older Tech Companies Beat Net Vendors in Beauty Contest.(Brief Article)
January 2, 2001... Mimicking the general market, Web-focused bank technology vendors' stock prices took a beating in 2000, while investors generally showed more confidence in the industry's more familiar tech providers. Of 46 public companies tracked from...

Bad Loans Hits Small Calif. N.y. Banks.(Brief Article)
January 2, 2001... Big banks aren't the only ones being dogged by bad loans. Late Thursday two community bank companies -- BSB Bancorp in Binghamton, N.Y., and Imperial Credit Industries in Torrance, Calif. -- announced that they were boosting loan-loss...

In Brief: First National of Omaha Sells ISO.(Brief Article)
January 2, 2001... First National Bank of Omaha has sold Retriever Payment Systems, an independent sales organization, to an acquisition group led by Retriever Payment Systems' management and Windward Capital Management LLC, a New York venture capital firm, for...

In Brief: Bank Card Chargeoffs Fell in November.(Brief Article)(Statistical Data Included)
January 2, 2001... Bank credit card chargeoffs in November fell 20 basis points from a month earlier, to 5.2% of accounts receivable, according to Standard & Poor's credit card quality indexes. The indexes monitor the performance of approximately $330 billion...

In Brief: Wesbanco of W.Va. to Acquire Belington.(Brief Article)
January 2, 2001... Wesbanco Bank, a unit of Wesbanco Inc., will acquire Belington Bank, a part of Freedom Bancshares in Belington, executives from both companies said Friday in a joint announcement. Each share of Freedom common stock outstanding would be...

In Brief: Lincoln National Plans to Settle Lawsuits.(Brief Article)
January 2, 2001... Lincoln National Life Insurance Co. said it has agreed to settle a class action by providing benefits to policyholders who purchased universal life and participating whole life insurance policies between from 1981 through 1998. The...

Should Schwab Follow Citi, Merrill Abroad?(Brief Article)
January 2, 2001... In the face of a significant slowdown in underwriting, analysts are suggesting that U.S. investment houses expand their retail brokerage business overseas. Players that concentrate on the domestic market, like Charles Schwab Corp., may be...

TODAY'S NEWS.(Brief Article)
January 3, 2001... Syndicated loan volume rose in 2000, but Morgan-Chase's market share dropped. Page 4 WASHINGTON A proposed rule on residuals would unfairly penalize banks for some isolated problems, bankers say. Page 5 COMMUNITY BANKING New...

New ATM Network Hires, Acquires.(Genpass Inc. buys MoneyMaker EFT Services Inc.)
January 3, 2001... An automated teller machine pioneer's plans to build a new ATM and electronic funds transfer network are finally taking shape: Bipin Shah and his company, Genpass Inc., have bought two small networks and hired a team of veterans who hail from...

The Tech Scene: A New Privacy Flash Point, Courtesy of IBM?(International Business Machines Corp.)(Brief Article)
January 3, 2001... Two years ago Scott McNealy, the chief executive officer of Sun Microsystems, famously told a group of reporters and analysts gathered for the introduction of a new data-sharing technology from his company, "You have zero privacy anyway -- get...

Support For Oxley Picking Up Steam: Roukema vows fight; says timing of panel's expansion 'political'.(Michael G. Oxley)(Brief Article)
January 3, 2001... Momentum for Rep. Michael Oxley to become chairman of an expanded House Banking Committee increased on Tuesday, despite a last-ditch appeal by Rep. Marge Roukema to win the post. Rep. Roukema called the timing of the plan to install Rep....

Grundhofer Brothers Ready to Close Merger.(Firstar Corp. will complete its acquisition of U.S. Bancorp, bringing brothers Jerry and Jack Grundhofer together in business for a third time.)(Brief Article)
January 3, 2001... In a few weeks, Firstar Corp. will complete its acquisition of U.S. Bancorp, bringing brothers Jerry and Jack Grundhofer together in business for a third time. It was the deal that everyone was waiting for. Jerry's Milwaukee-based Firstar,...

Syndicateds Climbed in 2000; Morgan-Chase Share Dipped.(J.P. Morgan Chase and Co.)(Brief Article)(Statistical Data Included)
January 3, 2001... In a year of growth for the syndicated loan market, two lending giants slipped in market share and left room for competitors to nudge higher. U.S. syndicated loan volume last year increased 13% from the year before, to $1.23 trillion,...

No Shortage of Bankers On Bush Transition Team.(George Bush)(Brief Article)
January 3, 2001... Senior bank executives and longtime Washington insiders top the list of financial advisers to President-elect Bush's transition team. The transition team on Monday released a list of 28 individuals who will advise on financial services...

Bankers Call New Residuals Proposal Too Broad, Punitive.(Western Financial Bank)(Brief Article)
January 3, 2001... Bankers are sharply criticizing a plan by federal regulators to impose tough new capital requirements on residual assets, saying it is too broad, contradicts other agency proposals, and is unnecessary. In comment letters to the agencies...

FDIC Report Has Warning For Mich., Ill. Start-Ups.(The Federal Deposit Insurance Corp.)(Brief Article)
January 3, 2001... The Federal Deposit Insurance Corp. is warning that the market for new banks in Michigan and Illinois is close to saturated and that start-up banks in those states could be hit hard if the economy slows. Since the beginning of 1998, 35 new...

Britton of Miss. May Reap Reward From Web Gamble.(Britton and Koontz First National Bank)(Brief Article)
January 3, 2001... In many ways Britton & Koontz First National Bank in Natchez, Miss., is your ordinary, conservative small-town community bank. For example, mortgage and home-equity loans make up 50% of its $162 million loan portfolio. But two years ago...

In Brief: Two Family Banks In K.C. to Merge.(Bannister Bank and Trust Co.; Union Bank (Kansas City, Missouri))(Brief Article)
January 3, 2001... Bannister Bank and Trust is buying another family bank in town, Union Bank, the two announced Tuesday. The price was not announced. Six-branch Bannister has $246.4 million of assets; seven-branch Union has $188.8 million. Jeffrey J....

In Brief: First Sterling Takes Main Street Name.(First Sterling Banks Inc. changed its name Tuesday to Main Street Banks Inc.)(Brief Article)
January 3, 2001... First Sterling Banks Inc. changed its name Tuesday to Main Street Banks Inc. First Sterling and Main Street Bank combined in May in a $91.2 million merger of equals. "We chose the Main Street name because it embodies the best qualities of...

Hancock Has Exec Life Insurance for Small Banks.(John Hancock Life Insurance Co.,)(Brief Article)(Product Announcement)
January 3, 2001... John Hancock Life Insurance Co., which since 1996 has insured large banks for payouts they must make when key executives die, has introduced its first such product for small and medium-size banks. Banks buy "bank-owned life insurance," or...

Union Planters in Retail Push for Leaders Family.(Brief Article)
January 3, 2001... Equipped with a new name, new share classes, and two new portfolios, Union Planters Corp.'s proprietary mutual fund family is about to go on sale to the public. The Memphis banking company inherited the fund group, formerly called Magna...

In Brief: NAMB Targets 'Truth' And Procedures Acts.(National Association of Mortgage Brokers)(Brief Article)
January 3, 2001... The National Association of Mortgage Brokers says it will make comprehensive mortgage reform the centerpiece of its legislative agenda this year. Specifically, NAMB president Neill Fendly said Congress should scrap the Real Estate...

In Brief: Rules Would Codify Power Over GSEs.(Office of Federal Housing Enterprise Oversight)(Brief Article)
January 3, 2001... The Office of Federal Housing Enterprise Oversight has issued several rule proposals to clarify its authority and oversight of Fannie Mae and Freddie Mac. One rule would give the regulator the authority to prohibit "excessive compensation"...

PMI Places Focus on Housing Partnerships.(PMI Group Inc.)(Brief Article)
January 3, 2001... PMI Group Inc., which last month agreed to refund New York homebuyers for overcharges, is trying to shine a spotlight on the good it does. In the last few years the private mortgage insurer has made serious efforts to help poor people get...

OnLine Banking: Banking Center in Place, Juno Seeks More Partners.(Juno Online Services Inc.)(Brief Article)
January 3, 2001... Juno Online Services Inc., the country's third-largest Internet service provider after America Online Inc. and EarthLink Inc., is accelerating its search for financial services partners. Leelila Strogov, senior vice president for business...

In Brief: Schwab Expands Alliance with eSpeed.(Charles Schwab and Company Inc.)(Brief Article)
January 3, 2001... Charles Schwab & Co. Inc.'s Web site has added a link to eSpeed Online to let individual investors trade and price U.S. Treasury securities. The link expands a deal Schwab initiated in March 2000 with eSpeed Inc., a New York company that...

In Brief: Travelers Express Adds Check Service.(Brief Article)
January 3, 2001... Travelers Express has unveiled a service that lets financial institutions view and print images of cleared official checks. On-Line Official Check Imaging is meant to help users provide information to their customers immediately, said Gene...

In Brief:.(Robertson Stephens Inc. says E-Shopping Satisfaction Score improved)(Brief Article)
January 3, 2001... Robertson Stephens Inc. reported last week that customer satisfaction with online holiday shopping improved over 1999 levels despite dipping in the final week. E-Shopping Satisfaction Score Improves The satisfaction score was 8.34 on a...

In Brief: Brokat Buys N.Y. Broker-System Firm.(Brokat AG, Automated Financial Systems Inc.)(Brief Article)
January 3, 2001... Brokat AG has completed its acquisition of Automated Financial Systems Inc. Automated, which provides Internet and telephone-based brokerage systems, will be a subsidiary of Brokat. All five of the acquired company's principals will...

In Brief: Morgan-Chase Names Private Bank Execs.(J.P. Morgan Chase and Co., Jes. E Staley, Maria Elena Lagomasino)(Brief Article)
January 3, 2001... The newly formed J.P. Morgan Chase & Co. named Jes. E. Staley and Maria Elena Lagomasino as co-heads of the new J.P. Morgan Private Bank on Tuesday. The announcement came just days after Chase Manhattan Corp. closed its acquisition of J.P....

In Brief: Deutsche to Fill Key Jobs as It Reorganizes.(Deutsche Bank AG)(Brief Article)
January 3, 2001... Deutsche Bank AG is expected to announce several senior appointments this week as it prepares to split its business into two units focusing on investment banking and asset management. The German banking giant will split its global markets...

In Brief: Fifth Third Completes Acquisition of Maxus.(Fifth Third Bancorp., Maxus Investment Group Inc.)(Brief Article)
January 3, 2001... Fifth Third Bancorp. said Tuesday that it had completed its acquisition of Maxus Investment Group, a Cleveland-based money management firm. The acquisition, announced in October, boosts Fifth Third's position as an asset manager in the...

Wells, Southwest Shares Decline After Downgrades.(Wells Fargo and Co., Southwest Bancorp securities downgraded)
January 3, 2001... Some of last year's rising stars among financial stocks began this year with a plunge. Southwest Bancorp of Texas fell $4.25 on Tuesday, or 9.9%, to close at $38.6875 after Stephens Inc. cut the Houston company's rating to "neutral" from...

Cut Stirs Hopes for Biggest Lenders.(Brief Article)(Statistical Data Included)
January 4, 2001... A surprise rate cut by the Federal Reserve's Open Market Committee Wednesday has renewed optimism that credit quality is on the mend. The largest U.S. banking companies, many of which have warned of loan losses and rising nonperforming...

REITs Stage Comeback with 26% Return.(Real Estate Investment Trusts)(Brief Article)
January 4, 2001... After two years of double-digit losses, REIT stocks made a comeback in 2000 as investors fled flagging high-tech stocks for safer investments. According to the National Association of Real Estate Investment Trusts, the sector returned...

TODAY'S NEWS.(Brief Article)
January 4, 2001... FleetBoston is settling a claim that it helped cause the collapse of Rhode Island's banking system. Page 2 Deutsche Bank will split its global markets group into three units. Page 2 WASHINGTON President-elect Bush has named a...

A Record Year for Credit Card Portfolio Sales; Top Dollar Paid.(Brief Article)
January 4, 2001... 2000 was a banner year for credit card portfolio transactions, with a record number of portfolios bought and sold and higher-than-average premiums paid, according to an investment banking firm that tracks this activity. The 36 blocks of...

Review/Preview: 2000 Delivered a Net Gain for Bank Branches.(online services for banking industry)(Statistical Data Included)
January 4, 2001... All the breathlessness, expectation, and zealotry about Internet-only banks seems to have amounted to one resounding conclusion: People like branches. A year or two ago every expert and analyst around was telling bankers at traditional...

Fleet to Pay $15.5M To Settle Claim in Decade-Old R.I. Crisis.(Rhode Island banking industry)(Brief Article)
January 4, 2001... In one of the final steps toward resolving a 10-year dispute over the collapse of Rhode Island's banking system in the early 1990s, FleetBoston Financial Group agreed Tuesday to pay a state agency $15.5 million to settle a claim that it...

Deutsche Splitting Global Markets Group in 3 Parts.(Brief Article)
January 4, 2001... Deutsche Bank AG on Wednesday reorganized its sales and trading units as part of a broader restructuring announced early last month. The Frankfurt banking company said it will split its global markets group into three units but leave its...

In Brief: CIBC and CIT in Joint Venture in Canada.(Canadian Imperial Bank of Commerce)(Brief Article)
January 4, 2001... Canadian Imperial Bank of Commerce and a unit of consumer finance company CIT announced Wednesday that they had formed a joint venture to offer asset- based lending products in Canada. The new venture, which will be co-owned by both...

In Brief: Webster of Conn. Sells Two N.H. Branches.(Webster Financial Corp. to Granite Bank)(Brief Article)
January 4, 2001... Webster Financial Corp. has completed the sale of its two-branch Olde Port Bank division to Granite Bank, a state-chartered commercial bank in Keene, N.H. Webster acquired Olde Port Bank and Trust of Portsmouth, N.H., in 1999 from New...

In Brief: Financial Services Committee Created.(banking industry)(Brief Article)
January 4, 2001... The House voted on Wednesday 215 to 206 to establish the Financial Services Committee. A more powerful offspring of the House Banking Committee, the new panel takes jurisdiction over securities and insurance activities from the Commerce...

In Brief: Fannie, Freddie Meet Capital Requirements.(Brief Article)
January 4, 2001... The Office of Federal Housing Enterprise Oversight confirmed Wednesday that the secondary mortgage market giants Fannie Mae and Freddie Mac were adequately capitalized at the end of the third quarter. Fannie Mae, with core capital of $19.9...

In Brief: Top Treasury Official Leaves for Law Firm.(James E. Johnson)(Brief Article)
January 4, 2001... The Treasury Department's top law enforcement official has left the agency to become a partner in the litigation practice of the law firm Morrison & Foerster. Treasury Under Secretary for Enforcement James E. Johnson, whose...

Bush Picks Fed Veteran Lindsey for Economics Job.(Lawrence B. Lindsey)(Brief Article)
January 4, 2001... President-elect Bush announced Wednesday that he plans to name Lawrence B. Lindsey, a close adviser, as his economics chief. Mr. Lindsey, 46, would serve as assistant to the President for economic policy, a new post. The former Federal...

ABA: $200K's Cost Would Outweigh Deposit Gains.(American Bankers Association)(Brief Article)
January 4, 2001... The American Bankers Association issued a study Wednesday predicting that the costs associated with raising deposit insurance coverage to $200,000 per account would outweigh the meager new deposits that such an increase would draw. Though...

Rainier Makes Mutual Switch.(credit union changes to mutual savings bank)(Brief Article)
January 4, 2001... Rainier Pacific Community Credit Union in Fife, Wash., converted to a mutual savings bank this week, becoming the 13th credit union -- and the largest -- to do so since Sept. 1, 1995, when Lusitania Savings Bank in Newark, N.J., got the ball...

Executive Changes.
January 4, 2001... MIDWEST Firstbank Corp. in Alma, Mich., has hired Samuel G. Stone, the senior vice president of corporate planning at National City Corp., as chief financial officer. Mr. Stone, who was also given the title of vice president, had...

Illinois Deal Would Repeal Predatory Lending Rules.(banking industry)(Brief Article)
January 4, 2001... Bankers and regulators in Illinois were close to cutting a deal Wednesday to repeal tough predatory-lending rules -- if lenders agreed to voluntarily report default and foreclosure rates. The bankers had been trying to kill the...

In Brief: Canada's Great-West Finishes Restructure.(Brief Article)
January 4, 2001... Great-West Life Assurance Co. in Winnipeg has completed a reorganization that transfers ownership of Great-West Life and Annuity Insurance Co. in Greenwood Village, Colo., to a new subsidiary in Greenwood Village: GWL&A Financial Inc. The...

In Brief: Wausau Site Sells Small-Biz Coverage.(Brief Article)
January 4, 2001... Small employers can now apply for and buy a package of property and liability insurance coverage through Wausau Insurance's small-business Web site. Applications for Business Owner's Policy are processed in six to eight minutes at the...

In Brief: Phoenix Expands Alliance with Amex.(Brief Article)
January 4, 2001... Phoenix Investment Partners is expanding its relationship with American Express Wealth Management Service by offering four new investment strategies through it. The additions are two large-cap portfolios and one mid-cap growth portfolio,...

Merged Dutch Giant in Canada Is Looking for More Deals.
January 4, 2001... Dutch banking and insurance giants have been busy not only in the United States, but also to the north. On Dec. 31 the Canadian minister of finance gave final regulatory approval for Transamerica Life Insurance Company of Canada, the...

In Brief: Mellon Global Sets Product Launches.(Brief Article)
January 4, 2001... Mellon Global Investments plans this quarter to launch a mutual fund family here and start a proprietary hedge fund and subsidiary in London. The Dublin offering, Mellon Global Funds, will feature collective investments in transferable...

In Brief: First Union Closes JWGenesis Deal.(Brief Article)
January 4, 2001... First Union Corp. of Charlotte, N.C., has completed its $103 million acquisition of JWGenesis Financial Corp. of Boca Raton, Fla., its first purchase of an independent brokerage. The broker-dealer within JWGenesis will be affiliated with...

In Brief: Nuveen Plans Its Second ETF.(Brief Article)
January 4, 2001... Nuveen Investments is preparing to launch its first exchange-traded funds tracking U.S. Treasury indexes. The Fixed Income Trust Receipts, to trade on the American Stock Exchange. will be based on the indexes of one-, two-, five-, and...

In Brief: John Hancock Names Chief Financial Officer.(Brief Article)
January 4, 2001... John Hancock Funds announced Tuesday that it has named Richard A. Brown chief financial officer, treasurer, and senior vice president. Mr. Brown, who has been with Hancock since 1971, was most recently second vice president and senior...

In Brief: New Owner Expands Eclipse Fund Family.(Brief Article)
January 4, 2001... New York Life Investment Management LLC has introduced three new funds and repackaged others into the Eclipse Funds family of mutual funds. The fund family, which the company will distribute through fee-based financial planners and wrap...

In Brief:.(National City Corp. 401(k) online site)(Brief Article)
January 4, 2001... National City Corp. announced Wednesday that its 401(k) plan participants can access information and advice about their retirement savings online from Financial Engines Investment Advisors. National City Puts 401(k) Data Online The site...

In Brief: Netstock Has New Retirement Account.(Brief Article)
January 4, 2001... The online investing company Netstock Corp. has unveiled an Individual Retirement Account that lets investors make minimal monthly contributions. Individuals can invest $166 a month in a Sharebuilder IRA while working up to their maximum...