American Banker articles from January 2002

American Banker archives from January 2002

In Brief: Real Estate Bill Finds Supporters in House.(Brief Article)
January 1, 2002... Four members of Congress and the head of the National Association of Realtors held a press conference Thursday in support of recently introduced legislation that would bar banks from offering real estate brokerage or property management...

Hamilton Accuses OCC of Racial Bias.(Office of the Comptroller of the Currency )(Brief Article)
January 1, 2002... A Miami bank that has been at odds with the Office of the Comptroller of the Currency over its dealings in Latin America claims in a lawsuit that the regulator used "racial profiling" to impose enforcement orders on the bank. In the suit,...

In Brief: CNA Plans Layoffs, 4Q Charge of $114M.(CNA Financial Corp.)(Brief Article)
January 1, 2002... CNA Financial Corp. said it will cut 1,850 jobs and take fourth-quarter charges of $114 million to $124 million, after taxes, related to a restructuring of its operations, the discontinuation of its variable life and annuity business, and a...

In Brief: Woronoco of Mass. Closes Agency Deal.(Woronoco Bancorp Inc.; Keyes & Mattson Insurance Agency Inc)(Brief Article)
January 1, 2002... Woronoco Bancorp Inc., the holding company for Woronoco Savings, said it has closed its deal for Keyes & Mattson Insurance Agency Inc. The banking company merged the agency with its Agan Insurance Agency Inc. subsidiary, it said Dec. 3....

SunAmerica Adopts Wachovia Unit's Annuity System.(bank-owned Pivot Inc.)(Brief Article)
January 1, 2002... In a twist on the usual bank-insurer alliance model, SunAmerica Inc. has decided to use the services of bank-owned Pivot Inc. to provide annuity services to its registered reps. In the first quarter SunAmerica's nine broker-dealer...

Hypercom Puts Its Finger On a New ID Mechanism.(Brief Article)
January 1, 2002... The payment terminal manufacturer Hypercom Corp. has developed a biometric finger-scanning pad that attaches to its terminals and can be used to verify a cardholder's identity at the point of sale. The Phoenix company said the device, which...

In Brief: MBA: Fed's Decision May Tighten Credit.(Mortgage Bankers Association)(Brief Article)
January 1, 2002... The Mortgage Bankers Association reacted coolly to the Federal Reserve Board's decision to broaden the number of mortgages subject to the "high-cost" loan disclosure and reporting provisions of the Home Ownership and Equity Protection Act. ...

In Brief: Application Index Down, MBA Reports.(Mortgage Bankers Association)(Brief Article)
January 1, 2002... Mortgage applications last week fell 7% from the week before as refinancing continued to contract, according to the Mortgage Bankers Association weekly survey, released Wednesday. The MBA's purchase index inched down 2%, to 342.7, while the...

Housing Economists: Biz Shrugging Off Recession.(Brief Article)
January 1, 2002... The recession will have only a slight impact on the housing and mortgage industries, a panel of economists declared this week. They also said the recession will be over early next year. "We said a month ago that this would be the...

Letters To The Editor.(Brief Article)
January 1, 2002... Hold Government Accountable For Future Attacks To the Editor: John Samples, Tom Miller, and Peter Vandoren responded to my Nov. 30 article, "Why Congress Should Foot the Bill for Future Major Terrorist Attacks," in a Dec. 7 article,...

Netting Bill Would Prevent Domino Effect from Collapses Like Enron's.(Brief Article)
January 1, 2002... The failure of Enron Corp. is just one of the numerous business collapses that the financial community and the U.S. economy could face in the coming months. However, by acting fast Congress can help avert similar crises. In financial...

Much More to Aggregatio Than Bundling Account Data.(Brief Article)
January 1, 2002... Account aggregation is far more than an interesting technology. It is a doorway into highly interdependent customer relationships built on better information and convenience and mutually beneficial cost constructs. Immediate opportunities for...

Planning Budgets and Strategy Needs Mix of Old and New Ideas.(Brief Article)
January 1, 2002... Strategic planning and budgeting are tough tasks during stable times. How hard are they now? Well, Dick Kovacevich, the chief executive officer of Wells Fargo & Co., said he is preparing several budgets for next year. Clearly, we are...

Billpoint CEO to Banks: We Could Use Help.(Janet S. Crane, a vice president of eBay Inc. and the chief executive officer of its Billpoint subsidiary)(Brief Article)
January 1, 2002... Calling her business model incomplete, Janet S. Crane, a vice president of eBay Inc. and the chief executive officer of its Billpoint subsidiary, on Thursday asked banks for help in building systems for the settlement of online transactions....

Two Lower Key Estimates, Citing Reserves Worries.(analysts on KeyCorp)(Brief Article)
January 1, 2002... Two analysts on Thursday lowered their earnings outlooks on KeyCorp, predicting it will have higher loan-loss provisions for this quarter and all of 2002. Gerard Cassidy of RBC Capital Markets slashed his fourth-quarter estimate on the...

In Brief: Moody's Downgrades Morgan Chase.(Brief Article)
January 1, 2002... Moody's Investors Service said Thursday that it had reduced its ratings on J.P. Morgan Chase & Co. to "stable" because of limited revenue enhancements coming from the merger of Chase Manhattan and J.P. Morgan. The long-term ratings change...

In Brief: Riggs to Take $27.5M Charge for 4Q.(Riggs National Corp.)(Brief Article)
January 1, 2002... Riggs National Corp. announced Thursday that it will take a $27.5 million charge against fourth-quarter earnings. The money will pay for a technology upgrade ordered by Robert Allbritton, Riggs' chairman and chief executive officer. ...

In Brief: Senate Compromise on Terror Insurance.(Brief Article)
January 1, 2002... The terrorism insurance bill remained stalled Thursday afternoon, but Senate negotiators said they had reached an agreement on the substance of the legislation. The sticking point remains the highly contentious political issue of whether...

In Brief: Nat City Names CEO for Central Region.(National City Corp. named Michael Gonsiorowski)(Brief Article)
January 1, 2002... National City Corp. said Thursday that Michael Gonsiorowski will take over Jan. 1 as president and chief executive of its central banking region, based in Columbus, Ohio. He will succeed Gary A. Glaser, 56, who will remain as the bank's...

Basel Panel Still Refining Capital Rules.(Brief Article)
January 1, 2002... The Basel Committee on Banking Supervision said Thursday that it will not meet its already delayed schedule for revising international risk-based capital rules. Burned by past predictions, the committee did not give itself a new deadline for...

Today's News.
January 2, 2002... WASHINGTON Citibank is the lead lender for a $445 million loan for America West backed by a federal loan guarantee program. Page 4 Merger applications are now seen by federal regulators as an opportunity to look at banks' efforts to...

Discover Priorities: Product Mix, Alliances: Shift in Cashback program, cobranding; slower pace outside U.S., U.K.(Discover Financial Services marketing strategies)(Statistical Data Included)
January 2, 2002... After a year like 2001, Morgan Stanley executives may never again have to answer questions about why they hang on to that credit card business of theirs. Their Discover card, which is generally thought of as the No. 4 player in an industry...

E-Pay Efforts Increasingly A 9/11 Issue.(electronic payment plans more attractive in aftermath of terrorist attacks on U.S., anthrax threat)(Brief Article)(Statistical Data Included)
January 2, 2002... When BB&T Corp.'s payment systems steering committee met on the last Friday of November to discuss some new projects, the conversation took an inevitable turn. "We spent 30 to 40 minutes discussing Sept. 11 and anthrax," said Woody Tyner,...

Basel On Ops Risk: Judgment Over Data?(Basel Committee on Banking Supervision publishes guidelines for bank operations risk management)(Brief Article)
January 2, 2002... Nearly a year after the Basel Committee revealed that it intended to make banks hold capital against operational risks, international regulators have released the first detailed look at how the new rules might shape up. Guidelines issued...

No Commercial Timeout For New Comerica Chief.(Ralph W. Babb Jr.)
January 2, 2002... Ralph W. Babb Jr. has taken the helm of Comerica Inc., one of the country's purest commercial lenders, at a time when many banks are evaluating their commercial credit exposure. Despite the slower economy, he considers this a great time to...

Citi Takes Lion's Share of Loan for America West.(Citibank)(Brief Article)(Statistical Data Included)
January 2, 2002... Citibank has been chosen as the lead lender in a $445 million financing for America West Airlines that falls under the new federal loan guarantee program for the airline industry. The Citigroup Inc. unit will provide $429 million to the...

Regulators' M&A Exams to Cover Laundering.(mergers, acquisitions)(Brief Article)
January 2, 2002... Starting today federal regulators are considering banks' performance at combating money laundering when weighing merger and acquisition applications, according to the Federal Deposit Insurance Corp. In a letter Friday to the approximately...

Delinquency Up for Small Credit Card Lenders.(Brief Article)(Statistical Data Included)
January 2, 2002... The economy has taken a toll on the credit card portfolios of small national banks, according to a report from the Office of the Comptroller of the Currency. The average proportion of noncurrent credit card loans at national banks with...

Tontine Acquires Stake in Horizon of Iowa.(Tontine Financial Partners L.P., Horizon Financial Services Corp.)(Brief Article)
January 2, 2002... An investment partnership with a track record of investing in thrifts that were later acquired has purchased a large stake in a small Oskaloosa, Iowa, savings bank. In a document filed Dec. 20 with the Securities and Exchange Commission,...

ING Selling 6 Funds Online Through Del. Bank Unit.(Brief Article)
January 2, 2002... ING Direct, the branchless bank of Dutch insurer ING Group, has expanded into the investment business by offering six mutual funds, according to Tom Deck, president of ING Direct Securities in Wilmington, Del. "The product is easy to...

After Relatively Good '01, Banks Like 2002 Outlook.(Brief Article)(Statistical Data Included)
January 2, 2002... Though mutual fund investors suffered through a bruising 2001, many banks' fund families recorded double-digit asset gains last year, prompting executives and analysts to say the new year could bring a market recovery and a surge in sales. ...

In Brief: MasterCard to Offer a Hub for EBPP.(MasterCard Remote Payment and Presentment Service)(electronic bill presentment and payment program)(Brief Article)
January 2, 2002... To promote electronic bill presentment and payment, MasterCard International plans to announce a program Wednesday to enable multiple online billers to reach customers through a single hub provided by MasterCard Remote Payment and Presentment...

In Brief: Genpass Finds New Home for Tech Center.(Genpass Inc. to move Genpass Technologies)(Brief Article)
January 2, 2002... Genpass Inc. of Philadelphia plans to move the technology and operations center of its Genpass Technologies -- the owner and operator of the MoneyMaker and Money Belt EFT networks -- this year to the Dallas suburb of Irving, Tex. Genpass...

Beleaguered MBA Says It's Back on Track.(Mortgage Bankers Association of America)
January 2, 2002... Pressing the flesh on behalf of the banking industry was a lot harder 20 years ago, according to John Courson, the chairman-elect of the Mortgage Bankers Association. Back then there was no unified voice for the industry, he said. "You had...

Correction.(Correction Notice)
January 2, 2002... The Dec. 19 story "Mail, Not Much More, in IRA-Hike Promotions" on page 5 misidentified the bank of which Kenneth A. Heiser is the president. It is First National Bank of Hudson, not First National Bank of New Richmond. Copyright c 2002...

For Financials' Stocks, Fitting End to Fitful Year.(Brief Article)(Statistical Data Included)
January 2, 2002... As they did for most of 2001, financial stocks closed the year with a fairly mixed trading session. The American Banker index of 225 banks was down 1.65% at the market close on New Year's Eve, and its index of the top 50 banks fell 0.7%....

N.Y. Community to Tighten Focus on City.(Webster Financial Corp. to buy accounts from New York Community Bancorp Inc.)(Brief Article)
January 2, 2002... New York Community Bancorp Inc., which plans to unload its handful of Connecticut branches, is continuing its efforts to focus on the New York metropolitan area. The New York company announced an agreement on Monday to sell the accounts...

In Brief: S.D.'s 1st State Told to Revamp Policies.(First State Bank (Warner, South Dakota))(Brief Article)
January 2, 2002... In an enforcement action released Friday, the Federal Reserve Board ordered First State Bank of Warner, S.D., to rewrite its loan policy and procedures to address several deficiencies. The order requires the bank develop new procedures...

In Brief: ebank.com to Acquire Atlanta Brokerage.(ebank.com Inc., Peachtree Capital Corp.)(Brief Article)
January 2, 2002... ebank.com Inc., an Internet banking company with a branch in Atlanta, announced a cash-and-stock deal Monday to acquire Peachtree Capital Corp., an Atlanta financial planning and securities brokerage firm, for an undisclosed price. ...

In Brief: Union of Ill. Nearly Doubles 4Q Reserves.(UnionBancorp)(Brief Article)(Statistical Data Included)
January 2, 2002... UnionBancorp Inc. announced Friday that it would increase its fourth-quarter loan-loss provisions by 85%, to $6.3 million. The $776 million-asset company said the decision was sparked in part by a commercial loan that deteriorated very...

Captive Agents Gave Edge To Insurers Vying in Banking.
January 3, 2002... Insurers, whose efforts to enter banking had been spotty at best, showed real signs of progress last year -- with the biggest successes coming from companies that used a captive sales force. State Farm, which formed its own thrift and...

Wal-Mart, TD: Could They Make It Work?(Wal-Mart Stores Inc., TD Bank USA plan alliance for in-store banking services)(Brief Article)
January 3, 2002... Despite a regulatory rebuke and opposition from some lawmakers, Wal-Mart Stores Inc. is expected to revive its controversial plan to offer banking services in at least 100 stores in a partnership with a Toronto-Dominion Bank unit. The...

TODAY'S NEWS.
January 3, 2002... CIBC is staying close to its areas of expertise in looking for growth opportunities in the United States. Page 2 A Treasury proposal to make broker-dealers file suspicious-activity reports has drawn surprisingly little fire, given how hard...

How Agency Became Sleuth of Nazi Thefts.(New York Department of Banking)
January 3, 2002... Ismar Littmann, a prominent Jewish lawyer, died in the then-German city of Breslau in 1934, shortly after Adolf Hitler came to power. Nearly 70 years later, when his heirs needed help recovering paintings the Nazis confiscated from Mr....

Pressed, Tech Chiefs Seeking Faster Return on Investment.(banking companies try to make most of what they have)
January 3, 2002... Getting a return on technology investments, always a priority for banking companies, is proving especially important in these tough times. With their technology budgets growing more slowly than in recent years -- and in some cases shrinking...

Executive Changes.(multiple personnel changes)(Brief Article)
January 3, 2002... NEW ENGLAND State Street Global Advisors, the Boston investment management arm of State Street Corp., has hired Thomas Moore and Robert Russell as portfolio managers in its international growth opportunities portfolio management team. ...

CIBC Focuses on Strengths In U.S. Investment Banking.(Canadian Imperial Bank of Commerce)(Brief Article)
January 3, 2002... Canadian Imperial Bank of Commerce is not alone in looking to the United States for growth opportunities. Indeed each of the biggest Canadian banks has, in its own way, looked beyond its domestic borders in search of growth. But CIBC,...

Suspicious-Activity Rule Gets Little Protest from Its Target.(Treasury Department proposal requires filing of suspicious-activity reports)(Brief Article)
January 3, 2002... A Treasury Department proposal that broker-dealers be required to file suspicious-activity reports has drawn surprisingly little fire from securities firms given the intense pressure that lobbyists exerted to delay it during its five-year...

Enron Probe to Include Regulators.(Brief Article)
January 3, 2002... When the Senate convenes this month, a top priority for its Governmental Affairs Committee will be to investigate whether holes in the regulatory safety net played a role in the quick and costly collapse of the energy trading titan Enron Corp.,...

Recalling 2001. in the Industry's Own Voice.
January 3, 2002... On these pages, we look back at how bankers and others talked about what has been one of the financial industry's most challenging years. All quotes appeared in the pages of American Banker on the issue dates shown. Individuals' titles are for...

Seller's Chapter 11 Reads Well for TNS Founder.(Transaction Network Services Inc., PSINet Inc.)
January 3, 2002... If there's one thing that feels better than buying back your company from corporate parents you were never crazy about, it's buying it back a month before those corporate parents file for bankruptcy. So says John J. "Jack" McDonnell Jr.,...

In Brief: B of A, US Airways Offer Miles Cards.(Bank of America Corp.)(Brief Article)
January 3, 2002... Bank of America Corp. and US Airways have introduced two cobranded products: the Dividend Miles Visa Check Card and the Dividend Miles Visa Business Card. The first, a debit card, gives customers 1,000 miles after the first purchase and...

In Brief: Genpass Moving Unit's Tech Center.(from Dallas to Irving, Texas)(Brief Article)
January 3, 2002... Genpass Inc., a Philadelphia company that owns and operates two electronic funds transfer networks, plans to move the technology and operations center of its Genpass Technologies this year from its current Dallas location to the suburb of...

Champion Plans '02 Push In More Western Markets.(Champion Mortgage Co.)(Brief Article)(Statistical Data Included)
January 3, 2002... After 20 years as a regional player in the Northeast, Champion Mortgage is making a move to become a national home equity lender by building on its year-old West Coast presence. In its first foray west of Philadelphia, Champion, the...

In Brief: Interactive Data Buying Merrill Pricing Division.(Merrill Lynch Securities Pricing Service)(Brief Article)
January 3, 2002... Interactive Data Corp. said Wednesday that it had agreed to buy Merrill Lynch & Co.'s securities pricing unit for $48 million. Merrill Lynch Securities Pricing Service, a provider of information on global financial instruments, evaluates...

In Brief: TowerGroup Says the U.S. Will Remain EBPP Leader.(electronic bill presentment, payment)(Brief Article)(Statistical Data Included)
January 3, 2002... The United States is expected to continue to lead the world in the introduction and adoption of electronic bill presentment and payment through 2005, though markets in the European Union and Asia-Pacific regions will make big gains, TowerGroup...

In Brief: E-Trade Enhancements Include Instant Messaging.(Brief Article)
January 3, 2002... E-Trade Group Inc. on Wednesday said it had added enhancements that let households interact with its associates in real time through online chats and instant messaging. E-Trade obtained the technology, which it calls Service Now, through...

Could U.S. Bancorp Be 2002's Big Turnaround?(analysts predict strong year for U.S. Bancorp)(Brief Article)(Statistical Data Included)
January 3, 2002... Analysts predict a strong rebound for a number of financial stocks this year, but some are betting that U.S. Bancorp could be one of the top performers after spending much of 2001 in the doldrums. The company was out of favor last year...

In Brief: Hearing Slated on Yield-Spread Premiums.(led by Senate Banking Committee Chairman Paul Sarbanes)(Brief Article)
January 3, 2002... As part of his ongoing investigation into abusive lending, Senate Banking Committee Chairman Paul Sarbanes, D-Md., has scheduled a hearing for Jan. 8 on the controversial use of yield-spread premiums, in which a mortgage lender pays a...

In Brief: Bank of N.Y. to Buy CS First Boston Unit.(Bank of New York to acquire Autranet Inc)(Brief Article)
January 3, 2002... Bank of New York said Wednesday it has agreed to acquire Autranet Inc., an agency brokerage subsidiary of Credit Suisse First Boston Corp., for an undisclosed price. A closing date for the transaction, which is subject to regulatory...

In Brief: FHA Raises Single-Family Loan Limits 9%.(Federal Housing Administration)(Brief Article)(Statistical Data Included)
January 3, 2002... The Federal Housing Administration on Tuesday increased its insurance limits for single-family mortgages by 9%, to $144,336 in low-cost areas and $261,609 in high-cost areas. The limits for FHA-insured two-unit dwellings were raised to...

In Brief: Euro Launch Sparks Record ATM Volume.(Europay International)(Brief Article)(Statistical Data Included)
January 3, 2002... Europay International, the European payments organization owned by MasterCard International, said the transaction volume on its cards at automated teller machines and at point of sale terminals set a record on Jan. 1, the day the...

Editor's Note.(banking industry's reaction to USA Patriot Act)(Brief Article)(Editorial)
January 3, 2002... Given the mood of the country in the weeks after Sept. 11, it's no surprise really that bankers chose to stay on the sidelines while Congress was debating, then passing, landmark anti-terrorism legislation. Though the USA Patriot Act,...

Worried About the Burden of Fighting the War on Terrorism.(banks cross-checking names of suspected terrorists)
January 3, 2002... Banks got their draft notices early in the war on terrorism. Weeks before U.S. troops landed in Afghanistan, bankers were busy cross-checking customer names against suspected- terrorist lists provided by the Treasury Department and the...

Here Come the Regs.(new banking regulations follow terrorist attacks on U.S.)(Brief Article)(Statistical Data Included)
January 3, 2002... The USA Patriot Act promises to generate a thick sheaf of regulations for banks and other financial institutions. Among the measures reportedly under consideration: Tough new reporting and record-keeping standards for account holders,...

Comment: Diversity Key to Farm Communities' Survival.(Brief Article)
January 3, 2002... Agricultural economists tell us that in the next decade farm communities will face one of two scenarios: Some will atrophy and die - and in a few cases the land will revert to the prairie it was before settlers moved west - while others...

A Few Banks Betting on Lawyers' Winning Ways.(banks open lines of credit for attorneys on contingency)
January 3, 2002... Ned Reilly, a founding partner of one of the largest personal injury law firms in Orange County, Calif., had been making do while waiting for long periods of time to get his share of jury rewards from cases taken on contingency. But...

KBW, Sandler Retain Grip On Small Bank M&A.(Sandler O'Neill & Partners L.P., Keefe Bruyette & Woods Inc. continue in bank mergers and acquisitions, despite loss of personnel in terrorist attacks on U.S.)
January 3, 2002... When a pair of Rhode Island banks in adjoining markets announced a deal in November to merge, a couple of very familiar players in merger-and-acquisition circles were at the table opposite one another. Advising Washington Trust Bancorp...

The Russians Are Coming ... to Like U.S. Practices.(Financial Services Volunteer Corps trains foreign bankers in U.S. practices)
January 3, 2002... Oleksiy Meleshchuk, the first deputy head of project monitoring at National Bank of Ukraine, visited the United States this summer to brainstorm a strategic plan for his company and learn why American banks, on the whole, operate so...

Shell Oil Program Lends a Hand to Bronx Bank.(Shell Oil Co.'s Community Banking Initiative gains new partner, New York National Bank)(Brief Article)(Statistical Data Included)
January 3, 2002... Shell Oil Co.'s Community Banking Initiative is now in the South Bronx. The newest partner in the Houston giant's inner-city development program is $145 million-asset New York National Bank. It will use an investment from the Royal...

Tax-Report Offshoot: We're Watchdog, Advocate.(American Bankers Association creates lobbying arm, Center for Community Bank Tax)(Brief Article)(Statistical Data Included)
January 3, 2002... Small banks have complained about federal and state income taxes for years, and now they have a group to support them in their fight. The American Bankers Association recently created the Center for Community Bank Tax to lobby for...

Online Program Draws Small Banks Into Student Lending.(Student Loan Finance Corp. online program, BrainScratch)(Brief Article)(Statistical Data Included)
January 3, 2002... Since March, 129 community banks across the country have started making student loans through BrainScratch, an online program created by the Student Loan Finance Corp. Through the program, the Aberdeen S.D., company originated $1.2...

To Manage Growth, Ill. Bank Training For ISO Certification.(American Chartered Bank, Illinois)(Brief Article)(Statistical Data Included)
January 3, 2002... To prevent growing pains, one Illinois bank is taking a cue from the manufacturing industry. American Chartered Bank in Schaumburg began training in November for ISO9001 certification, a quality-control designation coveted by many...

Consultant Kafafian Severs Investment Bank Ties.(Robert E. Kafafian creates Kafafian Group, a spinoff of Royal Bank of Canada)(Brief Article)
January 3, 2002... Robert E. Kafafian, a banking consultant who specializes in profitability analysis for community banks, is used to ordering new stationery. As an investment banker at the firm Hopper Solliday & Co. in the mid-1990s, Mr. Kafafian began a...

Chicago Programs Offer Alternatives To Payday Loans.(Chicago, Illinois; St. James Church, North Side Community Federal Credit Union)(Brief Article)(Statistical Data Included)
January 3, 2002... Concerned that some parishioners were getting too deep in debt to payday lenders, Father Thomas Frayne of St. James Church came up with a solution two years ago. He created a revolving, $1,000 fund from which parishioners or others in...

Top Bank Holding Companies in Domestic Commercial and Industrial Loans*.(United States)(Statistical Data Included)
January 3, 2002... As of June 30, 2001; dollars in thousands (part 1 of 2) 1 Bank of America Corp. Charlotte, N.C. 2 Citigroup Inc. New York 3 J.P. Morgan Chase & Co. New York 4 FleetBoston Financial Corp. Boston 5 Bank One Corp....

Banking Companies with Biggest Percent Increase in Per-Share Earnings.(United States)(Statistical Data Included)
January 3, 2002... Third-quarter 2001 data for publicly traded companies* (part 1 of 2) 1 Oregon Trail Financial Corp. Baker City, Ore. 2 Pelican Financial Inc. Ann Arbor, Mich. 3 National Commerce Financial Corp. Memphis 4 Crescent...

OCC Orders Bank to Exit Payday Biz.(Office of the Comptroller of the Currency, Eagle National Bank in Upper Darby, Pennsylvania)(Brief Article)
January 4, 2002... Issuing an enforcement action against a tiny bank in Pennsylvania on Thursday, federal regulators took their most concrete step to date to warn banks against trying to beef up their revenues by going into business with third parties such as...

Addition by Subtraction: GreenPoint Quits Prefab.(GreenPoint Financial quits manufactured-housing lending business)(Brief Article)
January 4, 2002... To understand just how troubled manufactured-housing lending has become, consider the reaction to GreenPoint Financial Corp.'s announcement Thursday that it would exit the business. The decision, which ended a nearly four-year effort by the...

New Standard Could Mean New Charges: First of two parts.(Financial Accounting Standards Board, acquisition accounting)(Brief Article)
January 4, 2002... On first glance, the New Year's Day introduction of an accounting standard that eliminates the need to write down certain assets gained through past mergers and acquisitions every quarter seems like good news for the earnings at many banking...

With Deal for Cardservice, 1st Data Takes a Web Leap.(First Data acquires Cardservice International)
January 4, 2002... First Data Corp., which is far and away the biggest provider of credit card services to merchants, has signaled a new level of comfort with Internet merchants with its acquisition of Cardservice International, a company that facilitates bank...

TODAY'S NEWS.(Brief Article)
January 4, 2002... Mellon Financial's chairman invited the 25,000 employees to "drop me a note." In this week's People. Page 2 WASHINGTON Page 3 COMMUNITY BANKING The uncertain fate of federal farm subsidies has created a tough guessing game for...

People.(several banking industry news briefs)(Brief Article)(Statistical Data Included)
January 4, 2002... Mellon CEO Listens Marty McGuinn, the chairman and chief executive officer of Mellon Financial Corp., likes to stay in touch with the Pittsburgh company's 25,000 employees. In his annual New Year's letter to staff members, Mr. McGuinn...

Japan's Loan Problems Look Familiar to Seidman.
January 4, 2002... No one would begrudge Bill Seidman a bit of envy as his buddies from the Ford administration -- including Defense Secretary Donald Rumsfeld, Vice President Cheney, and Treasury Secretary Paul O'Neill -- play starring roles in the current Bush...