American Banker articles from July 2003

American Banker archives from July 2003

Is Nonprime Fix for Other Problem At Freddie?: Using credit risk to mitigate prepayments -- and maybe politics.
July 1, 2003... Before it came under fire for its accounting of derivatives used to hedge interest rate risk, Freddie Mac -- long considered the more conservative of the two big government-sponsored enterprises -- was already feeding an increasing appetite for...

Assessing Risk: Peeling Apart Data on Derivs.(derivatives)
July 1, 2003... Big numbers fascinate. Consider the notional amount of derivatives held by U.S. commercial banks at the end of the first quarter: $61.4 trillion, or about 10 times the national debt. Yet despite all the publicity -- and, in some...

Nat Commerce CEO Assembles New Exec Team.(National Commerce Financial Corp.)
July 1, 2003... A month after being named National Commerce Financial Corp.'s chief executive, William R. Reed Jr. on Monday announced the formation of a new executive team to turn the Memphis company around. Mr. Reed, who was appointed the CEO after the...

TODAY'S NEWS.(Compensation experts say investment banking's future will be one of fewer jobs and far lower salaries)(Brief Article)
July 1, 2003... Compensation experts say investment banking's future will be one of fewer jobs and far lower salaries. Page 2 WASHINGTON Page 4 COMMUNITY BANKING Lawsuits in Pennsylvania over the name "Citizens" brought a decision neither side...

White House's Support For FCRA Comes at Price.
July 1, 2003... The White House on Monday announced its much-anticipated support for reauthorizing the Fair Credit Reporting Act while asking Congress for some new consumer protections and leaving states to keep restricting how businesses share customer data...

Have Investment Bank Paychecks Shrunk for Good?
July 1, 2003... During a recent business trip to San Francisco, Alan M. Johnson jumped in a taxi and struck up a conversation with the driver. It turned out that the driver, a man in his early 40s, "was a former equity research analyst," said Mr. Johnson,...

Hostile Bidder Steps Down in Honolulu.(Brief Article)
July 1, 2003... A three-month takeover fight between two Honolulu banking companies seems to have ended with the would-be acquirer bowing out. CB Bancshares Inc., the parent company of City Bank, announced Saturday that Central Pacific Financial Corp. had...

Surprise in 'Citizens' Dispute.
July 1, 2003... Citizens National Bank of Evans City, Pa., got a reminder last week: Be careful what you ask for. Two years ago the $435 million-asset bank, whose hometown is 23 miles from Pittsburgh, sued to prevent the much larger Citizens Financial...

Bankers: Mass. Bill Would Actually Spur Mutual Conversions.
July 1, 2003... A Massachusetts bill meant to discourage mutual thrifts in from converting to stock ownership could have the opposite effect, according to bankers and trade groups. Though few expect it to advance beyond the state Senate Banking Committee,...

In Brief: MBNA Wins a 'Buy' From Legg Mason.(Brief Article)
July 1, 2003... Legg Mason Wood Walker Inc. upgraded MBNA Corp. to "buy" from "hold" on Monday, arguing that the credit card specialist should be more successful than other big issuers at repricing customers to offset rising funding costs. The Baltimore...

In Brief: Bear Stearns Upbeat On American Express.(Brief Article)
July 1, 2003... Bear Stearns has raised its earnings estimates and share target price on American Express Co., saying it expects assets under management and fees at American Express Financial Advisors to increase. In a report issued Thursday, analyst David...

More Bad Debt to Collect, But Prices Rising.
July 1, 2003... Unpaid credit card bills remain the fastest-growing part of the debt collection industry, and bad checks appear to be losing ground as overall check usage declines, according to a survey conducted by the advisory firm Kaulkin Ginsberg Co. ...

Western & Southern Notes Rated.(Brief Article)
July 1, 2003... A.M. Best Co. has assigned an AA-minus rating to the $350 million of 30-year senior unsecured notes that Western and Southern Financial Group Inc. plans to issue. The ratings company made no change in the A-plus-plus financial strength...

Wachovia, AnnuityNet Deal A Bid to Dominate Services.
July 1, 2003... Believing they could become dominant in the $200 billion-a-year annuity service market, Wachovia Corp. and AnnuityNet Inc. have agreed to combine their service businesses. The deal, announced Wednesday, is to create a company that combines...

In Brief: U.S. Bancorp Unit Product Link.(Brief Article)
July 1, 2003... U.S. Bancorp Asset Management announced Monday that it will begin offering alternative investment products from a California asset management firm. The Minneapolis company said it has formed a strategic alliance with Coast Asset Management...

In Brief: ING: Pension Growth Prospects.(ING Groep NV)(Brief Article)
July 1, 2003... The Dutch banking company and insurer ING Groep NV said Monday that it expects the pension business in its home markets of the Netherlands and the United States to grow. Jan Nijssen, ING's global head of pensions, said the same expectation...

In Brief: May Mutual Fund Assets Up 3%.(Brief Article)
July 1, 2003... Assets in the nation's mutual funds rose 3.4% in May, to $6.704 trillion, according to the Investment Company Institute. Stock funds had $12.11 billion of inflows in May, compared with $16.11 billion in April, the institute said on...

Bear Stearns Asset Chief To Expand Push for Rich.
July 1, 2003... Bear Stearns' new head of asset management says he thinks his experience running Deutsche Bank's asset management arm will help him expand Bear's New York-based unit, and he has product improvements in mind to do so. Bear Stearns Asset...

Wells: Freddie's Fast Prepayment Not Our Fault.(Brief Article)
July 1, 2003... Many Wall Street analysts have blamed the prepayment speed of loans backing Freddie Mac's securities on refinancing efforts by Wells Fargo Home Mortgage and ABN Amro Mortgage, the two largest lenders with which it has strategic alliances. ...

A Check 21 Provision that May Alter Image Debate.
July 1, 2003... Financial services executives like to call Check 21 the legislation that will finally let banks start exchanging images of checks. But the reality is far narrower. Neither the House nor the Senate versions make much mention of check...

In Brief: Deal Wreaks Havoc On N.Y. Thrift Stocks.(Brief Article)
July 1, 2003... Share prices of New York-area thrifts fluctuated sharply Monday as investors appeared to sort out possible takeover targets following New York Community Bancorp.'s announcement Friday that it would acquire Roslyn Bancorp for $1.6 billion. ...

In Brief: Royal of Scotland's Deal for Port OKed.(Brief Article)
July 1, 2003... The Federal Reserve Board on Monday approved an application by Royal Bank of Scotland Group PLC and its Citizens Financial Group Inc. of Providence, R.I., to jointly acquire a Brighton, Mass., holding company. The target, Port Financial...

In Brief: Bank Can Take Hold Of Derivative Assets.(Brief Article)
July 1, 2003... The Federal Reserve Board issued a final rule Monday that allows banks to take temporary legal possession of commodities that underlie derivative contracts. The rule, which amends the Fed's Regulation Y, allows banks that engage in...

In Brief: Fannie, Freddie Pass Capital Test: OFHEO.(Brief Article)
July 1, 2003... The Office of Federal Housing Enterprise Oversight on Monday announced that as of the end of the first quarter, Fannie Mae and Freddie Mac both had a supply of capital sufficient to support their respective companies through an extended period...

In Brief: Fitch Moratorium on Ky. Subprime Pools.(mortgage-backed securities)(Brief Article)
July 1, 2003... Fitch Inc. said Monday it will not rate residential mortgage-backed securities containing "high-cost home loans" originated in Kentucky after June 23, when a predatory-lending law there went into effect. The law's "unlimited liability...

Greater Bay Satisfies Fed; Worries on Loan Portfolio.(Greater Bay Bancorp.)
July 1, 2003... Greater Bay Bancorp. of Palo Alto, Calif., said Monday that it had closed the book on its regulatory problems. The $8 billion-asset company said the Federal Reserve Board had approved changes made to comply with a January agreement. The Fed...

Correction.(number of offices that Silicon Valley Bank has nationwide)(Brief Article)(Correction Notice)
July 1, 2003... In the June 23 paper, "Comerica Plugs Along in Tech Start-Up Lending" on page 17 understated the number of offices that Silicon Valley Bank has nationwide. An editing error was to blame. The correct number is 27. Copyright 2003 Thomson...

In Brief: OCC Nod to $300M Boost for Treasury Bank.(Brief Article)
July 1, 2003... The Office of the Comptroller of the Currency has conditionally approved a $300 million addition to the capital surplus of Countrywide Financial Corp.'s national bank subsidiary, Treasury Bank. The agency had approved a similar, $400...

Syndication Slide Was Less Steep in 2Q.
July 1, 2003... Syndicated lending slowed again in the second quarter, but not as fast as in the first. Second-quarter volume dropped 18% from a year earlier, after a 27% drop in the first quarter, when the Iraq war curtailed corporate demand. In the...

Chief: OFHEO Wasn't Asleep At the Switch.(Armando Falcon Jr., director of the United States Office of Federal Housing Enterprise Oversight)
July 2, 2003... Officials at the federal agency that supervises Fannie Mae and Freddie Mac approach indignation when asked how they could have missed the current crises. "A safety-and-soundness regulator's job is not to recertify the work of the...

Guessing Game Begins on Citi's Plans for $15B.(Citigroup Inc.'s $15 billion shelf registration)
July 2, 2003... Citigroup Inc.'s massive $15 billion shelf registration has led to renewed speculation that it is gearing up for its next deal. In a filing Friday with the Securities and Exchange Commission, Citi said that it would use the money, which it...

Private-Label Standoff -- Client Goes, Assets Stay.
July 2, 2003... In what might otherwise look like a straightforward private-label deal, Household International Inc. is building a retailer's credit card program from scratch, because the previous partner would not sell its data. Citigroup Inc. had issued...

Why Old Tech Is Beating New in B2B Bill Payment.(business-to-business)
July 2, 2003... Though the Internet has quickly become the main consumer electronic bill payment channel, businesses billing other businesses electronically are still mostly using private networks -- and seem in no hurry to switch. The majority of...

TODAY'S NEWS.
July 2, 2003... Utah bankers and the ABA may go to court in their long-running battle with credit unions. Page 2 WASHINGTON Page 4 COMMUNITY BANKING Commercial Federal of Omaha plans to use high-tech touches, including biometrics, at new branches...

Suit Could Be Next Step In Utah Credit Union Fight.
July 2, 2003... Utah bankers and the American Bankers Association may take the latest round of a long-running battle against credit unions to court. For years Utah banks have bristled as credit unions have gained market share while maintaining their...

Executive Changes.
July 2, 2003... MIDWEST Banc of America Capital Management LLC of Charlotte has hired Jeffrey Jacobs as the director of institutional investment strategies for the West and the Midwest, a newly created job. He will be based in Chicago and will report...

Comptroller Goes High-Tech to Handle Gripes.(United States Office of the Comptroller of the Currency)
July 2, 2003... The Office of the Comptroller of the Currency, which gets lots of consumer complaints electronically these days, has been processing them electronically too. It is using a Web-based application called CAGNet, created by its consumer...

A Neb. Bank's High-Tech Design for High Growth.(Commercial Federal Corp. of Omaha, Nebraska)
July 2, 2003... Commercial Federal Corp. of Omaha said it intends to use high-tech touches, including biometric hand-readers, to win customers in high-growth markets. The holding company of Commercial Federal Bank plans to open 10 branches this year,...

Community Banks Take Cram Course In Investments.
July 2, 2003... The agenda of the 28th annual investment seminar sponsored by Compass Bank gives stark evidence of how complex banking has become and how much more community bankers must rely on their correspondents for help with the bond portfolio. ...

In Brief: First Niagara Buys 2 Upstate Agencies.(First Niagara Risk Management)(Brief Article)
July 2, 2003... First Niagara Risk Management Inc., the wholly owned insurance subsidiary of First Niagara Bank and its parent, First Niagara Financial Group Inc. in Lockport, N.Y., said Tuesday that it has bought two Rochester insurance agencies. The...

In Brief: Fidelity Purchases Correspondent Firm.(Fidelity Investments)(Brief Article)
July 2, 2003... Boston-based Fidelity Investments said Tuesday that it has closed its deal to buy Correspondent Services Corp. from UBS Financial Services Inc., a unit of the Swiss banking company UBS AG. The deal was announced April 8, but the price was...

In Brief: Amcore Unit Picks Mackay as President.(Investors Management Group, a subsidiary of Amcore Investment Group hires James I. Mackay as president)(Brief Article)
July 2, 2003... Investors Management Group, a subsidiary of Amcore Investment Group with offices in Des Moines and in Rockford, Ill., said Tuesday that it has hired James I. Mackay to be its president. Investors Management Group is an institutional asset...

In Brief: First American Title Buys Mich. Company.(First American Title Insurance Co.)(Brief Article)
July 2, 2003... First American Title Insurance Co. of Santa Ana, Calif., has announced its purchase of Midstate Title Co. of Okemos, Mich., for an unspecified amount. The deal, which closed May 31, adds Midstate Title's operations and staff to The Talon...

In Brief: Travelers Hires Exec As Information Chief.(William A. Bloom)(Brief Article)
July 2, 2003... William A. Bloom has joined Travelers Property Casualty Corp. in Hartford. Conn., as a senior vice president and the chief information officer. He is responsible for the company's technology platform, including its telecommunications...

Life Insurers Seen Safe from 'Triggers' But Not Markets.(Moody's Investors Service)
July 2, 2003... Moody's Investors Service said in a report that it expects no downgradings of life insurers based on rating trigger exposures, but a Moody's analyst says life insurers' average rating of A1 is on negative outlook because "equity markets are an...

Caveats in 2 Reports on Freddie.(Federal Home Loan Mortgage Corp.)
July 2, 2003... Freddie Mac's accounting mess has introduced an element of doubt into the most recent editions of two reports investors and regulators use to understand the mortgage-financing giant. Its volume summary for May and the quarterly checkup from...

Top U.S. Individual Life, Accident, and Health Insurance Companies: By net admitted assets as of March 31, 2003. Dollars in thousands.
July 2, 2003... (part 1 of 2) Rank 1 Metropolitan Life Insurance Co. Tampa 2 Prudential Insurance Co. of America Newark, N.J. 3 Teachers Insurance and Annuity Assn. of America New York 4 Northwestern Mutual Life...

Bank One Adds $20M for Chicago Rehab.
July 2, 2003... Bank One Corp. announced Tuesday that it will spend $20 million this year to refurbish Chicago-area branches and replace nearly one-third of its automated teller machines there. The Chicago company also received antitrust approval on...

In Brief: Deutsche Bank Guards Against 'Mal-Ware'.
July 2, 2003... Deutsche Bank has added a layer of security to protect its systems from "malicious code" on computers connected through Internet browsers to its virtual private network. Since November it has been using security software called Confidence...

In Brief: Edify's CEO a Tech Marketing Veteran.(Mitch Mandich, Edify Corp.'s new president and chief executive officer)(Brief Article)
July 2, 2003... Mitch Mandich, Edify Corp.'s new president and chief executive, spent much of his career implementing growth strategies at technology companies including Apple Computer, Tandem Computers, and Pyramid Technology. He retired from Apple in...

In Brief: Central Pacific Still Pursuing CB Takeover.(Central Pacific Financial Corp.)(CB Bancshares)(Brief Article)
July 2, 2003... Central Pacific Financial Corp. has withdrawn its legal challenge to CB Bancshares Inc., but the $1.7 billion-asset company said Tuesday that it would pursue a hostile takeover by other means. Central Pacific spokesman Ian Campbell said in...

In Brief: Mid-State of Calif. Buying Ojai Valley Bank.
July 2, 2003... Mid-State Bancshares of Arroyo Grande, Calif., has reached an agreement to buy the $83 million-asset Ojai Valley Bank for $20.2 million in cash and stock. Completing the deal would add four branches to Mid-State's seven in Ventura County....

In Brief: Midwest Banc Holdings, CoVest Kill Deal.(CoVest Bancshares)
July 2, 2003... Midwest Banc Holdings Inc. and CoVest Bancshares called off Tuesday a merger that had already been delayed once, saying they could not settle on the terms of a second extension. The Illinois companies had announced the original deal in...

In Brief: State St. Buys Deutsche's Italy Custody Biz.
July 2, 2003... State Street Corp. announced Tuesday that it had bought the Italian part of Deutsche Bank AG's global custody business. The Boston company bought most of the German bank's global custody business Jan. 31, including the U.S. part. The $1.5...

Wachovia, Prudential Meld Brokerages.(Prudential Financial Inc.)(Wachovia Securities L.L.C.)
July 2, 2003... Wachovia Corp. and Prudential Financial Inc. merged their retail brokerages Tuesday, creating the nation's fourth-largest brokerage, with more than 12,000 financial advisers and $532 billion in client assets. The new joint venture,...

First Niagara's Buy-and-Build Growth Model.(First Niagara Financial Group)
July 3, 2003... First Niagara Financial Group's purchase of two Rochester, N.Y., agencies is part of a strategy to expand its product offerings as it also expands its branch presence through the small towns of western upstate New York. The bank has built...

Will Standards Speed Adoption Of E-Signature?
July 3, 2003... Jerry Buckley and David Whitaker advocate a plan to encourage the use of electronic signatures, a plan that sticks out like a leisure suit amid the pro- regulatory policies now in fashion. Lawyers in the Washington office of Goodwin...

As Imaging Advances, So Do Check Exchanges.
July 3, 2003... The rapid growth of Endpoint Exchange, one of the country's only networks for swapping check images that is actually up and running, may point to the future evolution of interbank check clearing. Endpoint Exchange says it has signed up...

Solid 2Q for Big Banks -- Markets Helped, Too.
July 3, 2003... With low interest rates continuing to curtail lending profits, second-quarter earnings at the nation's biggest banks are expected to show a boost from the recent stock market rally that has lifted asset values as well as stock trading and...

New Bill May Add Medical Info to The FCRA Debate.(House Financial Services Committee may restrict how banks use their customers' private medical information; Fair Credit Reporting Act)
July 3, 2003... A bipartisan push is being made in the House Financial Services Committee to restrict how banks use their customers' private medical information. Spearheaded by Reps. Rahm Emanuel, D-Ill., and Doug Ose, R-Calif., the effort will probably...

Citizens of Fla. Bids for Neighbor.(Citizens Bank of Florida bids for American Bank and Trust of Lake Wales)
July 3, 2003... After failing to make a friendly deal with another company's board, Citizens Bank of Frostproof in Fla., has taken its case directly to its rival's shareholders. The $115 million-asset, Frostproof, Fla.-based bank made an unsolicited offer...

Farm Loan Rules Under Fire, from Both Sides.
July 3, 2003... Farm Credit lenders say proposals to tie individual loan amounts to the borrower's farm income, or to ban them from nonfarm lending, are unworkable. At a public hearing last week at the headquarters of their regulator, the Farm Credit...

Executive Changes.
July 3, 2003... MIDWEST Community Central Bank of Mount Clemens, Mich., has hired William J. Stachnik as its first Oakland County vice president. Mr. Stachnik had been a vice president of commercial loan portfolio and new business development at...

Wal-Mart Aside, MC, Visa Backing Debit Rewards.(MasterCard International)
July 3, 2003... MasterCard International's rollout of a second reward platform -- this one for small banks -- shows it still believes debit card loyalty programs are viable, even after its Wal-Mart settlement. On Monday the Purchase, N.Y., card association...

NYCE Debit Cards Used For E-Pay, Minus a PIN.(SpeedPay system)
July 3, 2003... NYCE Corp., which has been trying for years to come up with a way for consumers to use PIN-secured debit cards for Internet transactions, may have found an answer in a system called SpeedPay that handles recurring online payments -- albeit...

A Sales Culture Can't Be Built Overnight.(in financial services)
July 3, 2003... Financial services companies everywhere are talking the sales culture talk -- but execution is still faltering. Bankers are searching for a silver bullet, but fostering a sales culture goes way beyond training. The following jobs need to be...

When, Where, How, and Other Questions on Going Offshore.
July 3, 2003... Decades ago western companies began to manufacture physical goods in offshore locations such as Taiwan. Despite the cost of transporting the goods, it was cheaper to make them there than to keep the factory onshore. But anyone suggesting...

How Government Card Program Renewals Will Be Won -- or Lost.(payment card contracts)
July 3, 2003... It's shaping up to be one hot summer in Washington -- at least as far as government card contracts are concerned. In November the five-year base period of the GSA SmartPay contracts -- the federal government's payment card deals -- will...

In Brief: Insurers Have Anti-Tying Ties Of Their Own.(Letter to the Editor)
July 3, 2003... To the Editor: We agree with Clyde Mitchell's contention that banking laws should be harmonized to give the Gramm-Leach-Bliley Act every chance to succeed ("Alter Anti-Tying Laws to Reflect GLB," June 27, page 8). But his statement...

In Brief: Prudent Bidding For High-Risk Debt Isn't Lowballing.(Arrow Financial Services CEO Jack Lavin)(Brief Article)(Letter to the Editor)
July 3, 2003... To the Editor: A story on page 7 of the July 1 issue, "More Bad Debt to Collect, But Prices Rising," mischaracterized my comments about my company's pricing and underwriting policies pursuant to the acquisition of nonperforming consumer...

HealthSouth Remark Costs UBS Analyst.(UBS Investment Research analyst Howard Capek resigns after commenting on stock during a quiet period)(Brief Article)
July 3, 2003... UBS Investment Research analyst Howard Capek resigned Wednesday after the company accused him of violating internal policies by commenting about HealthSouth Corp.'s stock during a quiet period in 1999, according to the Dow Jones news wire. ...

In Brief: Co-Founder of Countrywide, IndyMac Dies.(David S. Loeb)(Brief Article)
July 3, 2003... David S. Loeb, who co-founded two companies that became forces in the mortgage industry, died Monday at the age of 79. He had been suffering from neuropathy. Mr. Loeb, who began his career as a sales representative at a mortgage bank,...

In Brief: Quicken Loans Offers Speedy Equity Lines.(home equity loans)(Brief Article)
July 3, 2003... Quicken Loans Inc. has introduced an online service for homeowners seeking to tap the equity in their homes. Users of EquityOnline can get approval for home equity lines of credit within five minutes and get the money within 10 days. The...

Trusted Hands.(securitizations trustees need more authority to protect bondholders)
July 3, 2003... Trustees of securitizations should have more authority to protect the interests of bondholders when the issuers blow up, according to John M. Cerra, who manages TIAA-CREF's $8 billion portfolio of asset-backed bonds. Mr. Cerra, who spent...

Top Bank and Thrift Holding Companies by Deposits: In the first quarter of 2003. Dollars in thousands.
July 3, 2003... (Part 1 of 2) 1 Citigroup Inc. New York 2 Bank of America Corp. Charlotte 3 J.P. Morgan Chase & Co. New York 4 Wells Fargo and Co. San Francisco 5 Wachovia Corp. Charlotte 6 Bank One...

FDIC Tightens Rules for Payday Lender Alliances.(Federal Deposit Insurance Corp. )
July 3, 2003... The Federal Deposit Insurance Corp. released guidelines on Wednesday that make it difficult for banks and payday lenders to establish partnerships. The final version is tougher in several respects than a proposal it issued in January, and...

N.Y.'s Provident Building Share in Orange County.(Provident Bancorp Inc. is buying ENB Holding Co. )(Brief Article)
July 3, 2003... In a move that would make it one of the top 10 banking companies in Orange County, N.Y., Provident Bancorp Inc. of Montebello is buying ENB Holding Co. of Ellenville for $73.5 million. To finance the deal, which was announced Wednesday, the...

In Brief: HSBC Cutting 1,400 Jobs, None in U.S.(HSBC Holdings PLC jobs in the UK)(Brief Article)
July 3, 2003... HSBC Holdings PLC said Wednesday that it is eliminating 1,400 positions in the United Kingdom to cut costs and get rid of redundancies. The cuts will be made over the next six months through a hiring freeze, staff turnover, and voluntary...

In Brief: Offering Sparks Auto Lender's Shares.(Westcorp.)(Brief Article)
July 3, 2003... Shares of Westcorp. soared 10% Wednesday after the indirect auto lender priced a 4.6-million-share secondary offering at $28 per share. The offering is expected to close July 8 and will increase the Irvine, Calif., company's shares...

In Brief: Wintrust Inks Deal for Illinois' Advantage.(Wintrust Financial Corp. to acquire Advantage National Bancorp.)(Brief Article)
July 3, 2003... Wintrust Financial Corp. of Lake Forest, Ill., announced Wednesday that it had agreed to buy the $104 million-asset Advantage National Bancorp for $24.4 million. Buying Advantage, an Elk Grove Village, Ill., bank now in its third year,...

In Brief: Marinac Leaving SunTrust for Start-Up.(analyst Christopher Marinac to leave SunTrust Robinson Humphrey to start an investment bank)(Brief Article)
July 3, 2003... Christopher Marinac resigned Monday from his post as a banking analyst at SunTrust Robinson Humphrey to help start an investment banking firm that will focus on banks and thrifts. Mr. Marinac oversaw the Atlanta company's financial services...

Downgrades Aplenty as Prices Swell.(analyst downgrades of banking industry stocks)
July 3, 2003... National Bank of Canada's Putnam Lovell NFB Securities Inc. downgraded shares of Synovus Financial Inc. and U.S. Bancorp on Wednesday, noting that the companies' earnings growth may have difficulty matching the stocks' recent double-digit...

After Deal, Wall Street Puzzles Over New York Thrift Valuations.(New York Community Bancorp Inc.'s deal to buy Roslyn Bancorp leads to valuation research on other New York-area thrifts)
July 7, 2003... New York Community Bancorp Inc.'s deal to buy Roslyn Bancorp has had share prices of New York-area thrifts on a roller coaster ride. Investors speculate that more consolidation is coming -- Astoria Financial Corp., Dime Community Bancshares...

Is Web Traffic Driving Some Refi Biz Away?(mortgage refinancing call centers handling overflow from Web sites)
July 7, 2003... Though mortgage refinancing keeps breaking records, some originators may be missing opportunities or increasing costs by driving customers to their call centers because their Web sites are overloaded. A two-week survey for American Banker...