American Banker articles from July 2004

American Banker archives from July 2004

For BSB, Waiting Goes On.(Partners Trust Financial Group Inc. has difficulty selling enough stock to finance purchase of BSB Bancorporation Inc.)
July 1, 2004... Could BSB Bancorp be left at the altar for the second time in less than four years? Analysts who follow the $2.2 billion-asset Binghamton, N.Y., company are guessing no, but there is no denying that Partners Trust Financial Group Inc. in...

Numbers But No Clarity Yet On Freddie.(Federal Home Loan Mortgage Corp.)
July 1, 2004... For all the months and the tens of millions of dollars Freddie Mac has spent working its way back to financial clarity, final answers remain frustratingly elusive -- for both outsiders and the new executive team. The long-awaited release...

Most Trends Augur Solid 2Q Gains for Regionals.(bank earnings)(Industry Overview)
July 1, 2004... Stable net interest margins, inklings of life in commercial lending, and strong fee income from mortgage operations are expected to result in mid-to-high single-digit growth in second-quarter earnings per share for regional banks. ...

Downgrades, More Selling for Commerce.(CommerceBancorp)
July 1, 2004... Shares of Commerce Bancorp Inc. were battered Wednesday, a day after two officers were indicted for allegedly arranging favorable loans for a former Philadelphia official in exchange for a piece of the city's business. Three analysts...

EXECUTIVE CHANGES.
July 1, 2004... NEW ENGLAND The Federal Home Loan Bank of Boston has hired William L. Oakley as its chief information officer and a senior vice president. Mr. Oakley was the chief technology officer and a vice president at John Hancock Financial...

Groups Pushing for Fax Ad Exemption.(financial services trade groups back legislation on advertisements by fax)
July 1, 2004... Financial services trade groups are backing legislation to undo a federal requirement that businesses get written consent before sending their customers unsolicited advertisements by fax. The House Energy and Commerce Committee approved the...

12 Guidelines for Examiners Put Emphasis on Cooperation.(state and federal bank examiners)
July 1, 2004... State and federal bank regulators on Wednesday recommended ways their examiners can improve cooperation before, during, and after exams to avoid miscommunications and create a "seamless supervisory process." The Federal Reserve Board, the...

In Brief: OCC: Insurer Did Not Commit Illegal Tying.(Office of the Comptroller of the Currency reports results of investigation)(Brief Article)
July 1, 2004... The Office of the Comptroller of the Currency has released an interpretive letter determining that a product offering from a national bank's insurance affiliate did not violate tying rules. The decision, in a letter dated March 11 and...

In Brief: Fincen Hires EDS to Build BSA Web Site.(Financial Crimes Enforcement Network, Electronic Data Systems Corp., Bank Secrecy Act Web site)(Brief Article)
July 1, 2004... The Financial Crimes Enforcement Network has awarded Electronic Data Systems Corp. an $18.5 million, five-year contract to develop a Web site for law enforcement officials and financial regulators to view Bank Secrecy Act data. The goal of...

In Brief: Record-Low Rates for Student Loans.(Federal Family Education Loan Program )(Brief Article)
July 1, 2004... Interest rates on Stafford or Plus loans will drop to a record low today, saving borrowers millions in the coming academic year. Stafford and Plus loans carry a variable interest rate, reset each July 1, that is based the last auction of...

In Brief: Flood Insurance Program Reauthorized.(Federal Emergency Management Agency)(Brief Article)
July 1, 2004... President Bush has reauthorized the Federal Emergency Management Agency's National Flood Insurance Program through 2008. The 36-year-old program, which was to expire Wednesday, was extended when the President signed the...

EXECUTIVE CHANGES.
July 1, 2004... MIDWEST First Bancorp of Indiana Inc. of Evansville has named Michael H. Head the president and chief executive officer of the company and the CEO of its $236 million-asset First Federal Savings Bank. He succeeded Harold Duncan, who...

In Brief: Visa International Incorporating E.U. Unit.(European unit)(Brief Article)
July 1, 2004... Visa International expects to incorporate its European unit today. A report on the restructuring appeared in Wednesday's Financial Times, and the Foster City, Calif., payment card company confirmed that it had been in the works for several...

In Brief: DaimlerChrysler Sells a Portfolio to B of A.(DaimlerChrysler Services North America LLC sells Visa-branded card portfolio to Bank of America Corp.)(Brief Article)
July 1, 2004... DaimlerChrysler Services North America LLC announced Tuesday that it had sold its Visa-branded credit card portfolio to Bank of America Corp.. The deal closed June 25; the price was not disclosed. The portfolio consists of 160,000...

In Brief: Fed Asked to Apply Rule to Stored-Value.(Consumers Union Inc. asks Federal Reserve Board to apply regulation to stored-value cards)(Brief Article)
July 1, 2004... Consumers Union Inc. has asked Federal Reserve Chairman Alan Greenspan to apply Regulation E, which implements the Electronic Funds Transfer Act, to stored-value cards. The Yonkers, N.Y., publisher of Consumer Reports said the regulation...

In Brief: Key, Coast Sign an ATM Distribution Deal.(KeyCorp, Coast ATM LLC to install automated teller machines in casinos, shopping malls, office buildings)(Brief Article)
July 1, 2004... KeyCorp of Cleveland has signed an agreement with Coast ATM LLC to put Key-branded automated teller machines in casinos, shopping malls, and office buildings over the next two years. Installation of the 500 Diebold Inc. nondeposit-taking...

Rebound in Private Label Pitting Banks Against ADS.(private-label credit cards)(Alliance Data Systems Corp.)(Industry Overview)
July 1, 2004... The persistence of private-label credit cards -- with their generally higher rates, lower limits, and often more restricted uses -- may appear puzzling when nearly every consumer can sign up for a Visa or MasterCard. But interest in store...

If P/C Insurers at Peak, Banks May See Competition Intensify.(property and casualty insurers)(Industry Overview)
July 1, 2004... Property and casualty insurers reported significant growth in the first quarter, but some executives fear the industry has reached an earnings peak, raising questions about the potential for further growth. The industry experienced a...

In Brief: First Republic in $8M Deal for Asset Firm.(First Republic Bank plans to buy Bay Isle Private Client Asset Management from Janus Capital Group Inc.)(Brief Article)
July 1, 2004... First Republic Bank announced Wednesday that it plans to buy Bay Isle Private Client Asset Management from Janus Capital Group Inc. for $8 million in a deal expected to close in the third quarter. Bay Isle was started in 1986 and manages...

In Brief: Hudson Valley to Buy N.Y. Money Manager.(Hudson Valley Bank, A.R. Schmeidler and Company Inc.)(Brief Article)
July 1, 2004... Hudson Valley Bank said Wednesday it has a definitive agreement to buy a New York money management company. The Yonkers, N.Y., bank is to buy A.R. Schmeidler & Co. Inc., which has $400 million of assets under management. William E....

In Brief: MFS Counts $1B-Plus in Its 529 Accounts.(MFS Investment Management)(Brief Article)
July 1, 2004... MFS Investment Management said Wednesday that total assets invested in its 529 college savings plans have surpassed $1 billion. MFS manages a broker-sold 529 plan option for the state of Oregon and participates in 10 other state-sponsored...

In Brief: NorthShore Buys Control of Circle Trust.(NorthShore Asset Management, Circle Trust Co.)(Brief Article)
July 1, 2004... NorthShore Asset Management, a private equity and hedge fund manager in New York, announced Wednesday that it has bought a majority interest in a Stamford, Conn., investment management company. NorthShore said it bought the stake in Circle...

In Brief: Fidelity Unit Adds 2 to Clearing Sales Team.(Fidelity Investments' clearing unit National Financial)(Brief Article)
July 1, 2004... Fidelity Investments' clearing arm has announced a hiring and a transfer to expand its correspondent clearing sales team. National Financial said on Tuesday that it has hired David R. Wisneski and transferred Joseph Foley to be vice...

In Brief: Mutual Fund Assets Rose 0.4% in May.(Brief Article)
July 1, 2004... Assets held in mutual funds grew 0.4% in May, according to data from the Investment Company Institute. The combined assets of the nation's mutual funds increased $32.8 billion, to $7.505 trillion, the institute said on Tuesday. Equity,...

Community Banks with Largest Credit Card Portfolios: On March 31, 2004. Dollars in thousands.*.(Illustration)
July 1, 2004... (part 1 of 2) Buyer 31-Mar 1 Amalgamated Bank Chicago $75,465 2 Pulaski Bank and Trust Co. Little Rock 41,330 3...

Community Banks with Largest Portfolios of Loans to Individuals: On March 31, 2004. Dollars in thousands*.(Illustration)
July 1, 2004... (part 1 of 2) 1 Independent Bank Memphis 2 Crescent Bank and Trust Co. New Orleans 3 Harris Bank Naperville Ill. 4 Farmers National Bank of Canfield Ohio 5 Community Bank Northern Virginia...

Change Looming Larger on Chase's Technology Horizon.(J.P. Morgan Chase and Co.)
July 1, 2004... In the matter of the J.P. Morgan Chase/Bank One Corp. merger -- expected to close today -- and the fate of Chase's big outsourcing deal with International Business Machines Corp., a trickle of indicators has turned to a flood. First there...

Banks Gaining Ground in Retail Web Site Rankings.(bank Web sites ranking among top most visited sites according to report from comScore Media Metrix)(Industry Overview)
July 1, 2004... One measure of the growing popularity of online banking and bill payment is that large banks' Web sites are cropping up more frequently on comScore Media Metrix's list of the most-visited retail sites. Bank of America Corp.'s site has been...

In Brief: FHFB Scolds Chicago Home Loan Bank.(Federal Housing Finance Board, Federal Home Loan Bank of Chicago)(Brief Article)
July 1, 2004... The Federal Housing Finance Board imposed a written agreement on the Federal Home Loan Bank of Chicago on Wednesday in which it criticized the government-sponsored enterprise's risk management, internal audit, capital management, and accounting...

In Brief: JPM Chase May Ape Wells' M&A Strategy.(J.P. Morgan Chase and Co., Wells Fargo and Co., merger and acquisition strategies)(Brief Article)
July 1, 2004... J.P. Morgan Chase & Co. may adopt Wells Fargo & Co.'s strategy of expansion through small bank acquisitions. Hal Pote, who was JPMorgan Chase's head of branch banking, has decided to stay on after today's acquisition of Bank One Corp. to...

In Brief: Monmouth, Allaire of N.J. to Combine.(Monmouth Community Bancorp to merge with Allaire Community Bank, New Jersey)(Brief Article)
July 1, 2004... Two New Jersey community banks have agreed to combine in a merger-of-equals deal that would give the new company the eighth-largest share of the deposit market in Monmouth County. The deal is scheduled to close this year. The $237...

Most Banks Seen Ready For Long-Expected Rise.(rise in interest rates)(Industry Overview)
July 1, 2004... Few in financial services should have been surprised when the Federal Reserve Board raised rates Wednesday for the first time in four years -- least of all banks. "One of the great virtues of the Fed's effort to become more transparent had...

Revamping Criimi Eyes Role as Lender.(CRIIMI MAE Inc. focuses commercial mortgages)
July 2, 2004... Three years after emerging from bankruptcy protection, Criimi Mae Inc. is angling to again be a serious player in commercial mortgages. The company, which was driven into bankruptcy by the global debt crisis of 1998, says it has finished...

State Street Pledges Stability.(State Street Corp.)
July 2, 2004... An abrupt change of leadership at State Street Corp. will not lead to any abrupt changes in direction for the Boston processing and asset management specialist, its new chief executive said Thursday. David A. Spina, State Street's chairman...

Is Chicago Order Sign of Activist FHFB?(Federal Housing Finance Board's action against Home Loan Bank of Chicago)
July 2, 2004... The Federal Housing Finance Board's crackdown on the Home Loan Bank of Chicago, its second tough action this month, has some industry officials wondering if the board will keep flexing its muscle under Chairman Alicia Castaneda. Ms....

U.S. Court: FCRA Doesn't Trump Calif. Privacy Law.(District Court for the Eastern District of California rules that Fair Credit Reporting Act does not preempt state law)
July 2, 2004... A new California law restricting how banks use customer information took effect Thursday after a federal court in Sacramento shocked the industry by rejecting a lawsuit to block it. "We're very surprised," said Joe Belew, the president of...

Review Yields Restructuring.
July 2, 2004... New York Community said it sold $5 billion in securities to deleverage, a move that cost it 35 cents a share in profits. Left unanswered: Is a sale still possible? Story on back page Copyright 2004 Thomson Media Inc. All Rights...

PEOPLE.
July 2, 2004... Haves and Have-Nots SNL Financial has named Robert Allbritton of the embattled Riggs National Corp. the "most overpaid" chief executive among his peers. Mr. Allbritton's 2003 pay package of $2.1 million seems modest compared with that...

Key Says It Has Profitable Formula for Unbanking.(KeyCorp.)
July 2, 2004... KeyCorp, which has branches across 16 states, estimates that 680,000 of the households in its markets do not have bank accounts. Over the past several years the $84 billion-asset Cleveland company's KeyBank has devoted considerable time and...

F.N.B. Spinoff Has 2d Fla. Deal.(First National Bankshares of Florida Inc. plans acquisition of First Bradenton Bank)(Brief Article)
July 2, 2004... First National Bankshares of Florida Inc. plans to acquire the $61 million-asset First Bradenton Bank for $8.3 million. The deal, announced Wednesday, would give First National, of Naples, its first branch in Manatee County, south of Tampa....

In Brief: MC Reports Growth in Maestro.(MasterCard International's debit cards)(Brief Article)
July 2, 2004... MasterCard International said the number of Maestro PIN debit cards in use worldwide in the first quarter grew 12.5% from a year earlier, to more than 524 million. The increase was caused primarily by the continued conversion of two brands...

In Brief: E-Trade Closes ATM Sale.(E-Trade Financial Corp. sells automated teller machines to Cadtronics LP)(Brief Article)
July 2, 2004... E-Trade Financial Corp. has sold its automated teller machines to Cardtronics LP. The New York online banking and brokerage company said Thursday that it received $106 million of cash from the transaction and expects to recognize a pretax...

Web Tax Payment Firm: Check Option Lags Cards.(Official Payments Corp. offers online check payment service)
July 2, 2004... Official Payments Corp., the largest of three companies that facilitate online credit card payments of taxes and government fees, says its electronic check option has been a hit, but is not immediately as popular as the card option. The...

In Brief: Visa Reports Rise In Internet Spending.(Brief Article)
July 2, 2004... In the first quarter $22.3 billion was spent on Internet credit and debit card spending in the United States, Visa U.S.A. reported. The San Francisco company said in a press release Tuesday that online spending in the first five months of...

In Brief: TNB to Issue Cards For 4 Credit Unions.(TNB Card Services)(Brief Article)
July 2, 2004... TNB Card Services, a credit and debit card processor and issuer for credit unions, has signed four agent bank deals. The Dallas company an-nounced Monday that it will issue cards for OCHA Credit Union in Orange, Calif.; A/C Credit Union in...

In Brief: Certegy Expands Contract with Saks.(Certegy Inc., Saks Inc.)(Brief Article)
July 2, 2004... Certegy Inc. has renewed and expanded its relationship with Saks Inc. The Alpharetta, Ga., processor announced Wednesday that it had renewed a contract to provide check authorization to Saks Department Store Group. The contract covers the...

In Brief: Report: Rewards In Majority of Offers.(credit card industry, offers for reward and nonreward products)(Brief Article)(Industry Overview)
July 2, 2004... Credit card issuers mailed out more offers for reward than nonreward products in April for the fifth consecutive month, according to a Chicago market research firm. Comperemedia, a unit of Mintel International Group Inc. of London,...

Nationwide Taps New Bank Chief.(David L. Giertz, Nationwide Financial Institution Distributors Agency Inc.)
July 2, 2004... Nationwide Financial Services Inc. has shuffled the leadership of its bank distribution arm, naming David L. Giertz, formerly a regional vice president in its bank distribution channel, to head it. Mr. Giertz succeeds Matt A. Riebel as head...

In Brief: Goldman Sachs to Pay $2M in IPO Probe.(Goldman Sachs Group Inc. pays to settle investigation into dealings in initial public offerings)(Brief Article)
July 2, 2004... Goldman Sachs Group Inc. has agreed to pay $2 million to settle a claim of improper trading, the Securities and Exchange Commission said Thursday. The settlement would close the SEC's investigation of allegations that during 1999 and 2000...

In Brief: Janus Replaces Chief of Worldwide Fund.(Jason Yee, Janus Capital Group Inc.)(Brief Article)
July 2, 2004... Janus Capital Group Inc. announced Thursday that it has named Jason Yee manager of its Janus Worldwide Fund. Mr. Yee, who managed the Janus Global Opportunities Fund, succeeds portfolio manager Laurence Chang, who is leaving the company,...

In Brief: Wachovia Trust Unit Hires Sales Executive.(J.M. Cunniff Jr.)(Brief Article)
July 2, 2004... Wachovia Corp.'s corporate and institutional trust division said Thursday that it has hired J.M. "Joe" Cunniff Jr. to be a business development officer in its structured finance trust services group. Mr. Cunniff is to cover East Coast...

In Brief: Northern Trust in LSV Fund Service Deal.(LSV Asset Management)(Brief Article)
July 2, 2004... Northern Trust Corp. was chosen Thursday to supply trust and limited partnership services to LSV Asset Management. Northern Trust is to serve the Chicago asset manager's newly launched LSV International Value Equity Trust and LSV...

Debate: Is More B-Piece Buyers Better?(commercial mortgage securitization market)(Industry Overview)
July 2, 2004... For years, the subordinated B-pieces of commercial mortgage securitizations were the domain of what conduits called "the cartel" -- GMAC Commercial Mortgage Corp., LNR Property Corp., Allied Capital Corp., and ARCap REIT Inc. These...

PIPELINE.
July 2, 2004... Realtor to Banker Bank of America Corp.'s new national homeownership services executive said his goal is to create more one-stop shopping opportunities on real estate transactions. Consumers want a simpler way "for getting through what...

Help! It's Too Difficult to Apply For Deposit Accounts Online.(Product/Service Evaluation)
July 2, 2004... To check on the quality of banks' online deposit application processes, we recently opened 40 checking and saving accounts at the top 25 deposit banks. Our experiences were discouraging. Some, like NetBank, have redesigned their...

Have Large Corporate Lenders Learned From the Last Cycle?(Industry Overview)
July 2, 2004... As North American banks emerge from one of the most difficult credit cycles in recent memory, it is worth asking whether anything has truly changed with respect to how banks price large corporate credit and whether market participants can make...

Let Our Allies Help Fight Laundering.
July 2, 2004... Though we are allies on the battlefield, our partnership with the United Kingdom comes up short in our efforts to disrupt the worldwide networks financing terrorism. This is a result of the way the rules are crafted under the Patriot Act,...

To Build an MBS Market, Start With Housing Infrastructure.(mortgage backed securities in developing countries)
July 2, 2004... Developing countries realize that residential housing can be an engine of capital accumulation that helps build the middle class. Housing requires money from banks for mortgages, and banks in developing countries, with limited access to...

The Clearing House Gets a Simpler Structure.(The Clearing House Payments Company LLC)
July 2, 2004... By reorganizing under two limited-liability corporations, the family of payment processing and settlement companies known as The Clearing House say they have accomplished two chief goals: making life easier for the banks that own them, and...

Correction.(Correction Notice)
July 2, 2004... In the June 22 Community Banking special report, "Thin-Client Strategy Fuels Ky. Bank's Growth" on page 9 identified Jim Brockett as the president and chief operating officer of Brintech Inc. Mr. Brockett is no longer with Brintech; he made his...

Some Big Deals Get Done, Some Big Names Are Gone.(bank mergers)
July 2, 2004... Three of the country's top 50 banking companies and one of the top 25 vanished Thursday with the clinching of three mergers. J.P. Morgan Chase & Co. closed its $58 billion acquisition of Bank One Corp., Regions Financial Corp. merged with...

In Brief: OCC Warns National Banks About Options.(Office of the Comptroller of the Currency)(Brief Article)
July 2, 2004... The Office of the Comptroller of the Currency warned national banks about the risks posed by embedded options such as the right to prepay a mortgage. In a bulletin to banks Thursday, the OCC said capital levels could be threatened at some...

In Brief: JPM Says Snafu Was Not Deal-Related.(brief computer failure at J.P. Morgan Chase and Co.)(Brief Article)
July 2, 2004... On J.P. Morgan Chase & Co.'s first morning as the owner of Bank One Corp. its treasury management services were briefly shut down because of a computer failure. A JPM Chase spokesman said that the glitch had no connection to Thursday's...

In Brief: Profit, Cards in Circulation Rose in '03.(credit card banks report rise in pretax earnings)(Brief Article)
July 2, 2004... Large credit card banks reported that pretax net earnings rose 11.6% last year -- the fourth consecutive annual increase. Profits hit 3.66% of outstanding balances, versus 3.28% in 2002, the Federal Reserve Board said Thursday. ...

N.Y. Community Sells Assets, Not Self.(New York Community Bancorp)
July 2, 2004... New York Community Bancorp sold $5 billion of held-for-sale securities in the second quarter, resulting in a $95 million charge for the period. The sale will slice 35 cents off reported earnings per share, with the expected range now 15...

What Next, N.Y. Community?: CEO favors independence but all options live.(Joseph R. Ficalora, New York Community Bancorp Inc.)
July 6, 2004... New York Community Bancorp Inc.'s chief executive, Joseph R. Ficalora, vigorously defended its strategy Friday, after it said it would sell investment securities to pay off debt and take a massive charge to second-quarter earnings. The...

California Fight May Make Way To OCC's Door.(Office of the Comptroller of the Currency)
July 6, 2004... The Office of the Comptroller of the Currency could get dragged into the financial services industry's suddenly tougher fight against the California privacy law that took effect Thursday. The law, which was enacted in August, withstood a...

Risk Management's New Face.(Brief Article)
July 6, 2004... Today's special report examines the implications of some risk-related issues bankers are facing today -- from preventing check fraud once imaging becomes prevalent to preparing for Basel II, whose framework still contains uncertainties, to the...

UnionBanCal Fill-In Gives Pru an Exit.(Prudential can exit U.S. market)
July 6, 2004... UnionBanCal Corp.'s $305 million deal for Jackson Federal Bank furthers its strategy of making fill-in acquisitions that are steadily narrowing the gap between the San Francisco company and its two chief competitors in California. For the...

EXECUTIVE CHANGES.
July 6, 2004... MIDDLE ATLANTIC Marsh & McLennan Cos. Inc. of New York said that Brian Storms will become the vice chairman for its Mercer Human Resource Consulting LLC on Aug. 16. Mr. Storms will oversee the unit's fund of funds business, as well as...

WASHINGTON PEOPLE.(credit unions tax exempt status)
July 6, 2004... Food Fight? Representatives of credit unions used an "s" word -- not the one you're thinking of, at least not on the record -- to describe the banking industry's latest attack on their tax-exempt status. "Banks are throwing spaghetti...

Uncommonly Bold D.C. Robberies.(banks)
July 6, 2004... As bank robberies go, a string of heists in the Washington area over the past six months stand out for their boldness. In most holdups, a single perpetrator, typically unarmed, hands a teller a note and walks out with a few thousand...

Commerce of Mass. Agrees to Refund; Will Keep Lending.(Commerce Bank and Trust)
July 6, 2004... A Massachusetts bank says that despite agreeing to refund as much as $1.5 million to mortgage customers, it has no plans to scale back mortgage lending. In fact, Jerome L. Olin, the president and chief executive of Commerce Bank and Trust...

Fed Report: Issuers' Profits Were Up in 2003.(credit card industry)
July 6, 2004... Some banks with lingering anxieties about their decisions to stay in the credit card business may be able to take heart from the Federal Reserve Board's annual report on that industry. The central conclusion of the report, released...

B of A Fee-Based Unit to Add A Unified Managed Account.(Bank of America)
July 6, 2004... Bank of America Corp.'s consulting services group says it will launch a unified managed account platform early next year to enhance its quickly expanding fee-based services program. "Definitely for us, from a technology standpoint, the...

In Brief: Hub Unit Buys Agency in N.Y.(Program Brokerage )(Brief Article)
July 6, 2004... Hub International Ltd. has announced that its New York-based wholesale insurance division, Program Brokerage Corp., has acquired, for an undisclosed amount of cash and Hub stock, the assets of B. & D.A. Weisburger Inc. in White Plains, N.Y. ...

In Brief: Safeco Closes N.M. Broker Sale.(Talbot Financial Services)(Brief Article)
July 6, 2004... Safeco said that it has completed the sale of Talbot Financial Corp. to an investor group led by Randy Talbot, who will remain president of Safeco Life and Investments, and Talbot Financial senior managers. Hub International Ltd. financed...

In Brief: SBLI of Mass. Elects Director.(Savings Bank Life Insurance)(Brief Article)
July 6, 2004... Savings Bank Life Insurance Co. of Massachusetts, in Woburn, has elected Phillip D. Brown, the president and chief executive officer of UniBank for Savings, to its board of directors. Mr. Brown has been president and CEO of UniBank for...

Sallie, JPM at Odds Over Bank One Contract.(SLM and JP Morgan Chase )
July 6, 2004... A dispute has broken out between J.P. Morgan Chase & Co. and SLM Corp., known as Sallie Mae, over a 1999 marketing pact between Sallie and Bank One Corp. JPMorgan Chase, which ac-quired Bank One on Thursday, wants out of the deal, citing...

IN BRIEF: Marquette Unit Buys N.J. Mortgage Bank.(Northmarq Capital )(Brief Article)
July 6, 2004... Northmarq Capital Inc. of Minneapolis has purchased James R. Poole & Co., a Parsippany, N.J., mortgage bank that also has operations in New York and Pennsylvania. The deal was announced Friday. Northmarq, a unit of Marquette Financial...

IN BRIEF: Fannie Passes for 3dTime on Callables.(Federal National Mortgage Association)(Brief Article)
July 6, 2004... Fannie Mae said Friday that it will not issue callable debt this month; it now has only one more opportunity this year to pass on such borrowing. In its 2004 issuance calendar, released in November, Fannie gave itself the option of telling...

IN BRIEF: Fannie Housing Pilot For Military Extended.(Brief Article)
July 6, 2004... Fannie Mae, Fort Campbell Federal Credit Union, and Affordable Housing Resources Inc. have extended a pilot program to help active-duty military personnel buy homes in Tennessee and Kentucky. Fannie first committed to purchase $5 million of...

IN BRIEF: Sunset Participates In JPM Securitization.(JP Morgan Mortgage Trust)(Brief Article)
July 6, 2004... Sunset Financial Resources Inc. has securitized $219.4 million of residential mortgages. The Jacksonville company, which was formed in October and went public in March, said Friday that it contributed $219.4 million to J.P. Morgan Mortgage...

CheckClear Uses Outside Deal to Expand Endpoint.(bank clearinghouse)
July 6, 2004... Banks that use the Endpoint Exchange network to settle some of their check transactions in image format will soon be able to route all of their outbound check traffic across the network, even if the items are going to banks that are not...