American Banker articles from July 2006

American Banker archives from July 2006

A Core Rebalancing Act: Sovereign drops carry trade for banking boost.(Sovereign Bancorp Inc.)
July 3, 2006... Sovereign Bancorp Inc.'s balance-sheet restructuring came a month after it sold a minority stake in itself to Banco Santander Central Hispano SA, and some analysts say the Madrid company's fingerprints were all over the move. Wall Street...

Genworth: Asset-Firm Deal Aids Adviser Channel Effort.(Genworth Financial)
July 3, 2006... Genworth Financial's definitive agreement to buy a California asset manager will help the company further its strategic initiative to penetrate the independent financial advisory channel, an executive says. It was the third deal in the past...

Branching Emphasis In Flagstar Retail Push: Mich. mortgage lender seeks stabler profits, likes suburban Atlanta.(Flagstar Bancorporation Inc. of Troy, Michigan)
July 3, 2006... Best known as a mortgage lender, Flagstar Bancorp Inc. in Troy, Mich., is trying to make a bigger name for itself in retail banking. The $15 billion-asset Flagstar is planning to open dozens of branches over the next four years in Michigan,...

'Extensible' Shows Signs The Name Fits.(bank reporting technology called "XBRL")
July 3, 2006... WASHINGTON -- Federal regulators are so impressed by how extensible business reporting language -- or XBRL -- has smoothed the call report filing process that they are weighing how to use it in a slew of other required filings. "We are...

Interest Rate Swaps Lead Strong 1Q for Derivatives.
July 3, 2006... WASHINGTON -- Banks reported record revenue of $5.7 billion from trading cash instruments and derivatives in the first quarter, buoyed by seasonal strength in interest rate contracts and unprecedented revenue from equity and foreign exchange...

Executive Changes.
July 3, 2006... MIDDLE ATLANTIC American International Group Inc. of New York has made Anthony J. Galioto its eastern senior executive. He will be in charge of coordinating and marketing the commercial and consumer benefits products provided by the...

Washington People.
July 3, 2006... Marking Their Turf Senate Banking Committee leaders sent the Judiciary Committee a clear message last week: Butt out. At a Judiciary Committee hearing examining the oversight of hedge funds, Sen. Chuck Schumer, who sits on both...

In Brief: Order for D.C.'s Independence.(Office of Thrift Supervision, Independence Federal Savings Bank)(Brief article)
July 3, 2006... The Office of Thrift Supervision has slapped the $170 million-asset Independence Federal Savings Bank in Washington with a cease-and-desist order. As the Washington Business Journal first reported Friday, the OTS cited the...

In Brief: Check-Kiting Scheme Hits BCSB.(BCSB Bankcorp Inc. of Baltimore, Maryland)(Brief article)
July 3, 2006... BCSB Bankcorp Inc. of Baltimore announced that it would take an after-tax charge of $6.9 million, or $1.18 a share, for its fiscal third quarter, which ended Friday, because of losses from a check-kiting scheme. The charge, announced...

In Brief: First Data, LaSalle Renew Processing Pact.(Brief article)
July 3, 2006... First Data Corp. said it has renewed its agreement to provide Star network access and signature debit processing to LaSalle Bank Corp., a Chicago unit of ABN Amro Holding NV. LaSalle, which has more than 1 million cardholders, has...

In Brief: Amex Names Yowan Corporate Treasurer.(David Yowan, American Express Co.)(Brief article)
July 3, 2006... American Express Co. said it will promote David Yowan to corporate treasurer on July 17. He will succeed Paul H. Hough, who will become the senior vice president for service network partners in consumer, small-business, and merchant...

In Brief: Asset Acceptance in New Nasdaq Market.(Asset Acceptance Capital Corp.)(Brief article)
July 3, 2006... Asset Acceptance Capital Corp., a Warren, Mich., buyer of charged-off credit card receivables, is one of the companies whose shares will begin trading on the Nasdaq's new Global Select Market today. Nasdaq said this market has "the highest...

Predictions of PIN Debit Rate Hikes Prove Wrong.(interchange rates for PIN debit transactions)
July 3, 2006... For some years now, industry observers have been predicting that interchange rates for PIN debit transactions would rise and more resemble the interchange merchant acquirers pay card issuers for signature debit transactions. (Those payments...

Can Banking Stocks Maintain Momentum?(Industry overview)
July 3, 2006... Bank stocks have risen this year, but analysts and investors are divided about the group's prospects for the next six months. Though the sector did well compared with the broader market, they underperformed some other financial stocks and...

In Brief: Freddie to Offer Loan-Level Data Updates.
July 3, 2006... Freddie Mac will start to make monthly disclosures of updated loan-level data for its single-family mortgage-backed securities in August. The regular updates, announced Friday, will be given only for such securities issued after last Dec....

In Brief: German Company Opens Moscow Office.(Eurohypo AG of Eschborn, Germany)(Brief article)
July 3, 2006... Eurohypo AG of Eschborn, Germany, said it has opened an office in Moscow and originated two loans there for $130 million each, one of which it called "the largest refinancing deal in Russia to date." "A presence in Moscow is of significant...

Fannie Portfolio Cap Said To Be $727B, After All.
July 3, 2006... The portfolio cap Fannie Mae agreed to implement in a consent order last month with its regulator is $727 billion -- just not the $727 billion it was initially believed to be, American Banker has learned. In the May 23 agreement with the...

Bank of N.Y. Unit Enlists Partners to Serve Institutions.(Company overview)
July 3, 2006... Bank of New York Co. announced Friday that it plans to start a unit early this fall that would incorporate brokerage and technology offerings for institutional clients. The banking company said the new unit will be a partnership with the...

Metavante Deals to Extend Big-Bank Reach.(Company overview)
July 3, 2006... Metavante Corp. said its deal to acquire Vicor Inc., a Silicon Valley maker of lockbox automation systems, would enhance its appeal to bigger banks and bring it into a new area of payments. The Milwaukee vendor announced the deal last week...

RSA: Sale Would Not Change Strategy.(Company overview)
July 3, 2006... RSA Security Inc. says its consumer online banking security business would not be changed after the vendor sells itself to the data storage company EMC Corp. "RSA will continue to build and invest in this business, as both companies...

In Brief: F.N.B. CEO Sets Departure Plan.(Brief article)
July 3, 2006... Citigroup Inc. representatives met with White House Office of Management and Budget officials early last month to discuss a broad plan by bank regulators to overhaul capital rules, according to an official OMB record. F.N.B. Corp. in...

In Brief: Ill. Companies In Merger of Equals.(Brief article)
July 3, 2006... UnionBancorp Inc. of Ottawa, Ill., and Centrue Financial Corp. in Fairview Heights said they have an agreement to merge as equals. The deal, announced Friday, would create the 41st-largest banking company based in Illinois, with $1.3...

In Brief: A 'Need for Pause' On FHFB Proposal.(Brief article)
July 3, 2006... A Federal Housing Finance Board proposal that would raise retained earnings at the Federal Home Loan banks might go too far and could damage the system, two key lawmakers said Friday. House Financial Services Committee Chairman Michael G....

In Brief: Zions Auctions Employee Options.(Brief article)
July 3, 2006... Zions Bancorp. said Thursday that it had completed the first auction of a new security that will help it determine the value of employee stock options. The auction was held Wednesday and Thursday, with 57 participants bidding for 93,610...

For Financial Services Legislation, Clock Is Ticking.
July 5, 2006... WASHINGTON -- The fate of a handful of bills related to financial services, including regulatory relief, data security, and reform of the government-sponsored enterprises, remains up in the air with only three weeks before Congress adjourns...

An Intensifying Bill-Payment Vendor Rivalry.(Yodlee Inc., CheckFree Corp.)
July 5, 2006... On the heels of Yodlee Inc.'s announcement last month that it is offering a next-generation bill-payment service, CheckFree Corp., the dominant provider in that market, has stepped up with details about a plan of its own -- specifically, it...

New Ginnie Chief's Agenda: FHA reform, reverse loans, foreign investors.(Robert M. Couch, Government National Mortgage Association)(Federal Housing Administration)(Interview)
July 5, 2006... Robert M. Couch is taking the reins at the Government National Mortgage Association just as its fortunes appear to be improving. Outstanding mortgage-backed debt guaranteed by the federal agency, better known as Ginnie Mae, grew in April...

Cullen/Frost Has Big Deal To Grow in San Antonio.(Cullen/Frost Bankers Inc., Texas)
July 5, 2006... Continuing its aggressive expansion in its home state, Cullen/Frost Bankers Inc. of San Antonio announced Monday that it had agreed to buy the $1.1 billion-asset Summit Bancshares Inc. of Fort Worth for about $366 million in cash and stock. ...

In Brief: Fed Study Defends Credit Card Issuers.(Federal Reserve Board)(Brief article)
July 5, 2006... Credit card issuers do not solicit customers indiscriminately, and the industry is not to blame for high consumer debt, a Federal Reserve Board study found. While noting concern that card issuers potentially extend repayment periods...

In Brief: Class Action Claims Fault in Credit Scores.(Capital One Financial Corp.)
July 5, 2006... A class action filed against the three major credit bureaus claims that Capital One Financial Corp.'s policy of reporting customers' debt without including their credit limits unfairly hurts credit scores. The suit, filed June 15 in the...

Lots of Possible Buyers Seen for a Thrift in D.C.(Independence Federal Savings Bank)
July 5, 2006... If Independence Federal Savings Bank decides to escape its latest regulatory jam by putting itself on the block, the Washington thrift would have no shortage of interested suitors, analysts say. It is, after all, an African-American-owned...

UMB Eyes Alliances to Seed Success in the HSA Business.(UMB Financial Corp., health savings accounts business)
July 5, 2006... UMB Financial Corp. says it is counting on partnerships to bring it success in the burgeoning health savings account business. The Kansas City, Mo., banking company has amassed more than $50 million of deposits in partnerships with...

In Brief: RBC Unit Merges Insurers, Melds Brands.(RBC Insurance)
July 5, 2006... RBC Insurance said Monday that it had merged its core U.S. insurance businesses, Liberty Life Insurance Co. and Business Men's Assurance Co. of America, and consolidated its brands. The move is intended to strengthen the Royal Bank of...

In Brief: Delaware Buyback Gets Surplus Tenders.(Delaware Investments Dividend and Income Fund Inc.)(Brief article)
July 5, 2006... Delaware Investments Dividend and Income Fund Inc., a closed-end investment management company, said Monday that shareholders had tendered about 5.75% of the company's stock in response to an offer that expired Friday to buy back up to 5% of...

In Brief: Morgan Stanley Hires District Wealth Exec.(Fred C.C. Crozier)(Brief article)
July 5, 2006... Morgan Stanley announced Monday that it had hired Fred C.C. Crozier to manage the Baltimore-Washington district of its global wealth management group. Mr. Crozier is to begin overseeing Morgan Stanley's 11 branch offices in Maryland and...

In Brief: Four Institutions Pick Agency Outsourcer.(ProfitStars Insurance Agency Solutions of Jack Henry and Associates)(Brief article)
July 5, 2006... Community banks in Louisiana, Texas, and Missouri and a Tennessee credit union chose its turnkey insurance agency service, the ProfitStars Insurance Agency Solutions Group of Jack Henry & Associates Inc. has announced. Eagle Bank and Trust...

N.Y. Bill on Default Pricing May Have Little Effect.(New York)
July 5, 2006... The New York Legislature passed a bill that would ban universal default pricing on credit cards, but even if the governor signs it, out-of-state lenders may well be exempt. Nessa Feddis, a senior counsel for the American Bankers Association...

CompuCredit Agrees to $11M Restitution.
July 5, 2006... The subprime credit card marketer CompuCredit Corp. has agreed to pay $11 million in credits and refunds to New Yorkers for failing to properly disclose some of its fees. New York State Attorney General Eliot Spitzer made the announcement...

Charge, Profit Warning Hurting Deluxe Shares.
July 5, 2006... Shares of Deluxe Corp., the nation's largest check printer, have tumbled since it reduced its full-year earnings guidance and warned that it expected to post a loss for the second quarter. The Shoreview, Minn., company said Friday that it...

W Holding: New Doral Deal Aims To Fix Old One.(W Holding Company Inc. of Mayaguez, Puerto Rico, strikes agreement with Doral Financial Corp.)
July 5, 2006... W Holding Co. Inc. of Mayaguez, Puerto Rico, said it struck a new agreement with Doral Financial Corp. over the transfer of a $1 billion mortgage portfolio in order to resolve accounting problems contained in the original agreement. At...

In Brief: Insurance Charter Hearing Set.(Senate Banking Committee)(Brief article)
July 5, 2006... The Senate Banking Committee plans to hold a hearing Tuesday on a proposed federal insurance charter. Sens. Tim Johnson, D-S.D., and John Sununu, R-N.H., introduced a bill April 5 to establish an insurance supervisory system that would let...

In Brief: Marron to Leave Fannie Board.(Donald B. Marron, Federal National Mortgage Association)(Brief article)
July 5, 2006... Donald B. Marron, the former chief executive of PaineWebber Group Inc., will resign from Fannie Mae's board at the end of this month. "Mr. Marron felt it was important to stay on the board of directors through the Paul, Weiss investigation...

Internet Strategy.(Editorial)(Brief article)
July 5, 2006... When it comes to advertising, community banks have generally stuck to what's tried and true: local newspapers and radio. While large banks and credit card companies were among the pioneers of advertising on the World Wide Web, many small...

Arts Benefit from Pulaski Branch Sale.(Pulaski Financial Corp. makes donations to arts groups, St. Louis, Missouri)
July 5, 2006... After making a tidy profit selling a branch, Pulaski Financial Corp. decided to share the wealth with arts groups in its hometown of St. Louis. The $905 million-asset Pulaski gave $250,000 to the Arts and Education Council of Greater St....

An Investment Pool Widens.(Dan McAllister, treasurer and tax collector, San Diego County, California)
July 5, 2006... When Dan McAllister, the San Diego County treasurer/tax collector, was campaigning for the job in 2002, he told community bankers he would steer some county money to them. Now he's doing it. Most of the funds in a multibillion-dollar...

Move Over, Martha Stewart.(banker and gardener Mar Jennings)(Interview)
July 5, 2006... A Westport, Conn., banking executive is following in the footsteps of Martha Stewart. "The Mar Jennings Home & Garden Show" appears Saturdays on local cable and will soon hit the air on network TV. Mr. Jennings became a lifestyle...

Uneasiness over Home Loan Bank Proposal.(Industry overview)
July 5, 2006... Debate over a proposed change in the Federal Home Loan banks' capital requirements is turning into an argument about the banks' purpose and has serious implications for community bankers who rely on them for access to the secondary mortgage...

Testing Internet Search Engines As Venue for Ads.(Industry overview)
July 5, 2006... Like a growing number of community banks nationwide, First Mariner Bank in Baltimore is in the middle of an online marketing experiment. The $1.4 billion-asset unit of First Mariner Bancorp recently relaunched a Web site,...

Five Ideas that Endure, Three that Faded Fast: Cost cutting, service reductions, and massive layoffs came close to consigning banks to the same fate as the airlines, with their low employee morale and poor service.(Column)
July 5, 2006... I have known Dick Kovacevich, chairman and chief executive of Wells Fargo & Co., for over 20 years and have long admired his ability to lead a large bank very successfully through the best and worst of times. I recently came across an...

Hearing as Prelude to ILC Limits?(industrial loan companies)
July 6, 2006... WASHINGTON -- Critics are hoping a House hearing next week will pressure regulators to reject Wal-Mart Stores Inc.'s effort to own an industrial loan company -- and lay the groundwork for Congress to block all commercial companies from entering...

Merging Ill. Banks Seek Tighter Ship.
July 6, 2006... Officials at Centrue Financial Corp. and UnionBancorp Inc. offer a pretty simple explanation for merging the two Illinois companies: being able to operate more efficiently and having deeper pockets to expand. Centrue, in Fairview Heights,...

First Data's 'Net' Dreams Fade with Settlement.(Visa USA Inc., First Data Corp. )
July 6, 2006... Visa U.S.A. Inc. and First Data Corp. have agreed to settle a long-running legal dispute over whether transactions initiated with Visa cards must be routed across Visa's payment network. First Data, of Denver, has long processed a small...

IndyMac Won't Spin Reverse Lender Off.(IndyMac Bancorp Inc.)
July 6, 2006... IndyMac Bancorp Inc. has scrapped a plan to partially spin off the reverse mortgage company it majority-owns, the leader in that hot senior-citizen lending niche. Instead, the Pasadena, Calif., thrift company has agreed to pay $40 million...

Hudson City to Maintain Its High-End Focus.(Hudson City Bancorporation Inc. of Paramus, New Jersey)
July 6, 2006... Poised to close its first acquisition, the $29 billion-asset Hudson City Bancorp Inc. of Paramus, N.J., appears to be shaking things up. But Ronald E. Hermance Jr., the thrift company's chairman, chief executive, and president, said the...

Executive Changes.
July 6, 2006... MIDDLE ATLANTIC Susquehanna Bancshares Inc. of Lititz, Pa., has made Joseph R. Lizza the president and chief executive officer of its $2.7 billion-asset Susquehanna Patriot Bank of Marlton, N.J. He succeeded Michael M. Quick, who had...

Community Banks with Largest Portfolios of First Mortgage Loans: On Dec. 31, 2005. Dollars in thousands.(Statistical data)(Company rankings)
July 6, 2006... Dec. 31 Year earlier Change Assets 1 BAC Florida Bank Coral Gables $466,245 $460,949 1.1% $798,801 2 Dedham Institution for Savings Mass. 427,743 424,268 0.8 868,473 3 Haven Savings Bank Hoboken, N.J. 423,216 403,249 5.0...

Community Banks with Largest Portfolios of Home Equity Loans: On Dec. 31, 2005. Dollars in thousands.(Company rankings)
July 6, 2006... Dec. 31 Year earlier Change Assets 1 Lexington State Bank N.C. $109,862 $97,923 12.2% $975,158 2 Riverside Bank of the Gulf Coast Cape Coral, Fla. 78,203 61,086 28.0 526,821 3 Founders Bank Worth, Ill. 75,243 71,417 5.4...

In Brief: CompuCredit Downgraded on Market Fears.(Brief article)
July 6, 2006... Joel Houck, an analyst at Wachovia Corp.'s securities unit, downgraded CompuCredit Corp.'s stock to "market perform," from "outperform," on concerns about weakening subprime credit quality. In a research note issued Wednesday, Mr. Houck...

In Brief: Collection Firm, Execs Settle FTC Charges.(Whitewing Financial Group Inc., Federal Trade Commission)(Brief article)
July 6, 2006... A Houston collection agency and its three top executives agreed to pay $30,000 to settle Federal Trade Commission charges that it threatened and lied to consumers. According to the FTC, Whitewing Financial Group Inc. bought and tried to...

In Brief: Two Analysts Begin Covering MasterCard.(evaluation of MasterCard Inc.'s stock)(Brief article)
July 6, 2006... Two more analysts initiated coverage of MasterCard Inc.'s stock Wednesday. Tien-Tsin Huang of JPMorgan Chase & Co. said uncertainty about the outcome of pending lawsuits was the main reason for his "neutral" rating. But Patrick Burton...

In Brief: North Fork Puts Imaging Tool into an ATM.(Brief article)
July 6, 2006... North Fork Bancorp. Inc. has installed imaging technology at an NCR Corp. automated teller machine in Manhattan. The New York company says the Sixth Avenue machine, one of hundreds North Fork has in the metropolitan area, is the first in...

Millionaires' Confidence Falls.(Spectrem Group survey of affluent investors )(Brief article)
July 6, 2006... Confidence among affluent investors and millionaires declined considerably in June, according to a survey released Wednesday by Spectrem Group, a Chicago research company. The Spectrem Millionaire Investor Index fell 11 points last month,...

N.C.'s Gateway Builds Brokerage on Fee Business.(Gateway Bank and Trust Co., North Carolina)
July 6, 2006... After floundering briefly with a brokerage program it started in 1998, Gateway Bank and Trust Co. relaunched its brokerage in 2000 under David Twiddy, who has succeeded with an emphasis on fee business. Mr. Twiddy's bank brokerage program...

Pipeline.
July 6, 2006... Mixed Feelings Texas' regulator for state-chartered mortgage firms says he supports the idea of a nationwide originator database and a uniform license application, but he shows a trace of reluctance when he talks about making it happen....

In Brief: Iceland Banks to Use Norkom Software.(Brief article)
July 6, 2006... The Central Bank of Iceland and three banking companies in that country have agreed to use anti-money laundering software from Norkom Technologies Inc. The agreements, which the Boston vendor announced Monday, were negotiated through the...

In Brief: Swift to Send Messages via New Language.(Society for Worldwide Interbank Financial Telecommunication to use financial products markup language)(Brief article)
July 6, 2006... The international wire transfer organization Swift plans to start using the financial products markup language this year to transmit SwiftNet messages for the automatic processing of financial derivatives. The Belgian bank-owned...

Online Resources Details Princeton eCom Impact.
July 6, 2006... Online Resources Corp. said Wednesday that its acquisition of Princeton eCom Corp. would increase its revenue by $20 million in the second half of 2006 but could reduce earnings by 7 to 10 cents a share. The Internet banking outsourcer...

Nat City Bill-Pay Service Adds Check Image Views.(National City Corp. )
July 6, 2006... National City Corp.'s online banking system now permits customers to view images of checks that the Cleveland company creates automatically for some bill payments. Though most online bill payments are sent to billers electronically,...

Correction.(Correction notice)
July 6, 2006... In the July 5 paper, the headline of a page 1 story misdescribed Cullen/Frost Bankers' deal to buy Summit Bancshares. The deal would help Cullen/Frost grow in Fort Worth, not San Antonio. (c) 2006 American Banker and SourceMedia, Inc. All...

In Brief: Shares of Commerce of New Jersey Slide.(Brief article)
July 6, 2006... Shares of Commerce Bancorp Inc. of Cherry Hill, N.J., fell 7% Wednesday on continued investor concern over its ability to maintain deposit growth and increase its profit margin. A columnist argued in Wednesday's Wall Street Journal that...

In Brief: Retirement Account Edits of FDIC Material.(Federal Deposit Insurance Corp.)(Brief article)
July 6, 2006... The Federal Deposit Insurance Corp. has updated its printed and online resources to reflect increased deposit insurance coverage for certain retirement accounts, the agency said Wednesday. On April 1 the agency increased the retirement...

In Brief: Biometric Check-Cashing Service at Zions.(Brief article)
July 6, 2006... Zions Bancorp. announced the launch Wednesday of a biometric verification service for consumers who cash payroll and government checks at its branches. It said Zions Express marks the first time a major financial institution has used a...

In Brief: Rymer Sworn In as FDIC Inspector General.(Federal Deposit Insurance Corp.)(Brief article)
July 6, 2006... Former bank executive and auditor Jon T. Rymer was sworn in Wednesday as inspector general of the Federal Deposit Insurance Corp. Mr. Rymer succeeds Patricia M. Black, the deputy inspector general, who has been acting inspector general...

Wachovia Capital Markets Settlement.
July 6, 2006... Wachovia Capital Markets LLC has agreed to pay $25 million to settle claims by state regulators that its research analysts issued biased coverage to help it obtain investment banking business. The North American Securities Administrators...

Growing Pains Are Hurting Outlook on Bank of Hawaii.
July 6, 2006... Bank of Hawaii Corp. drew an upgrade Wednesday from one analyst for its consistent earnings growth, but others say growth is getting more difficult for the Honolulu company. Andrea T. Jao of Lehman Brothers Inc. upgraded the stock to...

Fannie Mae's Mudd.
July 7, 2006... The GSE's chief executive said the company is still trying to catch up to the private market while its regulator pressures it to curb product expansion. (c) 2006 American Banker and SourceMedia, Inc. All rights reserved....

eBay Blocks Merchants from Offering Google's 'Checkout'.
July 7, 2006... In a move likely to be viewed as protecting its PayPal Inc., eBay Inc. has barred sellers from using Google Inc.'s new payment service. The San Jose online auction giant also announced Thursday that Jeff Jordan, PayPal's president since...

OFHEO Chief Has a Goal: Break GSE Deadlock: Aims to get reform legislation through Congress in 2006.(James Lockhart, Office of Federal Housing Enterprise Oversight)(regulation of government sponsored enterprises)
July 7, 2006... WASHINGTON -- James Lockhart, the government-sponsored enterprises' new regulator, aims to strike a deal with Freddie Mac and break a logjam that has blocked enactment of a reform law -- all in the next three weeks. In an interview...

Woodforest Sets Wal-Mart Ohio Openings.(Woodforest National Bank in-store branches)
July 7, 2006... Woodforest National Bank in Texas will ride Wal-Mart's coattails into 70 Ohio stores beginning next month. The $1.8 billion-asset bank, which has 168 branches in Wal-Mart stores in three states, plans to open 15 or 16 branches inside Ohio...

Orion Thrives in Florida, Its Star Hitched to CRE.(Orion Bancorp Inc., commercial real estate loans)
July 7, 2006... Even in a market as fiercely competitive as Florida, Orion Bancorp Inc. stands out. The Naples company has more than doubled its assets since 2004, to $2 billion, and for two years running the Jacksonville investment bank Allen C. Ewing &...

Regional Economy Said Hurting Firms in Midwest.(company earnings)
July 7, 2006... A sluggish economy, tough competition, and weakening credit quality likely dragged down second-quarter earnings at large midwestern banking companies. The Midwest had the highest proportion of past-due residential mortgages and commercial...

In Brief: Fla. Credit Union to Try Converting Again.(Sunshine State Credit Union, Tallahassee, Florida)(Brief article)
July 7, 2006... Sunshine State Credit Union in Tallahassee, Fla., will try a second time to convert to a mutual savings bank, officials said last week. The $180 million-asset credit union submitted a conversion application to the Office of Thrift...

In Brief: PremierWest Posts 17.5% Profit Increase.(Brief article)
July 7, 2006... PremierWest Bancorp in Medford, Ore., said Thursday that it earned $3.8 million in the second quarter, up 17.5% from the year-earlier period. Diluted earnings per share rose 22%, to 22 cents. The $985 million-asset company attributed the...

Security Watch.(data security)
July 7, 2006... Courts Five men have been accused of stealing Social Security numbers of the rich and famous. The men, ages 19 to 24, were arrested and charged with aggravated identity theft. They allegedly used stolen or fraudulently created...