American Banker articles from June 2001

American Banker archives from June 2001

DC Speaks: The Word at B of A: CRA Is Profitable.(Bank of America Corp. profits from Community Reinvestment Act)(Brief Article)
June 1, 2001... Bankers who seethe and tremble at the sound of the letters C-R-A have a defeatist attitude, says Bank of America Corp.'s Vickie B. Tassan. Community Reinvestment Act commitments must be made with a profit motive -- not just for regulatory...

Laredo's Chairman Barred By the Fed.(Hank Carlos Rhon of Laredo National Bancshares Inc.)(Brief Article)
June 1, 2001... The son of a wealthy Mexican businessman was fined $40 million and barred from working in the U.S. banking industry under an agreement announced Thursday by the Federal Reserve Board. Carlos Hank Rhon, chairman and director of Laredo...

Big Banks in No-Fee ATM Pitch.(Bank of America, Barclays Bank PLC, Deutsche Bank, Bank of Nova Scotia, and Westpac Banking Corp.)(Brief Article)
June 1, 2001... Though Bank of America Corp. has fought tooth and nail for its right to levy automated teller machine surcharges in the United States, it and four foreign banks have agreed to waive these fees on one another's customers, the banks announced...

TODAY'S NEWS.
June 1, 2001... AmSouth has opened its first stand-alone wealth management center to target high-net-worth customers in Florida. Page 2 CSFBdirect said it will lay off 180 employees, bringing its staff cuts for the year to 24%. Page 3 WASHINGTON Page...

For Ore.'s Klamath, Slow is Beautiful.(Klamath First Bancorp Inc.)(Brief Article)
June 1, 2001... As Oregon's top banking companies duke it out in the hot business markets of Portland, Eugene, and Salem, $1 billion-asset Klamath First Bancorp in Klamath Falls is content to grow by catering to consumers in the sleepier parts of the state....

Staples Targets Small Biz For e-Financial Services.(Staples.com)
June 1, 2001... Tucked away on the Web site of Staples, the office-supply chain, is a series of "financial management" pages aimed at expanding relationships with small businesses across the country. Many small businesses turn to staples.com for help in...

AmSouth Adds Tampa Center In Affluent Push.(AmSouth Bancorp.)(Brief Article)
June 1, 2001... AmSouth Bancorp, which plans to expand in Florida and double its wealth management business companywide over the next three years, has opened its first freestanding wealth management center to target high-net-worth customers in the state. ...

CSBdirect to Fire 180 More, Boosting Staff Cuts to 24%.(Credit Suisse First Boston)(Brief Article)
June 1, 2001... CSBFdirect, the mostly online brokerage unit of Credit Suisse First Boston, said Thursday that it will lay off 180 staff, bringing its tally of layoffs for the year so far to 24%. In March the company laid off 150 employees when it closed...

People: Charlotte Legal Web.(several brief topics included)(Brief Article)
June 1, 2001... If there were any doubt just how much of a banking town Charlotte has become, it may have melted away amid the legal wrangling this week between SunTrust Banks Inc., First Union Corp., and Wachovia Corp. When SunTrust asked the federal...

In Brief: ABA Appeals Ruling In Credit Union Case.(American Bankers Association)(Brief Article)
June 1, 2001... The American Bankers Association filed an appeal Wednesday in its ongoing effort to overturn a federal rule that broadened credit union membership requirements. The ABA charged in the U.S. Court of Appeals for the District of Columbia that...

In Brief: NatWest Unit Cleared Of Privacy Violations.(Coutts and Co.)(Brief Article)
June 1, 2001... A federal appeals court has ruled that a Florida banking subsidiary of London's National Westminster Bank did not violate privacy laws in disclosing that a customer -- who was under federal prosecution for money laundering and whose assets had...

Spare Change: 'Merger Burn' Relief at Jersey Shore Thrift.(ocean City Home Savings and Loan Association)(Brief Article)
June 1, 2001... Ocean City Home Bank in Ocean City, N.J., is putting a sardonic spin on this year's summer promotions, urging residents of the vacation community and surrounding county to seek its help for their merger-related injuries. The $322...

Loan Fraud at Ill. Thrift -- A Sign of the Times?(Jacksonville Savings Bank)(Brief Article)
June 1, 2001... A small Illinois thrift says it is the victim of a loan scam that could cost it up $2.8 million. Jacksonville Savings Bank said last week that it had discovered 40 to 60 phony loans at its Virden, Ill., branch. The $231 million-asset...

Letters to the Editor: Why Hancock Really Chose Bank of N.Y. as Administrator.
June 1, 2001... To the Editor: I feel it imperative to comment on the May 30 article entitled "Bank of N.Y. Takes Aim at U.S. Fund Biz." The article did not at all reflect the extensive due diligence that the John Hancock Funds exercised in selecting...

Creating a Laboratory for New Ideas That Test Out at the Bottom Line.(how the Internet will affect banking)(Brief Article)(Editorial)
June 1, 2001... Banking has come under siege by the upstarts that are leveraging the Internet and disintermediating us one product at a time. The Internet has become a powerful mass-market medium, capable of building new and diverse national brands. It has...

FDIC Rebates for Banks? What About the Depositors.(Federal Deposit Insurance Corp.)(Brief Article)(Editorial)
June 1, 2001... The Federal Deposit Insurance Corp. has released its recommendations for reforming the nation's deposit insurance system, and the subcommittee on financial institutions of the House Financial Services Committee is holding hearings on FDIC...

In Brief: Joint Marketing Deal for Index Companies.(Kinder, Lydenberg, Domini and Company Inc., Russell/Mellon Analytical Services)(Brief Article)
June 1, 2001... Kinder, Lydenberg, Domini & Co. Inc. and Russell/Mellon Analytical Services have agreed to jointly market a family of social indexes and performance analytics developed by Kinder Lydenberg. The Kinder Lydenberg Domini index family consists...

In Brief: Stock Funds Had Turnabout in April.(investors boost investments)(Brief Article)
June 1, 2001... Investors put $19.25 billion of new money into stock funds in April after removing $20.57 billion in March, the Investment Company Institute reported. The biggest increase was in stock funds, which drew $17.45 billion of new money in...

In Brief: ZonaFinanciera.com in Morningstar Deal.(to distribute Morningstar.com content)(Brief Article)
June 1, 2001... ZonaFinanciera.com, a marketplace for Spanish- and Portuguese-speaking consumers and the financial institutions that serve them, announced an alliance to distribute Morningstar.com's stock and mutual fund content in 21 countries. In...

In Brief: Schroders Starts N. American Retail Fund.(Schroders PLC, Schroder North American Fund)(Brief Article)
June 1, 2001... Schroders PLC launched a North American fund Thursday, giving it the name of an institutional-investor product that it is renaming. The Schroder North American Fund joins the company's U.S. Dynamic Growth and U.S. Active Value funds for...

Lockwood Puts Low-Minimum Managed Accounts Online.(Lockwood Financial Group)(Brief Article)
June 1, 2001... Lockwood Financial Group's advisory unit is targeting the emerging affluent by allowing advisers online access to its individually managed accounts -- which require half the minimum investment that is standard for the industry. LFG...

Eaton, Federated Eye Managed Accounts at Retail.(Eaton Vance Corp. Federated Investors Inc.)(Brief Article)
June 1, 2001... As more brokers and financial advisers seek alternatives to mutual funds for their high-net-worth clients' portfolios, two fund companies are trying to capture assets by introducing individually managed accounts for retail investors. The...

In Brief: N.C.'s 1st Bancorp Buys Two Agencies.(First Bancorp,Aberdeen Insurance and Realty Company Inc., Hobbs Insurance and Realty Co.)(Brief Article)
June 1, 2001... First Bancorp, the parent company of First Bank and First Bank Insurance Services, announced Wednesday that it had acquired the Aberdeen Insurance and Realty Co. Inc. and Hobbs Insurance and Realty Co. agencies. The deal prices were not...

In Brief: Hancock S&P Spot Awaits Deal Closing.(John Hancock Financial Services Inc., Standard and Poor's 500 Index)(Brief Article)
June 1, 2001... John Hancock Financial Services Inc. will be added to the Standard & Poor's 500 Index of the nation's largest companies, but not right away. Hancock will replace Harcourt General Inc., which is being acquired by Reed Elsevier PLC, but it...

In Brief: Small Firms Lack Retirement Plans.(survey from Mathew Greenwald and Associates)(Brief Article)
June 1, 2001... Mathew Greenwald & Associates' 2001 Small Employers Retirement Survey found that small businesses that offer retirement plans provide their employees with good benefits, but less than half of their workers have access to employer- sponsored...

In Brief: Loma, Tech Firm Launch Job Site.(insurance and financial services industry association and Synergy 2000 Inc.)(Brief Article)
June 1, 2001... Loma, an association for the insurance and financial services industry, has started LomaJobNet with and Synergy 2000 Inc The Web site includes full-service recruiting and extensive job searching and job posting. The site's technology...

Deloitte and U.K. Partner Not Stressing Web Sales.(Deloitte Consulting, Sherwood International PLC)(Brief Article)
June 1, 2001... Deloitte Consulting LLC and Sherwood International PLC are pooling their resources in an alliance they say can help insurers boost their sales and help other firms enter the insurance business. The centerpiece of the partnership is a set of...

Banks Seen Benefiting from Planned E-Gov Fund.(Bush Administration's $100 mil electronic government fund)(Brief Article)
June 1, 2001... Aiming to speed the shift toward electronic government, the Bush administration has proposed setting aside $100 million for federal agencies that want to pursue innovative projects in areas such as online purchasing, e-mail outreach to...

Freddie's 1-File Credit Plan Worries Consumer Activists.(Federal National Mortgage Association)(Brief Article)
June 1, 2001... Consumer activists say a change that Fannie Mae is considering to speed up underwriting could hurt people with marginal credit. Fannie confirmed Wednesday that it may ease its credit report requirement for loans it buys through its...

In Brief: Philly Predator Law Draws Industry Suit.(American Financial Services Association, predatory lending ordinance)(Brief Article)
June 1, 2001... The American Financial Services Association has sued Philadelphia, charging that the city exceeded its authority in April when it passed an ordinance regulating so-called predatory lending. The trade group argues that the city lacks...

In Brief: GMAC Unit to Close Calif. Service Center.(GMAC Mortgage Corp.)(Brief Article)
June 1, 2001... GMAC Mortgage Corp. has announced that it will close its National City, Calif., servicing center in November. The move will force the layoff of 450 people, a spokeswoman said late Wednesday. The company cited the cost of doing business in...

In Brief: AmSouth Extends Free Web Banking Offer.(Brief Article)
June 1, 2001... AmSouth Bank is extending by two months its offer of free Internet banking and bill payment for life, thanks to surprisingly strong demand. The $38.8 billion-asset bank signed up 160,000 new and current customers for online banking during...

In Brief: ING Direct Sailing a Replica Ship to N.Y.(Brief Article)
June 1, 2001... To celebrate its advent in the United States, ING Direct is sailing a full- scale replica of a seventeenth-century Dutch East India Company ship to New York City. The Halve Maen (Dutch for "Half Moon") is scheduled to arrive from...

In Brief: Gay Web Bank-Realty Journal Marketing Pact.(Gayhomes.com and G and L Internet Bank deal)(Brief Article)
June 1, 2001... G&L Internet Bank and Gayhomes.com, an Internet real estate magazine, have agreed to a co-marketing and co-branding relationship. The goal is to help gay and lesbian families use the Internet to find gay-friendly, nondiscriminatory...

In Brief: Calif.'s Union Bank Picks Web ACH Software.(Fundtech Ltd. contracted)(Brief Article)
June 1, 2001... Union Bank of California has selected software from Fundtech Ltd. to deliver Web-enabled automated clearing house services to its corporate customers. The Fundtech Banker ACH software is to give Union Bank's customers the ability to...

M&T Evading the Pitfalls Of a Treacherous Economy.(M and T Bank Corp., praise from analysts)(Brief Article)
June 1, 2001... M&T Bank Corp., long a Wall Street darling, continues to draw praise from analysts for holding its own in a choppy market for bank stocks. This week two analysts added favorable ratings to the $30.9 billion-asset company's scorecard,...

Corrections.(Correction Notice)
June 1, 2001... A May 25 story, "Loophole Lets Canadian Venture Process MC, Visa" on page 10, mixed up the card brands issued by the two banks involved in the processing venture. Bank of Montreal is a MasterCard issuer; Royal Bank of Canada is the Visa member....

In Brief: NYSE Exec in Line for Treasury Post.(Sheila C. Bair)(Brief Article)
June 1, 2001... President Bush plans to nominate New York Stock Exchange executive Sheila C. Bair as assistant Treasury secretary for financial institutions, a White House spokesman said Thursday. Ms. Bair joined the NYSE in 1995 as senior vice president...

In Brief: Wachovia Hit with Shareholder Suit.(Brief Article)
June 1, 2001... Wachovia Corp. was hit with another lawsuit Thursday relating to the unsolicited takeover bid by SunTrust Banks Inc. -- this time from one of its own shareholders who happens to be a SunTrust vice chairman. Theodore J. Hoepner, who owns 280...

In Brief: E-Trade Claims a Mortgage Milestone.(LoansDirect Inc. funds over $1 billion in loans)(Brief Article)
June 1, 2001... E-Trade Bank announced on Thursday that it has funded more than $1 billion in mortgage loans through LoansDirect, an online mortgage lender it acquired in February. The bank, a wholly owned subsidiary of E-Trade Group Inc., is now the...

Most Efficient Bank Holding Companies out of the Largest 500.(as of December 31, 2000)(Illustration)(Statistical Data Included)
June 1, 2001... Data as of Dec. 31. Dollar amounts in thousands ($000) Only companies that file Y9-C reports to the Federal Reserve were included (Part 1 of 2) Efficiency ratio Rank ...

Single-Use Card Number Clicks with Microsoft: Will computer giant hit 'dinosaurs' with system they snubbed?(Microsoft, Cyota and Orbiscom in licensing deal)
June 4, 2001... Placing its imprimatur on a technology that many banks have spurned, Microsoft Corp. has entered into cross-licensing agreements with two software companies that provide one-time-use credit card numbers for Internet shoppers, and it will likely...

'Too Big to Fail' Deniers Have a Tough Audience.(Federal Reserve Board)
June 4, 2001... The doctrine of "too big to fail" is the elephant in the room at the Federal Reserve Board -- everyone knows it is there, but nobody wants to admit it. When Fed officials discuss this belief that the government will rescue large financial...

Starting Small, Principal Taps Banks.(Principal Financial Group)(Brief Article)(Statistical Data Included)
June 4, 2001... Principal Financial Group has not been a big player in the bank market, but that may be about to change. For the last two months, with no fanfare, the Des Moines company has been pitching a new program to community banks that have retail...

From FDIC, Outsourcing-Risk Management.(Brief Article)
June 4, 2001... The Federal Deposit Insurance Corp. knows that many community banks would like to go the outsourcing route for at least some of their technology needs. The FDIC has also learned that community bankers do not want anything that looks like a...

TODAY'S NEWS.
June 4, 2001... Union Bank of California has agreed to sell three Pacific island branches to First Hawaiian. Page 2 WASHINGTON The OCC will raise its fees for all institutions with composite Camels ratings of 3 or worse beginning next month. Page 3...

Executive Changes.(Brief Article)
June 4, 2001... MIDDLE ATLANTIC Deutsche Bank has hired David Jacobs, the co-head of the global consumer group at Morgan Stanley Dean Witter & Co., as its own head of global consumer investment banking. He was also named a managing director, which was...

1st Hawaiian to Buy Union Branches in Guam, Saipan.(Brief Article)(Statistical Data Included)
June 4, 2001... Union Bank of California said late Thursday that it had agreed to sell its three branches in Guam and Saipan to First Hawaiian Bank. The deal is part of a restructuring Union Bank unveiled last fall to emphasize faster-growing markets and...

In Brief: OCC to Raise Fees For Camels 3, 4, 5.(Office of the Comptroller of the Currency)(Brief Article)(Statistical Data Included)
June 4, 2001... Effective July 1, the Office of the Comptroller of the Currency will raise its fees for all institutions with composite Camels ratings of 3 or worse and will increase the exam fees paid by independent credit card banks, the agency said Friday....

In Brief: GE's Card Bank To Change Charters GE Capital Consumer.(Card Co changes its name to GE Financial Corp)(Brief Article)
June 4, 2001... Card Co. of Mason, Ohio, won government approval to switch from a state charter to a federal savings bank and changed its name to GE Financial Corp. The Office of Thrift Supervision said the $494 million-asset subsidiary of GE Capital...

In Brief: Former FDIC Worker Sentenced in Fraud.(Theresa A Hill)(Brief Article)
June 4, 2001... A former Federal Deposit Insurance Corp. employee was sentenced to five years' probation and fined $87,531 in connection with an identity fraud scheme, the agency's inspector general said. Theresa A. Hill, a Maryland resident who worked in...

In Brief: OCC Warns of Scam Circulating in Faxes.(Office of the Comptroller of the Currency)(Brief Article)(Statistical Data Included)
June 4, 2001... The Office of the Comptroller of the Currency is warning bankers and consumers that letters and faxes encouraging recipients to send the agency money to release large sums in foreign accounts are a scam. One letter claims the OCC will...

Washington People.(Brief Article)
June 4, 2001... Top (Smoking) Gun Tobacco company consultant J. Howard Beales 3d, the Bush administration's reported choice to head the consumer protection division of the Federal Trade Commission, has consumer activists "queasy" and "apprehensive," given...

Oregon Trail Sues Back, Accusing Investor of Libel.(Brief Article)(Statistical Data Included)
June 4, 2001... An Oregon bank company is suing one of its largest shareholders, claiming he libeled one of its directors. In its suit, filed last week in U.S. District Court in Portland, Oregon Trail Financial Corp. of Baker City charges that the...

In Brief: International Value Fund from Janus.(Brief Article)(Product Announcement)
June 4, 2001... Janus International Holding Co. launched a closed-end international value fund Friday. Investors can invest in the Janus Global Value Fund until June 29, when it will begin operation. It will be managed by Jason Yee. The fund will...

In Brief: Scudder Marketing Exec for Montgomery.(Brief Article)
June 4, 2001... Montgomery Asset Management announced Thursday that it has hired Wilson Santos as managing director of mutual funds distribution. He is responsible for sales, marketing, and distribution. Mr. Santos was in charge of third-party...

In Brief: Bisys Group Buys Universal Pensions.(Brief Article)
June 4, 2001... Bisys Group Inc. said Friday that it had acquired Universal Pensions Inc. of Brainerd, Minn., for $85 million in cash. Universal Pensions is a provider of retirement plan services and related business solutions for the full range of...

In Brief: Advest Chops 155 Operations Workers.(Brief Article)
June 4, 2001... MONY Group's Advest Inc. retail brokerage subsidiary cut 155 operations jobs Friday. Advest said it would outsource most of its brokerage processing and integrate its information technology function with MONY's. The moves should save...

In Brief: Cenetec Forms Tech Investment Conduit.(Innovation Capital LLC)(Brief Article)
June 4, 2001... Cenetec, an incubator of technology companies, has set up a broker-dealer designed to match private equity investors with venture capital opportunities. The new unit, Innovation Capital LLC, will operate as a conduit between institutional...

In Brief: www.jboxford.com Adds Bond Trading.(JB Oxford Holdings)(Brief Article)(Product Announcement)
June 4, 2001... JB Oxford Holdings added an online bond trading platform to its Web site, www.jboxford.com, on Thursday. The platform allows customers to invest in corporate, government and municipal bonds. The site, which aims to be a "one-stop shop"...

Wamu to Sell New Safeco Fixed Annuity.(Washington Mutual)(Brief Article)(Product Announcement)(Statistical Data Included)
June 4, 2001... Safeco Life Insurance Co. Friday introduced Select Annuity, a single-premium fixed annuity that is to be offered through Washington Mutual Inc. branches. Safeco's Select Annuity is available through Washington Mutual financial consultants...

In Battle for Wachovia, Many Suits, Many Goals.(Wachovia Corp., First Union Corp., SunTrust Banks)(Brief Article)
June 4, 2001... As would-be merger partners First Union Corp. and Wachovia Corp. slug it out in the media with rival SunTrust Banks Inc., the three companies are also in a potentially costly though less visible undercard bout in the courts. Both sides...

In Brief: Construction Spending Nearly Flat in April.(Brief Article)(Statistical Data Included)
June 4, 2001... Construction spending remained steady in April, at a seasonally adjusted annual rate of $855.2 billion, nearly the same as the revised March estimate of $852.9 billion, the U.S. Commerce Department's Census Bureau announced Friday. The...

In Brief: Private-Sector Coalition Tests Finance Plan.(to assist lower income Californians to own homes)(Brief Article)(Statistical Data Included)
June 4, 2001... Rep. Edward Royce, R-Calif., and Freddie Mac have announced a $25 million initiative to help lower-income California families achieve homeownership without public subsidies. Joining Freddie Mac are California Bank and Trust, Impact...

Microsoft Web Loan Unit Back in New Guise.(Brief Article)
June 4, 2001... For those who breathed a sigh of relief when Microsoft abandoned its high-profile mortgage technology joint venture in February, last week's announcement by MSN HomeAdvisor may revive some gladly shelved fears. The Microsoft home and real...

Fiserv Finds a Low-Tech Edge in Handling Currency.(Brief Article)
June 4, 2001... As other data processors seek to expand their business prospects by investing in electronic bill presentment and payment, Fiserv Inc. is exploiting a low-tech opportunity: helping banks wring savings from the old-fashioned handling of paper...

In Brief: U.K. Firm to Acquire Currency Sorter CSI.(De La Rue PLC to buy Currency Systems International Inc., maker of currency handling equipment)(Brief Article)
June 4, 2001... The cash systems division of De La Rue PLC, a publicly traded company in the United Kingdom, said it will buy Currency Systems International Inc. of Irving and the United Kingdom, a provider of high-speed currency sorting machines and software....

In Brief: B of A to Participate In State St.'s E-Forex.(Bank of America to use State Street Corp.'s electronic foreign exchange trading system)(Brief Article)
June 4, 2001... State Street Corp. is expected to announce today that Bank of America will participate in its electronic foreign exchange trading system, FX Connect. Bank of America would be the 23d institution to commit itself to participating in FX...

In Brief: DoubleClick in $41M Deal for E-Marketer.(DoubleClick Inc. to buy MessageMedia Inc.)(Brief Article)(Statistical Data Included)
June 4, 2001... DoubleClick Inc., the online advertising company, has signed a deal to buy MessageMedia Inc., an e-mail marketing firm, for $41 million of stock, DoubleClick said Friday. It said the deal will broaden its client base and give it a licensed...

Northern Trust Predicts Double-Digit Profit Growth.(Brief Article)
June 4, 2001... Companies that specialize in trust and processing businesses fell out of favor with Wall Street earlier this year on fears that the slowing economy would hurt their businesses, but Northern Trust Corp. is telling analysts that its two core...

Corrections.(Correction Notice)
June 4, 2001... The headline on a page 12 story Friday about plans by one of the mortgage GSEs named the wrong one. As the text made clear, it is Fannie Mae that may ease its automated-underwriting requirement that credit reports on the borrower be available...

In Brief: MasterCard Buying the Rest of Mondex.(MasterCard International to take full control of Mondex International)(Brief Article)
June 4, 2001... MasterCard International, which owns 58% of the smart card company Mondex International, said Friday that it had reached a deal with Mondex's other shareholders to assume full ownership and direct control of operations and management. The...

In Brief: Conseco Denies It's Concealing Bad Loans.(Conseco Inc.)(Brief Article)
June 4, 2001... Conseco Inc. is vehemently denying a media report that its loss-mitigation practices are hiding bad loans that could cause the company trouble. A Conseco spokesman said that the report, which appeared on TheStreet.com, was "propaganda"...

In Brief: CFO at Carver Throws In the Towel.(James Boyle, Carver Bancorp)(Brief Article)
June 4, 2001... James Boyle, the chief financial officer at struggling Carver Bancorp, has resigned after 16 months on the job. The company said Friday that Mr. Boyle, 50, who had come to Carver in January 2000 to help staunch leaking profits at the $424...

Why B of A Likes to Hire Nonbankers.(Bank of America Corp.)(Brief Article)
June 5, 2001... As Kenneth Lewis tries to steer Bank of America Corp. toward faster internal growth and away from acquisitions, he is counting on a cadre of executives hired from outside the banking industry -- people whose expertise lies in soft drinks and...

Sen. Sarbanes Says He'd Encourage GSE Accord.(Paul Sarbanes, government sponsored enterprises)(Brief Article)
June 5, 2001... The day before his official ascent to the chairman's spot on the Senate Banking Committee, Sen. Paul Sarbanes offered a strong hint that he is open to brokering a compromise between Fannie Mae and Freddie Mac and the critics of the government...

California Senate Oks 'Opt-In' Data Bill: Vote threatens to undo what looked like an industry victory.(privacy legislation for financial industry)(Brief Article)(Statistical Data Included)
June 5, 2001... The California state Senate voted 23-12 Monday to approve privacy legislation that would require financial institutions to get written consent from their customers before sharing their information with affiliates and third parties. This...

Electronic Commerce: Web Ignites Mellon, PNC Cash Mgmt. Businesses.(Mellon Financial Corp. and PNC Financial Services Group)(Brief Article)(Statistical Data Included)
June 5, 2001... Investments in electronic commerce are starting to pay off for Pittsburgh rivals Mellon Financial Corp. and PNC Financial Services Group, both of which have racked up double-digit revenue increases in the normally slow-growth business of cash...

TODAY'S NEWS.
June 5, 2001... Bank of America's chairman is touting his recruitment of executives from outside the banking industry. Page 1 Fifth Third will take a second-quarter charge as a result of its purchase of Old Kent, and an analyst says its integration...

Bank Plus Finally Finds Buyer in FBOP.(FBOP Corp. acquires Bank Plus Corp.)(Brief Article)(Statistical Data Included)
June 5, 2001... In its ongoing drive for Southern California market share, FBOP Corp. of Oak Park, Ill., is buying Bank Plus Corp. for about $141 million -- and ending years of speculation about the Los Angeles thrift's future. FBOP -- which in April...

5th Third to Take Merger Charge Of $250 Million.(Fifth Third Bancorp acquires Old Kent Financial Corp.)(Brief Article)(Statistical Data Included)
June 5, 2001... Fifth Third Bancorp plans to take a second-quarter charge of $250 million related to the acquisition of Old Kent Financial Corp., and an analyst said integration expenses have been running higher than she had expected. The plans for the...

Supervisors' Chairman Wants Coordinated State Oversight.(Elizabeth McCaul of the New York State Banking Department)(Brief Article)
June 5, 2001... The superintendent of banks at the New York State Banking Department said Monday that she is spearheading an effort to reach across state lines to coordinate oversight of mortgage companies and curb predatory lending. In an interview following...

Kelley to Quit as Federal Reserve Governor.(Edward W. Kelley Jr.)(Brief Article)(Statistical Data Included)
June 5, 2001... Federal Reserve Board Governor Edward W. Kelley Jr. said Monday that he intends to resign as soon as one of two current vacancies on the seven-person board is filled. The longest-serving Fed governor, Mr. Kelley joined the board in May...

Small-Biz Owners Should Not Need A Deck of Cards.(small businesses reley on credit cards for financing)(Brief Article)(Column)
June 5, 2001... A reporter in the online department of a major business magazine called me and asked if banks are more dependent on small and midsize business than they used to be. Absolutely, I told her. Larger borrowers can get funds from the capital...