American Banker articles from June 2003

American Banker archives from June 2003

Split Views on Tax Cut as Loan, Investment Spark.(financial services firms are split on how much the $350 billion tax cut will help the economy)
June 2, 2003... Still sizing up the controversial tax bill signed into law last week, financial services companies are divided over just how much the $350 billion package will help the economy, and in turn, the industry. Two languishing business lines --...

Mont.'s Glacier Seeks (Slightly) Bigger Markets.(Glacier Bancorp Inc. plans its growth into larger towns)
June 2, 2003... By acquiring small banks in small towns, Glacier Bancorp Inc. of Kalispell, Mont., has built itself over the last dozen years into one of the region's largest community banking companies. But its president and chief executive officer,...

WASHINGTON.
June 2, 2003... Financial services lobbyists have not been able to find a champion on Capitol Hill to back federalizing insurance regulation. Page 4 COMMUNITY BANKING Page 5 CARDS As the payments business has taken center stage, financial...

Powell Remarks Heat Up Battle Over ILC Powers.(Federal Deposit Insurance Corp. Chairman Don Powell, industrial loan companies )
June 2, 2003... In the face of stiff opposition from Federal Reserve Board Chairman Alan Greenspan and key lawmakers, Federal Deposit Insurance Corp. Chairman Don Powell on Friday defended his support of industrial loan companies and accused their foes of...

Several Surprises in Bank One-Zurich Deal.(Zurich Life)
June 2, 2003... For some time Bank One Corp. has been high on the list of banking companies that Wall Street expects to become acquisitive -- but Zurich Life was hardly the target most envisioned. Instead of broadening its banking operations, Bank One said...

Washington People.(various news briefs)
June 2, 2003... Lenders as Prey Those who recall the days of Sen. Phil Gramm holding court on Capitol Hill must have heard an echo last week in a speech by Wayne Abernathy, the Treasury Department's assistant secretary for financial institutions. Mr....

In Focus: Little Headway on Insurance Charter.(federalized insurance regulation)
June 2, 2003... For a year now financial services trade groups have been pushing legislation to federalize insurance regulation but have had a hard time overcoming longtime obstacles. Industry officials knew that legislation to create a federal insurance...

New Payment Challenge: Backing the Right Tools.
June 2, 2003... As the payment business shifts from loss leader to profit center in the banking industry, financial institutions have had to quickly redesign their organizations. Within the last year a new reality has emerged in which payments have taken...

In Brief: Chief Risk Officer for Capital One.(Capital One Financial Corp. names Laura Olle as its chief enterprise risk officer)(Brief Article)
June 2, 2003... Capital One Financial Corp. of McLean, Va., has filled the newly created position of chief enterprise risk officer. On Thursday the seventh-largest U.S. bank card issuer named Laura Olle, its senior vice president of corporate control and...

In Brief: Diebold Seeks Successor to COO.(Brief Article)
June 2, 2003... Diebold Inc. of North Canton, Ohio, said it has begun an official search for a chief operating officer to succeed Wesley B. Vance, who died in late April in a plane crash. "We must move forward by locating a new COO to ensure we continue...

In Brief: Moneris, Canadian Tire in Pact.(Moneris Solutions Inc. signs a seven-year card processing deal with Canadian Tire Corp.)(Brief Article)
June 2, 2003... Moneris Solutions Inc., a joint venture of Bank of Montreal and Royal Bank of Canada, has signed a seven-year agreement with to manage card processing for Canadian Tire Corp. The $7.2 billion-asset retailer, which operates over 1,000 stores...

Regionals Fattened C&I As Top Banks Trimmed.(several regional banks build their commercial and industrial loan portfolios in 2002)
June 2, 2003... As the nation's largest banks dumped commercial and industrial loans in 2002, a host of regional players shrugged off the effects of a prolonged economic slump and enlarged those portfolios. Regionals' growth drew little attention as huge...

RBC to Speed Up U.S. Expansion Plans.(Royal Bank of Canada )(Brief Article)
June 2, 2003... Royal Bank of Canada expects to "accelerate" its U.S. expansion efforts in response to indications that the Canadian government will not approve a merger between the country's big banks for some time, its chief executive officer said Friday....

In Brief: NASD Follows Up Pru Probe of Forgeries.(the National Association of Securities Dealers continues a Prudential internal investigation)(Brief Article)
June 2, 2003... The National Association of Securities Dealers is following up on a Prudential internal probe that found some managers and brokers had forged documents in order to switch clients from one annuity to another, thus boosting sales results. ...

In Brief: Morningstar in Deal for Adviser mPower.(Morningstar Inc. agrees to acquire mPower.com Inc.)(Brief Article)
June 2, 2003... Morningstar Inc. announced Friday that it had signed a definitive agreement to buy mPower.com Inc., an investment advisory firm. The San Francisco company specializes in serving the large-plan-sponsor retirement market. Terms of the deal...

In Brief: Exult, a Benefits Outsourcer, Hires a CFO.(Exult Inc. hires John Adams as an executive vice president and chief financial officer)(Brief Article)
June 2, 2003... Exult Inc., an Irvine, Calif., human resources outsourcing firm, has announced the hiring of John Adams, who is to start today as an executive vice president and its chief financial officer. Mr. Adams, 48, was a vice president and the chief...

AIG Chief Fears Law's Annuity Hit.(American International Group CEO Maurice R. Greenberg criticizes the tax cuts signed by President Buch last week)
June 2, 2003... Could the tax cuts signed last week by President Bush actually hurt variable annuity sales? That is the worry of at least one big insurer's CEO, Maurice R. "Hank" Greenberg of American International Group in New York, who wrote a letter to...

In Brief: Wells Adds Treasury Tutorials.(Wells Fargo & Co. adds five tutorials to its corporate banking portal for corporate treasury employees)(Brief Article)
June 2, 2003... Wells Fargo & Co.'s corporate banking portal now features five tutorials for corporate treasury employees. The courses were added last week; the San Francisco company was expected to announce their launch today. The tutorials cover...

In Brief: Nat City Builds Its Own Site.(Brief Article)
June 2, 2003... Bucking an industry trend, National City Corp. has built the latest version of its online banking site in-house. Executives looked at vendor offerings but decided that bringing the work in-house would improve functionality, help the $118...

Hope Drawn from a String of Fiserv Deals.(partnerships with Fair Isaac Corp., ATM National Inc.)
June 2, 2003... Facing a lackluster market for data processing software and services, Fiserv Inc. has struck a series of partnerships that executives and analysts said point to new focal areas including lending automation and stored value cards. Taken...

In Brief: FiNet, Monument Seek Protection.(FiNet.com Inc., Monument Mortgage Inc. to reorganize)(Brief Article)
June 2, 2003... FiNet.com Inc. of San Ramon, Calif., and its mortgage unit, Monument Mortgage Inc., announced Friday that they would reorganize under Chapter 11 of the federal Bankruptcy Code. The case was filed voluntarily on Wednesday in the federal...

In Brief: Texas Home Equity Bill Due for Signing.(Brief Article)
June 2, 2003... Texas' governor is expected to sign this week a bill giving the state Finance Commission authority to regulate home equity lending. The bill is one of two measures the Legislature passed Thursday that, taken together, would open the state...

In Brief: PMI Shields Itself From Fairbanks.(PMI Group Inc., Fairbanks Capital Corp.)(Brief Article)
June 2, 2003... Bondholders have given PMI Group Inc. some protection from the problems at Fairbanks Capital Corp., the largest U.S. servicer of subprime mortgage loans. The protection came Thursday in the form of a change in an indenture agreement on a...

In Brief: Citi Lowered to 'Outperform'.(Citigroup Inc. is downgraded by Bancorp Piper Jaffray analyst Andrew B. Collins)(Brief Article)
June 2, 2003... A U.S. Bancorp Piper Jaffray analyst downgraded Citigroup Inc. Friday, citing uncertainty in some of its business lines. In lowering Citi to "outperform" from "strong buy," Andrew B. Collins said in a research note that the stock had...

In Brief: Home Equity Bill Moves in Tex.(the Texas Legislature approves a law to change its regulations governing home equity loans)(Brief Article)
June 2, 2003... The Texas Legislature has approved legislation that would bring the state's regulations governing home equity loans in line with those in the other 49 states. The key provisions of the legislation would let Texas homeowners take out home...

Building Part of Wachovia Fixed-Income Building.(Wachovia Corp. will hire 150 salespeople and traders)(Brief Article)
June 2, 2003... Wachovia Corp. plans to hire 150 fixed-income salespeople and traders and spend $15 million to expand its fixed-income trading floor here, it said Friday. Fixed income is one of the fastest-growing businesses at Wachovia Securities, the...

Discover's First Step Toward Bank Alliances.(Discover Financial Services announces partnership with Metavante Corp.)
June 3, 2003... Discover Financial Services, taking a first, albeit indirect, step into the bank partnership business, announced on Monday that it had formed an alliance with Metavante Corp. to process foreign-issued gift cards over the Novus network. The...

At Fairbanks, Squeaky Wheels Get Put to Work.(W. Craig Kenney, Brian Barr will develop consumer bill of rights for Fairbanks Capital Corp.)
June 3, 2003... For the past two years W. Craig Kenney, a Fairbanks Capital Corp. customer, has been complaining about the subprime servicer to anyone who would listen -- an audience that ended up including local television stations, Maryland's U.S. Senate...

Jump in Asian Web Banking Tied to SARS.
June 3, 2003... The SARS epidemic appears to have produced, among other things, a spike in Internet banking in Asia, as more consumers, fearful of public places, have been initiating transactions from their homes. Several banks have temporarily closed...

Want to Tweak FCRA? Line Forms Wednesday.(Fair Credit Reporting Act)
June 3, 2003... Several ideas for change to the Fair Credit Reporting Act have taken shape in recent congressional hearings and in bills being readied for introduction. Some of these ideas will probably be raised Wednesday when a House Financial Services...

Flexibility from California on Privacy Laws.
June 3, 2003... The three San Francisco-area municipalities fighting big banks over financial privacy seem willing to make concessions to salvage their endangered ordinances. Last week in federal court an attorney for the local governments said they might...

In Brief: FDIC to Propose Plan Easing Regulations.(Federal Deposit Insurance Corp.)(Brief Article)
June 3, 2003... Two senators today plan to introduce a bipartisan bill to create a tax credit that many first-time homebuyers could apply at closing to their down payment and closing costs. Regulators are set to unveil a plan today to eliminate...

In Brief: Proposed Accounts Called Easier to Sell.(Brief Article)
June 3, 2003... A top Treasury Department official said Monday that the Bush administration's proposal to revamp retirement savings accounts would make it easier for banks to market them. Pamela Olson, the assistant secretary for tax policy, called the...

In Brief: Exam Guidelines Issued On Preparedness.(Brief Article)
June 3, 2003... Federal banking regulators have completed examination guidelines on business-continuity planning and the supervision of technology service providers. Examiners will use the guidelines to evaluate whether banks and thrifts have taken...

In Brief: First-Time Homebuyer Tax Credit Bill.(bill is sponsored by Senators Debbie Stabenow, Gordon Smith)(Brief Article)
June 3, 2003... Two senators today plan to introduce a bipartisan bill to create a tax credit that many first-time homebuyers could apply at closing to their down payment and closing costs. The bill, sponsored by Sen. Debbie Stabenow, D-Mich., and Sen....

Another Board Fight At Central of Mass.(Central Bancorp)(Brief Article)
June 3, 2003... Two dissident shareholders are once again challenging Central Bancorp of Somerville, Mass., seeking to regain control of a seat on the $477 million-asset company's board. Richard Lashley said late Friday that he would seek election to the...

History Isn't Friendly to Hostile Hawaii Bid.(Central Pacific Financial takeover of CB Bancshares )
June 3, 2003... Central Pacific Financial Corp. faces long odds in pursuing a hostile takeover of Honolulu rival CB Bancshares Inc. Of the 34 such takeover attempts by banks between 1994 and 2002, only four were successful, according to Sheshunoff...

Visa Says Payment Cards Have Hit $1 Trillion Mark.(Brief Article)
June 3, 2003... Visa U.S.A. plans to announce today that transaction volume on its payment cards -- including credit, debit, and prepaid -- surpassed $1 trillion during the 12 months that ended March 31. It said the amount of money spent on Visa-branded...

Merrill Hirees to Go After Hispanic Investors' Dollars.(Merrill Lynch and Co.)
June 3, 2003... Merrill Lynch & Co. will add 100 financial advisers in the next two years to a group of 300 that targets Hispanic-American investors, a group the New York brokerage firm believes offers the potential for "billions of dollars" of asset...

Convergence a Back-Burner Issue for 3 CEOs.(bank-insurance convergence)
June 3, 2003... The chief executive officers of three top insurance companies predicted at an industry conference Monday that bank-insurance convergence will not happen on a large scale anytime soon. "I've never been a fan of acquiring a bank," said...

Banks Start to See Sales Results from CRM.(customer relationship management)
June 3, 2003... After several years of less-than-inspiring results from high-profile, high-priced rollouts of customer relationship management systems at top banks, some in the industry say they are on the path to success. Rather than, say, pitching a...

Employee Training Programs Come of Age.
June 3, 2003... Resistance to change and inadequate training were major reasons for the disappointing results from customer relationship management initiatives in the past few years, bankers and industry analysts say. Now the focus is shifting from the...

National City Will Arm Branches with CRM.(customer relationship management programs)
June 3, 2003... Cost cutting and caution may be prompting some banks to delay customer relationship management programs, but others are pushing forward with major efforts. In the next few months, National City Corp. will begin to roll out its $120 million...

PNC: Building Relationships Takes More than Tech.(customer relationship management)
June 3, 2003... At Pittsburgh's PNC Financial Services Group Inc., customer relationship management goes deeper than new computer systems for the tellers and call center staff. It is more than a database of customer requests and complaints, and it is much more...

Payments Panel: Advocacy, Argument, Amazon.
June 3, 2003... In a year when customer-centricity is elsewhere all the rage, it was perhaps no surprise that the liveliest panel at the Federal Reserve Bank of Chicago's payments conference last week was the one entitled "End Users' Perspective." And that's...

National Commerce Seen Keeping Self Off the Block.(National Commerce Financial Corp.)
June 3, 2003... Last week's leadership change at National Commerce Financial Corp. has renewed interest in its stock among investors who say it is a takeover target. But analysts say it is unlikely that the Memphis company's new chief executive, William...

In Brief: PNC to Pay $115M to Avoid Prosecution.(PNC ICLC Corp.)
June 3, 2003... Law enforcement authorities announced Monday that PNC ICLC Corp., a subsidiary of Pittsburgh's PNC Financial Services Group Inc., had agreed to pay $115 million to avoid prosecution for potential violation of securities laws. The Justice...

In Brief: Wells' Long-Term Ratings Put on Review.(Wells Fargo and Co.)(Brief Article)
June 3, 2003... Moody's Investors Service placed on review for possible upgrade the long-term credit ratings of Wells Fargo & Co., which is currently rated Aa2, one step away from its highest rating. The company's Prime-1 short-term ratings were confirmed. ...

In Brief: Deal Causes Spike in Fla. Lender's Stock.(America's Senior Financial Services Inc.)(Brief Article)
June 3, 2003... Shares of America's Senior Financial Services Inc. jumped as much as 76% Monday after the company announced an agreement to sell reverse mortgages through a southeastern lender, which it did not identify. The Jupiter, Fla., company's...

S&L Merger Wave Finally N.Y.-Bound?: Reluctant sellers face up to margin pressure.
June 4, 2003... Every time his computer alerts him to a breaking business story, Richard D. Weiss says, the same question occurs to him: Is a New York-area bank or thrift announcing an acquisition? None have made a purchase since November 2001, when...

Experian, on Deal Hunt, Nets Identity Theft Insurer.
June 4, 2003... Following up on its pledge to grow by acquisition, Experian Inc. has bought the identity theft protection company PromiseMark Inc. The deal, which will be formally announced today, is "really more of a product line acquisition than a...

TODAY'S NEWS.
June 4, 2003... B of A's chairman made $5.4 million by exercising stock options and selling shares over the past two weeks. Page 2 WASHINGTON The FDIC unveiled a plan to address regulatory relief, but the comptroller and others warned against...

Some See Credibility Gap Redux For PNC.
June 4, 2003... PNC Financial Services Group Inc.'s settlement with law enforcement agencies regarding how it accounted for three off-balance-sheet transactions in 2001 surprised most observers, who thought it had put that issue to bed some time ago. The...

B of A's Lewis Pockets $5.4M in Options Sales.(Brief Article)
June 4, 2003... Kenneth D. Lewis, Bank of America Corp.'s chairman and chief executive, made $5.4 million by exercising stock options and selling two big blocks of shares over the past two weeks, the Charlotte company said in regulatory filings. The...

Executive Changes.
June 4, 2003... MIDWEST Comerica Inc. of Detroit has named Jon W. Bilstrom its general counsel and corporate secretary. He succeeded George W. Madison, who has resigned to become the general counsel and an executive vice president of the Teachers...

Fairbanks to Reform and Refund.
June 4, 2003... Under pressure from Congress, Fannie Mae and Fairbanks Capital Corp. have reached an agreement requiring the subprime loan servicer to change its practices and refund customers it had overcharged, Sen. Paul Sarbanes announced on Tuesday. ...

Agencies' Plan to Lighten Reg Load Meets Skepticism.
June 4, 2003... Federal regulators on Tuesday unveiled their latest plan to cut red tape for the industry, but some supporters acknowledged that banks and thrifts would not realize the benefits for years, if ever. The Federal Deposit Insurance Corp. was...

In Brief: OCC Warns on Shaping Up Retail Practices.(Brief Article)
June 4, 2003... The chief counsel of the Office of the Comptroller of the Currency said Tuesday that if banks do not take steps to guarantee fairness in their retail operations, regulators or lawmakers will impose restrictions. The OCC has "observed too...

In Brief: Panel Starts 2d Hearing on Credit Reporting.(Brief Article)
June 4, 2003... A House Financial Services subcommittee is scheduled to take testimony today from 22 witnesses at its second hearing in a series on the Fair Credit Reporting Act. At issue are seven provisions, set to expire Jan. 1, that established...

In Brief: House Prepares for Check-Clearing Debate.(Brief Article)
June 4, 2003... The House is scheduled to begin debate Thursday on legislation that would speed up the check-clearing process. The Check Clearing for the 21st Century Act, known as Check 21, is sponsored by Reps. Melissa Hart, R-Pa., and Harold E. Ford...

In Brief: Last of Indicted BestBank Execs Arrested.(Brief Article)
June 4, 2003... Federal authorities have arrested the last of the executives indicted on fraud and other charges related to the 1998 collapse of BestBank in Boulder, Colo. Edward P. Mattar, the bank's former chairman and chief executive, was taken into...

CFS of Ind. Buying Family Branch in Ill.(Brief Article)
June 4, 2003... CFS Bancorp in Munster, Ind., is purchasing Family Bank and Trust Co.'s branch in Bolingbrook, Ill., and its $3 million of deposits. The deal was announced Friday. CFS, the holding company for the $1.6 billion-asset Citizens Financial...

Lending Officers Cannot Afford a Short Memory.
June 4, 2003... What we remember of the recent past has always played an important role in financial services. And a study released at the recent 39th Annual Conference on Bank Structure and Competition, hosted by the Federal Reserve Bank of Chicago,...

ChoicePoint Buys Fraud Data Provider.
June 4, 2003... ChoicePoint Inc., a provider of identification and credential verification services, has added mortgage industry background checks to its offerings by purchasing Mortgage Asset Research Institute Inc. of Reston, Va. Mortgage Asset helps...

In Brief: New Fixed-to-Float Terms from Freddie.(Brief Article)
June 4, 2003... Freddie Mac is offering new term options on its Fixed-to-Float multifamily loan product. Apartment landlords can now take out such loans with terms of six, eight, or nine years in addition to the 10-year term that has been available for...

In Brief: Interfirst Names Regional Manager.(James Lamparter promoted at Interfirst Wholesale Mortgage)(Brief Article)
June 4, 2003... Interfirst Wholesale Mortgage, a unit of ABN Amro Mortgage Group Inc. of Ann Arbor, Mich., has promoted James Lamparter to group manager of its new Southwest division. "Interfirst's continued sales growth in the southwest area of the...

In Brief: MortgageRamp Signs Merrill Unit.(Merrill Lynch Mortgage Lending Inc.)(Brief Article)
June 4, 2003... Merrill Lynch Mortgage Lending Inc. is using MortgageRamp Inc.'s DealCentral platform, the Atlanta vendor said Tuesday. DealCentral is designed to help commercial mortgage lenders speed up the lending process from origination to closing for...

In Brief: Wells Unveils Loan 'Workbench'.(Wells Fargo Home Mortgage creates online service)(Brief Article)
June 4, 2003... Wells Fargo Home Mortgage has created an online service aimed at simplifying the mortgage and home buying process. Home Loan Workbench combines mortgage-rate information, loan recommendations, closing-cost estimates, and alternative...

Bank of N.Y. Now Processing Only Images of Biz Checks.
June 4, 2003... By using the Federal Reserve Bank of Philadelphia to settle checks written by its corporate customers, Bank of New York Co. Inc. has found a way to skirt the problems that the Check Clearing for the 21st Century Act aims to address. The...

In Brief: JPMorgan Takes Over Retirement Venture.(from American Century Investments)(Brief Article)
June 4, 2003... American Century Investments and JPMorgan, the asset management unit of J.P. Morgan Chase & Co., announced Tuesday that the Morgan unit took sole ownership of the companies' joint venture retirement plan on June 1. What was J.P....

In Brief: GE Sees Demand for Separate Accounts.(GE Private Asset Management)(Brief Article)
June 4, 2003... GE Private Asset Management said brisk demand has prompted it to hire five investment managers for its separate account platform and expand the roles of two other managers to include separately managed accounts. The company said Monday...

In Brief: Bank One Adds Five Fund Choices to 529.(Brief Article)
June 4, 2003... Bank One Corp.'s section 529 college savings plan announced the addition of five investment choices to its lineup of seven proprietary products. Bank One said Monday that it had added the Fidelity Advisor Inflation-Protected Bond Fund, a...

In Brief: B of A's 529 Plan Adds Five Portfolios.(Bank of America Corp.)(Brief Article)
June 4, 2003... Bank of America Corp. said it has added five single-fund portfolios to its FutureScholar 529 College Savings Plan. The funds are convertible securities, mid-cap value, growth equities, small-cap value, and government securities. The...

CEO: 1Q Returned Hartford to Its Normal Path.(Hartford Financial Services Group Inc., Ramani Ayer)(Interview)
June 4, 2003... In the first quarter, Hartford Financial Services Group Inc. had a net loss of $1.4 billion, cut 1,500 jobs, and took a $1.7 billion charge against the estimated costs of asbestos-related claims. It also reported that the net income of its...

In Brief: NetBank Names Adams to Board.(Eula L. Adams)(Brief Article)
June 4, 2003... NetBank Inc. announced Tuesday that it had named former First Data Corp. executive Eula L. Adams to its board of directors. Mr. Adams left First Data in February after a long stretch of weak performance by his unit, which handled...

In Brief: Harland Financial Acquires Vendor.(Premier Systems Inc.)(Brief Article)
June 4, 2003... Harland Financial Solutions Inc. said Tuesday that it had bought Premier Systems Inc. from the Iowa Credit Union League. The John H. Harland Co. subsidiary said it spent $16 million in cash to buy the stock of Premier, a vendor of core...

Greater Bay's Stock Climb May Not Be Over Just Yet.
June 4, 2003... Shares of Greater Bay Bancorp have gained nearly 70% since hitting a 52-week low on March 12, and at least two analysts say the stock could continue to rise. Adam C. Barkstrom of Legg Mason Wood Walker Inc. and Mike McMahon of Sandler...

Visa, MC Say Refund Order Poses Logistics Issues.
June 4, 2003... In the latest round of an ongoing lawsuit over fees charged for credit card purchases made overseas, Visa and MasterCard have told the California judge who told them to refund the fees that they cannot because they haven't retained enough...

No Preemption Consensus At FCRA Renewal Hearing.(debate is taking place over renewal or adjustment of Fair Credit Reporting Act provisions)
June 5, 2003... A hearing Wednesday showed that lawmakers, government officials, business lobbyists, and consumer advocates remain far apart on renewal or adjustment of Fair Credit Reporting Act provisions. The House Financial Services subcommittee on...

FDIC Sees Promise for Economy, Biz Lending.(Industry Overview)
June 5, 2003... The Federal Deposit Insurance Corp. take on the banks' first-quarter performance was one of its rosiest reports in quite a while, and an agency official was optimistic Wednesday that a still sluggish sector -- commercial lending -- might pick...

A Progress Report on Amex-IBM: Company seen among the early adopters of 'vendor management'.
June 5, 2003... One year into its seven-year outsourcing deal with IBM Global Services, American Express Co. says it wouldn't change a thing about the pact. Part of the reason is that its framework has held up so well: No important element of the basic...

TODAY'S NEWS.
June 5, 2003... Union Planters hired a BB&T banker for the new position of chief credit officer. Page 2 Schwab's chief executive said the company's banking experiment is "a total blockbuster." Page 2 WASHINGTON Page 4 COMMUNITY BANKING Page 5 ...

The Focus Group Said Think Big ...
June 5, 2003... Behemoths such as Wachovia Corp. and FleetBoston Financial Corp. have special branches designed -- and, in Fleet's case, even named -- to promote a "community banking" image. Not surprisingly, smaller banks, particularly those looking to...

Schwab's Chief Talks Confidence, Touts His Bank.
June 5, 2003... Charles Schwab Corp.'s chief executive called its banking experiment "a total blockbuster" on Wednesday. "We have blown through every estimate we have regarding how much business we will be doing," David Pottruck said. "It was staggering,...