American Banker articles from March 2002

American Banker archives from March 2002

Mixed Tidings from FDIC: Surge in problem banks called worrisome.(United States. Federal Deposit Insurance Corp.)(Brief Article)(Statistical Data Included)
March 1, 2002... The number of problem banks rose 28%, to 95, in the fourth quarter, the largest increase in over a decade, the Federal Deposit Insurance Corp. said Thursday. That means a lot more banks are poised to fail and to draw down an already...

Fannie Eyes Half of Subprime Market.(Federal National Mortgage Association)
March 1, 2002... Fannie Mae believes it can make as many as half of today's subprime borrowers its own, and it is actively enlisting conventional lenders to help it reach this goal, its vice chairwoman said. "It is gradual but it is relentless," Jamie S....

DC Speaks: Activists Find New Target -- Credit Unions.(lack of services for low-income)(Brief Article)
March 1, 2002... Credit unions are getting some criticism from an unfamiliar quarter -- consumer activists, who usually bash banks. Malcolm Bush, the president of the Woodstock Institute in Chicago and community advocates elsewhere generally give high marks...

TODAY'S NEWS.
March 1, 2002... A legal loophole could keep Bank of New York from being able to use Kmart deposits to offset the retailer's debt. Page 2 WASHINGTON A poll showing that many Americans believe lenders are racially biased will be used by community...

In Focus: Why Schwab Wants Another Charter to Add Bank Services.(Charles Schwab and Company Inc.)(Brief Article)
March 1, 2002... Charles Schwab & Co.'s plan to apply for a national bank charter within the next month raises several questions about the San Francisco company's plans to broaden its financial services offerings. The obvious question is what Schwab is...

Loophole Could Decide Bank of N.Y. v. Kmart.(banks file suit for assets in Kmart bankruptcy)(Brief Article)
March 1, 2002... In going to court last week for approval to use $2.5 million in deposits from Kmart Corp., Bank of New York Co. did what any bank would do when it is owed money by a bankrupt company. In fact several other banking companies, including Wells...

People.(Brief Article)
March 1, 2002... Say It with Money Things are going so well at Bank One Corp. that chairman and chief executive officer Jamie Dimon got a big cash bonus for his 2001 performance. Exactly how big will be revealed in the next few days when the Chicago...

Poll: 35% Think Lenders Discriminate.(National Community Reinvestment Coalition)(Brief Article)(Statistical Data Included)
March 1, 2002... The National Community Reinvestment Coalition hopes a poll showing that many Americans believe lenders are racially biased or engage in predatory practices will reinvigorate movement on Capitol Hill for tougher laws. Thirty-five percent of...

After Allfirst, CEO Oversight Urged.(Foreign Exchange Committee, Guidelines for Foreign Exchange Activity)
March 1, 2002... In the wake of the currency trading debacle that cost Allfirst Bank in Baltimore $691 million, top industry officials are asking chief executives to get more involved in the monitoring of foreign trading operations. The Foreign Exchange...

BCSB of Baltimore Buying Rival Heritage.(BCSB Bankcorp Inc., Heritage Savings Bank)(Brief Article)
March 1, 2002... BCSB Bankcorp Inc. announced Thursday that it had agreed to buy longtime competitor Heritage Savings Bank in Lutherville, Md., for $18 million in cash. BCSB is the $411 million-asset parent of Baltimore County Savings Bank, which was...

Fed EchoesvIts Call for Disclosure.(United States. Federal Reserve Board)(Brief Article)
March 1, 2002... For the second time in two days, a top Federal Reserve Board official called for increased disclosure of financial services firms' risk exposures. Speaking Thursday at a conference in Switzerland, Fed Governor Susan S. Bies said that the...

Hibernia Recruits Bank-Insurance Exec for Its Agency.(Steven Terry)(Brief Article)
March 1, 2002... Hibernia Corp. of New Orleans has tapped a bank-insurance veteran from Fifth Third Bancorp to succeed Leslie Rosenthal Jacobs, the longtime head of the insurance agency it bought in July 2000. Steven Terry, 51, is to join Hibernia Rosenthal...

Fund Sales' '02 Surge Seen Shaking Off Down Trend.(Investment Company Institute data)(Brief Article)(Statistical Data Included)
March 1, 2002... An unexpected uptick in mutual fund sales in the year's first two months has prompted many fund companies and brokers to think that the products may finally be pulling out of their more than year-long slump. Sales of mutual funds in...

Will Casino-Tested Software Be a Good Bet for Bank Use?(Infonox, Global Cash Access)(Brief Article)
March 1, 2002... As Infonox, which sells payment processing software mostly to casinos, begins marketing to banks, the question is whether it has something unique to offer -- and whether a bank should put its chips on a small, young vendor. Infonox, which...

Fleet Given Slim Chance of Getting Card Issue Reheard.(FleetBoston Financial Corp., Rossman v. Fleet)(Brief Article)
March 1, 2002... In spite of the unanimous decision by a three-judge appellate panel that it had acted unfairly in imposing an annual fee on a consumer's credit card, FleetBoston Financial Corp. continues to press its case -- confounding some predictions that...

InfoSpace Buys eCash Technologies.(Brief Article)
March 1, 2002... eCash Technologies Inc., which began as an Internet innovator with a sophisticated encryption-based cash system, has been purchased by InfoSpace Inc. Before the sale, eCash, of Bothell, Wash., was a reincarnation of the Dutch company...

Letters to the Editor.(Brief Article)
March 1, 2002... Case for New Fees On State Banks Misses Point... To the Editor: In its Feb. 15 letter to the editor ("Supervisory-Fee Disparity a Threat to Dual Banking," page 8), the Support Group for Modern National Banking misses the mark on the...

Technology Risk Management Can't Be Compartmentalized.(Brief Article)
March 1, 2002... Risk management is fundamental to banking and a familiar practice to all experienced bankers. But it generally takes the form of compartmentalized processes. For example, credit risk management concentrates on the loan portfolio and origination...

Looming 23-Basis-Point Cliff In FDIC Premium Is a Myth.(United States. Federal Deposit Insurance Corp.)(Brief Article)(Statistical Data Included)
March 1, 2002... Myths are a powerful political force inside the Washington Beltway, particularly on banking issues. One myth driving the deposit insurance "reform" legislation that Congress is now considering: Premiums charged by a deposit insurance fund will...

In Brief: Applications Rise; Refis Drop Below 50%.(mortgage, loan refinancing)(Brief Article)(Statistical Data Included)
March 1, 2002... Mortgage applications increased 3.9% last week, but refinancing activity fell below 50% for only the second time this year according to the Mortgage Bankers Association's latest index, released Wednesday. The purchase index increased 8.7%,...

In Brief: Moody's Lauds Fannie's Risk Management.(Moody's Investors Service, Federal National Mortgage Association)(Brief Article)
March 1, 2002... Moody's Investors Service has awarded Fannie Mae an A-minus for "bank financial strength," noting its "critically important role" in housing finance. The ratings agency said Wednesday that the grade was based on Fannie's stable earnings...

In Brief: Rates Flat for Week, Freddie Mac Says.(Brief Article)(Statistical Data Included)
March 1, 2002... Mortgage rates remained almost unchanged this week, with the average 30-year fixed-rate loan slipping 1 basis point, to 6.80%, according to Freddie Mac's weekly survey. A year ago the rate averaged 7.03%. The 15-year fixed-rate...

In Brief: GE Unit 'Evaluating' Deals with GSEs.(GE Mortgage Insurance Corp; government sponsored enterprises)(Brief Article)
March 1, 2002... GE Mortgage Insurance expressed dissatisfaction Thursday with a rule Fannie Mae and Freddie Mac's regulator issued last week and said that in response it is "seriously evaluating" how it does business with them. The final capital rule...

Vendor: U.K. Check Venture May Be Model for U.S. Banks.(Brief Article)
March 1, 2002... Now that a 15-month-old venture among three top United Kingdom banks processes 67% of checks in the U.K., experts say U.S. banks may consider changing their own handling of check processing. Check processing has historically been seen as a...

Royal Bank Profit Up 18% Despite Higher Reserves.(Royal Bank of Scotland Group PLC)(Brief Article)(Statistical Data Included)
March 1, 2002... Royal Bank of Scotland Group PLC, the parent of Providence, R.I.-based Citizens Financial Group Inc., had profit growth of 18% in the second half of 2001 despite higher bad-loan provisions. Chief executive Fred Goodwin told analysts...

Talk Is Sober at Tech-Investing Meeting.(Brief Article)
March 1, 2002... Amid steady speculation over the timing of a market and economic rebound, many companies that rode the market to its highest crest -- and got soaked in its plunge - are playing it safe. People attending the annual Robertson Stephens...

In Brief: LaFalce Bill for Auditor, Analyst Oversight.(John LaFalce)(Brief Article)
March 1, 2002... Senior House Democrats on Thursday introduced a sweeping bill aimed at restoring investor confidence in accounting and investment banking by replacing industry self-regulation with statutes. The bill -- which Rep. John LaFalce of New York,...

In Brief: Ruling Put Off in Morgan Chase Insurer Suit.(Brief Article)
March 1, 2002... J.P. Morgan Chase & Co. will have to wait until the end of next week, or longer, for a decision by a federal judge on its motion for summary judgment against 11 insurers who are refusing to pay $1 billion of claims related to Enron Corp. ...

In Brief: Credit Cards Fueled Target's Profit Growth.(Brief Article)(Statistical Data Included)
March 1, 2002... Target Corp. said Thursday that growth in its credit card lending operation had been a major contributor to its earnings-per-share growth of 12.4% last year, to $1.56, before charges for unusual items. Including the unusual items, the...

In Brief: Banknorth Plans Up to 10 More Bank Deals.(Banknorth Group Inc.)(Brief Article)
March 1, 2002... A day after announcing the deal for a community bank on Massachusetts' North Shore, Banknorth Group Inc. said on Thursday that it would buy as many as 10 more banks between now and 2005. William J. Ryan, Banknorth's chairman, said his $21...

In Brief: P.R. Bank Seeks to Buy Chase Operations.(Puerto Rico; J.P. Morgan Chase and Co.)(Brief Article)
March 1, 2002... FirstBank Puerto Rico, the second-largest commercial bank on the island and a subsidiary of First BanCorp of Puerto Rico, has signed a letter of intent to buy the business operations of J.P. Morgan Chase & Co. in the Virgin Islands, British...

Top U.S. Individual Life, Accident, and Health Insurance Companies: By net admitted assets as of Sept. 30, 2001; dollars in thousands.(Prudential Insurance Company of America tops list)(Illustration)(Statistical Data Included)
March 1, 2002... (Part 1 of 2) Rank 1 Prudential Insurance Co. of America Newark, N.J. 2 Metropolitan Life Insurance Co. Tampa 3 Teachers Insurance and Annuity Assn. of America New York 4 Northwestern Mutual Life Insurance Milwaukee 5...

4Q Dip in BIFRatio Is Biggest in 10 Years.(Bank Insurance Fund)(Brief Article)(Statistical Data Included)
March 4, 2002... The Federal Deposit Insurance Corp. decided Friday against charging all banks premiums for the first time in six years, but its message was clear: The day of reckoning is nearly at hand. The agency announced that the Bank Insurance Fund's...

In Focus: Big Endorsements for Terrorism Insurance Bill, But Its Fate Remains Iffy.(Brief Article)
March 4, 2002... Proponents of establishing a federal terrorism insurance program scored big points last week with the endorsement of Federal Reserve Board Chairman Alan Greenspan and a highly supportive report from the General Accounting Office. But few...

TODAY'S NEWS.
March 4, 2002... Home price growth in the fourth quarter fell to its lowest point in more than six years, but economists say the housing industry will stay strong. Page 4 Bank of America is reorganizing three California units to cut costs. Page 4 ...

Banknorth's 3-Year Plan: 10 Deals, Mainly in Mass.(Banknorth Group Inc. planning to acquire banks, raise financial assets)(Brief Article)(Statistical Data Included)
March 4, 2002... Banknorth Group Inc. outlined a plan last month to raise as much as $1 billion over the next two years, and last week chairman William J. Ryan revealed what the Portland, Maine, company intends to do with much of that money: buy more banks. ...

Fleet Takes a Step on Retail: Boosting teller ranks 6% to retain customers.(FleetBoston Financial Corp. planning to spend money on more bank tellers, management forecasts)(Brief Article)(Statistical Data Included)
March 4, 2002... FleetBoston Financial Corp., which has struggled to shore up profits in several noncore business lines, sent a signal on Friday that it's serious about getting back to the basics of banking. The company said it plans to spend $14 million to...

B of A Revamping 3 Units in Calif.(Bank of America Corp., San Francisco, California offices)(Brief Article)(Statistical Data Included)
March 4, 2002... Bank of America Corp. is reorganizing three California units as part of its continuing efforts to cut costs. The overhaul will affect nearly 200 jobs: Some will be relocated, and at least 49 will be eliminated. The Charlotte, N.C.,...

Freddie, OFHEO Data Show Plunge in Home Price Growth.(Office of Federal Housing Enterprise Oversight)(Brief Article)(Statistical Data Included)
March 4, 2002... The housing market exhibited its first signs of weakness last week, as data showed that new home sales plummeted in January and that the growth in home values slowed dramatically in the fourth quarter. Two indexes, both released Friday,...

Executive Changes.(at various banks)(Brief Article)
March 4, 2002... MIDWEST KeyCorp in Cleveland has hired Poppie Parish as the vice president in charge of corporate minority and women's business enterprise development banking. She reports to Bruce Murphy, the president of community development...

Washington People.(Al Franken appears at National Community Reinvestment Coalition meeting)(Brief Article)
March 4, 2002... Franken on Banking Al Franken came to a Washington luncheon on Thursday as a guest of the National Community Reinvestment Coalition and left the crowd in stitches. Acknowledging that many Hollywood-types fly into town to promote...

Ga.'s Flag Sued Over Rejected Bid.(FLAG Financial Corp. shareholders suing board for rejection of Charter Financial Corp. offer)(Brief Article)(Statistical Data Included)
March 4, 2002... Shareholders of the $562 million-asset Flag Financial Corp. are suing its board over the decision to reject a recent acquisition offer. In a complaint filed last Tuesday in the Troup County Superior Court, the shareholders contend that the...

Lincoln to School Investors After '01 Variables Lag.(Lincoln National Corp.)(Brief Article)(Statistical Data Included)
March 4, 2002... When Stephen Long took over the sales division for the bank channel at Lincoln National Corp. last year, he said the Philadelphia company would push for a big presence in the variable annuity market. That didn't happen. In 2001 Lincoln...

Store ATMs Can Do Well If They Do More.(automatic teller machines can offer more services to increase usage)(Statistical Data Included)(Brief Article)
March 4, 2002... Today, the U.S. off-premises automated teller machine market is a mature one. Independent sales organization deployers are moving up-market to displace financial institutions at large retail sites. Does this mean off-premise ATM deployment is...

Bank One Is Taken Out of the Hunt for NextCard.(Bank One is handling sale of NextCard portfolio)(Statistical Data Included)
March 4, 2002... By handling the sale of the NextCard portfolio, Bank One Corp. has taken itself out of the running as a buyer, according to the Federal Deposit Insurance Corp., which is handling the disposition of the distressed card lender. When the...

Preferred Issues: Today's Refi Dividend Could Be Burden Later.(refinancings are payoff funds)(Statistical Data Included)(Brief Article)
March 4, 2002... A booming mortgage business gave some banks and thrifts a reason to crow about fourth-quarter results. At thrift companies such as Washington Mutual Inc. and Golden State Bancorp., and at Wells Fargo & Co., Bank of America Corp., National...

Comment: Countrywide: We Benefit From Increased Disclosure.(Statistical Data Included)(Brief Article)
March 4, 2002... From Wall Street to Capitol Hill, the nation's attention has become focused on mysterious and controversial accounting practices that may cloud investors' views of a corporation's true financial position. Suddenly, "derivative" and "hedging"...

In Brief: Small-Biz Software By Yodlee, OneCore.(Yodlee Inc. contracts with OneCore)(Brief Article)
March 4, 2002... The account aggregation services provider Yodlee Inc. has teamed up with OneCore, a Bedford, Mass., software firm, to launch a customizable service that helps small businesses handle aggregated data, the companies announced Friday. The...

In Brief: NTT DoCoMo Gets Listing on Big Board.(New York Stock Exchange listing)(Brief Article)(Statistical Data Included)
March 4, 2002... NTT DoCoMo was listed on the New York Stock Exchange on Friday. Shares of DoCoMo opened at $53.50 and closed at $53.86. The Japanese mobile phone service provider said the New York listing, which followed a listing on the London Stock...

In Brief: Retail Decisions Buys Paymentplus.(Brief Article)(Statistical Data Included)
March 4, 2002... Retail Decisions, a supplier of payment card fraud prevention and transaction services, announced Friday that it has acquired the processing software provider Paymentplus Inc. for $2.25 million. Paymentplus, of Reston, Va., offers credit...

Carreker Lifted by Small-Bank, Foreign Projects.(Carreker Corp. expects to announce profits for 2001)(Statistical Data Included)(Brief Article)
March 4, 2002... Carreker Corp., which counts Jan. 31 as the last day of its fiscal year, says that when it announces its yearend and fourth-quarter earnings March 12 it will have some profits to boast about. Carreker, which sells payment processing...

In Brief: OCC Shuts Net First of Fla.; Fifth Bank Failure in '02.(Office of the Comptroller of the Currency orders Net First of Florida closed)(Brief Article)(Statistical Data Included)
March 4, 2002... In the fifth bank failure this year, federal regulators Friday shut $34 million-asset Net First National Bank of Boca Raton, Florida. Though it is only March, the number of bank failures this year has already surpassed last year's total of...

In Brief: Wells Files Plan to Sell $10B of Debt, Securities.(files S-3 shelf registration with Securities and Exchange Commission, 10 billion dollars)(Brief Article)
March 4, 2002... Wells Fargo & Co. filed a S-3 shelf registration with the Securities and Exchange Commission late Thursday to possibly sell, individually or in units, up to $10 billion of debt, securities, purchase contracts and securities warrants. "Each...

In Brief: Wamu Purchases $2.1B Of HomeSide Assets.(Washington Mutual Inc. acquires Homeside Lending assets of around 2.1 billion dollars)(Brief Article)(Statistical Data Included)
March 4, 2002... Washington Mutual Inc. said Friday that it has completed its acquisition of the operating assets of HomeSide Lending, Inc., the Jacksonville, Fla., mortgage unit of National Australia Bank Ltd. Wamu acquired approximately $2.1 billion of...

In Brief: Study: Nonbank ATMs No Longer Turning Profit.(automatic teller machine service information)(Brief Article)
March 4, 2002... The advent of surcharging at automated teller machines initially created a revenue bubble in the retail nonbank market, but a study by Dove Consulting Inc., released Friday and sponsored by the nation's top four electronic funds transfer...

In Brief: FBOP of Ill. Purchasing Black-Owned L.A. Thrift.(FBOP Inc. acquires Family Savings Bank F.S.B.)(Brief Article)(Statistical Data Included)
March 4, 2002... Continuing its California buying spree, FBOP Inc. announced Friday that it would buy Family Savings Bank, a $196 million-asset black-owned thrift in Los Angeles, for an undisclosed sum. Family Savings would become a subsidiary of the $10...

Bonuses to Separate Winners, Losers of '01.(banks that did well in 2001 should give executives good bonuses)(Statistical Data Included)(Brief Article)
March 4, 2002... It is proxy season again and time to see what the nation's banking companies are paying their top executives. According to Lori Appelbaum, an analyst with Goldman Sachs Group Inc., executives from companies that delivered earnings tainted...

Oxley Ready To Negotiate On Terror Bill.(Michael G. Oxley, terrorism insurance)(Brief Article)
March 5, 2002... Legislation to establish a federal terrorism insurance program got a big boost Monday when a key House lawmaker agreed to compromise. "We are ready to work out our differences with the Senate, the insurance industry, and the (Bush)...

Scraping Phobia Yields To Business-Case Merits.(success of account aggregation)
March 5, 2002... Two years ago, when major Internet portals began offering account aggregation, bankers started wondering whether this technology was a "must-have" and weighed qualms over screen-scraping against the customer loyalty they believed they would...

Don't Blame Cards for This One: Net First failure laid to SBA loans, infighting.(Brief Article)
March 5, 2002... Take a name that evokes the Web, add a card business catering to high-risk clients, and it is hardly surprising, given the current environment, that the Office of the Comptroller of the Currency would come knocking. But the demise of tiny...

Mortgage-Business Data Stump Forecasters.(Brief Article)(Statistical Data Included)
March 5, 2002... Home sales are up. No, wait, they're down. Fewer mortgages are delinquent, but more loans are in foreclosure. What's going on? After a record year in which the housing and mortgage markets could do no wrong, early 2002 produced a slew...

Tweaking FDIC Reform To Win Over Big Banks.(Federal Deposit Insurance Corp.)(Brief Article)
March 5, 2002... To drum up support for deposit insurance reform, a key House lawmaker is floating a plan to make the legislation more attractive to large banks. The bill is scheduled for its first vote Thursday in the House Financial Services financial...

TODAY'S NEWS.(Brief Article)
March 5, 2002... FleetBoston has launched a bundled account for small-business customers in an effort to increase profits from its retail banking division. Page 3 WASHINGTON The OCC plans to loosen the capital reserve requirements for the U.S....

Deutsche Bank Loses 13 To CIBC Consumer Group.(CIBC World Markets hires bankers from Deutsche Bank)(Brief Article)
March 5, 2002... CIBC World Markets Corp., the U.S. investment banking arm of Canadian Imperial Bank of Commerce, hired 13 bankers away from a rival Deutsche Bank unit last week, and in doing so nearly doubled its consumer and business services group. Mark...

Fleet Bundles Small-Business Accounts.(FleetBoston Financial Corp.)(Brief Article)
March 5, 2002... As part of a recent push to increase revenues and wring more profits from its retail division, FleetBoston Financial Corp. on Monday launched a bundled account for small-business customers. The Boston company said its small-business "value...

OCC to Loosen Capital Rule for Foreign Banks.(Office of the Comptroller of the Currency)(Brief Article)
March 5, 2002... The Office of the Comptroller of the Currency on Monday said it plans to lower the capital requirements for the U.S. branches of well-run foreign banks. Under U.S. law, a federal branch of a foreign bank must reserve 5% of its liabilities...

Comment: Examiners Dispel Their Reputation for Heavy Hand.(bank examiners)(Brief Article)
March 5, 2002... The question "Is anyone reading my stuff?" haunts all newspaper columnists, so the letters we receive are truly reassuring. What is interesting is which topics hit readers' "hot buttons" hard enough to earn a response. The topic that...

Pro-Online Despite Bad Bottom-Line Data.(benefit of bank web sites)(Brief Article)(Statistical Data Included)
March 5, 2002... Many community banks may never make money on their Web sites, but top bank executives say they don't care as long as customers continue to use the Internet, instead of tellers, for routine transactions. Half of the respondents in the...

Aegon's Transamerica Plans Variables Push in May.(Transamerica Financial Institutions)(Brief Article)
March 5, 2002... Bill Waldie has May 1 marked on his calendar. "We're calling it May Madness, and we're really gearing up for that date," said Mr. Waldie, the managing director, product development and industry relations for Transamerica Financial...

In Brief: Index: Investor Optimism Plunged in Feb.(Brief Article)(Statistical Data Included)
March 5, 2002... Dampened by market declines and concern over questionable corporate accounting, investor optimism fell last month, according to the UBS Gallup Poll Index of Investor Optimism released Feb. 25. The monthly index fell 23 points from a month...

In Brief: Mellon Finds Benefit Plan, Trust Partner.(Mellon Financial, Vinings Management)(Brief Article)
March 5, 2002... Mellon Financial Corp. has teamed up with Vinings Management Corp., an Atlanta financial analysis company, to offer benefit administration and management services for nonqualified benefit plans and taxable trusts. Mellon said on Feb. 19...

ING Hopes Fund Rebranding Raises Profile.(Brief Article)
March 5, 2002... ING U.S. Financial Services wants to make its newly consolidated mutual fund family a household name -- and boost its sales by more than 25% this year. The unit of the Amsterdam financial conglomerate ING Group has spent the past several...

Report: Tardy EBT Installers Won't Face Penalty.(electronic distribution of food stamps)(Brief Article)
March 5, 2002... While several states and U.S. territories will probably not meet the federally mandated Oct. 1 deadline for distributing food stamps electronically, those that can show they are trying hard to solve the problem probably will not be penalized,...

In Brief: Partial Subprime Dropout by Freddie.(Brief Article)
March 5, 2002... Freddie Mac announced last week that it will no longer invest in subprime mortgages that contain prepayment penalties with terms exceeding three years. The secondary market giant said it made the move to "bring a higher level of consumer...

In Brief: Builder Toll Bros. To Do Stock Split.(Brief Article)
March 5, 2002... Toll Brothers Inc. announced Monday that on March 14 it will execute a 2- for-1 split of its common stock. Toll Brothers, one of the country's largest builders of luxury homes, said it will distribute the new shares March 28. "We are...

In Brief: Two New Marks For Wells Fargo.(Brief Article)
March 5, 2002... Wells Fargo Home Mortgage on Monday reported its seventh straight record year for builder originations and fourth straight for home renovation loans. The Wells Fargo & Co. subsidiary credited low mortgage interest rates and strong home...

New Century In Black Again, On Sunny Side with Street.(Brief Article)
March 5, 2002... New Century Financial Corp. is flying high. After huge losses in 2000 and early 2001, the Irvine, Calif., subprime lender has reported three straight quarters of profits, totaling $50 million. And in just the last week alone -- from...

In Brief: Bank One Shows Details of Unused Credit.(Brief Article)
March 5, 2002... Bank One Corp. said it has $148.2 billion of unused loan commitments, $19.4 billion of standby letters of credit, and another $600 million of commercial letters of credit off its balance sheet. In an annual filing Monday with the Securities...

In Brief: Fleet to Raise $500M in Stock Offering.(Brief Article)
March 5, 2002... FleetBoston Financial Corp. said it would raise $500 million of capital through a trust preferred stock offering, whose proceeds would be used for general corporate purposes. The offering was led by Citigroup Inc.'s Salomon Smith Barney...

In Brief: Ferguson Urges Investing in Risk Control.(Brief Article)
March 5, 2002... Banks that fail to invest in new risk management techniques may be sacrificing long-term profitability for short-term earnings growth, a top Federal Reserve Board official said Monday. "The acceptance and the application of the current...

In Brief: IPO Planned for Citi Property/Casualty Unit.(Brief Article)
March 5, 2002... Citigroup Inc.'s Travelers Property and Casualty Corp. on Monday filed a initial stock offering plan with regulators that it expects to raise as much as $4 billion. The New York financial services giant plans to sell 210 million common...

In Brief: Union Planters Back-Office Outsourcing.(Brief Article)
March 5, 2002... Union Planters Corp. is turning over back-office operations of its wealth management business to SunGard Wealth Management Services. SunGard Wealth Management is a unit of SunGard Data Systems of Wayne, Pa., a major bank technology...

'Simple Plan' Gets Credit For AmSouth Price Surge.
March 5, 2002... AmSouth Bancorp says a six-step self-improvement plan, announced to investors last year, is paying dividends by propelling the company's shares to their highest level in the past year. The steps -- which include scaling back syndicated-loan...

While Spreading Out, Allstate Thrift Keeps Narrow Focus.
March 6, 2002... As financial services companies continue to expand and reshape themselves, many are taking a narrow approach to their cross-sales targeting, even while they broaden their product offerings. Allstate Bank, in Northbrook, Ill., is a case in...