American Banker articles from March 2006

American Banker archives from March 2006

An Active Acquirer Puts Its Capital to Other Uses.(Company Profile)
March 1, 2006... Citizens Financial Group Inc. of Providence, R.I., said its 2004 acquisition of Charter One Financial Inc. boosted earnings last year, despite stiffer competition for retail business and the often-cited challenge of the flat yield curve. ...

Visa Holds Most Credit Interchange Rates Flat.
March 1, 2006... Departing from a long-standing pattern of regular increases, Visa U.S.A. Inc. is holding steady its credit card interchange rates. The card association includes rate changes and other details about the network in business update memos sent...

SBA Shifts Its Disaster Loan Stance.(Small Business Administration )
March 1, 2006... After months of prompting from Gulf Coast bankers and industry trade groups -- and with an apparent push from the White House -- the Small Business Administration has agreed to let banks and other lenders help it process disaster loan...

Riding Commercial Lending: Data shows 'handoff' to C&I gained steam.(Industry Overview)
March 1, 2006... WASHINGTON -- Banks managed record profits in 2005 despite a relatively weak fourth quarter in which they showed a renewed interest in commercial lending as mortgage lending flagged and credit quality in credit cards worsened. The industry...

Executive Changes.
March 1, 2006... MIDDLE ATLANTIC Deutsche Bank Securities Inc. of New York has hired John Curran as the head of liability structuring for North America in its debt capital markets group. He will be responsible for structuring nonstandardized financial...

JPM Chase Unit, Fidelity Have a Distribution Deal.
March 1, 2006... JPMorgan Chase & Co. said Tuesday its investment banking unit will distribute the equity and fixed-income products it underwrites to retail and institutional brokerage customers of the Boston mutual fund giant Fidelity Investments. The...

In Brief: B of A to Open Pair Of Branches in Del.(Brief Article)
March 1, 2006... Bank of America Corp. will enter the Delaware retail banking market by opening two branches, including one in a former MBNA Corp. office. The $1.3 trillion-asset Charlotte company said Monday that it would open a branch in a former MBNA...

In Brief: Main Street Banks Says It Had 8 Suitors.(Brief Article)
March 1, 2006... Eight companies expressed interest in buying Main Street Banks Inc. of Atlanta in the four months before it agreed to sell itself to one of them, according to a filing with the Securities and Exchange Commission. The $109 billion-asset BB&T...

In Brief: Wells Proxy Can't Omit Bias Question.
March 1, 2006... Wells Fargo & Co. may not exclude from its proxy statement this year a shareholder proposal that calls for a company report on racial and ethnic disparities in loan pricing, according to the Securities and Exchange Commission. The SEC's...

Oxley, Industry Defending OCC Realty Decisions.
March 1, 2006... Both sides are digging in for a long fight over the Office of the Comptroller of the Currency's recent decisions to let three banks engage in commercial real estate development. House Financial Services Committee Chairman Michael Oxley...

In Brief: NCUA: No CRA-Like Program in Works.(Brief Article)
March 1, 2006... WASHINGTON -- National Credit Union Administration chairman JoAnn Johnson said it has no intention of imposing Community Reinvestment Act-like regulations on credit unions. The NCUA announced last month that it plans to survey credit unions...

In Brief: Beverly Hills to Restate Results for '04.(Brief Article)
March 1, 2006... Beverly Hills Bancorp Inc. in Calabasas, Calif., said it will restate its 2004 earnings, because it incorrectly calculated its tax benefits for that year. The $1.4 billion-asset Beverly Hills said late Monday that it had overstated its...

In Brief: Hybrid ATM by Info Touch, Cardtronics.
March 1, 2006... Cardtronics Inc. of Houston and Info Touch Technologies Corp. of Burnaby, British Columbia, said they have developed a hybrid automated teller machine that dispenses cash and accepts it for bill payments and card reloading. The companies...

In Brief: JPM Issues Another Product with Marriott.(Brief Article)
March 1, 2006... JPMorgan Chase & Co. has introduced a third Visa card cobranded with Marriott International Inc. Laurie Goldstein, a spokeswoman for the Washington hotel chain, said Tuesday that the Marriott Rewards Premier Visa Signature card is tailored...

In Brief: Collegiate Investors Approve Chase Deal.(Collegiate Funding Services Inc to be sold to J.P. Morgan Chase and Co. .)(Brief Article)
March 1, 2006... Shareholders of Collegiate Funding Services Inc. have voted in favor of its deal to sell itself to JPMorgan Chase & Co. The deal, announced in December, is expected to close today. The vote was announced Tuesday. The banking company...

In Brief: Reuters to Distribute Sales Data from MC.(MasterCard Advisors LLC)(Brief Article)
March 1, 2006... Reuters Group PLC plans to begin distributing U.S. retail sales data provided by MasterCard Advisors LLC, the consulting and research arm of MasterCard International. The SpendingPulse service will give Reuters customers reports twice a...

U.S. Bancorp Asset Unit Shifts Name to Broaden Distribution.(Company Profile)
March 1, 2006... The chief executive of U.S. Bancorp Asset Management said his company has changed its name to FAF Advisors in order to expand distribution with other financial services companies. Tom Schreier, the chief executive of the subsidiary of...

Feb. Consumer Confidence Fell.(Brief Article)
March 1, 2006... The Conference Board Consumer Confidence Index fell in February, to 101.7 (on a base of 100 in 1985), down from 106.8 in January, the organization said on Tuesday. The Present Situation Index rose to 129.3, from 128.8. The Expectations...

In Brief: Acordia PromotesBoston-Office Exec.(Brief Article)
March 1, 2006... Acordia Inc., the big insurance brokerage unit of Wells Fargo & Co., said Tuesday that it had promoted Eva Durkin to vice president of client services in its Boston office. In addition to her account management responsibilities for a book...

In Brief: MetLife: Unmet NeedIs Benefits for Aging.
March 1, 2006... More than one-third of all employers -- and nearly half of those with 25,000 or more workers -- agree that the aging work force will have a significant impact on their company, yet more than three-quarters have taken no steps to accommodate...

In Brief: 3-Way Tex. Merger Forges Benefits Firm.(BellGroup LLC)(McCone Insurance Group)(BellBenefits LLC)(Andy J. Nadel)(Brief Article)(Company Profile)
March 1, 2006... The Dallas independent insurance agency BellGroup LLC said that it had expanded its services by merging with two Dallas-area employee benefits firms. The merger of BellGroup's existing benefits business with McCone Insurance Group and Andy...

Wells Venture with Midwest Builder.(Brief Article)
March 1, 2006... Wells Fargo Home Mortgage of Des Moines is forming a joint venture with Dominion Homes Inc. of Dublin, Ohio, that will originate and fund loans for Dominion customers and others. The Wells Fargo & Co. unit will hold a majority interest in...

Sale or Conversion Seen for ECC.(ECC Capital Corp.)(Company Profile)
March 1, 2006... Analysts see either the dropping of its real estate investment trust status or a sale as possible next steps for ECC Capital Corp. Like its rivals, the Irvine, Calif., REIT has struggled with the fierce competition in subprime mortgage...

A Remote-Capture Solution For Regional's National Niche.(First National Bank Holding Co. )(Product/Service Evaluation)
March 1, 2006... First National Bank Holding Co. of Scottsdale, Ariz., has 26 branches in three southwestern states -- and corporate customers in 49 states. To serve them it plans to put a remote-capture imaging service into production in mid-March ...

E-Trade to Use RSA Risk-Assessment Tool.(Product/Service Evaluation)
March 1, 2006... RSA Security Inc. has developed a way for banks to determine which of their customers would benefit from using passcode-generating tokens, and E-Trade Financial Corp. has agreed to use it. Banking industry observers say the tokens, which...

Correction.(Correction Notice)
March 1, 2006... In the Feb. 28 paper, the headline of a news brief on page 7 misidentified one of the developers of a set of bilingual mortgage documents. As the story said, it was Freddie Mac, not Fannie Mae. (c) 2006 American Banker and SourceMedia, Inc....

In Brief: Wells Fargo to Buy Factoring Company.(Commerce Funding Corp.)(Brief Article)
March 1, 2006... Wells Fargo & Co. said Tuesday that it is buying Commerce Funding Corp., a privately held factoring company in Vienna, Va. The price was not disclosed. Commerce Funding provides financing tied to accounts receivable for companies doing...

In Brief: Treasury to Work with Regulators on Fraud.(Brief Article)
March 1, 2006... The Treasury Department will work with federal and state banking regulators to curtail consumer fraud, a top agency official said Tuesday. Emil Henry, the Treasury assistant secretary of financial institutions, said the policymakers will...

In Brief: Economists: Housing Market Won't Plunge.(Brief Article)(Industry Overview)
March 1, 2006... The housing market is expected to soften this year but will not have a sharp downturn, senior bank economists said Tuesday at a panel discussion hosted by the Financial Services Roundtable. Scott A. Anderson, senior economist with Wells...

In Brief: SunTrust Adjusts -- Upward -- for FAS 133.(Brief Article)
March 1, 2006... SunTrust Banks Inc. said Tuesday that it had adjusted its fourth-quarter earnings to correct accounting errors related to certain derivatives transactions from 2003 to 2005. The adjustment added $7.5 million to noninterest income on a...

Mozilo on GMAC Stake, Reverse Loans.(Angelo Mozilo)(General Motors Acceptance Corp.)
March 1, 2006... Countrywide Financial Corp.'s chief executive joined a growing list of financial services executives who have expressed a lack of interest in buying some part of General Motors Acceptance Corp. During an investor presentation Tuesday at his...

FirstBank Lingers on Offer: A request for information (and a higher bid?).(FirstBank NW Corp., Crescent Capital VI LLC)
March 2, 2006... An investor group that has offered to buy FirstBank NW Corp. has an ambitious plan for boosting profits by making more commercial loans and expanding the Clarkston, Wash., thrift company into the busier markets of Seattle and Portland, Ore. ...

Citizens Shift Leads to Sale Of Agencies.(Citizens Financial Group Inc. sells insurance agencies)
March 2, 2006... Citizens Financial Group Inc. sold its three insurance agencies Wednesday to Hub International Ltd. and said it will continue to sell insurance products to its customers through a distribution alliance with the Chicago insurance broker. ...

Reg Relief Not Exactly A Hot Topic For Panel.(banking industry regulations, Senate Banking Committee hearing)
March 2, 2006... WASHINGTON -- The effort to pass regulatory relief legislation in the Senate got off to an inauspicious start Wednesday. Only four lawmakers put in an appearance at a Banking Committee hearing on the issue, and two of them stayed for just a...

Retired OCC Exec Still Has Concerns.(Barbara Grunkemeyer, Office of the Comptroller of the Currency)(Interview)(Industry Overview)
March 2, 2006... The period of sublime credit quality that marked Barbara Grunkemeyer's tenure as the Office of the Comptroller of the Currency's top credit expert did nothing to dull her concerns about the risks still facing the industry. Ms. Grunkemeyer,...

Huntington Finally Closes Unizan Deal.(Huntington Bancshares Inc., Unizan Financial Corp.)
March 2, 2006... Two years of hand-wringing -- and hand-holding -- is finally over for Huntington Bancshares Inc. of Columbus, Ohio. The $33 billion-asset company closed its tortured deal for Unizan Financial Corp. on Wednesday. It was announced Jan. 27,...

Wachovia Acquires Westcorp, Hires Exec for Europe.
March 2, 2006... Wachovia Corp. said Wednesday that it had completed its $3.9 billion acquisition of the Irvine, Calif., banking company Westcorp and of WFS Financial Inc., an auto-finance company of which Westcorp owned 84%. Westcorp has $17 billion of...

Executive Changes.
March 2, 2006... Middle Atlantic Northfield Savings Bank of Staten Island, N.Y., has named Patrick Scura to its board. Mr. Scura was the New Jersey financial services practice leader at KPMG LLP until retiring in September. Northfield Savings is a...

Tex. Groups Discuss Merger.(two banking trade groups, Texas)
March 2, 2006... The two banking trade groups in Texas are talking about merging, though observers say a deal is far from imminent and likely will not happen without a fight. The executive committees of the Independent Bankers Association of Texas and the...

Bills Restricting Banks' Gift Card Fees Gain Steam.
March 2, 2006... West Virginia's governor is expected to sign legislation this month that would limit the fees banks could collect on gift cards and force them to turn over unused gift card dollars to the state treasurer. But bankers say the damage could...

Hypercom in Talks To Sell Off U.K. Leasing Operation.(United Kingdom)
March 2, 2006... The point of sale terminal maker Hypercom Corp. has decided to sell off a leasing business it operates in the United Kingdom that was at the heart of a financial and legal mess in 2004 and 2005. President and chief executive William C....

Ruling May Help MC and Visa.(MasterCard International, Visa USA)
March 2, 2006... The Supreme Court's decision Tuesday that joint ventures have broad power to set prices without violating U.S. antitrust laws could help Visa U.S.A. and MasterCard International in their fight against the slew of interchange-related antitrust...

Bank Holding Companies with Highest Concentration in First-Mortgage Loans: On Sept. 30, 2005. Dollars in thousands.(Illustration)
March 2, 2006... Concentration* First-mortgage loans loans Sept. 30 Year earlier Sept. 30 Change & leases 1 Investors Bancorp Short Hills, N.J. 93.69% 94.31% $2,072,594 61.58% $2,212,290 ...

Jefferies in 2d B of A Raid.(Jeffries and Company Inc., hires executives from Bank of America Corp.)(Brief Article)
March 2, 2006... Jefferies & Co. Inc., a subsidiary of Jefferies Group Inc., announced Wednesday that it had hired seven Bank of America Corp. executives to strengthen its quantitative strategy and electronic trading. The New York firm hired Vlad Portnoy...

Strong Gains in Profits, Originations at Delta.(Delta Financial Corp.)
March 2, 2006... The Woodbury, N.Y., nonprime mortgage specialist Delta Financial Corp., said its fourth-quarter earnings soared to $5.7 million, or 27 cents a share, from $215,000 a year earlier. Originations rose 45%, to a record $1.1 billion, Delta said...

Pipeline.
March 2, 2006... Boundary Issue Two top Countrywide Financial Corp. executives expressed what sounded like sharply different opinions Tuesday on the future size of the subprime mortgage market. But more than anything else, their comments during a...

Open Solutions: Bisys Deal Is a Go Regardless of Delays.(Bisys Group Inc.'s bank-processing unit)
March 2, 2006... Open Solutions Inc. remains committed to buying Bisys Group Inc.'s bank-processing business despite announcing a second delay this week in completing the deal. Louis Hernandez, Open Solutions' chairman and chief executive, said Tuesday on...

In Brief: Google Base Payment Test Under Way.
March 2, 2006... Google Inc. is testing a payment system for its Google Base classified ad service. It has provided few details about the project. Chetan Patel, an engineering manager with the Internet search engine operator, wrote last week on a company...

In Brief: CUNA to Offer Perimeter's Security Services.(Credit Union National Association Inc.'s CUNA Strategic Services, Perimeter Internetworking Corp.)(Brief Article)
March 2, 2006... A unit of the Credit Union National Association Inc. will offer its members IT security services from Perimeter Internetworking Corp. CUNA Strategic Services will offer Perimeter's Gateway 4.0 network security service and the security and...

In Brief: Alogent Predicts 44% Sales Growth Rate.(Brief Article)
March 2, 2006... Alogent Corp. predicts that sales of its desktop check-imaging software will grow at a compound annual rate of nearly 44% through 2008. The software is used to convert paper checks into digital images that can be sent across image exchange...

In Brief: Corillian Offers StrikeForce 2-Factor System.(Corillian Corp. of Hillsboro, Oregon)(StrikeForce Technologies Inc. of Edison, New Jersey)(Brief Article)
March 2, 2006... The online banking vendor Corillian Corp. of Hillsboro, Ore., has begun offering its customers a two-factor authentication system from StrikeForce Technologies Inc. of Edison, N.J. The StrikeForce system lets banks issue one-time passwords...

Ryan Beck Sees Key as Better Bet To Buy than Sell.(investment analysis company Ryan Beck and Co., KeyCorp)
March 2, 2006... Takeover speculation is one reason KeyCorp's stock price is up 13% this year, but an analyst says it is more likely to buy than sell. That analyst, Anthony R. Davis of BankAtlantic Bancorp Inc.'s Ryan Beck & Co., lowered his rating on Key...

In Brief: Astoria CEO: We'd Buy, Not Build.(George L. Engelke Jr., Astoria Financial Corp.)(Brief Article)
March 2, 2006... Astoria Financial Corp.'s chief executive said Wednesday that expansion of the $22 billion-asset thrift's network of 86 branches would more likely happen through acquisition than building. "We cannot make a good case for de novo branching,...

In Brief: Pac Capital Sees Refund-Loan Hit.(Pacific Capital Bancorp)(Brief Article)
March 2, 2006... Pacific Capital Bancorp in Santa Barbara, Calif., said Wednesday that it expects income from its tax-refund anticipation loans to decline over the next few years as a result of a change in its contract with Jackson Hewitt Tax Service Inc. ...

In Brief: SunTrust Stock-Transfer Sale.(SunTrust Banks Inc.)(Brief Article)
March 2, 2006... SunTrust Banks Inc. has sold its stock-transfer business to an Australian transfer agency. The Atlanta company said Wednesday that Computershare Ltd. will take over the registry and transfer-agent servicing for about 170 issuers. SunTrust...

OCC Weighs JPMorgan Bid to Invest In Oil, Gas: Senate Banking seeks documents related to application.
March 3, 2006... WASHINGTON -- The Office of the Comptroller of the Currency is reviewing whether to let JPMorgan Chase & Co. invest in oil and natural gas reserves, sources said Thursday. The issue is likely to be the fourth log on the fire over the...

County Rule Drives Out Many, Not All.
March 3, 2006... At first blush, the story sounds familiar -- lenders and securitizers are getting ready to suspend operations in Montgomery County, Md., where an anti-predator ordinance couched in antidiscrimination terms is scheduled to go into effect...

Small Banks' Dim View of CRE Proposal.
March 3, 2006... Federal regulators are worried about banks like First National Bank of Artesia in New Mexico. First National's loan portfolio is heavily weighted toward commercial real estate and regulators, mindful of past real estate downturns, have...

In-Store Sites Maxing Out?(Industry Overview)
March 3, 2006... In-store branching, a big factor in the branch boom of recent years, seems to have slowed down, and some say a practical limit to deposits and a shortage of locations are to blame. The five banking companies with the most such branches...

People.(Industry Overview)
March 3, 2006... Survivor TD Banknorth Inc. chairman Bill Ryan does not like to be called a "serial acquirer," but he couldn't help noticing that his company was the only one still standing from the first investor conference Keefe, Bruyette & Woods Inc....

In Brief: Cut in Small-Business Budget Assailed.(Brief Article)
March 3, 2006... House Democrats accused President Bush on Thursday of giving small businesses short shrift in the fiscal 2007 budget. At a press conference in the Capitol, Rep. Nydia M. Velazquez of New York, the lead Democrat on the House Small Business...

In Brief: Cheney Pushes Health Savings Expansion.(Brief Article)
March 3, 2006... Vice President Cheney repeated the administration's call to expand health savings accounts. Speaking Thursday at a summit on retirement savings, Mr. Cheney said the administration wants Congress to "strengthen" HSAs by, among other things,...

In Brief: Spotlight on Fincen, Money-Service Rules.(Brief Article)
March 3, 2006... Federal banking regulators are asking banks to pay attention to two recent releases by the Financial Crimes Enforcement Network about correspondent accounts and money-services businesses. The Federal Deposit Insurance Corp. reminded bankers...

In Brief: Kroszner Succeeds Gramlich at Fed.(Brief Article)
March 3, 2006... Randall S. Kroszner has joined the Federal Reserve Board. The former University of Chicago economics professor was sworn in Wednesday to succeed Edward Gramlich, who resigned in November after eight years as a Fed governor. Mr....

Bankers on Gulf Coast Seek Help from Around the Country.
March 3, 2006... NEW ORLEANS -- Gulf Coast bankers reached out to large institutions across the country Thursday, asking for various kinds of help to recover from last summer's hurricanes. At a conference with close to 200 bankers and regulators, local...

Security Watch @BY#By Isabelle Lindenmayer.
March 3, 2006... Government Arizona Attorney General Terry Goddard launched a program that lets consumers who are particularly vulnerable to identity theft open Fraud Fighter Accounts, which offer heightened levels of protection. The accounts, which...

Firms Hybridizing Life Insurance, Asset-Building.(Brief Article)(Product/Service Evaluation)
March 3, 2006... In an effort to attract retiring baby boomers concerned about wealth transfer issues, several insurers are expanding their rosters of products that combine life insurance with a traditional asset accumulation product. Universal life...

In Brief: NASD Fines Lerner, Pair $400K.(Brief Article)
March 3, 2006... NASD said Thursday that it had fined David Lerner Associates Inc. $400,000 and suspended it from engaging in new variable life insurance or variable annuity business for 30 calendar days. From November 1998 to February 2004 the Syosset,...

In Brief: Answer Agency Buys InsLogic.(Answer Financial Inc.)(InsLogic Corp.)(Brief Article)
March 3, 2006... Answer Financial Inc., an independent insurance agency in Encino, Calif., announced Thursday that it had bought the assets of InsLogic Corp., an indirect insurance subsidiary of Capital One Financial Corp. InsLogic, based in Columbia, S.C.,...

Bank of N.Y. Unit to Polish Image with Rich.
March 3, 2006... Bank of New York Co.'s private bank started an advice division Thursday to improve its image as a high-net-worth manager. Stephen Doty, who heads the investment adviser services division, said it will adopt industry trends such as open...

Wealthy Investors' Optimism Up in Feb.(Brief Article)
March 3, 2006... Millionaire investors' confidence rose for a fourth consecutive month in February to reach its highest level since spring 2004, according to a Spectrem Group index. The Chicago research firm said Wednesday that its millionaire investor...

S1 Hopes Deal With PassMark Spurs Upgrades.(S1 Corp.)(PassMark Security Inc.)(Product/Service Evaluation)
March 3, 2006... The Atlanta banking technology vendor S1 Corp. says it hopes a deal announced this week will help it address its ongoing earnings slump, which it attributes in part to its shift to subscription pricing. Moving from a software licensing...

In Brief: Hypercom to Use SEC Buyback Rule.(Brief Article)
March 3, 2006... The Phoenix point of sale terminal manufacturer Hypercom Corp. is using a Securities and Exchange Commission rule to help it purchase its own stock. Hypercom, which initiated a $20 million program Nov. 9, said Thursday that it would spend...

In Brief: Metavante to Handle Corporate Taxes, Too.(Brief Article)
March 3, 2006... Metavante Corp. has begun processing businesses' federal tax payments on credit and signature debit cards. The Milwaukee company said Thursday that the Internal Revenue Service has agreed to accept card payments for corporate taxes that are...

In Brief: BB&T Using a Credit Risk Tool from SAS.(Brief Article)
March 3, 2006... BB&T Corp. is using software from SAS Institute Inc. of Cary, N.C., to build a credit analysis system to manage risk and reduce bad loans. Kenneth L. Daniels, an executive vice president and the corporate credit risk manager at the $109.2...

No Reason to Deny Charters to Nonbanks.(Industry Overview)
March 3, 2006... The increasingly heated debate about mixing banking and commerce needs a healthy dose of reality before it will make any sense. The debate involves a fundamental public policy -- availability of credit. This has been a major public policy...

Trend on Low-Income Banking Unclear.(Brief Article)(Letter to the Editor)
March 3, 2006... To the Editor: Your Feb. 24 article on the Fed's most recent Survey of Consumer Finances ["Fed: Unbanked Opening More Checking Accounts," page 18] may have led readers to draw the erroneous conclusion that there were fewer unbanked...

Engage a Child, Gain a Better Customer.
March 3, 2006... After working with scores of banks and conducting considerable research through the years, I've deduced something: The customers of our institutions can be grouped under the taxonomic classification of "human." It should be noted that...

Higher GSE Limits Would Hit Those Who Need Help.
March 3, 2006... We come from different political backgrounds and differ on the merits of government-sponsored enterprises, but we are in complete agreement that the government should not be subsidizing housing for the wealthiest in our society. Yet that...

PHH Puts Blame For Filing Delay On '05 Spinoff.(Company Profile)
March 3, 2006... Blaming a slew of tax and accounting issues related to its spinoff from Cendant Corp. last year, PHH Corp. announced a delay to the filing of its annual report and said some financial hits are likely. On a conference call Thursday about the...

In Brief: Pa. Court Allows CU Charter Expansion.(Brief Article)
March 3, 2006... In a 7-to-0 decision, Pennsylvania's Commonwealth Court ruled against the Pennsylvania Bankers Association and four banking companies that were seeking to block two credit unions from adopting five Philadelphia-area counties as their field of...

In Brief: Countrywide Alums Settle SEC Charges.(Brief Article)
March 3, 2006... Two former Countrywide Financial Corp. vice presidents settled insider-trading charges filed by the Securities and Exchange Commission. The SEC had alleged that Alan Cao and Jun Shi illegally traded in Countrywide's stock in October 2004 with...

In Brief: Judge Rules for Sovereign Dissident.(Brief Article)
March 3, 2006... A United States Circuit Court judge has concluded that directors of Sovereign Bancorp Inc. may be removed without cause, handing its largest shareholder a leg up in its attempt to unseat chairman and chief executive Jay Sidhu from the board....

Harris Bank Bucks Trend With an Expanding Margin.(Company Profile)
March 3, 2006... Harris Bancorp Inc.'s fiscal first-quarter results showed that the Chicago company was able to do something other regionals have been hard-pressed to do: increase its net interest margin over the previous quarter. Harris, Bank of...