American Banker articles from March 2007

American Banker archives from March 2007

Debit Reward Payoff: More Bounce Fees.(Company overview)
March 1, 2007... Last year Cornhusker Bank in Lincoln, Neb., launched a debit card reward program for the usual reasons -- generating more interchange income and more opportunities to cross-sell customers. But the $263 million-asset bank is getting a side...

Web Loan Market Alters Model: Prosper CEO Larsen gives a status report.(Prosper Marketplace Inc.)(Chris Larsen)(Product/service evaluation)(Company overview)
March 1, 2007... In the year since Prosper Marketplace Inc. unveiled its peer-to-peer online lending service, the company has attracted 175,000 users and issued $36 million of loans. That portfolio pales against the typical retail bank's in dollar terms,...

Freddie Takes Red Pen to GSE Legislation: One idea: Limit power to raise minimum capital.
March 1, 2007... WASHINGTON -- Freddie Mac is circulating legislative language to key lawmakers that would weaken a proposed new regulator's ability to boost minimum capital, restrict its authority over the company's mortgage portfolio, and remove its power to...

CFO Discusses Next Step At M&T After Cost Cuts.(Company overview)
March 1, 2007... After completing a two-year efficiency initiative in December, M&T Bank Corp of Buffalo is leaner and more focused on costs as part of its daily operations than before, its chief financial officer said. "We typically get asked, 'Are you...

Lawmakers Pan SBA Budget.(Small Business Administration )
March 1, 2007... WASHINGTON -- President Bush's budget proposal for the Small Business Administration came under renewed fire Wednesday on Capitol Hill. The House Small Business Committee rejected the Bush administration's call for a smaller Small Business...

Citigroup to Stop Using Universal Default: Source.(Product/service evaluation)
March 1, 2007... WASHINGTON -- In response to congressional pressure to reduce fees and interest rates, Citigroup Inc. plans to stop a controversial credit card practice commonly referred to as universal default, a source at the New York company said Wednesday....

Bair Expects Congress To Tackle ILC Issue.
March 1, 2007... WASHINGTON -- Federal Deposit Insurance Corp. Chairman Sheila Bair has told agency officials she is "optimistic" Congress will pass a bill determining who can own an industrial loan company. In an e-mail sent last week to all employees, and...

FDIC: Housing May Hinder Loans.(Industry overview)(Brief article)
March 1, 2007... The slowdown in the housing sector may hurt loan growth this year at banks in several parts of the country, the Federal Deposit Insurance Corp. said Tuesday. In the winter 2006 edition of FDIC Outlook, the agency said the slowdown has the...

Executive Changes.
March 1, 2007... MIDWEST Huron Valley Bank of Milford, Mich., has hired Jack J. Shubitowski as its president and chief executive officer. He joined the two-year-old, $28 million-asset bank from Citizens Bank of Flint. He was a senior vice president and...

Testing, Testing: Citi and Obobay, Elan and Sapphire.(Product/service evaluation)
March 1, 2007... Citigroup Inc. and the transaction processor Elan Financial Services are preparing tests of mobile payment systems. Citi said Wednesday that it would test Obopay Inc.'s person-to-person payment system, which lets users send and receive...

Jackson Hewitt Develops Late-Season Refund Loan.(Product/service evaluation)
March 1, 2007... Jackson Hewitt Tax Service Inc. plans to introduce a loan product today that will let late-season tax filers receive the balance of their refunds two weeks after obtaining a partial refund anticipation loan. Michael Lister, the Parsippany,...

In Brief: Amex Upgraded to 'Outperform'.(Brief article)
March 1, 2007... Strong fundamentals and increased consumer spending earned American Express Co.'s shares an upgrade. Scott Valentin, an analyst at Friedman, Billings, Ramsey & Co. Inc., wrote in a research note published Wednesday that though American...

In Brief: Hancock Variable Sales Set a Record.(Brief article)
March 1, 2007... John Hancock Financial Services, a Boston unit of Manulife Financial Corp. of Toronto, announced that sales of variable annuities increased 15% last year, to a record $9.1 billion. Last year was the third consecutive one for which John...

In Brief: Deutsche to Manage Converium Portfolio.(Brief article)
March 1, 2007... Deutsche Bank AG's asset management division said its global insurance asset management business will manage the $5 billion insurance portfolio of Converium Ltd., a multiline reinsurer based in Zug, Switzerland. The global insurance asset...

In Brief: Assets, Net Income Rise at MassMutual.(Brief article)
March 1, 2007... Massachusetts Mutual Life Insurance Co. announced strong performance across its major lines of business in the fourth quarter. Assets under management at MassMutual and its units, which include OppenheimerFunds, Babson Capital Management,...

In Brief: Capital Pacific, Allen Trust in Partnership.(Brief article)
March 1, 2007... Two Portland, Ore., companies, Allen Trust Co. and Capital Pacific Bank, have formed an exclusive strategic alliance to offer banking, trust, and investment management services to business owners, professionals, and nonprofit organizations. ...

In Brief: Old Mutual U.S. Arm Posts Asset Climb.(Old Mutual Asset Management)(Brief article)
March 1, 2007... Old Mutual Asset Management, the U.S. asset management arm of Old Mutual PLC of London, said its member firms' fourth-quarter assets under management rose 15% from a year earlier and 10.1% from the third quarter, to $261.3 billion. The...

Bank Holding Companies* with Largest Credit Card Loan Portfolios: On Sept. 30, 2006. Dollars in thousands.(Table)
March 1, 2007... Card loans All Loans Sept. 30 Year earlier Change and Leases 1 JPMorgan Chase & Co. New York $73,203,000 $70,082,000 4.5% $463,489,000 2 Bank of America Corp. Charlotte 70,068,986 56,422,505 24.2 695,211,560...

B of A Wealth Arm To Increase Staffing.(Company overview)
March 1, 2007... Bank of America Corp.'s global wealth and investment management division plans to add to its sales staff this year. The division's private wealth management group, which caters to individuals with more than $3 million of assets, says it...

Pipelines.(Product/service evaluation)
March 1, 2007... Reversals The reverse mortgage company Financial Freedom Senior Funding Corp. says the interest rates on a loan product it unveiled in February are comparable to his competitors' rates. Jim Mahoney, the chairman of the IndyMac Bancorp...

Fremont Shares Drop on Delayed Earnings Report.(Company overview)
March 1, 2007... Shares of Fremont General Corp., the fifth-largest subprime lender, tumbled Wednesday after the Santa Monica, Calif., company delayed its fourth-quarter and full-year earnings report and left investors and analysts having to guess about the...

In Brief: First Citizens of N.C. Uses SVPCO Network.(Brief article)
March 1, 2007... First Citizens BancShares Inc. of Raleigh is using the SVPCO image payments network to exchange digital check images with other banking companies. The Clearing House Payments Co. LLC of New York, which owns SVPCO, announced Tuesday that...

In Brief: Xign, SciQuest Offer Joint Software Suites.(Brief article)
March 1, 2007... The Pleasanton, Calif., e-payment software vendor Xign Corp. has formed a partnership with SciQuest Inc., a Research Triangle Park, N.C., firm that sells software that automates the ordering of goods and services. The two companies said...

In Brief: FXall Introduces High-Speed Forex Tool.(Product/service evaluation)
March 1, 2007... The London online currency trading network FXall has launched an electronic communication network, Accelor, for high-speed automated foreign exchange. FXall said Accelor combines anonymous ECN functions with an advanced technical...

In Brief: Citi Gets Option to Buy ACC Mortgage Unit.(Ameriquest Mortgage Co.)(Brief article)
March 1, 2007... ACC Capital Holdings said late Wednesday that it had entered an agreement making Citigroup Inc. its warehouse lender and giving the New York company the option to buy ACC's wholesale mortgage business, Ameriquest Mortgage Co. The agreement...

In Brief: MasterCard Alters Some Interchange Fees.(Brief article)
March 1, 2007... To boost acceptance, MasterCard Inc. published an interchange rate schedule that will increase fees for some Internet purchases, will decrease fees for others, and will cap fees on some transactions. Joshua Peirez, MasterCard's president of...

In Brief: Bank of Hawaii Plans Expansion in Guam.(Company overview)(Brief article)
March 1, 2007... Bank of Hawaii Corp. plans to ramp up its business in Guam, where a U.S. military expansion could mean revenue growth in the coming years. "The anticipated buildup of the military presence in Guam should improve that economy probably over...

Fed Filing Puts Doral 4Q Loss at $51M.(Company overview)
March 1, 2007... The preliminary fourth-quarter report Doral Financial Corp. filed Wednesday with the Federal Reserve Board showed a sharp deterioration in results. The San Juan, Puerto Rico, company swung to a $51 million loss, compared with a $1.7...

Associated of Wis. Seeks Growth in Urban Midwest.(Company overview)
March 1, 2007... Associated Banc-Corp. of Green Bay, Wis., will focus on higher-growth markets in the Midwest as it looks to boost deposits and fee income while limiting lending risk to increase earnings in a tough business climate. "What a great...

Correction.(Correction notice)
March 1, 2007... In the Feb. 26 paper, a story on page 6, "Northern Trust Sees More Potential in Hedge Funds," mischaracterized the company's strategy. It wants to be the administrator to third-party funds, not seek outside administrators. (c) 2007...

Hedge Funds: What Agencies Are Watching.
March 2, 2007... WASHINGTON -- For the second time in two weeks, President Bush's financial team insisted that banks and their regulators are key to preventing a meltdown triggered by the booming alternative investment business. "We believe that the...

Credit Woes Lead to New Interest in Centralizing: Some are tightening control over units, others consolidating.(Company overview)
March 2, 2007... Credit problems are leading some multibank holding companies to rein in executives at subsidiary banks. GB&T Bancshares Inc. in Gainesville, Ga., which owns seven banks, and Clarkston Financial Corp. in Waterford, Mich., which owns two,...

Colonial Tries To Raise Bar For Fla. Ops.(Company overview)
March 2, 2007... Colonial BancGroup Inc. of Montgomery, Ala., says it is responding to a difficult operating environment by taking a hard look at markets it entered through acquisition, particularly Florida. Robert E. Lowder, Colonial's chairman, president,...

Thrift Fades In IndyMac's 'Fine-Tuning'.(Company overview)
March 2, 2007... IndyMac Bancorp Inc.'s decision to deemphasize its thrift business demonstrates the degree to which conditions have changed in a line that had buffered the company against business cycles. Though it is not abandoning its hybrid business...

New JPM Business Finance Unit.(Chase Capital Corp. )(Company overview)(Brief article)
March 2, 2007... JPMorgan Chase & Co. unveiled a new business unit Thursday that raises debt for privately held middle-market companies. Chase Capital Corp. started operations last year and closed its first deal in January, the $1.4 trillion-asset New York...

Barking at Wells They're Back.
March 2, 2007... Wells Fargo & Co. is in the doghouse -- again. People for the Ethical Treatment of Animals has renewed its effort to persuade the San Francisco company to drop its sponsorship of the Iditarod Trail Sled Dog Race, which is scheduled to begin...

Frank Wants Say In Farm Credit Bid.
March 2, 2007... The chairman and ranking member of the House Financial Services Committee said this week that they are opposed to any significant expansion of the Farm Credit System's lending authority. The government-sponsored Farm Credit System, which...

In Brief: Kroszner Takes Over a Fed Committee.(Brief article)
March 2, 2007... The Federal Reserve Board said this week that Gov. Randall Kroszner has been put in charge of its supervision and regulatory affairs committee. Mr. Kroszner succeeded Fed Gov. Susan Bies, who announced last month that she would retire...

In Brief: OTS Releases Guidance on Gift Cards.(Brief article)
March 2, 2007... The Office of Thrift Supervision has issued guidance to assist thrifts in offering gift card programs. The agency said Wednesday that it wants to ensure thrifts are following consumer disclosure practices, encouraging uniform practices,...

CapitalSouth of Ala. in Fla. Deal.(CapitalSouth Bancorp)(Monticello Bancshares Inc. )(Brief article)
March 2, 2007... CapitalSouth Bancorp of Birmingham, Ala., announced Thursday that it has agreed to buy the $228 million-asset Monticello Bancshares Inc. of Jacksonville, Fla., for about $34 million in cash and stock. The $481 million-asset CapitalSouth...

Margin Still Hurting Harris of Ill.(Company overview)
March 2, 2007... Competition for loans and deposits in the Chicago area continues to drag down margins at Bank of Montreal's U.S. retail and commercial banking operations, the Toronto company said Thursday. The $301 billion-asset parent of Harris Bankcorp...

CFO: MasterCard Shopping for Foreign Processors.(Company overview)
March 2, 2007... MasterCard Inc. is looking to acquire transaction processors abroad. Chris McWilton, the Purchase, N.Y., card company's chief financial officer, said that it is missing out on a key source of potential revenue in countries where domestic...

In Brief: Stifel, Nicolaus: Spinoff Would Help TSYS @By#By David Breitkopf.(Company overview)(Brief article)
March 2, 2007... Stifel, Nicolaus & Co. Inc., which initiated coverage of Total System Services Inc. Thursday, said spinning off from its majority owner, Synovus Financial Corp., would help the processor diversify its revenue. "Volatility in TSYS' core...

In Brief: Mutual Fund Assets Up 1.5%, ICI Says.(Brief article)
March 2, 2007... The combined assets of the nation's mutual funds increased 1.5% in January from the previous month, to $10.57 trillion, according to data from the Investment Company Institute. Net inflows into long-term funds, which include stock, bond,...

In Brief: Concord Helping Baker Build Platform.(Concord Equity Group Inc.)(Company overview)(Brief article)
March 2, 2007... Concord Equity Group Inc., a Matawan, N.J., provider of outsourced wealth management services, said it will provide Baker Boyer Bank of Walla Walla, Wash., with technology services to create a managed account platform. The services will...

In Brief: New Index to Cover Trading in Volatility.(Product/service evaluation)(Brief article)
March 2, 2007... Hedge Fund Research Inc., a Chicago hedge fund data provider, has started the first index designed to track the volatility sector of the hedge fund universe. The HFRX Volatility Index, introduced Wednesday, is designed to track the...

Adviser Helping Wounded Soldiers Maintain Finances.(Product/service evaluation)
March 2, 2007... Bank Investment Consultant While most advisers are trying their hardest to attract high-net-worth clients, Harry Truman (no relationship to the former U.S. president), a financial adviser who works out of Broadway National Bank in San...

IBM Helps Reuters Build Tools Stifel Is Bullish on Metavante.(Product/service evaluation)(Company overview)
March 2, 2007... International Business Machines Corp. of Armonk, N.Y., said Thursday it had helped Reuters Group PLC develop three software products that provide faster access to its Reuters Market Data System. The new products are designed for companies...

Loan Performance Predictive Tool Targets Mortgage Firms.(Product/service evaluation)
March 2, 2007... Mortgage lenders increasingly are using technology to weed out or "scrub" loans that get sold in the secondary market. A new product from LoanPerformance, an analytics and mortgage data unit of First American Corp. of Santa Ana, Calif., is...

Viewpoint: Letter To The Editor: View from Main St. Different from Wall St.(Letter to the editor)
March 2, 2007... To the Editor: I rarely respond to Viewpoint pieces like the one written by Mr. Duncan MacDonald and published in the Jan. 19 issue of American Banker ["Bankers Mishandled Wal-Mart's ILC Effort," page 10]. However, I am compelled to...

Viewpoint: Market Does Not Need FDIC's Help With Big Banks.
March 2, 2007... A year ago the Federal Deposit Insurance Corp. proposed that large banks and thrifts aggregate or link accounts by depositor. In the extremely unlikely event that a large bank failed, the FDIC could then act, on a few hours' notice, to...

Viewpoint: Preparing Post-Watters 'Op Sub' Strategies.
March 2, 2007... Why did the Supreme Court accept Watters v. Wachovia Bank if not to make a precedential statement? If this is so, the outcome of Watters could fundamentally alter national bank reliance on federal preemption and the operation of coast-to-coast...

Viewpoint: When Is a Branch Like a Buggy Whip?(Product/service evaluation)
March 2, 2007... Just a few weeks ago I found myself saying something I haven't said about a banking product in a long while: "Now, that is cool!" I had that response upon reading an e-mail my wife forwarded to me. It was from a well-known financial...

In Brief: Leadbull Reinstates Lead Buyer Rewards.(Leadbull.com)(Brief article)
March 2, 2007... Leadbull.com, a Charlotte aggregator of mortgage leads, has revived a program in which lead buyers get credits that can be redeemed for additional lead aggregation services. The credits in the "March Lead Madness" campaign can be used to...

In Brief: Nationstar Closes Deal with Champion.(Brief article)
March 2, 2007... Fortress Investment Group LLC's Nationstar Mortgage LLC said Thursday it had completed its acquisition of Champion Mortgage Co.'s origination platform from KeyCorp. The price was estimated at $25 million to $30 million. Champion will...

Tough Year in U.S. for Royal of Scotland.(Company overview)
March 2, 2007... Royal Bank of Scotland Group PLC reported mixed full-year results at its U.S. banking business, Citizens Financial Group Inc., and said the unit's percentage of contribution to earnings fell from a year earlier. The $162 billion-asset...

Problem Loan Resolved, SunTrust Lowers Earnings.(Company overview)
March 2, 2007... SunTrust Banks Inc. lowered its fourth-quarter and full-year earnings after changing chargeoffs and loan-loss provisions to address a problem disclosed in August with a large corporate loan. On Thursday, SunTrust reported fourth-quarter...

In Brief: Citi Reveals Pay Plan for Incoming CFO.(Brief article)
March 2, 2007... Citigroup Inc. disclosed Thursday that it would pay Gary Crittenden, its incoming chief financial officer, a $500,000 annual salary, and that he would be eligible for a $9.5 million this year and next, according to a filing with the Securities...

In Brief: Nat City Says Tender Offer Missed Target.(Brief article)
March 2, 2007... Citing preliminary results, National City Corp. said its planned tender offer fell short of its maximum subscription. About 40 million shares, or 6.4%, of the outstanding stock, were offered for repurchase last month in a Dutch auction, the...

In Brief: Citing Errors in Reporting, SLM Restates.
March 2, 2007... SLM Corp. said Thursday that it had restated its earnings for the last three years because of errors in the way it reported cash flows. The Reston, Va., parent of the student lender better known as Sallie Mae said investors should no longer...

In Brief: Assistant Secretary Henry Leaving Treasury.(Brief article)
March 2, 2007... Emil Henry, the Treasury Department's assistant secretary for financial institutions, announced Thursday he would resign this spring. Mr. Henry has held the position for only a year and a half. In his resignation letter, he wrote that he...

The Week that Was: Assessing The Ripple Effects in Nonprime.(nonprime mortgage market)(Industry overview)
March 5, 2007... Last week's turmoil in the nonprime mortgage market may have raised as many questions as it answered about the industry's exposure to problem loans. But there was no doubting that by week's end, lenders knew they were operating in a...

Selling Cost Controls to Staff, Street.(financial services)(Industry overview)
March 5, 2007... As the hurdles to earnings growth rise, some bank executives are struggling with a related problem: how to communicate a cost-control strategy. While some have embraced deep cost-cutting initiatives, many bankers are trying to craft a...

Agencies Propose Hybrid Clampdown: Critics fret over credit access -- and what about nonbanks?
March 5, 2007... WASHINGTON -- Over industry objections, federal regulators pushed forward Friday with a proposal to compel lenders to adopt new underwriting standards for certain hybrid mortgage products. As they did for other exotic products last year,...

Tight U.S. Spreads Pinch Another Canadian Parent.(RBC Centura Banks Inc.'s revenue)
March 5, 2007... RBC Centura Banks Inc. is maintaining strong credit quality and expanding its balance sheet, though abundant challenges in the U.S. banking industry are making it difficult for the Royal Bank of Canada unit to boost revenue. The December...

Washington People.
March 5, 2007... Working on It Freddie Mac chairman and chief executive Richard Syron says the government-sponsored enterprise is still in the process of complying with an order from its regulator to split its top positions. "One of my responsibilities...

CEO Survey Puts Fee Income High On Priority Lists.(bank chief executive officers)
March 5, 2007... Nearly nine in 10 community bank chief executives say that developing new sources of revenue is crucial to their banks' success, but less than one-fourth are confident in their ability to do so, a survey found. Most also recognize the...

Muted Goals in Midwest: Cross-Sell, Contain Costs.(Midwest Super Community Bank Conference)(Industry overview)
March 5, 2007... CHICAGO -- Investor conferences are generally upbeat affairs, but the mood at the Midwest Super Community Bank Conference here last week could be best described as subdued. Bankers who in recent years might have highlighted aggressive...

VeriFone Posts Loss But Highlights Gain of Lipman.(Verifone Holdings Inc.'s acquisition of Lipman Electronic Engineering Ltd.)
March 5, 2007... The point of sale equipment maker VeriFone Holdings Inc. said that buying an Israeli rival helped push up its revenue 61% from a year earlier, to $216.6 million, in its fiscal 2007 first quarter, which ended Jan. 31. Because of acquisition...

In Brief: First Data Closes Software Firm Purchase.(First Data Corp. acquires Intelligent Results Inc.)(Brief article)
March 5, 2007... First Data Corp. said Friday that it has completed its acquisition of Intelligent Results Inc., a maker of decision-management software. The price was not disclosed. The Denver payment processor announced the deal for the privately...

In Brief: 7-Eleven to Offer Visa Reloading Service.(Brief article)
March 5, 2007... 7-Eleven Inc. agreed to support Visa U.S.A.'s reloading network for prepaid cards at its convenience stores. Visa said last week that 7-Eleven is planning to implement the San Francisco association's ReadyLink service at 5,350 stores "this...

In Brief: ShopRite Stores Accept MC's PayPass.(Wakefern Food Corp., MasterCard Inc.)(Brief article)
March 5, 2007... Wakefern Food Corp. of Elizabeth, N.J., has begun accepting MasterCard Inc.'s contactless PayPass cards at its ShopRite supermarkets. The two companies said last week that the cards now can be used at more than 200 ShopRite stores in...

In Brief: CompuCredit Reveals Price of ACC Deal.(ACC Consumer Finance LLC)(Brief article)
March 5, 2007... CompuCredit Corp. said it paid $168.5 million to acquire the subprime auto lender ACC Consumer Finance LLC and an associated $195 million loan portfolio from Patelco Credit Union. The Atlanta subprime credit card company disclosed the price...

In Brief: Target Earnings from Cards Increase 41%.(Target Corp. gift cards)(Brief article)
March 5, 2007... Strong sales of gift cards helped boost earnings for Target Corp.'s credit card operations. The Minneapolis retailer said last week during an earnings conference call that earnings before taxes from its credit card operations during its...

In Brief: B of A to Cobrand Card with Health Insurer.(Bank of America Corp., MedImpact Healthcare Systems Inc.)(Brief article)
March 5, 2007... Bank of America Corp. is planning to launch a cobranded health savings account program and flexible spending account card with MedImpact Healthcare Systems Inc. of San Diego. The Charlotte company announced the deal last week and said its...

Debit Growth Expected to Slow Slightly.(debit cards)(Industry overview)
March 5, 2007... Debit card issuers expect transaction volume growth in the high teens this year, slightly lower than the increases reported for last year, according to a study released by the debit network Pulse EFT Association. The Houston subsidiary of...

Hub's a Seller But Says Its Buying Will Continue.(Hub International Ltd.)
March 5, 2007... Hub International Ltd.'s mid-February deal to buy several insurance lines from Capital One Financial Corp. was the Chicago insurance broker's third with a bank in the past five years. Now Hub is being sold to the private-equity firm Apax...

In Brief: N.Y. Firm Closes Pension Alliance Deal.(National Investment Managers Inc. of New York closes purchase of Pension Alliance Inc.)(Brief article)
March 5, 2007... National Investment Managers Inc., a New York retirement plan administration and investment management company, announced last week that it has closed its purchase of Pension Alliance Inc. of Harrisburg, Pa. The acquisition was valued at...

In Brief: Scottrade to Open a Calif. Branch Today.(Oxnard, California)(Brief article)
March 5, 2007... Scottrade Inc. said last week that it plans to open a branch today in Oxnard, Calif. The branch is one of several the St. Louis company plans to open in California this year. The company has 42 other branches in California cities,...

In Brief: Buckhead Buying Ga.'s Allied.(Buckhead Community Bancorp Inc., Allied Bancshares Inc., Georgia)(Brief article)
March 5, 2007... Buckhead Community Bancorp Inc. of Atlanta announced plans Friday to acquire the $190 million-asset Allied Bancshares Inc. in Cumming Ga., for $53.5 million in cash and stock. The $530 million-asset Buckhead has four branches, all in Fulton...

In Brief: PNC Closes a Baltimore Deal.(PNC Financial Services Group Inc. purchases Mercantile Bankshares Corp., Baltimore, Maryland)(Brief article)
March 5, 2007... PNC Financial Services Group Inc. of Pittsburgh closed its deal Friday to buy Mercantile Bankshares Corp. of Baltimore for $6 billion. The deal gives the $102 billion-asset PNC its first branches in Baltimore and extends its branch networks...

In Brief: Fannie Goal: Slash Costs by $200M in '08.(Federal National Mortgage Association)
March 5, 2007... Fannie Mae said last week that it would cut operating expenses by $200 million in 2008. Fannie, which is in the middle of a costly earnings restatement, said in a filing Tuesday to the Securities and Exchange Commission that in 2006 it...

TSA Makes Some Reporting Changes.(Transaction Systems Architects Inc., financial reporting)(acquisition of P&H Solutions Inc.)
March 5, 2007... Transaction Systems Architects Inc., a software developer that has moved its headquarters and is changing its name, is changing its fiscal calendar and the way it reports revenue. As a result of the changes, the New York vendor said it will...

Guidance, New Profit Breakdown from S1.(S1 Corp., chief executive Johann Dreyer)
March 5, 2007... In his first quarter as S1 Corp.'s chief executive, Johann Dreyer has reorganized the way it breaks out its earnings, and his company issued earnings guidance for the first time since November 2005. The accounting shift capped a turbulent...