American Banker articles from May 2002

American Banker archives from May 2002

Not the Ally Expected: Olson isn't saying what banks want to hear.(Federal Reserve Board member Mark W. Olson gives banks tough love)
May 1, 2002... Bankers' hopes were high in December when Mark W. Olson was sworn in as a member of the Federal Reserve Board. The central bank's board had been without a former banker since 1995, and in Mr. Olson, industry officials felt they would have a...

Bay View's Turnaround Said Incomplete.(posts two consecutive quarters of profits after five consecutive quarters of heavy losses)(Brief Article)(Statistical Data Included)
May 1, 2002... Bay View Capital Corp. has posted two consecutive quarters of profits after five consecutive quarters of heavy losses, but the San Mateo, Calif., company has to make more repairs before potential buyers come knocking, analysts said. The...

Today's News.(contents of issue)
May 1, 2002... COMMUNITY BANKING A buying spree continued for First Community Bancorp of Rancho Santa Fe, Calif., with a deal that would push it past $2 billion of assets. Page 5 INSURANCE PRODUCTS Minnesota Life said it has doubled the number...

Union of Calif. Continues Push to Expand Trust Biz.(will buy $800 million of trust assets from First National Bank in San Diego)(Brief Article)
May 1, 2002... Union Bank of California is making progress, though slowly, toward its goal of increasing revenues from its trust business. Late Monday the main subsidiary of the San Francisco-based UnionBanCal Corp. said it would buy $800 million of trust...

The Tech Scene: In Outsourcing, Vendors Adjust To Control Issue.(Industry Overview)
May 1, 2002... In the last of a three-part series about outsourcing trends, we look at how vendors are adapting to shifting demands placed on them by financial services companies. The first story discussed companies that occupied a middle ground between those...

At B of A, A 'Single Premium' Successor.(new product has less stigma)(Brief Article)
May 1, 2002... Insurance sales make up only a tiny portion of Bank of America Corp.'s revenues but until last year, one of the most reliable contributors in that business line was single-premium credit insurance. Like many companies that determined the...

Synovus Entering Tenn. Via Community Financial.(Synovus Financial Corp. to buy Community Financial Group Inc.)(Brief Article)(Statistical Data Included)
May 1, 2002... Synovus Financial Corp. said Tuesday that it plans to expand its banking operations into a fifth southern state, Tennessee, by buying Community Financial Group Inc., the parent of Bank of Nashville. The Columbus, Ga.-based Synovus, which...

Executive Changes.(Securian Financial Group Inc., Citizens Bank of Pennsylvania, Horizon Blue Cross Blue Shield of New Jersey, Northern Trust Corp., FleetBoston Financial Corp.)(Brief Article)
May 1, 2002... NEW ENGLAND FleetBoston Financial Corp. has promoted Robert Wischnowsky to executive vice president and the chief technology officer. He succeeded Richard Taliani, who left the company, and reports to Joseph Smialowski, FleetBoston's...

In Brief: First State of N.M. in Deal with Tex. Bank.(to buy $7.1 million of deposits and $1.8 million of loans from State National Bank of El Paso)(Brief Article)
May 1, 2002... First State Bank announced late Monday that it had agreed to buy $7.1 million of deposits and $1.8 million of loans from State National Bank of El Paso, Tex., for $87,000. The deposits and loans are with $580 million-asset State National's...

In Brief: Susquehanna to Buy Pa. Insurance Agency.(Susquehanna Bancshares Inc. to buy The Addis Group Inc.)(Brief Article)
May 1, 2002... Susquehanna Bancshares Inc. of Letitz, Pa., announced Tuesday that it had agreed to buy The Addis Group Inc., a property and casualty insurance agency in King of Prussia, Pa. Addis, in business since 1990, specializes in commercial property...

California's First Community Strikes Again.(First Community Bancorp to buy First National Bank of San Diego)(Brief Article)(Statistical Data Included)
May 1, 2002... The buying spree continued this week for First Community Bancorp of Rancho Santa Fe, Calif., with a deal that would push it past $2 billion of assets. Late Monday the company said it had agreed to buy $714 million-asset First National Bank...

Minn. Life Adds Annuity Investment Options.(Minnesota Life Insurance Co.)(Brief Article)
May 1, 2002... Minnesota Life Insurance Co. said Tuesday that it has doubled the number of investment options available in two of its variable annuities. The MultiOption Achiever and Classic variable annuities now offer investment options from AIM,...

IFS Financial Eyes Push to Sell Life Insurance, Funds in Banks.(IFS Financial Services Inc.)(Brief Article)
May 1, 2002... IFS Financial Services Inc. is planning its first foray into selling life insurance through banks this summer and is also aiming to boost its bank mutual fund sales. The Cincinnati subsidiary of Western-Southern Life Assurance Co. is...

In Brief: Dreyfus Shuffle in President Slot.(appoints Michael G. Millard president)(Brief Article)
May 1, 2002... Dreyfus Corp. said Tuesday that it had appointed Michael G. Millard to be its president, succeeding Thomas F. Eggers who left the company that day to become the president and chief executive officer of Scudder Investments. Mr. Millard will...

In Brief: BlackRock Adds Small-Cap Exec.(adding fundamental small-cap growth team to Boston office; led by Neil Wagner)(Brief Article)
May 1, 2002... BlackRock Inc. has announced that it is adding a fundamental small-cap growth team to its Boston office. The new team will be led by Neil Wagner, the company said on Monday. Mr. Wagner was a vice president at MFS Investment Management,...

Concord EFS Turnaround In 1st Quarter.(posts first-quarter earnings of $54.2 million)(Brief Article)(Statistical Data Included)
May 1, 2002... Concord EFS Corp., the owner of the Star Systems Inc. electronic funds-transfer network, announced Tuesday that it had first-quarter earnings of $54.2 million, compared with a net loss of $26 million in the year-earlier period. Per-share...

Smart Ids Steal Cards Show in New Orleans.(smart cards destined to be norm)(Brief Article)
May 1, 2002... Though payment cards took a backseat at last week's annual CardTech/SecurTech conference in New Orleans, payment associations and card issuers marshaled their forces to continue to push the idea of smart credit cards, putting aside rivalries to...

Ga. Law May Spur Federal Predatory-Lending Bill.(Brief Article)
May 1, 2002... Georgia's adoption of one of the nation's toughest laws against predatory lending may inadvertently spark support for a bill that Sen. Paul Sarbanes, D-Md., plans to introduce as early as today. The Georgia bill, signed recently by...

In Brief: Charter 1 Bank to Absorb Unit.(Charter One Credit Corp. to be folded into Charter One Bank)(Brief Article)
May 1, 2002... Charter One Financial Inc. on Tuesday announced that it plans to fold its near-prime mortgage lending unit, Charter One Credit Corp., into the operations of Charter One Bank. The change, which requires regulatory approval, would let the...

In Brief: PMI's 1Q Earnings Dipped 1%.(PMI Group Inc. first-quarter net income fell 1%)(Brief Article)(Statistical Data Included)
May 1, 2002... PMI Group Inc. on Tuesday reported that its first-quarter net income fell 1% from the same period last year, to $70.1 million. The company attributed the drop to steeper losses and loss-adjustment expenses, which sparked an $8.2 million...

In Brief: Fitch: Calif. MBS Carry Stigma.(Fitch Ratings says California mortgage-backed securities carry stigma)(Brief Article)
May 1, 2002... Though residential mortgage-backed securities with heavy exposure to California are not experiencing the huge losses seen in the economic downturn of 10 years ago, they still "carry a stigma" among investors, according to Fitch Ratings. ...

In Brief: SunGard-Yodlee Aggregation Pairing.(SunGard Data Systems Inc. and Yodlee Inc.)(Brief Article)
May 1, 2002... SunGard Data Systems Inc. will use account aggregation services from Yodlee Inc. to provide fuller information to users of its wealth management software, the companies announced Monday. "With the aggregated data, we can do a better job of...

In Brief: Microsoft, Bank One Units Join Forces.(Brief Article)
May 1, 2002... Bank One Corp. and Microsoft Corp. said Tuesday that two of their subsidiaries have combined their technologies to create integrated products for midmarket businesses that run card-based purchasing and travel and entertainment programs. ...

Synovus Has $120M Student Loan Deal.(Brief Article)(Statistical Data Included)
May 1, 2002... Tsys, the electronic payment processor mostly owned by Synovus Financial Corp. of Columbus, on Tuesday announced a five-year deal it said would bring in $120 million in revenue. Under the deal, with the Accenture consulting firm, Tsys will...

Zions Wins Back Analysts After 1Q Disappointment.(Brief Article)(Statistical Data Included)
May 1, 2002... Shares of Zions Bancorp plunged last month when the company missed first-quarter profit targets and executives swore off giving Wall Street guidance on future quarters. But some analysts say the stock has fallen far enough. Sandler O'Neill...

In Brief: OCC: Gangs Enlisting Tellers in Check Scam.(Office of the Comptroller of the Currency )(Brief Article)
May 1, 2002... Gangs are enticing and pressuring tellers to cash forged and stolen checks, the Office of the Comptroller of the Currency said in a warning to banks last week. The agency said that law enforcement officials have been alerted to numerous...

In Brief: SEC Said to Ask Firms for Research Data.(Securities and Exchange Commission )(Brief Article)
May 1, 2002... The Securities and Exchange Commission has asked 10 Wall Street firms to hand over information about their research practices, The Wall Street Journal reported late Tuesday in its online edition. Last week the SEC announced that it would...

In Brief: FDIC Asks for Input on Cutting Red Tape.(Federal Deposit Insurance Corp. )(Brief Article)
May 1, 2002... The Federal Deposit Insurance Corp. chairman has begun soliciting comments from banks on ways the agency can reduce the regulatory burden. In an open invitation on the FDIC's Web site, www.fdic.gov, Don Powell said that the agency has...

In Brief: Tyco Going Through with Its CIT Spinoff.(Brief Article)
May 1, 2002... In a conference call with investors on Tuesday, Tyco International Ltd. said that it is content with its plan to spin off its finance unit, CIT Group Inc., through an initial public offering. "We do believe in discussions with our advisers...

Franklin, Janus Parent's 1Q Profits Shrank.(Brief Article)(Statistical Data Included)
May 1, 2002... First-quarter profits declined at both Franklin Resources Inc. and Stillwell Financial Inc., the parent of the Janus funds, but while assets fell sharply at Stillwell, which was heavily invested in technology stocks, they grew at the more...

In Brief: Wachovia Securities Names Group Head.(Brief Article)
May 1, 2002... Filling a position that had been vacant since the end of last year, Wachovia Securities announced Monday that it has promoted Greg Hanson to head of its technology investment banking group. Mr. Hanson, who is based in San Francisco, will...

In Brief: Short Stint for Printer Harland's President.(Brief Article)
May 1, 2002... Seven months after joining John H. Harland Co. as president and chief operating officer, Darryl W. Jackson has left the check printer "to pursue other interests," the company announced Monday. A Harland spokesman declined to elaborate on...

A Delicate Balance: Service vs. Security.(Brief Article)
May 2, 2002... Anthony Abbate will never forget the day in 1967 when he was a branch manager in midtown Manhattan and a robber brandished a gun, took a guard hostage, and exchanged fire with a second guard. One shot hit a fluorescent light over Mr. Abbate's...

Will Brokers' Sweeps Moves Speed Reform?: Addition of Lehman, Waterhouse may force issue on premiums.(Brief Article)
May 2, 2002... Two more brokerages, taking their cues from Merrill Lynch & Co. and Citigroup Inc.'s Salomon Smith Barney, have begun offering sweep accounts -- and in doing so are galvanizing commercial bank advocates of deposit reform and could spur others...

TODAY'S NEWS.(contents of issue)
May 2, 2002... Longtime Zions chairman Roy Simmons, 86, passed that title to his son, but it seems unlikely that the elder Mr. Simmons will walk away. Page 2 WASHINGTON Treasury Secretary O'Neill warned that encouraging people to save money would...

Fed Rolling Out Imaging As It Pushes Truncation.(Federal Reserve introduces check imaging service)(Brief Article)
May 2, 2002... The Federal Reserve is expected today to announce the introduction of a next-generation check imaging service, which it has already begun rolling out in a limited way. The centerpiece of the service is a national archive that permits...

Charter One's Transition Leaves Some Underwhelmed.(Brief Article)
May 2, 2002... Charter One Financial Inc. is gearing up to convert from a thrift to a national bank this month, but some are questioning whether the Cleveland company is ready for the switch. The company, by most accounts, has made progress in shifting...

Sarbanes Sets Steep Standards For Preemption.(Senate Banking Committee Chairman Paul Sarbanes, anti-predatory-lending laws)(Brief Article)
May 2, 2002... Senate Banking Committee Chairman Paul Sarbanes said Wednesday that he would consider federal preemption of state and local anti-predatory-lending laws only under very strict circumstances -- ones that may be too onerous even for industry...

Through the (Many) Years With Zions' Roy Simmons.(Brief Article)
May 2, 2002... After 62 years as a Salt Lake City banker, Roy W. Simmons is moving on. The straight-shooting former head of Zions Bancorp is known for his understated charm and keen eye for the deal. "He's always been aware of an opportunity. The...

O'Neill On Savings: Consumers Know Best.(Treasury Secretary Paul H. O'Neill)(Brief Article)
May 2, 2002... Treasury Secretary Paul H. O'Neill's free-marketeer credentials were on display Wednesday, when he told the Senate Banking Committee the government should not attempt to influence consumers' personal financial decisions, especially when it...

In Tornado-Trashed Md. Town, Banks Are Helpers and Helped.(Brief Article)
May 2, 2002... It is hardly business as usual for banks in La Plata. A deadly tornado ripped through the quiet southern Maryland town Sunday evening, leveling the branches of three community banks there and leaving employees of less-damaged institutions...

Executive Changes.(CambridgePort Bank, Cole Taylor Bank, Commerce Bank, Heritage Bank, Bank of Tanglewood, First Federal Bank of California)(Brief Article)
May 2, 2002... NEW ENGLAND CambridgePort Bank in Cambridge, Mass., has promoted Jane L. Lundquist to president and chief operating officer. Ms. Lundquist remains the president of the bank's parent company, Port Financial Corp., a job she has held...

PennFed of N.J.'s Profits Jump 19%.(PennFed Financial Services Inc.)(Brief Article)(Statistical Data Included)
May 2, 2002... PennFed Financial Services Inc. reported Wednesday that its net income for its fiscal third quarter, which ended March 31, rose 19% from a year earlier, to $3.6 million. For the first nine months of its 2002 fiscal year, the $1.8...

Pa. Bank: 1st Agency Deal Won't Be Last.(Susquehanna Bancshares Inc. acquires Addis Group)(Brief Article)
May 2, 2002... Susquehanna Bancshares Inc. is the latest banking company to move into the insurance business by agreeing to buy a commercial property and casualty agency. And Susquehanna is not done buying. William J. Reuter, president and chief...

Allstate Innovates In Fixed Annuity Linked to Treasury.(Brief Article)
May 2, 2002... Rob Shore says the phrase "new fixed annuity" is an oxymoron, but the senior vice president of financial institutions for Glenbrook Life and Annuity goes on to say, "We really think we have something here." That something is the Allstate...

AIG Taps 2 Operating Chiefs; CEO Hopefuls?(American International Group Inc.)(Brief Article)
May 2, 2002... American International Group appointed two chief operating officers Wednesday who apparently become front-runners to succeed chairman and CEO Maurice Greenberg. Mr. Greenberg, who turns 77 on Saturday, has made no statement that would lead...

Royal of Canada Raising Its Bet on U.S. Insurance.(acquires Business Men's Assurance Company of America assets)(Brief Article)
May 2, 2002... Though U.S. banks have shied away from buying insurers, Royal Bank of Canada has not been hesitant -- the Toronto banking company is planning to expand its U.S. insurance operations through a deal to buy some insurance and investment assets...

A Debate Over the Damages Claimed in Wal-Mart Case.(retaliers allege damages inflated by Visa and MasterCard)(Brief Article)
May 2, 2002... A brief filed by retailers with the Supreme Court in the litigation battle known as the Wal-Mart suit claims the $100 billion damages figure Visa U.S.A. and MasterCard International cited in their petition for a hearing was inflated. The...

In Brief: Conseco Has 4th Straight Loss.(first-quarter net loss of $96.9 million)(Brief Article)(Statistical Data Included)
May 2, 2002... Conseco Inc. on Wednesday announced that it had a first-quarter net loss of $96.9 million, or 28 cents per share, compared with net income of $80.2 million in the year-earlier quarter. It was the fourth straight losing quarter for Conseco,...

In Brief: U.K. Prices Up 3.4% in April.(home prices)(Brief Article)(Statistical Data Included)
May 2, 2002... Home prices in the United Kingdom jumped a record 3.4% in April from March, to an average of $146,331, according to the Nationwide Building Society. Moreover, prices have risen 16.5% in the last 12 months, the lender said. ...

In Brief: 1Q Construction Outlay Up1%.(construction spending climbed 1%)(Brief Article)(Statistical Data Included)
May 2, 2002... First-quarter construction spending climbed 1% from a year earlier to $182.3 billion, the Census Bureau reported Wednesday. Spending in March rose 5% from a year earlier, to an annual rate of $874 billion. But it was down 1% compared with...

In Brief: 9.2% More Applied Last Week.(due to decreasing mortgage rates)(Brief Article)(Statistical Data Included)
May 2, 2002... Mortgage applications rose 9.2% last week as mortgage rates fell and refinance activity bounced back slightly, according to the Mortgage Bankers Association. The market composite index fell to 539.3, from 493.8. Purchase activity was up...

Enron Provokes Little Change in Hedging.(mortgage bankers remain undeterred regarding use of derivatives)(Brief Article)
May 2, 2002... Despite bad publicity and widespread expressions of anxiety about derivatives, mortgage firms have virtually no alternative for hedging the rate risk on their loan and servicing portfolios, many industry players say. Over the past few...

In Brief: Synovus Buying Investment Adviser Globalt.(Synovus Financial Management Services to acquire Globalt Inc.)(Brief Article)
May 2, 2002... Synovus Financial Management Services said Wednesday that it had agreed to acquire Globalt Inc., an investment adviser based in Atlanta. The deal is expected to close this quarter. The companies did not disclose the price. Globalt...

In Brief: BB&T Unit to Purchase Va. Benefits Firm.(BB&T Insurance Services to buy Benefits Consultants of Virginia Inc.)(Brief Article)
May 2, 2002... BB&T Insurance Services announced Wednesday that it would expand its employee benefits operation by buying Benefit Consultants of Virginia Inc. in Richmond for an undisclosed price. The deal is expected to close next month. Benefits...

In Brief: U.S. Bancorp Jaffray Names Unit Head.(Thomas Schnettler new president of equity capital markets unit)(Brief Article)
May 2, 2002... U.S. Bancorp Piper Jaffray said Wednesday that it had promoted Thomas Schnettler to president of its equity capital markets unit. Mr. Schnettler previously headed the investment banking division. He is a 16-year veteran of what is now U.S....

In Brief: Regions Buying La. Insurance Agency.(Regions Financial Corp. to buy ICT Group LLC)(Brief Article)
May 2, 2002... Regions Financial Corp. said Wednesday that it had agreed to buy ICT Group LLC, an New Iberia, La., insurance agency, for an undisclosed price. The acquisition would complement Regions' entry into the insurance business last year, when it...

S&P Predicts Few Downgrades in 2Q.(Standard & Poor's Ratings Services)(Brief Article)
May 2, 2002... Standard & Poor's Ratings Services says it does not expect to add many banking firms to its "negative" outlook list this quarter. In a conference call on Wednesday to discuss the first-quarter performance of major U.S. banking companies,...

Corrections.(Correction Notice)
May 2, 2002... A news brief Wednesday on page 10 turned a first-quarter earnings increase at PMI Group Inc. into a decline. Companywide, net income rose 18%, to $83.4 million; loan-loss reserves rose $10.4 million; and direct claims paid rose 24%, to $29.6...

Wells Private-Client Pushes Outside Branch Footprint.(Wells Fargo in Chicago)(Brief Article)
May 3, 2002... Wells Fargo & Co.'s new office in Chicago -- its first wealth management office there -- will foreshadow, the company says, a fresh strategy for expanding its high-net-worth business into midwestern cities where it lacks a retail presence. ...

In New Tack, Providian Taps Fico Analytics.(Services offered by Fair Isaac and Co.)
May 3, 2002... In its heyday, Providian Financial Corp. boasted of its proprietary and scientific approach to credit card lending, saying the expertise it had developed in its screening systems enabled it to shun off-the-shelf risk assessment products like...

In Focus: Birmingham: The Banking Capital of the South?(Brief Article)
May 3, 2002... A regional subplot in the U.S. banking industry's recent consolidation has turned this onetime steelmaking hub into what one local banking executive this week called "the banking capital of the South." Four of the country's largest banking...

Chase Uses GLB Power, Underwrites An Annuity.(The Gramm-Leach-Bliley Act)(Brief Article)
May 3, 2002... Among the first banking companies to take advantage of the leeway granted by Gramm-Leach-Bliley, J.P. Morgan Chase & Co. is underwriting an insurance product. Chase Life and Annuity Co., a unit of the New York banking company, is selling...

OTS Will Look Harder At Mutual Thrift IPOs.(Brief Article)
May 3, 2002... Mutual thrifts that want to go public must tell the Office of Thrift Supervision what they plan to do with the capital to be raised, but new rules proposed by the OTS would take the disclosure requirements a step further. Some bankers and...

TODAY'S NEWS.(Brief Article)
May 3, 2002... The refi boom has helped Golden State, dovetailing with efforts to help improve its credit ratings. Page 3 The Fed gave lenders an extra year to comply with a new rule requiring more detailed home mortgage data. Page 3 WASHINGTON ...

S&P Predicts Falloff in Biz Debt Defaults.(Standard & Poor report)(Brief Article)
May 3, 2002... Global defaults on corporate debt have peaked and should decline this year and beyond, Standard & Poor's said Thursday. In the first quarter there were a record 94 defaults on rated bonds, but those defaults involved only $32.4 billion of...

Golden State: Asset Crunch Was Just What We Needed.(Brief Article)
May 3, 2002... The refinancing boom has made it hard for most mortgage originators to increase interest-earning assets but has made life easier for Golden State Bancorp Inc. The reduction in assets brought about by the refi boom dovetails with Golden...

Fed Extends Deadline on Loan Data.(Federal Reserve Board)(Brief Article)
May 3, 2002... The Federal Reserve Board on Thursday voted to give lenders an extra year to comply with a new rule that will require the collection and reporting of more detailed home mortgage data. In February the Fed finalized a rule requiring banks to...

People.(Brief Article)
May 3, 2002... An Active Retiree Hugh L. McColl Jr. is continuing to stretch the definition of "retired." The 66-year-old former chairman and chief executive officer at Bank of America Corp. has co-founded his second small investment banking firm in...

To Credit Union Advocate, Service Record Says It All.(National Association of Federal Credit Unions' Fred Becker)(Brief Article)
May 3, 2002... Credit unions do a better job of serving their communities than other types of financial institutions and could do even more if they were not hamstrung by regulatory impediments, said Fred Becker, the president and chief executive officer of...

Sarbanes: Widen Low-Cost-Account Program.(Brief Article)
May 3, 2002... The Treasury Department said this week that it would award $8.3 million of grants through its revamped First Accounts program to 15 banks, credit unions, nonprofits, and other organizations to create low-cost accounts for more than 35,000...

Prosperity of Houston Has Its Third Buyout Deal of '02.(Brief Article)
May 3, 2002... Prosperity Bancshares Inc. announced Thursday that it had agreed to buy Paradigm Bancorp. Inc. for $41.4 million in stock, its second deal announced in the past week and third this year. Prosperity, which has assets of $1.3 billion,...

Another N.Y. Commercial Charter.(Provident Municipal Bank)(Brief Article)
May 3, 2002... A second New York thrift holding company has chartered a commercial bank in order to circumvent a state law that bars thrifts from accepting municipal deposits. George Strayton, the president and chief executive officer of $1 billion-asset...

Source Questions Aside, 1.25% FDIC Ratio Unjustified.(Brief Article)
May 3, 2002... To the Editor: Al Gore did not invent the Internet, and Alan Greenspan did not invent the FDIC's 1.25% Designated Reserve Ratio. Whoever did should think twice about taking credit for it. Your "Washington People" column on page 4 of...

Sizing Up Tech-Spending Requests.(bank management )(Brief Article)
May 3, 2002... Some aspects of bank management can be quite frustrating, and technology is one of them. Our industry has grown heavily dependent on technology -- when it doesn't work, we cannot serve our customers -- and spending seems to grow all the time....

'Networks' Give Small Banks An Investing/Insurance Entry.(Brief Article)
May 3, 2002... Community banks are increasingly finding it profitable to sell securities, annuities, and insurance products. Thanks to the Gramm-Leach-Bliley Act of 1999, bank holding companies can operate full-service insurance agencies everywhere -- not...

In Brief: Fair, Isaac Revenue Up; Stock Split Announced.(Brief Article)(Statistical Data Included)
May 3, 2002... Fair, Isaac & Co. said that its revenues totaled $87.1 million in the January-March, 7% more than a year earlier. Net income was up 33%, to $14.2 million, in the quarter, the second of its fiscal year. That was 59 cents per diluted share,...

In Brief: Official Payments' Board Adds Comerica Executive.(Brief Article)
May 3, 2002... Official Payments Corp., which provides electronic-payment options to government agencies, has named John R. Haggerty, an executive vice president at Comerica Inc., to its board of directors. Mr. Haggerty, who is in charge of small-business...

Big Quarter for NetBank, But Lawsuit Raises Doubts.(Brief Article)
May 3, 2002... Despite NetBank Inc.'s strong first-quarter earnings, Wall Street is waiting for the second half to make more concrete predictions about the Atlanta company. One big question mark is a lawsuit it initiated in the last quarter -- and...

In Brief: Electronic Forms, Signing at Prudential.(Brief Article)
May 3, 2002... Prudential Financial Inc. said Thursday that it was rolling out technology that electronically provides appropriate forms and marketing materials to sales professionals and will enable customers to sign electronically. It uses software...

In Brief: Zions Sees Full Viewpointe Link by Yearend.(Zions Bancorp.)(Brief Article)
May 3, 2002... Zions Bancorp. said Thursday that it intends to be fully connected to the check image archive of Viewpointe Archive Services LLC by yearend. Viewpointe stores digital images of checks and permits banks to retrieve them on demand. Zions...

In Brief: Deal Gives IBM Discounts to ABA Members.(American Bankers Association )(Brief Article)
May 3, 2002... Under a new deal, the American Bankers Association is offering members discounts on some International Business Machines Corp. products -- including laptops, desktop personal computers, and a range of servers, printers, and software -- and...

In Brief: Integrated Alltel System for Summit of Tex.(Brief Article)
May 3, 2002... Alltel has signed a five-year agreement to provide Summit Bancshares Inc. of Fort Worth, Tex., with an integrated end-to-end banking system. The banking company will use Alltel's Horizon Banking System for core account processing; its...

Ill. Class Action Compounds Household's Litigation Woes.(Household International Inc. )(Brief Article)
May 3, 2002... In a class action filed Thursday, three borrowers claim Household International Inc. engaged in predatory practices on an estimated $45 billion of loans. The suit, filed in Cook County Circuit Court in Illinois, accuses the subprime...