American Banker articles from November 2001

American Banker archives from November 2001

Soft Secondary Market May Hinder Loan Sales.(may delay sales of problem loans)
November 1, 2001... A drop in secondary loan prices, exacerbated by the economic fallout from the Sept. 11 attacks, could force some banks, which normally use the fourth quarter to clean problem loans from their portfolios, to delay sales. "Liquidity is...

Like Its CEO, First Mariner Took an Unusual Growth Path.(First Mariner Corp. CEO Ed Hale)(Brief Article)
November 1, 2001... When First Mariner Bancorp's chairman, Ed Hale, turned 50 five years ago, he decided he would try to learn something new every year. Last year it was fly fishing; this year he learned how to operate a cruise ship. What Mr. Hale, a relative...

Mapping Bank Of Montreal's Expansion Plan.(in the US)(Brief Article)
November 1, 2001... Bank of Montreal, the parent company of Harris Bank in Chicago, on Wednesday outlined a broad expansion plan for the United States. The plan emphasizes bank acquisitions to build a presence in retail, commercial, and investment banking and...

NextCard -- Pressed by FDIC, OCC -- Up for Sale.(Federal Deposit Insurance Corp. and Office of the Comptroller of Currency are requiring capital reserves increases)
November 1, 2001... NextCard Inc., the credit card company that -- up until Wednesday -- had consistently been hailed as a pioneer and a success story, has fallen victim to the very strategy that drew it praise. In a hastily arranged conference call Wednesday...

Superior's Deposits Sold To Charter 1.(Superior Bank, Charter One Bank)(Brief Article)
November 1, 2001... The Federal Deposit Insurance Corp. announced Wednesday that it had sold the deposits and a small portion of the assets of the former Superior Bank FSB to Cleveland-based Charter One Bank FSB. The agency said that Charter One paid a $52.4...

Treasury to Block Use of Nonprofits In Terror Funding.(US Treasury Department seeks to prevent domestic nonprofit group funds from reaching terrorist groups)(Brief Article)
November 1, 2001... The United States will devise a plan by yearend to prevent domestic nonprofit groups from being used to raise or distribute money for terrorist organizations, a Treasury Department official said Wednesday. The pledge came as part of an...

OTS Proposes Higher Lending Limits.(US Office of Thrift Supervision thrift lending and investing rules)(Brief Article)
November 1, 2001... The Office of Thrift Supervision on Wednesday proposed several changes and clarifications to existing rules that would give thrifts more flexibility in lending and investing. "In today's market thrifts are competing with other mortgage...

In Brief: Oxley, Baker Plan Terror Insurance Bill.(Congressmen Michael Oxley and Richard Baker)(Brief Article)
November 1, 2001... Key House lawmakers are working on legislation that would provide government-backed loans for insurers hit by future terrorism-related claims and tax incentives to insurers that establish their own reinsurance pool, according to a House...

In Brief: Accord on Student Loan Rate Formula.(Brief Article)
November 1, 2001... Industry representatives on Wednesday hailed a deal policymakers have cut on interest rate formulas for student loans. The Consumer Bankers Association said the deal would allow the formula for interest rate calculations to remain...

In Brief: House Revives Web Gambling Curb.(US House of Representatives. Financial Services Committee)(Brief Article)
November 1, 2001... House members this week are breathing new life into a controversial plan to curb gambling over the Internet. On Wednesday the House Financial Services Committee approved stand-alone legislation that would bar the use of any bank instrument...

Homeownership Increase Seen Pausing -- for Now.(Brief Article)(Statistical Data Included)
November 1, 2001... Has the 15-quarter rise in homeownership reached its end? Probably, industry experts say. Though September's record 68.1% homeownership rate came during one of the mortgage industry's best years ever, many say the looming recession will...

In Brief: FirstMerit to Close Prefab Lending Unit.(Brief Article)
November 1, 2001... FirstMerit Corp. announced Wednesday that it is quitting the prefab housing lending business because of low returns and overcapacity. During a call to analysts, FirstMerit said that effective immediately it would stop originating new loans...

In Brief: Loan Applications Down for 2d Week.(mortgage applications)(Brief Article)(Statistical Data Included)
November 1, 2001... Mortgage applications fell last week for the second in a row, according to the Mortgage Bankers Association survey. In the week that ended Oct. 26, the market composite index of mortgage loan applications fell 6% from the previous week, to...

In Brief: Broker Web Site Offers Fico Scores.(Ellie Mae Inc. to offer Fair, Isaac and Co. credit scores)(Brief Article)
November 1, 2001... Ellie Mae Inc., an Internet services provider for mortgage brokers, announced a partnership with Fair, Isaac & Co. on Wednesday that allows brokers to give consumers their Fair, Isaac credit scores. Through the deal, the 4,500 brokers that...

Executive Changes.(Brief Article)
November 1, 2001... NEW ENGLAND Tolland Bank of Vernon, Conn. has hired Thomas B. Bourque as a vice president and a commercial loan officer. He reports to Patrick Logiudice, an executive vice president and the chief lending officer of the $377...

Franklin in Pay Cut, Reorganization for Bear Market.(Franklin Resources Inc. 4th-quarter earnings report)(Brief Article)
November 1, 2001... Though both earnings and assets under management at the mutual fund giant Franklin Resources Inc. slid in the fourth quarter of its fiscal year, its bank channel sales enjoyed unusual growth. The overall slide the company suffered in its...

Progress for Spectrum: 2 Founders Using It.(Brief Article)
November 1, 2001... Two of the three banking companies that founded the electronic billing network Spectrum began using it in October to present bills to consumers, and the third is expected to start doing so by mid-November, the company said. John Perry, the...

Argentina's Problems Hit Fleet's Stock Price.(FleetBoston Financial Corp.)(Brief Article)
November 1, 2001... Though the increasing likelihood that Argentina will default on its debt may be a nonissue for most analysts covering U.S. commercial banks with exposure in South America, the country's chronic troubles have at least one analyst wondering if...

In Brief: Wachovia Demotes Offitbank's Founder.(Morris W. Offit)(Brief Article)
November 1, 2001... Wachovia Corp. has quietly removed Morris W. Offit as chief executive of its New York-based wealth management subsidiary Offitbank. Mr. Offit, who had been a board member of the old Wachovia Corp. before it merged into First Union Corp. on...

In Brief: Fifth Third's Payment Arm Buys Universal.(Fifth Third Bancorp's payment processing arm, Midwest Payment Systems, has acquired the remaining 51% of Universal Cos.)(Brief Article)
November 1, 2001... Fifth Third Bancorp's payment processing arm, Midwest Payment Systems, has acquired the remaining 51% of Universal Cos., a private Milwaukee processor of which it bought 49% earlier this year, the banking company said Wednesday. The price...

In Brief: Government Halts 30-Year Bond Issuance.(Brief Article)
November 1, 2001... The Treasury announced on Wednesday that it is suspending issuance of its 30-year bond. The announcement sent prices of existing 30-year issues soaring. Peter R. Fisher, the under secretary for domestic finance, said at a press...

In Brief: Lazard Fires 50; Another Key Exec Quits.(David Tashjian, head of worldwide capital markets)(Brief Article)
November 1, 2001... Lazard, the investment bank, cut 50 lower-level banking and support staff positions, or roughly 15%, of its New York banking division on Tuesday, and lost another top executive. David Tashjian, its head of worldwide capital markets and a...

In Brief: U.S. Bancorp-Firstar Integration Advances.(Brief Article)
November 1, 2001... U.S. Bancorp has taken two more steps in integrating Firstar Corp. The bank combined the two card services divisions of U.S. Bank and Firstar Bank, which involved nearly two million credit card accounts. Firstar bought U.S. Bancorp in...

Insurance Company Exposure to Terror Attacks in U.S. - Updated Oct. 26.(Statistical Data Included)
November 1, 2001... (part 1 of 3) Country 1 ACE Ltd. Bermuda 2 Aegon Netherlands 3 Aetna Inc. ...

Industry Leaders Seen Needing Reserve Boost.
November 2, 2001... A surge in nonperforming loans at seven of the industry's eight largest lenders has analysts and regulators predicting that reserve levels at the institutions will need major boosts soon. While analysts and regulators believe the stalled...

Today's News.
November 2, 2001... WASHINGTON House Financial Services members added their voices to consumers' credit card complaints. Page 4 Millions of consumers cannot afford accounts at big banks because of high fees, a study says. Page 4 COMMUNITY BANKING ...

Melding, Within Limits, Wachovia Insurance Units.(Wachovia Corp. merging insurance unit with First Union Corp.)
November 2, 2001... As Wachovia Corp. marries its insurance unit to the old First Union's -- a combination widely viewed as a powerful one -- it is stopping short of the complete integration of the two operations. A look at the management structure the new...

Reverse Mortgages May Be Set for Takeoff.
November 2, 2001... Five years ago Anne and Wilbur Henry decided to take a reverse mortgage. The couple, who have lived in their suburban Washington home for almost 34 years, needed to tap their equity to cover rising monthly costs. "People in our...

Bank One Seeks a Pass From Ill. Banking Laws: Charter-merging strategy riles small banks.(Illinois, Bank One Corp.)(Brief Article)(Statistical Data Included)
November 2, 2001... Bank One Corp. is pushing for changes in Illinois laws that would allow it -- but currently not any other banking companies in the state -- to keep assessing prepayment penalties and charging higher fees on home equity loans than other banks...

New Deposit Insurance Plan: A Mixed Review.(Brief Article)
November 2, 2001... If the customer is always right, then some key deposit insurance reform ideas sought by bankers and federal regulators are "bad public policy." That is the contention of Nolan L. North, the chairman of the financial markets task force of...

PEOPLE.(Carl E. Reichardt joins Ford Motor Co., George E. Pataki's involvement in New York)(Brief Article)
November 2, 2001... Back to the Grind Carl E. Reichardt, the former chairman and chief executive of Wells Fargo & Co., who is best known for his emphasis on technological initiatives and belt-tightening, is coming out of retirement. As part of a top-level...

PIRG Assails Rise in Fees For Poorer Customers.(US Public Interest Research Group targets high bank fees)(Brief Article)
November 2, 2001... Millions of consumers cannot afford accounts at big banks because of the high minimum monthly balance requirements and other limits that trigger high fees, according to a study released Thursday. At the 300 largest banks, the average...

House Panel Assails Card Practices.(House Financial Services Committee looks at consumer abuse by credit card companies)(Brief Article)(Statistical Data Included)
November 2, 2001... Instead of distracting lawmakers from acting on consumer complaints about credit card companies, the feeble economy and terrorism concerns spurred the House Financial Services Committee on Thursday to take up the issue for the first time this...

D.C. Credit Union Getting by With a Little Help from Friends.(Brief Article)
November 2, 2001... When an anthrax outbreak shut down a small credit union that serves Washington postal workers, a number of neighboring institutions -- including a First Union Bank branch -- came to the rescue. Washington Postal Workers Federal Credit...

In Brief: State Street's L.A. Unit Plans Offices Nationwide.(Brief Article)
November 2, 2001... Bel Air Investment Advisors LLC, the unit of State Street Corp. that acts as a financial adviser to ultra-high-net-worth clients, plans to open offices in several major cities as it nears completion of an expansion of its Los Angeles site. ...

In Brief: BB&T's Insurance Unit In Its 68th Agency Deal.(to purchase U.S. Insurance Services Inc.)(Brief Article)
November 2, 2001... BB&T Insurance Services said Thursday that it has agreed to buy its 68th insurance agency, U.S. Insurance Services Inc. of Greenville, S.C. U.S. Insurance Services specializes in property/casualty insurance for home builders in South...

In Brief: St. Paul Cos.' New CEO Keeps Bank Option Open.(Jay S. Fishman)(Brief Article)
November 2, 2001... Jay S. Fishman, the recently named chairman and chief executive officer of St. Paul Cos., has said he is not preparing to launch St. Paul into the banking business but might do so down the road. Mr. Fishman said late last month that he...

Court Case Helps Keep Heat on Credit Bureaus: First of three parts.
November 2, 2001... Though they have given consumers unprecedented access to their own credit reports over the last several months, the nation's three major credit bureaus are still on the hot seat. The big three -- Equifax Inc., Trans Union LLC, and Experian...

In Brief: Trust 1 Wins Yield-Spread Premium Suit.(Trust Mortgage Co., U.S. District Court of Washington grants judgement)(Brief Article)
November 2, 2001... In a major victory for lenders, the U.S. District Court for the Western District of Washington has granted summary judgment in favor of Trust One Mortgage Corp. in a class action over yield-spread premiums. In Bjustrom v. Trust One...

In Brief: MBA Urges Support for Terror Insurance.(Mortgage Bankers Association)(Brief Article)
November 2, 2001... The Mortgage Bankers Association on Thursday asked Congress to support terrorism insurance and said the real estate industry could be severely hurt without it. As much as $26 billion of fourth-quarter commercial real estate projects may...

Ameritrade, GMAC Bank in Pact.(AmeriTrade Holding Corp. and GMAC Bank brokerage partnership)(Brief Article)
November 2, 2001... Craig Apatov says he chose Ameritrade Holding Corp. as a brokerage partner of GMAC Bank, a three-month-old branchless thrift run by General Motors Corp., because it has a middle-class sensibility shared by the automotive company. "They're...

Biometrics? Even After Terror Attacks, No Thanks.
November 2, 2001... Though biometrics and videoconferencing are much in the news, some financial services executives take a dim view of them, saying these technologies do not represent answers to security needs at this time. "We've evaluated biometrics and...

Radian's Product A Poor Substitute For Title Insurance.
November 2, 2001... To the Editor: An Oct. 26 article on page 9, "Radian Product May Lead to Suit by Title Group," concerned Radian Group and its title insurance product -- a mortgage pool insurance/impairment product. The article points out the confusion...

Prepayment Penalties a Boon To Lenders, Burden to Consumers.
November 2, 2001... Do consumers really choose to add prepayment penalties to their mortgages? In Wright Andrews' opinion they do. ("Prepayment Deals Are Boon to Consumers, Not Hindrance," Oct. 19, page 8.) Mr. Andrews cleverly uses the phrase "prepayment...

Sept. 11 Attacks Illustrated New Risks to Banking System.
November 2, 2001... The events of Sept. 11 have changed the way we think, live, and conduct business. There will be an inevitable rebalancing of the lines between security and privacy, between freedom and safety, and between commerce and law enforcement....

Array of Regulations to Flow From Anti-Laundering Law.
November 2, 2001... The International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, which President Bush signed into law Oct. 26, is the most significant anti-money-laundering legislation in more than 30 years. At its core are...

Deutsche Says It Will Cut 4,500 Additional Jobs.(Brief Article)(Statistical Data Included)
November 2, 2001... Deutsche Bank AG said Thursday that it will cut 4,500 more jobs, bringing the layoffs announced this year to 7.5% of its work force. About 3,300 cuts are slated for the Frankfurt banking company's private-client and asset management...

Lawmakers Offer Rival Insurer Aid Plans.(Brief Article)
November 2, 2001... House and Senate lawmakers Thursday formally unveiled competing plans to help insurers cover future losses caused by terrorism. Senate Banking Committee leaders from both parties announced a deal with the Bush administration. Under their...

In Brief: Canada's Royal Bank Buys Tucker Anthony.(Brief Article)
November 2, 2001... Royal Bank of Canada completed its $625 million purchase of Tucker Anthony Sutro on Thursday and said it has begun merging the Boston brokerage into RBC Dain Rauscher Inc., the Minneapolis broker-dealer it acquired last year. A spokesman...

In Brief: Amex Acquiring Small Portfolio from BSB.(Brief Article)
November 2, 2001... American Express Co. said Thursday that it had agreed to buy a small credit card portfolio belonging to BSB Bank and Trust Co., the bank subsidiary of BSB Bancorp Inc. of Binghamton, N.Y. American Express said this was the third such deal...

In Brief: New Chief Corporate Marketer for B of A.(Bank of America Corp. new Corporate Marketing Chief Cathy Bessant)(Brief Article)
November 2, 2001... Bank of America Corp. has promoted its Florida president, Cathy Bessant, to corporate marketing chief. Ms. Bessant, who also was the company's small-business head, succeeded Barbara J. Desoer, who in July became Bank of America's head of...

In Brief: Wells' Credit Chief Leaving at Yearend.(Ely Licht to leave Wells Fargo & Co.)(Brief Article)
November 2, 2001... Wells Fargo & Co. said that its chief credit officer, Ely Licht, plans to retire at yearend for personal reasons. David Munio, the deputy chief credit officer and a 28-year employee of the company, will succeed him. Mr. Licht, 53, will work...

In Brief: Merrill Reshuffling Investment Bankers.(Brief Article)
November 2, 2001... We are not authorized to publish this article provided by Dow Jones. Copyright c 2001 Thomson Financial. All Rights Reserved. http://www.americanbanker.com

Top Credit Unions by Concentration in New-Vehicle Loans.(Statistical Data Included)
November 2, 2001... At midyear 2001; dollars in thousands (part 1 of 2) Rank 1 Chicago Lee FCU Chicago 2 Polish Combatants CU Bedford, Ohio 3 Alliance of Poles FCU Cleveland 4 Behr Employees CU Rockford, Ill. 5 Los Angeles Lee...

Slump Leads Ernst to Tweak Corp Finance Plan.(Ernst & Young Corporate Finance L.L.C.)(Brief Article)
November 5, 2001... Though the accounting giant Ernst & Young cooled its hiring efforts for a fledgling finance subsidiary after the Sept. 11 attacks exacerbated a slowing economy, it says it is still in the game. Ernst & Young Corporate Finance LLC was formed...

A Clearer View of OCC's Role Post-GLB Emerges -- in Court.(Office of the Comptroller of the Currency's )
November 5, 2001... The Office of the Comptroller of the Currency's power in the post-financial-reform era to preempt state laws that bind national banks is becoming clearer in light of recent court decisions and legal interpretations issued by the agency. ...

Wal-Mart, TD Venture Hits Regulatory Wall.(TD Bank USA)(Brief Article)
November 5, 2001... A Wal-Mart plan to offer thousands of its customers checking and savings accounts has been withdrawn according to the Office of Thrift Supervision's Web site. TD Bank USA, a subsidiary of Canada's Toronto-Dominion Bank, acknowledged Friday...

BB&T's New Agency Buy A Wholesale Revision.(BB&T Corp. acquires Cooney Rikard & Curtin)(Brief Article)
November 5, 2001... BB&T Corp.'s decision to buy a major wholesale insurance broker brings an added layer of depth to its insurance operation and heralds a new phase of its lengthy agency acquisition drive. On Friday the Winston-Salem, N.C., banking company...

Move to Let Ginnie Rival Big Cousins.(Government National Mortgage Association )
November 5, 2001... Long-awaited legislation to let Ginnie Mae play in the conventional mortgage market has finally debuted in the House and Senate. Bills introduced Thursday by Sen. Wayne Allard, R-Colo., and Rep. Marge Roukema, R-N.J., would create a new...

In Brief: Senate Insurance Compromise Hits Pothole.(Brief Article)
November 5, 2001... Resistance was building Friday in the Senate Banking Committee to a plan committee leaders and the Bush administration had agreed on Thursday to help insurers cover future losses caused by terrorism. Sources said that enough panel members...

In Brief: Commerce of N.J. Plans 60 L.I. Branches.(Commerce Bancorp, New Jersey, Long Island)(Brief Article)
November 5, 2001... Continuing its expansion into the metropolitan New York market, Commerce Bancorp announced plans Friday to open more than 60 branches on Long Island over the next five years. The announcement came less than two months after $10.4...

In Brief: Southern Ala. in $4.5M Deal for Gulf Coast.(South Alabama Bancorporation Inc., Gulf Coast Community Bancshares)(Brief Article)
November 5, 2001... South Alabama Bancorp. announced Friday that it plans to buy $43 million-asset Gulf Coast Community Bancshares for $4.5 million in stock. The acquisition would expand the presence of $588 million-asset South Alabama in the Florida...

Correction.("Industry Leaders Seen Needing Reserve Boost")(Wachovia Corp., First Union Corp.)(Correction Notice)(Brief Article)
November 5, 2001... A page 1 story Friday, "Industry Leaders Seen Needing Reserve Boost," overstated the increase in nonperforming assets at Wachovia Corp. Its $1.6 billion of nonperfomers on Sept. 30 was 16% more than a year earlier. The error arose from the...

WASHINGTON PEOPLE.(National Association of Realtors)(John J. LaFalce)(L. William Seidman)(Brief Article)
November 5, 2001... Realty Check The National Association of Realtors, aggressive as ever in its opposition to letting financial holding companies provide real estate brokerage and property management services, is pointing to the Sept. 11 terrorist attacks as...

Equal Time for a Fan of Banks' Selling Annuities.(Brief Article)(Statistical Data Included)(Column)
November 5, 2001... Many bankers say selling annuities to depositors is shooting yourself in the foot. Sure, you get a one-time fee, they say, but then the money leaves the bank forever. That is why I have long contended that though cross-selling second and...

OCC Crackdown on 'Lending' of Charters.(United States. Office of the Comptroller of the Currency)(national banks)(Brief Article)
November 5, 2001... Federal regulators fired a warning shot Friday at national banks that "lend" their charters and reputations to companies that sell potentially predatory, unfair, or deceptive products. The Office of the Comptroller of the Currency issued a...

Treasury Move Should Trim Debt Costs.(10-year Treasury, Fannie Mae, Freddie Mac, mortgage rates)(Brief Article)(Statistical Data Included)
November 5, 2001... In addition to making Fannie Mae and Freddie Mac debt more attractive, the Treasury's suspension of 30-year bond issuance will reduce corporate debt costs, several experts said. Since the government's announcement last Wednesday, 10-year...

Growth Off the Table, Dividend Gains Respect.(bank stocks)(Brief Article)
November 5, 2001... Bank stocks have historically paid above-average dividends, and in volatile markets investors are inclined to pay a lot more attention to a stock's dividend yield. Investors hardly consider dividends a path to short-term riches, but they...

Amazon Offers Users Cardless Credit Via Citi.(Amazon.com, Citigroup Inc., NextCard)(Brief Article)
November 5, 2001... Through a partnership with Citigroup Inc., Amazon.com began extending credit to its customers Friday by offering what the online merchant calls a "cardless" private-label account. To encourage spending -- especially during the holiday...

S1 Credits Channel Diversity for 3Q Results.(S1 Corp.)(Brief Article)(Statistical Data Included)
November 5, 2001... Like its Internet banking software competitors, S1 Corp. lost money in the third quarter but not as much as Wall Street had expected. The Atlanta company reported a net loss for the quarter of $29.6 million, or 50 cents per share, compared...

Banks Chasing a Surge In Managed Account Sales.(Brief Article)(Statistical Data Included)
November 5, 2001... The Sept. 11 terror attacks seem to have reversed a decline in sales of managed accounts, as wealthier investors seek the reassurance of financial advisers, according to observers and survey data. The 2001 Phoenix Wealth Management Survey,...

Thrifts' Decline Sparks Value Debate.(Golden West Financial Corp. )(Brief Article)(Statistical Data Included)
November 5, 2001... The yearlong rally in thrift stocks, fueled by strong earnings increases, has given way to an equally sharp reversal as Wall Street wrestles with the expected effects of a steep decline in interest rates. Some of the shares have fallen so...

Wachovia Swiftly Aligning Execs In New Structure.(Wachovia Securities Inc.)(Brief Article)
November 5, 2001... Two months after First Union Corp. acquired North Carolina rival Wachovia Corp., the two organizations are keeping to a swift pace as they combine businesses and systems and choose leadership. The merged company, which took the Wachovia...

Subprime Standoffs Mount; Will National Code Emerge?(banks pull back from markets)(Brief Article)
November 6, 2001... Local regulators intent on enacting anti-predatory-lending ordinances had long faced the threat that mainstream financial institutions would cease originating nonprime loans in their communities. It's no longer just a threat. In several...

Weisel Hints at More M&A Pacts Abroad.(Thomas Weisel Partners Group L.L.C.'s partnership with Nomura Holdings Inc.)(Brief Article)
November 6, 2001... Thomas Weisel Partners Group LLC's pairing with Nomura Holdings Inc. probably will not be its last overseas strategic partnership. In a phone interview Thursday, the day after the deal with the Japanese company was announced, the San...

TODAY'S NEWS.(Brief Article)
November 6, 2001... Huntington opened a capital markets group and created a commercial equipment financing unit. Page 2 WASHINGTON Vermont said it would put insurance companies and broker-dealers under the same tough privacy rules it imposes on banks....

Web Stand-Alone Model Gets a Lift.(First Internet Bank of Indiana reports third straight profitable quarter)(Brief Article)
November 6, 2001... Now that several stand-alone Internet banks have pulled the plug, the pressure is on outfits like First Internet Bank of Indiana to prove there still is life in cyberspace banking. The $247-million asset institution rose to the occasion,...

OTS Chief: Wal-Mart's TD Deal Is Fixable.(Brief Article)
November 6, 2001... Office of Thrift Supervision Director Ellen Seidman on Monday slammed an application by a Toronto-Dominion Bank unit to offer banking services in at least 100 Wal-Mart stores as "materially deficient" but left the door open for a revised...

Outgunned on Wholesalers, Key Unit Likes Wraps, 401(k)s.(Brief Article)
November 6, 2001... Executives at KeyCorp's mutual fund unit would like nothing better than to get premium placement on retail brokerages' shelves but they also know that competing successfully through outside brokers requires a much deeper wholesaler force than...

Huntington Starts Capital Markets and Equipment Units.(Brief Article)
November 6, 2001... Huntington Bancshares Inc. has created two new divisions: one a spinoff of its capital group and the other a commercial equipment financing unit that executives hope will bring it more customers. Last week $28 billion-asset Huntington...

U.S. Bancorp Sticking With Local Board Strategy.(Brief Article)
November 6, 2001... U.S. Bancorp's creation of a regional board in San Diego is meant to help the company cope with a predecessor's acquisition of three local banks in the last two years. The 15-member board, which met for the first time late last month, is...

Vermont to Expand Privacy Rules.(Brief Article)
November 6, 2001... Vermont's top financial regulatory agency said that it would issue rules soon to extend tough state privacy requirements on banks to also apply to insurance companies and registered securities broker-dealers. The agency also said the...

L.A. May Pull Plug on Bank's Tech Lending.(Los Angeles City Council)(Brief Article)
November 6, 2001... The Los Angeles City Council is worried that, by investing in risky high-tech start-ups, the Los Angeles Community Development Bank has departed from its mission to lend to companies that produce jobs for residents in poorer neighborhoods. ...

Fund Sales via Banks Fell 27%.(Brief Article)
November 6, 2001... In September, a dismal month for the financial markets, mutual fund sales through banks took a heavy hit but held up better than banks had expected, one analyst says. On average, bank broker-dealers had a 27.3% dip in mutual fund revenue...