American Banker articles from September 2001

American Banker archives from September 2001

FDIC, Citing Big Failure, Seeks More Exam Clout.
September 4, 2001... The failure of $2.3 billion-asset Superior Bank has revived efforts by the Federal Deposit Insurance Corp. to gain broader authority to examine institutions supervised by other agencies -- a move these supervisors say would add an unnecessary...

Preferred Issues: A Balancing Act on Retail Service Fees.(Brief Article)
September 4, 2001... Trapped between the desire to retain business through improved customer relations and the need to tap new sources of revenue, many financial companies are considering whether -- and how -- they can get consumers to pay for basic services. ...

TODAY'S NEWS.(Brief Article)
September 4, 2001... SouthTrust is using a series of small deals to build a branch network in high-growth markets in Virginia. Page 1 WASHINGTON Superior Bank's failure has prompted the FDIC to try to increase its authority to examine institutions...

Managing Privacy: A Consumer Perspective on Financial Privacy.(interviews with victims of credit card fraud)
September 4, 2001... They shred their junk mail, worry about their credit histories, report stolen card numbers, and have no idea what the Gramm-Leach-Bliley Act is. Interviews with a cross-section of consumers about financial privacy showed that people seem...

Stock-Strong SouthTrust Widening Va. Beachhead.(Brief Article)(Statistical Data Included)
September 4, 2001... With its stock trading near all-time highs this summer, SouthTrust Corp. is taking advantage of that buying power to begin building a branch network in high-growth markets in Virginia. But the Birmingham, Ala., banking company isn't exactly...

Executive Changes.(Brief Article)
September 4, 2001... NEW ENGLAND Brown & Co. Securities Corp., the Boston deep-discount online brokerage arm of J.P. Morgan Chase & Co., has hired Karen Vernamonti to be its chief financial officer. She reports to Elizabeth J. Fisher, the unit's chief...

In Brief: GE Unit Buying Citi's Fleet Biz in Canada.(GE Capital Fleet Services)(Brief Article)
September 4, 2001... CitiCapital, the global commercial leasing business of Citigroup Inc., said Friday that it had signed a deal to sell its Canadian automotive fleet management business, Associates Fleet Services, to GE Capital Fleet Services. Under the...

In Brief: New CSFBdirect Ads Pitch Web Investing.(Brief Article)
September 4, 2001... CSFBdirect, the online brokerage unit of Credit Suisse First Boston Corp., unveiled a new ad campaign over the weekend aimed at promoting direct investing. The new branding campaign will run on TV, radio, print, and online. It aims to...

Spare Change: To Observe a Day for 401(k)s, You Don't Need to Buy a Card.(honors for Ted Benna, employee benefits specialist)(Brief Article)(Statistical Data Included)
September 4, 2001... Few people know who Ted Benna is, but everyone enrolled in a 401(k) plan -- 55 million, according to the Bureau of Labor Statistics -- should probably take a moment today to thank him. That's because today is "401(k) Day," and in 1978 Mr....

Should You Use The Teller Window For Cross-Selling?(Brief Article)(Column)
September 4, 2001... When my wife, Beverly, got her new bank credit card, the seal on it said: "To activate your renewed card, just call (some '800' number) from your home phone. Then remove the seal that covers the signature area." She had done this...

BB&T in Talks to Buy More Asset Managers.(Brief Article)
September 4, 2001... BB&T Corp., which last week announced an agreement to buy a smallish asset manager, said it expects to make several more such announcements by yearend. The Winston-Salem, N.C., company is talking with several potential targets, said...

In Brief: Principal Files Prospectus on IPO.(Principal Financial Group to hold initial public offering)(Brief Article)
September 4, 2001... Principal Financial Group, which is converting from a mutual insurance holding company to a stock company, has filed a preliminary prospectus for an initial public offering with the Securities and Exchange Commission. The prospectus, which...

In Brief: Merrill Unit, Pioneer To Co-Manage Fund.(Brief Article)
September 4, 2001... Pioneer Investment Management Inc. will start an international value fund that it will manage jointly with Mercury Advisors, a unit of Merrill Lynch Investment Management. The Pioneer Global Value Fund portfolio, which is scheduled to open...

In Brief: Mony Boosts Value In Variable Policy.(Brief Article)
September 4, 2001... Mony Life Insurance Company of America has increased the payout to holders of its corporate-sponsored variable universal life policy who cash out early. The cash surrender value has been increased by 5% for the first year of the policy and...

In Brief: John Hancock Joins H.D. Vest Program.(Brief Article)
September 4, 2001... John Hancock Private Client Group has added seven of its investment strategies to the separate account program of Wells Fargo & Co.'s H.D. Vest Advisory Services. The strategies, which are designed for high-net-worth individuals seeking...

Chance of Wide Home Price Decline Seen Remote.(Brief Article)
September 4, 2001... Home prices have continued to climb across the country, fueling concerns that the real estate market -- and consequently the mortgage market -- is a bubble about to burst. Nationwide, the second-quarter rise was 8.6% from a year earlier,...

Microsoft Link Seen Boosting CyberSource.(Brief Article)
September 4, 2001... CyberSource Corp. has taken another high-profile step to drive revenues as it struggles to reach profitability, announcing that Microsoft Corp.'s e-commerce software for businesses will link to its payment processing services. A provider...

Editor's Note:.
September 4, 2001... The weekly Market Monitor section will return on Monday, Sept. 11. The most recent version of American Banker's weekly stock tables is always available at www.americanbanker.com. Copyright c 2001 Thomson Financial. All Rights Reserved....

Correction.(Correction Notice)
September 4, 2001... In Thursday's issue, a photo caption with the page 1 story "As Thrifts Add Products, This One Still Gets Few Takers" misidentified Scott A. Kisting as a Washington Mutual employee. As the story itself made clear, he is a top California Federal...

In Brief: New Wachovia Ready to Begin Trading.(after acquisition of First Union Corp.)(Brief Article)
September 4, 2001... First Union Corp. and Wachovia Corp. were expected to complete their $14.6 billion merger on Saturday, with shares in the newly created holding company to begin trading today under Wachovia's "WB" stock symbol. But branch signage and other...

In Brief: Some May Think Funds 'Too Big to Fail'.(Brief Article)
September 4, 2001... The Federal Reserve Board's role in the 1998 bailout of Long-Term Capital Management may have increased the perception in the capital markets that the Fed is unwilling to let large institutions fail, according to a report released Friday by the...

In Brief: CEO Named for Principal's Online Bank.(Barrie Christman to act as chief executive officer for Principal Bank)(Brief Article)
September 4, 2001... Principal Bank, an online banking subsidiary of the insurer Principal Financial Group, said Friday it had named Barrie Christman as its chief executive officer. Ms. Christman was most recently executive vice president of technology...

Providian's Warning a Harbinger?(credit card banking industry may see slip in financial expectations)(Brief Article)
September 5, 2001... Credit card issuers, whose businesses have been surprisingly resilient in a weakening economy, looked a bit more vulnerable after Providian Financial Corp. said Tuesday that low purchase activity by cardholders, softer loan demand, and high...

Gramm Exit Lifts Shelby, May Open Up Agenda.(Sen. Phil Gramm, Sen. Richard Shelby)(Brief Article)
September 5, 2001... Sen. Phil Gramm, the combative Texas Republican whose name is synonymous with financial reform, said Tuesday that he will not seek reelection next year and immediately sparked speculation about the direction of the Banking Committee. The...

Wal-Mart Slaps Visa, Quits Debit Network.(plot thickens surrounding antitrust lawsuit)(Brief Article)
September 5, 2001... Wal-Mart Stores Inc.'s decision to stop accepting debit cards that run through Visa International's Interlink processing network is a protest of Visa's recent decision to raise interchange fees for Interlink -- one that other retailers could...

Will Hewlett's Deal for Compaq Help or Hurt Bank Customers?(Brief Article)
September 5, 2001... If Hewlett-Packard Co. buys Compaq Computer Corp., both companies' bank customers could feel some short-term pain without any immediate benefit, but they also could find themselves doing business with a much stronger supplier, industry...

The Joys (and Pressures) Of Staying Independent First of two parts.(Raymond James Financial Corp.)(Brief Article)
September 5, 2001... Raymond James Financial Corp., a well-known name in the Southeast for decades, got national exposure this year when players punted past its logo 17 times in Tampa's Raymond James Stadium during the Super Bowl. Chairman Thomas James says he...

Executive Changes.(multiple personnel changes)(Brief Article)
September 5, 2001... MIDWEST Dain Rauscher Wessels, a U.S. equity capital markets division of Royal Bank of Canada, has hired Stephen Powell as the head of its consumer investment banking team. He was also named a managing director of the Minneapolis-based...

Analysts Give New Wachovia A Cautious-Ratings Welcome.(Brief Article)
September 5, 2001... Analysts and ratings agencies have begun sizing up the new Wachovia Corp., and while some are calling it a "mighty" East Coast franchise, it's also a company that raises a few questions on Wall Street. Several analysts put "neutral" or...

Judge Blocks Texas Ban on Noncustomer Fee.(Brief Article)
September 5, 2001... A federal judge in Austin, Tex., has issued a preliminary injunction to let five banks charge fees to noncustomers who cash checks written by customers. The banks filed a lawsuit Aug. 17 to block a Texas law outlawing such fees that was to...

Conversions to S-Corp Status Expected to Climb.(banks converting to S corporations)(Brief Article)
September 5, 2001... The stream of banks converting to S corporations will rise in the next 10 years -- maybe to flood proportions, if laws are passed to make conversion easier -- according to a study released Tuesday by Grant Thornton LLP. Four bills are...

Chicago Start-Up Aims Solely at Hispanics.(First Bank of the Americas targest Mexican Americas)(Brief Article)
September 5, 2001... When David H. Voss decided to reenter banking in January 1998, seven years after selling his community bank here, he ventured not into Chicago's increasingly affluent outskirts but into the city's South Side. He set up First Bank of the...

Principal: New CEO Should Help Thrift's Cross-Sales.(Barrie Christman)(Brief Article)
September 5, 2001... The chairman of Principal Bank is betting that its newly hired chief executive officer, with her experience in cross-marketing technologies, will help the thrift market to more clients of its parent, Principal Financial Group of Des Moines. ...

Wachovia Wants to Expand Wealth Management to N.Y.C.(Brief Article)
September 5, 2001... With the ink still drying on First Union and Wachovia's $14.6 billion merger, executives in the combined company's wealth management and capital management divisions are already thinking about expansion. On the wealth management side,...

Fast Rebirth Is Predicted For `Visible' Bond Auction.(Visible Markets Inc.)(Brief Article)
September 5, 2001... The technology behind Visible Markets Inc., the innovative online bond auction company that pulled the plug Aug. 22 citing lack of funds, will be back up and running soon, its chief executive officer predicts. "We had strong interest from...

HomeSide Brass Out-- Writedown Is Set.(HomeSide Lending Inc.)(Brief Article)(Statistical Data Included)
September 5, 2001... Three top executives left HomeSide Lending Inc. on Tuesday, a day after National Australia Bank announced that it would take a $1.75 billion writedown on the company, its U.S. mortgage subsidiary. The bank announced that president and chief...

CIBC's Web Bank Expands on Grocery Kiosk Model.(Amicus Financial, subsidiary of Canadian Imperial Bank of Commerce)(Brief Article)
September 5, 2001... Amicus Financial, the Internet banking subsidiary of Canadian Imperial Bank of Commerce, is extending its unusual online banking model with plans to move beyond its grocery store partners. The online banking company, started in 1998, has...

In Brief: Wamu Seen Making Up to $375B CRA Vow.(Washington Mutual Inc.)(Brief Article)
September 5, 2001... Washington Mutual Inc. is expected to announce as early as today a major, 10-year Community Reinvestment Act commitment as well as a list of best practices for both subprime and conventional lending, sources close to the situation said. ...

In Brief: Fleet to Open 28 Branches in Mass.(FleetBoston Financial Corp.)(Brief Article)(Statistical Data Included)
September 5, 2001... FleetBoston Financial Corp. said Tuesday that it would spend more than $47 million over the next 18 months to open 51 branches and automated teller machine sites, as well as to improve existing facilities, in Massachusetts. The project is...

In Brief: Mortgage Delinquencies Rose in 2Q.(Brief Article)(Statistical Data Included)
September 5, 2001... Delinquencies and foreclosures on mortgage loans increased slightly in the second quarter, which may indicate that the ailing economy finally caught up with the mortgage and housing markets, the Mortgage Bankers Association reported Tuesday....

In Brief: Lipper to Offer After-Tax Fund Reporting.(Brief Article)
September 5, 2001... Beginning in mid-October, Lipper Inc., the New York company that tracks and analyzes information on the mutual fund industry, will offer after-tax fund performance reporting to fund companies, financial planners, and brokerages, the company...

Mellon Gets an Upgrade But PNC Called Too Pricey.(Mellon Financial Corp., PNC Financial Services Group Inc.)(Brief Article)
September 5, 2001... Mellon Financial Corp. and PNC Financial Services Group Inc., share a hometown, Pittsburgh, and compete in several business lines, but Tuesday on Wall Street it was hard to see past their differences. Prudential Securities analyst Michael...

Top 150 Bank Holding Companies in Lease Finance Receivables.(Statistical Data Included)
September 5, 2001... As of Dec. 31, 2000; dollars in thousands* (part 1 of 2) 1 Bank of America Corp. Charlotte, N.C. 2 Citigroup Inc. New York 3 Bank One Corp. Chicago 4 FleetBoston Financial Corp. Boston 5 First Union Corp....

Top 150 U.S. Life, Accident, and Health Insurers by Size of Securities Portfolio.(Statistical Data Included)
September 5, 2001... Stocks and bonds at book value as of Dec. 31, 2000; dollars in thousands* (part 1 of 2) 1 Metropolitan Life Tampa, Fla. 2 Teachers Insurance and Annuity Association New York 3 Prudential of America Newark, N.J. 4 ...

TODAY'S NEWS.
September 6, 2001... U.S. Bancorp's CEO says he plans to reduce the company's risk profile and streamline its business model. Page 2 WASHINGTON An earnings report shows the overall health of the nation's commercial banks, but it also raises some warnings,...

Zions to Sell Check Clearing System Via EDS.(Zions Bancorp., Electronic Data Systems Corp.)(Brief Article)
September 6, 2001... Pushing ahead with its vision of an Internet-powered banking system, Zions Bancorp. says its new digital check processing service could lead to same-day check clearing and eliminate "check float" -- if federal law is changed to accommodate it....

For Indy Brokers, Being Solo Is Key Retail Driver: Second of two parts.
September 6, 2001... A.G. Edwards, with 7,182 advisers and 701 branches in 49 states and London, long ago shed its regional status. And by expanding into lines such as asset management and investment banking, the St. Louis company has diversified its revenue mix....

Amid Strong Earnings, Red Flags: FDIC cites delinquency spike; Powell backs indexing deposit coverage.(Brief Article)(Interview)(Statistical Data Included)
September 6, 2001... Commercial banks earned $19.2 billion in the second quarter, but lurking behind their fifth-highest quarterly profit ever was a dramatic increase in past-due loans and other danger signs, the Federal Deposit Insurance Corp. reported Wednesday....

Community Start-Ups Scrambling for Capital.(Brief Article)(Statistical Data Included)
September 6, 2001... Lee Gascamp knows where the deep pockets are in Brenham, Tex., and he thought that with his ample connections in town, he would need just a few weeks to raise the capital for his start-up Bank of Brenham. Those few weeks turned into seven...

Wamu CRA Goal Seen Preemptive Measure.(Brief Article)
September 6, 2001... After watching several other banking giants get hit by consumer activist campaigns and charges of abusive lending after making acquisitions, Washington Mutual Inc. appears to have made a preemptive move for the moral high ground. On...

Hudson River Ends Ambanc's Long Search for a Buyer.(Brief Article)(Statistical Data Included)
September 6, 2001... On the block for more than a year, Ambanc Holding Co. Inc. of Amsterdam, N.Y., has finally found a buyer. Hudson River Bancorp Inc. said late Tuesday that it would pay $100 million in cash for the $711 million-asset thrift company, which...

U.S. Bancorp CEO: Risk, Business Model Top Agenda.(Brief Article)
September 6, 2001... In his first investor meeting since Firstar Corp. bought U.S. Bancorp in February, Jerry Grundhofer, chief executive officer and president of the Minneapolis company, said that he would seek to reduce its risk profile and simplify its business...

Executive Changes.(Brief Article)
September 6, 2001... MIDWEST Community First Bankshares Inc. in Fargo, N.D., has promoted regional executives Gary A. Knutson and Charles A. Mausbach to executive vice presidencies, along with chief financial officer Craig A. Weiss and chief investment officer...

Private-Label Store Cards on Web to Boost Loyalty.(Brief Article)
September 6, 2001... Clothing and general merchandise retailers that issue private-label credit cards are beginning to make vigorous use of the Internet to increase customer loyalty, to both the cards and stores. Some retailers may be on the verge of branching...

In Brief: Amex, JCB Sharing Merchant Networks.(Brief Article)
September 6, 2001... American Express Co. cardholders will be able to use their cards at many more merchants in Japan, starting this week, under a deal with JCB Co. Ltd., Japan's largest card issuer and merchant-acquirer. A global partnership agreement the two...

In Brief: Visa to Push Global E-Commerce System.(Brief Article)
September 6, 2001... Visa International said Tuesday that its board of directors had approved commercial incentives to promote the worldwide rollout of the company's e-commerce program, Visa Authenticated Payment. The program, which lets card issuers...

Most Efficient U.S. Bank Holding Companies Among the Largest 500*.(Statistical Data Included)
September 6, 2001... First-quarter data; dollars in thousands (part 1 of 2) 1Q efficiency ratio + ...

In Brief: HUD Moves Against Property 'Flipping'.(Brief Article)
September 6, 2001... The Department of Housing and Urban Development has proposed a rule to discourage property "flipping" -- fast-turnaround sales at artificially inflated prices to unsuspecting buyers. HUD said flipping was "often abetted by a lender's...

In Brief: Wells Acquires Stake In Technology Company.(Brief Article)
September 6, 2001... Wells Fargo & Co. has taken an undisclosed equity stake in e-Cognita Technologies Inc., a lending technology company, the companies announced Wednesday. In addition, e-Cognita announced that Wells Fargo had agreed to us its Steamloaner...

In Brief: Record Origination Total Predicted for This Year.(Brief Article)
September 6, 2001... Origination volume will reach $1.8 trillion this year, dwarfing the $1.54 trillion record set in 1998, a mortgage industry research firm predicts. In a quarterly report issued Tuesday, Wholesale Access said it expects interest rates to...

Wilmington Trust to Buy HSBC Fund Group.(Brief Article)
September 6, 2001... Wilmington Trust Corp. of Delaware is close buying a small HSBC USA Inc. fund family, both companies say. Rusty Giles, a vice president in Wilmington's investment advisory division, said Wednesday that it will certainly buy the HSBC Funds....

Insurer Expects New Annuity to Ignite Bank Sales.(Jefferson-Pilot Corp.)(Brief Article)
September 6, 2001... Though Jefferson-Pilot Corp.'s sales of bank fixed annuities have been lackluster this year, the insurer is expecting that in the fourth quarter these sales will double their $86 million second-quarter total. Jefferson-Pilot of Greensboro,...

529 Plan from State St., OppenheimerFunds.(college savings product)(Brief Article)
September 6, 2001... State Street Corp.'s education savings unit, Schoolhouse Capital LLC, and OppenheimerFunds Inc. plan to launch a section 529 college savings product for financial advisers by yearend. The co-branded product will use funds from both...

First Data to Merge E-Payment Services.
September 6, 2001... First Data Corp. said Wednesday that it plans to incorporate the services of Achex Inc., the business-to-consumer Web payment business it bought in July, in MoneyZap, the person-to-person service it offers through its Western Union subsidiary....

Investment Banks, Despite Profit Slump, Get Upgrade.(Lehman Brothers, Merrill Lynch and Company Inc., Goldman Sachs Group Inc., Morgan Stanley Dean Witter and Co.)(Brief Article)(Statistical Data Included)
September 6, 2001... Diane B. Glossman, an equity analyst at UBS Warburg, upgraded four big securities firms to "buy" from "hold" in a research report Wednesday, arguing that their stock is cheap enough to warrant another look from investors. Ms. Glossman...

In Brief: Citigroup Says Most ATM Outages Fixed.(automated teller machines)(Brief Article)
September 6, 2001... After a four-hour automated teller machine network failure on Tuesday that left some customers without access to their cash, Citigroup Inc. said Wednesday that it had largely fixed the problem, but that there continued to be intermittent ATM...

In Brief: Bank One Appoints a New Treasurer.(Michael J. Cavanagh)(Brief Article)
September 6, 2001... Michael J. Cavanagh was named the treasurer of Bank One Corp. on Wednesday. He will report to Charles Scharf, the Chicago company's chief financial officer. Mr. Cavanagh, 35, came to Bank One last year as senior vice president of...

In Brief: Change Expected for Calif. Privacy Bill.(financial services sector)(Brief Article)
September 6, 2001... Banking industry officials say they expect a controversial privacy bill winding its way through the California Assembly to make a crucial stop today. The bill -- which industry officials say is overly restrictive and heralded by consumer...

In Brief: American International to Cut 1,500 Jobs.(American International Group Inc.)(Brief Article)(Statistical Data Included)
September 6, 2001... American International Group Inc. said Wednesday that it plans to cut 1,500 jobs throughout the United States as a result of its purchase of American General Corp. AIG also said that Robert M. Devlin, the chairman of American General,...

In Brief: Amex Unit Hires Zurich Scudder Exec.(American Express Financial Advisors appoints William F. Truscott chief investment officer)(Brief Article)
September 6, 2001... American Express Financial Advisors, American Express Co.'s financial planning asset management unit, announced Wednesday that it had hired William F. "Ted" Truscott as its chief investment officer. Mr. Truscott was chief investment...

In Brief: MBNA Still Expects to Hit Profit Targets.(2001)(Brief Article)
September 6, 2001... MBNA Corp. said on Wednesday that it continued to expect to achieve its profit growth expectations, and that an earnings warning from rival Providian Financial Corp. did not reflect its own experiences this quarter. Providian said on...

D.C. Speaks: Mulling Gramm: `Unusual,' `A Star,' `Polarizing'.(Sen. Phil Gramm will retire next year)(Government Activity)
September 7, 2001... Depending on whom you ask, Sen. Phil Gramm's recent announcement that he would retire next year is either a blow to Congress and the financial services industry or cause to break out the champagne. Friends and allies praised the three-term...

Postal P-to-P Service Holds Buyer's Cash Until Delivery.(U.S. Postal Service expands its online person-to-person payment market)(Internet/Web/Online Service Information)(Brief Article)
September 7, 2001... The Postal Service says it hopes to win a share of the online person-to-person payment market by combining its traditional package delivery service with a verification and escrow system it has developed with CheckFree Corp. The new joint...

OTS Chief Offers Defense: Calls Superior anomaly in a healthy industry.(Failure of Superior Bank)(Government Activity)(Brief Article)
September 7, 2001... In her first public comments on the failure of Superior Bank, Office of Thrift Supervision Director Ellen Seidman on Thursday defended her agency's performance, lamented the "sniping" by other regulators, and assured reporters that the $2.3...

Do Data Indicate Bottom Near for Capital Markets?(First round of earnings reports due)(Brief Article)(Statistical Data Included)
September 7, 2001... With the end of the third quarter just three weeks away, preliminary data on capital markets activity paints a grim picture for equity underwriting and mergers, while showing an increase in fixed-income underwriting. But even as Wall...

Blame, Few Answers In HomeSide Debacle.(HomeSide Lending Inc. reports $1.75 bn in writedowns)(Statistical Data Included)
September 7, 2001... As the dust settles on HomeSide Lending Inc.'s cataclysmic week, which included $1.75 billion of writedowns and the departure of its top three executives, fingers of blame are being pointed from Australia at the United States -- and back. ...

People.(Bank of America's former CEO, Hugh McColl Jr.)(Brief Article)
September 7, 2001... Back in Business Since retiring from Bank of America in April, Hugh McColl Jr. has projected the image of the retired CEO, taking a spring hunting trip to Texas and vacationing over the Labor Day holiday in Aspen, Colo. But don't get the...

Killinger: New Yorkers Hungry For User-Friendly Wamu Style.(Washington Mutual Inc.'s pending acquisition of Dime Bancorp Inc.)(Brief Article)
September 7, 2001... Kerry Killinger, the chief executive of Washington Mutual Inc., told investors Thursday that its pending acquisition of Dime Bancorp Inc. is partly motivated by the belief that the New York region is ripe for a friendlier, less expensive...

Boost for B of A, Bank One in Web Tax Payments.(Bank of America Corp., Bank One Corp. run Internal Revenue Service's electronic federal tax payment system)(Brief Article)
September 7, 2001... Bank of America Corp. and Bank One Corp. stand to benefit if as many businesses and people choose to pay their taxes on the Internet as the Internal Revenue Service predicts. The two banking companies run the IRS's electronic federal tax...

Webster of Conn. Planning Expansion.(Webster Financial Corp.)(Brief Article)
September 7, 2001... Webster Financial Corp. said Thursday that it would add at least 20 branches in the next three years in Connecticut and nearby states. The $11.8 billion-asset holding company for Webster Bank, which has more than 100 branches in...

No Overlap: Ohio Partners Complement Each Other.(BancFirst Ohio Corp. to merge with UNB Corp.)(Brief Article)
September 7, 2001... Two Ohio banks that date to the mid-1800s announced Thursday that they would merge as equals in a deal valued at about $214 million. BancFirst Ohio Corp., the holding company for First National Bank of Zanesville, and UNB Corp., the parent...

Attack on NCUA's Transfer Rate Is Needlessly Divisive.
September 7, 2001... To the Editor: Lawrence White in an Aug. 31 Viewpoint column ("State Credit Unions Shouldn't Have to Subsidize Federal," page 7) argues the National Credit Union Administration should abolish the overhead transfer rate and thus discontinue...

E-Payment Network Directors Risk Antitrust Scrutiny, Lawsuits.
September 7, 2001... Members of a board, committee, advisory group, or other governing body of an electronic payment network should take heed. If they are not careful, they may find themselves, and their financial institution employers, on the wrong side of an...

Intimations of a World Where Investment Banks Speak Out.(media coverage of SunTrust Bank Inc.'s fight with)(First Union Corp. to acquire Wachovia Corp.)(Brief Article)
September 7, 2001... First Union Corp.'s acquisition of Wachovia Corp. and the failed hostile bid by SunTrust Banks Inc. rivaled this summer's "Planet of the Apes" for turning expectations on their head. Instead of the genteel world of conservative banking we...