American Banker articles from September 2002

American Banker archives from September 2002

Medallion Financial Comes to Crossroads.(Brief Article)
September 3, 2002... For the past year Medallion Financial Corp., whose origins date to the early days of New York City's current taxi regulation system, has been at a yellow light. Medallion, which in its 65 years has transformed itself from taxi operator to...

Seeking Clients Via Credit Counselors.(banks acquire offices of Operation Hope)(Brief Article)
September 3, 2002... Two Southern California banks have come up with a novel approach to winning over consumers who do not have bank accounts: buying offices of a nonprofit credit counseling center and opening branches in them. California National Bank in Los...

In Focus: As Election Nears, Some Bills May Get Left Behind: Chances best for bankruptcy, terror insurance.
September 3, 2002... Lawmakers return to Capitol Hill this week with the ambitious goal of moving bankruptcy reform, terrorism insurance, pension, and possibly deposit insurance legislation during their sprint to the November elections. The prospects for all...

TODAY'S NEWS.(Brief Article)
September 3, 2002... Royal Bank of Canada says the next phase of its expansion in Florida will probably involve de novo branch openings. Page 3 WASHINGTON Page 4 COMMUNITY BANKING Allegiant is reviewing its operations as speculation swirls about...

ATMs Gaining In the Money Transfer Biz.
September 3, 2002... The market for international person-to-person money transfers is heating up, with strong interest from at least two name banks that think they can use their automated teller machine networks and card products to take share from the market...

Executive Changes.(banking industry)(Brief Article)
September 3, 2002... MIDWEST RBC Mortgage Co., a Chicago subsidiary of Royal Bank of Canada, has named Lynette Gruenfeld, Charles Johnson, Michael Leech as regional managers of retail and wholesale production. Ms. Gruenfeld is in charge of the firm's Rocky...

Royal of Canada: Branching Likely Next Fla. Step.(Brief Article)
September 3, 2002... Since buying North Carolina's Centura Banks Inc. in June of 2001, Royal Bank of Canada has been open about its plans to use the $2.2 billion deal as the hub for a Southeast retail network. The $240 billion-asset Toronto company backed up...

Fighting Takeover Talk, Allegiant Reviewing Itself.(Allegiant Bancorp)(Brief Article)
September 3, 2002... Amid speculation that it is the next takeover target in St. Louis, Allegiant Bancorp Inc., trying to preserve its independence, has begun a top-to-bottom review of operations. The $2.2 billion-asset company, which has nearly tripled its...

People's of Conn. Picks Tool For Access to Mass Affluent.(Brief Article)
September 3, 2002... People's Bank, a big Connecticut thrift, says its alliance today with Financial Engines gives it technology that will let its licensed advisers cost-effectively serve investors among the mass affluent. And analysts said small and midsize...

Countrywide's Balboa Unit Expands Lender Relationships.(Balboa Insurance Group)(Brief Article)
September 3, 2002... Balboa Insurance Group, a subsidiary of Countrywide Credit Industries Inc., has agreed to provide insurance services to the customers of Fairbanks Capital Corp., a company that services bad home loans. Through the agreement, which was...

Outlooks Diverge for Allianz, Great-West.(Brief Article)
September 3, 2002... Standard & Poor's has affirmed its CreditWatch with negative implications on Fireman's Fund Insurance Co. and its related entities' AA-minus counterparty credit and financial strength ratings, and Moody's Investors Service has upgraded the...

In Brief: Impac Offering Raises $23.5M.(Impac Mortgage Holdings)(Brief Article)
September 3, 2002... Impac Mortgage Holdings Inc., a real estate investment trust, said it had closed a public offering of 2.2 million shares of common stock at $11.25 per share. It said it had realized $23.5 million on the sale, after underwriting discounts...

In Brief: Fitch Upgrades Chase Servicing.(Chase Manhattan Mortgage Corp.)(Brief Article)
September 3, 2002... Fitch Ratings has upgraded several of its servicer ratings for Chase Manhattan Mortgage Corp. Edison, N.J. In conventional loan servicing, which Fitch calls primary servicing, it said Thursday that it had upgraded the unit to RPS1, the...

A New York Lender Bullish on Bridge LLoan.(New York Mortgage Co.)(Brief Article)
September 3, 2002... Many companies shy away from bridge loans -- which are made to people who buy new homes before closing a sale on their old ones -- because of the risk involved, but one lender that recently introduced the products says they have a lot of...

Using Cards, ATMs, and Kiosks to Serve Unbanked.(Brief Article)
September 3, 2002... Large and small banking companies alike are increasingly using card technology and advanced automated teller machines to reach out to unbanked customers. Bank of America Corp., UnionBanCal Corp. (which is majority owned by Mitsubishi Tokyo...

Correction.(Correction Notice)
September 3, 2002... In Friday's issue a page 10 table showing Nielsen data on two categories of online financial brands or channels mislabeled the categories. The first 10 listings were actually insurance-related and the second 10 loan-related. Copyright 2002...

Last Action on California Bills.(legislation effecting financial services industry in CA)(Brief Article)
September 3, 2002... Financial services lobbyists seemed late Friday to have staved off a privacy bill in the California Legislature, but there was still a day to go in the legislative session. However, a separate bill that would prohibit nonfinancial companies...

In Brief: Greenspan: Stock Bubbles Tough to Prevent.(managing fluctuations in the stock market)(Brief Article)
September 3, 2002... Economic policymakers have very few tools available to them for fighting a stock market bubble, assuming that they can identify one at all, Federal Reserve Board Chairman Alan Greenspan says. During the stock market boom of the 1990s, "we...

In Brief: Regulators Offer Disaster-Response Paper.(Brief Article)
September 3, 2002... Bank and securities regulators are seeking comment on a white paper that recommends ways to protect the financial system from shocks such as the Sept. 11 attacks. The draft paper focuses on protections for check clearing and settlements as...

Mixed Reactions to PNC's Show of Support for CEO.(PNC Financial Services Group Inc.)(Brief Article)
September 3, 2002... Has management at PNC Financial Services Group Inc. made matters worse by affirming James E. Rohr as chairman and chief executive officer last week? Investors and analysts seem to disagree. On Wednesday the troubled Pittsburgh banking...

Today's News.(Brief Article)
September 4, 2002... WASHINGTON A new OCC handbook reminds examiners to evaluate how private banking services may affect a national bank's reputation. Page 4 COMMUNITY BANKING The Federal Reserve is being urged not to drop a seasonal credit program...

Two End Runs on GLB Fall Short in California: Wal-Mart bid, tougher privacy standard fail.(Gramm-Leach-Bliley Act)(Brief Article)
September 4, 2002... California was supposed to be the one state willing andable to stretch the spirit of the public policy laid out in the Gramm-Leach-Bliley Act. Yet over the weekend, as it wrapped up the 2002 session, the California Legislature validated...

Citigroup's Governance Suddenly in Spotlight.(Brief Article)(Statistical Data Included)
September 4, 2002... Despite dismal corporate lending, falling market revenues, and exposure to global trouble spots, Wall Street's view of Citigroup Inc.'s management has always set it apart from competitors. That could change as some on Wall Street question...

The Tech Scene: N.Y. Fed Slams EBPP and Gets Slammed Back.(electronic bill payment and presentment)(Brief Article)(Statistical Data Included)
September 4, 2002... When financial services companies start pushing hard on a new technology application, there is inevitably a period of debate over how successful they are. In the area of EBPP, a sense of optimism had emerged as one bank after another...

Executive Changes.(banking industry)(Brief Article)
September 4, 2002... MIDDLE ATLANTIC Deutsche Bank AG has hired two J.P. Morgan Chase & Co. executives, David Kimmel and Chris Young, as managing directors. The two executives are based in New York. Mr. Kimmel, who reports to Gregg Sando, a managing...

The OCC Goes by the Book On Private Banking, Rep Risk.(Office of the Comptroller of the Currency)(Brief Article)
September 4, 2002... The Office of the Comptroller of the Currency is reminding its examiners to evaluate the risks that private banking services may pose to a national bank's reputation. "Competition for personal clients is very strong, and negative...

Web Mortgage Firm Hires Financial Chief.(John H. Lee joins Home Loan Center)(Brief Article)
September 4, 2002... The Internet mortgage lender Home Loan Center Inc. announced Tuesday that it has hired John H. Lee as its executive vice president and chief financial officer. Mr. Lee was a director of investment banking and the head of the West Coast...

Comment: A Great CEO? Here's What Works.(Brief Article)
September 4, 2002... Our latest contest to be president for a day of Schmidlap National Bank brought out some thought-provoking responses not only from bankers but government officials as well. We asked: What makes a good chief executive officer? A short...

In Brief: New Structure at ABC Bancorp of Georgia.(Brief Article)
September 4, 2002... ABC Bancorp announced Tuesday that it had gone to a two-region structure for its 11 subsidiary banks. Jack Hunnicutt, the chairman and chief executive officer of $1.1 billion-asset ABC, said it had outgrown the old structure and that the...

In Brief: Citizens of Atlanta Opening H.S. Branch.(Citizens Trust Bank opens branch in high school)(Brief Article)
September 4, 2002... Citizens Trust Bank is heading back to school. The $300 million-asset bank said Tuesday that on Sept. 10 it will open a branch in Atlanta's Southside High School. James E. Young, the black-owned bank's president and chief executive...

In Brief: Indiana's Monroe in 9/11 Remembrance.(Monroe Bancorp)(Brief Article)
September 4, 2002... Monroe Bancorp is closing several branches at midday Sept. 11 to let staff members take part in the United Way's Week of Caring. Employees of the $500 million-asset company have done volunteer work through the United Way for seven years and...

Banks to Fed: Don't Drop Credit Program.(Brief Article)
September 4, 2002... One paragraph of a 20-page Federal Reserve Board proposal to modify the discount window has drawn the most comment from community bankers. Thirty-nine of the 62 comment letters to the Fed through Aug. 27 addressed the possibility that the...

IRS' Call for Merchants' Data Is Signal to Industry.(investigating offshore bank accounts)(Brief Article)
September 4, 2002... The Internal Revenue Service's demand for some merchants' information about customers using credit cards issued in tax-haven countries should send a strong signal to the payment card industry about the type of openness the government wants,...

Seeking Mid-Market Clients, BB&T in Service Pact.(with Sharebuilder Securities Corp.)(Brief Article)
September 4, 2002... BB&T Corp. announced Tuesday that it will offer Sharebuilder Securities Corp.'s dollar-cost-averaging investment service in an effort to attract young customers with small amounts to invest. Darren Earnhardt, a vice president and discount...

Stilwell Taking Janus Name, Axing 130.(Stilwell Financial)(Brief Article)
September 4, 2002... In an effort to capitalize on its best-known brand and to cope with slumping assets, Stilwell Financial Inc. of Kansas City, Mo., said Tuesday that it would consolidate operations with its Janus Capital Management LLC subsidiary and adopt the...

Comment: Making a Bank-Agency Integration Work.(integration better than separation)(Brief Article)
September 4, 2002... It is tempting for banks that have just bought an insurance agency to deal with the culture clashes between them by maintaining their separateness, but a year or so after the merger it is to the advantage of bank and agency managers to begin...

ABN Credits Customer-Friendly Packaging for Surge.(ABN Amro Mortgage Group Inc. )(Brief Article)(Statistical Data Included)
September 4, 2002... With market interest rates still creeping lower, it is not surprising that ABN Amro Mortgage Group Inc. is achieving some sizzling volume growth this year. But interest rates do not tell the whole story, it says. July origination volume...

Volatile Summer Clouding Earnings Picture at B of A.(Bank of America Corp.)(Brief Article)(Statistical Data Included)
September 4, 2002... With less than one month left in the quarter, analysts and investors are busy sizing up how the summer market swings will affect profits at banking companies with large capital markets units and other market-related businesses. Take Bank...

In Brief: BankAnnapolis Fires Its Chief Executive.(Mark H. Anders)(Brief Article)
September 4, 2002... Citing fundamental differences he had with the board, BankAnnapolis fired its president and chief executive officer over the weekend. Mark H. Anders, who had been the Annapolis Bancorp Inc. subsidiary's president and CEO for nearly three...

In Brief: British Airways Leaves Amex Program.(Brief Article)
September 4, 2002... British Airways PLC, which is being sued by American Express Co. for breach of contract over merchant fees, said Tuesday that it had left the issuer's platinum card program, which allows cardholders to buy free companion tickets when booking...

In Brief: RBC Dain Rauscher Promotes 2 Execs.(John Taft and Paula Phillippe)(Brief Article)
September 4, 2002... RBC Dain Rauscher, Royal Bank of Canada's U.S. brokerage and wealth management arm, promoted two executives Tuesday as part of a senior management realignment emphasizing service and branding. John Taft was named the president of wealth...

Corrections.(Correction Notice)
September 4, 2002... In the Aug. 27 issue, "Late-'90s-Style Layoffs, with a Twist" on page 2 misspelled the last name of a Korn/Ferry International recruiter. She is Paige Steinbock. In the Aug. 28 issue, "Ailing or Failing Rivals Yield Four Veterans to Wells"...

In Chicago, Expansion A Step-by-Step Process.(Out-of-state banking companies intent on expanding in the Chicago area)(Brief Article)
September 5, 2002... Out-of-state banking companies intent on expanding in the Chicago area are doing so incrementally, by opening offices or adding to existing ones as they wait for midsize companies in that market to come up for sale. The San Francisco-based...

A Small-Biz Card Surge: Behind the trend: microloans, better scoring.(small-business credit card receivables)
September 5, 2002... Anecdotal evidence has suggested that a good number of entrepreneurs and small businesses finance their operations by credit card, but a new report documenting at least part of this trend asserts that the phenomenon is probably even larger than...

From Two CEOs, Signs Of Life on Loan Front.(Brief Article)(Statistical Data Included)
September 5, 2002... Hopes are fading that the waning third quarter or the fourth will show a rise in commercial lending, but some bankers say that the decline may be near its bottom -- and that credit quality is improving. James Dimon, the chairman and chief...

TODAY'S NEWS.(Brief Article)
September 5, 2002... Merrill Lynch said 40 states have signed its $100 million settlement with New York over conflict-of-interest charges against its analysts. Page 2 WASHINGTON The CRA Qualified Investment Fund, which is designed for banks, is starting...

Charter One's New Web Push -- FedImage.(Charter One Financial Inc. Internet service gives customers access to check images)(Brief Article)
September 5, 2002... Charter One Financial Inc., which aims to use the Web to compete with Bank One Corp. and other bigger banks, has become the first bank to offer its customers Internet access to check images through the Federal Reserve Board's new FedImage...

Merrill Exec Says Every State Will Sign Agreement.(Merrill Lynch & Co. settlement to resolve conflict-of-interest charges against Merrill's research department)(Brief Article)
September 5, 2002... The settlement agreement Merrill Lynch & Co. signed in May with New York State Attorney General Eliot Spitzer has been approved by 40 states, and the company expects the rest to approve it soon, E. Stanley O'Neal, Merrill's president and chief...

In Brief: Bair to Dems: Pass Terror Insurance Bill.(Sheila Bair, the former Treasury assistant secretary for domestic finance)(Brief Article)
September 5, 2002... A former Treasury Department official on Wednesday urged congressional Democrats not to let disagreements over liability in tort lawsuits block terrorism insurance legislation. "The lack of a federal program is creating a serious drag on...

In Brief: N.Y. Council Panel Passes Predator Bill.(New York City Council Consumer Affairs Committee bill that would prohibit the city from doing business with companies that are designated as predatory lenders)(Brief Article)
September 5, 2002... The New York City Council Consumer Affairs Committee on Wednesday approved a bill that would prohibit the city from doing business with companies that are designated as predatory lenders or whose subsidiaries engage in predatory practices. ...

In Brief: Fincen Seeks Streamlined Filing Process.(Financial Crimes Enforcement Network to look at currency transactions and suspicious activity report costs)(Brief Article)
September 5, 2002... The survey will try to establish how much it costs financial companies to file currency transaction reports and suspicious activity reports. It will also examine the extent to which filers take advantage of exemptions. The Financial Crimes...

Reporting Provision Hammered.(Brief Article)
September 5, 2002... Nine banking trade groups on Wednesday registered their "strong opposition" with the House Financial Services Committee to a credit reporting provision in the panel's regulatory relief bill. The bill, which would ease bank, thrift, and...

CRA Fund Reels in Investors, And Some Don't Need Credit.(The fund)(Brief Article)
September 5, 2002... After tempering overly optimistic projections, the CRA Qualified Investment Fund designed to help banks comply with the Community Reinvestment Act is starting to post good numbers. The organizers of the fund said when it was established in...

Mo. Law to Free Auto Lenders From Holding Vehicle Titles.(Missouri)(Brief Article)
September 5, 2002... Bankers are not crazy about safekeeping vehicle titles, and momentum is building to relieve them of this responsibility. In July, Missouri became the latest state to pass a law requiring lenders to give borrowers their automobile or boat...

Executive Changes.(Brief Article)
September 5, 2002... MIDWEST Rurban Financial Corp. in Defiance, Ohio, has named Kenneth A. Joyce its president and chief executive officer. He succeeded Richard C. Burrows, the $818 million-asset company's interim president and CEO, who has retired. ...

Tower of Ind. Raises $13M in Stock Offer.(Tower Financial Corp.)(Brief Article)
September 5, 2002... A three-year-old community banking company announced Wednesday that it had completed an offering of approximately 1.4 million shares for $10.75 each. The offering generated $13.7 million of net revenue for Tower Financial Corp., the $319.4...

In Brief: National Processing, Valutec Teaming Up.(Brief Article)
September 5, 2002... Valutec Card Solutions and National Processing Co. are jointly marketing a gift card program for regional merchants. National Processing, the merchant card processing subsidiary of $106 billion-asset National City Corp., will pitch the...

In Brief: Amex Adds Dining to Rewards Program.(American Express Co. adds dining and entertainment category to its rewards program)(Brief Article)
September 5, 2002... American Express Co. has added a dining and entertainment category to its rewards program and will let cardholders redeem loyalty points for theatre tickets, movie rentals, and restaurant gift certificates. Participants in the Membership...

Annuity Mix Bolsters a Sales Leader, Dumps a No. 3.(American International Group leads the way)(Brief Article)(Statistical Data Included)
September 5, 2002... Huge sales of fixed annuities during the second quarter let American International Group hold its No. 1 rank in annuity sales through banks, while some much smaller competitors made big percentage gains and Hartford Financial's dependence on...

In Brief: JPMorgan Fleming Fills CEO Post.(Paul Bateman)(Brief Article)
September 5, 2002... JPMorgan Fleming Asset Management said it had appointed Paul Bateman chief executive officer on Wednesday. Mr. Bateman was head of JPMorgan Fleming Asset Management for Europe, Asia, and Japan. His appointment came a month after Ron...

In Brief: Fimat to Enter U.S. Hedge Fund Fray.(creates NY unit)(Brief Article)
September 5, 2002... The Fimat Group announced Wednesday that it has created a New York unit to expand its presence in the alternative investment market. Fimat, a unit of Societe Generale Group, said it plans to offer hedge fund managers, commodity trading...

In Brief: New Fund Firm's Portfolio of `Vice'.(Vice Fund launches)(Brief Article)
September 5, 2002... A first "socially irresponsible" fund, for investments in industries such as alcohol, gambling, tobacco, and defense, has been started by Vice Fund, a Dallas mutual fund company that launched itself and its portfolio this week. The Vice...

In Brief: Waddell in Deal for Mackenzie Unit.(Mackenzie Investment Management Inc. to go for $74 million)(Brief Article)
September 5, 2002... Mackenzie Financial Corp., an investment management unit of Investors Group Inc., has announced the sale of its U.S. investment management business to Waddell & Reed Financial Inc. Waddell & Reed, an investment management company based in...

Web Services Trial Run Under Way.(Financial Services Technology Consortium )(Brief Article)
September 5, 2002... Hoping Web services are ready for prime time in banking, the Financial Services Technology Consortium has begun a project to test emerging Internet software for corporate cash management. A primary question for the initiative, begun...

Most Efficient U.S. Bank Holding Companies Among the Largest 500.(1Q 2002)(Illustration)(Statistical Data Included)
September 5, 2002... In the first quarter of 2002. Dollars in thousands*. (part 1 of 2) 1 Hudson City MHC Paramus, N.J. 2 Hershenhorn Bancorp Palatine, Ill. 3 West Bancorp Inc. W Des Moines, Iowa 4 United National Corp. Sioux Falls, S.D....

Allfirst-Citizens Deal Seen by Yearend.(Allied Irish Banks PLC may sell stake in Allfirst Financial Inc. to Citizens Financial Group Inc.)(Brief Article)(Statistical Data Included)
September 5, 2002... Allied Irish Banks PLC intends to sell off a majority stake in scandal-ridden Allfirst Financial Inc. by yearend and has been dangling the Baltimore company in front of potential buyers, according to Wednesday's Irish Times. The Dublin...

In Brief: House Investigating Credit Suisse, Goldman.(House Financial Services Committee)(Brief Article)
September 5, 2002... The House Financial Services Committee on Wednesday requested documents from Credit Suisse First Boston Corp. and Goldman, Sachs & Co. on their underwriting and analyst rating practices. "Both firms were heavily involved in underwriting...

In Brief: Calif. Treasurer Questions Citi-Golden Deal.(Citigroup-Golden State Bancorp deal scrutinized)(Brief Article)
September 5, 2002... State Treasurer Philip Angelides has followed other California officials in weighing in on Citigroup Inc.'s pending acquisition of San Francisco's Golden State Bancorp. In an Aug. 30 letter to Federal Reserve Chairman Alan Greenspan, Mr....

In Brief: DebtX Plans $548M of Sept. Loan Auctions.(Brief Article)(Statistical Data Included)
September 5, 2002... Debt Exchange Inc., a Boston firm that conducts online asset sales for financial services companies and the federal government, plans to sell $548 million of loans this month. That includes $198 million of residential real estate loans to...

In Brief: Lehman Hires Global Restructuring Co-Head.(Mark J. Shapiro)(Brief Article)
September 5, 2002... Lehman Brothers announced Wednesday that it had hired Mark J. Shapiro to co-head the global restructuring group in its investment banking division. Mr. Shapiro, whose title will be managing director, will be joining Lehman after 16 years...

In Brief: Merchant-Link Buys U.S. Wireless Data Unit.(buys NXT Corp. from U.S. Wireless Data)(Brief Article)(Statistical Data Included)
September 5, 2002... U.S. Wireless Data, which processes wireless transactions, said Wednesday that it had sold a subsidiary that provides data services and land-line connectivity for credit card transactions to Merchant-Link LLC for $5 million in cash. U.S....

In Focus: Rohr Pledges More Changes; Is It Enough?
September 6, 2002... WASHINGTON Corporate scandals fueled a near-record high last quarter in the value of derivatives contracts held by commercial banks. Page 3 The FTC announced a crackdown on fraudulent offers of credit or other financial assistance. Page 3...

Concord Growing Pains Have Double Cost.(Concord EFS Inc. )(Brief Article)(Statistical Data Included)
September 6, 2002... There was little surprise on Wall Street when Concord EFS Inc. announced Thursday that profits would fall short this year. Likewise, followers of the company were prepared for the news that its president, Edward A. Labry 3d, 39, will...

In Focus: Rohr Pledges More Changes; Is It Enough?(chief executive officer and chair of PNC Financial Services Group Inc. James E Rohr needs improved results)(Brief Article)
September 6, 2002... On the defensive at an investor conference in New York this week, James E. Rohr, the chairman and chief executive officer of PNC Financial Services Group Inc., offered an upbeat assessment of his company's prospects. Then he opened the...

Will Texas Midcaps Gain At Expense of Outsiders?(banks expected to grow substantially at expense of competitors over next five years)(Brief Article)(Statistical Data Included)
September 6, 2002... Texas' biggest banks will grow substantially over the next five years through mergers and by stealing business from big out-of-state competitors, a study predicts. The state's banking industry has assets of $274 billion. Just one bank...

People.(banking industry management)(Brief Article)(Statistical Data Included)
September 6, 2002... A Warm Introduction It can be nerve-wracking to introduce your boss, especially to a large audience made up of Wall Street analysts and investors. Judah Kraushaar, an equity analyst with Merrill Lynch & Co., acknowledged that...

OCC: Scandals Drove Money Into Derivative Contracts.(Office of the Comptroller of the Currency reports)(Brief Article)(Statistical Data Included)
September 6, 2002... The growing number of corporate scandals fueled a near-record high last quarter in the value of derivatives contracts that commercial banks held for themselves and their customers, the Office of the Comptroller of the Currency reported...

Flash Points.(financial industry federal investigations)(Brief Article)(Statistical Data Included)
September 6, 2002... Politicians The House Financial Services Committee, which spent the summer investigating Citigroup Inc.'s relationship with the failed telecommunications giants WorldCom Inc. and Global Crossing Ltd., on Wednesday expanded its...

FTC Turns Up Heat on Scam Artists.(Federal Trade Commission introduces nationwide crackdown plan)(Brief Article)
September 6, 2002... The Federal Trade Commission on Thursday announced a nationwide crackdown on fraudulent offers of credit or other financial assistance, and said that federal and state agencies had filed charges against 33 firms and individuals. Operation...

First Indiana to Buy MetroBanCorp for $40M.(Brief Article)(Statistical Data Included)
September 6, 2002... First Indiana Corp. has signed an agreement to buy $174 million-asset MetroBanCorp of Carmel, Ind., for $40 million in cash. The $2.1 billion-asset buyer, which has 26 branches, would get seven more, plus 20 automated teller machines in...

PrivateBancorp in Lodestar Asset Firm Deal.(PrivateBancorp Inc. to acquire majority stake in Lodestar Investment Counsel Inc.)(Brief Article)(Statistical Data Included)
September 6, 2002... PrivateBancorp Inc. announced Thursday that it had signed a definitive agreement to buy a controlling interest in Lodestar Investment Counsel Inc. Lodestar is a Chicago-based, high-net-worth investment management firm with $467 million of...

Second Bancorp Begins Ohio Agency Deal Push.(acquires Stouffer-Herzog Insurance)(Brief Article)
September 6, 2002... Warren, Ohio-based Second Bancorp Inc. has bought Stouffer-Herzog Insurance, the first of what it says will be several insurance agencies. The $1.7 billion-asset financial holding company said Wednesday that it had closed on a...

Fleet's Columbia Unit Adds Last Leader for Top 20 Run.(FleetBoston Financial Corp.'s Columbia appoints Colin Moore as managing director)(Brief Article)(Statistical Data Included)
September 6, 2002... FleetBoston Financial Corp.'s asset management unit says that it is hiring researchers and portfolio managers in a down market in order to become one of the top 20 asset managers in the world within five years. "This is a business of human...

Scorecards (and Incentive Pay) Help Employees Learn the Bank's Priorities.(Brief Article)
September 6, 2002... As the banking industry grows more complex, managing people is becoming more challenging. Traditional performance measurement criteria linked rewards strictly to financial results, most often return on equity. However, simplistic financial...