American Banker articles from September 2003

American Banker archives from September 2003

Pact Points To Changes In Debit Biz.(Visa U.S.A. Inc. grants debit card processing contract to Wachovia Corp.)
September 2, 2003... Visa U.S.A.'s new contract to process point of sale debit transactions for Wachovia Corp. is one of the first signs that the card company's efforts to draw traffic to its debit processing networks are paying off. Over the last several...

Two-Step Deal Cuts Red Tape In Tennessee: Pulaski latest to use buy-sell growth tactic.(Pulaski Investment Corp.)
September 2, 2003... For years Pulaski Investment Corp. of Little Rock had its sights set on expanding in Tennessee but was unable to follow through on that vision because of that state's strict laws on branching. Another hurdle: the prohibitive costs of...

As Calendar Winds Down, Key Issues Linger on Hill.(review of pending financial services legal, regulatory issues)
September 2, 2003... Numerous financial services issues remain in the air on Capitol Hill, but two will dominate the agenda the rest of the year: renewal of a key Fair Credit Reporting Act provision, and the regulation of government-sponsored enterprises. ...

Not Yet Declaring Victory, But No Longer Apologizing.(J.P. Morgan Chase and Co. )(Company Profile)
September 2, 2003... This time last year J.P. Morgan Chase & Co. was at the center of regulatory scrutiny over its dealings with the collapsed energy trader Enron Corp. Successive quarters of loan losses, poor trading results, and soured private equity...

In Brief: Pa. Bank's CEO Selling 70,000 Shares.(James C. Miller will sell shares of S and T Bancorp Inc.)(Brief Article)
September 2, 2003... James C. Miller, the president and chief executive officer of S&T Bancorp of Indiana, Pa., said in a press release Friday that he plans to sell as many as 70,000 shares of S&T's stock. Mr. Miller also filed documents Friday with the...

In Brief: Arvest of Ark. Purchases Superior.(Arvest Bank Group Inc. acquires Superior Holding Corp.)(Brief Article)
September 2, 2003... Arvest Bank Group Inc. of Bentonville, Ark., has completed its purchase of the $1.8 billion-asset Superior Holding Corp. in Fort Smith. The $211 million cash deal, which was announced May 16, united the state's two largest banking...

New Web Option, School Partners for ACB Program.(America's Community Bankers will expand its executive masters of business administration program to University of Massachusetts, University of Maryland University)(Brief Article)
September 2, 2003... America's Community Bankers is moving its executive masters of business administration program and adding an all-online option. Since the beginning of the program four years ago, the degree has been offered through Fairfield University in...

Washington People: Schwab Hire.(Charles Schwab Corp. hires Geoffrey C. Gradler)(Brief Article)
September 2, 2003... Geoffrey C. Gradler joins Charles Schwab Corp. as the senior vice president in charge of federal, state, and local lobbying. Mr. Gradler succeeds Frank Kelly, who left Schwab in mid-June to establish and lead Deutsche Bank AG's Washington...

Washington People: Staffing Up ACB.(America's Community Bankers hires B. Dan Berger as lobbyist)(Brief Article)
September 2, 2003... America's Community Bankers hired a lobbyist, an accounting guru, and an economist last week. B. Dan Berger has joined the trade group as vice president for government relations. He came from the office of Rep. Katherine Harris, where he...

Washington People: MBA Changes.(Francis Creighton joins Mortgage Bankers Association of America as director of government affairs)(Brief Article)
September 2, 2003... The Mortgage Bankers Association of America has hired Francis Creighton as a director of government affairs. He started Aug. 25 and is primarily responsible for lobbying House Democrats. Mr. Creighton was most recently the legislative...

Washington People: Housing Shift.(Fannie Mae Foundation taps Ellen Lazar as senior vice president of housing and community initiatives)(Brief Article)
September 2, 2003... Ellen Lazar, the executive director of the Neighborhood Reinvestment Corp., will become the senior vice president of housing and community initiatives at the Fannie Mae Foundation. Ms. Lazar has had her current job since 2000 and will leave...

Stock Funds Grew; Bonds Shrank in July.(Brief Article)
September 2, 2003... Mutual fund assets grew 0.8% in July, to $6.87 trillion, according to the Investment Company Institute. Stock funds had $21.38 billion of inflows during the month, up from $18.63 billion in June, the institute said on Thursday. Domestic...

Small-Biz Pension Plan Unveiled.(Lincoln Financial Group)
September 2, 2003... Lincoln Financial Group has introduced a retirement product for small-business owners worried about the volatility of the stock market. Called a 412(i) defined benefit plan, the product was announced Thursday and will be distributed through...

In Brief: AIG Closes Purchase Of Life Firm in Japan.(American International Group Inc. acquires GE Edison Life Insurance Co.)(Brief Article)
September 2, 2003... American International Group Inc. in New York said it closed its deal Friday for the GE Edison Life Insurance Co. in Japan and for GE's U.S.-based auto and home insurance business. The Japanese life insurance company, which is based in...

In Brief: S&P Trims Ratings of Phoenix Life, Units.(Brief Article)
September 2, 2003... Standard & Poor's Rating Services said Friday that it had reduced its counterparty credit and financial strength ratings on Phoenix Life Insurance Co. and its subsidiaries to A, from A-plus, after a review of Phoenix's operating performance....

In Brief: MetLife Unit Buys Illinois' Sears Tower.(Metropolitan Insurance and Annuity Co.)(Brief Article)
September 2, 2003... MetLife Inc. in New York has announced the purchase by its subsidiary, Metropolitan Insurance and Annuity Co., of Sears Tower in Chicago, the nation's tallest building. MetLife said on Thursday that it expects this transaction to have an...

In Brief: P/C Insurers Seen As Still in Recovery.(property/casualty industry)(Brief Article)
September 2, 2003... Though strong underwriting results propelled the property/casualty industry to profitability last year, insurers have not fully recovered from anemic premium growth in the 1990s and losses stemming from the 9/11 terror attacks, according to a...

Fannie's Tougher Prefab Loan Rules Worry the Industry.
September 2, 2003... Fannie Mae, which surprised investors three months ago by disclosing that its portfolio included $10 billion of manufactured housing debt, announced Friday that it had tightened its guidelines for buying such loans. It did so "to more...

3 Mortgage Insurers Downgraded.(MGIC Investment Corp., PMI Group Inc., Radian Group Inc.)
September 2, 2003... Fitch Inc., citing the amount of leverage they have taken on in recent years, downgraded the debt ratings of three mortgage insurers' parent companies on Friday. However, the New York rating agency left their insurance subsidiaries'...

In Brief: "A La Mode" Web Tool for Inspectors.(Brief Article)
September 2, 2003... A La Mode Inc., an Oklahoma City provider of appraisal software and real estate technology services, is offering a Web site creation and hosting package for home inspectors. They can use its Inspector XSites package to set up "a custom,...

In Brief: CreditSmart Espanol Expands to Florida.(Freddie Mac will offer free financial classes in partnership with Cuban American National Council)(Brief Article)
September 2, 2003... Freddie Mac has teamed up with the Cuban American National Council to offer free classes in Miami on financial issues related to homeownership and higher education. The classes are part of Freddie's CreditSmart Espanol program, which the...

It's Official: J.P. Morgan Chase Group Lands Iraq Deal.
September 2, 2003... The Coalition Provisional Authority confirmed Friday that the consortium led by J.P. Morgan Chase & Co. has won the contract to run the Trade Bank of Iraq. As reported in American Banker Thursday, the J.P. Morgan Chase group's bid led the...

Vendors Pitch in for Web Banking Pitches.(Digital Insight Corp., Online Resources Corp. offer free marketing materials to banks along with online banking software)
September 2, 2003... Two vendors of online banking software that cater primarily to small and midsize institutions are trying to distinguish themselves in a tight market by offering their clients free, ready-to-use marketing materials. Digital Insight Corp....

In Brief: Software Predicts Staff Needs.(TCF Financial Corp. orders Click2Staff workforce scheduling software from Exametric Inc.)(Brief Article)
September 2, 2003... TCF Financial Corp. of Wayzata, Minn., is installing Click2Staff workforce scheduling software from Exametric Inc. The $11.8 billion-asset regional bank plans to test the software at selected branches this month, with a wider rollout to...

In Brief: Wells Uses New Voice System.(Wells Fargo and Co. selects Omvia Voice Framework software from Intervoice Inc.)(Brief Article)
September 2, 2003... Wells Fargo & Co. has installed voice recognition call center software from Intervoice Inc. that lets customers check their balances and make payments without punching numbers into the telephone keypad. The Omvia Voice Framework software is...

In Brief: New Member for Check Group.(Connecticut Clearing House joins National Check Exchange)(Brief Article)
September 2, 2003... Already claiming to be the biggest regional check exchange, the National Check Exchange announced last week the addition of the Connecticut Clearing House. The New York operation will now clear 4.1 million checks with a combined value of...

Fear of Flying? Not at American Express.(credit card company plans airline cobranding products)
September 2, 2003... Some credit card issuers may be leery of partnerships with airlines, but American Express Co. is zooming ahead. It introduced two airline cobranding products in August and says it will detail two others soon. Last month's products were the...

Mutual-to-Stock Specialist Named Ryan Beck Director.(Mark B. Cohen appointed)
September 2, 2003... Ryan Beck & Co. was set to name a specialist in taking mutual thrift companies public as a managing director today. Mark B. Cohen will be based in one of the Livingston, N.J., firm's New York offices and will work with the 25-person...

In Brief: Fitch Downcast on Credit Quality in 4Q.(consumer credit)(Brief Article)
September 2, 2003... Fitch Inc. said Friday it expects consumer credit quality to worsen in the fourth quarter. Despite revived consumer spending and improved business confidence in recent months, the lingering effects of a weak labor market will take a toll,...

In Brief: Bryn Mawr of Pennsylvania to Split Stock.(Bryn Mawr Bank Corp.)(Brief Article)
September 2, 2003... Bryn Mawr Bank Corp. in Pennsylvania announced Friday that it would conduct a 2-for-1 stock split on Oct. 1. The new shares will go to stockholders of record on Sept. 4. The $586 million-asset Bryn Mawr reported 4.32 million shares...

In Brief: Group Buys Credit Suisse Insurance Unit.(private investors acquire Republic Group of Insurance Cos.)(Brief Article)
September 2, 2003... Republic Group of Insurance Cos., which was owned by Credit Suisse Group, said Friday that a group of private investors had bought it for $127 million. The Dallas company has been struggling because of poor returns in the capital markets....

In Brief: Liquidation Fears Spark Metris Downgrade.(Brief Article)
September 2, 2003... UBS Warburg downgraded Metris Companies Inc. two notches Friday because of concerns that it could be forced to liquidate. The UBS AG unit cut its rating on the Minnetonka, Minn., subprime credit card issuer's shares to "reduce" from "buy"...

In Brief: Restrictions on PAB of Georgia Lifted.(PAB Bankshares Inc.)(Brief Article)
September 2, 2003... PAB Bankshares Inc. of Valdosta, Ga., said Friday that it had been freed of regulatory restraint after improving its financial condition. The company agreed in May of last year not to redeem its capital stock, pay dividends on its common...

OTS Ends Effort to Tighten Filing Deadline.(Office of Thrift Supervision)
September 2, 2003... The Office of Thrift Supervision has withdrawn a proposal to move up by 10 days the filing deadlines for quarterly financial reports. When the agency made the proposal in January, it said that more timely filings of thrift financial reports...

Today's News.
September 3, 2003... WASHINGTON Senate Banking members have raised lots of money for their reelection campaigns next year, even though most of them have no opponents. Page 4 ABA may collect contributions from members' employees for its PAC, the Federal...

U.S. Bancorp Gearing Up for Big In-Store Expansion in West.
September 3, 2003... U.S. Bancorp, the latest banking company to announce an in-store branch expansion, on Tuesday said it will open 163 U.S. Bank branches in Safeway Inc. grocery stores over the next two years. The $195 billion-asset Minneapolis company...

Parent's Deal May Push L.A. Bank to Selling Block.(Pacific Union Bank)
September 3, 2003... Is a deal in the works for Pacific Union Bank in Los Angeles? The $1 billion-asset bank's South Korean majority owner announced on Aug. 27 that a Texas investment group would provide it with a huge cash infusion, which observers say could...

Countrywide's Beltless Take On Six Sigma.
September 3, 2003... When it comes to Six Sigma -- the regimented, statistics-based system aimed at achieving success 99.99966% of the time -- the spectrum of opinion is wide and, evidently, increasingly nuanced. Some financial giants, including J.P. Morgan...

Board Forcing FHLB Stock Registration.(Federal Housing Finance Board)
September 3, 2003... The Federal Housing Finance Board said Tuesday that it will issue a proposal next week to force the Federal Home Loan banks to register their stock with the Securities and Exchange Commission. The announcement was the latest turn in a...

Prepping for New Respa, Title Insurer Cuts 2 Deals.(LandAmerica Financial Group Inc.)
September 3, 2003... In the latest instance of a company preparing for a time when the bundling of real estate settlement services is commonplace, LandAmerica Financial Group Inc. announced two acquisition deals on Tuesday. The Richmond, Va., provider of title...

Executive Changes.(includes multiple assignments and promotions)
September 3, 2003... MIDWEST LaSalle Bank of Chicago has promoted Bruce W. Kemp to group senior vice president of metropolitan real estate, from senior vice president. He joined the $58 billion-asset unit of ABN Amro Holding NV in 1998 and has 27 years of...

Deep Campaign Pockets on Senate Panel.
September 3, 2003... Seven members of the Senate Banking Committee are piling up money for reelection fights next year; now the only thing most of them need are challengers. Anyone running against them already faces a formidable fund-raising disadvantage. ...

Execs May Gather Funds for ABA Pac.(Federal Election Commission rules in favor of American Bankers Association)(Brief Article)
September 3, 2003... The Federal Election Commission said last week that executives of banks that are members of the American Bankers Association may collect and forward campaign contributions from bank employees to the trade group's political action committee. ...

Big Question: What Is a Small Bank Worth?
September 3, 2003... Our Aug. 20 competition for president of Schmidlap National Bank drew heated response. Our topic: How should you determine the value of your bank for estate tax purposes or sale? The basic conclusion that most respondents offered was: Use a...

Ex-MasterCard CEO Joins Qsent Board.(Gene Lockhart)(Brief Article)
September 3, 2003... Qsent Inc., a Portland, Ore., technology company that helps companies keep their customer-contact information fresh, said Tuesday that former MasterCard International president and chief executive officer Gene Lockhart had joined its board. ...

Citi's Diners Club Move Seen as Nod to Amex.
September 3, 2003... Citigroup Inc., which is seeking ways to reverse the shrinkage of its Diners Club franchise and compete better with American Express Co., may be planning to sell Diners-branded rewards to other businesses. In July the Office of the...

'Responsible' Funds Perform Well, Attract Banks' Interest.(Ave Maria Catholic Values Fund)
September 3, 2003... A small "morally responsible" fund company that screens out companies in conflict with Catholic values is attracting banks and wholesalers interested in distributing its products as more banks take notice of these types of products. The...

In Brief: Lakeland to Buy Ind. Trust Firm.(Lakeland Financial Corp. will acquire certain assets from Indiana Capital Management)(Brief Article)
September 3, 2003... Lakeland Financial Corp. announced Tuesday that it has a definitive agreement to buy the northeast Indiana operations of Indiana Capital Management. The Warsaw, Ind., banking company said it bought the Fort Wayne, Ind., firm in order to...

In Brief: Ryan Beck Hires Exec as CFO.(Brief Article)
September 3, 2003... Ryan Beck & Co. Inc., BankAtlantic Bancorp's investment management subsidiary, announced Tuesday that it had hired a former U.S. Trust executive to be an executive vice president and chief financial officer. The Livingston, N.J., firm...

In Brief: Managed Account Platform Deal.(Rockwater Capital Corp., Northern Trust Global Advisors Inc., IA Sciences Inc. announce partnership)(Brief Article)
September 3, 2003... Rockwater Capital Corp. has announced a long-term agreement with Northern Trust Global Advisors Inc. and IA Sciences Inc. to create a managed account platform. Through the integrated managed account platform, Rockwater's investment unit,...

In Brief: Acordia Hires Exec To Be a Benefits VP.(Dennis M. Donahue will join Acordia Inc.)(Brief Article)
September 3, 2003... Acordia Inc. of Chicago said Tuesday that it has hired an industry veteran to be a vice president, benefits practice leader for the company, an insurance broker owned by Wells Fargo & Co. Dennis M. Donahue is to assist Acordia brokers with...

In Brief: Great-West Renames Pension Service Unit.(Brief Article)
September 3, 2003... Great-West Life and Annuity Insurance Co. announced Tuesday that its defined contribution services provider, formerly known as BenefitsCorp Inc., has been rebranded as Great-West Retirement Services. The name change is for a unit in...

In Brief: Old Mutual Hires VP, Annuity Distribution.(Linda Hoitt)(Brief Article)
September 3, 2003... Old Mutual Financial Network in Baltimore said Tuesday that it has hired Linda Hoitt to be vice president, annuity distribution. In this role she is to take responsibility for all sales and marketing activities of Fidelity and Guaranty Life...

In Brief: Principal in Venture With 2 Indian Banks.(Principal Financial Group in Des Moines)(Brief Article)
September 3, 2003... The Principal Financial Group in Des Moines has announced that its subsidiary Principal Financial Group (Mauritius) Ltd. has a joint venture agreement with Punjab National Bank and Vijaya Bank to sell long-term mutual funds and related...

In Brief: 3 Promoted at Unit of Virginia's SunTrust.(Nancy Harmon, Susan Douglas, Tim Honaker)(Brief Article)
September 3, 2003... SunTrust Mortgage Inc., a unit of SunTrust Bank of Richmond, Va., on Tuesday announced three promotions in its credit and risk management division. Nancy Harmon was promoted to chief credit officer, succeeding H. David Langston. For the...

In Brief: North Fork Handles $55M Wall Street Refi.(Brief Article)
September 3, 2003... Swig Burris Equities LLC, a New York property investment firm, refinanced a construction loan on 48 Wall St., a 1927 office tower it recently renovated, with a $55 million mortgage from North Fork Bank. Jonathan Estreich and Patrick...

In Brief: Monarch Community To Buy Mich.'s MSB.(Monarch Community Bancorp, MSB Financial Inc.)(Brief Article)
September 3, 2003... Monarch Community Bancorp in Coldwater, Mich., said Tuesday that it had agreed to acquire its in-state rival MSB Financial Inc. of Marshall in a cash-and-stock deal valued at $24.5 million. The acquisition of MSB, the $103 million-asset...

In Brief: GB&T in Deal for Southern Heritage.(Brief Article)
September 3, 2003... GB&T Bancshares of Gainesville, Ga., has reached an agreement to buy the $118 million-asset Southern Heritage Bancorp in Flowery Branch, Ga. The two companies announced late Friday that they had signed a letter of intent to pursue a...

In Brief: U.S. Trust Exec Joins Ryan Beck as CFO.(Brief Article)
September 3, 2003... Ryan Beck & Co. Inc. said Tuesday that it had hired Larry A. Silverstein as an executive vice president and chief financial officer. Mr. Silverstein, who joined the Livingston, N.J., firm from U.S. Trust Corp., a unit of Charles Schwab...

In Brief: Aufhauser to Leave Treasury This Month.(David Aufhauser announces retirement)(Brief Article)
September 3, 2003... The Treasury Department said Tuesday that David Aufhauser, its general counsel, would retire Sept. 30. Mr. Aufhauser played a key role in leading the Treasury's campaign against money laundering and terrorist financing. No official reason...

In Brief: B of A to Finance N.Y. Housing Efforts.(Brief Article)
September 3, 2003... Bank of America Corp. said Tuesday its community development banking group would provide $100 million in financing for affordable housing in the New York City area over the next few months. The Charlotte banking company announced an...

In Brief: Wachovia's CEO for Carolinas to Retire.(Will B. Spence Jr.)(Brief Article)
September 3, 2003... Wachovia Corp. said Tuesday that Will B. Spence Jr. would retire at yearend as the chief executive of its North and South Carolina operations. Mr. Spence, 60, has worked at the company and its predecessors for 34 years. He held a variety...

In Brief: Hartford Sells Wells Its Trumbull Unit.(Hartford Finanical Services Group Inc., Trumbull Associates)(Brief Article)
September 3, 2003... Wells Fargo & Co. announced Tuesday that it had bought Trumbull Associates LLC, a business services firm that helps debtors manage bankruptcies, from Hartford Financial Services Group Inc. Wells said Trumbull, of Windsor, Conn., will become...

Refi Grades: A Plus For Wells But Minus For NY's Greenpoint.
September 3, 2003... Analysts are still betting on how banking companies will weather what looks like the end of the refinancing boom. Wells Fargo & Co. and Greenpoint Financial Corp. got the treatment Tuesday. Michael L. Mayo of Prudential Equity Group Inc....

Wall St. Firms Said Ready To Accept Resumes Again.
September 3, 2003... The Wall Street job market has started to show some signs of life and may be poised for a recovery in the last four months of the year, employment experts say. Buoyed by increasing business and positive economic news, many firms...

Correction.(Correction Notice)
September 3, 2003... In Tuesday's paper, "Not Yet Declaring Victory, But No Longer Apologizing" on page 1 misidentified the incoming chief risk officer at J.P. Morgan Chase & Co. He is Don M. Wilson 3d, not Bill Winters. Mr. Winters will lead the company's credit...

Editor's Note.(analysis of bank marketing trends)
September 3, 2003... Arguably the most important function of the retail bank is sales. Whether through branches, call centers, the Internet, or even automated teller machines, banks must sell more products to current or new customers to survive. With new...

Branch Tactics, from Blitzes to Personal Trainers.(bank branches remain chief sales channel for banking companies)
September 3, 2003... Despite customers' increased use of remote channels including the Internet and call centers, the branch remains the chief product-sales channel. And though surveys show that customers like having access to different channels, most...

Turning Call Center Workers Into an Auxiliary Sales Force.
September 3, 2003... Call centers do more than handle customer requests. They also sell - a lot, actually. Item: FleetBoston Financial Corp.'s call center will bring in about 25% of the company's home equity lending business this year. Item: At...

How Fleet Changed Its Focus From Buying to Gaining Share.(FleetBoston Financial Corp.)
September 3, 2003... A buying spree stretching more than a decade has made FleetBoston Financial Corp. New England's largest banking company, with 1,500 branches. It absorbed 18 of the region's 25 biggest banks, gaining a customer base of more than 5.5 million...

Case Study.(FleetBoston Financial Corp. works to improve customer service)(Brief Article)
September 3, 2003... How FleetBoston is improving service quality and increasing sales The Problem: Unhappy, unprofitable customers * Poor customer service due to fast growth * Complicated problem-resolution systems * Sales incentives that rewarded...

One-to-One Selling Through ATMs Still a Rarity.
September 3, 2003... One-to-one marketing has been touted for years as the next "killer app" for automated teller machines, and the chorus has grown recently as the prospect of using new Web-enabled ATMs makes deploying the technology easier. But proof that...

Beyond Balances: The Web as a Sales Machine.
September 3, 2003... Now that millions of customers go online to check their accounts and perform routine transactions, banks are exploring online sales. Increasingly they are selling standard checking and savings accounts as well as more complicated...

Industry Divided on Issue Of Living Trust Coverage.
September 4, 2003... Banking companies are not helping federal regulators solve the riddle of how to simplify coverage rules on living trust accounts. The roughly three dozen letters submitted to the Federal Deposit Insurance Corp. were evenly divided on which...

Yes, Virginia, Fulton Plans More Deals.(Fulton Financial Corp. to acquire Resource Bankshares Corp.)
September 4, 2003... Rufus A. Fulton Jr. does not want his first deal in Virginia to be his last one. The $8.6 billion-asset Fulton Financial Corp. of Lancaster, Pa., said last week that it would buy the $860 million-asset Resource Bankshares Corp. of Virginia...

B of A Takes Hardest Hit In Spitzer's Latest Salvo: AG says hedge fund's favored status came at cost to individuals.(Bank of America Corp., New York Attorney General Eliot Spitzer)
September 4, 2003... A bystander during most of last year's investment banking scandals, Bank of America Corp. is now front and center in New York Attorney General Eliot Spitzer's latest crusade. Mr. Spitzer on Wednesday charged that four mutual fund firms...

Wamu Eliminates ATM Fees, Plans Expansion In the New York Area.(Washington Mutual Inc.)
September 4, 2003... Washington Mutual Inc. said Wednesday that it plans to open 30 branches in New York and New Jersey this year and has dropped its fee for noncustomer use of its automated teller machines in the region. The Seattle mortgage giant has been...

FTC: ID Theft Costs $50 Billion.
September 4, 2003... Identity theft costs businesses -- especially financial institutions -- 10 times as much as it does the 10 million Americans whose identities are stolen each year, the Federal Trade Commission said Wednesday. In a report released here...

Executive Changes.(various companies)
September 4, 2003... MIDWEST North Country Financial Corp. of Manistique, Mich., has hired a former state bank regulator to help rehabilitate its $522 million-asset North Country Bank and Trust. Joseph E. Petterson has been named an executive vice...

Fed Says Biz Lending Is Gaining Steam as Mortgages Sputter.
September 4, 2003... Commercial lending is picking up in pockets of the country, but demand for mortgages in some areas slowed in late July and August while refinancing ebbed, the Federal Reserve Board said Wednesday. Surveys of banks in the 12 Federal Reserve...

Discover Loan-Loss Fears Draw a Downgrade.(Discover Financial Services, Morgan Stanley)
September 4, 2003... Questions about the impact of policy changes at Discover Financial Services resurfaced Wednesday when the stock of its parent company, Morgan Stanley, was downgraded by Prudential Equity Group. The Prudential report led some industry...

Who Really Won Wal-Mart Suit? Follow the Money.
September 4, 2003... If you start from the premise that consumers eventually pay for all litigation, every man, woman, and child in the United States will pay about $2.50 of lawyers' expenses for the recently concluded settlement in the case involving retailers,...

Variables Boomed in 2Q.(variable annuities)
September 4, 2003... Thanks to a slowly recovering stock market and lower interest rates, variable annuities continued to gain steam in the bank channel during the second quarter, while fixed annuity sales slipped. But despite these trends, fixed annuity sales...

In Brief: U.S. Bank Institutional Trust Hire.(Chris Blair)(Brief Article)
September 4, 2003... U.S. Bank said Wednesday that it had hired an executive from Charles Schwab & Co. to be national sales manager in its institutional trust and custody division. Chris Blair is to be responsible for managing the sales staff and building...