American Banker

American Banker is a Monday to Friday daily trade newspaper owned and published by SourceMedia, Inc. American Banker is headquartered in New York, N.Y. and was first published in 1836. Readers of American Banker are primarily high ranking banking executives and those with billions of dollars in assets. Seventy percent of American Banker readers hold senior management positions and 66 percent come from financial institutions, with 55.8 percent of those working in the commercial and retail banking sectors. Twenty-one percent of the readership control assets totaling $50 billion and above. The newspaper is published across the United States.In the 1960s, then-editor William E. Zimmerman traveled around the United States reporting on the civil rights movement by asking African-Americans what they needed from the banking industry and in turn interviewing local bankers to find out what services they were providing for African-Americans.In 1988, American Banker reported that the Japanese have the 10 largest banks in the world and that the U.S. banks, for the first time in three decades, were knocked out of the top 25 due to the falling dollar. Citibank, the largest bank in the U.S. at the time, fell from the 17th largest bank in the world to 28th, with $101.1 billion in deposits.American Banker was also the first national publication to report extensively on the fall of Penn Square Bank in Oklahoma City. Marc Hochstein is the Executive Editor, John DelMauro is the Vice President and Group Publisher, Richard Melville is the Group Editorial Director, Banking, and John DeCesare is the Group Publisher.

Articles from Vol. 161, No. 126, July 2

Analysts See a 12% Rise in Second-Quarter Earnings
Despite rising consumer credit problems, analysts expect banks to report that second-quarter earnings were up an average of about 12% from a year ago. Only three of the top 50 banks are expected to report lower second quarter earnings than in 1995,...
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Banking on the Net: Two More Cases That Didn't Change My Mind
Community bankers generally accept the idea that there will be Internet activity in their future. The question is just when, and what will it involve. As last week's column stressed, some, like myself, feel there is no hurry. Some even go so far as...
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Banks Get Piece of Action as Ford Unit Sells $450M of B-Grade Bank Loans
Yield-hungry commercial banks were among the buyers in last week's auction of USL Capital's $450 million portfolio of below-investment-grade loans. More than 50 investors, including banks, prime rate funds and insurance companies made bids for the portfolio...
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Boatmen's Prepaid Cards for Worker-Incentive Firm
Boatmen's Bancshares is providing a prepaid card for Maritz Inc., a company that offers employee incentive packages to Fortune 500 companies. Maritz's corporate clients can use the Your Choice MasterCard, introduced last week, to reward employees with...
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Community Bank Milestone from Upstate New York - Internet Bill-Payment Service
Oneonta, N.Y., is about to get something that most major cities do not have: an Internet-based bill-paying service through the local bank. Oneonta, a college town of 15,000 in the foothills of the Catskill Mountains, is home to Wilber National Bank....
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Dime's Home Loan Chief Quits to Run GE Mortgage Services
One of the highest-ranking women in the home loan business is leaving Dime Savings Bank of New York to lead General Electric's mortgage services group. Jenne K. Britell has been hired as executive vice president and general manager of GE Capital Mortgage...
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Due Soon from Wells Fargo: 10-Minute Car Loans
Wells Fargo & Co. is near completing a key part of a 2-year-old effort to redesign its consumer lending operation. The San Francisco-based bank reports that its transportation lending department - one of the nation's largest auto lenders - will...
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FDIC Clears a Way for Thrifts to Shift Deposits to Bank Units
Thrifts may shift deposits out of the high-cost Savings Association Insurance Fund provided the moves are initiated by customers, the government announced Monday. The precedent-setting move by the Federal Deposit Insurance Corp. is expected to prompt...
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Fidelity, Lehman Offer Entries in Trust Market Derby
Two more nonbanks opened trust companies last week, treading further onto turf that private banks once totally dominated. Fidelity Investments expanded its three-year-old personal trust business by setting up shop in Los Angeles. To run the new California...
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G-7 Panel Offers 40-Step Anti-Laundering Plan
An international anti-laundering task force has recommended mandatory reporting of suspicious transactions by all financial institutions, including nonbanks such as brokerage firms and securities dealers. The task force, a 26-nation organization created...
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Head of Boatmen's Fourth Financial Unit Stepping Down
The man who doubled the size of Wichita, Kan.-based Fourth Financial Corp. and then sold it to Boatmen's Bancshares, will step down as chairman early next year. Darrell G. Knudson, 58, is resigning as chief executive and president of Fourth Financial...
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Insurance Drama Continues: First the Ruling, Now the Rules
Bankers' initial joy over the Supreme Court's decision in favor of nationwide insurance sales by banks is giving way to more practical concerns that their programs pass regulatory muster. Many bankers are now reviewing a draft letter from the Office...
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Norwest to Use Private ACH for Up to 20% of Clearing Volume
Norwest Corp. said it plans to funnel as much as 20% of its automated clearing house volume through a private-sector network that competes with the Federal Reserve System. The bank's decision gives the Private Sector Automated Clearing House Exchange,...
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Proxy Fight Lands in Court; Dissident Tactics Called Dirty
The bitter proxy battle at California's Professional Bancorp has become very unprofessional, according to chief executive Joel Kovner. Mr. Kovner said last week that a group of dissident shareholders had employed dirty tactics in trying to gain control...
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Recruiter: Good Older Execs Glut Market
Traditional commercial bankers are "becoming an endangered species" as banks clamor for top executives with technological know-how, marketing savvy, and even asset-management skills. That's the word from Windle B. Priem, one of the nation's leading...
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Securitization of Servicing May Be Boon to Regulators
When Fannie Mae and Freddie Mac fashioned a plan to securitize servicing rights, they saw mortgage banks as the beneficiaries. But the gambit has also caught the eye of bank and thrift regulators. Executives at the bank agencies have begun quietly reviewing...
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Top Court: U.S. Must Pay for Accounting-Policy Shift; over 100 Thrifts May Be Awarded Damages
The Supreme Court ruled Monday that the government must pay for rescinding favorable accounting rules granted to acquirers of troubled thrifts in the 1980s. The 7-2 ruling, addressing one of the most contentious issues of the thrift crisis, was a big...
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Web Banking Growing by Leaps and Bounds
Keeping tabs on the number of banks with sites on the World Wide Web is a bit like tracking the number of cable channels or following the national debt. By the time you've finished counting, the thing has grown again. Most Internet watchers estimate...
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Wells Adds House-Brand Fixed Annuities
Wells Fargo & Co. is restructuring its investment product lineup by launching four new proprietary fixed annuities. The products, which include an unusual annuity that gives investors a potential bonus rate, were rolled out at Wells' California...
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