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. 168, No. 243, December 19

Brokers Soften Stance on Bundling by Lenders
Mortgage brokers, who initially viewed the bundling of settlement services by lenders as a threat, are warming to the practice while remaining opposed to regulations that would make it widespread. Mark S. Kittrell, president of the Liberty Mortgage...
FACT Act Demystifies Process of Checking, Correcting Files
The recently enacted Fair and Accurate Credit Transactions Act improves access to credit files by empowering consumers to obtain a free report annually from each of the traditional nationwide reporting agencies. A centralized service will be established...
Greenlining, Southern Style: Activist Has Big Plans for Fla
Sunshine State banks take heed -- Al Pina plans to duplicate in Florida what the Greenlining Institute has accomplished in California: multibillion-dollar commitments from financial institutions to help minorities and low-income people. "I'm a community...
Laptop with Bank R.I. Information Stolen from Fiserv Employee
Bank Rhode Island said Thursday that its core processor, Fiserv Inc., had reported the theft of a laptop computer containing information about the bank's customers and its president and chief executive officer, Merrill Sherman. The laptop, which...
Maximizing Legacy IT Value
In many ways IT is a victim of its own success. Legacy systems keep attracting investment because they are usually already successful and it seems simpler to extend a functional system than to build one from scratch. The result: Financial industry...
National Penn Has Deal to Grow in a Rich County
The wheeling and dealing in southeastern Pennsylvania continued Thursday, with National Penn Bancshares Inc. announcing a deal for an Oxford bank that would significantly boost its market share in one of the state's wealthiest counties. National...
Notice of Charges against Former Freddie Execs
The Office of Federal Housing Enterprise Oversight said Thursday that it is seeking $37.8 million of penalties from two former Freddie Mac executives for their role in the company's massive accounting scandal. The agency accused Leland C. Brendsel,...
Not-So-Uniform Response to Fed's Disclosure Plan
Legal sources are expressing mixed reactions to the Federal Reserve Board's proposal to set uniform standards on financial disclosures to consumers. Last month the Fed recommended the application of a single standard for providing disclosures under...
People
Better Late FleetBoston Financial Corp. president Gene McQuade was named to its board of directors Wednesday, but it will be a short run. Fleet is preparing to merge with Bank of America Corp. by April or May, which gives Mr. McQuade barely a...
SBA Reports Increased Use of Card-Based Micro-Loans
Small businesses increasingly use credit cards rather than conventional loans to pay for equipment, supplies, and small construction projects, according to a Small Business Administration survey released last week. The Small Business and Micro-Business...
Sizing Up the Rising Cost of Excess Infrastructure
The banking industry will soon have to confront a byproduct of its push to get consumers to write fewer checks: growing overcapacity in check processing operations that could cost the industry upward of $1 billion a year within four years. The industry...
Union Planters Gets KBWU Upgrade after Warning
Union Planters Corp.'s stock has dropped more than 9% since its announcement Monday of an expected earnings shortfall and a planned restructuring, and one analyst said the price may have hit bottom. On Thursday, Charles Ernst of Keefe, Bruyette...
Volume Not the Same as Value
The airline industry has undergone huge change in recent years. Conventional airlines face competitors they could never have imagined, ranging from the Hooters restaurant chain to Virgin Records. Banks have been put in a similar position since the...
Wachovia Scouts Deal to Transform Insurance: Unit's Chief "Open to Anything" but Leans toward One Big Buy
Wachovia Insurance Services is looking to take its place on the national stage with a major agency acquisition, according to its newly named chief executive officer, Stewart McDowell. "Our next step will be a dramatic move toward making Wachovia...
Why Bankers Have a Distinct Edge in the Acquiring Business
The Department of Justice's settlement with First Data Corp. regarding the Concord EFS deal is the most visible recent example of the intensifying competition in "acquiring" -- the processing of card-based payments for merchants. Highly specialized...
Will BB&T Finally Net FloridaFirst?
FloridaFirst Bankshares Inc. was the company that got away from BB&T Corp., but the deal that failed to happen last year may be revived. Sunday is the third anniversary of FloridaFirst's conversion from a mutual holding company to a stock company,...