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. 160, No. 204, October 23

1st Chicago-Putnam Alliance Paying Off
First Chicago Corp., a behemoth in Midwest corporate banking, has achieved only nominal success in the 401(k) world. But it has high hopes for a giant step forward by teaming up with Boston-based Putnam Investments, the nation's sixth-largest mutual...
1st Security Guards Its Rockies Stronghold
First Security Corp., a regional banking power in the western Rocky Mountains, is counting on a combination of proprietary and private-label mutual funds to power its recently revamped 401(k) product. Executives of the $12.4 billion-asset bank said...
A Quick Study
When he was first approached to be chairman of the Federal Housing Finance Board, former Rep. Bruce Morrison knew as much about the obscure agency as most people: next to nothing. But the Connecticut Democrat had plenty of time to prepare for the job...
At Carolina First Corp., a Big Menu of 401(k)s
Trust managers at feisty Carolina First Corp., with just about $1.3 billion of assets, fashion themselves as world-beaters with their brand-new 401(k) product. They may be on to something. The concept is simple. The Greenville, S.C., bank offers everything...
Bankers Trust Takes a Run at Fidelity
Bankers Trust Co., which has aggressively pursued a leading position in the 401(k) business - second only to Fidelity Investments - is looking to corner the market. The big bank already provides retirement products to over two million individuals and...
Boatmen's Builds an Empire - in Memphis
St. Louis-based Boatmen's Bancshares is busy turning Memphis into the home of its thriving mortgage business. The acquisition of Memphis-based National Mortgage in February and Worthen Banking Corp. in March increased Boatmen's servicing business to...
Chase Speeds New Funds before Merger - but Who's Top Dog?
Chase Manhattan Corp. is forging ahead with plans to expand its mutual fund family even as it prepares to merge with Chemical Banking Corp. Vista Capital Management, Chase's money management arm, plans to add three new international stock funds by Nov....
Digicash to Test Live Internet Cash System with Mo. Bank
Digicash Inc., the Netherlands-based developer of an electronic cash system for the Internet, begins its assault on the United States today from the hinterlands. In a twist on the tendency to introduce electronic money innovations at big banks, Digicash...
Do Banks' Mutual Fund Programs Risk Being Nickeled and Dimed to Death?
Banks have long been a haven for slow, steady savers. But can bankers can depend on these customers to drive their mutual fund programs to profitability? It's a question many bank executives are grappling with. For while experts say mutual fund accounts...
Ecological Concerns in Europe Spawn New Breed of Clean Cards
Money may not grow on trees, but Sweden's Ecocard, a biodegradable payment card made of wood, could make shopping a greener experience. Invented for Telia, the Swedish phone carrier, as an alternative to plastic phone cards, the wooden cards are taking...
Farm Banks on Alert as Cattle Prices Fall
Falling cattle prices over the past year have prompted agricultural bankers to take a closer look at their cattle customers' future. "It's like a big cloud coming your way," said Danny Bishop, senior vice president in charge of agricultural correspondent...
First N.H. Keeps Retirement Plan Alive
A New Hampshire bank has found a way to keep its frail 401(k) program on life support while trying to grow by embracing a new outside program with daily valuation and a voice-response system. First New Hampshire Bank, based in Manchester, N.H., with...
Getting Ready for a Visit from the Regulators
As more and more banks venture into the sale of investment products, they are facing regulatory examinations of their sales programs for the first time. Criticism by banking regulators as a result of these examinations has surprised many banks. But...
Grocery Chain's Card Gives Travel Rewards
Can frequent-flier-style points make people buy more groceries? Stop and Shop Supermarket Co. believes so, and has linked travel rewards to a new cobranded credit card. The grocery chain and its issuer, Bank of New York, last week launched the SuperRewards...
Home-Town Strategy Is Bearing Fruit
In California's fertile San Joaquin Valley, Bank of Stockton's sales of 401(k) plans are growing as juicily as grapes on the vine. In the 16 months since the $722 million-asset bank began marketing newly developed 401(k)s offered by Pittsburgh-based...
Leach Targets Fannie, Freddie to Bail out Thrift Fund
Seeking support for his Glass-Steagall repeal bill, Rep. Jim Leach proposed lifting a $16 billion obligation from banks and thrifts and placing it on the shoulders of Fannie Mae and Freddie Mac. The House Banking Committee chairman surprised bank lobbyists...
Maverick Star Banc Stays a Step Ahead
Star Banc Corp. of Cincinnati likes to buck the trends. So far, its unorthodox approach seems to be paying off. Since entering the retail mutual fund market in 1991, Star Banc has built its retail investment business around equity and asset- allocation...
Merger Hedging, Doubts Push Short Sales Up 3.1% in Month
Short interest in bank-related stocks traded on the New York and American stock exchanges grew 3.1% in the month ending Oct. 13, while total short positions in stocks traded on the exchanges shrank. The growth in bank short interest was mostly attributable...
More Calif. Groups Abandoning State Charters
To escape state taxes, California credit unions are switching to federal charters. Five California groups have given up state charters for federal ones during the first nine months of 1995, and more are expected to convert, industry officials and observers...
Naysayers Seem to Be Winning Debate on Shared ATM Deposits
The board of directors for Cirrus System Inc. will vote next month on a proposal to allow the international network of automated teller machines to accept deposits. The move represents the latest chapter in a contentious industrywide debate over the...
New Mortgage Bankers Chief Fights to Protect Industry's Turf
These are worrisome times for mortgage bankers. Realtors are nipping at their heels to write home loans, a Republican Congress threatens to cut back the FHA mortgage insurance program, and even the once sacrosanct deduction for mortgage interest is under...
Politics on Front Burner at MBA Meeting
The ranks of mortgage bankers gathering in San Diego this week for the annual convention of the Mortgage Bankers Association will be somewhat depleted. Because of the high casualty rate in the industry recently, registrations are down by about 15%. ...
Proposed IRA Changes Could Yield Windfall for Banks
After years of waiting, bankers are optimistic that Congress will finally restore some luster to individual retirement accounts. The Senate Finance Committee has approved legislation that would significantly increase the number of people who can qualify...
Prosperous Mark Twain Holds the Cards When a Buyout Deal Is on the Table
Think of Mark Twain Bancshares - the St. Louis bank whose merger talks with an undisclosed institution failed last week - as the most magnificent house on the toniest street in town, an analyst suggested. The house is not for sale, but passersby gawk,...
Robust Quarter for Many Bank Technology Firms
Many publicly traded financial technology companies reported higher quarterly earnings last week, with payment systems firms showing especially strong gains. All of the bank systems and services firms reporting had higher revenues and profits for the...
Signet Profit Up 15%; Southern National's Flat
Information-based technology paid off for Signet Banking Corp. as strong loan growth boosted third-quarter earnings, excluding special restructuring charges, by 15% to $30.1 million. But Southern National Corp.'s third-quarter net, $62.5 million, was...
Sluggish Retail Sales Last Month Suggest Santa Won't Deliver
Retail sales this Christmas may be the weakest since the last recession. Retail sales last month, the back-to-school period, were up only 3.1%, versus a 6.7% gain a year earlier, excluding automobiles. That foreshadows a sluggish holiday selling season,...
State Street Jumps to 3d Place in 401(k)s
When Pensions and Investments magazine recently listed the top 401(k) plan managers in the country, Fidelity Services and Bankers Trust of New York placed a predictable first and second. The surprise was the third-place "show" horse - State Street Bank...
Unsinkable Lusitania Sails On
After 13 months of sparring with examiners and jumping regulatory hurdles, Lusitania Federal Credit Union on Sept. 1 became Lusitania Savings Bank. But so far the first credit union ever to convert to a mutual savings bank hasn't had a chance to catch...
Vermont Banks to Bolster Development Authority
At least 17 Vermont banks have agreed to lend up to $10 million to recapitalize the state's overburdened economic development authority while state officials search for a permanent solution. A significant rise in loan demand during the past two years...
Wells Fargo's Trust Business Could Use Merger Boost
A takeover of First Interstate Bancorp by Wells Fargo & Co. would boost the aggressor's shrinking money management business. Wells Fargo had $184.8 billion in discretionary trust assets under management in 1994, but about $171 billion of that resides...
Wells Scores a Hit with No-Brainer Funds
At Wells Fargo & Co., customers are beating a path toward retirement. Investors are embracing the San Francisco banking company's LifePath Funds - and their unique asset-allocation strategies - as a logical way to meet financial needs over periods...