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. 163, No. 12, January 20

Action in Junk Bond Market Resumes as 8 Issues Are Priced
Junk bond issuance began to stir last week as issuers and investors picked up where they had left off before the holiday season. At least eight new high-yield issues had priced by Thursday. And underwriters were predicting that the market would shortly...
Amid Refi Boom, Banks Wary of Mortgage-Backeds
As refinancings of home loans surge, banks are turning decidedly cautious on investing in mortgage-backed securities. The industry is starting to pull back from the instruments after boosting its holdings by nearly 10% in the 12 months through Sept....
Analyst Dismisses Investor Jitters on 1st Union
Investors' anxiety about First Union Corp.'s recent acquisition is unwarranted, according to an SBC Warburg Dillon Read Inc. analyst. In a recent report, bank analyst Anthony R. Davis said that investors have become skittish about First Union because...
Banks's Images Suffers If Staff Too Casual in Dress, Manner
Few things burn me more than the telephone solicitor who calls me "Paul" in his first sentence. I was raised to call people by their last names until asked to do otherwise, out of respect for them, and I still do. I also resent it when I call some banker...
Colo. Bankers Decry Credit Unions' Plans
Some Colorado community bankers are upset over two credit unions' plans to expand in the Denver and Colorado Springs metropolitan areas. Bellco First Federal Credit Union of Greenwood Village applied last month to change from an employment-based charter...
Conn. Bank to Offer Credit to Korean Exporters
A Connecticut bank that specializes in lending to small and midsize manufacturing companies is trying to capitalize on South Korea's economic turmoil. First National Bank of New England will begin offering trade financing in February to Korean manufacturers...
Credit Card Loyalty Points Seen as 'Near Money.'
Oscar W. Jenkins, a British Internet entrepreneur, sees money in loyalty programs. Mr. Jenkins, founder and marketing director of Uptime Group of London, says he sees loyalty points-things like frequent-flier miles-as not only a potential electronic...
Fla. Thrift Uses Call Center to Boost Branch Business
Equipped with telephones, computers, and fax machines, nine Bank Atlantic Bancorp. employees are calling customers to promote the thrift's small-business products. Bank Atlantic, a $2.7 billion-asset thrift in Fort Lauderdale, Fla., set up a bare-bones...
Former TRW Unit Has New Name, New Life
For years, the name TRW was synonymous with credit reports. But in 1996, that changed. TRW Inc., the defense, space, and automotive conglomerate, spun off its credit bureau subsidiary to a team of Boston- based investment firms. Seven weeks later, those...
GOP Chiefs Plan Wall St.Trip to Save Reform Bill
Lawmakers will travel to Wall Street Wednesday in a last-ditch effort to rally the heads of the nation's largest financial services firms behind foundering reform legislation. Merrill Lynch & Co. is to host a luncheon at its headquarters with key...
Greenspan: Minority Businesses Need More Financing Options
Reiterating his call to corporate America to pay greater attention to people of color, Federal Reserve Board Chairman Alan Greenspan said Friday that minority business owners must have greater access to equity financing. Mr. Greenspan, speaking at a...
Harland Battered as Board Ousts CEO
Shares of John Harland Co. took a beating last week on word that the company's chairman and chief executive officer, Robert Amman, has resigned. Atlanta-based Harland is a 75-year-old company best known as the nation's No. 2 check printer (behind Deluxe...
IRS Strikes Mortal Blow to FDIC-Insured Annuity
New Internal Revenue Service regulations have delivered a coup de grace to a bank annuity product called the Retirement CD. The certificate of deposit has been the subject of intense debate between banks and insurance companies since it was created...
Ludwig Gets Bankers' Credit for Helping Modernize Industry
When Eugene A. Ludwig steps down as comptroller of the currency in April, he will leave behind a legacy of expanded bank powers, unprecedented industry strength, and record profits. But despite the high praise he gets from bankers today, Mr. Ludwig...
Mellon Taps New Management Team; McGuinn Is No. 1 and Condron No. 2
Mellon Bank Corp. picked its new generation of top managers on Friday, ending a long-running succession drama that in recent months has fueled speculation about the bank's ability to remain independent. Vice chairman Martin G. McGuinn, 55, will succeed...
Oppenheimer Leading the Way to Reexamine Specialty Lenders
Specialty finance companies are being subjected to the equivalent of a head-to-toe physical as Wall Street scrambles to reevaluate these volatile lenders. High-profile writedowns in recent months have burned investors and analysts to the point where...
Philly Politicians, Public Seeing Red at 1st Union Deal to Buy CoreStates
Scattered political and shareholder opposition to First Union Corp.'s deal to buy CoreStates Financial Corp. is unlikely to stop the merger, but criticism of the $16.6 billion acquisition has grown louder. City politicians in Philadelphia, where CoreStates...
Ruling Re-Ignites Confusion over Yield Spread Premiums
The 11th Circuit's decision last week in Culpepper v. Inland Mortgage Co. demonstrates the continuing uncertainty regarding the circumstances under which the Real Estate Settlement Procedures Act permits yield spread premiums. In this first circuit...
Sales Unit at First Union Specializes in Women's Needs
As director of First Union Corp.'s fledgling Women's Financial Advisory Services unit, Debra Nichols has heard it all. Like the story from the insulted client who was told by her banker to bring her husband in when she wanted to set up an investment...
Small Banks Stepping Up High-LTV Securitizations
Some of the country's smallest banks are using Wall Street as their path into the turbulent specialty finance business. The lenders are writing mortgages for up to 125% of a property's value and then packaging these highly leveraged loans into securities....
Union Planters to Launch Tenn. Payroll Trial
Union Planters Corp. will test a direct-deposit payroll system next month for businesses whose employees do not have checking accounts. Ron Alsbrook, Union Planters senior vice president for small-business, said the bank will process the businesses'...
Will Consumer Spending Push Economy Down?
The biggest question about the nation's economy right now is whether consumer spending will rebound yet again or has already peaked in this business cycle. The issue was highlighted when the government reported that consumer installment credit outstanding...