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. 162, No. 215, November 6

Afraid of Grinch Image, N.D. Bank Delays Buying Banc One Branches till after Holidays
Community First Bankshares said it will delay closing its purchase of 37 Banc One Corp. branches so it doesn't anger customers before the December holidays. Fargo, N.D.-based Community First was scheduled to close the $38 million deal in mid-December....
A Liberal Democrat with Bank Constituents: New York's Maloney Speaks Up for Financial Industry, Is Tough on Fed
Rep. Carolyn Maloney is an unlikely banking industry ally. The New York Democrat is a member of the House Banking Committee's core of liberal Democrats-a group noted for boosting bankers' community lending and consumer protection obligations. Rep....
AMEX Offers Free Service at Canadian Web Site for Corporate Travel Managers
American Express Co. has begun using the Internet to attract corporate card clients. Through a service called "benchmarker" on American Express' Canadian Web site (www.americanexpress.com/canada), executives who manage corporate travel expenses can...
Bank Aims Technology at Unbanked,(Banco Popular of Puerto Rico)
Banco Popular of Puerto Rico recently launched two electronic services designed for the unbanked. The flagship unit of Popular Inc. has begun offering an all- electronic savings account and a money transfer service that use debit cards and automated...
Bank-Money Manager Deals Seen Helping Get Rich Clients
The spate of bank acquisitions of money managers announced this week demonstrates the continued appeal of adding investment clients in single swoops. Wilmington Trust Corp. said Tuesday that it will take a 24% stake in Cramer Rosenthal McGlynn, a New...
Charter One Chairman: With Market Hot, There's Pressure to Jump into Takeover Deals
The chairman of Charter One Financial, Charles John Koch, says his company is under pressure to buy another bank or thrift within a year. He said sellers are pressing potential buyers, like Charter One, to buy quickly-while the market is still strong....
Dormant-Account Feud: Kentucky Says Banks Are Short-Changing
Unclaimed funds in bank accounts, at least a minor headache for bankers all over the country, have begun causing acute political pain in Kentucky. State Treasurer John Kennedy Hamilton has hired an auditing firm to examine the records of hundreds of...
EDS to Use Verifone Internet Payment Technology
Hewlett-Packard Co. and its Verifone division have brought yet another high-tech ally into their electronic commerce axis. They said Electronic Data Systems Corp. will be combining its computer service and outsourcing capability with HP-Verifone technology...
Fed Says Rules to Combat Money-Laundering Will Be Unveiled Early Next Year
Much-anticipated and long-delayed rules governing how banks verify the identity of their customers will be proposed early next year, a Federal Reserve Board official said Wednesday. Richard A. Small, the Fed's anti-money laundering expert, asked anxious...
Fed's Proposal Would Ease Bank Reserve Requirements
Seeking to reduce the volatility of short-term interest rates, the Federal Reserve Board on Wednesday proposed making it easier for banks to meet reserve requirements. Under the Fed's plan, banks would use deposit figures that are 17 days old to compute...
First Chicago Organizes $45M Loan for Chinese Shipping Company
In the latest in a growing number of syndicated financings for Chinese corporations, First Chicago NBD Corp. has arranged a $45 million loan for China Ocean Shipping Co., the Chinese state-owned shipping corporation. Paul S. Muther, managing director...
Future of Cardless Advanta a Puzzler; Deal with Fleet Leaves Analysts Scratching Their Heads
What are the prospects for Advanta Corp. now that it has agreed to sell its credit card business to Fleet Financial Group? What is its remaining business worth? There's really no way to know. Wall Street analysts say Advanta's future, unclear since...
GE Unit Buying Australia's Mortgage Insurance Agency
GE Capital Services has agreed to buy Housing Loans Insurance Corp. Ltd., Australia's largest mortgage insurer, from the Australian government. It would be third foreign operation for GE Capital Mortgage Insurance, a subsidiary of GE Capital Services....
Goldman Leads High-Stakes Casino Financing
Undaunted by skeptics, Goldman Sachs & Co. is about to plunge into the high-stakes world of casino financing. The Wall Street titan is putting together a package of high- yield bonds and a bank loan, totaling $670 million, to fund construction of...
Huntington Says Shift from Brokered Loans Paying off in Quality
Nearly a year after it moved to reduce its reliance on brokers to book loans, Huntington Mortgage Co. is moving full speed ahead. Nearly 70% of the Columbus, Ohio, lender's loan closings in 1997 have come from the retail channel rather than third-party...
IBAA Gets Comptroller's Nod to Set Up a Credit Card Bank
The Independent Bankers Association of America has received approval from the Office of the Comptroller of the Currency to charter a credit card bank. TCM Bank is designed for banks too small to fund and service their own card portfolios, said Linda...
Leveraged Loans Seen Continuing Record Pace through 4th Quarter
In spite of the stock market's recent volatility, new leveraged loans continue to come to market, with at least $2 billion of new credits starting syndication this week and early next week. Leveraged lenders also foresee a steady flow of deals through...
MasterCard Interchange Fee to Rise in '98, as Will Visa's
MasterCard International has followed Visa U.S.A.'s lead in announcing a rise in interchange rates. Effective next April, MasterCard will raise its basic rate, a crucial aspect of credit card pricing, by 4.5%. On a retail purchase, the merchant bank...
Nervous Bulls Meet at Roundtable: Banks Seen Unready for Next Dip in Business Cycle
When bank stocks were shaken from their lofty valuations Oct. 27, bank analysts at this quarter's analysts roundtable were already predicting the tremors. Banks appear to be ill-prepared for the inevitable downturn in the business cycle, say analysts...
Political Games Blocking Financial Reform Have Gone on Long Enough
"Politics aside, how do you feel about interstate banking?" I asked. It was 1979, and I was a relatively new board member of the Federal Deposit Insurance Corp. I was chatting with the chairman of the FDIC, who had years of Washington experience. He...
Small Businesses Hold Keys to Future Banking by Personal Computer
Students of the small business market know that entrepreneurs' buying practices more closely resemble those of consumers than of corporate enterprises. It should come as no surprise, then, that the same holds true for the adoption of PC banking. Data...
Smart Card System Set Up in Mo. Sports Arena
Four companies have worked together to install a smart card system at Kiel Center, the home of the St. Louis Blues hockey team. Precis Smart Card Systems Inc., Gemplus Group, Verifone Inc., and Tangent Associates, a provider of point of sale systems,...
SouthTrust, Star Banc Get Goldman Seal of Approval
Shares of SouthTrust Corp. and Star Banc Corp. gained a place Wednesday on Goldman, Sachs & Co.'s widely watched "recommended list." After the up-grades from "market outperform," Birmingham, Ala.-based SouthTrust's shares gained $1.9375, to $51.75,...
State St. Plans 'Pre-Emerging Markets' Fund
Despite recent volatility in emerging markets, State Street Global Advisors is gearing up to launch a common trust fund of stocks in "pre-emerging markets." The fund will offer institutional investors the opportunity to track stocks listed in Botswana,...
U.S. Bankers in Asia See Opportunity in Turmoil
The upheaval in Asian financial markets has done little to undercut the optimism of U.S. bankers in the region. Though they acknowledged the downside of loan exposures and a possible slowdown in credit demand, they said the hazards are outweighed by...