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. 41, March 3

Aetna Plans for Bank Unit Could Cost National Sales Manager His Job(Brief Article)
Aetna Life and Casualty Cos. is moving its bank-distribution business to Hartford, Conn., from Tampa, and that could mean that the man who has led the bank effort will lose the job. Robert K. O'Mara, national sales manager for financial institutions...
Brussels Depository to Launch Real-Time Settlement on June 29(brief Article)
Euroclear, the Brussels-based international depository, will offer real-time settlement as of the settlement date of June 29, officials said last week. By Friday, June 26 at 10 p.m. (Brussels time), participants must designate whether they want their...
Buying Insurance Agencies Pays off for BB&T
Back in 1990, BB&T Corp.'s insurance business looked like a high-priced flop. But instead of throwing in the towel-as many big banks have done-BB&T forged ahead. "We just saw the logic of what we were doing, and kept at it," said John A. Allison,...
Clinton Makes Personal Pitch for a Bigger FHA Program
President Clinton, addressing one of the most contentious issues in mortgage finance, made a personal appeal on Monday to raise the maximum size of home loans insured under a large federal program. In a hastily scheduled appearance before the Mortgage...
Comerica to Reward Staff with $10M in Stock Bonuses for Reaching Profit Goals(Brief Article)
Having achieved its goal of cracking the top 10 among large banks in return on equity for four straight quarters, Comerica Inc. said it would come through with a promised $10 million of stock bonuses for most of its employees. Staff members who worked...
CoreStates Axes Stock Options to Facilitate First Union Deal(Brief Article)
A group of CoreStates Financial Corp. executives who are slated to lose their jobs when the banking company is scheduled to merge with First Union Corp. in April have something else to gripe about: They will not be able to cash in their unvested stock...
'Flexible 125' Loans Should Help Keep High-LTV Market Booming
When brokers get together and discuss last year's hottest products, chances are the conversation is peppered with "high-LTV" and "125s." More than $10 billion of 100%-or-higher loans were expected to be financed in 1997, up from $3 billion in 1996 and...
Funding Suburban Growth with Rural Deposits
Across the street from Gold Banc Corp.'s flagship bank in this booming Kansas City suburb, construction crews are busy building Sprint Corp.'s new world headquarters. Within a few months, 12,000 employees will pass by the bank as they go to and from...
Hewlett-Packard Export of Strong Encryption Allowed by Government(Versecure technology)(Brief Article)
An international data security concept proposed in 1996 by Hewlett- Packard Co. has won U.S. government approval. HP announced Friday that it had obtained the coveted right to export strong forms of data encryption as part of its Versecure technology....
Interchange Fee Increase a Chance to Review Pricing
In April, for the first time since 1991, the credit card acquiring business will have to contend with a comprehensive increase in interchange rates. Beyond the more limited increases of previous April/October interchange seasons, the change this April...
July Enforcement Is Planned for New Portfolio Risk Rule(Brief Article)
The government will adopt a rule June 1 governing bank investments, though compliance will not become mandatory until July, a federal regulator said Sunday. The rule will require banks to evaluate whether securities purchases increase the overall riskiness...
Los Angeles Bank Finds Gold in Immigrant Trade
Li-pei Wu has built Los Angeles-based General Bank by catering to a niche community he knows well. Under the leadership of Mr. Wu, himself a Taiwanese immigrant, General attracts the deposits of Asian immigrants. In his 15 years as chairman of General,...
Massachusetts Thrift Pioneers with 'Virtual' Branch(Brief Article)
Salem (Mass.) Five Cents Bank wanted to grow, but the thrift wasn't ready to commit to the high cost of buying banks or starting branches. So Salem Five turned to the Internet, creating in 1995 a "virtual branch" offering checking accounts and savings...
Morgan Witter Said to Commit Up to $2B to Sunbeam for Buys(Brief Article)
Morgan Stanley, Dean Witter & Co. said it will provide Sunbeam Corp. with up to $2 billion in financing for its planned acquisition of three appliance companies, a Sunbeam executive said Monday. "Morgan has made the commitment and they've been a...
OCC Criticizes Standards of Regulators in Asia Crisis
In the wake of Asia's economic crisis, Comptroller of the Currency Eugene A. Ludwig on Monday criticized the weak standards of many foreign regulators. To protect the international financial system, he called for international agreements that would...
PaineWebber Shares Tumble as Takeover Rumors Subside(Brief Article)
PaineWebber Group Inc.'s shares plummeted more than 7% on Monday as speculation that the company would be acquired cooled down. On Friday, PaineWebber's shares skyrocketed 17% at the end of the day, convincing many that the country's fourth-largest...
Rather Than Purchase, Amsouth Helps Start Up Investment Allies(Brief Article)
Instead of buying investment management firms, Amsouth Bancorp is partnering with them. The Birmingham, Ala.-based $18.6 billion-asset banking company has seeded three new investment firms in the past year, including, last Wednesday, OakBrook Investments,...
Refi Wave Puts Fannie, Freddie between Lenders and Investors
The refinancing wave is putting Fannie Mae and Freddie Mac in an awkward position. While rising loan volume puts pressure on the two agencies to buy more loans from lenders, refinancing has aroused caution on the part of investors who would buy Fannie...
Sales-Averse Executive Changes Course Prospers
David S. Hickman once told his wife that if he had to make his living selling, he'd starve. Years later, the former certified public accountant and now chief executive officer of United Bancorp Inc. spends much of his time peddling trust services and...
Small Banks Thrive on Survival Tactics
There's no such thing as "business as usual" in community banking these days. If a bank is not buying another bank, then it is finding another way to grow - whether by selling insurance, de novo branching, targeting small business customers, or taking...
Temp Agency Uses Diebold to Pay Daily in Cash
A national employment agency has tapped Diebold Inc. to give temporary workers the option of getting paid daily in cash. Labor Ready, a Tacoma, Wash.-based firm that matches skilled and semiskilled laborers with temporary jobs, is buying 450 cash dispensers...
Wang Buys into Banking Services with $390M Deal for Olivetti Unit
Wang Laboratories Inc.'s plan to buy Olivetti SpA's computer services division would give the company a much-desired foothold in the financial services sector. Wang said Monday it would pay $390 million for Olsy, a Spokane, Wash.- based company best...
Zions Unit Leader Savors Digital ID Head Start
Steeped though it may be in a certain religious tradition, Salt Lake City has never seen J. Scott Lowry's brand of brimstone. Mr. Lowry, a former banker and real estate dealmaker and in no way a technologist, literally rode down from the mountains east...