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. 164, No. 158, August 18

Amsouth Taps CFO to Clean Up 1st American Ills
Amsouth Bancorp. has named Sloan Gibson to oversee its Tennessee, Mississippi, and Louisiana banking markets pending the completion of its planned merger with First American Corp. this fall. Analysts said Amsouth chose Mr. Gibson because the Birmingham,...
Bank of N.Y. Buying-Oriented Manager
Bank of New York Co. said Tuesday that it has agreed to buy a small New York-based asset management firm. The deal for Estabrook Capital Management Inc. would allow the $67 billion-asset banking company to offer a wider range of value-oriented equity...
Bank Stocks Rise 2.8% on Positive Price Inflation Data
Cheery views of the government's latest consumer price report sent bank stocks soaring Tuesday. The Standard & Poor's bank stock index rose 2.8%, outpacing the Dow Jones industrial average, which was up 0.64%. The banks were helped by what...
Check Volume Keeps Rising, but Who's Counting?
Despite repeated predictions of their downfall, checks continue to be written in the United States in ever-growing numbers, research indicates. Estimated yearly volumes range from 65 billion to 70 billion items. That makes checks and their longevity...
Community Banks Gain a Troubleshooter at OCC
WASHINGTON - During his 25 years examining community banks, Stuart A. Scherer heard his fair share of complaints from bankers. Some guidelines were hard to follow, others too expensive to track. Now he has the opportunity to address those concerns....
Dain Rauscher Signs Two from Van Kasper; Morgan and TIAA-CREF Also Hire Analysts
As positions in banking research open up, bank analysts are on the move. Joseph K. Morford 3d and Jeffrey T. Runnfeldt joined San Francisco's Dain Rauscher Wessels banking team on Aug. 5. The two worked together for a year and a half at First Security...
Docket: Bank Trustees Win Appeal in Clean-Up
Bank trustees facing environmental liability lawsuits won another big case last week when a federal appeals court strengthened an already favorable lower court ruling. The U.S. Court of Appeals for the 11th Circuit said on Aug. 11 that banks are...
Doors Opening for Cryptographic Key-Maker
Selling a device that competes against smart cards, and through other hardware and software that seems tailor-made for the Internet commerce boom, Rainbow Technologies Inc. is showing signs of emerging from years of data-security obscurity. The...
Fed Rate Hikes Predicted for Next Week and October
No, traders, inflation is not under control, say some economists. Unlike many investors who were buoyed by Tuesday's consumer price figures, a number of economists say they expect the Federal Reserve to raise interest rates not only this month but...
First USA's Chief Executive Adds to His Power Base at Bank One
Richard W. Vague, the chief executive officer of Bank One Corp.'s fast-rising First USA subsidiary, is consolidating his consumer banking responsibilities -- and his own rising-star status within the parent company. In the latest indication of Mr....
Group: Writedown Shows Need to Restrain Freddie
FM Watch, the coalition of major lenders and mortgage insurers formed to confine Fannie Mae and Freddie Mac to the secondary mortgage market, said Freddie Mac's second-quarter earnings included a $1 billion writedown that could prove harmful for taxpayers....
Home Equity: Subprime Lenders Scrambling to Conserve Cash
There may be alternative strategies for subprime companies in trouble -- as more and more begin to go bankrupt or shrink their portfolios. On Friday, Ocwen Financial Corp. said it would service 17,660 of Southern Pacific Funding Corp.'s subprime...
PNC Counting on Internet as Consumer Loan Source
PNC Bank Corp. said it expects to originate 25% of its consumer loans on the Internet over the next two years. Since May, Pittsburgh-based PNC has been using software from American Management Systems to automatically approve or deny consumer loan...
Reform Bill Push Losing Its Momentum, but Insiders Say It's Too Early for Alarm
WASHINGTON - Financial reform's sprint-like pace has slowed to a crawl in the hot Washington summer, but lobbyists say that they are not alarmed -- yet. After the Senate approved financial reform this spring and the House followed suit before...
Rightist Christian Group Rejects Mellon Service Offer
Apparently bowing to pressure from a conservative Christian group with which it originally refused to do business, Mellon Bank Corp. said Tuesday that it would be willing to manage some of the assets of Focus on the Family. But the Colorado Springs...
SET Protocol Has Potential in Latin America, Study Says
A recent Boston Consulting Group study provided some confirmation about what makes North American credit card customers different in their attitudes toward Internet security. They are simply not as concerned as -- or have built up higher levels...
Today's News
WASHINGTON BANK TRUSTEES facing environmental liability lawsuits won another big case when a federal appeals court strengthened an already favorable lower court ruling. Page 2 NATIONAL/GLOBAL REVERSING ITSELF, Mellon said it would be willing...
Two Southeastern Banks Are Selling Servicing Portfolios
Colonial Bancgroup of Montgomery, Ala., has put its mortgage unit on the block, servicing brokers and investment bankers say. Meanwhile, First American Corp. of Nashville is selling its $5 billion portfolio of servicing rights on loans it services...
Under a Cloud on Wall St., First Union Bond Yields Up
First Union Corp., facing Wall Street skepticism, has had to pay investors a hefty premium on its $350 million of bonds that started trading on Tuesday, analysts said. The Charlotte, N.C., banking company priced the five-year bonds on Monday at...
U.S. Bancorp Shuffles Execs to Put Emphasis on Customer Service
U.S. Bancorp announced a raft of key appointments Tuesday that are designed to make its organization more customer-focused. Topping the list of promoted executives is 46-year-old Daniel W. Yohannes, who was named head of the $77.4 billion-asset...