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. 186, September 28

32% of Customers Found to Still Have Y2K Jitters
Nearly a third of U.S. consumers are concerned about the year-2000 readiness of financial services providers, and many more than that are looking for specific assurances on the safety of their accounts, according to a survey by the research firm PSI...
Bankers Urged to Test Borrowers' Resilience in Case of a Downturn
WASHINGTON - Federal Reserve Bank Governor Laurence H. Meyer on Monday urged bankers to stress-test credits vigorously to see whether borrowers could withstand the reduction in operating revenue an economic downturn would bring. "Lenders are...
Bank of N.Y. Money-Laundering Probe Beginning to Take a Toll on Share Price
Investors in Bank of New York Co. are starting to show signs of nervousness over the company's involvement in a money-laundering investigation. Shares have dropped 6.8% since Wednesday, when Thomas A. Renyi, the chairman and chief executive officer,...
Banks Vow to Foreclose If Ecuador Misses Payment
WASHINGTON - Banking companies will move to seize the collateral backing Ecuador's foreign bonds if that country defaults on $93.5 million of interest payments due today, bankers here warned over the weekend. Bankers and finance officials attending...
Banks Warn Higher Capital Requirements Could Hinder Emerging-Markets Lending
WASHINGTON - Efforts to raise capital requirements on cross-border lending could backfire, reducing capital flows and increasing borrowing costs in emerging markets, bankers attending the annual meetings of the World Bank and International Monetary...
Commercial Real Estate: Hotel Profit Drop Seen but No Major Debt Defaults
The average U.S. hotel will suffer a 1.6% decline in operating profits this year, the first decline since 1991, a prominent hospitality research firm has projected. PKF Consulting of San Francisco forecasts that a combination of declining occupancy...
Consortium's 'Fast' Move Aims to Solve E-Commerce Riddle
A banking industry interest group is getting ready to tackle one of the persisting perplexities of electronic commerce. The Financial Services Technology Consortium, a mostly big-bank group that in recent years helped educate the industry about...
Fidelity Investments Revamps Its Trading Site
In a bid to become the leading on-line brokerage, Fidelity Investments relaunched its trading site on Monday with a slew of new services, a new brand name, and an advertising agreement with the Internet portal Lycos Inc. The site, called Powerstreet,...
Insurance: Bank One Pares Annuities Menu, Revises Offerings
Bank One Corp. has trimmed its annuity lineup a year after its merger with First Chicago NBD left it with 20 fixed and variable annuities on its menu. "That's too many," said Tina Haza, vice president and product manager of annuities and investment...
N.J. Lawmaker Offers a Deal to End Treasury-Fed Turf War
WASHINGTON - Trying to jump-start financial reform legislation, Rep. Marge Roukema has offered a compromise to end the turf war between the Federal Reserve and the Treasury Department over bank powers. "If we are to get a bill, we must compromise...
Officials Urge System to Curb Currency Swings @sh#Experts at IMF Meeting Propose Central Fund to Stabilize Foreign Exchange
WASHINGTON - The debate on a new global financial architecture took on a new twist at the 54th annual meeting of the World Bank and International Monetary Fund here this week, as senior finance officials and some bankers proposed introducing a system...
Reader's Digest in Deals to Sell Financial Products
Reader's Digest Association Inc. has added itself to the roster of nonbank companies that are trying to do business in personal finance. The 79-year-old publishing company and direct marketer, best known for its mass-market magazine, announced deals...
Rite Aid Chain Called Close to Refinancing $1.3B Credit
Analysts say Rite Aid Corp. may be close to an agreement with lenders for restructuring a $1.3 billion credit line that backs up its commercial paper program. The agreement, ironed out in talks last Friday, would roll over an undisclosed amount...
Rivals Clean Up on Deposits of Failed W. Virginia Bank
KEYSTONE, W.Va. - The failure of First National Bank of Keystone has been a boon to the other community banks in southern West Virginia. In the weeks since the Office of the Comptroller of the Currency closed First National, depositors have stormed...
Slowdown in Refinancings Putting Pressure on E-Loan
Some would say it's all about servicing when you want to make money in the mortgage industry. Lenders, including Countrywide Credit Industries in its latest operations release, have said that they are counting on servicing revenues to pull them...
Small-Business Push Scoring Points for Ill.'s First Midwest
First Midwest Bancorp's foray into the suburban Chicago small-business market has piqued the interest of Goldman Sachs & Co. The Itaska, Ill., banking company "has carved a niche as the local provider of community banking services to small and...
Sovereign Needs $500M to Close Fleet Branch Deal
Sovereign Bancorp has disclosed that it needs to raise $500 million in capital to back its planned purchase of 278 New England branches from Fleet Financial Group and BankBoston Corp. If Sovereign cannot raise the funds by Dec. 15, the deal could...
Today's News
WASHINGTON A FEDERAL RESERVE governor urged bankers to vigorously test credits to see whether borrowers could withstand an economic downturn. Page 2 REP. MARGE ROUKEMA has offered a compromise to end the turf war between the Fed and Treasury...
Wall Street Watch: Less Reliant on 3d Parties, Lender Gets Ratings Boost
Advanta Mortgage is improving the credit quality of its loans by taking more control over underwriting of subprime mortgages, Moody's Investors Service said in a recent report. Advanta's loan pools "have performed better than average for the subprime...
Weekly Advisers: For Banks, Class Actions Have Become a Fact of Life
One feature of the legal system that often affects banks is the class action. Class actions let people sue as a class if all have the same claim, and the court awards the lawyers their fee from the defendant as part of the settlement. An offshoot...
Worlds Views: Global Capital, Forex Controls Are Making Tentative Comeback
Capital and foreign exchange controls, long discredited as enemies of free trade and economic growth, are coming back. Economic analysts and some senior finance officials are toying with the idea that controls on flows of capital into emerging markets...