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. 223, November 19

1st Union Loan Site: Human Touch and Zippy Approval
First Union Corp. has introduced a real-time service for approving mortgage loans on-line that incorporates a human touch. Once loan requests are submitted over the Internet, customer service representatives call applicants to make sure they understand...
As Conti's Loss Rises, Its Stock Sinks below NYSE Minimums
Contifinancial Corp. averted bankruptcy in August, but its troubles continue. The New York home equity lender said this week that it lost $333.7 million, or $7.18 per share, in its fiscal second quarter, which ended Sept. 30. During the same period...
ATM Surcharge Battle Headed for High Court?
The swelling national debate over the legality of automated teller machine surcharges raises jurisdictional issues among states, courts, and federal regulators that could take years to sort out -- and could end up in the U.S. Supreme Court, legal experts...
Banks Brace for Next Y2K Test: A Disaster Movie
It's only a movie. That's what the bank industry, from community bankers to national trade associations, is urging NBC-TV to tell viewers Sunday night during its much-hyped broadcast of the disaster film "Y2K: The Movie." In the film, a computer...
By Michelle J. White
Though the economy is strong and unemployment is low, about 1.4% of all U.S. households filed for bankruptcy last year. Why? Because many households have a financial incentive to do so. This incentive exists when the value of debts erasable in bankruptcy...
Capital Briefs: Gallup Survey: Fewer Customers Expecting Year-2000 Problems
WASHINGTON - The percentage of bank account holders who expect year-2000 disruptions has dwindled in recent months, federal regulators said Thursday. Only 17% of the 1,400 bank customers surveyed last month by the Gallup Organization said automated...
Chase Has Novel Plan to Head off Post-Deal Exodus
Having watched competitors get burned after acquisitions, Chase Manhattan Corp. has turned to an unusual vesting arrangement to discourage key employees of Hambrecht & Quist Group from leaving the investment bank. Daniel H. Case 3d, chairman...
Comment: Reform Law and Privacy: A Road MapBy L. RICHARD FISCHER and CLARKE DRYDEN CAMPER
It is no exaggeration to say that the Financial Services Modernization Act of 1999, the Gramm-Leach-Bliley Act, contains the most comprehensive federal privacy legislation in history. In the words of House Banking Committee Chairman Jim Leach, the...
Cost-Cutting Exec Promoted to No. 2 Spot at Huntington
Moving to clear up questions about its succession plans, Huntington Bancshares said Thursday that it has named Peter E. Geier to the No. 2 job of president and chief operating officer. Mr. Geier, 42, is a 15-year veteran of the banking company who...
Credit Unions to Be Polled on Service to the Poor
WASHINGTON - The National Credit Union Administration voted Thursday to survey credit unions about their efforts to serve the poor. Board Member Yolanda T. Wheat, who proposed the voluntary survey, said she hopes it will resolve the question...
Debate over ATM Fees Flaring Up in Congress
The fight over automated teller machine fees moved to the national stage on Thursday, with a pair of U.S. representatives pledging to introduce bills this week aimed at curtailing the charges, and several major U.S. banks -- including Fleet Boston...
Equity Lenders Group Joins Call to Limit Fannie, Freddie
The National Home Equity Mortgage Association this week formally joined the parade of groups calling on the government to rein in secondary mortgage market giants Fannie Mae and Freddie Mac. In a policy statement issued Tuesday, the group asked...
Fed Expected to Allow Race-Data Collection
WASHINGTON - The Federal Reserve Board's controversial proposal to let lenders record the race and gender of all potential borrowers has bankers circling the wagons -- again. But the industry's continued opposition is not expected to deter the...
Firm Bets $40M for Banks on Firms with Finance Focus
A fund that targets up-and-coming technology companies has invested almost $40 million of the $200 million it has collected from a slew of financial institutions. Since April, San Francisco-based Financial Technology Ventures has assembled a portfolio...
First Union Brokerage Chief Eyes Higher National Status
The newly appointed chief of First Union Corp.'s brokerage wants nothing short of national recognition for his operation. Daniel J. Ludeman said he sees First Union Securities Brokerage Corp. surpassing well-known names such as Prudential Securities...
Hewlett-Packard Upgrades Security Package for Web Business-to-Business Transactions
Hewlett-Packard Co. announced this week that it has upgraded its popular HP Praesidium VirtualVault security product and cut its price. The HP VirtualVault, used by 120 financial institutions in 24 countries to secure business-to-business transactions,...
L.A.'S Dealmaking Nara Bank Pursues a National Ambition
Now that he has established his institution as a force in Los Angeles' Korean-American community, Benjamin Hong, president and chief executive officer of Nara Bank, has set his sights on the rest of the nation. Last week, $335 million-asset Nara...
Little Fish Is Trying to Make a Big Splash @sh#Chief of Electronic Banking Network in Iowa Making Small Banks Heard
If Iowa were the world, then Dale Dooley would most likely be quietly biding his time, his eye on retirement in a few years. But Iowa is not, and Mr. Dooley, the head of the regional electronic banking network centered there, is making a bit of...
Reporter Notebook: States Expected to Tighten Reform's Privacy Provisions
As some members of Congress continue to voice concern over whether the financial reform bill signed into law last week sufficiently protects consumer privacy, many state legislators have already made up their minds that it does not. State governments...
Texas Fund Company Trying to Tie Fees on Two Mutual Funds to Performance
Aim Management Group is asking shareholders to approve performance-based fees on two of its mutual funds. Levying such fees on its Mid-Cap Opportunities and Small-Cap Opportunities portfolios would let the Houston-based fund company reward managers...
Wells Fargo's Stock Flies High on Analysts' Positive Reviews
Wells Fargo & Co.'s stock is benefiting from rave reviews on Wall Street. On Thursday, for example, when most banks were down, Wells rose almost 1.6%. At the same time, the American Banker index of the 50 largest banking companies declined 0.59%,...