Newspaper article THE JOURNAL RECORD

Survey Suggest Competition May Halve Bank Population

Newspaper article THE JOURNAL RECORD

Survey Suggest Competition May Halve Bank Population

Article excerpt

NEW YORK (AP) _ Competition could halve the number of banks by the year 2000, according to a survey of bank and savings and loan chief executive officers issued Monday. The 13,000 institutions will dwindle to between 6,000 and 9,000, said the KPMG Peat Marwick LLP report. But 75 percent of respondents said they expect their institution to survive by buying banks in their state, and 50 percent said they could endure by making purchases in bordering states, the study said.

Fewer than one-fifth of the 660 respondents want to buy in distant states, which will lead to a division in the industry, with diversified banks at one end and community banks at the other, said Steven Roberts, a Peat Marwick partner. The international accounting and consulting firm sent the surveys about interstate banking, community reinvestment and fair lending to 1,300 domestic and foreign bank and thrift executives across the country. Major Investor Might Help Effort to Acquire Big O

WASHINGTON _ Major stockholders in Big O Tires Inc. have suggested they may be willing to help a group of Big O dealers and managers in an effort to take over the firm. In a recent filing with the Securities and Exchange Commission, a group led by Kenneth W. Pavia Sr. and his Balboa Investment Group LP said they are discussing the possibility of selling their stake to the Big O management-dealer group in connection with the possible acquisition. Pavia, a Newport Beach, Calif-based investor, and Balboa control about 9 percent of Big O stock. The management-dealer group dropped its $61 million offer for the Englewood, Colo.-based tire retailer last month but said it might consider another offer later. Hertz to Buy 520,000 Vehicles for Fleet

PARK RIDGE, N.J. _ Hertz Corp. said Monday it plans to spend $10.2 billion in 1995 to buy more than 520,000 vehicles for its rental fleet. The company, a Park Ridge, N.J.-based subsidiary of Ford Motor Co., said the purchase is the largest in its 77-year history. Hertz's previous high, set last year, was about 420,000 cars. About 305,000 of the new vehicles will be registered and rented in the United States. First Union to Launch `Smart Cards' in Atlanta

ATLANTA _ First Union Corp. plans to issue 1 million "smart cards" that Atlanta area consumers can use for bank transactions, retail purchases, phone calls, public transportation and other activities. More than 5,000 retail outlets will be equipped before the 1996 Atlanta Olympics with terminals that accept the cards, the Charlotte, N.C.-based bank said Monday. The electronic cards will act as both credit and debit cards that can charge to or draw on a variety of accounts. The cards will be available beginning in September. First Union is working with Visa, BellSouth Corp., automatic teller machine manufacturer Diebold Inc. and marketing partner Schlumberger to introduce the service. Survey Suggests Exporters Grow Faster, Are More Productive

NEW YORK _ U.S. companies that export are growing faster and are more productive than their counterparts that operate only in this country, said a survey released Monday. Exporters had 21 percent higher revenue than domesticoriented counterparts, said the survey by Coopers Lybrand of 428 "fast-growing" companies. Exporters predict a 35-percent growth rate over the next year, compared to 25 percent among domestic-only firms, the report said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed


An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.