Today's News

WASHINGTON

Bankers at a congressional hearing denied they will exploit the government mandate for electronic payments by gouging the poor and elderly with high fees. Page 2

COMMUNITY BANKING

The homey touch is seen allowing community banks to compete against deeper-pocketed national and regional rivals in a tech-laden future. Page 4

Investors pushing for changes at a Michigan thrift say they've found an ally in a new board candidate at Bank West Financial. Page 4

REGIONAL BANKING

Wachovia's plans for integrating two pending Virginia acquisitions started shaping up when it announced 837 layoffs - and some offsetting job creation. Page 6

With its upcoming purchase of a Connecticut savings bank, North Fork Bancorp hopes to establish a national deposit-gathering model. Page 6

CORPORATE FINANCE

LaSalle National Bank is suing one of its borrowers, charging it with "grossly misrepresenting" its financial condition to get a $115 million loan. Page 8

SunTrust will ask the Federal Reserve within 30 days to 60 days for permission to underwrite corporate debt and equity, according to a senior executive. Page 8

INVESTMENT PRODUCTS

Bessemer Trust and Mellon have beefed up their private banking operations in the booming West Coast market. Page 9

European banks are far more likely than U.S. banks to buy a securities house or asset management firm in this country, a Goldman Sachs executive said. Page 9

CREDIT/DEBIT/ATMs

Ironies abounded at the ABA's bank card conference. Credit card profitability, a big contributor to the banking industry's record earnings in recent years, is dropping like a stone. But only a few speakers cared to mention it. Page 10

The American Bankers Association put more merchant-processing topics into its bank card conference program this year, but not soon enough to stem the growth of a more specialized trade group for merchant servicers. Page 11

TECHNOLOGY

Industry alliances and cooperation among competitors took center stage at the National Electronic Check Presentment Conference. Page 12

text here. Page 12

MARKET MONITOR

Shares of Money Store, United Companies, and Contifinancial have recovered, after a free fall in the subprime sector earlier this year, to prices about 80% of their all-time highs. Page 22

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER