Today's News

April 23, 1999, 1:00 a.m. EDT 1 Min Read

NATIONAL/GLOBAL

PNC's earnings rose 21% in the first quarter, aided by gains in several consumer-oriented businesses. Profits were up 24% at Unionbancal and 25% at Zions of Utah. Page 3

Banks need to find experienced partners if they want a piece of the consumer finance business in emerging markets, according to a study. Page 5

COMMUNITY/REGIONAL

First National Bank in New Hampton, Iowa, sprang into action when the manufactured-housing market near Cedar Rapids took off. Page 6

Activist investor Seymour Holtzman lost long-odds battles to force the sale of two mutual holding companies in the Northeast. Page 7

MORTGAGES

Securities backed by mortgages made in Israel may be the next investment products to hit the secondary market. Page 8

WASHINGTON

The Senate confirmed Gary S. Gensler as the Treasury Department's top banking policymaker. His nomination had been stalled since January by Sen. Strom Thurmond, who had a beef with the Treasury about wine bottle labels. Mr. Gensler is an ex-Goldman Sachs partner who joined the Treasury two years ago. Page 2

INVESTMENT PRODUCTS

Bankers attending an insurance conference were told, "Clients don't want to be sold. They want to be advised." Page 9

A bid to increase mutual fund sales through banks has fallen by the wayside as the bull market fuels sales across the board. Page 9

CARDS

IVI Checkmate of Atlanta bought DataCard's financial services division. Page 10

DIGITAL FRONTIERS

The new president and chief executive officer of Transpoint faces plenty of challenges. But Lewis Levin says launch is "imminent" for the electronic bill presentment venture. Page 12

TECHNOLOGY

Nacha approved a rule for converting checks written at the point of sale into electronic debit items. It could apply to about 25% of all checks. Page 13

MARKETS

Deutsche Bank's deal for Bankers Trust won the approval of the European Union. Back page

regional bank shares failed to advance sharply with other stocks, and two companies - Bank One and Huntington of Ohio - were downgraded. Back page

For reprint and licensing requests for this article, click here.

TRENDING

Payments

American Express' consumer spending thrives, but small business lags

Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.

36m ago
Politics and policy

Is the Fed board eroding regional Fed banks' independence?

For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.

By Kyle Campbell

1h ago
Industry News

A love for data jump-started the career of Citizens' chief experience officer: The Climb

Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.

By Mary Ellen Egan

3h ago

MORE FROM AMERICAN BANKER

Payments

American Express' consumer spending thrives, but small business lags

Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.

36m ago
Politics and policy

Is the Fed board eroding regional Fed banks' independence?

For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.

By Kyle Campbell

1h ago
Industry News

A love for data jump-started the career of Citizens' chief experience officer: The Climb

Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.

By Mary Ellen Egan

3h ago
Earnings

Key is downbeat on U.S. economy, upbeat on its own outlook

The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.

By John Reosti

April 18
Commercial lending

Texas Capital reports 53% jump in criticized loans, plans for more

The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.

By Allissa Kline

April 18
Earnings

How loan-hungry Ally is preparing for the Fed's upcoming speed limit

The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.

By Polo Rocha

April 18