SALT LAKE CITY - (05/17/06) -- The banking community was mourninglast week's passing of Roy Simmons, the 90-year-old founder andformer chairman of Zions Bancorporation, and father of currentZions' chairman Harris Simmons. The passing of his father causedthe younger Simmons, the chief nemesis of credit unions andchairman of the American Bankers Association, to cancel hisscheduled testimony on credit union conversions before the HouseFinancial Services Financial Institution Subcommittee. The elderSimmons and his business partners acquired a controlling interestin Zions First National Bank from the Mormon Church in 1960, thenchanged its name to Zions Bancorporation. By the time he retired in2002 and handed the reigns to his son Harris, Roy Simmons had builtZions into one of the biggest locally owned banks in the west.Zions is well-known among Utah credit unions as the leading backerof legislative efforts to tax credit unions and limit theirmembership, which has been elevated to the national level with thisyear's ascension of Harris Simmons as chairman of the ABA. Withlast year's acquisition of Amegys Bancorp in Texas, Zions now hasmore than $45 billion in assets and 450 offices in 10 westernstates.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24 -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24 -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
April 24