First Chicago's card bank opens 10 millionth account.

December 21, 1993, 2:00 a.m. EST 1 Min Read

First Chicago Corp.'s credit card bank recently opened its 10 millionth card member account and passed $10 billion of balances.

Scott P. Marks, chairman and chief executive of FCC National Bank, said its First Card MasterCard and Visa volume has been running 35% ahead of 1992 levels.

Mr. Marks said he expects the credit card unit to set earnings records in 1993 and 1994.

American Banker ranked First Chicago Corp. sixth among card lenders at the end of the first quarter, when it had $8.7 billion of balances.

MORE FROM AMERICAN BANKER

Commercial banking

CRE focus 'unsustainable,' Valley National CEO says in strategy shift

The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.

By John Reosti

53m ago
Cryptocurrency

Anchorage Digital debuts crypto settlement network

The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.

By Frank Gargano

3h ago
Payments

Bread Financial 'feverishly' preps for CFPB late-fee rule scenarios

Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.

By Kate Fitzgerald

5h ago
Artificial intelligence

Banks don't talk about the energy AI guzzles. Here's why they should.

Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.

By Penny Crosman

5h ago
Regulation and compliance

FDIC board debates, then withdraws asset manager control proposals

The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.

By Ebrima Santos Sanneh

6h ago
Regulation and compliance

Why Texas has its own account with the Federal Reserve

The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?

By Kyle Campbell

7h ago