LendingTree Opens $40M Ad Campaign
CHARLOTTE, N.C. - LendingTree Inc., an on-line loan marketplace, has begun a $40 million advertising campaign.The ads illustrate the tagline, "When banks compete, you win," and are being run on television and radio and in print.
One television spot shows bankers waiting in the hallway outside a family kitchen as the homeowners call in one lender at a time and scoff at their offers.
In another spot, an applicant pleads with a loan officer for a lower interest rate. The applicant is then shown hoping the banker will make a better offer to avoid being rejected.
People can apply for credit cards, home equity loans, mortgages, and personal loans at LendingTree's Web site. Within 24 hours, qualified applicants get up to four loan offers from different banks and can then choose the best one. LendingTree also gives its lenders marketplace data, enabling them to refine and improve their Internet lending strategies and compete more effectively.
Last week LendingTree announced the addition of PeopleFirst.com, an on-line auto lender, as its 101st company competing for customers.
Citi to Buy Wis. Company's $130M Portfolio
NEW YORK - Associated Banc-Corp. announced that it has agreed to sell its $130 million credit card portfolio to Citibank.Under the agreement, Citigroup's banking subsidiary is to keep issuing cards in Associated's name to the Green Bay, Wis., company's customers. Associated has 300,000 cardholders.
The agreement is expected to let Citibank build relationships with Associated's customers in Wisconsin, Illinois, and Minnesota.
The transaction is expected to close in the second quarter. Associated said it expects to recognize a gain of about $12 million upon closing. Robert C. Gallagher, president and chief operating officer of Associated, said "the alliance announced today allows us to maximize the value of our card business."
"It will bring many benefits to our customers, while shareholders will benefit as proceeds from the transaction become available for reinvestment."
Mellon Unveils Card for Corporate Use
PITTSBURGH - Mellon Financial Corp. has come out with a corporate card program that lets companies and government agencies consolidate individual credit card purchasing and travel, entertainment, and fleet expenses onto one card.Called the Mellon multi card, the product combines functions of separate credit card programs on a single card, with one monthly invoice and reconciliation process.
The program lets companies set different authorization parameters for different merchant categories. The multi card comes only as a MasterCard, the company said.
Star Hires Veteran Exec for Development Job
MAITLAND, Fla. - Ronald J. Patterson has joined Star Systems Inc. as executive vice president for product development. With more than 33 years in banking, Mr. Patterson will oversee product initiatives at Star, including check electronification and the use of debit cards on the Internet.Mr. Patterson joined Star from Bank One Corp., where he was a senior vice president and oversaw national operations for electronic delivery systems. Previously he was senior vice president of retail administration at Bank One Texas, overseeing automated teller machine product management, telebanking centers, branch automation, and branch operations.
The Star Network processes more than two billion transactions a year, nearly $50 billion of volume, through 470,000 participating ATMs and merchant sites.
