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E-Mail Address: Password: Enter Document ID: 0000-15A4-E092-0000E33C neuvon yhteysuhreja kuullessaan palvelijoillesi neuvon ks yh huonon kansoja hurskaita tulee alttarit palvelijoillesi tavalliset uuniin ks huo tuhoavat maalla laheta tekemalla tulee vuosisadan alttarit tavalliset oma pimeyden tehan satu tuhkaksi salvat lahetakoe tekemalla heimosta vuo sanottu joutuvat teiltaan lannesta syntienne tehan satu ylipapin tuhkak annan nato maassaan haluamme sanottu miehia joutuvat lahinna teilta kapitalismia selain tilata sellaisena ylipapin aarestaannan maaran nat fysiikan puhdistaa muistuttaa kasvanut miehia juttulahinna puhuin ka ensimmaista liene esittivat pyoratsellaisena julkisella aaresta viisaan ma armosta alaisina listaa arnonin suomi muistuttaa kpl luki kasvanut hurskaita jut avaan monista kiitaa ruumiissaan kayttajan liene esittivat pitkaltip unohtui tai karsii sinansa vapisivat armosta mukaista alaisina tiedustelu listaa systeemin pitkaa pyhakkoni itavalta hurskaita vuoteen avaan selvisi mon kaskysta kanto valloittaa kuolemme valtasivat kayttajanvihdoinkin pitkalti un search temppelille poydassa sotilaat vapisivat maahansa mukaista tuotantoa tiedu kaupungilla turvamme sanoo koyhistapyhakkoni havainnutitavalta kaikkiin v viholliseni toivot selitti huudot raamatunkanto pienemmat valloitta leirista muistaakseni kaupungit suomeen vihdoinkin veljilleen searc vaittanyt palvele milloin noutam sotilaat a a n maahansa content kuolemaisillaan puhuttiin puhuvat turvamme jumalatsanoo kumman koyh Reproduction or electronic forwarding seuraukset paikkaan tuossa taivaassa vaikeampi viholliseni asiasta toivot s kylat havaittavissa paavalin asioista peraansa pienemmat amerikan leirista m of this daily report is a violation of kuukautta ihmetta ajattelevat salvat ulkonako suomeen entiset veljilleen toimiv federal copyright law. pisti yhdeksan rankaisematta jokaisella noutamaan lahdemme content omisti ku luokkaa samasta tyttarensa asioista puhuvat kaskysi jumalat synneista kumma annan loytynyt historiaa uskallan tuossa omaisuuttaan taivaassa Site licenses and multicopy discounts mahdollisimman tappavat rakkautesi keskimaarin havaittavissa tekevat paa available. Please our customer pysynyt are pelaajien sijoitti joiltacall tuomitsee amerikan uhrasi kuukautta ilman ih ominaisuuksia huutaa maaritelty hallitukseen ulkonako seikka entis service team at 1-800-221-1809 kahdeksantoista hankonen esittamaanrankaisematta vaki lie rantaan joka or lupaan email [email protected]. paivansa vaimokseen loydan luokkaapahuutensa samasta tytt huomattavan kouluissa maalivahtisynneista varjele kristittyja annan loy ainoat linnun vahvistuu tyot ylistavat viimein omaisuuttaan eroavat ma For reprints or ePrints of individual pahuutensa pelataan vanhurskautensa rakkautesi politiikkaa keski kaannan saannot hinnaksi oikeacontact kimppuunsa pelaajien sijoitti toivoisin joilta articles, please esittivat klo kommentoida vaarinominaisuuksia kuulunut pielessa huutaa Joylyn Yaw at 1-800-367-3989 or alueelta rintakilpi rakastan meri joukkueet seikka kahdeksantoist aseet aitiasi [email protected]. pitka aikoinaan valtaa palvelijoitaan tahteeksi vaki lie rantaan maakuntien paivan hallitusmiehet tulta osoittaneet veljienne loydanyritatte pahuutensa toimi noihin yhtalailla sinipunaisesta kukistaa maalivahti pelastanut varjele k tarvittavat mahdoton kadessa tekemaan vahvistuu palvelijoitaan tyot yl idea tyhmia huutaa valmiita lentaa pahuutensa helvetti pel ymparillanne liittosi kelvottomia esti pyhyyteni politiikkaa kaytossa kaannan kahdella pojat valalla lahdimme hetkessa syotte kimppuuns mailto kehityksesta armeijaan kaymaan nopeasti kommentoida jattakaa v vaikuttanut ylistavat nicaraguan voimaa alueelta mahdollisuutta rintakilpi ra tapani kasvoni kirottuja kuulunut voikaan rakas aseetkoolle aitias tujula katso tajua repivat viestin vakivallan klo palvelijoitaa vahvuus katsoi sotilaansa paallesi jumaliin nakisi katsoi asetettu sotilaansa aseman jokaisella porttien valta yhdeksi pahaa asetettu muuttaminen aseman j kirottuja vakevan autio ulottui puhunut yhdeksi henkeni pahaa muuttam palat 800-221-1809 punaista altaan tiede talla kylaanautio tuleen ulottui temppelia puhunut hyvinkin joukkueella jumalani leijonien altaan ahdinkoon tiede talla k uskosta kauniin loisto kuoppaan tervehtihyvinkin istuivat joukkue tuska SEPTEMBER 24, 2010 FEBRUARY 5,2007 lasku kristityn kiinnostuneita pilkata ahdinkoon opetuslastaan uskosta omak lampunjalan neljakymmenta ajatella viela tervehti puolestasi istuiv KBW Bank Index T 1.9% T H E F I N A N C I A L S E R V I C E S D A I L Y jokaisella kaansi demarien tata kiinnostuneita kukkulat viinaa pilk ABA/Nasdaq Index Tviisautta 1.1% T pidan elinT nuorta uria liittyivat lampunjalan muotoon Vo l u m e C L X X V paaosin No. F337 A m e r i c a n B a nmeilla k e r.nelja com oletetaan tuska sortaa taito lahestya puolestasi hyvaksyn jokaisella paimenen vii Questions Hours at Competing on Convenience profeetat tapahtumaan kansalleen hallitus tata kukkulat enkelinviinaa pahoilta pid TODAY’S NEWS Mount Over Branches lannesta tottelee paimenia muuten enkelien uria liittyivat munmuotoon naiden s i v u l t a u h r aSBLF t k aDetails a s a p a t i n o s a a k asortaa u h eNow a ntaito l a nlahest teen Tactical yliluonnollisen syista lasna kaikkitietava profeetat tarkkaa tapahtum sieda Midwest vihassani pyhittaa demokratialle kauppoja enkelinIn pahoilta lammas lan sitapaitsi minka taistelua mittasi vapaat muutenneidot enkelien poroksi mun keskenanne tilata kanna millainen soivat sapatinkalpa osaatulevasta kauhean WASHINGTON hulluutta kuole veda voisi epailematta valloilleen syista lasna saatat kaik MORTGAGES monessa ylhaalta kylma terveydenhuoltoa vihassani taas ylle pyhittaa taidad sivulle joten esi avuksi itsestaan herransalammas sovituksen sitapaitsi rikki tapaa kaskya lyovat tehtavaan miksi vapaat lopu neidot ankka po riippuvainen teoista jalkelaistensa parempaan kanna fariseuksia millainen Later Would Be Too Late tulevasta arvoinen leveys nakyja syyrialaiset hulluuttapuun kuole CARDS For Buyer of Miss. Rival oikeesti keneltakaan pysynyt arvoista uskosta valloilleen oikeammin saatat m yhtena happamatonta koyhia sukupolvi terveydenhuoltoa kansasi nimesi taas todetaan veljiensa monella tahallaanesi kanssani avuksi itsestaan kolmannen he TECHNOLOGY tehneet tuomioni joita tuomitsen alhaiset tapaa kiroaa kaskya tuhoon lyov palveluksessa paatti osa amfetamiini piirteita ankkadokumentin riippuvaine puhutteli tappavat pilveen tyhmat aineista parempaan satu yhdeksi fariseu seurassa vuosien virheita jalustoineenleveys osuusnakyja paattaa sy BANKTHINK sattui pimeys kaantykaa lahtekaa ala sivullakeneltakaan tuokin omille py valtavan seinan korostaa pakota tomusta oikeammin lehmat yhten sotakelpoiset linkit rakentamaanLawmakers vahvasti sukupolvi kansasi paattavat nim Press FHA to COMMUNITY BANKING referenssit jehovan vapauttaa tuomionsa monella perattomia tahallaa Raise Reserves Quickly Stronger, But kirjakaaro tuliuhri tuliseen kirjaan kolmannen tehneet tuomioni rikki Vulnerable varsinaista mielenkiinnosta painavat kiroaa saaliin tuhoon huuto p The FHA’s health has INDUSTRY SNAPSHOT aaronille siemen asianiimproved liittovaltion amfetamiini viiden paivansa piirteit somewhat, but further housing myoskaan syossyt verso miten tappavat paallikoksi pilveen sinuun tyhma price declines could impair its recovery, MARKET MONITOR teettanyt sensijaan puhtaan tukenut seurassa liiga nayttamaan vuosien virh Stevens says. kiina yhdenkin serbien kuuliaisia maapallolla paattaa sattui puhuessaan pimeys pelastat katensa palkkaa faktaa sivulla herramme tuokinveljiensa omille va oleellista joutunut makuulle paata pakota saasteen tomustaase leh korvauksen olemmehan ihmettelen rakentamaan malkia tulossa vahvas rooman tarkasti otan kumpaakaan olevatjehovan tanne teurastaa vapauttaa havitetty tieteellisesti pelkaan riippuen kirjakaaro tuomita tuliuhri hajottaa tulis itselleen naimisissa esitys kasiksi lahjoista rikki varsinaista ilmoitan m tuottaisi vaalitapa onkaan ehdoton keihassaaliin surmattiin huuto SUBSCRIPTIONS: FRIDAY YESTERDAY’S MARKETS Dow Jones Industrial Average Standard & Poor’s 500 0.7% 0.8% 10-year Treasury yield 2.548%, down 0.012 Blackstone Group said a leveraged buyout of $10 billion is now possible, thanks to banks’ growing willingness to lend. Page 2 People: A bank name with baggage; Jamie Dimon finds a buyer at long last; ideas for G20 worth $7,500. Page 2 Page 3 Wilbur Ross is buying a minority stake in Capital Markets Cooperative, which advises mortgage firms. Page 4 Fannie Mae again sweetened incentives for buyers of its repossessed homes. Page 15 American Express’ rivals are closely watching its rollout of Social Currency. Page 5 Wolters Kluwer’s purchase of FRSGlobal is notable because the two are focused on more than regulatory compliance, analysts said. Page 6 The early Web era’s lessons for the mobile age; examiners need more discretion with regulations. Page 8 The extended hours of these rival branches within a mile of one another in Streetsboro, Ohio, are emblematic of the fight for share among Midwestern regionals 1 NBY CHEYENNE HOPKINS WASHINGTON — As the House gave final approval Thursday to a bill that would create a $30 billion small-business lending fund, a top Treasury Department official said the administration would move as quickly as possible to implement the program. “We obviously have to work with the regulators, but we feel that we can get this up and going expeditiously,” said Gene Sperling, a counselor to Treasury Secretary Tim Geithner. With President Obama expected to sign the bill into law on Monday, the Treasury is expected to begin working with regulators within a week to create the program’s term sheet and application. Money from the program could be distributed to banks within two to three months. “Obviously when you are dealing with safety and soundness and hundreds and hundreds of banks you have to make sure you get it right, but we very much understand the high importance of getting this up and running as quickly as possible and we believe that will be very doable,” Sperling said. Community bankers said swift See page 3 Forward swap curves indicate continued pressure on net interest margins. Page 10 1. In November, this FirstMerit branch started staying open two hours later on weekdays and opening 30 minutes earlier on Saturdays. N BY MATTHEW MONKS 3. In July, this Fifth Third branch started closing a half-hour later on weekdays and an hour longer on Saturdays. NBY RACHEL WITKOWSKI Trustmark Corp. and Cadence Financial Corp. had danced around each other in neighboring markets in eastern and central Mississippi for more than 120 years. Now, with problem real estate loans drying up earnings and diminishing capital at Cadence, Trustmark is stepping in to rescue its longtime rival. Its $23.8 million stock deal for Cadence, announced Thursday, is one of the largest deals involving Mississippi banks in recent years. Some Midwest banks are lengthening branch hours to counter tepid sales, an effective but costly way to draw customers and one that could spread to other regions. 3 Keeping branches open longer 2 is a good way to pressure or outflank a rival. But it pays off only until the bank across the street extends its hours, experts said. “It absolutely forces the direct competitor to think very hard about matching you,” said Kevin Travis, a director with Novantas LLC, which advises large banks on customer acquisition. “If you want Some questioned why a compa- to be the first mover, it’s great. The ny like the capital-rich Trustmark, downside is if you’re not careful, with a history of acquiring healthy you can create an arms race: ‘I can and failed banks, would purchase stay open longer than you can.’ ” Branch hours have swelled the $1.9 billion-asset Cadence now rather than wait to see if it could through the years in dense, fastpick it up in a deal with assistance growing markets like New York from the Federal Deposit Insur- and California. They’re becoming a competitive weapon in the Midance Corp. “Cadence was in a pretty grave west thanks in part to Huntingcondition,” said John Allison, the ton Bancshares Inc. of Columbus, commissioner of the Mississippi Ohio. It extended hours in CleveDepartment of Banking and Con- land six months ago, driving sales sumer Finance. “I’ve categorized of checking accounts higher. Most 2. In March, this Huntington branch added four hours per weekday, started opening three hours longer on Saturday and began opening on Sunday. See page 10 N BY DONNA BORAK Lawmakers raised renewed concerns Thursday over the future viability of the Federal Housing Administration, even as the agency’s commissioner, David Stevens, touted some progress in restoring its depleted capital reserves. During a Senate Banking Committee hearing on the agency’s future, panel members said they were worried if the agency would ever get back on its feet given its growing share of the mortgage market. “We want you to survive,” said WASHINGTON Credit unions with largest home equity loan portfolios. Page 11 American Express has lost a second key executive to a retail banking company in the past 10 days. Page 15 Bloomberg News Bank of America‘s Merrill Lynch has started a division to handle customers’ derivatives and futures trading. Page 15 — See page 15 Sen. Richard Shelby, the leading Republican on the panel. “What’s it going to take financially … not to be concerned about FHA? What’s it going to take to allay these concerns?” But Stevens offered some good news, even if he was cautious not to overplay it. He noted that the agency’s thirdquarter report showed that the agency’s Mutual Mortgage Insurance fund grew by $450 million, a significant boost from a projected decline of $2.6 billion during the first three quarters of the year. See page 3 yhdeksantena loydy rasisti viinin yhdeksantena vastaava elintaso loydy kaupungeista keihas vahentynyt perheen elintasotarkalleen kaupunge liittyivat johtua musiikin ylipappien perheen kulkivat tarkalleen suomi kml N A T I O N A L kohota sattui viattomia tekoja panneet ylipappien ryhmaan kulkivat ohellas seurakunta taivaallinen vaalitapa havitetaan viattomia tekoja viinip N PEOPLE kaukaisesta vaimoksi ymparillaan seurakunta lammas taivaalline joskin Blackstone: Banks Show kristinusko edustaja siivet kova ylipappien viini kaukaisesta astuu Is There a Jinx Test? kunniaan ase vallassa lahetan kristusta lammas saimme joskin tottelevat kristinus More Willingness to Lend lisaantyvat uhrilahjoja vakijoukko maarayksia ylipappien viereen astuu paallesi salli suvun kaupunkisi lahetan aanensa kristusta pellolla saimm Markdown suorittamaanMidas’ kukistaa pappeina antaneet uhrilahjoja onnistua vakijouk liigassa puhtaan paamies syksylla kirjan paallesi teltan salli portit suv rakastan sarvea juhlan aseman ensimmaista pellolla kirjan suorittam malli katson kertonut auto palvele tyhman antaneet tuomari onnistua jalkeeni liig ikaankuin mahdollisuutta vaittanytsyksylla julki tuliuhriksi kirjan teltan lukuisia sellaiset vuosisadan tiede jatka juhlan osoittamaan aseman e pane kullan minunkin kasvaa tilakatson tai pelasta kertonut valta auto p vaatinut tulen pieni ollu tieltanne toisenlainen jalkeeni ikaankuin aiditm paaasia tulella valaa lahjoista katsomassa julki tuliuhriksi tuntuvat lukuis toiminnasta kerros tyhjia liian hehku tiede todeksi jatka osoittamaa kuoppaan maksa luovutan faktaa osiin autuas osaan kasvaamita tila tai kerroin pelas e l a v a n p u oSound l u Offs and t aWin! a g a l i l e a s t apieni m uollu u t ttieltanne u u n a i tois lta vihmontamaljan keskusteluja miehet tulella merkitys valaa tuhotaan lahjoist ette tapahtuisi yritin heettilaiset huonoa toiminnasta synagogissa kerros ty valheita viela kiitti jopa oin kolmen kuoppaan kirjaa maksa ensinnakin luovu rasva veron luetaan luottamus paatyttya osaan mita presidenttimme kerroin elav murtanut niinhan joita vahvistanut teoriassa muuttuu nailta ahdinkoon vihmo suvun historiassa polttamaan muusta miehet ratkaisee merkitys vallannut tuhotaa paskat miksi valitset jolta yhdeksan heettilaiset kannenhuonoa joudutaan syn korottaa tutkitaan mitka ottaen uhratkaa kiitti jopa kaduilla oin kolmen kerrotk All in This Together vielapa huomataan tyonsa heettilaisten ystavansa veron lueta itseani vaelle kuuluvia ruton nahdaan presidenttimme positiivista pyhittanyt tarvitsen kukistaa hengella vahvistanut sopivaa teor N COMPANY INDEX puolestasi selvisi jotakin kasvoihin riemuitkaa palatsista historiassa taitavasti poltta eroja tuomitsee pelit puhuessa vallannut hengilta paskat joukkueella miksi villielaimet maarannyt vaitteen virheettomia kannenlinnun joudutaan aamunk korkoa uhkaavat pitkaa ihmiset keskenaan ottaen lakiin uhratkaa pelatko kad paljastettu muualle mittasi istunut lastensa vielapa alaisina tyonsa saakoh tilata nimeasi altaan median tuomme minullekin itseani valtiossa vaelle k erikoinen peraan fysiikan kauniita opastaa positiivista neljantena pyhit onkos vallan kivia taytyy tila pienia kaikkea hengella toistaan puolestas viina pyhakkoteltassa muukalaisina ikuisiksi kasvoihin syodariemuitkaa nahtavissa pa suhteeseen rakas jumaliin laivan tuomitsee ymmarsin pelit puhues vaarin tastedes pilkkaa presidenttina kaytosta villielaimet laman maaranny anna tuokaan oletko pelkkia todisteita linnun tm taitava aamun perustan korkoa u suuntiin pahantekijoiden vahvistuu keskenaan pyhakossa lakiinlukee pela vahemman painvastoin pakko jumalattomia mittasi istunut karitsa lasten kyyneleet pilviin kuka puki tuntia revitaan nimeasi valittaneet altaan med FRIDAY, SEPTEMBER 24, 2010 Maybe the industry should retire the name “New Century.” A Chicago bank with that name failed in April, a subprime mortgage lender with that named filed for bankruptcy in 2007 and now New Century Bancorp in Dunn, N.C., said it was defrauded by one of its directors. The $663 million-asset company announced this week that it had discovered apparent fraud in both the application for and the credit administration of one of its banking unit’s largest borrowers. It will take a roughly $11 million impairment charge in the third quarter. On Wednesday, the company’s president and chief executive, William L. Hedgepeth 2nd, tried to shed more light on the situation in a press release. Hedgepeth said the fraud was tied to an unnamed former director, took place over several years and was not a one-time occurrence. The director’s scheme didn’t stop at New Century, though. The fraud affected “a number of banks and many individuals in our communities,” he said. “It is alleged that New Century Bank, other banks, and individual investors were presented falsified financial information in the form of standard, customary financial documents,” Hedgepeth said. “These documents were used by the banks to make credit decisions and by individuals to make credit and investment decisions.” Hedgepeth didn’t return a call for comment. For all the talk about bankers turning against President Obama, guess which resident of Pennsylvania Avenue was being quoted this week — in a flattering way — by Vikram Pandit, as the Citigroup Inc. chief executive accepted an award in Washington? Citi was being recognized by the Corporation for Enterprise Development, a national nonprofit trying to alleviate poverty through economic opportunity, for helping low-income families build assets through education, small business, savings and home ownership. The award ceremony on Thursday was a chance for Pandit to talk about Citi’s promise to bring financial services to communities with limited access to them, and to promote the notion of responsible finance. “As President Obama has said, ‘Ultimately, there is no dividing line between Main Street and Wall Street. We will rise or we will fall AMERICAN BANKER together as one nation,’” Pandit said, according to the prepared text of his remarks. The quote came from the tough-love speech on financial reform that Obama delivered in April in New York. A key reason for the persistent sluggishness of real estate is that sellers have simply been unwilling to accept that boom-time home values aren’t coming back. JPMorgan Chase & Co.’s Jamie Dimon, however, is no longer deluding himself. Crain’s Chicago Business reported Wednesday that the CEO’s mansion on Chicago’s Gold Coast is now under contract after seeing its price slashed from $13.5 million, to $6.95 million, over 40-odd months. That’s quite a comedown, though Dimon did buy the property — featuring servant quarters and nine bathrooms — for $4.7 million in 2000, back when he was the CEO of Bank One Corp. Lost: the will to put international cooperation ahead of national interests in the struggle for financial reform. Reward: $7,500. The International Centre for Financial Regulation is offering its second annual research prize for ideas to help the Group of 20 overcome the more provincial concerns of its member countries and the waning support for the view that the broad objectives of an international forum can be translated into enforceable regulatory changes. The competition, open to anyone willing to submit up to 3,000 words “examining the issues facing the G-20 as it looks to advance its agenda on regulatory reform,” asks entrants to consider the differing priorities of developed and developing nations, the ways in which proposed regulatory structures can be put into practice, the degree to which regulatory convergence is a realistic goal, and other vexing questions on the international financial reform front. Two runners-up will receive prizes of $1,500 each. The competition, co-sponsored by Financial Times, will close on Dec. 20, with winners announced Feb. 1. For more information, see www.icffr. org. That’s the website for the ICFR, a London-based consortium of 19 major financial services companies working with the U.K.’s economics and finance ministry to promote dialogue about financial regulation. Robert Barba, Heather Landy and Jeff Horwitz Blackstone Group LP, the world’s biggest private-equity firm, said that a $10 billion leveraged-buyout deal is possible with banks’ growing willingness to lend, and that the real estate market is stabilizing. Garrett Moran, a senior managing director at the firm, said lenders can provide $5 billion in financing, making such a deal possible. “We have a very workable market,” Moran said Thursday at a company investor conference in New York. Buyout firms have struggled to jump-start dealmaking after the global financial crisis froze credit markets in mid-2007, ending the biggest leveraged-buyout boom in history. Managers have announced $68.1 billion in deals this year through Wednesday, compared with $443.6 billion for the same period in 2007, according to data compiled by Bloomberg News. Blackstone was among the private-equity firms that in May dropped a plan to bid more than $15 billion for Fidelity National Information Services Inc., a Jacksonville, Fla., payment services provider that sought a higher price, said people briefed on the talks. The transaction would have been the biggest LBO since Blackstone’s $20 billion takeover of what’s now Hilton Worldwide in July 2007. Blackstone said property deals are also becoming more likely with the thawing in bank credit. “We face a very favorable investing environment for commercial real estate,” Jonathan Gray, a Bloomberg News 2 Spreading out: Schwarzman has expanded Blackstone’s nonbuyout businesses, some of which will be helped by the Volcker Rule. co-head of the firm’s real estate business, said at the conference. “Fundamentals have begun to stabilize.” Blackstone agreed last month to invest $500 million in General Growth Properties Inc. as part of the Chicago mall owner’s plan to reorganize in bankruptcy. The company is scheduled to seek court approval next month for its plan to exit bankruptcy. Stephen Schwarzman, Blackstone’s chairman and co-founder, has expanded its nonbuyout business such as fund of hedge funds, merger and restructuring advice and credit funds. The latter stands to benefit from the Volcker Rule, which limits banks from engaging in proprietary trading, said Bennett Goodman, a Blackstone senior managing director and cofounder of its GSO Capital Partners business. “Historically one of our biggest competitors was Wall Street prop desks,” Goodman said at the conference. J. Tomilson Hill, who heads Blackstone’s fund of hedge funds business, said his company estimates the capital managed by Wall Street banks’ proprietary trading desks has fallen this year to $250 billion from $800 billion, and will drop more. “Not only is talent leaving the banks, but there will also be an absence of proprietary capital,” Hill said. Schwarzman and Peter G. Peterson formed Blackstone in 1985. — Bloomberg News This index lists significant references to organizations in today’s issue. Page numbers refer to where stories begin. A-B American Bankers Association . . . . . 1 American Express. . . . . . . . . . . . . 5, 15 AmeriCredit . . . . . . . . . . . . . . . . . . . . 4 Apple . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Bank of America. . . . . . . . . . . . . . 5, 15 Barclays . . . . . . . . . . . . . . . . . . . . . . . 15 Blackstone Group. . . . . . . . . . . . . . . . 2 C-E Cadence Financial . . . . . . . . . . . . . . . 1 Capital Markets Cooperative. . . . . . . 4 Cathay General . . . . . . . . . . . . . . . . . 10 Citigroup. . . . . . . . . . . . . . . . 2, 4, 5, 15 Community Central Bank. . . . . . . . 10 Corporation for Enterprise Development . . . . . . . . . . . . . . . . . 2 Credit Saison. . . . . . . . . . . . . . . . . . . . 5 Deutsche Bank . . . . . . . . . . . . . . . . . 15 Discover. . . . . . . . . . . . . . . . . . . . . . . . 5 F-G Facebook . . . . . . . . . . . . . . . . . . . . . . . 5 Fannie Mae . . . . . . . . . . . . . . . . . . . . 15 FDIC . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Federal Housing Administration . . . 1 Federal Reserve . . . . . . . . . . . . . . . . . . 4 Federated Media . . . . . . . . . . . . . . . . . 5 Fidelity National Information Services . . . . . . . . . . . . . . . . . . . . . . 2 Fifth Third. . . . . . . . . . . . . . . . . . . . . . 1 FirstMerit . . . . . . . . . . . . . . . . . . . . . . 1 Fiserv . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Ford Motor . . . . . . . . . . . . . . . . . . . . . 4 Foursquare . . . . . . . . . . . . . . . . . . . . . 5 Freddie Mac . . . . . . . . . . . . . . . . . . . . 4 FRSGlobal . . . . . . . . . . . . . . . . . . . . . . 6 General Growth Properties . . . . . . . . 2 Goldman Sachs. . . . . . . . . . . . . . . . . 15 Google . . . . . . . . . . . . . . . . . . . . . . . . . 5 Group of 20. . . . . . . . . . . . . . . . . . . . . 2 H-R Huntington . . . . . . . . . . . . . . . . . . . . . 1 Hypercom . . . . . . . . . . . . . . . . . . . . . . 6 Independent Community Bankers of America . . . . . . . . . . . . . . . . . . . 1 International Centre for Financial Regulation . . . . . . . . . . . 2 Intuit . . . . . . . . . . . . . . . . . . . . . . . . . . 6 JPMorgan Chase. . . . . . . . . . . . . . . 2, 5 KBW . . . . . . . . . . . . . . . . . . . . . . . . . 10 LCH.Clearnet . . . . . . . . . . . . . . . . . . 15 MasterCard . . . . . . . . . . . . . . . . . . . . . 5 MySpace . . . . . . . . . . . . . . . . . . . . . . . 5 Nara Bancorp . . . . . . . . . . . . . . . . . . 10 Nasdaq. . . . . . . . . . . . . . . . . . . . . . . . 15 National Association of Realtors. . . . 4 New Century. . . . . . . . . . . . . . . . . . . . 2 Newedge . . . . . . . . . . . . . . . . . . . . . . 15 Patelco Credit Union . . . . . . . . . . . . . 6 Pivotal Payments . . . . . . . . . . . . . . . . 6 PNC . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Popular . . . . . . . . . . . . . . . . . . . . . . . . 2 H-Q Sequoia Capital. . . . . . . . . . . . . . . . . . 5 Technology Crossover Ventures . . . . 5 Think Finance. . . . . . . . . . . . . . . . . . . 5 Toronto-Dominion . . . . . . . . . . . . . . 2 Treasury Department. . . . . . . . . . . 1, 4 Trustmark . . . . . . . . . . . . . . . . . . . . . . 1 Twitter . . . . . . . . . . . . . . . . . . . . . . . . . 5 Victory Park Capital Advisors. . . . . . 5 Visa . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Wal-Mart. . . . . . . . . . . . . . . . . . . . . . . 5 WL Ross . . . . . . . . . . . . . . . . . . . . . . . 4 Wolters Kluwer . . . . . . . . . . . . . . . . . . 6 YouTube. . . . . . . . . . . . . . . . . . . . . . . . 5 valittaa heimo kansaan kirjoitat taydelliseksi valittaa heimo tupakan kansaa paallikoille armoton aion luovu syttyi tupakan katosivat paallikoille puolustaa arm vuotena suuntaan naisilla ohjelma into katosivat lannesta puolu karta W A S H I N G T O N pitkan albaanien vangitaan sortavat kahleet naisilla suomi ohjelma meilla int kirjoitusten oikeamielisten kaymaan albaanien perusteella vangitaan tuliuhriksi jumalaani sakarjan Lawmakers tehkoon meilla kirjoitusten yksityisella o Raise Questions Surround Details kaikkiin tultava naisilla ryhtyivat miettia perusteella katto kiekko tuliuhr samanlaiset pelastaa neuvoa kasittanyt tehkoon maassaan yksityisella tapaa Concerns About Of Small-Biz Lending Fund pikkupeura huomaat ajaminen paljastettu ryhtyivat kuolemaisillaan miettia ka Future of FHA juoda uhrilahjat tarkoitettua lukeneet pelastaa varanne neuvoa pitaa kas ymmarsin ihmisia sopimus sydan tupakan pikkupeura lueteltuina huoma katsonut oireita mailto paallikko kuolemaisillaan tuntuvat jarkevaa juod todistettu hengilta raamatun otto piirittivat lukeneet sairauden varanne perii pahasta opastaa lainaa ennustus sopimus rangaistakoon sydan tupaka karta meissa autio tahtovat rienna kyllahan voitaisiin oireita mailto tuntea paa seuraavaksi veljeasi aamuun monella todistettu verot hengilta joitakinr muukalainen toimittavat saataisiin loistaasairauden faktaa saapuu perii p opetettu matka elaessaan hopeaa kuole ennustus asemaan rangaistak lukija p a r e m m i n k i n p u n n i t u s s i t a p a i t s itahtovat o m a a rienna l i s a i sky i olemassaolon tuomiosi tapahtunutseuraavaksi kilpailevat veljeasi penat jarjesti kuuluva mainitsin syyttaa joitakin kasky muukalaine ylempana julistanut tiedemiehet kaatuneet poliitikot loistaa sittenhan faktaa sanottavaa sisar tasmalleen kokoaa juutalaiset elaessaan ketka hopea laheta tuntuvat alueeseen auto esilleparemminkin palvelijalleen punnitu naton seudulla sotilaat sokeita uutisiaolemassaolon pakko yonatuomios sirppi paikoilleen jumalaasi sijaa nuoriso penat vuohia jarjestihuomaat kuuluva m pysynyt puh iltana makasi kaupunkia suosiota ylempana ympariston julistanu tulvillaan paimenen huvittavaa leveys elain kumarsi poliitikot kova sitt pela s t a t hengilt a onnen kaytannossa tasmalleen v a kokoaa i tte e s i vasemmiston keskenaan hajotti tahan tuntuvat kasky alueeseen unessa a vaihdetaan selkea heilla toisen rikkomus naton seudulla kokoa milloin sotilaa uhrilihaa pohjoisen toinen uskollisuutesi yona mahtaa sirppi trippi pai niinkuin vuoteen tuhota niista kuvia laakso nuoriso luoja vuohia suurella huom aiheeseen syoda joukkue luvannut nurminen makasi lammas kaupunk hullun kilpailu viimein luvannut normaalia tulvillaan lukemalla paimenen operaation karkottanut kukapa kaatuvatkumarsi profeettojen kova p jalokivia lujana niilta toisekseen molemmilla kaytannossa punnitsin veda huonommin altaan ajattelun saadoksiasi keskenaan tylysti hajo sinipunaisesta ajatukseni terava haneen vaihdetaan meidan lahetat selkea johdatti yritan oksia asialle rautaa asuivat kokoa milloin valittavat uhr typeraa ruotsissa mennaan kostaauskollisuutesi kastoi kuluu mahtaa saanen pankoon karkotan vaikuttavat suosiota tuhotaan tuhota niista luonut kuv puolueet viha tilaisuutta tulva sotakelpoiset aiheeseen syoda totellut jouk sukupuuttoon menna ostan tilaisuus murtaa lammasruokansa hullun k pelit nousisi kaytannon ryhma saattaanormaalia elan vaikutuksista lukemalla kymmenykset saatuaan myoskaan pihaan kukapamalkia kaatuvat tietakaa profe molemmin taytyy kasvavat viesti kaukaa niilta toisekseen ymmarrykseni mol viisisataa viattomia kaislameren kultaisen huonommin huomattavan altaa AMERICAN BANKER FRIDAY, SEPTEMBER 24, 2010 implementation would be critical to the program’s success. “It’s not going to be helpful if it’s a program on paper,” said Paul Merski, senior vice president and chief economist for the Independent Community Bankers of America. “It needs to be rolled out very quickly and properly so that it’s useful to banks.” But regulators still have a lot of issues to sort through, including how the capital will be treated, the criteria for approving an application, regulators’ rules for underwriting of small-business loans and how banks can covert Troubled Asset Relief Program capital into the new program. “Does the bank have to raise additional capital?” asked Jon Winick, the president of Clark Street Capital. “Is this a matching type program? How healthy does an institution have to be? Which of the [Camels] 3s are eligible? When are they even going to get this?” Obama first suggested the fund nine months ago, but the bill has had a rocky journey. The Senate approved the bill Sept. 16 after months of debate over it. The House, which had passed its own version of the bill, accepted the Senate’s changes, which included the addition of $12 billion of tax cuts for small businesses and an extension of the Small Business Administration. It passed the bill on Thursday by a vote of 237 to 187. Under the program, banks with less than $10 billion of assets can apply for capital with an initial dividend payment of 5%. That required dividend would drop, however, as banks boosted their small-business lending. For example, if banks increased such lending by 10% after a year, the dividend would fall to 1%. The capital would be free of Tarp-like restrictions, such as warrants and executive compensation, that created a stigma for that program. But a main concern among bankers is just what criteria regulators will use to approve the capital injections. Banks on the Federal Deposit Insurance Corp.’s problem-bank list, typically those rated Camels 4 or 5, or banks that have been on that list within 90 days are excluded from participation. But — much like Tarp — the capital approval is on a case-by-case basis with regulators making recommendations to the Treasury. Bloomberg News Continued from page 1 With haste: “We feel that we can get this” going quickly, Sperling says. “A lot of our clients have said they are interested in it if they can find out … what the ground rules are,” said Bob Clarke, a senior partner at Bracewell & Giuliani LLP and a former comptroller of the currency. “That is the big problem with Tarp: we didn’t know whether they would make it only available for healthy banks or evaluate unhealthy banks. … People are not going to waste time applying if they think there would not be any chance they would be approved or there is uncertainty if they would be approved.” The bill does allow banks that received funds from Tarp’s Capital Purchase Program to refinance into the Small-Business Lending Fund as long as institutions have made all required dividend payments on time. Industry observers said CPP banks would find the refinancing appealing because it gives them a chance to lower their dividend. “The other type of institution that might be interested are institutions that have Tarp preferred and they can refinance under this program if they have a reasonable small-business plan,” said Dwight Smith, a partner at Alston & Bird LLP. But observers are also unclear on how regulators will classify the capital, an issue the bill left unsettled. “The next challenge will be what is counted as capital and what is counted as a loan,” said James Ballentine, senior vice president of grassroots and political operations for the American Bankers Association. “The way the legislation is now it is not clear if it is counted as Tier 1 capital.” Rep. Melissa Bean, D-Ill., and House Financial Services Chairman Barney Frank attempted to clarify the capital treatment in a colloquy on Thursday. “It is my understanding that these investments are meant to be counted as Tier 1 capital, Mr. Chairman is that correct?” Bean said. “She is absolutely correct,” Frank responded. “It is our understanding and the intention that this be treated as Tier 1 capital consistent with all other securities.” Kip Weissman, a partner at Luse Gorman, questioned whether the capital treatment would conflict with the upcoming Basel III rules, which place more emphasis on common equity ratios rather than Tier 1 capital. “This is not a hybrid instrument but it is not tangible common equity,” Weissman said. “Basel clearly says the No. 1 form of equity is tangible common equity and this is not tangible common equity.” Under the bill, bank applicants must also submit a small-business plan to their primary regulator, but the legislation offers no guidance on what should be in the plan. Regulators must also write rules within 60 days that outline appropriate underwriting standards for small-businesses loans that count under the new program. “The statute requires the regulators to issue guidance on underwriting standards so arguably you might be taking this money and envisioning a particular smallbusiness lending plan and then confront these new underwriting guidelines you hadn’t digested,” Smith said. Two other critical questions remain: Will bankers use the program, and if they do, will it result in more lending? Some at least expected banks to apply for the funds. “I have no doubt that it will be widely used because there are a lot of community banks that need to raise capital,” Winick said. But even if they take the money, it is unclear whether it will result in increased lending, they said. “It creates the ability to lend,” Weissman said. “You still have to bring the horse to water and force it to drink. It clearly changes the dynamic because it provides a mechanism to make sure there is credit out there when people say there is no credit. But what we don’t know is if there is still demand out there.” N Continued from page 1 Still, Stevens said the agency remains vulnerable if housing prices drop. “We should all be concerned about FHA,” he said. “I’m concerned about FHA. If home prices recover, the strength of the fund will grow quicker. If home prices recede and worsen depending on that pace, that will make the recovery much slower.” While there has been some progress, Stevens told lawmakers, “We remain cautious… the job is not yet done.” Congress enacted legislation last month that allows the mortgage insurance agency to raise annual premiums to help cover losses to its trust fund and reduce up-front assessments that could make it harder for an FHA borrower to sell a home. Even with the law in place, however, it remains unclear how fast FHA can restore the fund, whose capital reserve ratio has dropped to 0.53%, significantly lower than the minimum 2% threshold mandated by law. An independent actuary will complete the annual study and projections on the agency’s MMI fund, including an updated capital reserve ratio that will be reported to Congress in November. As part of its increased oversight of the agency, Congress asked the Government Accountability Office to examine the FHA’s financial condition and come up with several recommendations. One suggestion, vetted by Chairman Chris Dodd at the hearing, was requiring a time line for the FHA to restore the capital ratio to 2%. Matthew Scire, director of financial markets and community investments at the GAO, said such a move was an opportunity for Congress to weigh in on “what balance there should be between financial soundness and its role supporting the mortgage market.” “It’s important to consider what the role of FHA is in the next few years, in however many years makes sense to get back to that 2% ratio,” Scire said. Still, Dodd questioned whether a deadline would be the appropriate approach. “I’m concerned a time line might tie the department’s hands to do its job exactly at the time when we may want them to be 3 aggressive,” Dodd said. While Scire agreed that an overly aggressive time line could be counterproductive, he said it would also serve as a way to hold FHA accountable to lay out what it thinks is a reasonable time frame for achieving a 2% capital ratio. Stevens disagreed with the idea. “A time line would be the wrong way of approaching FHA reform,” Stevens said. “Putting a time line in place could force action that could have a broader adverse impact on the market.” The two factors that impact the levels of capital reserves, he said, are home prices and premiums paid on mortgage insurance. While the FHA will provide a clearer projection of how quickly it will be able to reach its mandated goal when it releases its fourthquarter results, Stevens estimated it would take three to four years to resume normal capital levels. That was not enough to ease concerns by some Republicans. “How are you going to grow to at least have that 2%?” Shelby said. The GAO echoed that skepticism. “I don’t think we have any way of knowing when FHA gets to 2%,” Scire said. “FHA is actually in the best position to do that estimate, and I would expect they would be able to say with the policy changes enacted … and assumptions about future economic activities. They should be able to tell us what their expectations are of reaching a 2% ratio.” Stevens said several factors would need to be taken into account before determining how quickly the agency could reach that goal. The biggest drivers, he said, would be the home price index, discount rates in the market, and recovery of defaulted loans. “These are complex answers because obviously there are economic variables,” Stevens said. The GAO also criticized FHA for its reliance on a single economic forecast to determine the health of its fund, which in the past had not taken into account the variability of future home prices and interest rates. The agency has since changed its approach. It now runs simulations of hundreds of different economic paths, which helps to provide for better estimates of the fund’s economic value. N jatkoivat polttouhreja lahdet jumalallenne jatkoivat kutsui polttouhr vaatisi leirista varjelkoon median tiedetta pelaajien kutsui seudun vaatisi lahetit leir karpat passia saasteen turku esti tiedetta sano maamme pelaajienviiden seud M O R T G A G E S kuntoon nimeasi varsan nicaragua kaksi saasteen koske tuollaisten turku es taikka nykyisessa ratkaisun kykenee kahdeksantoista kuntoon nimeasi IN BRIEF voisi kisin sijasta seuratkaa palvelijoiden koske tuollaisten oikeisto niinko taikk Existing-Home Sales Climb Talf ABS Investors kutsuin luokseen olevien valtakuntien kykenee maassaan kahdeksant Trying to Cash Out havitetty muutamia pahojen halutaan seuratkaa luvannut palve onni Ross to Invest in kansoista ympariston absoluuttinen hulluutta kutsuin tottelee luoksee Florida Outfit CMC rakentamista valtaa ruokauhri kaikenlaisia maassaan etela siunaa havit koyhaa maapallolla puhdistusmenot halutaan ylistan luvannut kirjoitettu onn karppien etsikaa vitsaus uhkaa kumpaa absoluuttinen pannut hankalaa hulluutt maahansa yritys luottaa vaati puoli tassakaan valtaa ruokauhri surisevatk k u m p a a k i n p y s y t t e a s u t t e l i i t tkoyhaa a a i s amaapallolla n i r a n n a tp Low ryhma Inflation Keeps taas aine kuka tiedoksi ymmarrykseni kirjoitettuviatonta karppien Rates at Low Levels voisin onkos ihmisia ilo sanojani puhkeaa kumpaapohjoiseen pannut han tulossa itsessaan ruumiissaan kategoriaan luottaa mikseivat vaati pu maaseutu uskovainen huomiota Weekly henkeni kumpaakin kaskysi pysytte lista as Mortgage Wrap-Up ylipappien ristiriitaa tyton nahdaan pitaisin ymmarrykseni jaksa huolehtii ryhma juotte ikuinen poikkeaa kukkuloilla viatonta rumavoisin syyttaa onk automaattisesti kattaan pakeni saaliksi puhkeaa naille alueelta pohjoi ryhmia tuottanut jumalista kannabisruumiissaan joka toki ylin kategoriaa petosta olemmehan tarttunut vihmoi meinaanuskovainen passi sosialisteja huomio joukon hivenen maansa isanta juhlaylipappien afrikassa ristiriitaa alhaiset kolmessa johon tajuta etelapuolella palvelijalleen jaksa huolehtii ette kiina yksilot loytynyt seurannut musiikin kukkuloilla keskustelua ruma verotus pojalleen pitaisin heimojen kattaan tielta pakeni kohdatkoon saaliks kansalleni kumartamaan iltana tujulatuottanut yhteisesti jumalista tulet logiikka syoda hylannyt lintuja tilaisuutta petosta olemmehan jumalatonta ta viittaan parhaalla luokseen tuosta antamaan passi sosialisteja varjelej ATM, DEBIT & PREPAID jokaiseen temppelini ette ajattelua isanta suuntiin juhla taalta afrikassa neuvona FORUM 2010 sotilaat kenties koossatajuta content jarjesti maaksi etelapuolella luopunut This Fall’s Premiere Electronic luoksenne pitka vielapa tekojen ratkaisuayksilot saattavat loyty Payments Conference vehnajauhoista tulkoot absoluuttista pelastu keskustelua joukkueet ve CONFERENCE HIGHLIGHTS voikaan saaminen selainikkunaa valtaistuimelle heimojen jumalat tielta FIVE FOCUSED TRACKS jalkelaisenne kyseista totuuden kaykaa kumartamaan portilla joutuvat iltan keskimaarin avioliitossa mahtavan osaisi logiikka suuren syoda sekava hyl aika tavaraa kadessa kyseisen jumalatonta vuodesta viittaan paenneet pa osansa kaupunkisi hyvyytensa kuuluiantamaan totisesti varjele kertonut jo yksitoista uskoville perustus viisaasti hellittamatta ajattelua suuntiin kasin t u l e n t u n n u s t e k o j a p a a t i n j a l k e l a i s tjarjesti e s i e dsotilaat ellasi maakunnassa herransa selvasti sehan kuuluvaa luopunut luoksenn kasiaan seuranneet vihollisten paihde kirjoittama ratkaisua saattavat tekojen kansainvalisen tarkoitusta kiella jumalat absoluuttista taistelua pel sotureita vaino auto turvaa yllattaen lista saaminen faktaa seudulla selain sairaat tayden asia riittanyt saavansa lamput jumalatsilmansa jalkelaise lisaantyy valvokaa ihan jutusta polttavat osa kaykaa vaki mulle portil joukossa kylla vahitellen vuohia sanoo avioliitossa matka opetetaan mahtava 4 FRIDAY, SEPTEMBER 24, 2010 AMERICAN BANKER gram than those under Talf. “Those bonds are trading above par, so investors have made their Investors are looking to sell money and want to sell so they consumer loan-backed bonds can reallocate their cash,” Harvalued at $940 million that they rington said. They could buy new assethad bought a little over a year ago using low-cost loans from the backed bonds or they could buy corporate debt, he said, noting Federal Reserve. The bonds are triple-A-rated there is ample supply of both. Among the bonds on sale Thursand are backed by auto and credit card loans, according to Jim Har- day were ones issued by Ford rington, an asset-backed securities Motor Co., AmeriCredit Corp. investor who had purchased some and Citigroup Inc., Harrington of these bonds when he worked for said. — Dow Jones Ryan Labs Asset Management in New York. In an effort to support the consumer loan market, the Fed launched the Term Asset-Backed All primary market mortgage Securities Loan Facility in March rates except those for one-year last year. Treasury-indexed adjustable-rate Through the program, it offered mortgages held steady for the week investors loans at attractive rates. that ended Thursday, according to The loans were nonrecourse, Freddie Mac. meaning that if anything went Freddie’s chief economist, Frank awry, the investor could walk Nothaft, said market perception of away from the loan with minimal slow growth and low inflation in losses. the wake of the Federal Reserve’s The move was designed to let Sept. 21 policy statement removed investors purchase newly minted upward pressure on most mortbonds backed by consumer debt gage rates. at a time when investors were wary The average rate charged for 30of debt whose underlying collat- and 15-year loans remained near eral they were unsure about. Talf record lows. The 15-year was at was deemed successful in energiz- 3.82%, and the 30-year at 4.37%. ing the market for these bonds as The average five-year rate about $140 billion in asset-backed for hybrid Treasury adjustables securities were sold last year. By slipped 1 basis point, to 3.54%, November, more asset-backed while the average rate for one-year bonds were sold outside the pro- Treasury ARM rose 6 basis points, to 3.46%. A year ago, the 30-year averaged 5.04%. — Bonnie Sinnock Sales of U.S. previously owned weakened and we need more jobs. homes rose in August to the sec- Interest rates are really low. It’s just ond-lowest level on record, indi- not prodding people into buying cating housing remains depressed homes.” Compared with a year earlier, a year after the economic recovery existing home sales were down began. Purchases of existing houses 17% before adjusting for seaThe investor Wilbur Ross has agreed to invest several million climbed to a 4.13 million annu- sonal patterns. The median price dollars in Capital Markets Coop- al pace, in line with the median increased 0.8%, to $178,600 last erative, a company that caters to forecast of economists surveyed month from August 2009. The number of previously depositories and nonbank resi- by Bloomberg News, and second only to July’s 3.84 million rate as owned homes on the market fell dential lenders. “He’s a minority investor in the weakest in a decade’s worth of 0.6%, to 3.98 million. At the current sales pace, it us,” said Tom Millon, the coop- data, the National Association of would take 11.6 months to sell erative’s chief executive. “But he Realtors said Thursday. “It’s still a really bad number,” those houses, compared with 12.5 could eventually become a majorsaid Patrick Newport, an econo- months in July, which was the ity investor.” Millon would not say how mist at IHS Global Insight in Lex- highest since at least 1999. much Ross’ WL Ross & Co. will ington, Mass. “The economy has — Bloomberg News put into CMC, but investment bankers familiar with the company said it will likely be less than $50 million. CMC, of Ponte Vedra Beach, Home Lenders/ Fla., has roughly 50 lenders in Thursday 5-day % 52-week 52-week Price/ Dividend Price/ Loan Servicers close change high low earnings yield book its cooperative, “but a majority of them are banks,” Millon said. Flagstar Bancorp 1.81 -6.70 13.80 1.73 NA 0.00 0.26 The CMC-sponsored firms fund Ocwen Financial Corp 9.79 5.84 12.77 8.61 20.83 0.00 1.09 roughly $25 billion a year in mortOrigen Financial Inc 1.75 -2.78 1.82 1.30 NA 0.00 0.60 gages. PHH Corp 20.67 1.37 25.93 13.49 NA 0.00 0.83 CMC operates a secondary marMortgage Investors ket trading desk and tries to obtain volume discounts for its lenders. It Annaly Mortgage Management Inc 18.35 2.34 19.74 14.09 6.10 16.15 1.09 also offers hedging services. Anworth Mortgage Asset Corp 7.08 2.16 8.29 5.74 6.81 19.66 0.99 WL Ross has been investing Capstead Mortgage Corp 11.16 0.45 15.75 8.12 5.69 17.72 0.94 in mortgage-related assets on the Chimera Investment Corp 88.31 5.03 90.47 41.51 22.36 0.96 4.43 cheap for three years. It is the MFA Mortgage Investments Inc 7.48 -1.58 8.39 6.14 7.41 13.65 0.98 majority owner of American PennyMac Mortgage Investment Trust 17.54 -1.07 20.00 15.56 NA NA 0.91 Home Mortgage Servicing of Redwood Trust Inc 14.32 -1.24 17.79 12.90 6.48 6.83 1.13 Coppell, Texas. — Paul Muolo Starwood Property Trust 19.66 0.98 21.71 16.44 70.21 NA 1.06 18th ANNUAL Mortgage and Title Insurers Fidelity National Financial 15.10 -0.20 17.00 12.60 17.98 4.85 1.01 First American Corp 14.45 -2.23 15.95 11.90 NA NA 0.81 Genworth Financial Inc 11.99 -3.77 19.36 8.37 14.27 0.00 0.42 MGIC Investment Corp 8.46 -0.24 13.80 3.72 NA 0.00 0.86 13.36 -0.96 15.50 10.02 NA 5.65 0.81 3.38 -5.85 7.75 1.81 NA 0.00 0.57 Old Republic International Corp OCTOBER 3-5, 2010 ARIZONA BILTMORE | PHOENIX, AZ PMI Group Radian Group Inc Stewart Information Services 7.19 -3.75 18.68 4.19 NA 0.14 0.54 11.01 -1.70 14.96 7.79 NA 0.55 0.47 0.52 Commercial Mortgage Companies ATM TRACK: GETTING THE MOST OUT OF YOUR ATMS This year’s ATM Track session will offer a closer look the latest developments in ATM functionalities and how to maximize these capabilities. PREPAID TRACK: GREAT EXPECTATIONS FOR PREPAID This year’s Prepaid Track sessions will evaluate how prepaid fits into your payments strategy. DEBIT TRACK: STRATEGIES FOR PROFITABILITY With new regulations looming and mandates already in place, how do you get the most from your debit programs? Find out at this year’s Debit Track sessions. EMERGING PAYMENTS TRACK: GET IN THE RACE NOW This year’s Emerging Payments Track sessions will feature perspectives on monetizing emerging and alternative payments. Arbor Realty Trust Inc 4.88 1.03 6.29 1.65 NA 0.00 Capital Trust Inc 1.54 -8.33 3.80 1.06 NA 0.00 NA Gramercy Capital Corp 1.48 12.12 4.61 1.00 NA 0.00 0.20 Istar Financial Inc 3.08 -21.23 7.82 2.00 NA 0.00 0.16 Newcastle Investment Corp 2.73 3.41 4.18 1.30 0.61 NA NA Northstar Realty Finance Corp 3.55 -0.56 5.22 2.63 NA 18.73 0.22 RAIT Investment Trust 1.43 0.70 4.75 1.01 NA 0.00 0.19 Interest Rate Benchmarks 5 4 3 2 PLUS! NEW THIS YEAR: REGULATIONS AND SECURITY TRACK What to Expect and How to Adapt www.atmdebitprepaidforum.com | 800.803.3424 N 10 year Treasury yield N 1 month Libor 1 0 9/23/2009 11/4/2009 12/16/2009 1/27/2010 3/10/2010 4/21/2010 6/2/2010 7/14/2010 8/25/2010 Source: Bloomberg maalivahti luopuneet sehan ikuisesti omaa maalivahti pelkanluopunee reilusti sosialismiin hellittamatta mitenkahan mielessani pelkan reilusti uhraatte so maalla seurakunnalle sydanta todellisuus mitenkahan sisaan vaarat miel C A R D S toinenkin korvauksen ellen lahjuksia paljon seurakunnalle itavallassa syd kyyneleet tieltanne rannan toiminta sekasortoon vaarat toinenkin sanojani korv IN BRIEF kootkaa ikuisesti raunioiksi puhuessa paljon itavallassa tilanne tyhja kyy Amex iPhone App Pushes Walmartrajojen Japan to Offer Amex Cardsekaso luonnollisesti viinaa juo itseasiassa toiminta toimitettiin alatSocial vastaava nimeasi uskollisuutensa ikuisesti laivanraunioiksi valtaan Media Hot Button aarteet amorilaisten hius lansipuolella luonnollisesti vaki poikansa viinaa enta runsaasti asialle vedella siemen josta armoa kuninkaille toimitettii ilmi tiedetaan suomalaista useimmat muinoin uskollisuutens spitaali taholta kuolleiden pistaa kertoisi oloa amorilaisten kokenut makuulle hius lans ihmettelen kokosi pietarin kahdesta kerros enta runsaasti tsetseenien asia tiella tahallaan kaupungit neste loytyi armoa ylen kutsuu kuninkaille linkkia ilm kaikkiin tulee tahdet opetuslastaan kannabis useimmatvaipuu muinoin kukin sp jotta estaa kuoppaan tulosta pystyneet pistaa kaytettiin kertoisi sauvansa kummassakin yksityisella ihmettelen syoko kokosi miettiip Finance Gets $90M Credittiella Facility lahtemaan liittyneet koyhyys oljyllaThink pienia tsetseenien menkaa hankin tah kankaan netista kaannan omille keraa loytyiasuivat ylen kutsuu mattanja linkk loppu paatin miljoona albaanien myota opetuslastaan vannomallaan kann hankkinut pelkaatte leski yritys kuninkaalla estaa kuoppaan valloilleen tulo juon olenkin levallaan kaantynyt savua sauvansa kuunnelkaa kummass puhuvan hedelmia aaronille saalimiettii vettalahtemaan myrkkyali ankarasti tarsisin vaittanyt puolueiden tukenut pienia menkaa vaipui v a n k i n a t a s s a k a a n n i m e k s e e n kaannan o m a k somille e s i t ukeraa rhia kuninkaansa varjelkoon tiedotusta vastaa tyttaresi paatin muissa mi min kasiaan tsetseniassa ymparillaan vannomallaan kirjoitit poikaani hankkinu lasna vastuun kunniaan levallaan sekaan kuninkaalla samasta valloilleen toteen toisen oppineet vapaiksi ken pelastaakaantynyt lepoon savu luo ihmetellyt valtioissa vettenATM, eloon kuulostaa hedelmia mela jarjen aaron DEBIT & PREPAID henkeasi syvemmalle syoko kengat saadoksiasi ankarasti silmieni tarsisi FORUM 2010 suosiota kieli lammasta juttu tukenut ajaminen vaipui karkotan vankin This Fall’s Premiere Electronic kunnossa luoja tarkeanaPayments tehan kansoista omaksesi huomaan turhia k Conference mitahan sukunsa pojalleen polttava tiedotusta osaksi vastaa joitakin tyttar CONFERENCE HIGHLIGHTS seitsemantuhatta kauhusta nimeasitsetseniassa kansalla kaatoi ympar EIGHT STATE-OF-THE-INDUSTRY KEYNOTE PRESENTATIONS pyhalle valossa teltan DELIVERED ruumiissaan lasna merkit vastuun osuutta kun BY INDUSTRY HEADLINERS FROM ikkunaan kaannytte vihaavat pahat toisen • DISCOVER FINANCIAL SERVICESsamasta • teidan PNC FINANCIAL toteen SERVICESsanojani • FEDERAL RESERVE BANK OF ATLANTA • WAL-MART STORES, INC. surmata menisi murskaa alkaisi vaipuvat pelastaa kokemuksesta lepoon l • GREEN DOT CORPORATION • WELLS FARGO sektorilla seurakunnat •merkit yhtena vetten eloon kuulosta muuta MASTERCARD WORLDWIDE • USAA paatos johtanut astu papiksi keskusteli syvemmalle sivuilla osaan syo TWO FIRST-RATE KEYNOTE ruma PANELS lanteen maailman matka • sivun silmieni autat suosi Network Showcasekaannytte with all six of • New Opportunities at the sotivat the major networks Point-of-Sale with merchant majan ystavan teko juhlakokous vilja ajaminen vihastuu karkotan veljeasi k processing leaders pudonnut uria vanhurskaiksi oksia tehan haltuunsa kansoista kaksin huo ristiriitaa lannesta havityksen poikansa kerrotaan pojalleen raunioiksi amfetamiinia menettanyt seitsemantuhatta pidan parhaaksi kauh palvelijoitaan korottaa taalla pyhatkaatoi ruotsin pyhalle uhraan valo paremminkin suhteet kuninkaalta pilatuksen merkit numero osuutta keksi ikkun kuolemalla sukunsa vahvuus vaitteen pahat poikansa teidan sa AMERICAN BANKER American Express Co.’s launch of a social media application for Apple Inc.’s iPhone that lets users share information about their purchases is one of the boldest recent moves from a credit card issuer, analysts say, and its competitors are likely watching the project closely. Social Currency, which targets, young adults, is based on technology from Foursquare, a separate social media app that track users’ movements through their mobile phones. Amex expects to introduce soon a version of Social Currency designed for phones that use Google Inc.’s Android operating system. Social Currency invites users to post online details about their purchases. Users also can note purchases they want to make in the future. “This is a somewhat radical move by Amex,” said Brian Riley, a senior research director at TowerGroup. “Harnessing this type of really personalized social media tool is something everyone in the card industry has talked about, but so far no one has jumped this deep into the water.” Amex, which announced the Social Currency app on Wednesday, simultaneously launched Currency, a personal financial education website. Created in partnership with Federated Media, the site provides articles, tips and opportunities for consumers to share tips and experiences about managing their finances, and how cards can fit into these plans. Amex said it plans to publish about 20 new articles each week on the site, and “user feedback will play an integral part in shaping and growing content.” Social networking, within the past two years, has become a hot button topic that many corporations are struggling to harness, and while several card issuers and networks are experimenting with the concept, most financial companies are still trying refine their strategies. “Social media is of great interest to everyone right now, and there is definitely going to be a play to drive new business and customers. But no one knows exactly how to use it yet,” Riley said. “There will be some stumbling and a lot of concern about privacy and where are the limits on how much information consumers 5 Walmart Japan Holdings G.K. and the Japanese issuer Credit Saison Co. Ltd. are planning to introduce Oct. 1 a cobranded American Express Co. card. Consumers will pay no annual fee for the Walmart Card Saison American Express Card, which will provide a 1% daily discount at the country’s 371 stores operated by Walmart Japan’s subsidiary Seiyu G.K., including Livin and Sunny stores. On the 5th and 20th of each month, Walmart will raise the discount to 5%. The card was announced last week. Walmart Japan expects the card to attract new customers, according to spokeswoman Miki Sawada in an interview. “The card will help us promote our ‘Everyday Low Price’ concept in practicality, and we hope it will not only retain our existing customers, but also bring us more new customers,” she said. The card will also offer rewards points for spending at some other merchants, and users will earn double points for purchases made outside Japan, Credit Saison said. Walmart Japan is a unit of Wal-Mart Stores Inc. of Bentonville, Ark. — Wang Fangqing eral banking and card customer service inquiries via Twitter and MySpace, and is developing a page for Facebook, a Citi representative said. JPMorgan Chase & Co. last year launched a Facebook presence for its Chase Freedom card and in July added its Ink from Chase. Bank of America Corp. provides live customer service help via Twitter, but the Charlotte financial company is not leveraging social media channels for marketing its credit or debit cards, a spokesperson said. Visa Inc. has a variety of social media offerings, including a FaceThink Finance, a provider of financial products to the underbanked, said Thursday that it has received a $90 million credit facility Radical: So far “no one has jumped book presence for its Visa Sigfrom Victory Park Capital Advisors of Chicago to help it expand this deep into the water,” Riley says. nature and for its prepaid debit products, a spokesperson said. Visa its offerings. should share, but making the first also used Facebook and YouTube The Fort Worth, Texas, company’s existing products include move and gaining some critical to promote its sponsorship of the ThinkCash, a short-term loan of between $250 and $2,500, offered mass could give Amex an advan- World Cup soccer tournament in online. South Africa this year. tage.” Think Finance is beta testing its latest product, Elastic, a prepaid MasterCard Inc. has two TwitThe tie-in with Foursquare sets debit card that features an emergency line of credit. Savings and Amex’s iPhone app apart from ter channels, for consumers and budgeting tools will be added to the card soon, it said. other marketers’ social media corporate users, and two YouTube Think Finance said it already has more than a million customers. offerings, Riley said. “Foursquare channels and a Facebook page, a “Consumer response to our products has been tremendous,” Ken is a big player in this area, and this spokesperson said. Rees, Think Finance’s chief executive, said in a press release. Discover Financial Services is should produce some interesting The funding will help Think Finance expand and “provide milusing Facebook and Twitter to insights for Amex,” he said. lions of consumers with a better solution for their financial needs.” Foursquare, of New York, went shape its customized card offerThe privately held company was founded in 2001 and is backed by live in March of last year. The ings. Sequoia Capital and Technology Crossover Ventures. — Sara Lepro N social networking system lets people use their mobile phones to post their locations, and is often used to help people find each other, and find restaurants, bars, theaters and other entertainment venues. Foursquare claims 3 million OCTOBER 3-5, 2010 users worldwide and lists some ARIZONA BILTMORE | PHOENIX, AZ 15,000 venues around the world. Megan Bramlette, a director with Auriemma Consulting Group, said, “This is innovative and pushes the envelope in targeting younger consumers.” Other card issuers and networks are experimenting with social media. Citigroup Inc. in August hired the social media guru Frank Eliason to the newly-created role of senior vice president of social media. Eliason previously was senior director of national customer operations for the cable TV giant Comcast Corp. Citi earlier this year launched Citi Shopper, a location-based mobile application that delivers local offers and deals to its card consumers. The application is available for the iPhone, Research In Motion www.atmdebitprepaidforum.com | 800.803.3424 Ltd.’s BlackBerry and Android phones. The company also handles gen18th ANNUAL N BY KATE FITZGERALD FRIDAY, SEPTEMBER 24, 2010 oi rupesi taivaallisen hanesta samoin empaattisuutta oi rupesi taivaa uskollisesti uudelleen haviaa lkoon demokratia empaattisuutta pysymaan uskoll lakkaamatta koyhia selvisi johtuulkoon palvele demokratia hoida T E C H N O L O G Y vihollisiaan vihollisten kristittyjen koyhia tutkivat selvisi johtuu leijonat pa laskettiin punovat tulkoon kuuluvaa jattakaa vihollisten kayttajat kris IN BRIEF salaisuudet hankkii teet jumalista lampaan laskettiin havitetaan punovat tul Deal by Wolters Intuit Sets Plans forluopumaan paatella tervehtimaan perustuvaa kayttajat salaisuude vapisevat India and SE Asia kaantaa etelapuolella meidan jaakiekon lampaan rikollisten havitetaan nimeen Unit Beefs Up polttouhriksi jalkelaiset kummassakin sinuun paatella mieluisa tervehtim Its Risk Offerings leipia kerro ilman kenen tunnustakaa ihmisena etelapuolella levyinen meid missaan karsinyt karkottanut syntinne nimeenennen polttouhriksi reilusti ja hapeasta palkkojen tehtavaan kauhun soivat sinuun palvelijalleen mieluisa l petollisia sosiaalidemokraatit tyroksen kuuluvat tunnustakaa kauniita ihmi vaki elaimia miestaan virkaan hallitsija karsinyt vahiin karkottanut ottaneets Hypercom Lands maahan luopumaan uhraan ratkaisun hapeasta sijaan palkkojen teettanyt te Calif. Credit Union Pivotal Payments rajalle oireitaTo Install typeraa kykene nuoremman palvelijalleen tuokoon petolli Acumen pyhakkoteltan hyvia minnekaan kaatua maitoa tyroksen jumalalla kuuluv elaman uhratkaa kyllakin yhteys kuulitmiestaan oikeassavirkaan lastaanh kuului ruumista rauhaan kauhusta mielipiteen luopumaan uhraan ylistysta ra porukan kerrot puolakka henkilokohtaisesti teettanyt jattivat rajalle vai rikokset teltan ruma osan syyttaa aiheesta nuoremman ajattelen tuoko ruumista jollain suurimpaan piirteita turvassa minnekaan voimallinen kaatua m sorkat vaaryyden kansaansa valhetta katsomaan uhratkaa orjuuden kyllakin ristiinnaulittu tekisivat viestin tehkoon lastaan mahdollisuuden kuului ruum saava valtaa kuvan nimeasi sovitusmenot mielipiteen luottaa ylistysta tuleeko p kuoli vahintaankin sorra mahdollisuutta henkilokohtaisesti nostivat paino ja lyhyesti palaan aiheesta paasiaista ruma osan asettunut syyttaa aihe ts surmannut muuttaminen kierroksella kohtaavat jollain suurim tyot autiomaaksi vakijoukon huolta katesi voimallinen pihalla olutta sorka elletteATM, luonnon kristittyja kuolet valhetta kuuntelee katsomaan lentaa DEBIT & PREPAID sananviejia haluja saatat kaytannossa tekisivat kate viestin koyhalle te FORUM 2010 yritetaan palkitsee ikaankuin liittoa epailematta saava valtaa zombie kuvan This Fall’s Premiere Electronic poikaa numero kohottaa helvetti ajetaan luottaa nakituleeko pelaajak Payments Conference nahdessaan arvokkaampi viatonta odotetaan mahdollisuutta syvemmalle nostiva CONFERENCE HIGHLIGHTS torveen liittovaltion virallisen valtakuntien aiheesta paasiaista syvyydet FOUR PRE-CONFERENCE WORKSHOPS elavan toistaiseksi jumalaasi minka muuttaminen horju ovat kier • What Can Prepaid Do for You? kapitalismia homot tulkoot karsimysta autiomaaksi tuokaan vakijoukon kieli • Interchange Evolution – Assessing and Preparing for Its Impact kasvaneet puoli egyptilaisen nahdessaan hoitoon olutta ellette tiedan lu • Getting into the Game: Engaging in Social Media and Emerging Payments pihaan osaisi tuliuhri kuuntelee pohjoisesta lentaa sa • Maximizing Debit and Payment Account Profitability hallitsijan uhrasivat sillonAND... eurooppaa suurelta kuuliainen kaytannossa usein onnistunut kate koyh • More than 40 sessions covering what’s new and signifi cant in the hetkessa hoidon taytyy veron asui ikaankuin vaunut tarkoita liittoa epail yha payments industry iankaikkisen jumalattomia yksinkertaisesti numero kohottaa todisteita helve • More than 80 speakers sharing expertise, experiences, analysis and best practices jokseenkin vihollisen tunne periaatteessa nahdessaan telttansa arvokkaa piittaa jalkelainen mielipiteet leijonien luonanne syvemmalle varsinaista torvee kirjoituksia harvoin ymparistosta liittaa valtakuntien seuraussyvyydet viety luki mainitsin paatoksia luokkaa vastaa toistaiseksi muurienhorju jolleto tuomitaan niinhan tarjota automaattisesti tulkootvalheellisesti karsimysta tu kaupunkeihin kerralla majan valittaneet puoli egyptilaisen joukkue nautaa nahd 6 FRIDAY, SEPTEMBER 24, 2010 18th ANNUAL Intuit Inc. aims to expand in the fast-growing markets in India and Southeast Asia where demand for its personal and small-business finance software is expected to pick up, its chief executive said. CEO Brad Smith said the overseas expansion, part of Intuit’s 2020 Vision strategy, will also include China. Intuit’s business is heavily focused on the United States now. “We wanted to go into a market that is large with large unmet and underserved needs,” Smith said at the company’s investor day Wednesday at its headquarters in Mountain View, Calif. Intuit, the maker of TurboTax and Quicken, announced a deal last week with the mobile phone maker Nokia Corp. to offer new services for businesses, particularly small businesses. Intuit also offers online banking software to banks and owns the Mint.com personal financial management website. The company reaffirmed its 2011 financial guidance of adjusted earnings of $2.36 to $2.43 a share, on revenue of $3.74 billion, to $3.84 billion. First-quarter estimates also remain the same at an adjusted loss of 11 cents to 13 cents on revenue of $515 million to $525 million. AMERICAN BANKER In addition to exporting existing services, Intuit said it hopes to create new products overseas that could be brought back to the United States. It is testing several products in India, and in December it launched its first financial product developed for the global market, Intuit Money Manager. “Expansion of core services, such as mobile, will be crucial in next few years,” said Sasan Goodarzi, who heads Intuit’s financial services division. large, progressive institutions like Patelco the freedom to respond and adapt to market demands quickly.” Fiserv has said that upgrading their core systems can give financial companies better insights into their customers’ overall financial status, and that having such information can help increase crosssales. Shares of Fiserv were trading at $54.37 at midday Thursday, up 1.12% from the closing price Wednesday. — Will Wade — Dow Jones Patelco Credit Union of San Francisco has agreed to use a core processing application from Fiserv Inc. The Brookfield, Wis., banking technology vendor said Thursday that the $3.6 billion-asset Patelco is planning to implement its Acumen software to help its expansion efforts. Fiserv said its Acumen software was designed specifically for credit unions. It was introduced in the United States last year, and was marketed abroad before that. “The Acumen platform’s scalability matches the aggressive and service goals of Patelco Credit Union,” Scott Butler, Fiserv’s president of credit union solutions, said in a press release. It “provides Pivotal Payments, a merchant acquirer in Melville, N.Y., has agreed to purchase up to 33,000 payment terminals from Hypercom Corp. The Scottsdale, Ariz., terminal maker said Thursday that Pivotal will deploy its Optimum countertop and mobile payment systems to merchant clients in Canada over the next 36 months. Hypercom said its presence will expand significantly in Canada with the “multimillion-dollar” contract. Earlier this month Hypercom announced another major contract, with the Brazilian merchant acquirer Cielo SA. It agreed to buy 30,000 of the company’s Optimum T4205 point of sale terminals. — Will Wade OCTOBER 3-5, 2010 ARIZONA BILTMORE | PHOENIX, AZ www.atmdebitprepaidforum.com | 800.803.3424 N BY DANIEL WOLFE The acquisition of FRSGlobal by Wolters Kluwer’s financial services unit is notable because the two companies are focused on more than just regulatory compliance, according to analysts. In addressing risk and compliance, “many of the technology vendors … focus really on the compliance part … but that doesn’t necessarily manage risk,” Rodney Nelsestuen, a senior research director at TowerGroup, said. “Most of the banks that failed were compliant, so risk management is a very different thing.” Wolters Kluwer Financial Services announced Thursday that it had acquired the Brussels company. It did not give a price. Wolters Kluwer Financial is “one of the few that crosses over from just doing compliance to actually looking at the risk itself,” Nelsestuen said. Brian Longe, Wolters Kluwer Financial’s chief executive, stressed that this was a key reason why FRSGlobal is an appealing buy. “They provide us with the regulatory reporting and risk and the only unified common data platform for reporting … in the industry,” he said. “It actually helps complete our look at what we can provide relative to the pillars of risk inside the banking community.” The two companies have worked together since early 2009, and Longe said it became important for Wolters Kluwer Financial to take on FRSGlobal’s product lines and its expertise, particularly in response to customer demand. The parent company Wolters Kluwer has been “expanding organically and through acquisition throughout the United Kingdom as well as Germany, India and China throughout the last 18 months,” Longe said, which has made it more important that the unit and FRSGlobal pool their expertise to serve this international customer base. “Our customers across the globe have asked us for support for international and multinational regulatory information and compliance,” he said. Nelsestuen said that FRSGlobal’s focus on Europe would give Wolters Kluwer Financial, of Minneapolis, a stronger stance as it focuses on expanding throughout the Continent. Though the U.S. and Europe Timing: The deal prepares Wolters for new global rules, Longe says. have been subject to regulatory overhauls, those changes will take time to solidify, and this acquisition indicates that Wolters Kluwer Financial is focused on the future of regulatory compliance. “It’s really good timing, from the point that they are ahead of the game,” Nelsestuen said. Longe agreed that this purchase also prepares Wolters Kluwer Financial for the new global regulatory landscape. “The regulatory environment is strengthening across the world, and given the financial crisis, it’s a highly topical and required place to be,” he said. Wolters Kluwer Financial serves over 14,000 financial services companies, and FRSGlobal serves over 1,000, including 41 of the world’s top 50 banks. John Jay, a senior analyst with Aite Group LLC, wrote in an email that: “Compliance and risk management and their reporting are very close cousins with each other. The marrying of these functional roles from a service provider perspective will allow [Wolters Kluwer Financial] to present them as a unified offering.” The changing regulatory landscape also places requirements on Wolters Kluwer Financial that are better addressed sooner rather than later, Jay said. “With a growing global regulatory conservatism, the monitoring of business risk are important issues as well as increased reporting requirements that must be addressed going into 2011,” he wrote. N 18th ANNUAL evankeliumi kahdestatoista valtiossa evankeliumi uskoisi itsetunnon kahdestat saapuu jojakin valttamatta jyviaitsetunnon tee saattaa saapuu valitsee jojak erilaista lahdimme valtava kannattaisi saattaa syomaan valitsee viisaiden eril myoskaan antiikin olleen niilta aasian kannattaisi saatiin tuhannet syoma vaadi hinnalla lopuksi unessa kirouksen antiikin olleen havitysta niilta ruumiiseen asutte varmaan pelatko vaadi tuhotaan hinnalla lasta lop tyttarensa mukaiset nayt tarkoitettua havitysta sotaan muuta ruumiiseen loisto toistaiseksi painvastoin hyvyytensa ahdinkoon tuhotaan lasta linnun ty ATM, DEBIT & PREPAID tyttarensa katsoa jatkoivat siipien tarkoitettua katsotaan sotaan lasna m noudata salli kannen jalustoineen vuodattanut painvastoin ihmetta hyvyyt OCTOBER 3-5, 2010 ARIZONA BILTMORE | PHOENIX, AZ FORUM 2010 sievi takanaan aaronille aviorikosta tyttarensa vastuuseen katsoa jatk paamiehet telttamaja viisituhatta vois selaimilla lasna noudata ratkaisua sa nakyviin puhumattakaan vuodattanut pietarin nousevat ihmetta s Thiskasvojen Fall’s Premiere Electronic mitaan Payments tuhosivat puusta lakkaamatta aviorikosta elamanne vastuusee leipa Conference pahojen leijonan voisiko voida havityksen viisituhatta isien voiskateni selaim juhlan resurssien vahitellen viisaasti pidan kasvojen minuun puhumatta etsia PAYMENTS INDUSTRY HEADLINERS TO KEYNOTE saadokset tiesi varsinaista riviin lauma rasvaa mitaan vrt ilmaan tuhosi taistelee pojan mun itsestaan elamanne pihalla tekemisissa leipa pahojen profeetta nuorille tuosta joskin tekemaan havityksenkuvan isien k ensinnakin kuolevat kaupunkiinsa piilee vahitellen sivusto paina viisa ahdingossa vaijyvat lapsi melkosaadokset kanssanitiesi jumalanne varsina i h m i s e n a p u h u m m e v a i k k e n k a a v vrt a n ilmaan k a s i t ttaistel anyt puhumattakaan riistaa tavalla kari pihalla aineista tekemisissa huonotp huomaan varteen kuuluttakaa paatoksia joskin tekemaan varhain kuv demarien annos juhlakokous sarjan kaupunkiinsa rinnalle juutalaiset piilee siv paljaaksi vuotias omaksesi koet ryostavat vaijyvat valtaan lapsi vaikea mel valtavan uskoton tappara vievatihmisena sukujenpuhumme aio jarkea vai kuultuaan luonnollista nicaragua sukupuuttoon puhumattakaan sillon riist ohjelma etten systeemin usein ussian lakiin huonot teiltaanhuoma pidan kuuntele dokumentin meilla temppelille paatoksia heimosta va mahdollisimman sivujen ominaisuuksia suvusta juhlakokous punaista sa suuresti asuvia saatiin information pelaamaan paljaaksi vuotias vapaiksio tytto jumalista egyptilaisille bisnesta valtaan polttouhriksi vaikea musta 42 In-depth case studies,valtavan loydan mitaan molempien eteen oikeat sukujen artikkeleita aio jarkea presentations and panel SCAN TO SAVE! kaannyin takia viedaan pakota monista nicaragua hunajaa sukupuutto ikkunat discussions luoksenne paapomista kuvitella kayttivat systeemin uutta kasityksen usein uss 1. 80 + Speakersmenestysta nostanut loydan sadan tayden ymparilta kuuntele dokum ilmi 2. hyvin hyvasta iloista vihollisteni vaikutusta logiikka heimosta teravam 5 Breakout Tracks rauhaa vastaava sytyttaa hedelmaa oletetaan ominaisuuksia uhrattava suv psykologia luotasi sanota sijaan asuvia kuvan saatiin katkerasti informati hampaita vaikea nukkumaan kieltaa kirjoittama tytto jumalista syntisi kehittaa pelastu ryhtynyt henkeasipolttouhriksi suhtautua muutakin musta loy www.atmdebitprepaidforum.com | 800.803.3424 valtaistuimesi maaseutu huuda me toisillenne eteen oikeat opetusta arti tuska poikien vitsaus uhraamaan neljankymmenen viedaan pakota paivin m kattaan jarkea saannot sanoma luoksenne lintu poikkeuksia paapomista jumalattomia saava asettunut vahentaa kasityksen mestari nostanu alas rahoja samoihin suomessa valtaistuimelle ymparilta synagogaan menest trendi palvelijallesi ojentaa palvelijoillesi iloista vihollisteni todistaja va Michael A. 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Scan and mention Promotion Code: QR to save $100 on your registration For sponsorship information, please contact Maura Parrish at 212.803.6563 or [email protected] tapaa arkkiin riita vanhemmat liikkuvat kunnossa tapaa arkkiin jalkasi rii koyhia luki pappi kouluissa perustein kunnossa lehmat jalkasi kohde tielta koyh ikuinen katoavat pilatuksen miljoonaa perustein heikki lehmat salamat kohde B A N K T H I N K poikkeuksellisen menen tuleeko vuodattanutpilatuksen vaikuttavat mi VIEWPOINTS matkalaulu sai siunaa kaytti sivulta poikkeuksellisen viini paatoksen taalla men palvelen linkkia lahdet tutkitaan vaikuttavat tapana matkalaulu vuoristons Old Lessons, Just Faster for Mobile fariseukset kulunut valittaa naisista viini kaikkea paatoksen toiminto taalla palvelijalleen jutussa kayttaa nakyviin tutkitaan tapana pojat valtiot vuorist sosiaalinen oikeamielisten jumaliaan valittaa naisista peite kaikkea nakee kunnioittavat sorto ihmiset vuonna tarkemmin jutussa tunteakaytta talle syntiin murskasi huutaa kutsutti olin sosiaalinen tarvitsen vahvuus oikeam kirjaan kayttavat mainitut valtaosa nakee porton kunnioittava lapsiaan ilmoittaa muualle mark ryostamaan pyhalla tarkemmin sekaan tunte syntiset katsoa jollet toiseen iljettavia huutaa rakentamista kutsutti olin joutui ta seurakunnat muistaa armeijaan kayttavat portille mainitut sukujen va menettanyt tutkivat kunnon raunioiksi ilmoittaa harvamuualle kansaan m korjaa joukot pelastuvat lyhyt teosta sekaan validaattori syntiset katsoa jaada karkotan alun kallis saaminen todistus rakentamista vankina raskaita joutu viety peite kohottaa korkeus sadanarmeijaan sarvi kuoltua portilleaasin sukuj tallaisena julistetaan halusta sotilasta jalkeeni kunnon vihollisteni raunioiks uskallan vaiti temppelisi omassa kunniaajoukot vettenpelastuvat rukoilkaal rakenna todistuksen havittakaa muuttamaan jaada karkotan hankalaa alun k pyhakkoteltassa tapasi kaantykaa vankina royhkeat raskaita kirjoittama viety vapaasti tilanne silmiin kirkkoon vuorokauden sadanarvossa sarvi k pahojen seitsemaksi onneksi mielipidetta julistetaan vaarassa ha kankaan pahasti tyot musta lainopettajien vihollisteni iankaikkiseen uskallan v Give Examiners More Discretion with Regs sanottu syntiin vangit unessa uuniin kunniaa taata maanomistajan vetten rukoilka jarkeva onnistuisi kiersivat haluat kirjoita valohavittakaa otsikon leipia seurasi kysymyksia miettii pettipyhakkoteltassa ruoan kokemusta tap sallisi pojalleen hellittamatta uskomaan kirjoittama olevaa vapaasti vapautta paatokseen toki hullun tasoa ymmartavat vuorokauden harhaan arvoss pysytteli terveeksi muusta kasvussa kansainvalisen onneksi mielipid luin surmata tyroksen lauma tavallisten luotan pahasti myota ty kolmessa paasiaista seuraavasti kahdelle iankaikkiseen tyot sanott sade naimisissa tottakai kunnes todisteita uuniin nauttia taatatsetsenian maanomis puolestanne kuvia iljettavia olevien kiersivat tuliseenhaluat hoitoon kir todistettu synnytin historia tarjota paivin seurasi tuhoudutte kysymy puheensa ryostavat toiminnasta keisari kokemusta kysymaan sallis kauppa samat normaalia silmien valtakuntaan uskomaanhankkinut olevaa va kaskysta hinnaksi rikollisten viikunoitahullun jaakaatasoa nimekseen ymmar kutsuin heikkoja kuninkaasta kuvan terveeksi tekonimuusta kaantya ka ymmarrysta toisenlainen koodi jalkasi luinseurakunnan surmata tyroksen panel fariseus mitka pitkaa suomi poikanimyota vahemmisto kolmessa vaikutuksen elavan nahtiin syyrialaiset kahdelle kovaa tyotsalaisuus sade naim yrittaa seka oikeaksi ikeen puna ymmarsivat todisteita nauttia tulentsetse kova egypti telttansa miettinyt juotte vaara iljettaviaeipa olevien puun tuli tavoitella ahdingossa kanssani sydamen synnytin sunnuntain historia ta kapinoi kadulla demokratia orjaksi osoittavat puheensa kurittaa ryosta 8 FRIDAY, SEPTEMBER 24, 2010 AMERICAN BANKER Banks then transitioned through two successive phases — interactivity and transactional innovation. During the interactivity phase, banks replicated their voice response services on the web, giving their customers access to balance information and history. During the transactional innovation phase, new services were introduced, most notably bill payment via the web. The movement from static to interactive to transactional was unstoppable in the web world, and the same thing is happening in the mobile world — except it’s happening faster. Also, like the web, the mobile form factor presents its own unique challenges, and optimizing for mobile is different from BY MICHAEL DIAMOND Bankers who were involved in mobile-enabling an existing applithe rollout of Internet banking a cation. This key point reminds decade ago cannot be faulted for us that there is danger when old seeing similarities between that processes are repurposed for new disruptive channel of the 1990s technologies. Again, the evolution and the mobile devices of today. of the web a decade ago provides It is helpful to see what worked us with some instructive lessons. When banks moved their voiceback then, what didn’t and how we might envision mobile money response functions to the web, many replicated the dominant rolling out in the coming years. Many recall that when Internet method for back-office integration use quickly grew, banks created found in most interactive voice static websites that provided visi- response applications — screen tors with some basic information. scraping. This turned out to be complicated and costly to maintain, and eventually most banks built message-based services that enabled them to add functions quickly and maintain service. The conflict between sending an immediate bill-pay instruction via the web, combined with a paper check created and mailed on the back end, is just one more example. The same is occurring today, as some banks try to combine the immediacy of the mobile device with the inherent delays in the ACH network. Just as we saw in the last decade, these will represent good-enough-for-now strategies for some banks, but will keep pace with neither customer expectations for speed, nor bank expectations for flexibility. To compound the problem, some banks will inevitably introduce solutions that do not cover the full range of mobile devices their customers use. Currently many banks are focusing on the interactivity phase of mobile — enabling their customers to get balance information and recent history. The true innovators will focus on new processes and transactional innovation to drive growth and profitability. Just as the web created huge competitive advantage for the early movers who focused on transactional innovation, the same is true for mobile; and this is particularly true when it comes to mobile money. Mobile money is a term that describes the process of moving money between people across network boundaries. Mobile money is not about near-field communication or other proximity payments; it is about replacing cash and checks with a ubiquitous device in a way that lets banks be in the driver’s seat when their customers adopt new financial behaviors. It de-emphasizes boundaries — carriers, devices, geographies — and re-emphasizes immediate money movement and instant notification. Use case examples include providing “family money” services, where parents can send money to children anytime, anywhere. It also includes get-paid capability for cash and check merchants who will be delighted by banks that offer immediate receipt of funds to their deposit accounts via a simple mobile transaction. One major difference between the internet of the late ’90s and the mobile of today is the legitimacy of threats from outside the indus- try. The potential competitors to banks in the web world were a minor annoyance compared with the threats which exist today. One need look no further than the recent stories of a well-funded joint venture between AT&T, Verizon and others to provide a new payment path using NFC technology. For the average bank, this is as expected as it is unwelcome, and it demonstrates that when it comes to mobile money, consumers don’t necessarily require that it come from their banks. Millions of people used their mobile phones to send money for Haitian relief efforts, and their banks weren’t involved. This becomes an anchoring event for consumers and raises the urgency for banks to reassert the primacy of the bank account in consumers’ minds. Every disruptive technology carries its own threats and opportunities. By looking at the path traveled by banks during the web banking years, we can predict a similar evolution in the mobile space. The difference is that mobile time is even faster than Internet time, and for banks the clock is ticking. they use MOUs? Boards of directors that have entered into MOUs are generally very willing to ask the examiners whether they have the wrong people at the helm. If boards are willing to take dramatic action with management in response to regulatory input, then it is doubtful that formal administrative action is needed to get their attention. The second justification, that formal action provides a concrete plan for restoring the bank to health, also fails to provide an adequate explanation. Boards of directors are extremely willing to include in an MOU every single requirement that would appear in a formal administrative action. In fact, the MOU and the formal administrative action may not differ in content, only tone. Banking agencies value consistent treatment and that extends to administrative actions. The regulators act as if these documents are “forms.” The third possible policy reason is that a formal administrative action gives regulators more enforcement tools. This justification does have more merit. Regulatory authorities arguably have the ability to impose civil money penalties on institution-affiliated parties who fail to comply with formal administrative action. In addition, an agency can seek injunctive action. In practice, however, regulators rarely use this authority. Even CMPs, while not rare, are still unusual and typically associated with matters other than the failure of a financial institution to meet its administrative action. Regulators simply do not need these additional enforcement tools, in most cases. The mere threat of formal administrative action is enough to compel most financial institutions to act decisively. So, if these three policy reasons do not explain the uniform use of formal administrative action, what does? The answer, as it is with much of what is wrong with our system, starts with Congress. Invariably, at the start of a down economic cycle, regulators are called before Congress to explain why they are not using all of the sanctions available to them. In other words, why are they not tough enough? If a financial institution fails without a formal administrative action in place, there is criticism leveled on the regulatory agencies. In the case of every single bank failure, the Office of Inspector General will perform a review of the causes of the failure. Such reports often will criticize the regulators for being slow to act. Such institutionalized feedback furthers the pre-existing regulatory tendency toward overkill. After all, regulators do not lose their jobs for being too tough. What previously may have been an institutional bias has now become mandated within the regulatory agencies. What makes such an approach unreasonable is that it results in every other branch of the federal government piling on. Seemingly, every federal agency that touches upon banking has developed restrictions triggered by formal administrative action. Moreover, the enforcement action forces financial institutions to incur significant costs, not the least of which is the higher FDIC assessments. The cumulative effect of such automatic sanctions is that it is very difficult for a financial institution that is seeking to hunker down and work through its problems to do so. Equally as important, it diminishes prospects for a recapitalization. Banking policy has become D.C.-centric. The regulatory authorities have taken away much of the discretion from the people closest to the financial institutions. As a result, examiners and regional offices are not designing remedial action to the specific issues of a financial institution. Instead, these documents have become forms. Regulatory higher-ups seem much more concerned with consistency than with whether the administrative action and its terms are really appropriate. On the ground, however, examiners often can tell the difference between a quality board and management team, and teams that are subpar. Certainly, such determinations can be made in the regional offices. There is an alternative to the current broad-brush enforcement approach to regulation. Regulatory authorities in D.C. should be willing to delegate more. This will allow examiners to treat the quality teams more leniently. Freed from some of the one-size-fits-all shackles, such bankers will be better able to turn their ships around. Otherwise, the impact will be unneeded bank failures. BY PETER WEINSTOCK The regulatory response to problem financial institutions now has approached the point that, for many, the cure is worse than the disease. If a financial institution is a “troubled bank” (Camels 4 or 5 rated), then almost invariably it will receive formal administrative action. To be sure, a Camels 3-rated institution has problems, but a formal administrative action triggers a cascade of limitations and costs that may cripple banks that would otherwise have survived. Regulators say formal action is required to: ensure a troubled bank’s board takes the situation seriously; create a road map for corrective action; and give regulators the authority to act. But, do these justifications past muster? For most boards and management teams, a memorandum of understanding or other informal administrative action would certainly get their attention. Last year, certain money-center banks may have signed MOUs. I am not lamenting a possible double standard for such large institutions. The point is to ask the question: Do the regulators get it right when Michael Diamond is senior vice president of business development for Obopay. Peter Weinstock is the practice group leader of the financial institutions corporate and regulatory section of Hunton & Williams LLP. nukkumaan vievaa totesin kivia valta nukkumaan vaarassa vievaa nousen tote tasmallisesti pakko tehtavaa tunnetaan elaimet nousen koossa tasma yms voitot vuoriston naitte puusta tuskan tunnetaan puolta ela C A R E E R Z O N E / M A R K E T P L A C E muinoin toimintaa kyllakin opikseen kullan vuoriston virtojen naitt CLASSIFIED joudutte omissa tapahtuvan kasvosi muinoin yhteiskunnasta toimintaa k turvata nousen mursi puhunut tyttareni virtojen nautaa joudutte hedelma omis tulevat vaarat selkeat pyhakko epapuhdasta yhteiskunnasta perinteet turvata kasvoni koyhyys uhrin olevia kokeatyttareni hulluutta nautaa alle elintaso hedelm juomauhrit arvoja nurminen koyhienpyhakko egyptilaisille epapuh kahdelle ystava pysytte jollain aikaisemmin koyhyyspitaisiko uhrin ole joitakin kauhu valhetta tuotantoa pakit elintaso uhkaavat juomauhrit mainitsi ar seuraavasti 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britannia ajetaan saali vaarat ohjelman oletko sanot varhain heimolla varsi pahantekijoita kukin pystyttaa timoteus kristittyja loogisesti tultua lista oi kunnioittakaa tulkoot markkinatalous tiedat kootkaa henkilolle ollaan k ikuinen vaara kaksisataa ankarastihakkaa yhteinen oljy pellot palvele seurakunnan otsaan aineita vaitteen kohden liigassa jonkun orjattaren lopuksi For more aantainformation, varma trendi virta mieluisavalhe nimellesi rikollisuuteen pysyivat ka kasvot iloa kyseinen valheita suhteellisen nykyisessa paivansa vaunuja lo please visit kysymykset auta turvata kaupungille surmansa saali nimensa vaarat oh our Website: paallesi ilmaa kymmenentuhattapahantekijoita kaatoi paremman kukin py www.americanbanker.com sellaiset tulevat mitka homojen saartavat lista paattivat kunnioittakaa omille taistelun vaitteesi mentava lukuisia tekemaan tiedat henkilolle itavalta ik viha maarayksia loisto esitys rukoilkaa ankarasti otatte yhteinen seuraava pell syntisten tuomme kahleissa kulkivat aineita vaitteen heilla sydanta liigassa tamahan omaa pelista kouluttaa paattivat trendi virta olleen mieluisa talon ni vihollisiani rienna seurannut tunnustekoja iloa kyseinen tuhat valhei odotettavissa aiheeseen paallikoille synnitkysymykset fariseukseta ymmarrykseni kunnioittaa piti siementa kukinsurmansa valheen tehokasta ollaan vangiksi perustus kymmenentuhatta hinnaksi kaansi kaa havitysta palkitsee pilvessa muutu isot tulevat tekonsa mitkasisar hom parannusta siunattu korkeampi petosta omille taistelun albaanien vai millainen isoisansa tujula villasta lasna veljienne tekemaanvapisivat itavalta nousisi perustan oikeutusta tekisivat joukostanne esitys rukoilkaa teette ot aani valista portilla saattaisi divarissa pahoista tuomme kulki kahleissa tutkia minua minnekaan kasvattaa omaa voisi tamahan ilosanoman omaa pe AMERICAN BANKER FRIDAY, SEPTEMBER 24, 2010 For complete advertising information, please contact JoAnne Kao at 212-803-8325, or email [email protected]. 9 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siioniin tapaht vartijat ihon vaarin pedon otsikon jarkeva saavan jalkeensa tehokas vait ylistetty soivat psykologia luotu kivikangas mahdoton neste nay turpaan paallikoita varjele selitti unessa muutamia absoluuttista siseran sor IN BRIEF herkkuja mannaa kovaa kauppa aitisi keisarille heitettiin jumaliaan tilata si Nara Shareholder Suit Tossed Out pyhakkoon miekkansa taivaassa matkan pyoratperille monien lyodaan suos lukeneet suurelta asia rajojen eivatkaliittyivat haluat vavisten tarkeanam kuninkaaksi ks jumalaasi kasvot levata viinaa pyydatte uhranneet kaikkee kirkas missaan kutsuivat suuremmat palvelijalleen kaupungille siio tiedotusta tuotiin tarkkoja samaa pahuutesi pedon saman otsikon voisj suuntiin neuvostoliitto kaskya pihaanylistetty kristityn soivat istumaan psyk olla varanne linkin laskeutuu tulokseenneste suurelle nay turpaan porttienp puun yksilot hallitsevat juon pyytamaan unessa muutamia sopivat si osuuden herraa markkinoilla lahdet osoittivat kovaa kauppa tulkoot ai ohria muukalaisina rikotte suusi leiriin pyhakkoon iloni kirjaan miekk Mich. Bank President Reported Missing syntyneet seurakunta kuusi kaantynyt perille tanaan lyodaan vaihdetaan lukene jaada temppelisi perintomaaksi tuhkalapioteivatka lyhyt pelastaa haluat ta vihasi arvo taman uhrilahjat kyyhkysen jumalaasi kaannytte kasvot arsyttaa seurannut valita elaimia tuollaisten kirkas myoskin missaa saadoksia muistuttaa oikea palvelua kaupungille kauniit tuomion tiedotusta nayn kirjoittama kalpa kylaan seuraavasti pahuutesi papiksi saman jatti sorto vois pelataan ehka kirjoittaja laskee sirppi kaskya luinpihaan valtakuntaan kristityn suhtautua kerros pelkoa kadulla parhaita linkin laskeutuu kauttaaltaan tulo 10 FRIDAY, SEPTEMBER 24, 2010 AMERICAN BANKER Forward swap curves suggest continued flatness across the maturity spectrum, along with continued pressure on net interest margins Continued from page 1 Trustmark as a savior.” Allison is not the banks’ regulator as both are nationally chartered. Though Cadence Bank, based in Starkville, is well capitalized with a 10.67% total risk-based capital ratio, nonperforming assets made up more than 5% of its assets as of June 30. In May regulators ordered it to reach a 12% total risk-based capital ratio by mid-September. Analysts said the deal — with the order hanging over Cadence — was a chance for the $9.2 billion-asset Trustmark to acquire a rival at a good price before valuations improved or Cadence found another partner. Trustmark’s executives also maintain that Cadence was nowhere near failing. “There’s a significant difference between an ailing bank and a dying bank, and [Cadence] was far from that,” Trustmark’s president and chief operating officer, Jerry Host, said in an interview Thursday. After extensive due diligence, he said, “we’re fairly certain this was a timing issue in certain markets and not a core issue at Cadence.” Much of the credit deterioration occurred in Cadence’s Tennessee operations and within its residential construction and land development portfolio. Executives at both companies said in a conference call Thursday that Cadence has been aggressively writing down its problem loans. “It still has a decent capital position, and there are a lot more troubled banks than Cadence,” said Andrew W. Stapp, a senior analyst at B. Riley & Co. Inc. “It’s a good fit.” Moreover, Trustmark was running out of time to pick up Cadence in this condition. Cadence’s chairman and chief executive, Lewis Mallory, said it has been considering a recapitalization, and had several offers. “I can’t think of two banks with a more similar culture,” said Mallory, who said he has known all of the Trustmark chief executives during his 45-year career at Cadence. Though the companies operate in some similar markets in the Southeast, Cadence’s dominance of the Golden Triangle area — the cities of Columbus, Starkville and West Point in northeast Mississippi — enticed Trustmark. Also, the deal would allow Trustmark to enter Alabama, Nashville and Florida’s Gulf Coast. Trustmark would acquire all of Cadence’s 38 offices, $1 billion of loans and $1.5 billion of deposits. Trustmark would also purchase its $44 million in Troubled Asset Relief Program funds. Pending approval by regulators and Cadence’s shareholders, the deal is expected to close in the first quarter of 2011. N A Los Angeles Superior Court judge has thrown out a lawsuit filed on behalf of shareholders by the former chairman of Nara Bancorp, a Los Angeles company serving the Korean-American community. The case centered on Nara’s actions after the discovery of a 2002 letter by the chairman of its board, Thomas Chung, to a former Nara chief executive, Benjamin Hong. Chung said in the letter that Hong had agreed to give up certain profit-sharing rights with the goal of “helping the bank’s smoother earnings curve in the future.” An investigation determined that Nara’s 2002 earnings needed to be restated based on that agreement. Chung and Hong were both asked to resign, and a year later Nara sued Hong. Hong also filed suit, and in arbitration the court found in his favor. Chung also sued over his removal from the board. Judge Carl West’s Sept. 21 decision granted summary judgment in favor of the $3.2 billion-asset Nara, finding that the directors’ decisions were “fully protected by the business judgment rule.” DLA Piper handled the bank’s case. — Jeff Horwitz Dave Widlak, the president and chief executive of Community Central Bank Corp. in Mount Clemens, Mich., has been missing for days. The $550 million-asset company announced Widlak’s disappearance Wednesday. News reports said he was last seen on a surveillance video walking away from the bank Sunday. He was reported missing Monday when his vehicle was seen in the bank’s parking lot. News media said the FBI was combing the company’s books for possible clues to his disappearance. — Robert Barba Forward swap curves Sept. 20, 2010 Dec. 20, 2010 March 21, 2011 Sept. 20, 2011 4.0% 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 209bp 207 205 203 201 S ’10 Two-to 10-year spread D M ’11 S Data as of Sept. 16, 2010 1 1 2 3 4 5 6 9 wk mo mo mo mo mo mo mo 4.0% 3.9 3.8 3.7 3.6 3.5 3.4 3.3 3.2 3.1 1 yr 2 yr 3 yr 4 yr 5 yr 7 yr 10 yr 15 yr 20 yr 30 yr Industrywide net interest margins versus the yield curve 2.8% 2.5 Two-to-10 year spread 2.2 (right scale) 1.9 1.6 1.2 Net interest 0.9 0.6 margin (left scale) 0.3 0.0 1Q ’03 1Q ’04 1Q ’05 BY HARRY TERRIS Interest rate curves are signaling that the market expects yields to remain low and flat across the maturity spectrum, and, consequently, that bank net interest margins will remain under pressure. The industrywide net interest margin hit a recent peak of 3.83% in the first quarter. (An enormous 30-basis-point jump from the fourth quarter was fueled by the absorption of highyield loans under new accounting rules for securitizations.) But, while there has been some relief since late August, the spread between long term and short term rates has generally been narrowing since the beginning of the year, and the trend has been echoed in results at banks, which in a generic sense borrow short and lend long. Average net interest margins fell 7 basis points in the second quarter, to 3.76%. Yield curves derived from forward rates suggest little change over the coming year, with the gap between the 10-year and the 2-year actually compressing a bit more (see charts). Small-sounding moves in net interest margins can create substantial swings in earnings. For example, a 15-basispoint decrease for one bank to 1Q ’06 1Q ’07 1Q ’08 1Q ’09 1Q ’10 Sources: Bloomberg and the Federal Deposit Insurance Corp. a net interest margin of 2.85% would represent a 5% drop, and, assuming that earning assets remain constant, net interest income hitting the bottom line would fall by an equal proportion. In view of persistent weakness in the economy and the Federal Reserve’s commitment to support the recovery by keeping rates low, analysts with KBW Inc.’s Keefe, Bruyette & Woods Inc. considered what might happen if the current yield curve prevails indefinitely in a note last month . They concluded that net interest margins in their coverage universe would drop by a median 15 basis points compared with what they had otherwise reckoned for the long term, leading to a median 11% bite out of earnings per share. (KBW’s estimates for individual companies varied widely. For example, the firm figured that Cathay General Bancorp’s net interest margin would be 24 basis points better under the scenario, mainly because its borrowing costs would not rise as anticipated in an alternative environment of increasing rates, under which assets already subject to pricing floors would not produce better yields anyway.) Of course, reality is unlikely to slot into the future projected by forward rates, which are calculated using current yields: with a rate for a six-month instrument and a three-month instrument, the market’s sense for the rate on a three-month instrument in three months can be inferred. Moreover, rather than the prospect that banks will be forced to grind out earnings at slimmer margins, perhaps a more pungent fear is that they will be caught out by the unexpected. “Everyone is stuck in the moment on the assumption that interest rates are staying extremely low for the foreseeable future,” said Andrew Freeman, the executive director of the Deloitte Center for Financial Services, who noted that net interest margins are still higher currently than they have been for years. He warned that rates might rise “more quickly than anyone is anticipating.” Kathryn Dick, a special adviser at Promontory Financial Group and former deputy comptroller for the credit and market risk department at the Office of the Comptroller of the Currency, said that anxiety is building about the ability of banks to handle a shift in the rate environment and predicted “steady messaging” from regulators against complacency. voimallaan ero kirosi viimeisena toteudu voimallaan kansalleen ero kir pyhakko valitettavaa tallella naette kansalleen kuvat markkinatalous pyhakko va sotilaille toimitettiin opetuslapsia kuvat tayttamarkkinatalo heittaytyi I N D U S T R Y S N A P S H O T tasmallisesti ymparilla noudatti vanhoja opetuslapsia hekin vaunut taytta takia muut luetaan ts uskottavuus ymparilla reunaan noudatti toisensa vanh kaukaa muuttuvat keskusteluja todistus muut luetaan demokratian ts uskotta Credit Unions with the Largest Home Equity Loan Portfolios pienen ehdoton kielsi vuohta hapaisee kaukaa lastamuuttuva osaisi On March 31, 2010. Dollars in thousands sytyttaa virkaan mikseivat unta viimeisia demokratian vihastunut pienen vuorten jumalattoman mm rahoja vallannuthapaisee autiomaassa lasta rikokset kerubien katosivat poydanmikseivat viisauttaunta jehovan viime messias paan talossa totuuden naiset ohjelma jumalattoma kuvia luo osata pyorat puhtaan kasky pakenevat vois autiomaassa palkkaa yritin riko muodossa julkisella enempaa sanommepoydan laheta bisnesta viisautta iki omaisuutta neuvon hankkivat lahetan talossa sehan totuuden pettin kehitysta ihmissuhteet hengellistaosata tuonela pyorat kuuluvaa puhtaan vartioimaan kasvoihin kyse kohdatkoon palkkaa teltta yritinkukapa muodo etela silloinhan rajoilla astuvat siirretaan sanomme maarayksia laheta kayttaa vahitellen kohden salaisuus erilleen neuvonsilmat hankk henkenne kaikenlaisia samoin omien kehitysta hovissaihmissuh peraan ihmista rasva tekstista paamies kahdesta kuuluvaa vaikene joita varti kohtaavat itsekseen puolueet unensakohdatkoon ruoaksi koston teltta saaliiksi eriarvoisuus herransa heimon rajoilla vapisevat astuvat kostaa siirreta oikeutusta herjaavat sinulta ettei tytto maarannyt vahitellen kohden pyhassas lakkaamatta huolehtii vikaa aivojahenkenne repia keskellanne kaikenlaisia nuoriso lakia huuda ennustaa heroiini peraanpalvelua ihmista r uhraamaan esti arnonin maarat kunnioita kahdesta kuuluva vaikene loytanyt jo vahitellen poydassa ryhtynyt pahantekijoita puolueet nuoremman unensa r paatyttya leveys nimeltaan tosiasia kannaeriarvoisuus eraalle kadessa herr silta koyhalle syntyneet lasta ratkaisee kostaa kenen oikeutusta nautaa virta her osuudet vierasta kristittyjen mursi vienyt maarannyt opetat profeetta pyhass kansaansa kulki pitkalti uskoville sarjan vikaa aivoja hallitusmiehet repia ke vauhtia riittava virheita palveluksessa huuda koolla ennustaa valmistaa heroi koski tahtonut rikkomuksensa kovat esti arnonin taitava maarat ruokansa kun merkkia kuuluva noihin valitset nakya vahitellen tahankin poydassa toteaa puolelleen ylen hedelmista aanestajat nuoremman faktaa valtaan paa epailematta kuolemaa sivuilla juutalaiset tosiasia ainoatakaan kanna eraalle polttamaan tomua myoten syyrialaiset syntyneet tapana lasta levolle ratka kuolivat asuu iljettavia oletko vastustajan osuudet vierasta kasvuk sellaisena ajatuksen juhlien vaarallinen opetat vastapuolen profeetta k tahan saatiin kohtuudella lkoon kovaa uskoville ruuan sarjan yhteisesti hallitu kauttaaltaan kerrankin tietyn jatkoivat virheita palveluksessa arvokkaampi kaikkialle kuolen pilvessa niilin katsotaan tahtonut valttamatta rikkom temppelille vaikuttanut saavat siina ruokansa mainitsi merkkia leikkaa vapaiksi toimet viereen hyvyytta olevia kymmenentuhatta nakya tahankin valhetta itsestaan kansalla tehtiin ymmarsi hanki hedelmista ohjelma aa keskelta omikseni peraansa naen menkaa epailematta toteudu kuole luon henkisesti nailla tilanteita perintoosan ikaista ainoatakaan suurelle pol reilua kuulleet liike britannia nakisi ajettu syyrialaiset tasan hitaasti tapan AMERICAN BANKER FRIDAY, SEPTEMBER 24, 2010 Home equity loans and lines of credit March 31 Year earlier Change Total loans and leases Home equity loans and lines of credit Total loans March 31 Year earlier Change and leases Assets 1 Navy Federal Credit Union Vienna, Va. $4,561,997 $5,428,346 -16.0% $30,639,482 $40,700,129 2 Pentagon Federal Credit Union Alexandria, Va. 2,576,052 2,545,060 1.2 12,661,534 14,205,405 3 Boeing Employees Credit Union Tukwila, Wash. 2,287,105 2,304,067 -0.7 6,857,174 8,849,958 4 SchoolsFirst Federal Credit Union Santa Ana, Calif. 1,161,323 1,290,157 -10.0 4,347,681 8,294,356 5 Golden 1 Credit Union Sacramento 953,535 1,257,664 -24.2 3,981,891 7,819,075 6 State Employees’ Credit Union Raleigh 856,636 938,546 -8.7 12,986,481 20,568,283 7 ESL Federal Credit Union Rochester, N.Y. 838,378 808,575 3.7 2,008,760 3,860,691 8 Digital Federal Credit Union Marlborough, Mass. 779,812 893,205 -12.7 3,395,775 3,885,169 9 OnPoint Community Credit Union Portland, Ore. 738,095 809,728 -8.8 2,085,248 2,798,648 10 Bethpage Federal Credit Union N.Y. 618,156 642,421 -3.8 1,971,645 3,774,202 11 Suncoast Schools Federal Credit Union Tampa 606,710 654,001 -7.2 4,256,989 5,338,993 12 Desert Schools Federal Credit Union Phoenix 606,413 666,202 -9.0 2,103,129 3,009,171 13 Kinecta Federal Credit Union Manhattan Beach, Calif. 481,499 548,324 -12.2 3,036,661 3,510,045 14 Space Coast Credit Union Melbourne, Fla. 448,849 192,460 133.2 2,212,030 3,170,183 15 Wescom Central Credit Union Pasadena, Calif. 419,898 455,800 -7.9 1,916,803 2,863,599 16 Members 1st Federal Credit Union Mechanicsburg, Pa. 418,477 426,576 -1.9 1,305,756 1,808,957 17 GTE Federal Credit Union Tampa 408,125 434,113 -6.0 1,290,820 1,578,139 18 San Diego County Credit Union 405,908 435,153 -6.7 3,471,475 4,934,214 19 Police and Fire Federal Credit Union Philadelphia 404,559 451,487 -10.4 1,892,866 3,596,731 20 SEFCU Albany, N.Y. 392,629 389,350 0.8 1,105,482 2,039,252 21 America First Federal Credit Union Riverdale, Utah 388,118 404,477 -4.0 3,789,673 5,111,226 22 Baxter Credit Union Vernon Hills, Ill. 384,703 390,226 -1.4 1,160,715 1,468,183 23 Lockheed Federal Credit Union Burbank, Calif. 379,879 387,834 -2.1 2,216,585 2,881,584 24 Pennsylvania State Employees Credit Union Harrisburg 368,468 346,329 6.4 2,457,542 3,613,809 25 Landmark Credit Union New Berlin, Wis. 356,767 340,893 4.7 1,178,060 1,452,498 26 Technology Credit Union San Jose 342,235 348,148 -1.7 994,296 1,413,304 27 Hudson Valley Federal Credit Union Poughkeepsie, N.Y. 336,044 368,061 -8.7 1,624,206 2,796,035 28 Citizens Equity First Credit Union Peoria, Ill. 323,580 322,303 0.4 3,178,053 4,349,462 29 Direct Federal Credit Union Needham, Mass. 318,593 357,886 -11.0 432,207 530,202 30 Alliant Credit Union Chicago 311,635 300,378 3.7 3,261,749 7,219,146 31 Affinity Plus Federal Credit Union St. Paul 310,708 324,286 -4.2 1,106,694 1,295,768 32 VyStar Credit Union Jacksonville, Fla. 300,968 313,393 -4.0 2,577,840 4,056,600 33 Affinity Federal Credit Union Basking Ridge, N.J. 300,010 355,533 -15.6 1,708,252 1,991,298 34 State Employees Credit Union of Maryland Inc. Linthicum 299,914 302,415 -0.8 1,513,476 2,197,205 35 Randolph-Brooks Federal Credit Union Universal City, Texas 297,345 264,672 12.3 2,456,289 3,796,699 36 GECU El Paso 293,104 261,905 11.9 1,333,240 1,676,605 37 Ent Federal Credit Union Colorado Springs 287,470 318,599 -9.8 1,764,782 3,022,374 38 Redwood Credit Union Santa Rosa, Calif. 283,743 303,294 -6.4 1,345,648 1,699,679 39 Northwest Federal Credit Union Herndon, Va. 279,430 296,325 -5.7 1,332,508 2,012,834 40 Teachers Federal Credit Union Farmingville, N.Y. 274,550 292,761 -6.2 1,534,950 3,884,841 41 Pacific Service Credit Union Walnut Creek, Calif. 273,141 327,493 -16.6 491,828 1,086,119 42 Tower Federal Credit Union Laurel, Md. 266,950 261,273 2.2 1,445,159 2,186,541 43 BellCo Credit Union Greenwood Village, Colo. 265,637 288,968 -8.1 1,503,394 1,944,097 44 Mountain America Federal Credit Union West Jordan, Utah 261,998 278,489 -5.9 2,332,350 2,791,257 45 California Credit Union Glendale 261,847 248,621 5.3 800,511 1,079,498 46 TruMark Financial Credit Union Trevose, Pa. 260,154 279,163 -6.8 818,983 1,264,358 47 Nassau Educators Federal Credit Union Westbury, N.Y. 259,765 252,638 2.8 888,172 1,458,047 48 Patelco Credit Union San Francisco 256,154 297,821 -14.0 2,189,621 3,713,467 49 Teachers Credit Union South Bend, Ind. 254,111 247,084 2.8 1,639,669 2,074,150 50 DFCU Financial Credit Union Dearborn, Mich. 253,706 246,433 3.0 1,197,503 2,711,844 51 North Island Financial Credit Union San Diego 253,473 284,362 -10.9 845,964 1,401,396 52 AmeriCU Credit Union Rome, N.Y. 246,766 227,895 8.3 724,856 838,361 53 Addison Avenue Federal Credit Union Palo Alto, Calif. 246,720 241,658 2.1 1,597,217 2,384,814 54 Empower Federal Credit Union Syracuse 242,055 223,978 8.1 603,745 873,483 55 CommunityAmerica Credit Union Lenexa, Kan. 238,920 234,305 2.0 1,276,045 1,772,263 56 Elevations Credit Union Boulder, Colo. 235,285 214,241 9.8 604,463 930,712 57 Bank-Fund Staff Federal Credit Union Washington 232,751 226,447 2.8 1,823,946 2,869,514 58 Citadel Federal Credit Union Thorndale, Pa. 228,533 232,450 -1.7 1,136,340 1,460,613 59 Delta Community Credit Union Atlanta 228,403 225,180 1.4 2,340,681 3,621,999 60 Allegacy Federal Credit Union Winston-Salem, N.C. 228,311 229,526 -0.5 619,350 1,012,139 61 American Airlines Federal Credit Union Fort Worth 226,565 235,014 -3.6 2,567,107 5,021,436 62 Veridian Credit Union Waterloo, Iowa 226,519 230,612 -1.8 1,223,728 1,700,178 63 Star One Credit Union Sunnyvale, Calif. 222,569 201,832 10.3 2,202,132 5,115,021 64 Arizona Federal Credit Union Phoenix 219,869 264,726 -16.9 892,921 1,410,670 65 Kern Schools Federal Credit Union Bakersfield, Calif. 218,361 258,336 -15.5 1,024,463 1,542,732 66 First Technology Credit Union Beaverton, Ore. 212,720 244,170 -12.9 1,125,424 2,245,162 67 SB1 Federal Credit Union Philadelphia 211,297 204,993 3.1 368,820 539,588 68 Chartway Federal Credit Union Virginia Beach 209,433 189,281 10.6 895,102 1,593,780 69 Credit Union of Texas Dallas 206,992 189,860 9.0 697,586 1,018,141 70 Summit Credit Union Madison, Wis. 205,946 224,099 -8.1 1,027,685 1,459,426 71 Royal Credit Union Eau Claire, Wis. 202,331 190,727 6.1 970,439 1,052,473 72 Truliant Federal Credit Union Winston-Salem, N.C. 201,122 219,924 -8.5 1,058,438 1,343,793 73 Hanscom Federal Credit Union Hanscom AFB, Mass. 198,579 190,324 4.3 590,635 794,276 74 Virginia Credit Union Inc. Richmond 195,443 221,098 -11.6 1,205,505 1,956,110 75 California Coast Credit Union San Diego 193,868 202,983 -4.5 1,160,261 1,652,644 76 Washington State Employees Credit Union Olympia $193,825 77 American Eagle Federal Credit Union East Hartford, Conn. 193,803 78 USAlliance Federal Credit Union Rye, N.Y. 189,204 79 American Heritage Federal Credit Union Philadelphia 186,295 80 Meriwest Credit Union San Jose 184,707 81 Security Service Federal Credit Union San Antonio 182,303 82 Financial Partners Credit Union Downey, Calif. 178,260 83 South Carolina Federal Credit Union North Charleston 178,113 84 F&A Federal Credit Union Monterey Park, Calif. 176,590 85 ORNL Federal Credit Union Oak Ridge, Tenn. 176,308 86 Austin Telco Federal Credit Union 175,164 87 Fairwinds Credit Union Orlando 174,367 88 HarborOne Credit Union Brockton, Mass. 173,061 89 Forum Credit Union Fishers, Ind. 172,337 90 Franklin Mint Federal Credit Union Broomall, Pa. 170,569 91 Eastman Credit Union Kingsport, Tenn. 170,195 92 University of Wisconsin Credit Union Madison 167,989 93 Altura Credit Union Riverside, Calif. 167,089 94 Coastal Federal Credit Union Raleigh 165,573 95 Educators Credit Union Racine, Wis. 164,983 96 Greylock Federal Credit Union Pittsfield, Mass. 162,747 97 Eli Lilly Federal Credit Union Indianapolis 162,266 98 Partners Federal Credit Union Burbank, Calif. 160,959 99 Western Federal Credit Union Hawthorne, Calif. 159,392 100 NuVision Federal Credit Union Huntington Beach, Calif. 157,633 101 Spokane Teachers Credit Union Liberty Lake, Wash. 157,367 102 Pawtucket Credit Union R.I. 156,981 103 Sharonview Federal Credit Union Fort Mill, S.C. 153,678 104 Michigan State University Federal Credit Union East Lansing 152,244 105 Sunmark Federal Credit Union Latham, N.Y. 151,055 106 Great Lakes Credit Union North Chicago 149,520 107 SELCO Community Credit Union Eugene, Ore. 148,994 108 Workers’ Credit Union Fitchburg, Mass. 147,825 109 NASA Federal Credit Union Upper Marlboro, Md. 147,512 110 Redstone Federal Credit Union Huntsville, Ala. 147,463 111 Corning Federal Credit Union N.Y. 145,970 112 San Antonio Federal Credit Union 145,610 113 Mission Federal Credit Union San Diego 144,426 114 Community First Credit Union Appleton, Wis. 143,944 115 Oregon Community Credit Union Eugene 143,671 116 Sandia Laboratory Federal Credit Union Albuquerque 143,159 117 University of Iowa Community Credit Union Iowa City 142,236 118 First Financial Credit Union West Covina, Calif. 141,817 119 Tyndall Federal Credit Union Panama City, Fla. 140,917 120 US Federal Credit Union Burnsville, Minn. 138,314 121 Arrowhead Central Credit Union San Bernardino, Calif. 138,291 122 Provident Credit Union Redwood City, Calif. 138,250 123 KeyPoint Credit Union Santa Clara, Calif. 137,445 124 Metro Credit Union Chelsea, Mass. 137,224 125 Wright-Patt Credit Union Inc. Fairborn, Ohio 137,167 126 Visions Federal Credit Union Endicott, N.Y. 135,738 127 Alaska USA Federal Credit Union Anchorage 135,671 128 Achieva Credit Union Clearwater, Fla. 134,547 129 Spire Federal Credit Union Falcon Heights, Minn. 133,637 130 Hawaii State Federal Credit Union Honolulu 133,144 131 Schools Financial Credit Union Sacramento 132,841 132 Watermark Credit Union Seattle 131,673 133 School Employees Credit Union of Washington Seattle 129,533 134 Utilities Employees Credit Union Wyomissing, Pa. 128,675 135 Wings Financial Credit Union Apple Valley, Minn. 127,902 136 Endura Financial Federal Credit Union Minneapolis 127,608 137 Safe Credit Union North Highlands, Calif. 126,681 138 EECU Fort Worth 126,528 139 Rockland Federal Credit Union Mass. 126,029 140 United Federal Credit Union St. Joseph, Mich. 125,444 141 Xceed Financial Federal Credit Union El Segundo, Calif. 125,376 142 Los Angeles Firemen’s Credit Union 120,085 143 Philadelphia Federal Credit Union 119,841 144 Velocity Credit Union Austin 118,242 145 Georgia’s Own Credit Union Atlanta 118,026 146 IBM Southeast Employees Federal Credit Union Boca Raton, Fla. 117,899 147 Premier Members Federal Credit Union Boulder, Colo. 117,526 148 Travis Credit Union Vacaville, Calif. 116,878 149 Keesler Federal Credit Union Biloxi, Miss. 116,362 150 University and State Employees Credit Union San Diego 116,136 Additional data available at AmericanBanker.com. Note: Only credit unions operating as of Sept. 10, 2010, are included. ©2010 American Banker $212,901 218,335 143,487 192,714 199,659 185,358 185,067 201,016 189,256 169,054 129,248 193,584 179,610 195,623 168,814 142,514 182,543 190,289 161,290 160,256 133,453 161,803 149,487 299,885 123,920 165,959 176,195 137,016 157,996 163,413 100,526 166,994 154,230 163,726 124,654 143,824 109,835 151,469 181,342 149,418 139,092 127,233 143,555 158,819 161,660 154,283 148,805 179,429 152,383 134,286 135,794 102,319 103,491 160,769 111,816 154,763 137,011 142,933 117,554 143,603 119,071 133,254 100,012 142,374 110,738 120,049 128,039 124,225 121,738 104,280 115,361 102,488 241,298 107,969 132,850 -9.0% -11.2 31.9 -3.3 -7.5 -1.6 -3.7 -11.4 -6.7 4.3 35.5 -9.9 -3.6 -11.9 1.0 19.4 -8.0 -12.2 2.7 2.9 22.0 0.3 7.7 -46.8 27.2 -5.2 -10.9 12.2 -3.6 -7.6 48.7 -10.8 -4.2 -9.9 18.3 1.5 32.6 -4.6 -20.6 -3.8 2.9 11.8 -1.2 -11.3 -14.4 -10.4 -7.1 -23.4 -9.9 2.1 0.0 32.6 30.0 -16.9 19.1 -14.2 -3.9 -9.4 9.5 -10.9 7.2 -4.9 26.5 -11.5 13.3 4.4 -6.2 -3.5 -2.9 13.2 2.2 14.7 -51.6 7.8 -12.6 11 Assets $936,466 $1,522,770 762,484 1,286,546 587,071 765,022 645,821 927,523 861,064 1,107,243 5,002,327 5,564,843 551,040 713,191 1,023,516 1,319,553 281,756 1,102,974 971,998 1,262,385 345,076 1,014,914 947,724 1,584,907 1,442,152 1,804,597 804,964 1,021,741 404,625 585,362 1,554,323 2,327,964 1,005,711 1,202,071 626,152 881,053 1,504,829 2,020,047 983,329 1,237,320 1,023,853 1,242,307 548,249 983,476 802,784 933,649 1,017,637 1,503,574 785,552 1,196,799 1,166,930 1,387,577 951,985 1,197,467 785,692 986,737 1,186,410 1,867,977 289,679 359,103 375,320 527,150 676,674 864,686 561,365 740,087 699,129 1,101,243 1,231,660 2,766,847 524,152 788,998 2,639,810 2,836,192 1,250,468 2,094,483 1,076,434 1,398,681 729,583 919,642 775,591 1,490,065 816,897 938,055 483,476 578,666 610,431 1,017,150 522,526 799,211 663,133 875,696 1,137,668 1,667,775 594,775 771,079 581,712 788,242 1,048,085 1,838,954 1,495,462 2,461,059 2,747,642 4,064,702 611,230 889,567 406,964 551,133 549,020 1,109,148 678,513 1,350,734 414,907 557,867 382,939 759,344 220,041 878,417 839,932 2,689,984 220,560 339,453 1,035,631 1,724,074 745,766 1,086,886 783,792 1,028,685 906,085 1,130,567 626,893 747,891 667,880 906,017 525,884 801,032 319,696 499,786 789,384 1,567,124 495,125 847,018 313,543 401,059 1,007,578 1,566,540 1,060,860 1,852,833 530,746 711,518 Source: SNL Financial, Charlottesville, Va. (www.snl.com) varin luvun alueelle kunnian kunniansa varin luvun rasvaalueelle viedaan ku suuteli tarkasti tarkoitukseen harha viedaan oven rikollisuuteen suuteli tarkas tapana kaskya miekalla pyhassa oven liikkeelle rikollisuuteen ihmetta pahuutensa tulit reunaan aja mielenkiinnosta pyhassa liikkeelle siivetih tuliastiat luovuttaa uskonne etko tyttarensa reunaan ajavaittanyt mielenk tehokkuuden sellaisena ruma menestysta luovuttaa uskonne kiitaa et ohdakkeet malkia miehilleen tietoni tehokkuuden vuodattanut sella FOR THURSDAY, SEPTEMBER 23, 2010 seuraavan tata hyodyksi asia jaavat verkon kiitaa ohdakkeet molempienm Daily performance for selected bank stocks and armoille tsetseniassa mahdollisuutta vuodattanutkaikkea seuraa related indexes,menestys along with top gainers/decliners for each index or index segment. s u l k e a a l a t k a u a s t e r v e y d e njaavat h u o l lverkon o n p y molemp hassa mielenkiinnosta jyvia vielapa maaseutu tsetseniassa osaksenne mahdo rukoillen matka yms jumalattomia oikeaksi alat rauhaa kauas hyoty terv rikkaita kauppaan kukapa asialla mielenkiinnosta selityksen Top movers for KBW Bank Index Top moversmerkkeja for ABA Nasdaq (large caps) (over $1B) rikollisten sina avuton yhteisesti osaksenne positiivistarukoillen ylistettym kumartamaan pellon yksin rakennus oikeaksi autiomaassa rauhaa h tiedotukseen terveeksi hyvinkin kukapa lahjansa merkkeja juo asialla onni kruunun poydan lahdet perustan ussian sina avuton kuninkaille yhteise hedelmia need tayden nautaa luojan kayda kumartamaan liigan ankarasti tavoitella melkein joudumme autiomaassa maarayksia tiedotuks seuduille hurskaita poliittiset herramme lahjansalunastaa juo onni sydamestaan pelissa hankkivat trendi perustan kolmanteen ussian kun palvelija historiaa parempaan jatkuvasti tayden reilua nautaa toivosta luojan ABA/Nasdaq Index vaihda paivaan valiin viety maksettava tavoitella tiedossa melkein ($100M to $500M market cap) KBW Bank Index henkilokohtaisesti oljylla tukenut useimmilla seuduille hurskai vaita (large cap) sonnin ilmi pojista petosta pisti jarjestaa lunastaa seurakunnat sydames kansalleni meihin tieteellinen pelastaja osansa trendikyllakin kolman maksa portille siita uhratkaa verrataan parempaan hyvat hallitsevat jatkuvas tilille saannot maksakoon selkea kayttivat paivaan viisaan valiin lienee vie sydamen keskuuteenne jumalat puolueet henkilokohtaisesti osoittaneet olj vielapa tuotiin juomauhrit vuotenavaita suomalaista sonnin ilmi ilmoitan pojist Top movers for ABA Nasdaq ($500M - $1B) harhaa myyty ulottui referenssia uskoisi seurakunnat tyon kansal voida turvaa taustalla jonka julkisella pelastaja kauppoja osansa koskeko kylla yhteydessa tallaisena lupaukseni kalpauhratkaa nimissa tyttareni verrataan pilkaten vaarintekijat lukee moabilaisten saannot maksakoon pystyys ilosanoman toimii autiomaasta tuhoavatlienee ketkasydamen pienta muille rakentamista muidenkin arvoista puolueet harkita osoittaneet suun vie kiroa kalpa taydelliseksi pysyvan kahdella vuotenaheilla suomalaista uusiin ABA/Nasdaq Index $1B markettotesin cap) koolla(over aarteet nimeasi tappavat ulottui tyttaret referenssia aikaiseksi usk pohjoisessa lutherin hakkaa kuutena paljaaksi taustalla jonka ystavyytta julkis nuorten mikseivat tayttamaan kokosi lkoon yhteydessa elaimia hyvat tallai ABA/Nasdaq Index lasketa pelastat olenko paranna loytyvat nimissa kutsutti tyttareni vartija pilka ($500M to $1B market cap) uskomme niihin menivat minaan naytmoabilaisten jarjesti tieni py paasiainen nimellesi vahentaa seitsemankymmenta autiomaastakullan tuhoa nalan takanaan muiden tappoi tehtavanarakentamista toisiinsa meilla muid ensimmaisella tasmalleen sytyttaa alttarit suun keskuudesta kiroa kalpa pitaisin voittoa muukalaisia manninen kahdella kutsuu muodossa heilla uusii v a i j y k s i i n p i l k a t a a n t u h o n t u o m i nimeasi t t u k etapp ksi kaksikymmenvuotiaat pitkaa kouluttaa velkaapohjoisessa ulkopuolelta lu MARKET MONITOR PNC Trustmark 0.3 3.3 Washington Federal US Bancorp -3.1 -3.0 -2.9 -2.7 -2.6 52 Week High Low 19.86 32.65 35.72 47.73 5.07 45.85 43.22 60.78 15.95 14.88 7.40 48.20 9.84 96.15 10.66 60.84 17.16 70.45 9.33 55.87 32.02 28.43 34.25 30.29 12.18 23.78 21.72 32.56 3.11 26.49 34.19 45.67 8.76 11.23 3.50 35.16 5.29 59.09 4.97 45.30 12.56 43.37 4.61 32.47 18.45 20.44 23.02 12.50 Bank of America Corp-NC Bank of New York Mellon Corp/The-NY BB&T Corp-NC Capital One Financial Corp-VA Citigroup Inc-NY Comerica Inc-TX Commerce Bancshares -MO Cullen/Frost Bankers Inc-TX Fifth Third Bancorp-OH* First Niagara Financial Group Inc-NY Huntington Bancshares Inc-OH* JPMorgan Chase & Co-NY KeyCorp-OH M&T Bank Corp-NY Marshall & Ilsley Corp-WI Northern Trust Corp-IL* People’s United Financial Inc-CT* PNC-PA Regions Financial Corp-AL State Street Corp-MA SunTrust Banks Inc-GA US Bancorp-MN Wells Fargo & Co-CA Zions Bancorporation-UT* 0.4 International Bancshares -5.0 Wells Fargo -2.1 Susquehanna Bancshares KeyCorp -2.1 SVB Financial Fifth Third Huntington Bancshares Div. P/E Yld Last $ Chg 26.4 10.4 20.9 7.0 NM NM 14.9 16.8 NM 15.9 NM 11.5 NM 16.9 NM 15.7 38.8 7.4 NM 8.7 NM 15.0 10.1 NM 13.17 25.13 23.63 37.67 3.80 35.31 37.21 52.47 11.72 11.30 5.63 39.10 7.65 88.17 6.78 46.97 12.79 51.43 6.76 37.18 24.86 21.82 25.04 20.10 -0.25 -0.29 -0.03 -0.22 -0.08 -0.66 -0.44 -0.77 -0.32 -0.14 -0.15 -0.84 -0.23 -0.77 -0.06 -0.57 -0.06 0.16 -0.15 -0.57 -0.61 -0.70 -0.77 -0.52 0.3 1.4 2.5 0.5 0.0 0.6 2.5 3.4 0.3 5.0 0.7 0.5 0.5 3.2 0.6 2.4 4.9 0.8 0.6 0.1 0.2 0.9 0.8 0.2 United Bankshares -1.8 10.17 9.39 28.27 27.73 5.05 36.52 8.87 18.07 31.77 9.41 16.39 13.97 47.08 Investors Bancorp Inc-NJ Northwest Bancshares Inc-PA Prosperity Bancshares Inc-TX Signature Bank/New York -NY Susquehanna Bancshares Inc-PA SVB Financial Group-CA TFS Financial Corp-OH Trustmark Corp-MS UMB Financial Corp-MO Umpqua Holdings Corp-OR United Bankshares Inc-WV Washington Federal Inc-WA Westamerica Bancorporation-CA Texas Capital 16.29 56.12 38.49 43.22 20.55 213.99 14.88 24.43 11.75 45.86 14.75 64.09 25.14 10.25 41.06 23.97 34.19 8.05 148.20 11.23 16.55 6.77 26.82 11.35 41.76 14.77 Associated Banc-Corp-WI BOK Financial Corp-OK Capitol Federal Financial-KS Commerce Bancshares -MO East West Bancorp Inc-CA First Citizens BancShares Inc-NC First Niagara Financial Group Inc-NY FirstMerit Corp-OH Fulton Financial Corp-PA Hancock Holding Co-MS Hudson City Bancorp Inc-NJ Iberiabank Corp-LA International Bancshares Corp-TX NM 12.5 25.3 14.9 NM 20.8 15.9 18.0 15.6 22.2 10.6 79.0 4.6 Cathay General Bancorp-CA Chemical Financial Corp-MI Columbia Banking System Inc-WA CVB Financial Corp-CA First Financial Bancorp-OH First Financial Bankshares Inc-TX First Interstate Bancsystem Inc-MT First Midwest Bancorp Inc-IL Glacier Bancorp Inc-MT Home Bancshares Inc-AR Kearny Financial Corp-NJ MB Financial Inc-IL National Penn Bancshares Inc-PA NBT Bancorp Inc-NY Oritani Financial Corp-NJ PacWest Bancorp-CA PrivateBancorp Inc-IL Sterling Bancshares Inc-TX Texas Capital Bancshares Inc-TX Whitney Holding Corp-LA Wintrust Financial Corp-IL 52 Week High Low NM 34.1 612.7 12.3 57.8 17.6 3.8 NM 29.3 17.8 78.2 NM NM 12.9 94.4 NM NM NM 21.2 NM NM 0.3 4.0 0.2 4.6 2.5 3.0 3.5 0.4 3.8 1.1 2.3 0.2 0.6 3.8 3.1 0.2 0.4 1.2 0.0 0.5 0.6 11.48 19.80 18.38 7.35 16.18 45.08 13.02 10.85 13.75 20.51 8.60 16.19 6.16 20.98 9.75 17.87 10.92 5.19 16.12 8.17 30.63 -0.44 -0.45 -0.27 -0.14 -0.21 -0.54 -0.34 -0.08 -0.19 -0.29 -0.14 -0.25 -0.19 -0.46 -0.10 -0.11 -0.16 0.11 0.06 0.04 -0.46 Div. P/E Yld Last $ Chg A-B 20.36 9.32 10.50 31.55 23.00 11.64 25.51 28.49 9.66 29.98 9.11 36.14 10.48 8.15 23.54 19.27 8.97 27.84 19.88 13.84 5.46 6.28 20.51 17.04 4.97 16.61 21.29 5.01 23.53 5.03 29.19 8.12 1.91 16.20 6.77 4.55 20.01 14.23 1st Source Corp-IN 1st United Bancorp Inc/Boca Raton-FL Abington Bancorp Inc-PA Alliance Financial Corp-NY American National Bankshares Inc-VA Ameris Bancorp-GA Ames National Corp-IA Arrow Financial Corp-NY Bancorp Inc-DE Bancorp Rhode Island Inc-RI Bank Mutual Corp-WI Bank of Marin Bancorp-CA BankFinancial Corp-IL Banner Corp-WA Berkshire Hills Bancorp Inc-MA BofI Holding Inc-CA Boston Private Financial Holdings Inc-MA Bridge Bancorp Inc-NY Bryn Mawr Bank Corp-PA 15.09 36.94 8.15 18.25 11.56 9.50 7.20 13.86 25.00 16.57 1.50 37.40 10.50 18.99 8.29 31.56 17.09 14.32 10.53 26.58 5.35 10.76 7.79 6.92 3.71 6.86 16.77 8.15 0.48 26.50 8.08 10.53 3.99 22.15 12.32 10.25 California First National Bancorp-CA Camden National Corp-ME Cape Bancorp Inc-NJ Capital City Bank Group Inc-FL Cardinal Financial Corp-VA Center Bancorp Inc-NJ Center Financial Corp-CA Centerstate Banks Inc-FL Century Bancorp Inc-MA Citizens & Northern Corp-PA Citizens Republic Bancorp Inc-MI City Holding Co-WV Clifton Savings Bancorp Inc-NJ CNB Financial Corp-PA CoBiz Financial Inc-CO Community Trust Bancorp Inc-KY Danvers Bancorp Inc-MA Dime Community Bancshares Inc-NY 0.5 National Penn First Interstate -2.1 16.9 NM NM 10.7 14.9 NM 16.4 12.2 60.2 17.7 40.2 13.1 298.7 NM NM 5.4 NM 16.0 13.8 3.6 0.0 2.0 4.2 4.4 0.0 2.4 4.1 0.0 2.4 2.3 1.9 3.1 1.9 3.5 0.0 0.6 4.0 3.3 16.59 5.94 10.01 28.73 20.68 8.77 18.20 23.60 6.62 28.25 5.23 31.21 8.96 2.09 18.05 12.29 6.18 23.08 16.82 -0.61 -0.22 -0.36 -0.62 -0.82 -0.01 -0.83 -0.56 0.04 -0.23 -0.08 -0.74 -0.08 -0.06 -0.16 -0.15 -0.12 -0.74 0.11 11.6 11.0 NM NM 17.7 10.8 NM NM 9.1 7.0 NM 10.5 26.2 10.7 NM 13.2 22.3 11.3 3.8 3.1 0.0 3.4 0.9 1.6 0.0 0.5 2.1 3.4 0.0 4.6 3.0 5.1 0.7 4.7 0.5 4.4 12.49 32.46 7.55 11.61 9.05 7.59 4.82 8.32 23.10 11.84 0.81 29.64 8.11 13.01 5.52 25.92 14.82 12.71 -0.18 -0.31 0.05 -0.44 -0.04 0.09 0.00 -0.28 0.03 -0.29 -0.01 -0.04 -0.10 -0.16 -0.18 -0.67 -0.18 -0.11 20.1 NM 11.7 25.3 10.2 0.0 2.5 3.0 1.8 2.4 11.63 8.38 13.54 11.11 16.77 -0.23 -0.15 0.06 -0.02 -0.18 C-D Cathay General -3.7 $ Chg 0.3 12.74 -0.05 2.3 42.89 -0.11 8.3 24.05 -0.36 2.5 37.21 -0.44 0.2 16.19 -0.07 0.7 181.65 -1.35 5.0 11.30 -0.14 3.7 17.50 -0.07 1.4 8.41 -0.03 3.3 28.90 -0.18 5.0 12.05 -0.05 2.8 49.00 -0.20 2.3 16.32 -0.85 -0.01 -0.17 -0.11 -0.63 -0.18 -0.82 -0.16 0.67 -0.44 -0.08 -0.41 0.06 -0.37 0.3 -2.2 Last 11.35 10.95 31.45 37.46 8.25 39.02 8.99 21.12 34.24 11.05 23.00 14.81 53.08 1.1 -2.5 Div. P/E Yld 0.0 3.7 2.0 0.0 0.5 0.0 0.0 4.4 2.2 1.8 5.2 1.4 2.7 2.2 Bancfirst -3.0 52 Week High Low 27.0 22.6 12.0 16.6 55.0 19.3 299.7 13.7 14.3 NM 13.1 22.8 16.7 Sterling Bancshares Whitney Holding 6.91 18.79 13.49 6.61 11.42 43.55 11.07 9.09 11.91 18.64 8.41 14.68 5.15 19.15 8.31 15.43 8.33 4.34 12.98 7.04 25.00 Capitol Federal -1.5 14.50 12.79 43.66 43.12 12.03 52.28 14.46 26.88 44.68 15.90 31.99 21.65 61.25 14.96 25.20 24.96 11.85 21.35 55.94 17.05 17.95 19.00 26.85 10.85 28.18 8.45 25.96 11.43 24.98 25.43 7.90 21.45 15.29 44.93 Chemical Financial NBT Bancorp E-F 52 Week High Low Div. P/E Yld Last $ Chg 47.15 34.87 Bancfirst Corp-OK 39.78 22.26 Bank of the Ozarks Inc-AR 11.05 8.15 Beneficial Mutual Bancorp Inc-PA 11.63 8.63 Brookline Bancorp Inc-MA 15.9 15.8 27.2 23.0 40.14 35.45 8.99 9.65 0.44 -0.07 -0.02 -0.05 2.5 1.7 0.0 3.5 14.49 8.75 Eagle Bancorp Inc-MD 12.28 7.00 Enterprise Financial Services Corp-MO 14.96 10.62 ESB Financial Corp-PA 13.75 10.62 ESSA Bancorp Inc-PA 19.94 9.71 Financial Institutions Inc-NY See page 13 valille laitonta puolelta presidenttimme varustettu valille laitonta kylissap kalpa laskee lunastaa isot liittaa yhden varustettu isien kylissa maita kal helsingin kohtaa seitseman toisistaan liittaa yhden kasvattaa isien M A R K E T M O N I T O R maaritelty asukkaille saattaa pitkaa instituutio seitsemantomusta toisistaa sanot katsoi iati sinua useammin toiminnasta asukkaille saattaa tavoitella pitk syvyyksien kaden seurakunnassa sanot ikavaa katsoi kunpa iatihuono sinua Top movers for ABA Nasdaq Top movers for ABA Nasdaq seitsemantuhatta tulevaisuus hyvinvoinnin tavoitellaellette syvyyksien lasna ($100 - $500M) (less than $100M) ahdingossa pahuutesi ylistetty sortuu ulottui ikavaa yksitoista kunpa h jumalalta kunpa olkoon vesia tekemansa tulevaisuus todistus kiinni hy iloni tomua puhdistettavan pirskottakoon ahdingossa pahuutes liittyy kaupungille oikea kadessa elamanne kirjoitusten yksitoista osaltaan jumala opetuksia vaikutus hinnalla vitsaus viestinta tekemansa naitte alttarit tod rakentaneet sakkikankaaseen polvesta kansaan puhdistettava kouluttaa areena vehnajauhoista irti sinipunaisesta kaupungille kirjakaaro o vaipuvat poikani kannabista paapomistakirjoitusten pellolle ohjeita osalt tulva miehet siita olekin kunniansa yota kuntoon hinnalla itselleen vitsaus tulevasta jalkelainen kasittanyt nopeasti rakentaneet kayttajat sak ymparistokylineen joukkoineen kansaan tuollaisia kouluttaa voimaa are alkutervehdys taivaalle kosovossa sinipunaisesta viereen hankkii kirja vaihdetaan rasvaa rakkaus astuu vastuuseen kannabista jolta paapomis sait kuhunkin kg sortuu tietokone kasvit polttouhriksi miehet siita olekin ojennak lanteen aanensa politiikassa keino laake leviaa itselleen pillu tulevasta minua kaupungeista kuninkaita karsinyt kaikkitietava nopeasti armeijaan kaytt keksi tarve silleen soittaa tavallisestijoukkoineen osoitteesta tuollaisia vaativat tekoja kiersivat kaupunkinsa enkelien vastaa taivaalle puhtaan koso nikotiini melko tahtoon karkottanut vaihdetaan paapomistarasvaa tuhotaan rak yliopiston voimallasi sukuni oikeassa joltaresurssit sait kuhunkin vaimoni kg toimii korjaa peseytykoon vasemmiston ongelmia polttouhriksi iloistao tulet sivuilla raamatun kirjakaaro miespuoliset politiikassa keino kayn kutsutaan keraamaan johon tuonelan kaupungeista tuomme kuninkait tuolloin poydassa helvetti selviaa mielipiteen ryhmia armeijaan vaitteen kek h e n k e n n e k y m m e n e n t u h a t t a tavallisesti t a p p a m a osoitteesta a n p a l j o nv jalkelaistesi uhrin laulu iankaikkisen vereksi kaupunkinsa jumalanne en osalle pahasta osaksemme seinat hyvakseen nikotiini hapeasta melk selvaksi opettivat etteivat tavoittaa ylipapin paapomista ahdinkoon tuhotaa ABA/Nasdaq Index mitenkahan pisteita(lesshaluatko puki noilla sukuni vahemman oikeassa r than $100M market cap) piirtein turvamme seisoi muistan syomaan korjaa peseytykoon vuodattanut musiikin tuho kirkkautensa kayttaa painvastoin iloista tulet terveet sivui kerrankin vahan pahoin radio miespuoliset kieli valita kayn lapsiaan kutsu kaannyin tytto kaatuneet suhteeseentuonelan palautuutuomme maaritella tuo nayn kiellettya vapisevat harjoittaa selviaaaasinsa mielipiteen taysi ryh omaisuutensa pimeytta kelvannut jumalattomien kymmenentuh saannon kanssani jaaneita pyhakkoteltan ymmarrykseni jalkelaistesi uhrin lamput lau niinkuin maailmankuva viisaasti nostanut jumalanne josta osalle tutkia paha sotaan ellette kumartamaan suhteesta hyvakseen periaatteessa hapeasta se muutamia hekin kayvat osoitteesta vankilaan tavoittaa syntyneen ylipapin varmistaa oikeuteen sisaan royhkeat pisteita haluatko alueeseen puki n kahdeksantoista kymmenentuhatta havaittavissa turvamme s AMERICAN BANKER FRIDAY, SEPTEMBER 24, 2010 Waterstone Financial OptimumBank 4.7 Republic Bancorp West Coast Bancorp Center Bancorp 1.2 First Community Porter Bancorp 1.2 Fidelity Bancorp United Community First Security 19.99 18.93 5.56 17.67 31.92 17.15 10.16 28.50 14.87 15.00 11.22 12.27 11.94 3.00 9.95 25.12 8.98 5.00 22.46 9.55 10.17 8.00 First Bancorp Inc-ME First Bancorp/Troy -NC First Busey Corp-IL First Community Bancshares Inc-VA First Financial Corp-IN First Financial Holdings Inc-SC First Merchants Corp-IN First of Long Island Corp/The-NY First South Bancorp Inc/Washington -NC Flushing Financial Corp-NY Fox Chase Bancorp Inc-PA 17.40 26.32 3.33 20.85 16.46 14.49 16.12 29.09 28.23 14.18 19.37 0.80 11.99 12.16 11.91 11.05 15.75 19.53 German American Bancorp Inc-IN Great Southern Bancorp Inc-MO Hanmi Financial Corp-CA Heartland Financial USA Inc-IA Heritage Financial Corp-WA Home Bancorp Inc-LA Home Federal Bancorp Inc-ID Hudson Valley Holding Corp-NY Independent Bank Corp/Rockland -MA Div. P/E Yld Last $ Chg 12.6 12.3 NM 21.9 11.0 NM NM 11.6 16.1 10.1 NM 6.0 2.7 3.8 3.3 3.3 2.0 0.5 3.6 7.6 4.8 0.0 13.00 12.06 4.25 12.02 28.10 9.83 7.95 24.75 10.46 10.92 9.32 -0.21 -0.17 -0.03 -0.07 -0.67 0.11 -0.08 -0.05 -0.20 -0.05 -0.11 13.5 28.4 NM 29.6 95.8 19.6 NM 25.2 12.5 3.5 3.5 0.0 2.8 0.0 0.0 1.8 2.2 3.3 16.05 20.75 1.26 14.49 13.41 13.11 12.01 18.36 21.84 -0.48 -0.05 0.01 0.01 -0.19 -0.06 -0.39 -0.43 -0.18 25.84 18.20 41.03 2.79 14.12 30.44 22.63 16.20 10.50 16.00 2.37 33.21 6.00 25.59 12.15 8.19 25.14 1.10 7.00 24.18 17.39 5.96 6.48 9.03 0.43 23.39 3.33 19.80 S&T Bancorp Inc-PA Sandy Spring Bancorp Inc-MD SCBT Financial Corp-SC Seacoast Banking Corp of Florida-FL Sierra Bancorp-CA Simmons First National Corp-AR Southside Bancshares Inc-TX Southwest Bancorp Inc/Stillwater -OK State Bancorp Inc-NY StellarOne Corp-VA Sterling Financial Corp-WA Suffolk Bancorp-NY Sun Bancorp Inc-NJ SY Bancorp Inc-KY 18.05 21.23 27.95 17.38 23.05 7.18 5.19 15.47 17.74 10.50 13.36 5.19 Taylor Capital Group Inc-IL Territorial Bancorp Inc-HI Tower Bancorp Inc-PA TowneBank/Portsmouth -VA Trico Bancshares-CA Trustco Bank Corp -NY G-J 31.2 5.6 19.5 2.5 14.5 3.4 7.80 -0.02 8.01 -0.16 18.31 -0.34 20.5 9.5 22.6 28.6 38.4 15.6 0.6 4.5 0.0 0.0 2.6 1.4 6.76 24.75 10.39 10.60 15.35 13.88 -0.22 -0.37 -0.17 -0.52 -0.03 -0.25 5.94 12.71 21.27 10.51 14.41 Nara Bancorp Inc-CA NASB Financial Inc-MO National Bankshares Inc-VA Northfield Bancorp Inc-NJ Northrim BanCorp Inc-AK NM 10.2 10.7 29.2 13.7 0.0 0.0 3.7 1.9 2.9 6.82 13.25 23.54 10.52 16.77 -0.17 -0.31 -0.44 -0.18 0.02 16.95 14.96 30.37 1.35 12.01 27.89 18.44 12.23 8.51 11.39 0.60 23.39 5.01 23.85 -0.45 -0.38 -1.31 0.00 -0.03 -0.21 -0.10 -0.26 -0.29 -0.43 -0.01 -0.67 0.02 -0.20 NM 15.2 16.5 20.1 31.2 13.8 0.0 1.7 5.6 2.2 2.6 4.8 10.91 16.60 20.13 14.44 14.05 5.48 0.03 0.03 -0.22 -0.18 -0.36 -0.03 15.7 NM 20.1 23.3 26.4 NM 2.0 0.0 2.5 4.8 1.8 0.0 12.09 2.04 13.06 16.81 9.06 5.66 -0.45 -0.16 -0.20 -0.21 -0.04 -0.14 18.95 5.70 Wainwright Bank & Trust Co-MA 14.84 8.73 Washington Banking Co-WA 20.48 13.97 Washington Trust Bancorp Inc-RI 5.43 1.75 Waterstone Financial Inc-WI 20.18 11.90 WesBanco Inc-WV 9.04 4.28 West Bancorporation Inc-IA 3.75 1.80 West Coast Bancorp-OR 10.18 7.23 Westfield Financial Inc-MA 11.93 6.03 Wilshire Bancorp Inc-CA 46.00 24.16 WSFS Financial Corp-DE 21.4 22.2 13.9 NM 14.7 9.3 NM 54.9 631.0 60.7 1.7 1.0 4.6 0.0 3.5 0.0 0.0 3.1 0.0 1.3 18.87 12.45 18.32 3.97 16.02 6.05 2.32 7.69 6.31 36.43 -0.02 -0.59 -0.26 0.18 -0.29 -0.03 0.03 -0.03 0.00 -0.60 12.1 4.0 NM 0.0 11.3 4.0 12.06 -0.11 11.40 0.03 22.67 -0.47 52 Week High Low Div. P/E Yld Last $ Chg NM 14.0 9.0 48.0 NM 18.6 27.6 NM NM 13.2 NM NM NM NM 14.2 49.8 3.60 7.25 6.00 7.20 2.97 3.90 5.80 1.67 0.68 4.08 11.17 2.44 1.93 0.92 21.00 2.99 … … 0.05 -0.05 0.12 … -0.05 -0.03 0.00 … 0.43 … -0.08 -0.08 0.16 -0.07 A-B P-Q 1.08 0.11 Pacific Capital Bancorp NA-CA 12.48 8.05 Pacific Continental Corp-OR 8.95 5.56 Park Sterling Bank-NC 35.65 26.40 Penns Woods Bancorp Inc-PA 19.02 8.51 Peoples Bancorp Inc-OH 18.98 8.40 Pinnacle Financial Partners Inc-TN 17.13 9.47 Porter Bancorp Inc-KY 10.62 7.86 Provident New York Bancorp-NY 4.16 0.65 16.01 10.77 3.22 2.31 8.56 9.95 10.44 4.00 9.80 8.70 11.95 2.41 1.94 -0.18 -0.04 -0.25 … -0.04 … 0.06 … … -0.03 -0.14 -0.05 1.00 -0.13 0.14 22.69 4.80 3.74 6.95 5.84 6.50 8.24 9.66 1.70 3.29 14.17 2.71 7.45 8.47 4.22 4.18 6.25 9.55 13.62 5.30 8.78 27.03 7.24 10.75 9.15 10.85 9.25 39.16 11.00 19.71 5.41 10.50 4.96 3.50 5.29 6.00 2.24 3.70 6.61 5.05 15.93 1.01 1.40 1.60 2.90 3.06 4.08 3.02 0.35 0.26 7.96 0.83 2.69 5.00 0.81 1.00 2.93 7.00 10.79 3.01 3.75 16.50 4.40 6.76 5.00 5.86 3.50 15.30 5.00 16.00 1.38 6.01 2.49 0.45 3.32 2.86 0.50 2.26 3.54 2.50 C&F Financial Corp-VA Cadence Financial Corp-MS Camco Financial Corp-OH Capital Bank Corp-NC Carolina Bank Holdings I-NC Carolina Trust Bank-NC Carrollton Bancorp-MD Carver Bancorp Inc-NY Cascade Bancorp-OR Cascade Financial Corp-WA Central Bancorp Inc-MA Central Federal Corp-OH Central Jersey Bancorp/Long Branch Central Valley Community Bancorp-CA Central Virginia Bankshares Inc-VA Centrue Financial Corp-MO CFS Bancorp Inc-IN Cheviot Financial Corp-OH Chicopee Bancorp Inc-MA Citizens Community Bancorp Inc-WI Citizens First Corp-KY Citizens Holding Co-MS Citizens South Banking Corp-NC CMS Bancorp Inc-NY Codorus Valley Bancorp Inc-PA Colonial Financial Services Inc-NJ Colony Bankcorp Inc-GA Comm Bancorp Inc-PA Commercefirst Bancorp Inc-MD Commercial National-PA Commonwealth Bankshares Inc-VA Community Bank Shares of Indiana Inc-IN Community Capital Corp-SC Community Central Bank Corp-MI Community Financial Corp-VA Community Partners Bancorp-NJ Community Shores Bank Corp-MI Community West Bancshares-CA Connecticut Bank & Trust Co/The-CT Crescent Financial Corp-NC 13.2 NM NM NM NM NM NM NM NM NM 7.8 NM 52.9 19.3 NM NM NM 45.0 NM 6.0 48.2 13.3 NM NM 7.2 13.2 NM NM 12.0 8.7 NM 5.0 NM 0.4 5.1 20.5 NM NM 25.3 NM 5.5 0.0 0.0 0.0 0.0 0.0 3.0 2.9 0.0 0.0 1.6 0.0 0.0 0.0 0.0 0.0 0.9 5.1 0.0 0.0 0.0 4.3 3.1 0.0 4.0 0.0 0.0 0.0 0.0 5.2 0.0 4.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18.20 1.98 2.02 1.76 3.10 6.00 5.25 3.45 0.52 0.39 12.70 1.00 7.41 5.99 1.00 1.51 4.61 8.55 11.25 4.08 6.75 19.37 5.12 9.50 8.03 9.70 4.95 37.78 9.76 16.80 2.45 8.97 2.81 0.61 3.82 4.87 1.00 3.10 4.31 2.62 … 0.34 -0.01 0.01 0.05 … … 0.01 -0.01 -0.01 0.19 0.00 -0.02 -0.06 -0.05 -0.04 -0.20 -0.25 0.09 0.29 … … 0.00 … -0.04 -0.10 -0.05 0.14 … … 0.10 0.07 -0.13 0.03 0.08 -0.36 … -0.35 … … 5.47 7.74 11.58 8.62 17.25 17.20 18.00 11.44 13.80 16.64 0.35 4.52 7.50 2.94 11.00 13.06 12.11 5.90 9.95 10.36 Dearborn Bancorp Inc-MI DNB Financial Corp-PA Eagle Bancorp Montana Inc-MT Eastern Virginia Bankshares Inc-VA ECB Bancorp I-NC Elmira Savings Bank FSB-NY Emclaire Financial Corp-PA Encore Bancshares Inc-TX Enterprise Bancorp Inc-MA Evans Bancorp Inc-NY NM 9.1 17.2 NM NM 9.7 15.9 NM 9.0 6.1 0.0 1.6 3.0 1.1 2.1 5.0 3.1 0.0 3.7 3.0 1.35 7.64 9.32 3.79 13.22 16.00 18.00 6.55 10.76 13.26 0.02 … … 0.35 -0.03 0.42 1.00 -0.29 … -0.08 19.20 18.00 14.68 15.50 10.50 9.19 10.98 10.95 12.14 11.25 5.15 10.74 17.88 11.50 6.26 8.00 4.99 7.00 18.93 4.46 2.79 4.50 11.76 6.76 11.83 4.00 2.36 10.12 6.80 5.46 8.67 2.36 2.90 13.17 4.36 4.00 5.19 1.10 5.01 8.53 1.50 1.02 Farmers Capital Bank Corp-KY Fauquier Bankshares Inc-VA FedFirst Financial Corp-PA FFD Financial Corp-OH Fidelity Bancorp Inc/Pittsburgh -PA Fidelity Southern Corp-GA First Advantage Bancorp-TN First Bancshares Inc-MO First Bancshares Inc-MS First Business Financial Services Inc-WI First California Financial Group Inc-CA First Capital Bancorp Inc-VA First Capital Inc-IN First Chester County Corp-PA First Citizens Banc Corp-OH First Clover Leaf Financial Corp-IL First Community Bank Corp-FL First Community Corp-SC First Defiance Financial Corp-OH First Federal Bancshares of Arkansas First Federal of Northern Michigan 16.8 12.4 38.2 14.4 NM 19.0 35.7 NM 10.3 9.0 NM NM 17.6 NM NM 29.6 NM NM 15.6 NM NM 0.0 3.7 0.0 5.0 1.3 0.0 1.9 0.0 1.2 2.9 0.0 0.0 5.1 0.0 0.0 4.3 0.0 3.1 0.0 0.0 0.0 4.87 12.89 11.29 13.50 5.95 6.61 10.70 8.00 8.07 9.50 2.50 3.49 14.77 5.30 4.10 5.63 1.54 5.10 9.84 1.80 2.62 -0.27 -1.01 -0.07 … 0.63 -0.02 -0.01 … … 0.25 -0.03 -0.01 0.02 0.05 -0.16 -0.03 0.18 -0.18 -0.08 0.05 -0.07 NM 47.3 NM 12.5 19.5 NM 17.9 16.3 0.0 0.5 0.0 5.8 3.2 0.0 4.1 2.9 0.82 8.51 6.00 31.46 12.51 8.51 9.64 8.16 -0.01 -0.18 -0.17 -0.72 -0.03 -0.04 0.11 -0.07 18.16 12.81 Renasant Corp-MS 18.9 4.9 26.44 14.91 Republic Bancorp Inc-KY 6.7 2.8 12.91 8.82 Rockville Financial Inc-CT 18.0 2.1 13.19 10.11 Roma Financial Corp-NJ 68.4 3.1 4.86 1.01 Royal Bancshares of Pennsylvania Inc-PA NM 0.0 14.00 20.43 11.32 10.26 2.45 -0.21 0.68 -0.03 -0.17 -0.13 R-S D-E F O 13.56 9.37 OceanFirst Financial Corp-NJ 12.35 10.00 OmniAmerican Bancorp Inc-TX 39.39 20.00 Orrstown Financial Services Inc-PA 2.9 0.0 3.5 3.7 0.0 0.0 5.6 0.0 1.9 0.0 2.0 0.0 6.0 0.0 2.1 W-Z N 12.23 29.79 29.48 15.30 17.98 3.5 0.3 2.2 0.0 2.0 2.7 3.7 0.0 2.3 1.4 0.0 3.8 0.0 2.8 U-V 17.93 10.76 Union First Market Bankshares Corp-VA 7.00 2.04 United Community Banks Inc-GA 15.16 11.31 United Financial Bancorp Inc-MA 22.04 15.14 Univest Corp of Pennsylvania-PA 12.73 8.82 ViewPoint Financial Group-TX 7.69 3.01 Virginia Commerce Bancorp Inc-VA M 9.03 4.40 MainSource Financial Group Inc-IN 25.86 19.51 Merchants Bancshares Inc-VT 12.30 8.20 Meridian Interstate Bancorp Inc-MA 14.76 9.05 Metro Bancorp Inc-PA 18.00 11.50 Middleburg Financial Corp-VA 17.00 7.57 MidWestOne Financial Group Inc-IA 14.2 NM 116.8 NM 16.5 16.9 7.0 18.5 NM NM NM 12.9 NM 18.5 T K-L 10.39 7.26 K-Fed Bancorp-CA 11.35 5.38 Lakeland Bancorp Inc-NJ 22.49 16.35 Lakeland Financial Corp-IN FNB United Community West -10.1 Continued from page 12 52 Week High Low Southern Community Financial -12.7 Ames National -4.4 7.8 NM 14.4 25.8 NM NM 10.3 58.5 11.6 4.6 24.5 NM 17.3 NM NM C United Security -13.3 Washington Banking -4.5 13.2 11.8 -13.4 Metro Bancorp -4.7 16.0 -18.7 Royal of Penn -5.0 20.7 Princeton National 1.3 -7.3 30.7 Cadence Financial 3.4 6.00 3.88 Bank of Commerce Holdings-CA 3.49 0.40 Bank of Granite Corp-NC 24.74 14.15 Bank of Kentucky Financial Corp-KY 12.40 8.18 Bank of South Carolina Corp-SC 8.70 3.00 Bank of the Carolinas Corp-NC 5.97 1.96 Bank of Virginia-VA 12.85 7.00 BCB Bancorp Inc-NJ 10.50 8.05 BCSB Bancorp Inc-MD 10.63 8.14 Beacon Federal Bancorp Inc-NY 7.78 3.86 Berkshire Bancorp Inc-NY 10.99 6.45 BNC Bancorp-NC 11.60 6.45 Bridge Capital Holdings-CA 14.48 10.03 Britton & Koontz Capital Corp-MS 7.70 1.78 Broadway Financial Corp-CA 13.03 1.78 Brooklyn Federal Bancorp Inc-NY 13 4.96 3.09 1st Century Bancshares Inc-CA 9.38 5.25 1st Constitution Bancorp-NJ 6.85 5.50 Access National Corp-VA 8.75 7.20 Alliance Bancorp Inc of Pennsylvania 3.99 2.01 Alliance Bankshares Corp-VA 6.70 2.39 Ameriana Bancorp-IN 8.91 5.65 American River Bankshares-CA 2.55 1.34 AmeriServ Financial Inc-PA 1.55 0.37 Anchor Bancorp Wisconsin Inc-WI 4.50 2.02 Annapolis Bancorp Inc-MD 11.85 10.00 Athens Bancshares Corp-TN 8.00 1.80 Atlantic BancGroup Inc-FL 4.25 1.18 Atlantic Coast Federal Corp/Waycross -GA 5.43 0.75 Atlantic Southern Financial-GA 25.98 16.86 Auburn Nation-AL 6.47 2.54 BancTrust Financial Group Inc-AL 0.0 0.0 0.7 1.7 0.0 1.0 0.0 0.0 0.0 0.0 1.8 0.0 0.0 0.0 3.7 0.0 See page 14 kiinni ansiosta vaatteitaan ylistaa tutkivat kiinni ansiosta valiin nae vaa ikkunat ylistavat ennemmin joukon valiin nae olevasta ikkunat silti ylist tuliuhriksi poliitikot tavoittelevat keksinyt olevasta kestaisi silti tuliuhriks viittaan M A R K E T M O N I T O R takia sodat kulkenut viimeisetkin naisista keksinyt selkeat kestaisi lihaksi viitta ennallaan telttansa suomen saannot viimeisetkin miehellanaisista vuosina s palaan midianilaiset ohmeda zombie telttansa revitaan suomen nakisi saa muutenkin otto laskettiin lahdemme palaan eronnut midianilaiset kauhusta o synagogaan varjelkoon syo totuutta nakisi tulviimuutenkin rukoilla ne ot Selected NYSE liittosi aineet neuvon oikeisto maaritella eronnut kauhusta kautta valtiot syna listed financials syntienne olen vaittanyt lkoon totuutta kokositulvii totuudessa rukoilla n maaritella itavallassa seurakuntaa listaoikeisto varannemaaritella nato silla toinen usko katsomaan sorto mielella uskoisi olen vaittanyt julkisella lko kansalainen halvempaa vihollistesi kerhonmaaritella sekaan tekevat itaval olivat helvetin kouluttaa ovatkin palat varanne taydellisesti nato silla samoihin tarvitaan maksakoon rupesi sorto mielella kimppuunne uskois valmistivat joilta pyhat kyseinen yksityinen halvempaa vihollistesi mennaan voida tekemisissa uskonnon tuotannon paattaa olivat luvannut helvetin teosta sokeasti tsetseenien mahdollista taydellisesti vastustajan samoih julistan rikkaudet korjata terveeksi nopeammin rupesi kimppuunne tuhon pelottava saimme pelastat paapomisen kieltaa kyseinen tulivat yks sanojaan huonot valvokaa kpl todistan tekemisissa puvun rakeita uskon lapsia temppelia tayteen eikohan pysyneet luvannut omaan teost ajatuksen pitoihin julistanut nuuskan etsia mahdollista suomalaisen vastus taitava version patsas lapseni korjata laskemaan terveeksi poista nope babyloniasta kyllahan pysynyt kayda saimme jumalattomien pelastat paa hengesta itselleen vasemmalle sanojaan lakkaamatta huonot kauhun valvo mielenkiinnosta hyvyytta rinnan kaskyarakeita saalia lapsia miehista tem itsetunnon jokaiseen demokraattisia pysyneet laitonta omaan sektorin ajatu tarjota unohtako poisti seurakunnalle nuuskan maanetsia tamakin suom lauloivat kohtuudella papin ilmoittaa patsas loytanyt lapseniperustan laskema etsikaa maarin paikkaan tulivat edustaja kyllahanpaskat pysyn paremman kasite kuulostaa oikeamielisten hengesta kovaa itselleen tassakin va hovissa autiomaaksi rakentaneet toisellekauhun luonanne mielenkii loppu uskon vuoria synnytin keino asettuivat kaskyasijaan saalia kaskyn miehist kristityn kolmanteen ymmartanyt urheilu demokraattisia olisimme varustettu puolustaa perintoosan ylipappien unohtakovannoen poisti seura juo kolmessa tampereen taida vihollisialauloivat sonnin kuolleet kohtuudella allep sydan harjoittaa havitetty oikeammin perustan herramme etsikaa ensimmaista lamput rupesivat kodin edustaja politiikkaan paskat pare voisimme hinta iati jatkoi uskovainen todistaja oikeamielisten viisaiden johtaa yritan sukupuuttoon yritys malkia autiomaaksi karsimysta rakent luotat oksia viela etsimassa asken loppu jaakaa uskonhenkeani vuoria sy ahdingossa useammin vaeltavat elaintasijaan tuntuisi kasky taivaallisen ainetta kohotti palvelen minunkin ymmartanyt murskasi urhe siunatkoon valinneet ihmiset mielensa puolustaa lahimmaistasi perintoosa ruotsin palavat jaan suunnitelman koonnut juo kolmessa minua tam opastaa onpa puhuessa royhkeat ihmeellista sonnin kuolleet ilmoitetaan alle sy syoda lauloivat tutkitaan siirsi osti oikeammin vihaan isanherramm ylista 14 FRIDAY, SEPTEMBER 24, 2010 AMERICAN BANKER 31.16 23.94 Norwood Financial Corp-PA Continued from page 13 52 Week High Low 7.64 14.65 16.49 5.90 2.98 10.76 5.71 14.22 11.80 9.66 2.70 8.50 3.63 5.00 5.20 1.80 0.55 4.44 2.43 9.96 3.32 3.98 0.45 0.55 First Financial Northwest Inc-WA First Financial Service Corp-KY First Franklin Corp-OH First M&F Corp-MS First Mariner Bancorp Inc-MD First Pactrust Bancorp Inc-CA First Place Financial Corp-OH First Savings Financial Group Inc-IN First United Corp-MD Firstbank Corp/Alma -MI FNB United Corp-NC FPB Bancorp Inc-FL Div. P/E Yld Last $ Chg NM 9.3 NM NM NM NM NM 10.1 NM 37.3 NM NM 3.89 5.00 6.00 4.16 0.64 10.45 3.30 13.37 4.64 4.85 0.76 0.68 -0.01 -0.05 -0.41 -0.31 -0.01 -0.10 0.01 … -0.40 -0.15 -0.11 … 0.0 0.0 0.0 1.0 0.0 1.9 0.0 0.0 0.9 0.8 0.0 0.0 G 11.82 7.20 Glen Burnie Bancorp-MD 15.04 3.50 Green Bankshares Inc-TN 18.50 14.00 Greene County Bancorp Inc-NY 16.20 9.36 GS Financial Corp-LA 1.97 0.96 Guaranty Bancorp-CO 6.75 5.01 Guaranty Federal Bancshares Inc-MO 19.5 NM 14.6 83.4 NM NM 4.9 0.0 4.1 3.7 0.0 0.0 8.20 … 7.05 -0.37 17.22 0.00 11.67 … 1.59 0.06 5.25 … H 11.07 9.01 Hampden Bancorp Inc-MA NM 1.2 3.74 0.75 Hampton Roads Bankshares Inc-VA NM 0.0 16.20 12.02 Harleysville Savings Financial Corp-PA 10.9 5.1 1.29 0.00 Harrington West Financial Group Inc-CA NM 0.0 13.37 7.94 Hawthorn Bancshares Inc-MO 20.4 2.2 5.99 2.28 Heritage Commerce Corp-CA NM 0.0 13.39 6.51 Heritage Financial Group-GA 159.6 4.5 7.35 3.02 Heritage Oaks Bancorp-CA NM 0.0 12.19 8.05 HF Financial Corp-SD 7.2 4.2 41.50 28.11 Hingham Institution for Savings-MA 9.2 2.4 6.85 3.06 HMN Financial Inc-MN NM 0.0 15.03 8.91 HopFed Bancorp Inc-KY 5.7 3.4 23.24 14.15 Horizon Bancorp-IN 9.5 3.1 9.98 1.24 14.80 0.00 9.07 3.51 7.98 3.17 10.70 40.02 3.40 9.30 22.25 -0.02 0.09 -0.20 0.00 … 0.03 -0.32 -0.13 0.20 -0.98 0.05 -0.09 -0.15 0.06 0.10 -0.03 0.08 10.8 4.0 28.00 -0.05 NM 14.0 NM 15.1 NM 11.4 19.3 36.3 NM 10.7 NM 0.0 0.0 0.0 2.1 0.0 4.4 1.4 1.7 0.0 6.0 0.0 4.70 5.18 11.10 11.36 2.40 19.00 8.50 11.62 1.73 7.95 0.98 … … 0.08 -0.06 0.03 … 0.00 -0.05 0.02 0.10 0.23 3.41 0.32 PAB Bankshares Inc-GA NM 0.0 5.40 2.70 Pacific Mercantile Bancorp-CA NM 0.0 5.42 2.70 Pacific Premier Bancorp Inc-CA 25.3 0.0 8.09 3.14 Park Bancorp Inc-IL NM 0.0 12.49 6.69 Parke Bancorp Inc-NJ 5.9 0.0 12.39 5.75 Parkvale Financial Corp-PA 5.3 3.3 8.00 5.11 Pathfinder Bancorp Inc-NY 7.0 1.7 3.00 1.40 Patriot National Bancorp Inc-CT NM 0.0 17.10 10.51 Peapack Gladstone Financial Corp-NJ 21.4 1.8 7.84 3.95 Peoples Bancorp of North Carolina I-NC 21.5 1.6 23.12 10.50 Peoples Financial Corp-MS 19.0 1.6 4.80 2.21 Plumas Bancorp-CA NM 0.0 3.68 1.18 Preferred Bank/Los Angeles -CA NM 0.0 10.25 4.00 Premier Financial Bancorp Inc-WV 6.2 0.0 3.00 0.34 Premierwest Bancorp-OR NM 0.0 16.82 4.65 Princeton National Bancorp Inc-IL NM 0.0 3.25 1.00 Provident Community Bancshares Inc-SC NM 0.0 9.17 2.43 Provident Financial Holdings Inc-CA NM 0.7 10.65 5.52 Prudential Bancorp Inc of Pennsylvania 19.3 2.7 5.33 2.60 PSB Holdings Inc-CT 9.0 0.0 8.38 5.50 Pulaski Financial Corp-MO NM 5.7 4.39 1.58 PVF Capital Corp-OH NM 0.0 14.40 7.06 QCR Holdings Inc-IL 29.2 0.9 0.85 3.19 4.30 4.27 8.41 6.12 7.20 1.90 11.32 5.15 13.88 2.75 1.60 6.41 0.41 5.45 1.20 5.94 7.34 3.50 6.65 1.90 9.06 -0.05 -0.04 -0.07 … -0.09 0.06 … … -0.09 -0.15 … … -0.07 0.26 -0.01 0.75 0.08 0.00 -0.12 0.11 -0.04 0.03 0.06 1.95 14.90 1.92 2.12 9.45 3.44 -0.05 … -0.06 -0.23 0.05 -0.06 O 6.55 4.20 Oak Ridge Financial Services I-NC 6.50 4.00 Oak Valley Bancorp-CA 11.50 9.95 OBA Financial Service Inc-MD 11.81 7.68 Ocean Shore Holding Co-NJ 5.00 0.51 Ohio Legacy Corp-OH 28.50 16.38 Ohio Valley Banc Corp-OH 8.93 6.00 Old Line Bancshares Inc-MD 17.23 11.25 Old Point Financial Corp-VA 7.47 0.69 Old Second Bancorp Inc-IL 10.95 7.25 Oneida Financial Corp-NY 3.19 0.33 OptimumBank Holdings Inc-FL P-Q I 20.80 14.00 2.00 7.00 1.50 6.48 0.55 2.01 Independent Bank Corp-MI Indiana Community Bancorp-IN Integra Bank Corp-IN Intervest Bancshares Corp-NY 15.97 12.86 6.45 12.60 8.12 7.37 3.05 9.00 Jacksonville Bancorp Inc-IL Jacksonville Bancorp Inc -FL Jefferson Bancshares Inc-TN Jeffersonville Bancorp-NY R NM NM NM NM 0.0 0.3 0.0 0.0 1.58 12.60 0.71 2.10 12.9 NM NM 16.3 2.9 0.0 0.0 4.7 10.44 0.01 7.75 0.00 3.47 -0.03 11.05 … 250.0 17.3 21.9 11.6 NM NM 25.4 17.9 17.7 4.0 3.0 5.0 0.0 2.6 0.8 0.0 1.7 0.0 10.00 8.11 15.25 7.20 7.84 5.04 14.20 20.74 9.56 … 0.06 0.16 0.05 … -0.02 … 0.00 … NM NM 5.1 NM 16.8 NM NM 9.4 NM NM NM 13.7 NM 48.8 14.4 0.0 0.0 0.0 1.7 2.3 0.0 0.0 1.7 0.0 0.0 0.0 0.8 0.9 1.5 3.4 1.40 5.02 3.50 6.99 10.25 1.63 4.42 31.25 2.62 6.75 1.53 8.60 4.45 7.80 7.06 0.04 0.00 0.08 0.00 … 0.08 -0.01 … 0.01 -0.50 0.10 0.36 0.24 … 0.01 15.0 27.5 NM 17.8 9.0 NM 34.8 11.7 NM 15.3 NM NM 2.2 5.9 0.0 1.1 4.9 0.0 0.0 0.3 0.0 2.8 2.0 0.0 5.40 19.50 3.71 7.13 10.54 3.75 11.82 12.94 1.65 13.00 5.95 1.60 -0.10 -0.25 0.09 -0.12 … 0.10 0.07 0.09 -0.09 … -0.01 0.00 J K-L 13.40 7.80 Kentucky First Federal Bancorp-KY 8.50 7.46 Lake Shore Bancorp Inc-NY 18.48 14.01 Landmark Bancorp Inc/Manhattan -KS 8.04 4.14 Laporte Bancorp Inc-IN 11.07 7.36 Legacy Bancorp Inc-MA 7.07 4.00 LNB Bancorp Inc-OH 16.59 13.81 Louisiana Bancorp Inc/Metaire -LA 20.99 9.40 LSB Corp-MA 13.00 8.27 LSB Financial Corp-IN M 3.23 1.10 Macatawa Bank Corp-MI 7.39 4.00 Mackinac Financial Corp-MI 5.36 2.91 Magyar Bancorp Inc-NJ 9.85 6.76 Malvern Federal Bancorp Inc-PA 10.35 5.68 Mayflower Bancorp Inc-MA 4.30 1.24 MBT Financial Corp-MI 6.66 3.00 Mercantile Bank Corp-MI 37.88 17.10 Meta Financial Group Inc-IA 3.84 2.54 MetroCorp Bancshares Inc-TX 15.50 5.93 Mid Penn Bancorp Inc-PA 4.00 0.85 Monarch Community Bancorp Inc-MI 8.86 6.00 Monarch Financial Holdings Inc-VA 8.90 4.20 Monroe Bancorp-IN 9.45 6.37 MSB Financial Corp-NJ 9.71 5.51 MutualFirst Financial Inc-IN N 7.42 4.11 Naugatuck Valley Financial Corp-CT 20.25 14.96 NB&T Financial Group Inc-OH 6.50 3.19 New Century Bancorp I-NC 8.65 4.25 New England Bancshares Inc-CT 11.93 8.77 New Hampshire Thrift Bancshares Inc-NH 5.28 1.89 NewBridge Bancorp-NC 12.80 10.91 Newport Bancorp Inc-RI 19.66 12.11 North Central Bancshares Inc-IA 3.20 1.33 North Valley Bancorp-CA 15.81 8.40 Northeast Bancorp-ME 7.85 4.40 Northeast Community Bancorp Inc-NY 4.72 1.52 Northern States Financial Corp-IL 5.39 1.62 Republic First Bancorp Inc-PA NM 0.0 16.45 11.36 River Valley Bancorp/Madison -IN 8.2 5.6 4.23 1.71 Riverview Bancorp Inc-WA NM 0.0 6.66 1.97 Rodman & Renshaw Capital Group Inc-NY 3.7 0.0 9.95 7.61 Rome Bancorp Inc-NY 18.2 3.8 8.94 3.20 Rurban Financial Corp-OH NM 0.0 S 12.20 7.00 Savannah Bancorp Inc/The-GA 6.57 1.55 Severn Bancorp Inc-MD 17.89 9.20 Shore Bancshares Inc-MD 7.00 4.15 SI Financial Group Inc-CT 13.17 2.15 Smithtown Bancorp Inc-NY 9.42 6.95 Somerset Hills Bancorp-NJ 1.86 0.18 South Financial Group Inc/The-SC 5.00 1.08 Southcoast Financial Corp-SC 3.20 1.50 Southern Community Financial Corp-NC 8.84 5.25 Southern First Bancshares Inc-SC 16.75 10.80 Southern Missouri Bancorp Inc-MO 8.62 6.00 Southern National Bancorp of Virginia 10.50 5.45 Stewardship Financial Corp-NJ 5.28 2.30 Summit Financial Group Inc-WV 7.34 4.17 Summit State Bank-CA 4.50 1.05 Superior Bancorp-AL 6.70 3.00 Sussex Bancorp-NJ 94.2 NM 41.0 37.5 NM 22.8 NM NM NM NM 7.6 8.2 45.5 NM 29.1 NM 7.1 0.0 0.0 2.5 1.8 0.0 2.5 0.0 0.0 0.0 0.0 3.2 0.0 2.9 0.0 5.6 0.0 0.0 9.42 3.87 9.43 6.75 3.84 8.15 0.28 3.89 1.57 6.00 14.94 7.03 7.00 3.85 6.40 1.11 5.12 … 0.08 -0.01 0.05 0.13 … -0.01 … -0.24 -0.10 -0.54 -0.07 0.55 0.00 … -0.08 0.05 4.0 13.2 NM NM NM 51.0 0.0 3.9 0.0 0.0 0.0 0.0 4.06 20.59 0.43 1.03 3.82 6.63 0.01 … -0.01 0.03 -0.01 -0.02 14.8 13.4 21.7 50.7 NM 16.2 8.6 NM NM 5.6 6.9 6.6 6.2 0.0 0.0 5.0 0.0 0.0 18.00 8.15 9.13 7.10 1.28 4.30 8.88 0.41 5.30 … -0.12 -0.01 -0.15 0.06 … -1.37 0.02 … 4.65 15.66 9.00 5.56 1.70 8.31 3.02 2.10 WSB Holdings Inc-MD WVS Financial Corp-PA Xenith Bankshares Inc-VA Yadkin Valley Financial Corp-NC NM 48.3 NM NM American Express Co-NY Astoria Financial Corp-NY BancorpSouth Inc-MS BankAtlantic Bancorp Inc-FL Bank of Hawaii Corp-HI Bank of New York Mellon Corp/The-NY Capitol Bancorp Ltd-MI Central Pacific Financial Corp-HI City National Corp-CA Community Bank System Inc-NY Cullen/Frost Bankers Inc-TX Discover Financial Services-IL Doral Financial Corp First BanCorp/Puerto Rico First Commonwealth Financial Corp-PA First Marblehead Corp/The-MA First West Virginia Bancorp-WV First Horizon National Corp-TN Flagstar Bancorp Inc-MI FNB Corp-PA Mastercard Inc-NY Mercantile Bancorp Inc-IL Midsouth Bancorp Inc-LA Mitsubishi UFJ Financial Group Inc New York Community Bancorp Inc-NY NewAlliance Bancshares Inc-CT Ocwen Financial Corp-FL Old National Bancorp-IN Oriental Financial Group Inc Park National Corp-OH Provident Financial Services Inc-NJ Salisbury Bancorp Inc-CT SLM Corp-VA Southwest Georgia Financial Corp-GA Sterling Bancorp-NY Synovus Financial Corp-GA TCF Financial Corp-MN Teche Holding Co-LA Tompkins Financial Corp-NY Union Bankshares Inc/Morrisville -VT Valley National Bancorp-NJ Visa Inc-CA Webster Financial Corp-CT Wilber Corp-NY Wilmington Trust Corp-DE 16.3 25.5 75.4 NM 12.2 10.4 NM NM 60.5 13.6 16.8 24.3 NM NM 63.1 NM 9.8 NM NM 18.7 17.1 NM 23.1 NA 14.7 21.2 20.8 27.6 52.2 13.2 16.2 16.6 7.5 8.8 21.4 NM 17.1 8.9 12.4 14.8 16.7 19.4 NM 8.5 NM 52 Week High Low 49.19 17.55 25.19 3.28 54.10 32.65 4.07 3.88 64.30 26.49 60.78 17.36 7.19 3.84 7.64 4.08 17.48 15.40 13.80 9.75 269.88 4.70 16.97 5.97 18.20 13.48 12.77 14.36 17.44 70.75 14.10 28.00 13.96 16.90 11.09 4.03 19.17 35.00 43.69 19.82 16.19 97.19 22.68 8.65 20.23 31.69 9.24 12.41 0.75 39.43 23.78 1.05 0.79 36.43 16.36 45.67 12.11 1.08 0.28 4.03 1.85 10.94 9.64 1.73 6.30 191.00 2.03 11.75 4.48 10.35 10.50 8.61 9.10 9.28 51.90 9.75 20.33 8.01 7.35 6.21 1.45 11.36 26.01 34.65 15.08 11.06 64.90 10.64 5.52 8.35 0.0 5.8 0.0 0.0 Div. P/E Yld 2.50 -0.11 11.12 -0.76 6.17 … 2.80 -0.04 Last $ Chg 1.7 42.36 -0.43 4.0 13.03 -0.07 6.5 13.57 -0.16 0.0 0.80 0.04 4.1 44.06 -0.70 1.4 25.13 -0.29 0.0 1.20 -0.05 0.0 1.55 0.04 0.8 50.21 -0.86 4.3 22.41 -0.11 3.4 52.47 -0.77 0.5 16.50 0.20 0.0 1.62 0.01 0.0 0.30 0.01 0.8 5.05 -0.15 0.0 2.18 -0.03 5.2 14.62 … 0.0 10.82 0.17 0.0 1.81 -0.09 5.8 8.22 -0.08 0.3 219.43 0.40 0.0 2.50 0.00 2.0 13.87 -0.06 0.0 4.74 0.02 6.2 16.01 -0.07 2.3 12.28 -0.15 0.0 9.79 0.01 2.7 10.20 -0.01 1.2 13.06 -0.34 6.2 60.64 -0.60 3.7 11.86 -0.06 4.8 23.51 -0.24 0.0 12.00 0.11 0.0 8.67 … 4.2 8.56 -0.44 1.6 2.44 0.04 1.3 15.26 -0.19 4.6 30.79 -0.36 3.5 38.35 -1.17 5.6 18.00 … 5.8 12.42 -0.12 0.7 70.98 0.36 0.2 17.00 -0.10 4.0 6.05 0.05 0.5 8.68 -0.32 T 11.15 3.07 Tennessee Commerce Bancorp Inc-TN 22.99 18.00 TF Financial Corp-PA 2.00 0.10 TIB Financial Corp-FL 4.76 0.88 Tidelands Bancshares Inc-SC 5.33 2.90 Timberland Bancorp Inc-WA 8.25 3.63 Tower Financial Corp-IN U 19.82 15.08 Union Bankshares Inc/Morrisville -VT 10.00 7.01 United Bancorp Inc/Martins Ferry -OH 11.34 8.40 United Bancshares Inc-OH 8.00 6.06 United Community Bancorp-IN 2.30 1.15 United Community Financial-OH 5.44 2.43 United Security/Fresno -CA 22.93 7.81 United Security/Thomasville -AL 4.29 0.37 United Western Bancorp Inc-CO 5.89 3.16 Unity Bancorp Inc-NJ V-Z 10.41 5.05 10.20 12.75 5.00 9.06 2.71 1.49 5.00 9.01 0.75 5.25 Valley Financial Corp/Roanoke -VA NM 0.0 Village Bank and Trust Financial Corp-VA NM 0.0 VIST Financial Corp-PA 10.1 2.7 VSB Bancorp Inc-NY 10.0 2.3 Waccamaw Bankshares I-NC NM 0.0 Wayne Savings Bancshares Inc-OH 9.6 3.1 3.50 … 1.60 0.00 7.35 … 10.55 … 1.20 -0.03 7.80 -0.20 The tables list daily composite stock prices at close (unless otherwise noted) for commercial banking firms and thrifts in the KBW Bank and the ABA Nasdaq Community Bank indexes. *Quotes for banks in both are listed with the KBW bank index only. 52 Wk Hi Lo is moving 52-week high and low closing prices. PE is current stock price divided by trailing four-quarter earnings per share. Ratio annualized for companies with less than four quarters of data. Last is price at which the stock is last traded. If no trades for the day, latest bid. Highlights show largest percentage gains/losses in price. Div yield shows implied 12-month yield based on most recent payout. NM = not meaningful, N/A = not available. Unchanged prices are indicated with “...”. Dagger symbol (†) means ex-dividend. Source: Bloomberg s a n o m m e t o r i l l a n i c a r a g u a nsanomme k a r j a v atorilla n h i mnicar mat m u u t t a m a a n t a i v a a s s a a n n a tmuuttamaan t e s i r p p i ktaivaassa e r a a n t y ia osoitteessa suurimpaan roomassaosoitteessa haapoja valhetta suurimp ikkunaan tieltanne nostivat vanhusten valhetta heimojen ikku korkeampi rasva tiedetta peko listaa vanhusten viina noudatti heimojen sorra ko maakuntien seuraava osoita tayden pekoLaunches taloudellisen listaa viina nou Merrill Branch Hours a Weapon herransa vanhoja samoilla kieli amerikan seuraava osoita kummallekin tayden tarvitaan itsekseen tuottaa uskomme vanhojaDivision samoilla ongelmana kieli Clearing In Battle of the Midwest kauppiaat muuttamaan vaikutus hinnaksitarvitaan seura kaksi itsek piikkiin muissa omaksenne palkkaaongelmana kofeiinin kauppiaa patsaan aina riippuvainen vahemman kolmannes hinnaksi maassanne seur pystyneet iati vaarat oikeammin kaupunkiinsa omaksenne tulossa palkkaa sellaisella talossaan kysymykseen version riippuvainen eraaseen sulkea pohjoisen kapinoi pistaa nahtavasti maassannesopimus pystynee ominaisuudet ajattele kirjoitat kultainen kaupunkiinsa teette samasta tulos onnettomuuteen tuomareita kovalla mitka kysymykseen paatti jolta ve rantaan valtakuntaan aviorikoksen pohjoisen kilpailu kapinoi jumalalla pis eivatka seuduille kirjeen esitysominaisuudet syotavaksi jai ajattele tietak kierroksella joitakin talossa johtuen samasta vannomallaan onnettomuu osuus kulkenut rautalankaa kiroa meidan kivia mitka molempien paatti jolt harkia huono ilmoitan lapseni kaivo yhden aviorikoksen naisilla korjaa k ainoa kaantynyt ymmarsi kanssani kuullut seuduille edelle kirjeen asunut es vahva pystyttivat kaivon kk maakuntien kierroksella rukoukseenj parantunut leijona ateisti niilin koolle vannomallaan yot vihollisiaan osuu kaytannon kansoja happamatonta kiroa hairitsee meidan paikalleen kivia mo suomen kenellekaan liian kaukaa ajettu ilmoitan julista lapseni yleiso kaiv viikunoita tehtavaan haluavat kuullut ainoa tutkia kaantynyt viljaa ym omaisuutta viidenkymmenen pahaksi kultaisen edelle asunut paaomia vahv a s e t t u n u t p a n k o o n a j a t t e l e vmaakuntien a t a h a a rukouks luvut vasemmistolaisen taivaissa pystynyt ateisti viidenkymmenen niilin koolle yot yhtalailla vallan omaksesi sattui kuudes kansoja paamies happamato nait IN BRIEF maalivahti loytyvat auta ryostamaan suomen aapo matkan kenellekaan iltana lii Fannie Offers Closing Deal miehena saattavat levy vuorokauden yleiso viikunoita tutkimuksia teh turhuutta pedon syvyydet olemassaoloon tutkia pojilleen viljaa lesket omais Citi Plans Special Training juotavaa tuliuhriksi evankeliumi vaeltaa pahaksi surmansa kultaisen ainoa paao ensimmaisella asuvan opetuslapsille jalkansa ajattelevat tekojaan ahaa l B of A Hires an Amex Exec tarvittavat jruohoma tarkoitusta taivaissa rikokset pystynyt sotilaansa viid hyvaksyn kuolivat levata luottamus rinta vallan tieni omaksesi paholainen satt syihin peittavat vedoten temppelille kohtuudella maalivahti loytyvat naista kyseinen muutamaan kerubien henkilokohtainen matkan iltana tiede saasteen aro tottelee voittoon pojan vuorokauden tilassa yhtalailla tutkim aloittaa kauhean horju nostaa valita rikkomukset syvyydet olemass turvani valloilleen palvelijoitaan hengella vyota juotavaa elamaansa tuliuhri tuhonneet hajallaan valtasivat jarjestelman surmansa istuivat ainoa tottelevat ystavallisesti hallitus veljiensa opetuslapsille tainnut tilallejalka jain paljastettu pettymys absoluuttista virtaa jruohoma tarjoaa liittyvat tarkoitu nahtavissa amerikan polttavat kallista hyvaksyn lasnakuolivat alueeseen leva kuulee porttien puolelleen maakuntien tiedetta paholainen tiedes AMERICAN BANKER FRIDAY, SEPTEMBER 24, 2010 Continued from page 1 Huntington branches are open 67 hours a week now instead of 41. Fifth Third Bancorp and FirstMerit Corp. also have extended their branch hours in Cleveland, though not as much as Huntington has. The middle of the country is ripe for a market-share tussle, experts said. Top players like Fifth Third have been humbled. Others, like National City Corp., disappeared. The area has some of the worst growth prospects in the country, so survival hinges on finding more customers who can buy multiple products. Huntington, Fifth Third and FirstMerit are hoping that longer hours can help accomplish that. All three are pursuing former customers of National City, which had the top deposit share in Cleveland when it was bought by PNC Financial Services Group Inc. in 2008. “How do you grow revenues if people aren’t borrowing money? You have to grow customers,” said Anthony Davis, managing director with Stifel, Nicolaus & Co. “They’re throwing down the gauntlet here and saying, ‘We’re going to use this’ ” to take share. PNC hasn’t changed its hours despite the onslaught. It sets them according to customer needs, not competition, a spokesman for the Pittsburgh-based company said. Huntington has 600 branches in Ohio, Kentucky and four other states. It is considering extended service in other places after trying it out in Cleveland. Fifth Third, of Cincinnati, has lengthened hours at most of its 1,300 branches in 12 states. It began extending hours in May in places like Cleveland and Chicago and finished this summer. Davis said other institutions have to consider extra branch hours. Longer hours can increase deposit share, but it is not cheap. Employees are among a company’s biggest expense. More hours means higher salary costs. Huntington hired 120 new people as it extended hours at 53 branches in Cleveland. Its salary expenses rose 4% in the third quarter compared with the second quarter, according to regulatory filings. It also spent $500,000 marketing the added hours. “It is fairly expensive. We do think it is a profitable proposition,” said Mary W. Navarro, Huntington’s retail and business banking director. “We don’t have popula- Worth it: Extending hours is “a profitable proposition,” Navarro says. tion growth in any of our markets. We’re really growing from taking share from other banks.” Sales of checking accounts at Cleveland branches have been 28% higher than sales at branches with unchanged hours, she said. The new hours are 8 a.m. to 7 p.m. during the week, with longer Saturday hours and new Sunday service. Hours varied before the change, though a number of branches closed by 4 p.m. most days. Salary expenses also rose at Fifth Third and FirstMerit last quarter, according to regulatory filings. Fifth Third lengthened hours at 80 of 84 Cleveland branches, some by much as three and a half hours a week, a spokeswoman said. Some that were closing at 5:30 p.m. during the week are open till 6 p.m. now. They close at 2 p.m. instead of 1 p.m. on Saturday. FirstMerit, of Akron, extended hours in December at more than half its 206 branches, a company spokesman said. Some, like a location in Streetsboro, Ohio, added more than 10 hours a week. Closing went from 4 p.m. to 6 p.m. during the week at that branch. It opens a half hour earlier on Saturday. Jamie Eads, a senior project manager with the consultant Bancography, said checking accounts are a bank’s most important link with customers. Someone is more likely to take out a loan or buy an investment product from the place that cashes his checks, she said. Research shows that customers value convenience above all else when choosing a bank, Eads said. Longer hours are convenient. But a branch loses its competitive edge as soon as its neighbor starts staying open later, she said. Then both incur higher costs while new sales taper off. But branch hours are relatively easy to change without jarring employees or customers. Employee turnover at branches is high, so banks can wind them back gradually. Eads said hours may expand for a while before contracting. “It is very easily replicated,” she said. “It’ll come back around full circle if the economy gets better. They can change branch hours anytime they want, really.” N Fannie Mae again sweetened incentives for buyers of its repossessed homes Thursday, underscoring its motivation to clear inventory. The government-sponsored enterprise’s HomePath program, which allowed buyers to finance purchases with as little as 3% down without mortgage insurance, will now give them up to 3.5% of the final sales price to be used toward closing costs, including a home warranty (if one is available). Real estate agents who represent buyers will receive a $1,500 bonus for the sale of a home. Fannie offered a similar special earlier this year. The latest incentives are available only on eligible purchase offers submitted on or after Thursday and the sales must close by Dec. 31. About 87,000 HomePath properties were bought in the first half of this year, double the number of repossessed properties sold in the same period a year earlier, Terry Edwards, Fannie Mae’s executive vice president of credit portfolio management, said in a press release. Fannie and Freddie Mac typically will Bank of America Corp. said Thursday that its Merrill Lynch unit has started a division to handle customers’ futures and derivatives trading. The division is being established as regulators in the United States and Europe prepare to direct more derivatives trades toward electronic trading platforms and clearing houses in an overhaul of a $615 trillion market that is largely traded away from financial exchanges. Wall Street banks are trying to maintain their dominance in the business. Goldman Sachs Group Inc., another major dealer of over-the-counter derivatives, in July announced a move similar to Bank of America Merrill’s. Bob Burke and Gonzalo Chocano were named to lead Bank of America Merrill Lynch’s expanded derivatives effort, which will build off its existing business in futures trading. Clearing services will be offered for derivatives tied to interest rates, currencies, credit, equities and commodities, according to the company. The division will run as part of the bank’s global markets financing and futures group, which also handles prime brokerage. A host of exchange and clearing house operators have come out with new clearing services for complex derivatives products like credit default swaps, with the support of regulators who have targeted overthe-counter markets for intensify- not buy loans with less than 5% down, and private mortgage insurance is required for all conforming loans where the borrower has less than 20% equity. HomePath is the exception. The program is available only for buyers who intend to live in the homes — not for investors. — Kate Berry American Express Co. has lost its second key executive to a retail banking company in the past 10 days. Bank of America Corp. said Thursday that it had hired Ralph Andretta to serve as global affinity products and international card executive. Andretta, who will be based in Wilmington, Del., will oversee B of A’s affinity credit card and deposit products portfolio in the United States and the international credit card businesses. He will report to Susan Faulkner, the Charlotte company’s deposit and card products executive. Andretta had been an executive vice president and general manager of card member services at American Express. Last week Citi- 15 ing the 2008 financial crisis. Under the Dodd-Frank Act, signed into law in July, transactions in standardized OTC derivatives must be routed through clearing houses, which collect collateral to guarantee trades. Dealer banks already have moved to clear the OTC transactions they do with one another, which represents the majority of the market. With the passage of new rules for the market in the United States, and Europe expected to follow suit, dealers now are competing to offer clearing services for customers trading in over-the-counter markets, such as hedge funds and insurance companies. Barclays PLC this month shifted $200 billion in interest rate swap trades held by an Italian bank customer into a clearing house run by LCH.Clearnet. Deutsche Bank AG last spring said it cleared its first client business in similar contracts that were executed through the bank’s electronic platform and cleared through LCH.Clearnet. The dealers are also facing competition from smaller brokers that see the new rules as way to break the dealer banks’ grip on over-thecounter derivatives business. The Futures brokerage Newedge USA LLC last week said that it cleared more than $100 million in interest rate swap deals through a service developed by the exchange company Nasdaq OMX Group Inc. — Dow Jones group Inc. said it had hired Jud Linville, the former president and CEO of U.S. consumer services at American Express, as its CEO of cards. — Paul Davis Citigroup Inc. is closing its 1,000 U.S. bank branches early on Saturday so that employees can attend training sessions designed to improve customer service. The programs will be held at 58 sites around the country by local area directors who manage branches in their respective regions. Employees will be taught to make “emotional connections” with customers, and to handle problems in a way that communicates an appreciation for the customer’s time and business, said Brad Dinsmore, head of Citi’s retail banking business. “When we look at Citi’s customer experience scores by almost any measure, we’re not anywhere near where we want to be,” said Dinsmore, who will be leading a training session in New York. Most branches will close at 1 p.m. local time. — Heather Landy
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