Mergers spawn growth in banks

Article Abstract:

New community banks numbering in the hundreds are being formed throughout the US. Some of the new start-up banks include an Internet bank managed by BMW, the one-branch Frontier Bank in Park City, UT, and banks affiliated with trust and insurance companies. Their target markets vary, from upscale sectors to customers who want high levels of convenience and service. The increase in the number of banks is attributed to the strong economy which has increased the demand for credit and banking services.

Market information - general

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Protests pull ads poking fun at Y2K worries

Article Abstract:

The American Bankers Association (ABA) has asked two companies to withdraw advertisements making fun of the millennium bug. Oreck and Polaroid have acquiesced to the request of ABA, which said such ads will only fuel the problem by instigating consumer overreaction. Banks have already spent a total of more than $8 billion to become Y2K compliant. The Federal Deposit Insurance Corp said the effort has made 99% of 10,335 federally insured banks and thrifts Y2K compliant.

Public affairs

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Banking privacy laws stir legal debate

Article Abstract:

US Bank of Minneapolis, MN, was sued by Minnesota Attorney General Mike Hatch for allegedly illegally selling customer data to Member Works, a telemarketing firm based in Stamford, CT. The suit claims that the bank gained $4 million plus commissions for supplying information on almost 1 million customers across the West and Midwest. The suit comes at a time when the US Congress is deliberating whether to tighten bank privacy laws.

Government regulation (cont), U.S. Bank (Johnstown, Pennsylvania)

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