Banks, Joint Venture
Bank One and Mercantile Going For State Payments
The joint venture of Bank One and Mercantile Bank to collect federal tax payments electronically has done so well that the banks are looking to expand their data processing and cash management services to other federal agencies and states. The joint venture, now called Anexsys, was formerly First Chicago/Mercantile Services, L.L.C., which formed in...
Banks, Insurance, Stocks
Ohio Bank Approved To Expand Financial Services
The First National Bank of Zanesville recently gained approval from the Office of the Comptroller of the Currency to move into the financial planning, brokerage, insurance and annuities businesses, in a move to help expand its market presence. The $1.2-billion-asset parent company, BancFirst Ohio Corp., recently acquired Chornyak and Associates Inc.,...
Banks, Markets
First Maryland Consolidates Name For Competitive Edge
First Maryland Bancorp is putting the finishing touches on its sixyear long "rebranding" project, announcing last week that it would change the names of its numerous affiliates to Allfirst. The change, which gives the previously-scattered entity a unified image and what the bank believes will be a stronger competitive brand going ahead, will...
Banks
Mercantile Wants To Be All Things To Some People
Rather than try to satisfy every need of every customer, Mercantile Bancorp.’s corporate banking division is working to spin industry specialties such as broker/dealers into a big business. It chose that particular industry because, despite the emerging confluence of brokerage services, insurance and commercial banking, Mercantile believes the...
Banks, Loans
GAAP Tightens Loan Losses, But Where’s The SEC?
The issue of whether banks are using their loan loss reserves to manage earnings reached an uncomfortable point for bankers last week when an explanation of the relevant generally accepted accounting principles (GAAP) was posted on the Internet. In fact, it appears banks have loosely interpreted the rules, but the Security and Exchange Commission’s...
