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Bankers have become better prepared in finding employment alternatives after being laid off from banks which have been acquired. The majority of bankers eventually find jobs in other banks or in related areas, such as insurance, brokerage houses, mortgage companies, or some other financial service. The length of time to finding new employment has also shortened from 17 weeks to 14 weeks, according to a report by Manchester Partners International., It didn't take Brent Thompson very long to decide what he wanted to do when he learned his Wichita, Kan., bank was being taken over. He decided to join the [...]

Banc One Corp., which sat out the most recent acquisition wave, jumped back in Monday with an agreement to buy Liberty Bancorp of Oklahoma City for $546 million in stock. [...]

First Chicago NBD Corp chairman and CEO Verne Istock, feeling that the new company's infrastructure is in place, is focusing on giving the firm, which resulted from the merger of First Chicago and NBD, a unified corporate culture. He notes that merged companies, if they fail to establish a well-integrated culture, risk becoming takeover candidates., Last summer, Verne Istock, chairman and chief executive officer of First Chicago NBD Corp., declared that the merged company's infrastructure was officially in place. But the job of creating a [...]

Principal Financial Group, the tenth largest domestic life insurance company, plans to enter the financial services market by chartering a savings and loan association (S&L). Principal Financial, which plans to make its applications for the S&L by the end of 1996, will use it to issue a wide variety of financial products, including certificates of deposit, checking accounts and credit cards., A large midwestern insurance company plans to charter a thrift in a bold play to become a financial services supermarket. Principal Financial Group, the 10th-largest U.S. life insurance company, confirmed [...]

KeyCorp has announced a restructuring plan that will result in the elimination of more than 10% of its workforce. The company will consolidate its 12 bank charters, thereby eliminating 2,700 jobs. The remaining job losses will result from the closure or sale of about 280 branches. Investors appear to favor the moves, thought they will precipitate a $100 million charge against KeyCorp's 4th-qtr 1996 earnings., KeyCorp, having struggled to realize benefits from its 1994 merger with Society Corp., announced several restructuring steps Monday, including employee cutbacks exceeding 10% of its 28,000-member work force. The Cleveland-based [...]

ABN Amro North America will make its first expansion move outside of the Chicago, IL, area by acquiring $15.5-billion asset thrift company Standard Federal Bancorporation Inc. ABN Amro will also bolster its retail presence in Detroit and southeast Michigan and gain mortgage banking business in 44 states. The acquisition is expected to close by the middle of 1997 and will place ABN Amro in direct competition with First Chicago NBD Corp., Expanding for the first time out of its Chicago hub, ABN Amro North America announced an agreement Friday to acquire Standard Federal Bancorp. of Troy, Mich., for $1.9 billion in [...]

Provident Bancorp is paying almost $900,000 as part of the settlement of a hiring bias case. The case involved more than 1,200 individuals of Asian, Hispanic, and African-American ethnicity. Deputy assistant secretary at the Labor Dept, Shirley J. Wilcher, feels that the case is one of the most egregious that she has seen. Wilcher vows that the Labor Dept will be taking a more aggressive approach towards investigating hiring bias within the banking industry., Calling a Cincinnati bank's hiring practices among the worst cases of discrimination she had ever seen, a U.S. Labor Department official said that her office would take a closer look [...]

Mercantile Bancorp is buying Mark Twain Bancshares for $855 million in stock because the combined St. Louis, MO, bank holding companies will be better able to face competition from the newly merged NationsBank Corp and Boatmen's Bancshares. Mercantile is considering closing 28 Mark Twain branches as part of its efforts to cut costs and recoup its investment. Mark Twain has $3.1 billion in assets, $2.4 billion in deposits and employs 1,072., Moving to strengthen its position in key Missouri markets, Mercantile Bancorp. said Monday it had agreed to acquire Mark Twain Bancshares for $855 million in stock. Mercantile said the combination [...]

KeyCorp, Bankers Trust New York Corp., and Bank of Boston Corp., all reported sluggish third quarter 1996 financial results. KeyCorp posted profits of $207 million, a 1% decline from third quarter 1996. Bankers Trust New York Corp. posted profits of $176 million, a 14% increase over the same period. Bank of Boston Corp posted profits of $80 million, a 54% decline which was blamed on a $117 million charge related to the acquisition of BayBanks Inc., Three of the nation's largest banks reported lackluster third-quarter earnings Thursday, reinforcing analysts' concerns that sluggish revenue growth, rising costs, and problems in consumer lending could soon take their toll [...]

Norwest Corp., National City Corp., and First Union Corp. all registered strong increases in fee income in their third quarter 1996 financial statements. Norwest Corp. recorded earnings of $289 million, an 18% increase over third quarter 1995. National City Corp. posted earnings of $186 million, a 17% increase over the same period, while First Union Corp. posted earnings of $357 million, a 6% decline. First of America Bank Corp. and TCF Financial Corp. also released their third quarter 1996 reports., Fee income had a strong impact - and loan growth was a lesser factor -on the income statements that three major banking companies released Monday. Norwest Corp., spurred by its [...]

A lending slowdown, higher provisions for credit card losses, and one time charges for deposit insurance drove down third-quarter earnings at First Bank System Inc. and Barnett Banks Inc. Each [...]

Banks and savings and loan associations (S&L) are required to report the assessments levied by the federal government to refinance the Savings Association Insurance Fund (SAIF) as expenses on their 3rd qtr, 1996 financial reports. Forecasts of financial institutions' earnings-per-share before the charge predicted an 8.8% increase for leading money-center banks and a 6.3% increase for regional banks, while S&Ls' operating income was predicted to increase by 18.2%. However, the SAIF charge will cut into actual reported earnings., Many third-quarter earnings reports released by banks and thrifts over the next few weeks will include glaring charges that in some cases could exceed operating profits. The charges are related [...]

Some large banks to boost their efficiency and stay competitive have stopped offering free checking accounts to senior citizens. Senior citizens who want to open free checking accounts will be required to have large balances, pay monthly fees and/or purchase other banking products. Most banks offer senior citizen a combination of free checking accounts and other investment products, and require them to have bank balances of at least $1,000., William McCarthy received a letter from his bank that sent him into a rage. 'They begin 'Because you're a valued customer,'' Mr. McCarthy said. 'I think they're short-sighted.' Mr. McCarthy, [...]

Magna Group Inc. will purchase Homeland Bankshares for $216 million, a sum 1.66 times the book value for the Iowa bank holding company. Magna hopes to establish a name for itself as an acquirer through this and other purchases. The acquisition is the latest in a series in the state. Days before, NationsBank Corp announced its $9.5 billion merger with Boatmen's Bancshares., St. Louis was still bank merger central Tuesday as Magna Group Inc., a company widely regarded as an acquisition target, said it agreed to buy an Iowa holding company for [...]

Midwestern banks believe that they will benefit from NationsBank's acquisition of St. Louis, MO-based Boatmen's Bancshares. As a result of the deal, NationsBank will gain a presence in seven new states, becoming the market leader in five of them. Rival banks believe that they will be able to attract disaffected Boatmen's customers., Midwest banks are ready to rumble. While professing a healthy respect for NationsBank Corp., bankers across the region said they are undaunted by the prospect of having to compete with [...]

Mellon Bank Corp.'s recent agreements to acquire two leasing portfolios reflect a desire to diversify in asset-based lending - and to improve returns on traditional assets. The deals - bringing [...]

Mellon Bank Corp. and PNC Bank Corp., both of which serve the Pittsburgh, PA market, each implemented a 50 cents per transaction charge for non-customers who use their automated teller machines (ATMs). The two banks dominate the Pittsburgh retail market. State legislators are threatening to outlaw such fees as they allegedly threaten the existence of smaller banks that lack ATM networks and depend on other banks' networks to service their customers., Mellon Bank Corp. and PNC Bank Corp. have brought ATM surcharges to Pittsburgh, and community banking advocates are crying foul. Both institutions, which together dominate the local retail banking market, [...]

Mellon Bank Corp. has raised local public and official ire for refusing to allow part of a movie starring Michael Keaton to be shot in its Pittsburgh, PA office. Critics said that Mellon's refusal will deprive Pittsburgh's economy of $1 mil and of the positive publicity generated engendered by the film. Bank officials cited the business disruptions that the shoot would cause as the reason for its refusal., Mellon Bank Corp. is causing a Hollywood flap. It all started when a major production company decided to shoot scenes for a Michael Keaton movie in Pittsburgh--the star's hometown. One [...]

Avoiding mistakes, expense control, and innovation comprise Jerry Grundhoher's management philosophy as chief executive officer of Star Banc Corp of Cincinnati, OH. The current goals of Star Banc, which has assets of $9.6 bil., are maintaining a return on equity of 17% to 18%, and boosting earnings-per-share by 12% to 15% a year. Banks acquired by Star Banc must have fast-growing, accretive earnings and a rate of return exceeding 14%., In Jerry Grundhofer's world view, bigger is not necessarily better. To the 51-year-old chairman and chief executive of Cincinnati-based Star Banc Corp., innovation, expense control, and avoiding mistakes beat doing [...]

Banks nationwide are imitating First Chicago Corp by charging teller fees on deposits and other services. The goal of teller fees to discourage customers from using branches for deposits and withdrawals, and encourage use of home banking, video kiosks, automated teller machines. Banc One Corp, BankAmerica Corp, Comerica Inc, and First Bank System Inc are among banks which are charging or testing teller fees., First Chicago Corp.'s controversial move to charge customers for using tellers has inspired a slew of copycats. Despite the outcry last year when First Chicago announced its $3 per transaction [...]

The banking industry plans to increase the number and scope of its nontraditional branches by putting branches in a wider variety of locales, including corporate office buildings, hospitals and retirement centers. Nontraditional branches located in supermarkets have been a success, and office buildings and hospitals are a likely extension of the new branching philosophy as they have captive populations of thousands of employees. Among the banks pioneering the new branching technique are Comerica, First Chicago NBD and Star Banc Corp., Finding bankers between the broccoli and the bread aisle was only the beginning. In their relentless effort to go where the customer is, banks are now beating a path to [...]

The quality of Midwestern banks' consumer credit is deteriorating. Nine of the region's ten largest banks reported higher net loan chargeoffs for the first quarter of 1996, and consumer loans accounted for most of the increases. Consumers are assuming debt at a faster pace than they are achieving income gains, raising concerns that a debt crisis could develop., Despite bankers' reassurances to the contrary, consumer credit quality is deteriorating at midwestern banks. Of the 10 largest in the region, all but one showed an increase in net loan [...]

Nationwide expansion, with personal trust services the major focus, is being planned by Northern Trust Corp of Chicago, IL. Northern Trust is seeking to increase the number of its offices from 54 to 75 by 1999, according to CEO William A. Osborn. Although new territory is anticipated, the thrust of the expansion will be in Texas, Arizona, California, and Florida, where Northern Trust, which has assets of $21 billion, already operates., Facing a saturated local market, Northern Trust Corp. is planning a national expansion focused on providing personal trust services in fast-growing regions. Chief executive William A. Osborn said in an [...]

In a deal that would make its branch network the second-largest in the Chicago area, Harris Bankcorp said Tuesday it has agreed to buy 54 branches of Household Bank for [...]

First quarter, 1996 earnings reports from the major banks showed that many had experienced double digit increases in their profits. There were 2 major exceptions to the trend. Chase Manhattan Corp. took a special $1 billion charge against its 1st qtr, 1996 earnings to cover the costs of its merger with Chemical Banking Corp. The $1 billion charge caused Chase to report an $89 million loss for the quarter. Another major bank reporting a loss was First Interstate; the bank, which has been acquired by Wells Fargo and Co, lost $23 million in the 1st qtr, 1996., The string of strong bank profit reports continued Tuesday, driven by fee- income businesses and trading. But acquisition-related charges took a toll on the first-quarter reports of companies involved in [...]

Union Planters Corp will acquire Leader Financial Corp to become the largest banking firm in Tennessee. Union will purchase the thrift by paying $523 million in stock, which will give the firm a 26% share of deposits in the Memphis area. About 20 branches will be close and about 5,500 jobs will be eliminated to reduce Leader's pretax operating expenses. Union Planters has acquired other properties, and may be acquired itself at some future time., Union Planters Corp. said Friday it has agreed to pay $523 million in stock to acquire a pesky Tennessee thrift competitor, Leader Financial Corp. The stock deal would improve $11.3 [...]

Banking industry analysts say that despite signs that the quality of credit had dropped a bit, many large banks posted impressive earnings in accordance with expectations brought about by the cost reduction programs instituted by many of the banks. Smith Barney analyst Chip Dickson notes that the small increase in losses in consumer loans did not deter the banks from boosting their margins. BankAmerica's 4th qtr earnings rose by 19% over the same period in 1994, while Norwest posted gains of 27% over the same period., Several large regional banks reported strong earnings Wednesday, although credit quality showed signs of slipping. Analysts said the results - from BankAmerica Corp., Norwest Corp., and Fleet Financial Group, among [...]

Bank earnings for 4th qtr 1995 were unexpectedly up because analysts had believed credit quality problems would surface in these reports. Merger partners Chase Manhattan Corp and Chemical Banking Corp had earnings increases of 48%. Chase Manhattan reached $340 million and Chemical Banking reached $490 million in earnings. An increase in banking fees, an increase in trading revenue, low loan losses and a decrease in expenses caused these earnings increases., Several major banks reported solid gains in fourth-quarter earnings Tuesday as expected problems in credit quality failed to materialize. Among the leaders were merger partners Chemical Banking Corp. and Chase [...]

Out-of-state banks are positioning themselves to compete in the Chicago, IL banking market. Although the 7.7-million-person-strong Chicago market is saturated, no one bank has a commanding market share, which makes it an inviting target for out-of-state banks that aggressively market their home loans. Standard Federal Bancorporation Inc (Troy, MI) acquired the local Bell Bancorp, which has assets of $1.9 billion, in a bid to become a player in Chicago., CHICAGO If Thomas Ricketts sounds a little cocky when he says his thrift, Standard Federal Bancorp., will be able to grow quickly in Chicago, that's because he believes no bank [...]

Judge Anna Diggs Taylor denied a request from Michigan National Corp. to dismiss a federal suit by shareholders claiming fraud in the repurchase of about 2 million shares of the bank's stock for $78. The officers of the bank made windfall profits when National Australian Bank Ltd. offered $110 a share in a merger offer for the $8.5 billion-asset bank, which is based in Farmington Hills, MI. Also, a shareholder claiming mismanagement filed suit in county court because bank executives refused other merger offers., A federal judge in Detroit this week refused Michigan National Corp.'s request to dismiss a shareholder suit accusing it of fraud. The suit involves the Farmington Hills-based bank's repurchase of [...]

The Columbus, OH, murders of two Banc One Corp employees and two other people have demonstrated that bank workers face threats that go beyond those encountered in robberies. Banc One employees Tracy and Brian Stevens, their daughter, and another person were allegedly killed by Jerry Hessler, a former Banc One worker. Hessler was fired following Tracy Stevens' sexual-harassment complaint against him., Workplace violence has new meaning for bankers in the wake of a Columbus, Ohio, killing spree. The deaths of four people - two of them employees of Banc One Corp. [...]

Democrat James Riordan says IBP Inc. has abused its state job-training grant. A lawsuit brought against Des Moines Area Community College by meatpacking giant IBP Inc. over a state job-training [...]

Four banks with Iowa operations said business was excellent last year. Low interest rates spurred borrowing, while banks cleaned up their problem loans and cut costs, contributing to what is [...]

An attorney for Des Moines real estate syndicator Albert Ichelson Jr. says a large concern has bought Merit Fund loans. A federal agency has agreed to sell more than $52 [...]

With the acquisition of McNerney Heintz, Blue Cross and Blue Shield of Iowa says it's ready for health care in the '90s. Blue Cross and Blue Shield of Iowa ventured [...]

Firstar Corp. of Iowa wants to move its bond operations out of state, but state officials want to carefully study the proposal. The Iowa Trust debacle is making state Banking [...]

A number of projects may be vying for tax-increment financing in downtown Des Moines. Major downtown development proposals vying for tax-increment financing should be ranked in order of importance, the [...]

The restructuring of Des Moines' legal community continues with the split of another longtime partnership. A longtime partner with the Gamble and Davis law firm will join Des Moines lawyer [...]

The link with London could bring new business to the state. Iowa's largest law firm signed an affiliation agreement with a London legal practice last week, a move partners in [...]

Insurer's employees may include a wide range of dependents in health plans, but working spouses could lose coverage. The Principal Financial Group will offer health-insurance coverage to unmarried heterosexual or [...]

Advocates say health-care reform should come as no surprise to insurers who have studied the issue for years The fact that changes in the health insurance system are imminent thanks [...]

One critic says the governor has no excuse for failure after GOP gains in the Legislature Gov. Terry Branstad said he expects clear sailing for his legislative agenda this year. [...]

POLK COUNTY TREASURERS OFFICE: Eight Des Moines-area apartment complexes managed by real estate syndicator Albert Ichelson Jr. owe more than $2.6 million in delinquent property taxes dating back as far [...]

CD HOLDERS Because of low interest rates, certificates of deposit aren't exactly selling like hot cakes. But local banks say nervous depositors have been reluctant to invest their money in [...]

A group supporting passage of a referendum to allow casino gambling at Prairie Meadows race track is trying to convince voters that the measure is a tax issue and not [...]

Ask the two major candidates for the U.S. Senate in Iowa their views on business legislation, and you'll get two different answers. Sen. Charles Grassley, a Republican, and state Sen. [...]

Ruan Greater Des Moines Grand Prix officials announced last week that the race made a $50,000 operating profit this year, but conceded the event was far from being out of [...]

Anti-abortion activists and the federal government have become strange bedfellows this political season as television stations around the country have been forced to air 30-second advertisements showing aborted fetuses. The [...]

Des Moines business-assistance programs held the key James Bianco knew more than five years ago when he bought Strauss Safe & Lock Co. that he was going to have to [...]