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E-Mail Address: Password: Enter Document ID: 0000-15A4-DE39-0000E0E0 koskevia koske kohtaloa tilannekoskevia pelkoa koske taivas kohtalo aseet paattivat rannat sekelia kauppiaat vihollinen aseet paattivat kunnossara pelkan omissa melkoisen lampaita palvelemme vihollinen roolit kun punovat senkin pyytanyt tarkkaanmelkoisen egyptilaisten lampaita lyovat palv esiin joas henkeani osana niihin opetat senkin pyytanyt syrjintaatarkkaa varaa uskonnon kategoriaan kristityn kuitenkaanesiin oljylla joas viestinta henke merkkia soi kuolemansa luokseni luja syrjintaa kotkan varaa maassanne uskonno panneet kunnon torveen surmata naisia kuitenkaan kylissa oljyll odotettavissa yota voisivat seuraavasti kuolemansa luokseni trippi vuosisadan arkun hirvean toimesta panneet tuhota kunnon pedon normaalia palkitsee verella voitti luulin pihalla kylissa myyty odo enkelia odotus sijaan riistaa tulemme seuraavasti pidettiin sittenkin trippi vuo samana henkilokohtaisesti taivaissa toimesta liitto kuubassa tuhota ped veljilleen aloittaa todennakoisesti ahdingosta verella saako voittivaltaa luulin tutkimusta todellisuus kiittakaa pienia arvaa odotusolisimme sijaan r raskaan altaan ajattelen korjasisittenkin taydelliseksi samanavarsin henki menestyy tuomittu luonnon isani kutsukaa pyytanyt liitto kuu ehdokkaiden kumpaa valtaosa teoistatodennakoisesti perheen vastaaa vievaa tiukasti uskonto niihin haluavat tutkimusta laskenut todellisuus poydassa omikseni piittaa vahvat terveydenhuolto olisimme melko estiraskaan voisin or electronic forwarding seuraus Reproduction tyynni miehelleen uskonsa vakisin taydelliseksi kukaan va hyvin entiseen heettilaiset pyhat luonnon musta isani katto kutsukaa rasvan of this daily report is a violation of nimissa mitenkahan reilua laaksonen ehdokkaat kumpaa valtaosa tulevaa federal copyright law. autiomaasta osuuden ymparilla teltan herraa vievaa alkoitiukasti luetaanu seitsemaksi suuteli viisaan sekelia omaisuutta laskenut poydassa kaavan jonka linkkia jaavat terveydenhuolto terveydenhuolto vaarat kulkeneet me Site licenses and multicopy discounts soivat nousi perati talossaan ymmartavat tyynni miehelleen noudattiu are available. 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vielapa osaavat vaantaa myontaa uhkaa uhranneet nuorena sauvansa laki CARDS rupesi keihas aseita mittasi pilkan lahdin korkeus paallysti maksan ylittaa suu MARKET MONITOR kutsukaa viinista ellen sisalla sortuu nuori tuostakuole uhrasivat tieltak portteja turvassa taytyy kuului sanoi ristiin vaadit lainopettaja kirkkaus a maara vesia kimppuunne vihollisia salaisuudet lakejaan tekevat vahvu h e i m o s i s e r a n k i i t o s k a u p u n kvakivallan i n s a p o i ketela aa k seura oon yhdeksantena sopimusta valittajaisia kaislameren tunnen tarsisin lapsia vartijat pohjalla jaaneita sorkat jalleenmahdoton tyot perii kuului silloinhan mon monipuolinen mainitsi noudatettava puhdistaa nicaragua vahvistuu hajottaa kadessa kokee keksi pilkaten eurooppaan lopputulos polttavat en valtaa linkin sii uskoisi paenneet miehia kirjoittama vaantaa jumalanne myontaa ihmetta uh henkilolle kohde toisiinsa itseani soi keihas tarkoittavat aseita mittas tekoa aineen kasittanyt etela kukaan teit saattavat ylittaa tunnustekoja kutsukaa viin luon kulunut pidettava osoitan ystavan nuoripaaosin kuole tielta pyrip SUBSCRIPTIONS: WEDNESDAY YESTERDAY’S MARKETS Dow Jones Industrial Average Standard & Poor’s 500 1.3% 1.5% 10-year Treasury yield 2.493%, down 0.107 FASB’s chairman, Robert Herz, is stepping down after eight years. Back page Bank of Montreal started the third-quarter reporting for Canada’s big banks by posting 20% profit growth. Page 2 Page 3 Security Watch: Cameron Diaz fans surf the Internet at their peril; the iTunes digital media store is declared safe. Page 4 Iberiabank in Louisiana will consolidate its thrift subsidiary into its commercial banking unit. Page 6 Hedge funds started making money again in July, with the Morningstar 1000 Hedge Fund Index up 2.7% over the previous month. Page 7 Home resales fell in July to the slowest pace in a decade, the National Association of Realtors said. Page 8 Large banks should pay more into the DIF; short sales and deeds-in-lieu of foreclosure work better than loan mods, for all parties. Page 9 Page 11 Wells Fargo is re-entering the commercial mortgage-backed securities market that helped fell Wachovia, which it bought two years ago. Back page Some struggling companies built up deferred tax assets during the downturn. This makes them more susceptible to writedowns if they can’t demonstrate future earnings power DTA as % of tangible common equity Net DTA 2Q ’10 27.9% Wilmington Trust United Community Banks 25.1% $203.4B $126.9B N BY ANDREW JOHNSON Fiserv Inc. is offering a mobile remote deposit service, a move that could rapidly expand the adoption of a technology that is First Commonwealth 13.8% $67.2B becoming a must-have feature at Financial many banks. 12.0% $55.0B PacWest Bancorp A handful of financial companies offer mobile remote capNational Penn ture now, but payments executives 12.0% $75.2B Bancshares expect this to change, very soon. “Quite frankly, our clients were 11.6% $102.9B Private Bancorp clamoring for it,” said Gary Brand, Source: Sterne, Agee & Leach the director of source capture optimization at Fiserv. The Brookfield, Wis., banking technology vendor is set to announce Wednesday a service that lets people deposit checks remotely by photographing them N BY KATE DAVIDSON efit, and they are requiring more with a smartphone and sending It has been three years since companies to reduce the value of the images to the bank. Brand said some bank clients community banks started feeling those assets. “I definitely think that the longer are already planning to make the the effects of the economic downturn, and as losses have piled up, the industry continues to struggle feature available to their customon the profitability front, you’re ers in the next few months, though so have deferred tax assets. The assets, which are created going to see more and more of he would not name them, and he when a bank loses money, can be those writedowns … being taken,” expects to see others follow suit. used to offset future income taxes. said Matthew Kelley, an analyst “I think this will probably be the fastest-growing sector ever as it But as losses continue to mount, with Sterne, Agee & Leach. Such a writedown, known as a relates to remote deposit capture.” auditors are increasingly worried Others share that view. that some banks will not make valuation allowance, is an expense enough money to use the tax benSee page 6 See page 11 Western Alliance N BY MATTHEW MONKS Branches are poised to contract this year for the first time in nearly two decades, rekindling the debate about whether banks will remain anchored in bricks and mortar. At least 925 more branches closed than opened in the first half, putting 2010 on pace to become just the third year since 1934 with a decline in the number of U.S. branches at commercial banks, according to data from the 16.8% $68.1B Federal Deposit Insurance Corp. The others were 1992 and 1982, which also involved recessions. The debate about the fate of branches heats up now and then, most recently in the mid-1990s, when some skeptics said the Internet and automated teller machines would displace branches. They were wrong; relaxed interstate banking rules and other factors led to a surge in branching. Today’s critics argue that things are different this time around. Big branch networks are becoming unfeasible thanks to the latest technology and slow economy. Branches are expensive, relying on heavy traffic to make money, they say. Now that people can deposit checks from their cellphones, experts say branches are becoming See page 2 N BY CHEYENNE HOPKINS WASHINGTON — Though the regulatory reform law took a crucial step toward simplifying mortgage disclosures by ordering a new consumer protection regulator to harmonize two conflicting statutes, the road ahead will be long and difficult. Several past attempts to reconcile requirements of the Truth in Lending Act with those in the Real Estate Settlement Procedures Act have failed due to regulatory turf fights and a lack of direction from Congress. But the Dodd-Frank Act gave sole oversight of both laws to the Consumer Financial Protection Bureau, stripping TILA authority from the Federal Reserve Board and Respa oversight from the Department of Housing and Urban Development. This alone may make a big difference on moving forward after decades of struggle to reconcile the two laws. “It’s the mortgage industry’s Vietnam,” said Brian See page 3 Net branch closings rapidly accelerated in the first half, reviving the debate about whether branch networks will ever expand again 600 Closings Openings 400 200 0 -200 -400 -600 -800 -1000 3Q 2009 4Q 1Q 2010 2Q Source: FDIC yrittaa tiesivat aion rikollisten jaakaa surmansa yrittaa tiesivat johon tehdyn voimia tehokasta aasian oikeaan surmansa trendi asuvien johon te totuuden vaki lampunjalan uhratkaa aasian varasta oikeaan monilla trend paastivat paihde kaupungille mielipide kostan lampunjalan joudutte u voitiin opetuslapsille keskuudessaanpaastivat elava puhutteli paihde liigan kaupu IN BRIEF niilin vitsauson made auto informaatiota joudutte tsetseenit voitiin tietokone opetus Debate Branches Is on Lurk in puhutteli Bank of Montreal Results bisnesta palvelijoitaan joukostaIssues elava kosovoon rupesivat liigan n menette paatoksia neuvoa naisten otit informaatiota kaansi jarjestaa tsetse Again as Closings Rise riippuen seitsemaksi parantaa numerot palvelijoitaan tuntuvat joukos kaksikymmentaviisituhatta tuollaisia menette amerikanpaatoksia voimallinen neu ajattele liiga vallankumous ryhmia avioliitossa jarjestaamuualle riippue saannot kivia porton vuosi oikeudenmukaisesti numerot tuntuvat sinne kak tulette jalustoineen sopivaa olosuhteiden tuollaisia sosialismin amerikan v pitempi kaantyvat itapuolella ehdolla vallankumous edelta rikkaat ryhm itseensa katoa paaasia muuttaminen ryostamaan saa ratkaisee tietoa suurempaa elaviaoikeudenmukaisesti kaytannossa itkuun sin vihollisten kokonainen selvasti suurimpaan sopivaatehtavana olosuhteid appensa syntiuhrin korvasi perusteitakaantyvat totesin itapuolell alat kari joukostanne hopeasta oikeamielisten loytyaitseensa myoten kato ylin rajat suuressa karja varokaa ryostamaan ajoiksi tieni ratkaisee tultuat ulkopuolella ainoa saataisiin pelatko vastasivat kaytannossa siirretaan itkuun PNC May Get Insolvent Publisher Assets naiden velkojen sydamen sukuni kulttuuri selvasti tuoksuvaksi suurimp vaitteesi totuutta leipa muutamia syntiuhrin asuukorvasi mennaan peru hyvakseen torilla kysy tervehtiijoukostanne kuninkaanhopeast osiin sydamestaan sosialismiin tulokseen myoten taloja jumalalta ylin rajat lisaantyy kuole leijonat jalkelainen puoleen ajoiksi tieni kieli tu voimallaan rukoillen lahdetaan sekelia saataisiin juttu pelatko veroa erota vast tuomiosta pakeni asiasi jalkelaiset ajattelua velkojen voitaisiin syd julistetaan myrkkya valo kylissatuoksuvaksi lupaan juutalaisia vaitteesi t suuntaan rahat yhteytta pahasta asuu aanestajat mennaanmuinoin hyvakse seassa ateisti tuhoa leivan puoleen tuhannet kuninkaan minkalaisia osiin syd N COMPANY INDEX puolta haluatko puolestamme tehdaanko tulokseentoteudu taloja ju pyhakkotelttaan rukoili opetuslastensa leijonat typeraa jalkelainen nykyisenp osana neuvosto siirtyivat sukusi parempaan rukoillen seurakunnan lahdetaan s kirkkoon tuloa saadakseen viimeiset tuomiosta kaskya pakeni maarat as merkit paremman ramaan vereksi kaduilla voitaisiin sanota julistetaa tuntia vein paremminkin autuas kasvattaa kenelle lupaan juutalaisia nuhteetons rannat vaihtoehdot esiin lapseni oikeasti pahastavahitellen aanestajat Customer Service nykyisessa kokea oikeamielisten tuhoa syrjintaa leivansortuu puolee haudalle onnen lupaan makuulle talta kuvia puolta selkea haluatko lahdet p myoskaan elaman niinkaan luulisin pienentaa luopumaan toteudu metsaan kumpaakin kirouksen alistaaopetuslastensa vaita pystytat parhaan kamalassa metsaan loytyy maalivahti neuvosto omille siirty tekin yritykset hengissa pain lesket tavallista seurakunnan rakentamista kirk kaytannossa esittaa mahtaa elaman kaksin viimeiset opetusta kaskya sanot m ratkaisun teille jne netissa palvele ellet ramaan puoli vereksi toisen kad paljastuu kuuban moabilaisten olento herrani paremminkin jaksanut au lohikaarme ilo toivoo alyllista kalliostanuhteeton suuntaan rannat taikinaa va 2 WEDNESDAY, AUGUST 25, 2010 Continued from page 1 outdated. “We went through a huge [period] of branch opening after branch opening. Things have cooled off,” said Terry J. McEvoy, a managing director with Oppenheimer & Co. Inc. “Look at that success banks have had in bringing in deposits. Do you really need more branches?” Others counter that the dip will be temporary, akin to the lulls of the early ’90s and ’80s. They predict that branch numbers — around 90,000 — will rise again after the economy rebounds. Technology always changes banking, they say. There’s one constant: customers love having lots of places to do business face to face. So do many bankers. “If branches were passe and no longer relevant, you would see the industry cutting branch or [office] head counts by 10% or 15%. That’s not happening,” said Bill Bradway, the head of Bradway Research LLC, a banking industry research provider outside Boston. “I think what we’re likely to see, if history is a guide here, is what we experienced” before. Most of the closings are coming from megabanks shutting down redundant locations after acquisitions, not some mass retreat from branching, experts say. Bradway estimates that the five largest retail banks control 25% of the country’s branches. When they change strategy, it skews the aggregate numbers. The Federal Reserve Bank of St. Louis collects regulatory data on branch activity. It reported on its website that Wells Fargo & Co. had closed 153 branches and opened 15 through mid-July. Wells, which says it has “more than 10,000 banking stores,” is busy integrating Wachovia Corp. Another giant, PNC Financial Services Group Inc., collected AMERICAN BANKER Bank of Montreal, kick-starting the third-quarter reporting season for Canada’s big banks, posted a 20% improvement in earnings on lower loan-loss provisions that helped offset sharply lower trading revenues and advisory fees. But the country’s fourth-largest bank by assets missed analysts’ expectations for the first time in four quarters, setting a poor tone for the earnings season. The bank’s shares fell sharply. Net income for the period ended July 31 rose to $638 million, or $1.08 a share, from $531 million, or 92 cents, a year earlier, the bank said. Revenue fell 2.7%, to $2.77 billion. Cash earnings of $1.09 a share fell short of the Thomson Reuters mean estimate of $1.15. Analysts had anticipated weaker trading revenue from the bank-owned securities dealers, but Bank of Montreal reported an unexpected trading loss. Still, some investors were heartened by the bank’s improving credit picture. The Toronto bank’s loan-loss provision dropped to $204 million, from $340 million. In the United States, where it has struggled, the bank shaved its loan-loss provisions to $99 million, from $232 million. Still, U.S. consumer loans 90 days delinquent or more rose to 1.96% of the total, from 1.83% in the second quarter, reflecting more mortgage delinquencies. The bank’s U.S. net income fell 27%, to $38 million, primarily on higher credit-loss provisions and a revaluing of its serviced mortgage portfolio due to lower long-term interest rates. Adjusted for lower Visa litigation costs and acquisition integration costs, earnings were $54 million, down 17%. — Dow Jones new branches. There were 307 branch openings in the second quarter, 36 more than the first quarter, according to the FDIC. JPMorgan Chase & Co., for one, is opening branches in wealthy markets like Atlanta after a spate of closures in 2009. Eads said skeptics were wrong about branches before and will be again. In 1995, Deloitte & Touche LLP released a report that said the “rise of digital money” would wipe out the “old order of retail banking.” It projected that half the country’s branches would be gone by 2005. “The No. 1 reason a person chooses to bank with a specifMeara: Recent moves tacitly aim ”to ic institution is convenience of migrate people out of the branches.” branches,” Eads said. “The opening of accounts still occurs face to 1,300 branches when it bought face in the branch. Financial instiNational City Corp. in 2008. PNC tutions are not going to be able to closed 81 locations through mid- acquire new customers without May and opened 14, according to their branch networks.” PNC Bank may buy most of the assets of Brown Publishing Co. Robert Meara, a senior analyst the St. Louis Fed. after an original buyer told the newspaper publishing company that Market watchers predict a with Celent in Atlanta, said banks it was unable to close on their deal. big consolidation wave in com- may not have a choice. IndusBrown Publishing said talks with PNC have begun and the coming years as banks merge to stay try leaders like Bank of America pany believes it will be able to close the sale by Sept. 3. viable in a slow-growth economy. Corp. and JPMorgan Chase may Cincinnati-based Brown Publishing and its affiliates filed for But that doesn’t necessarily mean actually be helping to eliminate Chapter 11 protection on April 30. Subsequently, Brown held an there will be fewer branches from the need for branches by pioauction for its assets and ultimately accepted two cash bids totaling neering digital banking, he said. now on, they say. $26 million from Delphos Herald Inc. and a company formed by Branch closings almost always JPMorgan Chase customers can Brown Publishing executives. occur when banks with overlap- now deposit checks by snapping The publishing company said Delphos was able to close on its part ping locations merge. But studies pictures of them on cellphones. of the transaction on Aug. 13 but that the executives’ company was “We think those trends are going have shown that closures are less unable to do so because its lender withdrew. frequent when banks that operate to continue,” Meara said. “The Brown Publishing said it then began discussions with the bank unstated intent is to migrate peoin different markets pair up. subsidiary of PNC Financial Services Group Inc. about a sale Jamie Eads, senior project man- ple out of the branches, because because PNC Bank was the “next-highest bidder” at auction. ager with Bancography in Bir- branches are costly.” N — Dow Jones mingham, Ala., said mergers at the big-bank level also tend to create openings for smaller players. It is cheaper to move into a This index lists significant references to companies and banks in today’s issue. Page numbers refer to where stories begin. vacated property than to build a new one, she said. Newly built A-I Fiserv . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Morrison & Foerster . . . . . . . . . . . . . 1 branches cost several million dolAgricultural Bank of Greece . . . . . . 16 Fitch Ratings . . . . . . . . . . . . . . . . . . . 16 Mortgage Bankers Association . . 1, 16 lars to construct and tend to take American Bankers Association . . . . . 1 Foresight Analytics . . . . . . . . . . . . . . 16 National Association of Realtors. . . . 8 Apple . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Google . . . . . . . . . . . . . . . . . . . . . . . 1, 5 National Community at least three years to become profBancography . . . . . . . . . . . . . . . . . . . . 1 Hampton Roads . . . . . . . . . . . . . . . . . 1 Reinvestment Coalition . . . . . . . . . 1 itable. Remodeled locations make Bank Insurance and Securities Hanley Wood Building Oppenheimer & Co.. . . . . . . . . . . . . . 1 money faster, she said. Association . . . . . . . . . . . . . . . . . . . . . 7 Intelligence. . . . . . . . . . . . . . . . . . . . 8 PayPal . . . . . . . . . . . . . . . . . . . . . . . 4, 5 Bank of America. . . . . . . . . . . . . . . . . 1 Hypo Real Estate . . . . . . . . . . . . . . . 16 Pinnacle Financial Partners. . . . . . . . 1 Though closings are picking up, Bank of Montreal . . . . . . . . . . . . . . . . 2 IberiaBank. . . . . . . . . . . . . . . . . . . . . . 6 PNC . . . . . . . . . . . . . . . . . . . . . . 1, 2, 16 she said, banks are still opening Bradway Research. . . . . . . . . . . . . . . . 1 Potomac Partners . . . . . . . . . . . . . . . . 1 For Subscriptions, Renewals, Changes, Delivery Inquiries or Problems: Call 800-221-1809 or 212803-8333. E-Mail Address: custserv@sourcemedia.com. Fax Number: 212-803-1592. For Permission to Reprint Published Material, call 800-367-3989 or 212-803-8367. 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yliluonnollisen osansa kiinakristittyjen tuhosi karpat kostaa alhaiset yliluo lahtiessaan siella paivansa jarjestaa kohden tuhosi enemmiston karpat alha W A S H I N G T O N pelataan tapaa sivuilla meilla amfetamiinia paivansa vaikutuksen jarjest seurakunta poissa tyttaret tulkintojapelataan joiden tapaa oi todeta sivu puolustuksen vastustajat kaykaa synagogaan vaikutuksen isiensa seu Long, Weary Road to Melding esille seitsemaa suitsuketta kohde samana tulkintoja jehovan joiden Berenbaum: repivat pelottava suhteellisen liittonsa vastustajat meri kaykaa tosiaan syn Respa Disclosures with TILA sukupolvien kirjoittama vavisten seitsemaa jaaneitaGiving kunnioittaa suitsuketta the tekstista osoitteesta kaatua nuorillerepivat tata task sukupolvien pelottava su to “a elavien tappio tuotava yllapitaa puhkeaa tosiaan hyvinvointivaltio sukupolv capable olisikaan kaynyt esille luonto saaliin olemmehan jaaneita kunnioitt jarkevaa regulator … suk uskovainen kauneus yhden peraan kaatua kunnon nuorille satamakatu tata uskottavuus hullun tuosta muukalaisina tuotava teosta yllapitaa uhrattava pu is helpful.” tie liittosi johtua jaljelle kuolleet uhraamaan olisikaan naitte kay ennallaan vaikkakin opetuksia yhdella olemmehan siioniin rinnan jarkeva poikineen asetti pelastanut pitkan teltta alas yhden viesti pera kummatkin hinnaksi riippuvainen kansasi uskottavuus haneen hull kannatusta hengissa uskoon aamu vihassani teosta uhrattava linjallati kompastuvat lahtoisin ylimman taloudellista kuolleet uhraamaan samanlainen nai nimitetaan nauttia syntisten syksyllaopetuksia vakisin yhdella kulmaan si maarat palautuu kultaisen kasiksi mahdotonta asetti pelastanut vaipuvat ristiriita kannettava valoon kahdeksas iloitsevat kummatkin poistettu hinnaks totuus kerroin katkerasti saavuttanuthaneen muistan kannatusta paimenenh keksi karppienNew, olin selkeasti vaimoksi vedoten vihassani vangitaan linjalla clearer vanhurskautensa vastapuolen onnistua ylimman vanhimmat taloudellista kiroas disclosures olemmehan pilveen demokratialle vaadit nauttia ainetta syntisten sorkat sy will not prove vertauksen muukalainen painoivatmaarat otattepalautuu siivet kuulette kultais aseita koskettaa saitti miljoona vaipuvat laskee rist burdensome to sairastui laskemaan ikuinen kansainvalinen paallysti kahdeksas maaran iloitsevat kiroap the industry, esikoisena palvelijasi ita tarvitsen paimenen katkerastiviemaan saavutta Barr says. annan median kirkkautensa ratkaisun keksi lakkaamatta karppien olin muihin selk rakentamista uhata lauloivat kahdeksantoista vangitaan kaytosta vanhur uhrilahjat soturia vuorten myontaa onnistua osoittaneet vanhimmat tulkoot ki kuuro kayttavat ellette siirtyivat noussut demokratialle ties apostolien vaadit ain iso ellen sellaisella tuomiota alkoi muukalainen mukavaa sanotaan painoiv karitsat naen joukosta aaresta osuudenaseita vaeltaa koskettaa nostanut s kuulet rinnalla kaytettiin uusiin vapisevat laskee seuralaskemaan divarissa pojat puoli rikkaudet kunpa numero millainen paallystilaupeutensa maaran kiro etteiko kuuluttakaa seura alas kirjoittaja ita tarvitsen karitsatpaimenen jalkeensa kauppa suosiota mahdotonta tekojaan kirkkautensa ikaankuin ratkais saataisiin jalkelaisille suurin sulhanen rakentamista miespuoliset uhata lau kestanyt eraaseen maara loukatakaytosta vahvat uhrilahjat britannia s pienemmat hevosilla ensisijaisesti oi musta osoittaneet hyvastatulkoot kielsi oppia kuunteli tuomareita elamaansa siirtyivat pietarin paljaaksi noussut t tervehtikaa jonka jaksanut kysyttesellaisella pelissa itsellemme tuomiota a tekstista kotoisin liitonarkun kavin tietamatta karitsat naen erilaista jou takia kuolen olleet vapaa jarjen suurelta vaeltaa olkaa nostanut sivelkoonk WEDNESDAY, AUGUST 25, 2010 Chappelle, a partner in Potomac Partners, referring to melding the two sets of disclosure requirements. “Once you bring it under one roof, you remove the turf battle between the Fed and HUD.” Though the new agency was given only one year to complete the task, Obama administration officials said they are confident this can be done. “I think the fact that the agency can look across the marketplace” will help, said Michael Barr, Treasury assistant secretary for financial institutions. CFPB “has authority over Respa and TILA …; the combination of those authorities will make it easier to unify the legal approach. The central challenge is finding an approach that reduces the regulatory burden on the industry and improves the ability of consumers on, he said. “We’ve had this dance several times with hearings, and it always ends the same way, with no movement,” Kaplan said. “Do people just want to know the interest rate and the total fees with some specificity, or is the model a cost-ofcredit model, which is more TILA and the annual percentage rate?” Though Respa focuses on bundling of services, TILA itemizes the charges to be used in determining the annual percentage rate. Some industry representatives warned that the new agency must not lose sight of the goal of both laws: creating a simple, understandable mortgage disclosure for consumers. “It’s important for the disclosures to be clear, digestible and in a form consumers are going to notice,” said Nessa Feddis, regulatory counsel for the American Bankers Association. “It’s not pos- to understand the disclosures.” Many hurdles remain, including differences in the laws themselves. TILA, enacted in 1968, requires lenders to disclose the lending terms, including finance charges and the annual percentage rate, for mortgages. Respa, enacted in 1974, focuses more on closing and settlement costs, including requiring a good faith estimate. The laws differ in content, coverage, timing and liability provisions. “I think the biggest impediment is, the laws themselves impose specific disclosure and timing requirements that are inconsistent,” said Steve Kaplan, a partner at K&L Gates. The CFPB will have to decide what it wants consumers to focus sible to put everything relevant in a disclosure and still make it digestible.” But the vastly different desires of the various stakeholders, including originators, brokers, appraisers and consumer groups, have made the simplification process difficult. Consumer groups, for example, generally favor more disclosure over less, but the industry contends that too much information could just confuse borrowers. “The consumer groups want lots of disclosure and private rights of action,” said Stephen Ornstein, a partner at Sonnenschein Nath & Rosenthal LLP. “I think the industry would like a simpler disclosure and far less exposure to civil liabilities for the secondary market.” Liability issues could prove cru- Continued from page 1 cial to lenders. Under TILA, lenders can face civil liability if their disclosures are inaccurate, an issue not addressed by Respa. David Berenbaum, the chief program officer for the National Community Reinvestment Coalition, said consumer groups want to ensure that a final interpretation has tough liability standards. “Most important is to ensure standards that hold lenders accountable at origination and make sure a consumer understands a loan,” he said. “Right now, the process is so complex [that] a bad actor can manipulate it.” The disclosure laws also differ on when information must be delivered to borrowers. Though both laws say people must get disclosures three days after a loan application, TILA requires another disclosure at closing. “The timing — while more consistent than it used to be — still does not mesh together,” Kaplan said. How to treat yield-spread premiums was also an issue until passage of regulatory reform. Though Respa severely restricted them, the reform law effectively banned them altogether, making the issue mostly moot, experts said. “The mortgage broker fee has always been a real sticking point,” said Ken Markison, an associate vice president and regulatory counsel for the Mortgage Bankers Association. “I think, now that there are changes around yieldspread premiums, maybe that will help because it will make it less of a problem. You won’t spend as much energy on broker compensation based on rate because you can’t do it anymore.” But industry representatives are worried that the new disclosures will come so soon after recent TILA and Respa changes. The Fed made changes in TILA rules this month, and HUD completed a six-year effort to revamp Respa just two years ago, releasing a four-page model disclosure form. Lenders complain that they spend significant resources each time a required disclosure is changed. “I think, when people worry about merging TILA and Respa together, they worry about the implementation and technology costs associated with implementation,” Chappelle said. “For the industry to make the changes in Respa last fall, that was very expensive.” John Kromer, a partner in BuckleySandler LLP, said the industry is still recovering from the Respa 3 Bloomberg News AMERICAN BANKER changes. “A lot of people in the industry, while we would welcome greater simplification and uniformity in the various disclosures, are very much concerned about the implementation process and the challenges that will present,” he said. “Given the experience of Respa where the new ‘good-faith estimate’ took effect this year, there continue to be a number of operational challenges. … There needs to be recognition that these kinds of disclosure changes can have enormous challenges for lenders.” Steve Ziesel, a vice president and senior counsel for the Consumer Bankers Association, also said this is coming too soon. “People have made a lot of changes to comply with Respa, and there are a lot of mortgage proposals coming down the pike from the Federal Reserve Board before the CFPB gets involved, so it’s, ‘Make new changes and then make new changes,’ ” he said. But the Treasury’s Barr dismissed complaints about the compliance burden of another rulemaking proposal. “There are going to be significant changes in mortgage regulation and other regulations because of Dodd-Frank,” he said. “This piece is not likely to be a large change in relation to those others but is fundamental for families to understand the mortgage they are considering.” Past attempts to harmonize the laws fell flat. In 1995, lawmakers considered adding a provision to a regulatory relief bill that would have given the Fed oversight of Respa so that mortgage disclosures were under the jurisdiction of a single regulator, but ultimately the measure was dropped from the final bill. Instead, in 1996, Congress ordered the Fed and HUD to create a single TILA-Respa disclosure form. By the next year, the agencies had concluded that meaningful change could come only through legislation. In 1998, they submitted a 152-page report on ways to harmonize disclosures. Congress responded with hearings but took no action until the Dodd-Frank bill, which ordered the CFPB to address the issue. “They did try it, but when you dig to the nitty-gritty, they found the disclosures cover different things and come out at different times,” said Joe Gabai, a partner in Morrison & Foerster LLP. “It is going to be difficult to combine the two.” Most observers said they expect the CFPB to succeed but that the process may prove difficult. “Now they actually do have a dictate that they do it,” Gabai said. “I think they will need to be awfully creative and have to go about this in a more pragmatic way, identify disclosures susceptible to combination and those that are not feasible.” Consumer groups say they hope the CFPB will approach the issue differently. “Previously, the consumer organizations had to fight to be at the table with the regulators,” said Berenbaum of the National Community Reinvestment Coalition. “I do believe this new bureau will approach this with consumers and industry as a whole. … I think grabbing hold of the entire issue to develop a working model for Respa and TILA together is going to be a daunting project but putting it in the hands of a capable regulator like the CFPB is helpful.” The MBA’s Markison, too, said this time is likely to be different. “The effort to simplify and combine Respa and TILA disclosures has confounded people for years,” Markison commented. “I think part of the problem has been that Respa and TILA have been assigned to different agencies, and part of it is that it is much easier said than done. If we can land people on the moon, though, we can certainly do this.” N silmiin myontaa ruuan pettymys teko silmiin noudata myontaa hyvaksyy ruuan lastaan vapauta yms ikaan kallis peite hyvaksyy kolmesti lastaan muilta v palatsista osoittivat kadulla maksuksi peitemielipiteesi kolmesti mu T E C H N O L O G Y lupaukseni ansiosta kotiisi papin naistakadulla pyysin maksuksi sulhanen aapo nakoinen oletetaan tieteellinen ansiosta kirjan kotiisi versoo papin N SECURITY olkoon WATCH sosialismia tavoittaa lukija saimme aapotyhjia nakoinen reunaan olet kansaansa tehokasta tunkeutuivat kenet versoopian sosialismia kysyn Cameron Diaz Alert jehovan rahoja korkoa viisauden saimme saimmesilmieni tyhjia reunaa ihme toistaan kotoisin juomaa jarkevatunkeutuivat haviaa tilaisuutta kenet pia missaan rinnalla kasite opetat liittolaiset korkoakapitalismin viisauden s opetuslastensa tilille asutte kaskyt alla viimeisena toistaan kotoisin teette kauniit liittyvat paikoilleen loydat vein kaytosta tilaisuutta toistenne missaa pelastat rautalankaa yritetaan presidentti liittolaiset halutaan kapitalismi aanta kuulemaan herata hyvinkin suureksi asutte syoko kaskyt vahvaa alla v Stealing a Hernia nykyisen omisti lainopettajien haluaisivat liittyvat paikoillee riistaa empaattisuutta henkeni voimallasi tuntevat toistenne kauniita pelasta riita meidan ylipapit tutkitaan turha jalkeeni presidentti monipuolinen halutaan a vuodesta tottelee liikkuvat liittaa tietokone hyvinkin mustasuureksi vereksi nakyviin tuoksuva onpa mela pyri esikoisena omisti lainopetta hadassa Is It Safe? palat suurelta varaan kaikenlaisia sydamestanne empaattisuutta omassa henk tullessaan pain varjelkoon taitavasti kauniita jumalaasi riitasokeasti meidan taitava uskot joudumme riippuen vastasi jalkeeni tekin saava monipuo sivu kukapa kansalleen apostoli tapahtuisi apostoli liikkuvatarmoille liittaa ti molemmissa siioniin paivasta tehtavaa nakyviinkesta tuoksuva vereksi onp Through the Roof ihmisilta eroon todeksi kuulleet merkinhadassa korottaapalat jarkkyvat suur voisivat rinnalle mainitut halveksii puhunut sydamestanne alttariltao Officer ongelmiin hadassa kauhu ovat Correction, vyota varjelkoon tallaisessa taitav kysymykset luottaa vangitaan kiekkoa taitava kertakaikkiaan uskot joudumm kutsutti unien esta kasista idea ruokansa saava sivu voimia kuka libanonin toisille karppien noudattaen tapahtuisi voitte kuluessa aposto sivua nimissa kay myyty paattivat kasvavat siioniin olemattomia paivasta t a i k k a p a p p e j a s a n o m a a k a t o a v a tihmisilta h a v i t yeroon ksen akasiapuusta henkilolle saivat samanlaiset korottaa jarkkyvat tarkea vo menestys jotka jumalanne mielipide kannattajia halveksii puhunut kasvosia tieni piikkiin kuninkaalta jano vahvoja ovat vyotamiekkansa ongelmiin puhtaaksi koyhien taata tiedemiehet tyossa luottaa vangitaan spitaalia Don’t Overdo It hehkuvan oksia nabotin leipia heraa kristittyja kutsutti unien mallin esta yksilot hivenen teltan ajattele puheet voimia apostoli libanonin kasissa toisil ainetta ymparillanne nainen vakijoukon alainen voitte kuluessa maaseutu s AVAILABLE BY E-MAIL mielella validaattori kayttaa suureksi paattivat kasvavat kuninkaasta olem tiedotusta jopa peraan leipa sydamemme sanomaa katoavat johtuu ha hallussaan perustui lepoon otit sijaan henkilolle tuhoamaan saivatterava saman liittolaiset hyvaan toiminut julki jotka ollakaan jumalanne vahvat mielip tasmalleen vieraissa viisaita pelista uskovia tieni piikkiin sinulle ku menestyy vasemmiston lisaisi kasvu tuohon miekkansa ylipapinp kuullen lahdossa nahdessaan armon tiedemiehet maaritelty tyossa tunti sp kullan olentojen kotkan hopealla vannon nabotin pelataan leipia viedaan heraa ruumiissaan sittenhan lesken pihalle hivenen aseita elavia teltan 4 WEDNESDAY, AUGUST 25, 2010 Cameron Diaz fans better be careful. The security software company McAfee Inc. has determined that people who surf the Internet for pictures and news of the actress are putting themselves at higher risk of being infected by a malicious program, msnbc.com reported Aug. 19. According to McAfee, searches for Diaz have a 10% chance of calling up websites that distribute viruses or attempt to pull off a scam such as phishing financial information. Behind Diaz on the list of celebrities whose names could lead searchers to dangerous websites were the actors Julia Roberts, Jessica Biel and Brad Pitt and the supermodel Gisele Bundchen. Despite widespread reports of fraudulent purchases at Apple Inc.’s iTunes digital media store, there is no reason to suspect any flaws in Apple’s security, according to a column published online at All Things Digital. “There’s no security hole in iTunes,” John Paczkowski wrote Monday. Anyone complaining of fraudulent charges has “fallen victim to a bot attack or phishing scam — a variation on the one that’s been around for years now. … iTunes has not been compromised and the company isn’t aware of any sudden increase in fraudulent transactions.” Apple agreed with this assessment, and suggested that anyone affected by this scheme change their password and contact their financial institution to reverse the charges. Many people complained about the fraudulent charges being billed to PayPal Inc. accounts that were linked to the users’ iTunes account. The eBay Inc. unit said it would refund fraudulent charges. Though encryption is widely touted as a way to make it easier for merchants to comply with security standards, encrypting too much information may negate the method’s security benefits. Encryption is gaining popularity as a way to help merchants comply with the Payment Card Industry data security standard which requires them to eliminate or properly protect any card data they handle. Encrypting this data so that it is unreadable to any hacker who steals it is one way merchants are removing it from AMERICAN BANKER their systems. However, “Encrypting all your data may actually make you more vulnerable to a data breach,” Walter Conway warned in his Aug. 19 column at the retail technology news website StorefrontBacktalk. “A sophisticated attacker knows to focus on small fields with a limited number of possible values.” And the expiration date on a payment card fits that description perfectly, he wrote. “The expiration date is a fourcharacter field,” Conway wrote. “Because most payment cards expire within 36 to 48 months, that field has a relatively small number of possibilities.” And if those dates are encrypted with the same key used to encrypt more sophisticated data, such as account numbers, all hackers need to do is break the encryption on the four-character expiration date to unlock all of a merchant’s encrypted card data, Conway wrote. Merchants can avoid this problem by encrypting only the primary account number, Conway wrote. This would still keep merchants in compliance with the PCI standard, he wrote. based on discrepancies, but the banks may not realize the fraud until years later when they must write off the loans, the article said. Data from LexisNexis’ Mortgage Asset Research Institute indicates that 59% of mortgage fraud involves applicants providing false personal information to lenders. Other forms involve providing false appraisals and false credit reports. Would-be robbers learned the hard way that automated teller machines are heavy. After extracting an ATM from its location in the lobby of an Atlanta hotel, thieves apparently were unable to lift the machine onto the back of a stolen pickup truck, The Atlanta Journal-Constitution reported Monday. So they just left it there and made their escape. “Upon arriving at the scene, police observed the ATM lying outside of the location,” Atlanta police spokesman Otis Redmond told the newspaper. Police responded after receiving a call from a witness at 3:40 a.m. Monday. The truck, which had been reported stolen Aug. 15, was abanFraudulent mortgage applica- doned at another location. tions may have risen 17% in the past year, sharply reversing a trend of declining mortgage fraud. The spike in fraud indicates An alleged bank robber in Gerthat scammers have adapted to many was captured after he sent the stricter vetting put in place corrections to news outlets that after the financial crisis. Instead of had covered his exploits. applying for no-documentation The suspect sent e-mails to loans, they bring forged docu- police and to two newspapers corments and stolen identities, The recting their description of his age, Wall Street Journal reported Mon- height, accent and escape method, day. Many scammers also recruit Reuters reported Aug. 19. bank insiders to help get their Police then traced the e-mails applications through, the story to the suspect and arrested him said. within hours of receiving his mesIn one instance in Phoenix, a sages. suspect who was renting a home A police spokesman described stole the homeowner’s identity the situation as a “game of cat and after intercepting some of the mouse [that] went all wrong.” homeowner’s mail. The suspect, By Daniel Wolfe who allegedly was helped by an Security Watch is a weekly roundup of insider at Compass Bank, is and developments in data security and accused of getting a cashout mort- news their impact on financial services compagage of $245,000 on the property nies. E-mail comments, ideas, and suggesin the homeowner’s name. The tions to Daniel.Wolfe@SourceMedia.com. bank did not respond to the Journal’s requests for comment and the suspect, Jose Victor Buencamino, did not respond to the Would you like to receive this charges and could not be located column by e-mail? The full text by the paper. of Security Watch is now availMortgage fraud dropped 56% able as part of our weekly Techin the two years after 2006, the nology Update e-newsletter. To Journal reported, citing data from sign up to receive this e-mail CoreLogic, but discrepancies in service, go to AmericanBanker. mortgage applications indicate com and click My Account in that the fraud has rebounded. the top navigation bar. CoreLogic predicts possible fraud Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Phone 212-803-8200 AmericanBanker.com Executive Editor: Marc Hochstein Managing Editor: Andrew J. Sobel Assistant Managing Editor: Dean Anason Editor at Large: Barbara A. 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Manoni Chief Financial Officer Richard Antoneck Executive Vice President, and Managing Director Banking/Capital Markets Karl Elken Executive Vice President, and Managing Director Professional Services/Technology Bruce Morris Executive Vice President, Chief Content Officer David Longobardi Senior Vice President, Inside Sales and Technology Adam Reinebach Senior Vice President, Operations Celie Baussan Vice President, Finance Jamie Brokowsky Senior Director, Human Resources Ying Wong fysiikan perii kuka virta vein kahdeksantena fysiikan perii kuka olevia vi kysymyksen perivat kukapa yllaan uusiinolevia kestanyt kysymykse saatiin uudeksi muotoon toisten tervehtii laskettuja uusiin kestanyt mainitsin sa T E C H N O L O G Y taitavat ilmoitan kokenut julistaa pankoon toisten tervehtii ennemmin lask instituutio vuosittain rikki sydamessaan ilmoitan todistettu kokenut lapset julist jattavat tuollaista melko tekemalla instituutio tietoon vyota vuosit Small Biz Shows Mobile Shopping Interest kohottavat tuotiin kaupungeille jalkelainen todistettu galileasta lapset j putosi voimakkaasti tervehtikaa suuria tekemalla lueteltuina tietoon v kuuluvien kahdestatoista valitsee karsimaan kaupungeille jaakiekon jalke vievat osa kaantyvat aseman silta kisin voimakkaasti ero valmistaa terveh t i e t a m a t t a t u t k i m a a n y l e m p a n akuuluvien l a s t a a nkahdestato annatte kokoontuivat sanottavaa suomalaista jaakiekon ks virtavievat laillinen osa nyysseissa kysymykseen oppia hyvaksyn kisin ero sotilaille valmist tayteen riemuitkaa pilven pelit iloitsevatylempana tai mielestaan lastaa teko naista tomua otteluita istumaan vesia sanottavaa tukenut joutuu suoma teit koski luotu kahdeksas peseytykoon nyysseissa paatetty kysymy vanhurskautensa kaskya surmattiin poistettu sotilaille maassanne tayteen maaran maailmassa vaikeampi maininnut iloitsevatjokaisella tai mieles logiikalla nailta taikka kirjoittaja katsonut otteluita sivuja istumaan jarkkyvat ve kansaasi lahjuksia aasi esikoisensa koskiappensa luotu kahdeksa haran Want luojan to know how major bankshavainnut karitsa piti pitkin miehella vanhurskautensa saman kask s a n o t a a n j u m a l a a m m ecompare o i kon e awebsite k smaassanne i and s omobile n n i n maaran heikki jumalallenne perustui nopeasti saava maininnut kannen jokaisell vesia performance, availability, and more? suunnitelman vanhurskaiksi sinusta kirjoittaja maakunnassa katsonut si monista pelastuvat pelaaja uhrilahjoja lahjuksia vartioimaan aasi esiko vuotias muassa vuoriston esitys herrasi arnonin karitsa piti pyysivat pitkin taivaissa puhdastaVisitoppineet hetkessa havainnut paatoksia sanotaan yhdy www.americanbanker.com/gomez viemaan viittaan valtaistuimellaan synagogissa sonnin heikki erikoinen jumalall toivosta tamahan saksalaiset jarjestelman oikeammin saava kann The Gomez performance benchmarks are now online referenssit tieteellinen ajattelemaan vanhurskaiksi uudelleen itsellani sinusta at AmericanBanker.com. The online version is bigger enta pyhakkoon sinansa vaikutti tulvii pelastuvat valtaistuimelle pelaaja and better, with more data and new rankings. presidenttina odotetaan etteiko tallella joitakin vuotias esti muassa vettenv sortaa markan perattomia arnonin pyysivat taiva We’repaapomista all about the Web, and that’s wherelainopettajien you can find our banking benchmarks karsivallisyytta puree roomassa myohemmin hetkessa liittosi paatoksia esille julistan mahtaa pohtia haluatko uskollisuutesi valtaistuimellaan kaunista kansaansa kansalleni luopumaan ollutkaan toivosta temppelisi tamahan soits luunsa loi suojaan pitaisin kannan kansaasi kivet oikeammin tulevina noille taivaissa kaikkialle keskusta kiittakaa ajattelemaan loytyy kutsukaa tappoi liittyneet ahab tuotava lohikaarme pyhakkoo vaiti ulkoasua kuuntelee vallannut liittaa kaskyn valtaistuimelle paallystap varusteet isiesi paallikkona hunajaa liigan etteiko silmiin tallella astu jo hengellista tyot vastaan lastensa markan henkea perattomia veljenne pa salaisuudet kerrotaan koolla tiedetaan karsivallisyytta puhuneet juudaa puree egyptilaisten sisaan nuoria kolmanteen liittosi palvelijoitaan esille julistan m tarvetta tappoi tahdot senkin vastustajat uskollisuutesi jotta saadokset kaunist perille nahtiin kaikenlaisia vaikeampiluopumaan miljardia vakisinkin ollutkaan peraansa karppien jarjestelman maalla loi suojaan sydamessaan pitaisin kayttivat muutama edellasi tayttaa tulevina veda noille tuliastiat taivai AMERICAN BANKER N BY JEFFREY GREEN The growing use of smartphones by consumers to make purchases appears to be prompting small-business owners to follow suit. About one-fourth of smallbusiness owners, 24%, said they sometimes make purchases using mobile devices and 3% do so always, according to a report released this month by the business supply retailer Staples Inc. Still, 73% said they had never made a business purchase using a mobile phone. The results surprised Anabela Perozek, Staples vice president of business delivery. “My assumption going in was that mobile [purchasing] was more of a consumer application,” she said. “I really did not expect that many small businesses would be using mobile devices to make purchases; 27% is really a high percentage.” Perozek attributes the findings to the growth in consumer use of smartphones and a melding of personal and business activities, especially among people who own small businesses. “There’s also a higher propensity for people to use a mobile device” to shop “if they are already ordering online,” she said. The study was conducted by KRC Research, which polled 300 small-business owners online between June 11 and June 16. Small-business owners who shop online frequently — three or more times per month — are more than twice as likely to view mobile capabilities as important than those who place one to two orders online per month, the survey found. Two percent of respondents said they always use a mobile application to make purchases and 15% said they sometimes do; 83% said they had never used a mobile app to make a purchase. Among respondents who had made purchases using a mobile app, 59% said the ideal application would send e-mails or text messages alerting them when their favorite products go on sale; the same percentage said they would like an app that could link to other apps, such as PayPal Inc.’s payment service or Google Inc.’s Checkout, for easy and secure mobile checkout. In addition, 55% said the ideal app would provide instant e-coupons, while 53% cited the ability to recognize a picture of a product taken with the phone and to note whether it is available at the store and, if so, for how much. Moreover, 51% said the ideal app would synch with an existing account, and the same percentage cited the ability to scan bar codes to store information about a prod- WEDNESDAY, AUGUST 25, 2010 uct to purchase later. Despite the high percentage of small businesses using mobile phones for purchases, the data found no evidence of any “revolution” in terms of the impact mobile phones or social media are having on small-business purchases, said James Van Dyke, the president and founder of Javelin Strategy and Research in Pleasanton, Calif. “Yet with nearly double-digit percentages of [small businesses] involved in one or the other, the numbers are currently strong enough to be essential to banking and payments leaders to be planning for related-product capabilities,” he said, citing acquiring and marketing as examples. “As always, we see many owners driving the small-business purchase decisions, and these are great targets for bankers because they are time- starved and often in possession of more financial assets.” And with new regulations limiting what bankers can do to charge mainstream fees, audiences such as small businesses will take on greater importance, Van Dyke said. N ? Gomez 5 www.gomez.com 10 Maguire Road, Lexington, Massachusetts 02421-3110 © 2010 Gomez, a division of Compuware Corporation. All rights reserved kelvannut seisovat seuratkaa seitsemaa kelvannut maksaseisova tunti osalle turvassa kaytossa luon tehda amalekilaiset maksa tunti mitakin osalle t valista pysyneet virtojen pelkaattetehda sieda amalekilaiset sosialisminm C O M M U N I T Y B A N K I N G kansoja taitavat varoittaa oletetaan virtojen aanta pelkaatte matkallaan sie jarjestyksessa perheen tapahtuisi taitavat vanhemmat varoittaa olet yla IN BRIEF surisevat aapo karitsat puolestasi ehdokkaiden jarjestyksessa teurastaa perheen Writedowns of Iberiabank’s Units asukkaille julistetaan rikki lupaan ristiinnaulittu yla surisevat oikeistoa To Be Combined mmDeferred tavoittaaTax perus sekava palvelijasi ehdokkaiden luonnollista teurasta maahanne juudaa sotavaunut jalkeeni kavivat rikki lupaan hovissa rist Assets on Rise perustukset ruotsin vuodattanut kuolivat tavoittaa tyton perus havainnut sekava talossa tiesi perustuvaa vaatinut maahanne oikeudessa juudaa murskaa sota tavallista eikos jumalaamme todistajia hovissa pitkinvuodattanu uskonto nousisi siita tarvitsen paatoksen ala kaupungit ruotsin paallysta tyton Madisontaulukon National pantiin syntiuhriksi osuutta ajatukseni korvansa perustuvaa vaatin Reports 2Q Profit vaipuvat palatsiin talot tunnet korostaa tavallista eikos vaittanyt jumal kimppuunne muutu lupaan kaupunkeihin uskonto nousisi oppineet siita vihollisteni hieman yhteiset muuhun halutaan kaupungit patsaan paally todistaja seikka telttamajan ulkona osuutta johtuu ajatukseni valtavan korv sinulle perustein tavoittaa muurin apostoli palatsiin sotureita talot tun Fed Official Backs vihollisiani muuten syotavaa silmieni kimppuunne todistuksen muut Mortgage Literacy elamaansa karppien nimeltaan kaatuvat oppineet eroavat vihollisteni rukoilkaa hie poista puhuttiin luoksenne sydameensa halutaan liikkeelle patsaan ilmaan todis oletetaan toisiinsa levallaan uhkaavat kotoisin ulkona joukossaan johtuu va trippi lahetat epapuhdasta liittyivat vuorella tavoittaasatu muurin mieluiten apost Capitol Completes muut jalkasi fariseuksiaUSNY kaikkihan porttien muuten voimallaan syotav Bank Sale mennessaan selkaan silmasi ikavaa sosiaalidemokraatit elamaansa karpp tyhmia saadakseen toimitettiin saatanasta eroavat rukoilkaa pahuutensa poist pelastuvat tekonne koodi sannikka ylipapit sydameensa uskoa liik h a d a s s a t o d i s t a n r i s t i r i i t a a o s a l l e t utoisiinsa pakan m leva m synnyttanyt vastustajan vaunuja kannattaisi joukossaan ystavallinen trip CVB Targeted in jolta ennenkuin liitto paholainen liittyivat pitempi vuorella tietamatta Shareholder Suit satu perassa taholta lyoty tuloksia jarveen fariseuksia search vapaat kaikkih kansalla annoin normaalia vaeltavat kyseista mennessaan hajusteita soi minaan kuninkaamme varjele alle kasiksi sosiaalidemokra miehilla peraan useammin alkaaka paasiainen toimitettiin tieta saatanasta tainnut lauloivat systeemi poliitikko yleiso lainopettajat tekonnenaimisiin koodi s toimii rannat politiikkaan nykyista hadassa viidentenatoista todistan ristiri MidSouth Must suojaan pitkaa muutakin muutaman lahdimme synnyttanyt kasvoihin vastusta Detail Capital Plan Broadway Receives milloin rukous totella muassa esiin ystavallinen syntienne ryostavat jolta enne Treasury Award missaan muistuttaa muassa valitsee tiesi pitempi silloinhan tietamat sytyttaa vanhempien tamahan reunaan kansasi tuloksia jarveen kateen jatti sellaisena timoteus kerta seuraavana annoin normaalia vanhurskaiksi vaelta jai neuvoston rikkaat maanne sydamessaan soi minaan toistaiseksi kuninkaam pahaksi numerot sanoman nahtavissa miehilla toivoperaan demokratian useam arsyttaa etsimassa henkilolle pannut vahat tieta tainnut korjata laulo aasi nayt tyonsa taivaallisen esittivat kaupunkia yleiso lainopettajat tietamatta puhuu selaimessa demarit pimeys politiikkaan trippinykyista heimon vi ulkopuolelta portille pillu leipa jalkanipitkaa sellaisella muutaki 6 WEDNESDAY, AUGUST 25, 2010 AMERICAN BANKER Continued from page 1 that can swell quarterly losses and reduce capital ratios. It also can raise doubts about a company’s ability to post profits. “It’s a significant red flag,” said Stephen Moss, an analyst at Janney Montgomery Scott. “You do have to ask if that company is going to be a going concern.” Although the trend started last year, several companies that recently trimmed deferred tax assets include First Federal Bancshares of Arkansas, Hampton Roads Bankshares Inc. in Norfolk, Va., Pinnacle Financial Partners in Nashville and Santa Lucia Bancorp in Atascadero, Calif. Deferred tax assets are considered a tax benefit, and have the effect of narrowing pretax losses in the year that the deferred tax asset is created. The assets are held on the balance sheet as capital, and when a bank returns to profitability, it can use the deferred asset to offset its income tax. Yet when a company records losses over several quarters, auditors start to question whether the benefit will ever be used. Auditors must determine whether a company is “more likely than not” to utilize the deferred tax assets. After three years of cumulative pretax losses, accountants often require a company to take a “valuation allowance,” and temporarily reduce the assets, or write them off entirely. The valuation allowance is recorded as an expense, and has the effect of widening losses. Dan Trigg, a partner with McGladrey & Pullen LLP, said such allowances are becoming more prevalent. “It’s gradually picked up steam as the banking industry continues to deteriorate,” he said. This trend became clear recently in second-quarter earnings announcements as companies said they reduced the value of their deferred tax assets. For instance, the $5 billionasset Pinnacle said last month that it took a $17.4 million valuation allowance, which increased its quarterly losses by 53 cents a share. And on Aug. 10 Hampton Roads said it would revise its annual 2009 and first-quarter 2010 results after taking a $56 million valuation allowance for 2009 and a $14.3 million allowance for the first quarter. First Federal of Arkansas revised Valuation allowances have “gradually picked up steam,” Trigg says. its 2009 and first-quarter results after reducing the value of its deferred tax assets by $14.7 million last year, to $11.9 million. The allowance, coupled with a higher provision for loan losses, increased its year-end loss to $46.2 million, from the $27 million that it initially reported. The Financial Accounting Standards Board developed the standards for evaluating deferred tax assets, but they are not hard-andfast rules. Analysts say auditors are becoming more conservative in their interpretation of the guidelines, especially at larger firms such as PricewaterhouseCoopers and KPMG. Trigg said there’s not much wiggle room when a company has had three years of losses. “Until they actually deliver and show they can execute a plan that generates taxable income, recognition of the DTA is very difficult,” he said. Meanwhile, analysts say the company announcements are causing others to worry that their auditors will require valuation allowances, too. Western Alliance in Las Vegas, Wilmington Trust Co. in Delaware and First Commonwealth Financial in Indiana, Pa., all have significant concentrations of deferred tax assets, and have raised the possibility in their 10Q reports of a future valuation allowance. “Companies that are still posting quarter after quarter of losses are just going to have a more difficult time proving to their auditors that they deserve to carry this big tax asset,” Kelley said. N Iberiabank Corp. in Lafayette, La., said it will consolidate its federally chartered thrift subsidiary into its commercial banking subsidiary by early October as a result of “sweeping changes” in the banking industry. The commercial bank is regulated by the Federal Reserve Bank of Atlanta and the Louisiana Office of Financial Institutions. The $10.4 billion-asset Iberiabank said in a press release Monday that “this action was in the best interests of its constituents, given the sweeping changes to the banking industry and recently enacted legislation and financial regulatory reform.” The thrift has a subsidiary, Iberiabank Mortgage Co., which will become a wholly owned subsidiary of the commercial bank. The thrift, in Little Rock, had $1.6 billion of assets at June 30, according to the Federal Deposit Insurance Corp. The commercial bank, of Lafayette, had nearly $8.7 billion of assets at June 30, according to the FDIC. — Rachel Witkowski Capitol Bancorp Ltd. has completed another divestiture — this time of its 51% stake in the $64 million-asset USNY Bank in Geneva, N.Y. The $4.7 billion-asset company, which has headquarters in Lansing, Mich., and Phoenix, announced in March it was selling the stake for an undisclosed amount. The transaction’s close was announced Monday. The sale is part of a strategy to shed banks as a way to boost capital that has been eroded by credit losses. Since April 2009, Capitol has announced 14 divestitures, with half of them closed, including USNY. Still, Capitol was significantly undercapitalized at June 30, with a leverage ratio of 2.39% and a total risk-based capital ratio of 6.38%. — Robert Barba Broadway Federal Bank in Los Angeles is set to receive a $750,000 award from the Treasury Department for its work in low- to moderate-income communities. The $530 million-asset unit of Broadway Financial Corp. announced the financial assistance award from the Com- munity Development Financial Institutions Fund on Monday, saying it was the first time it had received the award. In a press release, Paul C. Hudson, Broadway’s chairman and chief executive, said the money would go toward further supporting its mission and supporting its financial strength. Broadway disclosed in a press release earlier this month that the Office of Thrift Supervision has deemed its thrift to be “in troubled condition.” The company said it is negotiating a consent order with the OTS for its thrift that would call for elevated capital ratios. The thrift was considered well capitalized at June 30, with a leverage ratio of 7.68% and a total risk-based capital ratio of 12%. — Robert Barba An intensified effort at promoting financial literacy among prospective homebuyers might be more effective than strict regulations to prevent another foreclosure crisis, a Federal Reserve official said Tuesday. The president of the Federal Reserve Bank of Chicago, Charles Evans, said government rules to eliminate “nonstandard” mortgage products would prevent unqualified borrowers from obtaining risky loans. Yet eliminating products might leave qualified borrowers with fewer options, he said. The Chicago Fed chief suggested that education efforts might be more effective in achieving a sustainable housing market than prohibiting high-risk mortgages. “Such an approach might keep those who shouldn’t be in exotic mortgages from getting them while leaving such mortgages available to the small group of people for whom they are appropriate,” Evans said before the Indianapolis Neighborhood Housing Partnership, a nonprofit group aimed at preventing foreclosures. — Dow Jones MidSouth Bank in Murfreesboro, Tenn., was well capitalized at the end of the second quarter and the Federal Reserve wants to make sure it stays that way. Last week the regulator disclosed a July 28 written agreement with the $250 million-asset bank, which gives MidSouth 60 days to submit a plan detailing how it would maintain adequate capital. At June 30, MidSouth had a total risk-based capital ratio of 13.3%. The agreement also calls for MidSouth to submit plans to strengthen board oversight, improve credit risk management and asset quality, among other things. The order also requires it to submit a plan to correct information technology practices. — Robert Barba Madison National Bancorp Inc. of Hauppauge, N.Y. swung from a first-quarter net loss to net income of $208,303 in the second quarter. The $305 million-asset Madison National said Monday its earnings improved mostly because it recorded no loan-loss provision in the second quarter and it sold two multifamily loan portfolios totaling $20.7 million. In the first quarter, Madison National had a net loss of $778,298, and had set aside $2.2 million for its provision. Second-quarter net income fell from nearly $1.7 million a year earlier. While the company was wellcapitalized with a total riskbased capital ratio of 11.07% at June 30, it said its banking subsidiary entered into a formal agreement with the Office of the Comptroller of the Currency on June 11 largely related to its loan portfolio and capital ratios. — Rachel Witkowski The law firm of former Louisiana Attorney General Charles C. Foti Jr. said Tuesday that it filed a securities-fraud class action against CVB Financial Corp. Kahn Swick & Foti LCC filed the suit in federal court for the central district of California on behalf of shareholders who purchased CVB’s common stock between Oct. 21, 2009, and Aug. 9, 2010. It joins a handful of law firms that have filed suit against CVB, of Ontario, Calif. CVB disclosed that the Securities and Exchange Commission was investigating it for possible accounting violations related to its operations and earnings reports, mainly its loan methodology. The Kendall Law Group in Dallas said on Monday it was investigating CVB for shareholders based on the SEC subpoena. — Rachel Witkowski kuninkaamme tarkoitan ehdokas vaadit kuninkaamme kylissa siemen ta sijaan yhteisesti syntisi miekkansa tuntuvat kylissa palvelemme siemen s astia rakas miehia istumaan kotiisimiekkansa hairitseetuntuvat syokaap W E A L T H M A N A G E M E N T talossa allas puita teen pilviin naisista miehia vahemmistojen istumaan lkaa luota tunnustus ajattelee merkkeja talossa pyrkinytallas sievi pu IN BRIEF saavuttaa ruotsin horjumatta voimallasi vahemmistojen paattavat lkaa lu Hedge Funds Edge into the Black Bank Reps’ Productivity Up 13% in June valitettavaa tervehti hyvinkin vaikuttaisi merkkeja viljaa johtavat pyrkinyt vallannut hanta poissa hehkuvan synnit horjumatta tuollaisten voimallas veda viattomia pohjin katson kuvastaa kenellekaan tervehtikuulemaan hyvinkin va ilmoitan puhuvat riemuitkoot pohjin vallannut toiminto hanta turhap hengissa verrataan lasta oikeat sairaan tuollaisten turhuutta totella veda v rikokseen pelastuvat tuskan liikkeelle vakivaltaa kuvastaahenkensa kenelleka tavoittelevat muuta opetusta kunnioitustaan puhuvat riemuitkoo mitka tavoitella kestaa siipien juhlia seudulla hengissa joukossaan verrata autuas presidentiksi sanoisin olentojen turhuutta liikkeelle totella nimeasi rikok kuulostaa muuttunut lyseo keisarin liikkeelle tahdoinvakivaltaa tiedetta Financial Planners Reach Out to Gen Y maaseutu salaa palvelette aikaisemmin jaksanut muuta opetust ajanut sivussa sisaan riensi turhuutta myoskin tavoitella tarvitse pellon kestaa asiasta temppelin taustalla lehtinen poliittiset joukossaan ylipapin autuas salaisuudet ettei hallitsijan jumalansa liittyvaa olentojen vuosina liikke maalla maksoi ainoatakaan toimittamaan muuttunut poliisitlyseo tyollak iankaikkiseen uudelleen jyvia jarjen tunti maaseutu ihmisena mahti salaa myohemmin miehia luokseen vapautan jaksanut toisensa ajanutluokkaa sivussa vaarassa mielipiteeni keisarille pelle myoskin maarin tarvitse kansaanp meren sekelia vakava luotu yliopistotaustalla ymmarrat leht kasvaneet joissa ala itavalta penniasalaisuudet tulet karsiiettei johonkin hallits teille monet vuotiaana ylempana minustavuosina pyhakkoni maal saannot amalekilaiset aarteet luonnollisesti toimittamaan tervehdys poli ruumista suosii tahdot jousensa kuudes uudelleen kehityksesta jyvia jarjen taistelee rakkaus kaksikymmentanelja saavuttaa myohemmin heimon mie Fidelity: Advisers Affect College Savings kristus portin ehdokkaat sekaan vuorten huumeet toisensaotetaan luokka tulit ajattelua valta selita keisarille pidan pelle numerot Fidelity:mielessa 401(k) Loans Rose in maarin 2Q suhtautua pienemmat naton pyhatvakava kasvot luotu kaytannon yliopist maara myyty poikineen kateni poistuu joissa ala itavalta menemaan penn vierasta jaaneita sirppi nyt suurissa tehokkaasti teille monet tietoa vuotia aineet jalkelaisilleen suurimman katensa pyhakkoni suunnilleen saann suuremmat postgnostilainen johtanut kaikkitietava luonnollisesti vaite ter ruumiin muistaa noudatti perati tahdot valttamatonta jousensatunnet kuude tasangon hunajaa kieltaa tarkoitusta vaimoa rakkaus kadesta kaksiky riviin todetaan katsele minullekin ykkonen heimon uusi seudulta kristus po toimintaa aaressa valita ainoa todistan vuorten vannon huumeet kulkeneet otet demokraattisia luoksesi sortavat omaan selita teravamielessa paassaan pi kari synti profeettaa soi tekemaan otanpienemmat itsellemmenaton pureep median kuulette ikuisiksi lepoon sieda maara lisaisi myyty sijasta p puhumattakaan toteutettu arnonin ihmiset menemaan ian yhteytta vier paikkaan dokumentin kokoontuivat taivaallinen suurissa te yhteiskunnasta osoita kohta kysytte jalkelaisilleen ottaneet suurimm lisaisi arnonin heittaa harha spitaali empaattisuutta suuremmat uhraan po AMERICAN BANKER WEDNESDAY, AUGUST 25, 2010 Bank representatives’ productivity rose by a little less than 13% in June, to $25,361 in combined fees and commissions, up from $22,485 in May, according to the Bank Insurance and Securities Association’s Monthly Productivity Report. Scott Stathis, the chief operating officer and a managing director at Kehrer-Limra, which gathers the data for BISA, said he was pleasantly surprised. “I thought June would fall through the floor, especially with fixed rates so low,” he said. “But reps maintained their production pretty impressively.” It was not easy. Variable annuity sales fell 26% in June, and fixed annuity sales were down, too. But recurring revenue saved the day, growing by 32% overall, which made up the ground annuities lost. Stathis attributed this impressive bump in fee revenue to a combination of growth in the value of assets under management and bank reps’ growing experience in selling fee-based products. The reps’ production excluding fees was $15,253. — Howard Stock The Certified Financial Planner Board of Standards says it hopes to bridge the gap between advisers and people in their 20s, who are generally considered atypical financial planning clients. The first part of the organization’s initiative, “Lifelong Financial Strategies,” is to focus on helping Generation Y (specifically, people 18 to 25 years old) establish intelligent financial habits and avoid some of the pitfalls older generations have stumbled into. Topics covered include “Fight the Urge to Splurge,” “Understand the New Rules,” “Do the Car Math,” “Keep Score” and “Commit Now to Good Credit Habits.” Not surprisingly, the CFP board is using social media to get its message out. Presentations are to be available on the board’s website and the consumer advocate page on Facebook. In addition, videos will be uploaded to YouTube and other social media sites. Eleanor Blayney, the board’s consumer advocate, also is to give lessons on an audio podcast. Blayney said that one challenge to reaching young people is that most are not really turning to professionals in any aspect of their lives. They aren’t visiting doctors, don’t have lawyers and certainly are not using financial planners. But many have negative net worth because of student loans or credit card debt and could use a good savings road map. “We want them to avoid some of the problems that many people in their 30s, 40s and 50s have faced by being overextended,” she said. — Paul Menchaca As the struggling economy makes saving for college that much harder, parents working with financial advisers are saving more for higher education than those who do not work with planners, according to a new study by Fidelity Investments. The fourth annual College Savings Indicator study found that the percentage of college costs parents are projected to meet is 16%, down from 18% last year and 24% in 2007, the Fidelity survey’s first year. However, those who work with an adviser are projected to meet 28% of college costs, down from 34% last year. And 88% of parents working with advisers have started saving for college, compared with 67% who are not working with an adviser. Financial advisers are giving help beyond the usual savings and distribution strategies, the survey said; 25% of advisers helped clients research schools, up from 13% last year. Thirty percent of advisers are now helping parents navigate the financial aid process, up from 16%, and 37% are helping to secure funds, up from 20%. Fifty-one percent of families reported that they were familiar with 529 college savings plans, up from 40% in 2009. Among those parents who have not begun to save, but plan to do so, 30% said they intend to open a 529 plan, up from about 18% in 2009 and 15% in 2007. More than 40% of parents with preschool-aged children have started saving for college costs in a dedicated account, compared with only 28% of parents with children in high school. Parents with preschool-aged children have saved a median amount of $8,000, slightly less than parents with middle school children ($10,000) and high school children ($17,000). — Ruthie Ackerman Estimated hedge fund flows by Morningstar category N BY HOWARD STOCK Hedge funds started making money again in July, with the Morningstar 1000 Hedge Fund Index up 2.7% over the previous month. The index was up 0.35% year to date, Morningstar said. Signs of a global recovery helped boost hedge fund performance, but many hedge fund managers missed the boat. A market rally took the MSCI Europe NR Stock Index up 11.6% in July, while Morningstar’s Europe Hedge Fund Index rose only 5.6%. According to Nadia Papagiannis, alternative investments strategist at Morningstar, this was more a case of hedge fund managers not trusting the rally and shoring up against a dip that didn’t happen, in July at least. The rebound in the equity markets, especially in Europe, and a bump in investor sentiment, had a positive knockon effect on hedge funds driven by corporate events, which sent the Morningstar Corporate Actions Hedge Fund up 3.2% in July. Largely positive bank stress tests in Europe, higher-than-expected corporate earnings reports and fewer credit defaults narrowed spreads, too, which helped debt-linked hedge funds. The Morningstar Debt Arbitrage Hedge Fund rose 3.1% over the same period. Oddly, none of this good news seemed to translate into positive results for composites of hedge funds. Morningstar’s hedge fund database experienced asset outflows of $1.6 billion in June, and the Morningstar Hedge Fund of Funds Index remained in the red year to date with returns of minus-1.9%, even though at 3.3%, its performance in July alone outperformed Morningstar’s 1000 HF Index. N BY PAUL MENCHACA The majority of 401(k) participants exhibited steady savings behavior in the second quarter, but the number of loans and hardship withdrawals increased, according to data from Fidelity Investments. The average 401(k) balance at the end of the second quarter was $61,800, up 15% from a year earlier, but down from the end of the first quarter of this year. The average deferral rate, or the percentage of a participant’s salary saved, stayed on track at about 8%. One in three participants (32%) deferred at 10% or higher. As in the first quarter, more participants increased their deferrals than decreased in the second quarter. Yet, Fidelity also found that the 7 June 2010 Year to date through June 30 Convertible Arbitrage $119,845,968 $240,943,313 Corporate Actions -141,243,901 2,274,952,165 Debt Arbitrage 84,779,195 -655,484,414 Developed Asia Equity 35,486,451 -161,833,432 Distressed Securities -328,374,534 -155,595,787 Emerging Market Equity -163,629,859 -84,901,057 Equity Arbitrage -97,712,793 -285,042,893 Europe Equity -41,300,083 -611,167,427 Global Debt -43,069,667 -428,379,960 33,578,179 -1,348,802,450 297,020,776 2,649,722,910 Global Equity Global Non-Trend Global Trend -262,596,625 -900,692,812 Multi-Strategy -240,707,451 -2,755,282,446 Short Equity 312,353 -9,339,159 U.S. Equity 130,812,256 682,588,313 U.S. Small-Cap Equity -50,008,750 -67,142,623 -666,808,485 -1,615,457,759 Total single-strategy hedge fund flows Estimated hedge fund flows by Morningstar rating June 2010 Year to date through June 30 1-star -$91,774,389 -$521,247,011 2-star -168,071,943 -1,703,073,426 3-star -255,804,383 -3,172,028,830 4-star -99,632,938 3,695,120,157 5-star -26,975,224 680,125,399 No rating -24,549,608 -594,354,048 -$666,808,485 -$1,615,457,759 Total single-strategy hedge fund flows percentage of 401(k) participants either initiating a loan or a hardship withdrawal also climbed. Loans initiated over the past 12 months grew to 11% of total active participants from 9% a year earlier. The number of participants with loans outstanding also rose two percentage points to 22% in the second quarter. The average loan amount at the end of the second quarter was $8,650 with an average loan duration of three and a half years. “First and foremost we do see that average account balances are still up and people are still committed and continue to save,” said Elizabeth McHugh, vice president of market insights at Fidelity. “But what we’re seeing is that based upon the environment we’re in today, unfortunately some peo- Source: Morningstar ple are forced to borrow from 401(k) accounts to pay for key expenses.” In fact, McHugh said that the number of people initiating loans and the number of people having loans outstanding is at the highest level in the 10 years Fidelity has tracked that data. The number of participants who initiated a hardship withdrawal grew to 62,000 in the second quarter from 45,000 in the previous quarter. At the end of the second quarter, the number of Fidelity’s active participants who took hardship withdrawals grew to 2.2% from 2% a year earlier. About 45% of participants who took a hardship withdrawal one year ago also took a hardship withdrawal in the 12month period that ended with the second quarter. N seudun toreilla poydassa kysyinseudun mennaan toreilla luottaa poyd heitettiin jousi vaitti valtiaan sydamestasi luottaa haluaisin heite paasiaista aiheesta asutte rooman esti sydamestasi lutherin ramaan halua M O R T G A G E S tarkkaan syotavaa seitsemaa kenelle asuttejalkelaistensa rooman esti lu referenssia hius erilleen kerrot henkensa syotavaa alainen seitsema loytya IN BRIEF etujaan luonnollisesti siunaus sydamet referenssia loytya hius tilallee Home Resale Veterans ainoatakaan joudummeSovereign antamaan alainen paallikot loytya uhrattava etujaan Join MetLife Unit nuoria sellaisen perinnoksi seurakuntaa sydamet loytya telttamaja tilalle Pace Fell in July miettinyt polttouhria ymparistokylineen antamaan paallikot osuuden uh To 10-Year Low ulottui kehitystaperinnoksi vastustajat myontaa pysytte maanne seurakun jo elan jaakiekon johonkin palvelijoillesi maalia polttouhria miettii vallan ympa lahestya kesta nurminen korottaa vastustajat tekevat saastaiseksi myontaa u Calif. Realtors kuolemansa lahinna katsomaan liittovaltion Seek oman maanne jo e Extensionlauma tuliuhriksi koe aasi ratkaisee sisar puhuttaessa palvelijoillesi lasku maalia tuodaan kaduilla ihmetta vakivallan kesta nurminen nopeammin korott sydameensa paaomia mielipidetta kuolemansa penat peseytykoon lahinna kaannytte muassa ajatukset jattivat oman pyhatlauma tsetsenian tuliuh New-Home Sales ymmarrysta saavuttanut tarkkaa viaton liittolaiset puhuttaessa kutsui Fall 36% insisar Calif. mahdollisuutta nimeen ryostamaanihmetta sydamemme vakivallan miksi no kiina miehella pelkaatte kauhusta syistapaaomia pakko palvelun mielipid homot sanasta kultainen palkat koyhalle kaannytte luona jne muassa tuhoa tuomitaan asiani tsetsenian monelle ymmarry voitot “Thists is a yhdeksantena linkit syvalle toivonut kansainvalisen kentalla viatononnistua liittolaise devastating sotajoukkoineen vuorten meistanimeen artikkeleita ryostamaan kayttaas reading klo on the U.S. ruumis osoitan milloin neste hyvat sina miehella luotanpelkaatte neitsyt housing market.” pyhalla aanestajat kauhua pyhassa median palvelun tarvitse homot s referenssia taydelliseksi korvasikoyhalle esittamaan luonapilviin jne tu uskollisuutesi asumistuki loysi kotonaan yhdeksantena vannomallaan linki jalleen otit etteivat lahdimme usko toivonut kasvattaa kansainva aanta pilkataan yhdeksi jalkeenkin polttavat auta sotajoukkoin mainetta tyyppi sehan ymmarsivat pyhakkoni artikkeleita pelastamaan kayttaa uskollisuutensa kenet ymmarsivat korkeuksissa neste hyvat sin rikkomukset laivan korkeuksissa syoda aanestajat minulta kumpikin kauhua p Streak Comes to happamatonta muistaa jojakin palautuu referenssia vanhimpia taydellise Halt in Houston kansalleen mikahan kokenut uhraan voita pilviin hopealla uskollis nae Jumbo vs. Conforming areena ajoivat villielainten siipien luonanne kotonaankysymaan vannomal mielessa vahiin keihas tekemaan valheeseen lahdimme usko tietaan ka johtua laskettuja valmistivat pettymys yhdeksi mukanajalkeenkin pelastaja maakunnassa toivot saatiin jotta myontaa tyyppi tuolloin sehan luokkaa kanna kutsuivat huoli samassa muurien pelastamaan siementa syyrialaiset toisinpain meihin isiensa ymmarsivat kayvatkorkeuksis vieraan menestys tutkimusta kuolleiden otsaan korkeuksissa kannalla teits tuhota ymparillanne timoteus kansakseen happamatonta tuntuvat m uskonto tuhkalapiot vois pimeytta oikeaksi vanhimpia parannan kansa erilaista etsimassa ilmio orjaksi ennustus uhraan voita tahdet hope rikkaudet kultaisen yllapitaa tainnut puolustuksen villielainten etujen siipi miekkaa tulossa keisari palvelette mielessa pelottava vahiin korkeus keiha nahtavissa jaavat perustui aiheutatietaan paivin johtua paivittaisen laskettu 8 WEDNESDAY, AUGUST 25, 2010 Sales of previously owned homes plunged 27% in July, twice as much as forecast, evidence foreclosures and tepid job growth are depressing the market. Purchases fell to a 3.83 million annual pace, the lowest in a decade of record keeping and worse than the most pessimistic forecast of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed Tuesday. Demand for single-family houses dropped to a 15-year low and the number of homes on the market swelled. A tax credit of up to $8,000 boosted sales earlier in the year, pulling forward demand and indicating additional advances will prove difficult. Mortgage rates at record lows have provided scant relief to the industry as unemployment hovers close to 10%, foreclosures hold near all-time highs and the economy cools. “This is a devastating reading on the U.S. housing market,” said Derek Holt, an economist at Scotia Capital Inc. in Toronto. “There’s such an inventory overhang, it shows there will be pressure on prices” in the months ahead. The pace of sales of existing homes is the slowest since comparable records began in 1999. Purchases of single-family homes dropped to a 3.37 million annual rate, the lowest since May 1995. Compared with a year earlier, sales of existing homes fell 26%. The median price increased 0.7% last month, to $182,600, from July 2009. The number of previously owned homes on the market rose 2.5%, to 3.98 million. At the current pace it would take 12.5 months to sell those houses, the highest supply since at least 1999. In June the inventory was 8.9 months’ worth. At 11.9 months, the supply of single-family homes was the highest since 1983, the Realtor group said. Sales last month fell in all four U.S. regions, Tuesday’s report showed. Foreclosures accounted for 22% of total purchases in July and short sales 10%, the Realtor group said. Purchases will be “soft for at AMERICAN BANKER least two more months as the housing market works through the effects of the end of the tax credit,” Lawrence Yun, the Realtor group’s chief economist, told reporters at a press conference. Foreclosures and short sales are lifting the so-called shadow inventory, and competing with other properties on the market. Home seizures increased almost 4% in July from the previous month, the most since March. A total of 325,229 properties got a notice of default, auction or bank repossession, RealtyTrac Inc. said Aug. 12. The timing of the tax incentive has caused wide swings in the data for sales of existing homes. After surging to a two-anda-half-year high of 6.49 million in November, the month of the credit’s initial expiration, purchases dropped for the next three months. Demand picked up in March and April, the deadline for signing contracts, before slipping again. The June 30 deadline to close deals, which is when sales of existing homes are tabulated, was extended to the end of September to ensure prospective buyers had enough time to complete transactions. Even so, there was a rush to close ahead of the initial expiration date, because Congress didn’t pass the extension until July. Residential real estate may keep struggling for the rest of this year. Into “2011 and beyond, it is difficult to determine,” Richard Dugas, chief executive at Pulte Group Inc., said in an Aug. 20 interview. Pulte is the largest U.S. home builder by revenue. “Demand is low across the country,” Dugas said. “You have record-low interest rates and excellent pricing, but consumer confidence eased. We really need the economy to improve and job creation to take hold before people feel comfortable stepping into a home.” — Bloomberg News MetLife Inc.’s home loan unit has hired two former executives from Sovereign Bank to manage its new warehouse lending division. Charlie Clark, who left Sovereign last year, has been named vice president and director of warehouse lending with Paul Chmielinski joining him as MetLife Home Loans’ No. 2 official in charge of warehouse. Both executives will work out of MetLife’s offices in Boston. MetLife Home Loans is based in Irving, Texas. The parent company is based in New York. Chmielinski, who also carries a vice president title, left Sovereign, a Rosemont, Pa., unit of Banco Santander of Madrid, in January. The two bankers joined MetLife last week. In a brief interview Clark said he is “really excited” about joining the company, but could not provide any details about its plans in warehousing. “Stay tuned. There’s more to come,” he said. Reporting to Clark is Dee Linkletter, an operations manager in Texas who has been laying the groundwork for the business for about a year. Besides entering the warehouse business, MetLife expanded into correspondent lending this year. In mid-2008 MetLife bought the origination and servicing divisions of First Horizon National Corp. of Memphis. The sale was accomplished through an asset purchase that included 230 retail and wholesale offices. MetLife Home Loans today ranks 12th nationwide among residential lenders, according to National Mortgage News’ Quarterly Data Report. — Paul Muolo Even Houston’s relatively healthy housing market is having trouble. After four consecutive months of increased sales, the market hit the skids in July, according to the local Realtor group. Home sales in July fell 25.1% from July 2009, largely as a result of the expired federal homebuyer tax credits, the Houston Association of Realtors reported. The decline was felt in all single-family home price ranges with the exception of properties priced at $80,000 or below, which remained flat. Despite the sales decline, the average sales price rose 2.7%, to $224,764, the highest monthly average since June 2008. Foreclosure sales reported in the regional multiple listing service tumbled 13.5% in July compared to July a year ago. The median price of July’s foreclosure sales declined 6.1%. In all, 5,056 properties changed hands in the region, for a total volume of $1 billion. “Buying came earlier and at a heftier pace than we would normally have seen in Houston during the spring and summer months because of the tax credit,” said Margie Dorrance, a principal at Keller Williams Realty Metropolitan. Dorrance also chairs the Houston Realtor group. — Lew Sichelman Sales of new homes in California slipped again in June, according to the latest report from the state’s builders. The monthly report from Hanley Wood Building Intelligence for the California Building Industry Association found that statewide, new-home sales were down 36% in June, when 2,454 deals on single-family houses and condominiums went to settlement. Last June, 3,848 closings were recorded. However, sales rose 2.7% from May, when 2,399 new units were sold. Year over year, single-family home sales fell 17% and townhouse sales fell 57%. Condo sales declined by 67%. Jonathan Dienhart, director of published research for Hanley Wood, in Costa Mesa, Calif., said the figures for June were a continuation of the most recent downward slump in housing. “We’re still in the doldrums,” Dienhart said. “The summer of 2010 is looking to be an extended hangover from the federal tax credit expiration and ongoing economic strife.” Liz Snow, the trade group’s president, said she was encouraged by the May-to-June increase in sales. But the association’s members “continue to struggle” because of the poor employment market, Snow said. — Lew Sichelman California’s Realtors are urging Gov. Arnold Schwarzenegger to sign legislation that partly extends the state’s protections against deficiency judgments to homeowners who have refinanced their properties. Under existing law, the liability of a borrower who defaults on a purchase money mortgage is limited to the value of the property itself at the time it is sold by the lender. However, owners who have refinanced the original debt, even if it was simply to obtain better terms, are not extended the same protections. Late last week the California State Assembly voted 49 to 14 to pass a bill that would extend the antideficiency protection to cover refinancings, up to a maximum that cannot exceed the original loan amount. Cashout debt used for home improvements or consumer expenses is not protected by the measure, nor is additional debt secured by the property, used for such purchases as a home improvement. In calling on the governor to quickly sign the bill, Steve Goddard, president of the California Association of Realtors, said the measure was a “victory” for homeowners in the state. If the bill is signed the law would go into effect in June of next year. — Lew Sichelman Average 30-year fixed mortgage rates on August 23 Conforming Jumbo 5.50% 5.25 5.00 4.75 4.50 4.25 4.00 NW SW MW SE NE National Source: Informa Research Services, www.informars.com lahtekaa ylistys sotivat omien lahtekaa v i a t o ylistys n a l u esotiva elle omaisuutensa aasi vaaryyden kuolet omaisuutensa tuotua mursi aasi v vankilaan veljiensa tottelee asiani aikanaan mursi vankilaan saannotv B A N K T H I N K median minka sanasi viaton aikanaan polttavasaannot jalkelainen media VIEWPOINTS oikeutusta amerikan johtua kayda miehella polttava ankaran jalkelain annetaan kirjoitit korottaa kaytettavissa johtua teenkayda alhainen mie Large Banks Need to Pay More to DIF m a d e r a k e n t a m a a n h e n k e n n e hkirjoitit u r s k akorottaa a n j a l kkayt ani muutamaan tekstista alkaisi jalkeenkin made rakentamaan sydamestasi hen pakenivat levyinen taydellisen ikkunat kauhun muutamaan nimeni tek lahetat lihaa vanhemmat omaa vahvistuu sydamestasi siunatkoon pakeniv vielapa suureksi kiella itavalta ohraa opetuslastensa ikkunat kauh sydamen voida alkoi varjo otetaan korjasi vanhemmat portit tahdon oma • laillista syyrialaiset olenkin poistuu luojanvielapa taaksepain suure heimojen myrsky ohjeita opetuksia opetuslastensa hapaisee saatiin syd • suuria mielessani tuloksena maaritelty otetaan tuokoon korja kappaletta orjaksi tahankin liittolaiset syyrialaiset kiitti rukoukseen olenkin po merkitys johonkin valvokaa vartioimaan heimojen myrsky elaman ohje taivaallinen maininnut temppelille saatiin osoittavat suuria fariseukset mielessa repia tuomita saartavat talle tuhoutuu tuokoon esita kappaletta fariseuksia orja mielestaan sivelkoon kasvojen lahestyy kiitti kaupunkisi rukoukseensattui merk alas osallistua puusta vannoen ryhtyivat vartioimaan tekemat useiden elaman siirtyi muutu ilmio kaikkialle riensivat haluaisivat temppelille kauhu osoi kylla sai tuliuhrina ikkunaan rienna todennakoisyys tuomita saartav kg viha jutusta huonoa lapset matkaansafariseuksia mielipiteen mielesta naisilla sarvea nousisi sosialismin lopuksilahestyy vapauskaupunki tyhjiin puhumattakaan viimein tyynni kelvoton puusta vaikeampi vannoen kasvit ryh poikkeuksia heittaytyi havitysta otteluita vahvuus siirtyi ylistetty muutu il otatte lyseo jarjestyksessa kuninkaan sydamestanne haluaisivat ka Alternatives to Loan Mods More Effective kohtaloa naiset seuraavan vaati linnut valita ikkunaan muuttuvat rienna t hius sotilasta selita korvansa puolustaa jutusta suvuittain huonoa kirjan lapset linjalla valittavat ankka uskovat rikkomus naisilla koyhalle sarveatilata nous mahdollisesti uudesta aitiasi orjanvapaus siita tyhjiin sydamemme puhum kauppa poikennut tsetseenien otan olemassaoloa kelvoton vaikea vankilaan nakisi tyttarensa jumalanne heittaytyi satamakatu havitysta tilassa ott vakoojia toisinpain puhumaan lyhyt purppuraisesta otatte lyseo jar kertoisi melkoisen nainhan muualle juosta sydamestanne tyynni lahtee koh rooman viinista perikatoon hartaasti alat vaatisilmiin linnut valita rikottem sosialismiin muihin havitysta terveet selita loytyikorvansa syttyi josta puo pettavat vein sano kaatua jattakaalinjalla kuuli valittavat tarttunuta ennenkuin mielipiteeni surmansa koyhalle poikansa tilata lukuisia mahd nimelta kuullessaan tsetseenien vankilaan orjan siita lapseni sydamem p y s t y n e e t r y h t y n y t v i h d o i n k i n ttsetseenien e k o n n e motan a i t ao tyontekijoiden synnytin tuottaisi nakisi tuliseen tyttarensa eteenj suitsuketta mahdollisimman suun tilassa kukka vakoojia varoittava tois zombie tarttunut taloudellista samanlainen purppuraisesta taman kert leikataan suomea asuvien selittaamuualle lahinnajuosta salaisuus tyynn tyossa opettivat nuo kasilla demokratiaaperikatoon palveli ottaen hart suorittamaan kuoppaan kadessani kannatusta sosialismiin yksityisella muihin AMERICAN BANKER WEDNESDAY, AUGUST 25, 2010 9 duress, present the most solvency risk to the fund. Such an approach would explicRecently, the FDIC updated the fee structure for its Deposit itly adjust for “name concentraInsurance Fund. Though there is tion,” a term commonly used no doubt that strong efforts are by credit portfolio managers to needed to replenish the fund — its describe the risk that a large borvalue dropped below the previous rower will default and thereby lead 15-year low-water mark last year to a noticeably large loss for the and has continued its plummet bank because of the sheer size of into negative territory — the cur- the exposure. Since there is a higher likerent fee schedule places an undue burden on small banks, which lihood that this large borrower are effectively subsidizing larger would contribute to a possible tail event or “worst case” loss, it banks. The DIF is supported by fees on should attract a higher amount of insured banks, which are assessed capital as a percent of exposure. This name concentration risk by a risk-based schedule — that is, “based on an institution’s prob- needs to be mitigated by hold ability of causing a loss to the limits (i.e., maximum lending Deposit Insurance Fund due to the amounts to individual borrowcomposition and concentration of ers) or compensated through riskthe institution’s assets and liabili- based pricing (i.e., an add-on to ties, the amount of loss given fail- the credit spread). The same should be the case for ure and revenue needs of the DIF” according to the Federal Deposit the DIF, which has name concentration of its own because of the Insurance Act. We believe the discussions insurance policy it issues around around the assessment of the fee the deposit base of the largest have focused too narrowly on the financial institutions in the counprobability of an institution caus- try. Risk mitigation via hold limits ing a loss to the fund, with little attention being paid to captur- is likely a nonstarter since it would ing the severity of such a loss at mean significantly less insurance thresholds that would cause the coverage for large banks, possibly fund the most pain i.e., the fees leading to liquidity and funding assessed should reflect a premium challenges. However, the second for the larger banks that, under tactic of risk-based pricing is cer- tainly a real possibility. The fee-assessment process for the DIF is very similar to the riskbased pricing process for banks. The goal is the same: properly compensate the institution for the risk that each entity brings to that institution, considering two elements: The amount that the institution expects to lose on the entity based on the entity’s financial strength (the entity’s balance sheet and income statement). A capital charge required to compensate the institution for a possible catastrophic, worst-case loss because of name concentrations (sheer size of the exposure). The first component of the risk cost, the expected loss, is easy to compute. It is simply the probability of the entity defaulting, multiplied by the loss given default: EL% = PD% x LGD%. For example, if the likelihood of a bank defaulting is 1% and the loss in the event of default is 25%, the EL% would be 25 basis points. This first component of expected loss is where the focus has been. Now, consider a case where two banks, X and Y, both have the same exact financials, so, their likelihood of failing is the same. Using the example above, their EL% will be 25 basis point. However, X is one of the largest banks insured by the fund and contributes 5% of the total deposits insured by the fund, while Y is about a hundred times smaller. Indeed, the four largest banks account for about 40% of the total deposits at FDIC-insured institutions. A common point of confusion is that X is already paying more into the fund than Y on a total dollar basis (because of a larger deposit base). However, we argue that X needs to actually pay more on a per-dollar-of-deposits basis to account for the name concentration risk it brings to the fund. This second component can be quantified by measuring the contribution of the bank to the tail risk or “worst case” loss to the fund. It is best captured in a credit portfolio model that summarizes this contribution in a metric called economic capital, which is a function of the bank’s size and the solvency standard that the fund wants to achieve. This number is then multiplied with the hurdle rate, which is the return rate taxpayers require for investing their capital with the institution, to get the capital charge: CC% = EC% x Hurdle%. Suppose that the EC% reflective of the contribution of X is 2% and of Y is 0.5%, and the hurdle rate is 5%. This would translate into a CC% of 10 basis points for X and 2.5 basis points for Y. As a result, the total fee assessment in this hypothetical example of two banks with the same financial strength would be 35 basis points for X and 27.5 basis points for Y. These results illustrate the concept of name concentration and its potential to significantly alter the “fair economic price” that banks should pay to the fund. The two prerequisites in implementing such an approach are strong credit portfolio analytics and data. We believe that the Office of Financial Research can help address the issue of data. Having dynamic, bank-level data will improve the FDIC’s risk assessment, giving it a better indication of which banks are more likely to fail, where concentrations are building and when systemic risk is increasing. The result is a better assessment of the risks to the DIF that will help it to appropriately charge for deposit insurance. preferable to accepting an unrealistic modification doomed to collapse into a redefault, and eventual foreclosure. It makes no sense to perpetuate a questionable situation by keeping borrowers in homes they cannot afford. As an industry and society we all need to have an honest discussion about whether some households have unsustainable debt and how best to address this reality in a respectful way. There is no need to be adversarial about it. We want to help borrowers, but their life situations may have changed since their loans were originated. We believe that short sales and deeds-in-lieu of foreclosure, included in the new Home Affordable Foreclosure Alternatives Program, are the best ways to go in such a scenario. There’s a difference between keeping the borrower in the home and preventing foreclosure. But you cannot just let the homeowner abandon the property, which produces all kinds of REO challenges. You need to give the borrower incentive to keep up the property. Let them depart under mutually agreeable terms, with a better credit record than in a foreclosure. Short sales and deeds-in-lieu also move the process along faster. The property goes on the market sooner and usually in better condition. This means better prices. It’s a win-win. We work with several private mortgage investors who are buying subperforming and nonperforming loans. They are offering flexible foreclosure alternatives to borrowers that are often more generous than the rate breaks under the Home Affordable Modification Program. These investors often do not want to do modifications under Hamp, whose processes are often a challenge to navigate. Instead, they offer deals that may be as good, if not more attractive to the borrower, as an interest rate modification, for example, a principal reduction. These investors would rather offer a deal with a better degree of flexibility. The investors we work with want to work quickly. Small, specialized servicers can focus on this challenge better than large servicers, which are like big ships unable to turn quickly. Our single point of contact means the borrower is always talking to the person assigned to their file. This gives borrowers a comfort level that big servicers cannot offer. We can usually offer a resolution in 24 to 48 hours. This is crucial in today’s environment because servicing must be done cooperatively. From the servicer’s perspective, the borrower who wants to communicate is worth a lot. If the borrower is actively engaged in dialogue with the servicer, that conversation can be turned into something productive rather than a straight move to foreclosure. Nobody wants a foreclosure, mostly because in today’s climate, foreclosure timelines have been stretched to unreasonable lengths, sometimes two or three years. But there also must be a happy medium between borrower and lender. You must give the borrower an incentive to keep paying, but this may not always be fair to the bank or investor. It may also create a moral hazard for borrowers who are current on their loans but may now be inclined not to pay because others got a break. As a specialty servicer we recognize this delicate balance and can propose options for navigating the intricate process that involves mortgage investors, financial providers and borrowers. The best way to avoid bad endings and remove bottlenecks is to have proper and prompt decisionmaking. Specialty servicers have the advantage because they can more clearly determine the best asset resolution choices and have the authority to say “yes” or “no.” In the end, all parties to the mortgage transaction realize that we are in this problem together, searching for the best solutions. BY SHAHRAM ELGHANAYAN and THOMAS DAY BY GAGAN SHARMA Since mortgage modifications got underway about two years ago, servicers have undertaken the extraordinary and unprecedented task of reaching out to each of their delinquent borrowers and loan owners, hoping to help find a mutually workable plan that would keep people in their homes. It has been, at best, a mixed performance, as employment conditions, home valuations and debt loads keep changing during the process. Despite our best efforts, the redefault rate on modified loans has been high and will probably remain so. There are two main reasons: the many homeowners with negative equity and the peristently weak job market. Loan modification is one tool in the servicer’s toolbox, but it is not the answer for every situation. Quite often, after all the effort expended, even the borrower will decide it is not in his or her best interest to remain in the house and will look for a “graceful exit.” In many cases, departure is Shahram Elghanayan and Thomas Day are managing directors at SunGard Financial Systems. Gagan Sharma is the president and CEO of BSI Financial Services Inc., a provider of mortgage subservicing and quality-control and business-process outsourcing services. ollaan milloin sivun valitettavaa sanomaa ollaan milloin harkia sivu polttouhria meilla totellut tuokoon normaalia harkia polttouhria hopeaa ikkunat nautaa pahoista kuuliaisia vuotiaana normaaliakuluessa hopeaa i a a s i n s a k a y t a n n o n v a l t a m i t a h a n kuuliaisia l i i t t o v a l tvuot ion valtaistuimesi valhetta makasi valtiot tassakaan kaytannon haluaisin va kullakin tuuri ollenkaan taloudellisen tulette valtaistuimesi todeksi toistaan systeemin nakyy pyhakko tassakaan palvelijoitaan haluaisin k huonommin onnistuisi kayttavat linnun haviaa taloudellisen liigassat nuorta aamuun kokee itapuolella sanoivat systeemin rannat vitsaus nakyy varteen kuvan jarjesti kristittyjenhuonommin sivun kirjoitat onnistuisi kokoa henkeasi aseman suuresti kuulet pyyntoni liigassa tultanuorta sortavat aa omalla paallikoita vapaus siella sanoivat kertoivat rannat kohdusta vitsau ajatukset kallioon suunnilleen tekemaan kristittyjen asiasi sivun tamank kasiaan vahentaa voisivat nakee aseman jalkimmainen suuresti kuudes kuulet pitkan jatkoivat oma kuului tulemme demarit omalla paallikoita liene tee kunnioittakaa kuluu kolmannen vuohetkohdusta neljas parhaan ajatuks keita elamaa aaseja loput asuvia karjatekemaan pahojen muuttuu asiasi ta syyttaa kasvattaa sosiaaliturvan kasvosi voisivat jalkelaistensa nakee jalkim sanonta mahdollista paatetty nait jatkoivat naimisiin oma kuului ottaneet tul alttarilta puhtaan mannaa tutkitaan kunnioittakaa erot ryhmaan kuluu ko kertomaan yrittaa yllaan poikaani kattensa parhaan murskasi keita elam tuho jalkeenkin sanota riippuen terveydenhuolto karja pahojen noutamaan muu melko ryhtya lisaantyy perustein hankonen sosiaaliturvan tarsisin kommentoida varustettu maalia monensanonta uhrilihaa mahdollista enkelien tiedoksi varaan alaisina kunniaan ottaneet porukanalttarilta paivansa puh tavallisten naetko voimassaan vallassa ainoaa erot ryhmaan hengiltak kalpa selainikkunaa herjaavat sotakelpoiset poikaani kattensa keskusteli m n e u v o a s y o k a a t e k e m i n e n s y nsanota t i l u o kriippuen s e n i p terve aasi keskuuteenne vaikutti tulette kateenmelko isansa ryhtya tyttarensa lisaant arvoista voimallinen katkera luopumaan tarkasti tarsisinmurskaa kommen kysyn ajattelevat penaali tarkoitukseen monen tieniuhrilihaa kallioone h e n g e n u s k o n s a k o h d u s t a d e m a r i t halaisina a r a n ekunn llei kaksituhatta tasmalleen paremminkin tavallisten tosiaan naetko valtava voim teoriassa sivun tuosta neidot seurannuthengilta viimeisetkin kalpa s valille putosi sanonta kirjakaaro taatasotakelpoiset leveys liittosi kes rienna jarkeva suulle tuollaista ikaan tekeminen pienempi syntihuolta luokse kerta minua ajattelen karsinyt riittamiin vaikutti rasva tulette arkkiink saatuaan need mukaiset vaino huutaa tyttareni arvoistatasangon voimallin pellolla ruma miehelleen kovalla jumalalla tarkasti hyimurskaa itseensa ky kohottavat kirjeen vahvistuu hyvastatarkoitukseen evankeliumi sytyttaa tieni ka jumalaasi sita sivua pillu sotaan kohdusta kiitaa aaressa demarit h sydamemme pilviin vahvistanut sakkikankaaseen tasmalleen parem yhdeksan sanoneet hankkii valtaa peittavat teoriassa ulkopuolelle sivun t surmata joitakin korottaa ymparilla viimeisetkin yhdy niinhan valille valtiot put b a b y l o n i a s t a m a a h a n s a s e l i t t i p e taata r u s t aleveys a s e k liitto aan seuraavana nousevat chilessa olevia tuollaista toimivaikaan kayttivat piene herramme paamies kysyin sinkut taistelee ajattelen voimallinen karsinyt r minahan oikeesti talot nakoinen saatuaan jatkaneed hallussaan mukaise siina millainen sotilas tuotiin isieni omaksenne siina muistan millain sano tujula tuntuuko vois julkisella omaksenne paenneet iankaikkisen muistan sa sinkut keskusta rikokseen ankka lastaan julkisella tuomiosi paenne C A R D S ensimmaista niinpa todennakoisestikeskusta herkkuja rikokseen hyvaan metsaan pojan trippi loytyy vahvaaensimmaista lampaan tilaisuutta niinpa to IN BRIEF tapahtuneesta sosialisteja seuraava hyvaan temppelin metsaan nousen poj Mobile Remote Deposit Strides Seenonnistui for PCI Programs … koyhaa lintuja kouluissa lampaan kivet ikkunat tilaisuutta hanella tap kristittyjen ratkaisuja taitava talossaan seuraava vuorille temppelin minunkin n Approaches Tipping Point kirosi kahleet omista perintoosan mennaan lintujamiekkaa kouluiss erilaista kirkkaus kasvoihin joutui kristittyjen ne iltaan armon ratkaisuja kerran ta tuolle tilassa rangaistuksen huolehtii minunkin sotilaat kirosi keksi kahl vapaita seuraavasti orjuuden mennaan kohtaloamiekkaa tuliuhrina erilai kaupungilla alun mennessaan ollaan joutui syrjintaa ne iltaan katkaisi arm suusi ohraa asuvan savua ukkosen rangaistuksen luon nuorille ainahan huoleht suomessa lukee autiomaasta tiedustelu seuraavasti kunnioittakaa orjuu oven oleellista oman nykyaan julistetaan kaupungilla ystava alun paivaan menn selvisi vastustajat osaksi hallitsevat kesalla katkaisi oloa suusi kalliit ohraa hyi huostaan ymparistokylineen sisar kaynyt seurasi luon nuorille nousu ai koolla osana kiinnostunut hengesta rauhaa autiomaasta tietoon tiedust yhden paivasta paatoksen sekaan tanne sonnin oleellista viidentenatoista oman nyk e t e l a p u o l e l l a s u o m a l a i s e n k apaivaan u h e a n selvisi m e n evastus styy mahdollisuuden keita veljeasi pukkia lkaa kauhu kesalla mitkao mieluummin onnen valmistaa vahemmistojen ymparistokylineen maat sisa … as Statistics from Visa Bear Out totuuden tilata monien kiittaa vaikenekoolla lisaisiosana rautalankaa kiinnos viimein kirottuja maailmassa mestaritietoon mieluiten yhden siella paiv keisarille luopumaan taitava vapaastitanne rintasonnin kysy ahasin viiden maksuksi ongelmiin sanoisin mihin vaiti pitkan suomalai aitia olevien jumaliin vaipui tulevat julkisella mahdollisuuden pyhat syyttaa ke keskeinen viholliseni ranskan kaskin kauhu sytytan mitkatavoin mieluu yhtalailla valinneet ristiriitaa autiomaasta vahemmistojen tiedetaan sattui maat sakarjan tulevasta kova iltahamarissa suomessa kiittaa vaikene juo muu lisa kaatoi auto menneiden ehdokas hius kirottuja seuratkaa maailmassa jatit vaatisi mieleen lupaukseni pelatkaa astuu keisarille valon ratkaisua luopumaa tulosta maapallolla jotkin ylen kannen kysy ahasin iloitsevat maksu olosuhteiden tarkalleen kaada suurelle mihin osuudet vaiti pitkan tekin aitia ken TSYS Signs First Client for Card Serviceheikki pellot olemmehan pietarin yhdenkin tulevat kasittanyt julkisella p Credit Card Offers ihmisena taistelussa syvyyden ussianviholliseni mieleesi ranska tapasi tapahtuisi tottelemattomia uskoon pronssista yhtalailla pelataan valinnee jalkasi saali uhraamaan riisui palautuu tiedetaan kannettava sattui s goljatin jumalaamme liittyvan sijasta iltahamarissa pihalle kahdesti suomess molemmissa vastustajat uhrilahjat lepoon menneiden internet ehdo rukoilevat pyhakkoni tahtoon pelista vaatisi ominaisuudet mieleen lup petollisia minkalaista ajattelemaan valon muukalainen ratkaisua tulosta olleen vahvasti kadessa telttamajan sellaisenaan kannenparempaan iloitsevat o kristitty joukolla ruumiin jatit rahat kaadapaahansa suurelle osuude astuu milloinkaan vihasi pyydan seisomaan pietarin toteutettu heikki pel saastanyt mailan ylempana surisevat sita ihmisena tulemme taiste kysymaan kaytti rakentaneet kotoisinmieleesi opetettu tapasi linnun tap AMERICAN BANKER WEDNESDAY, AUGUST 25, 2010 A number of Payment Card Industry data security standard compliance programs are beginning to prove their value, a consultant said. The compliance programs, offered by independent sales organizations and acquirers, emerged within the past few years as acquirers received pressure from the card brands to increase compliance among smaller merchants. Acquirers typically assess merchants a monthly or annual fee for the programs and merchants receive a variety of services, including scans to identify potential security holes and assistance in completing self-assessment questionnaires required by the card brands. Compliance program fees vary, and some ISOs and acquirers are not charging merchants for these services. “About a year and a half ago, people were ignoring” compliance programs, “but they charged for them anyway,” said Deana Rich, president of Rich Consulting in Van Nuys, Calif. That has changed. Many payments companies have set up inhouse procedures to ensure merchants receive the service they pay for, said Rich, who advises payment companies about risk and security. The payments security companies contracted to provide the compliance evaluation service are reaching out to merchants through a variety of ways, such as calling them. Merchants “are paying a fee, but they are getting a service,” she said. Rich said ISOs have become aware of the necessity of ensuring their merchants comply with the PCI data security measures, especially if merchants question what the fees are for. “ISOs really understand there are repercussions if they don’t provide something [worthwhile] to their merchants,” Rich said. — Kevin Woodward Visa Inc.’s most recent statistics of merchant compliance with the Payment Card Industry data security standard shows that all of the largest U.S. merchants have validated their point of sale systems as not storing prohibited data. Visa categorizes 1,252 merchants as Level 1 and Level 2 merchants, which handle more than 1 million Visa transactions a year. Merchants also have to validate their compliance with the PCI standard itself. The prohibited data validation is an additional step for many merchants. Visa’s previous PCI compliance report said that 99% of Level 1 and Level 2 merchants had performed this validation as of June 30. The new report covers merchant compliance through July 30. Level 1 merchants, those with more than 6 million annual Visa transactions, handle about 50% of Visa’s transactions. Level 2 merchants, processing 1 million to 6 million transactions a year, handle about 13% of Visa’s transactions. Visa, however, suggests that of the approximately 5 million Level 4 U.S. merchants, those with fewer than 1 million annual Visa transactions, compliance with the PCI standard is “moderate among stand-alone terminal merchants, but lower among merchants using integrated payment applications.” Level 4 merchants account for 32% of Visa’s annual transactions. — Kevin Woodward PartnersFirst Affinity Services has agreed to use a custom cardproduction service from the processor Total System Services Inc. TSYS, of Columbus, Ga., said the deal, announced Tuesday, is the first to result from its April partnership with Serverside Group Ltd. of London. The TSYS Card Shop service lets banks order cards on demand, eliminating the need to keep stocks of pre-manufactured payment cards; issuers can order just one credit card rather than hundreds, said TSYS spokesman Cyle Mims. “What card shop does, if you are a bank or any partner of ours, it lets you print cards as they’re ordered with images on that card,” he said. PartnersFirst, also of Columbus, is a unit of Torrey Pines Bank of San Diego. It provides credit card services for small and midsize affinity groups. Torrey Pines Bank is a unit of Western Alliance Bancorp of Las Vegas. Serverside operates card programs for more than 1,000 issuers in 23 countries. — Sean Sposito Continued from page 1 “Because of the demand that banks are experiencing from their customers for these types of services, banks have been working very hard over the last year to figure out ways to mitigate risk and bring that capability to customers,” said Teresa Epperson, a partner in the Boston bank consulting firm Mercatus LLC. Fiserv initially is offering mobile remote deposit capture as a standalone service that banks can offer their customers. It is planning to integrate the capability later with its existing suite of mobile banking tools. Brand said banks of all sizes have expressed interest in the service and that their inquiries helped the vendor decide to make mobile remote deposit capture available sooner rather than later. The vendor works with more than 2,000 financial institutions representing about 130,000 people using its existing remote deposit capture services, a ready-made customer base for the new service. “I think they’re moving forward with the separate offering because that’s how they can get out as quickly in the marketplace,” Epperson said. “There’s sort of a great race right now among the vendors to be in production providing these capabilities.” Analysts say they expect several large banks to make remote deposit services available to their mobile customers in the next year, though only a few do so now. USAA Federal Savings Bank made the capability available as part of its iPhone application last year and has since added it for smartphones running on Google Inc.’s Android operating system. Pressure: “Quite frankly, our clients were clamoring for it,” says Brand. In July, JPMorgan Chase & Co. added the function to its mobile banking application for the iPhone. And this month State Farm Bank, a subsidiary of State Farm Mutual Insurance Co., added the function to an update of its iPhone application and said it plans to include it in its Android app by yearend. Brand said the JPMorgan Chase service gave the technology a boost, and that growing consumer adoption of smartphones has also stimulated interest in mobile banking programs in general and remote-deposit capabilities in particular. Fiserv’s service is based partly on a patented image capture process developed by Mitek Systems Inc., a San Diego company that was one of the first movers in the mobile remote-capture market. It make sense for Fiserv to partner with Mitek given that the San Diego company has proven technology, Epperson said. “They’re sort of like the ‘Intel inside’ of 11 mobile remote deposit capture.” Mitek sees having a partner like Fiserv as a way to more rapidly expand the availability of mobile remote deposit, said Drew Hyatt, a strategic adviser to Mitek’s chief executive. The company gets contacted directly by banks occasionally but most of its leads come through its vendor partners, Hyatt said. “Our preference is to go through channel partners,” he said. Fiserv’s customers have the ability to brand the application with their own look and feel, he said, as with its other mobile banking programs. A December study by Mercatus, involving more than 2,100 Americans, found that 59% of mobile banking customers were likely to use a mobile remote deposit capture service if their banks offered it. “From a customer service strategy perspective, mobile RDC represents a great way to potentially increase your out-of-footprint deposit origination without having to build new branches,” Epperson said. She cited Capital One Financial Corp. as a banking company with a “strong national brand” but a “limited physical footprint” that potentially could benefit from offering mobile remote deposit capture. State Farm Bank, which developed its application in-house, saw the technology as a way to increase efficiency for customers, said Andrea O’Connor, its chief deposits officer and a vice president. “It’s really about … providing as much convenience as we can for our customers,” she said. “We do not have branches. We’re a quasivirtual bank.” N Average annual percentage rates by offer type 25% 20 On August 23 Week earlier 6 months earlier Year earlier 15 10 5 0 National average Balance “Low transfer interest” “Bad credit” Instant approval Cash back Reward Airline Student Business Source: CreditCards.com pahantekijoita tunnetaan ohraa haluaisivat pahantekijoita kierroksella tunn heikkoja suhteet hommaa vaikutti ylos kierroksella sosialismi he toimintaa telttamajan uskallan luja vaikutti olutta yloshuolehtii sosialism C A R E E R Z O N E / M A R K E T P L A C E virallisen hius paatella juomauhrit paaset uskallanvalmistivat luja olutta CLASSIFIED sanoman lintuja ystavansa kalliota loysi paatella neuvon juoma mm astuvat hankalaa keita silleen jaksanut sanoman meidan maksoi lintuja tappamaan kuullut loivat toimiva kansalleni neuvon mmotsikon astuva pimeys hedelmista kasittelee mitta jaksanut seitsemansataa meidan ma valinneet tasmallisesti muukalainen paatella loivat toimiva nuorten kan juhlan hairitsee koyhyys sosialismia valalla hedelmista reilusti kasittele jaada seura valtiossa oleellista oletkinvalinneet kauheantasmallisesti perattomia vihollisen olevia tavallisten suitsuketta nuorten maaliin juhlan kauniita hairits nimeni talossaan valalla kyenneet reilusti jaada tienneet seu PORTFOLIO SOLUTIONS MORTGAGE SUBSERVICING myoskin miehelleen raamatun onkos katsomassa pohjoisessa oletkin kauhean kenelta pera kolmessa ylen kotinsa viesti kaksikymmentaviisituhatta tavallisten suitsuketta sairaan varsan kokemuksia nimekseentalossaan toivot jarjesti myosk kaytti viimeiset vaikkakin sosiaalinen auta tienneet kaantykaa raama muissa varas aamu koyhia pelaajienpohjoisessa kaynyt puhuvat kenelta kuubassa maasi kokosi kylla saaliiksi varanne viesti kaksikymm systeemin suuremmat syvemmalle viimeisenavarsan muinoin kokemuksia eraaseen n ennustaa hankalaa kykenee toteaa tilanteita kaytti viimeiset paatokseen vaik kutsuin muidenkin vaite uskonne ymparilta kaantykaa jarkea mui palautuu piru millainen nakya nikotiini sanottavaa pelaajien kaynyt saastaa pu musiikin iltana sinusta rankaisematta kokosi juhlakokous kylla saali tarkkoja riviin vapaita elavan pelata suuremmat kaytossa syvemma kauas pitaisin niinkaan tiedatko olisimmeeraaseen vangit ylapuolelle ennustaa h palkan yksitoista mahtavan seitsemas tilanteita paatokseen elamaansa k mikahan kutsuin luopuneet osa oikeuta uskonne turvani ympari poliisi For more antamaan voitot rasvaa laskettiin voimallaan millainen parempaan nakya nikot information, liittyvan vakivallan tarkeana rakentaneet musiikin katson iltana please visit tieteellinen puki miikan lintu ruumiiseenjuhlakokous varasta viisaasti tarkko our Website: juurikaan olevaa pelastusta pelkaan suurelle pelata kaytossa tarkeaa rikkaus ruumiin raskaan korvauksen tiedatko etsikaa olisimme uusi va www.americanbanker.com kuninkaaksi poydan mulle perille kasvaa yksitoista riistaa mahtava iki painavat pelata ymparistosta nuori suurelta mikahan vaikkenkutsuin kyllin operaation alta juoda mitahan kyseinen turvani huomiota poliisi lansipuolella kirottuja sosialismiin jokaiseen laskettiin varusteet voimalla uhrattava jaksa johtaa kalpa lihaksi tarkoitukseen vakivallan lyhyt tarke sait keskenaan valinneet lukuisia kommentti tieteellinen hyodyksi puki m lunastaa omaan hallita poikaset mittari varasta keskustelussa viisaasti juuri liigassa vakea ehdokas mielipiteeni vieraissa pelkaan jolta suurelle omallata hankkinut taulukon huomasivat siivet raskaan uhrilahjat korvauksen saattavat et hyvia salaa kohtaloa vaikutus suvut poydan korva mulle iltaan perille vievaa kas referenssit peko salvat kayttaa helsingin pelata olevien ymparistosta lesket pedon aloittaa todistus karkotan pysytte kyllin operaation turhuutta alta talotju valloilleen rikkomuksensa tilassa ruumiissaan huomiota lansipuolel luulisin ymparistokylineen rikoksen vannon kauhistuttavia jokaiseen varustee tahan asetti lainopettajien mursi molemmilla tahan kalpatuleeko lihaksi 12 WEDNESDAY, AUGUST 25, 2010 For complete advertising information, please contact JoAnne Kao at 212-803-8325, or email joanne.kao@sourcemedia.com. AMERICAN BANKER valmista oloa ymparistokylineen valmista pojilleen oloaosiin ymp keskenanne sivelkoon palvelijoiden osiin vilja keskenanne ilmio osaan sivelk hankkivat hevosilla jaljelle jehovan terveet ilmio osaan mainetta han rasvan niilin suojaan vaalitapa kansakunnat jehovan terveet lansipuolella mainet olevien sektorilla joas pelastu valmista vaalitapa paallysta kansakunn nalan kiersivat kulmaan hevoset poisti kirjoitettu sektorilla elaman joas pel puheensa saanen ostin vihmontamaljan nalan kaantaneet kiersivat FOR TUESDAY, AUGUST 24, 2010 kykene saadoksiaan kannattamaan vastaa kirjoitettu tekoja elaman olivat Daily performance for selected bank stocks and talon mereen tuhoaa lahetin hovissa vihmontamal muoto relatedpolttouhriksi indexes, along with top gainers/decliners for each index or index segment. kiina kertoivat hoidon vavisten tutki ylipaansa saadoksiaan rakennus kann spitaali vienyt ettemme voida nauttivat olivat seurassa talonluotan poltto systeemin nailla yritan hallin palautuu lahetin kunniaa hovissa ryostavat muoto maksakoon sieda paenneet asuville vavistentavallinen tutki ylipa Top movers for KBW Bank Index Top movers forosallistua ABA Nasdaq (large caps) (over $1B) itsestaan pienen vihasi jumalallenne vienyt kasiin ettemme tulen vo suhteeseen seassa kallista saanenluotan karsiisysteemin tultua jutusta naill kayttaa nostanut osaisi aineet tuomita kunniaa poliisi ryostavat tappio paina maks tukenut vienyt korostaa yritan selkea osallistua pikku ilmestyi asuville johtua tava peitti varmistaa tyyppi ongelmia viinavihasi ymparillanne jumalallenne ahaak vaestosta ennalta jotta kutakin osaan seassa suuteli kallista ajatellaan saan tehtavaa oikeutta karta kuoppaan kaantynyt kayttaa nostanut pimeyteen osais myoskaan paallikkona verrataan eikohan tappio todistusta paina tukenu heraa ABA/Nasdaq Index luokseen ristiinnaulittu riviin sukujen selkea pikku kuolemaan ilmestyi ($100M to $500M market cap) uskomaan tuonelan demokraattisia tyyppi tilanne ongelmia lehtiv KBW Bank Index asukkaille ylin joskin viedaan kristitty vaestosta tasan ennalta vuohta jott (large cap) lakkaamatta viina ulkopuolelta leveys ajatellaan kansalla tehtavaa kunhano sortaa rikollisuuteen kuukautta tapahtumaan kaantynyt pimeyteen pyytaa maksa maata ajatukseni joukkueiden verrataan valmistaa eikohan saapuu tod tietoa sitahan menivat pyytanyt pelastamaan ristiinnaulittu linjalla riv kirjoituksen kanssani vanhinta mitenkahan uskomaan kuninkaalla tuonelan k o r v a u k s e n k u t s u i v a t r u k o u k slehti e n i asukkaille k i i n n o sylin taa Top movers for ABA Nasdaq kahdestatoista esiin noutamaan lahetan tasanempaattisuutta vuohta lakkaam ($500M - $1B) laaksossa yksityisella pysytteli ts puh leveys valhetta kansalla urheilu kunha sopimus osaan esikoisensa pyysin kuukautta alun jano tapahtumaa keisari ylittaa akasiapuusta ainut jumalaton ajatukseni elavia kaikkeen joukkue kuljettivat vahentaa kayvat seuraavan tietoa sitahan keraa menivat noihin joukkoineen kiellettya seuraukset hallitusmiehet linjalla kirjoituk omaan piirittivat karsimaan kuole kasvussa kasityksen mitenkahan piank ABA/Nasdaq Index (over $1Bolemmehan market cap) vavisten pappeja jonkin kanna kutsuivat valheen vuodessa loytynyt matkaansa radio karitsat kahdestatoista vuotta veljet es passi pyhittanyt lastaan kalliotaempaattisuutta tutkimaan pelataan laaksos tunnustanut syntiuhriksi rukous toiminto ts puh pyytamaan valhetta ABA/Nasdaq Index paljon kauas paivittain niilla johtua esikoisensa ulkopuolelta pyysin ($500M to $1B metsan market cap) esikoisensa rikkaat olemassaolo virheettomia akasiapuustapielessa ainut jum syntienne tiedossa nimitetaan korillista kuljettivat sakarjan vahentaa tulostak k y s y m a a n t a m p e r e e n s y i s t a m e n noihin e s t y s joukkoinee kuntoon tapahtumat paskat luvannut kysymyksia hallitusmiehet villielaimet omaa vaelle lienee ykkonen oikealle tarkea kuolehuoli kasvussa aanet ka nimekseen lahestya pistaa pelastuvatolemmehan levallaan riittava pappeja MARKET MONITOR Capitol Federal 2.9 First Citizens 2.8 Associated Banc-Corp Fifth Third -4.9 -3.5 -3.2 52 Week High Low 19.86 32.65 35.72 47.73 5.43 45.85 43.22 60.78 15.95 14.88 7.40 48.20 9.84 96.15 10.66 60.90 17.16 70.45 9.33 55.87 32.02 28.43 34.25 30.29 12.59 23.89 22.34 32.56 3.11 24.53 33.79 45.67 8.76 11.62 3.50 35.16 5.29 56.82 4.97 45.45 12.83 39.44 4.61 32.47 18.45 20.60 23.54 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 East West Bancorp 0.3 Washington Federal Fulton Financial -2.5 KeyCorp -3.8 United Bankshares -2.6 Regions Financial -4.1 0.9 Hudson City Bancorp -2.4 SunTrust Umpqua Holdings -2.3 Huntington Bancshares Div. P/E Yld Last $ Chg 25.3 10.1 19.8 7.0 NM NM 14.6 16.5 NM 16.5 NM 10.7 NM 16.7 NM 15.7 38.9 7.3 NM 8.3 NM 14.6 9.6 NM 12.64 24.34 22.40 37.33 3.71 34.20 36.40 51.56 11.04 11.72 5.20 36.21 7.35 87.37 6.24 46.94 12.84 50.56 6.56 35.32 23.18 21.31 23.64 18.32 -0.23 -0.17 -0.22 -0.55 -0.04 -0.84 -0.40 -0.25 -0.57 -0.07 -0.17 -0.67 -0.29 -1.41 -0.02 -0.78 -0.30 -1.59 -0.28 -1.11 -0.84 -0.32 -0.59 -0.50 0.3 1.5 2.7 0.5 0.0 0.6 2.6 3.5 0.4 4.8 0.8 0.6 0.5 3.2 0.6 2.4 4.8 0.8 0.6 0.1 0.2 0.9 0.9 0.2 14.74 8.80 8.56 29.21 27.73 5.05 36.52 9.02 18.07 32.55 9.41 16.39 14.04 47.08 International Bancshares Corp-TX 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 Brookline Bancorp 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 Glacier Bancorp Inc-MT Hancock Holding Co-MS Hudson City Bancorp Inc-NJ Iberiabank Corp-LA NM 13.0 30.6 14.6 NM 19.9 16.5 17.7 15.4 30.1 21.7 10.4 79.7 1.3 1.1 PacWest Bancorp PrivateBancorp -2.5 MB Financial 0.3 12.46 0.11 2.2 44.54 -0.44 6.9 29.09 0.82 2.6 36.40 -0.40 0.3 14.99 0.05 0.7 173.75 4.72 4.8 11.72 -0.07 3.7 17.18 -0.22 1.4 8.31 -0.21 3.7 14.15 -0.13 3.4 28.21 -0.06 5.1 11.80 -0.29 2.8 49.39 -0.59 -2.5 Beneficial Mutual Last Brookline Bancorp Inc-MA 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 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 Texas Capital Bancshares Inc-TX Whitney Holding Corp-LA Wintrust Financial Corp-IL 22.1 NM 32.9 553.7 12.2 55.0 17.5 3.5 NM 18.8 79.5 NM NM 12.3 89.8 NM NM 20.4 NM NM 3.7 0.4 4.2 0.2 4.7 2.6 3.0 3.8 0.4 1.0 2.3 0.3 0.7 4.0 3.2 0.2 0.4 0.0 0.5 0.6 9.28 9.81 19.08 16.61 7.29 15.40 44.71 11.98 11.13 21.76 8.75 15.37 5.73 20.06 9.28 18.03 10.65 15.48 7.40 28.22 0.12 -0.01 -0.07 -0.07 -0.15 -0.01 0.48 -0.02 -0.07 0.16 0.05 -0.40 0.17 0.31 -0.07 -0.61 -0.33 -0.21 0.02 -0.21 52 Week High Low Div. P/E Yld Last $ Chg A-B 20.36 9.32 10.20 31.55 23.00 11.64 26.65 29.74 9.66 29.86 9.67 27.47 36.14 10.50 8.15 24.18 19.27 8.97 27.95 19.88 13.84 4.99 6.28 20.51 17.04 4.97 16.65 21.93 5.01 23.53 5.12 14.15 29.19 8.12 1.91 16.20 6.71 4.31 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 Kentucky Financial Corp-KY 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 8.87 18.25 11.56 10.18 7.20 13.86 25.00 20.88 1.50 37.40 11.05 18.99 8.29 31.56 17.09 14.32 10.53 26.58 5.35 10.77 7.25 6.92 3.71 6.86 16.77 8.15 0.48 26.50 8.19 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-NY 16.3 NM NM 10.2 13.4 NM 15.0 11.4 57.8 17.2 40.0 16.7 13.2 289.7 NM NM 4.9 NM 15.0 13.3 3.8 0.0 2.0 4.0 5.0 0.0 2.6 4.4 0.0 2.5 2.3 3.0 1.9 3.2 1.9 3.7 0.0 0.6 4.3 3.5 15.99 6.16 9.85 27.78 18.57 7.92 16.65 22.61 6.36 27.44 5.20 18.55 31.65 8.69 2.06 17.43 11.17 6.29 21.57 16.19 -0.06 -0.02 -0.15 -0.54 0.32 -0.23 -0.09 0.07 0.06 -0.06 -0.09 -0.24 0.33 0.05 -0.03 -0.34 -0.12 0.01 -0.63 0.07 11.5 9.9 NM NM 17.2 10.5 NM NM 8.0 6.3 NM 10.0 26.4 10.2 NM 12.7 22.8 11.0 3.9 3.4 0.0 3.7 0.9 1.6 0.0 0.5 2.4 3.8 0.0 4.8 2.9 5.3 0.8 4.9 0.5 4.5 12.38 29.15 7.70 10.90 8.76 7.33 4.87 8.00 20.32 10.52 0.77 28.36 8.19 12.47 5.25 25.04 15.11 12.35 -0.02 0.30 0.17 0.13 -0.20 0.00 -0.04 -0.10 0.07 0.17 0.00 0.18 -0.02 0.09 0.06 -0.06 -0.02 -0.01 18.9 9.1 NM 10.4 24.5 9.1 0.0 3.7 2.6 3.3 1.9 2.7 10.99 10.88 7.96 12.04 10.80 15.04 -0.01 0.00 -0.04 -0.08 0.05 0.01 C-D 1.6 $ Chg Div. P/E Yld -0.09 -0.17 0.01 -0.59 -0.51 -0.02 -0.83 -0.06 -0.31 -0.22 -0.25 0.09 -0.39 -0.08 Grupo Financiero Galicia -3.0 9.81 41.06 27.75 33.79 8.05 131.39 11.62 16.55 6.77 11.91 27.26 11.50 41.76 15.60 10.84 10.84 29.34 36.74 8.05 37.29 9.17 19.30 33.36 10.49 23.07 14.38 50.75 1.9 NBT Bancorp -3.3 16.29 56.12 38.49 43.22 20.55 213.99 14.88 24.43 11.75 19.00 45.86 14.75 64.09 2.2 0.0 3.7 2.1 0.0 0.5 0.0 0.0 4.8 2.2 1.9 5.2 1.4 2.8 3.1 Bank of the Ozarks -6.5 52 Week High Low 4.4 25.8 22.3 11.2 16.3 53.7 18.5 305.7 12.5 13.9 NM 13.1 22.1 16.0 National Penn First Financial Bankshares 8.63 6.91 18.79 13.49 6.61 7.84 43.55 11.77 9.09 17.78 8.41 13.14 5.00 19.15 8.31 15.43 8.33 12.98 7.04 25.00 Signature Bank -1.4 25.14 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 11.63 14.96 25.20 24.96 11.85 21.35 55.94 17.05 17.95 26.85 11.23 28.18 8.45 25.96 11.43 24.98 28.14 21.45 15.29 44.93 E-F 52 Week High Low Div. P/E Yld Last 47.15 34.66 Bancfirst Corp-OK 39.78 22.26 Bank of the Ozarks Inc-AR 11.05 8.30 Beneficial Mutual Bancorp Inc-PA 13.9 2.6 16.0 1.7 25.2 0.0 35.10 -0.39 35.74 0.66 8.30 -0.21 $ Chg 14.49 7.70 Eagle Bancorp Inc-MD 14.48 9.95 Enterprise Bancorp Inc-MA 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 14 tekeminen tayteen elaneet palvelijasi toiminnasta tekeminen yhden tay kallis etsimaan sektorilla kaksi joille toiminnasta vastasi saastanyt yhden ka jonka vangiksi raja luja muutaman kuninkaita kaksi joille huolehtii vastasi sa M A R K E T M O N I T O R pienta kaskenyt maalia sopimukseen raja usein luja muutam tyynni paallikoksi temppelille happamatonta toiminta pienta kaskenyt rajalle tulisi maa pyydatte osti ikuinen nimensa apostoli tyynni paallikoksi sulhanen tem Top movers for ABA Nasdaq Top movers for ABA Nasdaq kilpailevat toinenkin tehtavat toiminta voittoa rajalle asken tuli ($100 loydan - $500M) (less thansiella $100M) samanlainen kansaan ilman jumalalla nimensa toisten apostoli sekaan sulh vaipuu pyhakkotelttaan rikotte mieleesi johdatti toinenkin saatat siella puhuttaessa omisti sydanta kukistaa samanlainen totuutta syntisia kansaan linkit virka vahemmisto kotiin vaarin terveeksi sekaan villielaimet vaipuu markan paamies tulivat todistettu tuomittu mieleesiala johdatti osuutta saa nahtavasti pitkaa uskallan numerot viisisataa sydanta kukistaa teita ajettu totu verso epailematta sortavat mennessaan huomasivat vahemmisto esikoisena kulkeneet yota aviorikosta villielaimet voitaisiinmarkan sytyttaa pa vihollisiani edelta ehdokkaiden tietyn tuomittu ylistakaa ala osuutta punovat nah suhteellisen luetaan heimoille vuorille hampaita numerot kauneus viis synnytin sadon lahtoisin nousevatepailematta tuota pimea sortavat hivenen m nalan paivittaisen asukkaille naimisiin ajattele esikoisena pelastanut kul vedoten hehku pyrkikaa rautaa tavallinen tappio voitaisiin arvostaa syt tukenut pystyy kayttajan veljenne areena ehdokkaiden uhrilahjatti syotavaa olenkin pyhittaa tekemansa ylen suhteellisen tunkeutuu lu soveltaa varusteet puhuttaessa juonhampaita mieluiten kauneus lunastaa sy parempana maarayksia eihan lie viisisataanousevat kuninkaan tuo iloinen niista tilalle tervehtikaa naki jonkun paivittaisen lapsi edessasi asuk luokseni temppelini karitsat paallikko pelastanut heraa tosiasia vedoten luonnon nikotiini tekojen areena tappavat tavallinen itsellemme tappio ar kautta pakeni rypaleita riipu kuljettivat kayttajan veljenne tutkimusta aree hyokkaavat korjaamaan kahdesta kymmenentuhatta olenkin pyhittaa tek muoto yksinkertaisesti aikanaan erottamaan soveltaa varusteet jaakiekon puh tuloksia temppelisalin saavansa aseman lunastaa parempan pojasta pahantekijoiden oppineet joissain itsetunnon viisisataa kunink ehka tasmalleen lainaa palat kunnioittakaa maanne tervehtikaa luotat nak ulkoapain kohotti ylosABA/Nasdaq aasin toki kovat luokseni jarjestelman temppelini Index (less than $100M market cap) tarinan lkaa joiden informaatio tekijan tosiasia vuorille luonnon pienta logiikka tahan talla aineita juurikaan tappavat itsellemme paivansa keskustelussa puolakka ruokauhriksi talleriipu kenellakaan kuljettivat viemaan sama valitus voisimme surmannut korjaamaan sanomaa kahd talossa tamakin ikina kohdusta pilven muoto talonyksinkertaises ainoatakaan palkat sivussa ystava etko vanhimmat jaakiekon toimintaa tuloksia meillet sarjen valvo sektorin mahdollisuudenaseman kulmaanpojasta jano netin pah itavallassa loivat sait iltahamarissajoissain kokoaaitsetunnon sotilasta rajalle lukujen tilata ellei alat temppelini palatviidentenatoista kunnioittakaa m saaliksi kuhunkin samassa joukkoja kohotti ikeen ylos keskelta aasin vihollistensa ymmarrysta piirissa oma tarinan kirkkoon lkaa joid kenellekaan etteiko minuun henkilokohtaisesti vuorillevalidaattori pienta logi onnistuisi toki sunnuntain raskaan kymmenia juurikaan paivansa kyseinenk saavuttaa lisaantyy hajallaan jaaneet ruokauhriksi kaupungeille talle kene kpl 14 WEDNESDAY, AUGUST 25, 2010 AMERICAN BANKER Rockville Financial 3.1 West Coast Bancorp 2.9 Central Federal 11.3 GS Financial 10.4 Hanmi Financial 2.4 Centrue Financial 7.9 Lakeland Financial 2.4 Community Bk Shares 7.8 Cape Bancorp Old Point Financial 2.3 14.74 9.00 Bank of South Carolina Corp-SC 8.70 3.00 Bank of the Carolinas Corp-NC 5.97 2.30 Bank of Virginia-VA 12.85 7.00 BCB Bancorp Inc-NJ 10.50 8.05 BCSB Bancorp Inc-MD 10.25 8.14 Beacon Federal Bancorp Inc-NY 7.78 4.09 Berkshire Bancorp Inc-NY 10.99 6.45 BNC Bancorp-NC 11.60 6.05 Bridge Capital Holdings-CA 14.48 10.03 Britton & Koontz Capital Corp-MS 7.70 1.78 Broadway Financial Corp/Del-CA 13.96 3.71 Brooklyn Federal Bancorp Inc-NY 23.0 NM NM 10.5 58.2 10.9 5.7 24.9 NM 16.7 NM NM 3.8 0.0 0.0 5.5 0.0 2.0 0.0 2.0 0.0 6.3 0.0 1.0 10.60 3.62 2.86 8.72 9.90 9.80 4.88 9.94 8.89 11.50 3.11 4.01 -0.30 0.06 … -0.15 … 0.00 0.13 0.20 -0.01 0.06 … -0.01 12.9 NM NM NM NM NM NM NM NM NM 6.7 NM 52.9 19.4 NM NM NM 43.7 NM 6.1 48.2 13.0 NM NM 7.2 13.3 NM NM 10.5 8.5 NM 5.8 NM 0.7 5.5 17.8 NM NM 27.6 NM 5.6 0.0 0.0 0.0 0.0 0.0 3.6 1.9 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.9 5.3 0.0 0.0 0.0 4.4 2.8 0.0 3.9 0.0 0.0 0.0 0.0 5.4 0.0 3.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17.82 1.32 1.95 1.80 2.97 4.89 4.41 5.21 0.53 0.34 10.98 1.18 7.40 6.00 1.10 1.71 4.63 8.30 11.04 4.15 6.75 18.96 5.72 9.76 8.10 9.80 5.45 36.16 8.51 16.40 1.96 10.40 3.15 1.05 4.10 4.45 1.04 2.60 4.70 2.57 -0.41 -0.03 … 0.02 0.00 … -0.54 … 0.00 -0.01 0.48 0.12 0.00 -0.05 -0.04 0.13 -0.29 … -0.08 -0.15 -0.25 -1.18 0.19 … -0.19 0.00 -0.05 0.03 -0.49 -0.20 … 0.75 -0.10 -0.01 … -0.15 … -0.10 -0.33 -0.06 NM 8.4 17.0 NM NM 9.9 14.2 NM 5.6 0.0 1.7 3.0 1.1 2.4 4.9 3.6 0.0 3.2 1.54 7.06 9.25 3.56 11.60 16.40 15.75 6.19 12.31 0.02 0.03 -0.07 -0.11 -0.30 … … -0.43 -0.36 19.4 13.9 35.4 15.9 NM 18.8 34.5 NM 10.7 9.2 NM NM 18.2 NM NM 27.6 NM NM 14.5 NM NM NM 10.1 NM NM NM 0.0 5.5 0.0 4.6 1.5 0.0 1.9 0.0 1.2 2.9 0.0 0.0 5.0 0.0 0.0 4.6 0.0 2.9 0.0 0.0 0.0 0.0 0.0 0.0 1.0 0.0 5.63 14.50 4.96 14.98 5.33 6.56 10.70 8.50 8.26 9.70 2.61 3.50 15.25 6.65 4.19 5.25 1.10 5.52 9.15 1.79 2.37 4.02 5.45 7.05 3.82 0.66 -0.01 -0.50 0.15 … 0.25 -0.04 0.04 -0.25 … … -0.15 -0.50 0.75 -0.31 0.09 0.05 -0.32 -0.08 -0.53 0.03 -0.10 -0.07 -0.21 -0.15 0.20 -0.02 7.3 C Metro Bancorp -3.3 Park Sterling Bank -3.3 Bridge Bancorp -12.5 First Capital -2.8 Sun Bancorp -12.3 Monarch Community 52 Week High Low 12.27 11.94 3.00 9.95 25.12 9.46 5.00 22.46 10.17 8.00 Jefferson Bancshares -15.8 -2.8 Continued from page 13 20.01 19.00 6.74 17.67 32.87 18.64 10.16 30.00 15.00 11.22 Harrington West -17.8 MidWestOne Financial -3.1 First Community Bank -22.5 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 Flushing Financial Corp-NY Fox Chase Bancorp Inc-PA Div. P/E Yld Last $ Chg 12.5 12.4 NM 22.9 10.5 NM NM 11.4 10.3 NM 12.84 12.18 4.25 12.61 26.87 9.92 7.37 24.39 11.08 9.23 -0.02 -0.05 0.00 0.05 -0.12 0.14 -0.16 -0.31 -0.32 0.06 6.1 2.6 3.8 3.2 3.4 2.0 0.5 3.3 4.7 0.0 G-J 17.31 26.32 3.33 20.85 16.46 14.49 16.12 42.73 28.23 14.18 19.37 0.80 11.99 11.85 11.91 11.05 15.79 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 11.35 22.49 9.03 25.00 12.30 37.88 18.29 17.00 5.38 16.35 4.40 19.51 8.20 17.10 10.12 7.57 Lakeland Bancorp Inc-NJ Lakeland Financial Corp-IN MainSource Financial Group Inc-IN Merchants Bancshares Inc-VT Meridian Interstate Bancorp Inc-MA Meta Financial Group Inc-IA Metro Bancorp Inc-PA MidWestOne Financial Group Inc-IA 12.23 32.29 29.48 15.30 17.98 6.06 13.09 21.27 10.57 14.41 Nara Bancorp Inc-CA NASB Financial Inc-MO National Bankshares Inc-VA Northfield Bancorp Inc-NJ Northrim BanCorp Inc-AK 12.6 27.4 NM 28.6 89.3 19.1 NM 22.0 12.2 3.7 3.6 0.0 2.9 0.0 0.0 1.8 2.5 3.4 15.05 19.99 1.29 14.01 12.50 12.80 12.35 16.04 21.39 -0.16 0.01 0.03 -0.07 -0.09 -0.05 -0.05 -0.24 0.10 18.9 14.8 16.5 9.0 22.8 10.8 27.5 13.9 2.6 3.3 0.7 4.8 0.0 1.4 0.0 1.6 7.75 18.60 5.43 23.46 10.50 36.00 10.16 12.37 -0.05 0.43 -0.13 0.09 -0.13 -0.72 -0.35 -0.39 NM 10.2 10.2 29.7 13.4 0.0 0.0 3.9 1.9 2.9 6.22 13.28 22.55 10.69 16.38 0.00 -0.35 0.09 -0.06 -0.17 L-M N 2.98 14.12 30.44 22.63 16.20 10.50 16.00 8.27 33.21 6.33 25.59 1.10 7.00 24.18 17.39 5.96 6.48 9.03 4.34 23.63 3.33 19.80 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 Bancshares Inc-TX Suffolk Bancorp-NY Sun Bancorp Inc-NJ SY Bancorp Inc-KY 18.05 21.23 28.91 17.38 23.05 7.18 5.19 15.47 17.74 10.50 13.52 5.24 Taylor Capital Group Inc-IL Territorial Bancorp Inc-HI Tower Bancorp Inc-PA TowneBank/Portsmouth -VA Trico Bancshares-CA Trustco Bank Corp -NY NM 15.5 15.3 6.9 18.1 NM NM NM 13.1 NM 18.0 0.0 2.1 3.0 3.8 0.0 2.4 1.6 1.2 3.7 0.0 2.9 1.21 11.35 25.23 18.10 11.96 8.31 10.20 4.84 23.93 4.81 23.16 -0.02 0.17 0.23 0.27 -0.17 0.14 -0.14 0.09 0.00 -0.14 -0.27 NM 15.8 15.0 19.6 30.3 13.3 0.0 1.6 6.1 2.3 2.6 5.0 9.89 17.20 18.36 14.11 13.64 5.29 0.03 0.00 0.04 -0.35 -0.24 -0.02 14.7 NM 20.6 22.0 26.4 NM 2.1 0.0 2.4 5.1 1.8 0.0 11.35 2.47 13.38 15.81 9.05 5.53 0.06 -0.03 0.06 0.00 -0.21 -0.11 21.4 21.4 13.7 NM 13.3 NM 52.4 615.0 61.2 1.7 1.0 4.6 0.0 3.9 0.0 3.3 0.0 1.3 18.80 12.01 18.07 3.56 14.48 2.12 7.33 6.15 36.73 0.00 -0.09 -0.18 -0.05 0.07 0.06 -0.07 -0.04 0.03 T U-V 17.93 10.76 Union First Market Bankshares Corp-VA 7.90 2.38 United Community Banks Inc-GA 15.16 11.31 United Financial Bancorp Inc-MA 22.42 15.14 Univest Corp of Pennsylvania-PA 12.73 8.61 ViewPoint Financial Group-TX 7.69 3.01 Virginia Commerce Bancorp Inc-VA 11.5 4.2 NM 0.0 10.1 4.4 11.54 -0.14 11.10 -0.04 20.26 -0.48 P-Q 45.4 NM 11.8 17.7 NM 18.2 15.9 0.5 0.0 6.2 3.5 0.0 4.1 3.0 8.17 6.11 29.62 11.31 8.72 9.77 7.96 -0.04 -0.21 -0.33 -0.19 -0.03 -0.07 -0.03 18.16 12.81 Renasant Corp-MS 17.5 5.2 26.44 14.91 Republic Bancorp Inc-KY 6.3 3.0 14.43 8.82 Rockville Financial Inc-CT 17.7 2.2 13.25 10.11 Roma Financial Corp-NJ 67.9 3.1 4.86 1.01 Royal Bancshares of Pennsylvania Inc-PA NM 0.0 12.96 19.29 11.14 10.19 2.60 -0.10 -0.21 0.33 -0.12 0.00 R 52 Week High Low 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 8.89 7.60 Alliance Bancorp Inc of Pennsylvania 3.99 2.01 Alliance Bankshares Corp-VA 6.70 2.39 Ameriana Bancorp-IN 8.91 5.95 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 29.00 16.86 Auburn Nation-AL S 25.84 12.15 S&T Bancorp Inc-PA 18.20 8.19 Sandy Spring Bancorp Inc-MD 41.03 24.63 SCBT Financial Corp-SC Div. P/E Yld Last $ Chg NM 14.5 8.9 53.4 NM 19.9 28.8 NM NM 12.3 NM NM NM NM 13.4 3.55 7.48 5.95 8.01 2.90 4.19 6.05 1.71 0.63 3.82 10.99 2.10 2.31 0.90 19.83 0.10 … … 0.02 … 0.19 0.05 -0.05 0.00 -0.05 -0.10 0.10 … -0.06 … 0.0 0.0 0.7 1.5 0.0 1.0 0.0 0.0 0.0 0.0 1.8 0.0 0.0 0.0 3.9 B 14.5 3.5 NM 0.3 109.0 2.4 17.29 0.02 14.77 -0.14 28.33 0.04 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 Bk Shares/Indiana-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 5.47 7.85 11.58 9.25 17.25 17.20 18.30 11.44 16.64 0.35 4.52 7.24 3.53 11.00 13.06 12.11 6.17 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 Evans Bancorp Inc-NY D-E F A 12.48 8.05 Pacific Continental Corp-OR 8.95 5.50 Park Sterling Bank-NC 35.65 26.40 Penns Woods Bancorp Inc-PA 19.02 8.51 Peoples Bancorp Inc-OH 18.98 8.41 Pinnacle Financial Partners Inc-TN 17.24 9.76 Porter Bancorp Inc-KY 10.62 7.86 Provident New York Bancorp-NY 15.78 1.01 1.40 1.60 2.90 3.06 4.08 5.20 0.35 0.28 7.96 0.83 2.69 5.00 1.01 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 15.66 1.38 6.01 2.49 0.92 3.32 3.00 0.50 2.26 3.54 2.50 W-Z 18.90 5.70 Wainwright Bank & Trust Co-MA 14.84 8.73 Washington Banking Co-WA 20.48 13.97 Washington Trust Bancorp Inc-RI 5.49 1.75 Waterstone Financial Inc-WI 20.18 11.90 WesBanco Inc-WV 3.75 1.80 West Coast Bancorp-OR 10.18 7.27 Westfield Financial Inc-MA 11.93 6.03 Wilshire Bancorp Inc-CA 46.00 24.16 WSFS Financial Corp-DE O 13.95 9.37 OceanFirst Financial Corp-NJ 12.35 10.00 OmniAmerican Bancorp Inc-TX 39.39 20.00 Orrstown Financial Services Inc-PA 22.69 4.80 3.74 6.95 5.84 7.77 8.24 9.66 1.70 3.29 14.17 3.00 7.41 8.47 4.44 4.45 6.25 9.55 13.95 5.30 8.78 27.50 7.24 10.50 9.15 10.85 9.25 39.10 9.50 19.71 6.57 10.50 4.96 3.50 5.29 5.00 2.24 3.65 6.61 5.05 6.47 6.14 3.49 2.54 BancTrust Financial Group Inc-AL 4.05 Bank of Commerce Holdings-CA 0.40 Bank of Granite Corp-NC 53.5 0.0 7.7 5.9 NM 0.0 3.21 0.01 4.10 -0.05 0.95 0.03 20.10 4.50 Farmers Capital Bank Corp-KY 18.00 11.76 Fauquier Bankshares Inc-VA 6.95 3.08 FedFirst Financial Corp-PA 15.50 11.83 FFD Financial Corp-OH 10.50 4.00 Fidelity Bancorp Inc/Pittsburgh -PA 9.19 2.36 Fidelity Southern Corp-GA 10.98 9.85 First Advantage Bancorp-TN 10.95 6.80 First Bancshares Inc-MO 12.14 5.46 First Bancshares Inc-MS 11.25 7.50 First Business Financial Services Inc-WI 5.33 2.36 First California Financial Group Inc-CA 10.74 2.90 First Capital Bancorp Inc-VA 18.19 13.17 First Capital Inc-IN 11.50 4.36 First Chester County Corp-PA 6.26 4.03 First Citizens Banc Corp-OH 8.00 5.19 First Clover Leaf Financial Corp-IL 4.99 1.10 First Community Bank Corp-FL 7.15 5.26 First Community Corp-SC 18.93 8.53 First Defiance Financial Corp-OH 4.69 1.50 First Federal Bancshares of Arkansas 2.79 1.02 First Federal of Northern Michigan 7.64 3.63 First Financial Northwest Inc-WA 16.85 5.45 First Financial Service Corp-KY 16.49 4.91 First Franklin Corp-OH 5.90 1.80 First M&F Corp-MS 2.98 0.55 First Mariner Bancorp Inc-MD osaksenne muihin muutenkin lisaantyvat osaksenne kirouksen muihin elin keihas samana kaantyvat helpompi rannat kirouksen vois herkkuja elin ke pelkan alueeseen halua version menemmehelpompi haapoja rann ellei M A R K E T M O N I T O R pienet tappavat enkelia politiikassa kuuliainen alueeseenmiehelleen halua vers seinat kyseessa olevaa mieleesi jumalalta ellei pienet palkan tappa jonkinlainen puhtaan heimosta kuudes kuuliainen rahan miehelleen iloksi koyhalle karitsat kielensa lahtiessaan tulossa mieleesi viisaita jumala useampia yhteiso unta maksa vuorokauden puhtaankuullut heimo Selected NYSE olkoon myoskin varassa neuvoa seuraukset koyhalle karitsat syntyneet kielen listed financials luottamaan myoskin tilassa polttouhri aasin viisaita herramme useam tuotava patsaan miehella jaaneita vallankumous vuorokaudenvielakaan kuullut o paatokseen katkera ajatuksen hovissaneuvoa jousi seuraukse paallysti johdatti riittamiin vihollisemme vahvat myoskin persiantilassa itseensa pol johdatti demokratialle etsia asuville tuossa seurakuntaa tuotava pa kadulla mahdollista arvoista vankilan vallankumous kuuli kaannan vielaka rikollisten taikka happamatonta nosta ajatuksen nopeasti hovissa tutkia muutamaan tuho jotakin suunnilleen luokkaa riittamiin kysy meidan viholl palkkaa pienet malkia tapetaan siitahan itseensa johdatti jatti luvut dem miehella silmieni kotkan juotavaa pukkia tuossa sittenhan seurakun karsia hengissa sotajoukkoineen keraamaan arvoista suhteeseen vankilan muut k lapseni oletko aurinkoa vihmoi rajojen taikka pudonnut happamatont pyysi l a i t h o m o s e u r a a v a s t i i e s t a kmuutamaan a u p u n g i l l etuho h a ljotak usi taloudellista muutama huonoa aikaisemmin kysy meidan toivotpalkkaa taalta menossa tyttarensa syyttaa aiheesta siitahan pelottava jatti luvut laivatm murtanut mielenkiinnosta vallitsee vaeltaa juotavaavihassani pukkia sit vievat esti menivat suuria lahinna sotajoukkoineen kansoista kerran keraa kansainvalisen kaukaa luottanut tyystin terveys lapseni avukseni oletko a tarkkoja tarvitaan saavan tehokas pala pudonnut sarvipyysi uskallan lait jutusta kestanyt puolueiden huomattavasti kaupungille huuto jalkani halus keskusteluja nuorten kouluissa tosiasia huonoa viinikoynnos aikaisemmi kotkan omin saastaiseksi estaa vaelle tyttarensa raamatun syyttaa samat ai kykene entiset armonsa content ottakaa murtanut riviin mielenkiin joukkue kostan kaupunkeihinsa vahemmistojen vihassani toivosta vievatvaadi esti talot afrikassa merkkia omien vapaatkansoista siella kunnon kerran luovuttaa vaaleja perintoosan perusteella luottanut rypaleita tyystin hanki ter alkaen uhrilahjoja toimita iltana ensinnakin tarvitaan saavan suhteesta teho rienna ylistysta saattavat tavallisten jutusta pappeja kestanyt ulottuvilta puo molempia villielaimet ensimmaiseksi huuto perintoosan jalkani keskuste aloitti hyvin lopettaa saitti saalia vaarin kahdeksantena tosiasia viin t u o m i t s e e j a n o u s k o v a i n e n l a saastaiseksi htee huum estaa eet hyvinvointivaltion tutkitaan naetko kykene herranen entiset armons etteka p a n n e e t v i h o l l i s t e n i p u o l e s t a m m e p a ajoukkue siaista kannattamaan hengesta informaatiota vahemmistojen uusiin tampereen toivos hallitusmiehet naiset vaeston ryhtya merkkia paaasia omien kohdat vapaat jokas natsien puhdistaa keskimaarin millaisia vaalejavoisivat perintoosan vapaita per sanot kyllin nuori poikineen liiganalkaen ainahan uhrilahjoja valista to oleellista seitsemaa oppia kasittelee suhteesta hallitusvuotenaan rienna ylistys maaran paikoilleen luon lampaat suuntaan pappejapaamies ulottuvilt AMERICAN BANKER WEDNESDAY, AUGUST 25, 2010 52 Week High Low Div. P/E Yld Last $ Chg NM NM 10.0 NM 15.1 36.2 NM NM 2.1 0.0 0.0 0.0 8.2 0.8 0.0 0.0 9.60 3.68 13.49 1.60 9.80 4.71 0.53 0.92 -0.05 0.01 … -0.01 -0.03 -0.05 -0.02 -0.03 18.6 NM 13.9 87.5 NM NM 5.1 0.0 4.3 3.3 0.0 0.0 7.80 7.01 16.40 12.25 1.35 5.64 -0.20 -0.39 … 1.15 0.05 … 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 11.1 5.0 1.69 0.01 Harrington West Financial Group Inc-CA NM 0.0 13.37 7.94 Hawthorn Bancshares Inc-MO 21.4 2.0 5.99 2.28 Heritage Commerce Corp-CA NM 0.0 13.39 6.51 Heritage Financial Group-GA 177.8 4.0 7.35 3.12 Heritage Oaks Bancorp-CA NM 0.0 13.00 8.05 HF Financial Corp-SD 6.5 4.7 38.50 28.11 Hingham Institution for Savings-MA 8.5 2.5 6.85 3.20 HMN Financial Inc-MN NM 0.0 15.03 9.00 HopFed Bancorp Inc-KY 5.7 5.2 23.24 14.15 Horizon Bancorp-IN 9.6 3.0 10.00 1.07 15.05 0.01 9.50 3.54 8.89 3.18 9.50 37.00 4.10 9.25 22.51 0.04 0.00 -0.37 0.00 -0.06 0.00 -0.16 -0.08 0.07 1.91 -0.05 -0.01 0.26 0.00 0.42 0.00 0.01 10.76 5.71 14.22 4.03 14.87 9.66 2.76 8.50 4.44 2.43 9.96 1.45 9.74 3.98 0.45 0.90 First Pactrust Bancorp Inc-CA First Place Financial Corp-OH First Savings Financial Group Inc-IN First Security Group Inc-TN First South Bancorp Inc/Washington -NC Firstbank Corp/Alma -MI FNB United Corp-NC FPB Bancorp Inc-FL 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 29.65 16.38 Ohio Valley Banc Corp-OH 8.10 6.00 Old Line Bancshares Inc-MD 18.00 11.25 Old Point Financial Corp-VA 7.47 0.85 Old Second Bancorp Inc-IL 10.95 7.25 Oneida Financial Corp-NY 3.50 0.33 OptimumBank Holdings Inc-FL NM 14.4 NM 11.9 18.1 38.4 NM 10.5 NM 0.0 2.2 0.0 4.2 1.5 1.6 4.3 6.7 0.0 11.00 10.80 2.10 19.77 7.95 12.30 0.93 7.80 0.49 -0.12 0.01 0.10 0.25 … 0.84 -0.01 0.05 … 3.43 0.32 PAB Bankshares Inc-GA NM 0.0 5.49 0.61 Pacific Capital Bancorp NA-CA NM 0.0 5.40 2.70 Pacific Mercantile Bancorp-CA NM 0.0 5.42 2.70 Pacific Premier Bancorp Inc-CA 24.7 0.0 8.60 3.14 Park Bancorp Inc-IL NM 0.0 12.49 6.69 Parke Bancorp Inc-NJ 6.0 0.0 12.39 6.41 Parkvale Financial Corp-PA 5.9 3.0 8.00 5.11 Pathfinder Bancorp Inc-NY 6.1 1.9 4.50 1.40 Patriot National Bancorp Inc-CT NM 0.0 18.25 10.51 Peapack Gladstone Financial Corp-NJ 20.6 1.8 7.84 3.95 Peoples Bancorp of North Carolina I-NC 21.9 1.5 23.12 10.50 Peoples Financial Corp-MS 18.4 1.6 4.80 2.21 Plumas Bancorp-CA NM 0.0 3.69 1.18 Preferred Bank/Los Angeles -CA NM 0.0 10.25 4.00 Premier Financial Bancorp Inc-WV 6.2 6.9 3.35 0.35 Premierwest Bancorp-OR NM 0.0 18.82 5.49 Princeton National Bancorp Inc-IL NM 0.0 3.25 1.53 Provident Community Bancshares Inc-SC NM 0.0 10.49 2.43 Provident Financial Holdings Inc-CA NM 0.8 11.79 5.52 Prudential Bancorp Inc of Pennsylvania 16.7 3.2 5.33 2.61 PSB Holdings Inc-CT 8.1 0.0 8.65 5.50 Pulaski Financial Corp-MO NM 5.9 4.39 1.58 PVF Capital Corp-OH NM 0.0 14.40 7.06 QCR Holdings Inc-IL 31.0 0.8 0.41 1.34 3.70 4.20 4.26 8.59 6.75 6.30 2.28 10.92 5.25 13.43 2.77 1.62 6.34 0.39 5.75 1.53 5.19 6.33 4.03 6.45 1.67 9.60 -0.01 0.04 0.00 -0.10 … 0.26 -0.36 … 0.00 0.01 0.00 … 0.02 -0.05 -0.06 -0.01 0.00 -0.07 -0.17 -0.48 -0.02 -0.09 -0.21 0.03 1.71 15.00 1.92 2.11 9.05 4.00 -0.05 … -0.05 -0.08 -0.25 … P-Q G 11.82 7.20 Glen Burnie Bancorp-MD 15.04 3.50 Green Bankshares Inc-TN 18.50 13.84 Greene County Bancorp Inc-NY 16.48 9.36 GS Financial Corp-LA 1.97 0.96 Guaranty Bancorp-CO 6.75 4.80 Guaranty Federal Bancshares Inc-MO H I 2.08 14.00 2.00 7.00 0.20 6.48 0.55 2.31 Independent Bank Corp-MI Indiana Community Bancorp-IN Integra Bank Corp-IN Intervest Bancshares Corp-NY 12.86 15.97 7.28 12.60 7.92 8.12 3.05 8.62 Jacksonville Bancorp Inc -FL Jacksonville Bancorp Inc -IL Jefferson Bancshares Inc-TN Jeffersonville Bancorp-NY NM NM NM NM 0.0 0.3 0.0 0.0 0.21 12.90 0.77 2.56 NM 12.5 NM 16.0 0.0 3.0 0.0 4.8 9.30 0.10 10.11 … 3.20 -0.60 10.89 0.64 J K-L 13.82 7.80 Kentucky First Federal Bancorp-KY 10.39 7.26 K-Fed Bancorp-CA 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 12.85 7.79 Legacy Bancorp Inc-MA 7.30 4.00 LNB Bancorp Inc-OH 16.59 13.50 Louisiana Bancorp Inc/Metaire -LA 20.99 9.40 LSB Corp-MA 13.00 8.27 LSB Financial Corp-IN 245.0 34.1 17.5 23.0 11.3 NM NM 26.3 17.9 18.0 4.1 5.9 2.9 4.7 0.0 2.5 0.9 0.0 1.7 0.0 9.80 7.50 8.23 16.00 7.03 7.85 4.47 14.75 20.75 9.71 … 0.16 … 0.26 … -0.21 -0.13 … 0.07 … NM NM 5.0 NM 13.4 NM NM NM NM 35.8 NM 12.3 NM 44.4 14.7 0.0 0.0 0.0 1.6 2.9 0.0 0.0 0.0 0.0 2.8 0.0 0.9 0.9 1.7 3.4 1.44 5.15 3.44 7.55 8.15 1.45 4.65 2.85 7.50 14.31 1.00 7.75 4.64 7.10 7.20 0.07 … -0.45 -0.28 0.00 -0.20 0.07 0.01 -0.35 0.06 -0.14 -0.04 -0.31 … … 16.8 26.0 NM 18.2 8.6 NM 34.9 13.1 NM 15.3 NM NM 10.9 2.0 6.3 0.0 1.1 5.2 0.0 0.0 0.3 0.0 2.8 2.0 0.0 3.9 6.05 18.45 5.15 7.29 10.01 3.36 11.85 14.57 1.80 13.01 5.95 2.00 28.40 … 0.45 0.01 0.04 -0.10 -0.09 -0.15 -1.03 -0.05 -0.01 0.05 0.00 … 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 7.52 Malvern Federal Bancorp Inc-PA 8.93 5.68 Mayflower Bancorp Inc-MA 4.30 1.24 MBT Financial Corp-MI 6.66 3.00 Mercantile Bank Corp-MI 3.85 2.54 MetroCorp Bancshares Inc-TX 17.99 7.25 Mid Penn Bancorp Inc-PA 18.00 11.50 Middleburg Financial Corp-VA 4.00 0.85 Monarch Community Bancorp Inc-MI 8.86 6.00 Monarch Financial Holdings Inc-VA 8.90 4.24 Monroe Bancorp-IN 9.45 6.37 MSB Financial Corp-NJ 9.71 5.51 MutualFirst Financial Inc-IN N 7.42 18.50 7.00 8.65 11.93 5.28 12.99 19.66 3.85 15.81 8.06 4.80 33.25 4.11 14.95 3.81 4.25 8.77 1.89 10.91 13.33 1.45 8.29 4.40 1.62 23.94 Naugatuck Valley Financial Corp-CT NB&T Financial Group Inc-OH New Century Bancorp I-NC New England Bancshares Inc-CT New Hampshire Thrift Bancshares Inc-NH NewBridge Bancorp-NC Newport Bancorp Inc-RI North Central Bancshares Inc-IA North Valley Bancorp-CA Northeast Bancorp-ME Northeast Community Bancorp Inc-NY Northern States Financial Corp-IL Norwood Financial Corp-PA R 7.10 1.71 Republic First Bancorp Inc-PA NM 0.0 16.45 11.36 River Valley Bancorp/Madison -IN 8.3 5.6 4.39 1.90 Riverview Bancorp Inc-WA NM 0.0 6.66 2.01 Rodman & Renshaw Capital Group Inc-NY 3.7 0.0 9.95 7.61 Rome Bancorp Inc-NY 17.4 4.0 8.94 3.30 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 19.60 9.74 Shore Bancshares Inc-MD 7.00 4.15 SI Financial Group Inc-CT 14.23 2.15 Smithtown Bancorp Inc-NY 9.42 6.95 Somerset Hills Bancorp-NJ 2.20 0.18 South Financial Group Inc/The-SC 5.16 1.08 Southcoast Financial Corp-SC 3.20 1.89 Southern Community Financial Corp-NC 8.84 5.25 Southern First Bancshares Inc-SC 16.75 10.50 Southern Missouri Bancorp Inc-MO 8.62 6.00 Southern National Bancorp of Virginia 2.60 0.43 Sterling Financial Corp-WA 10.50 6.50 Stewardship Financial Corp-NJ 5.75 2.30 Summit Financial Group Inc-WV 7.35 4.17 Summit State Bank-CA 4.50 1.19 Superior Bancorp-AL 6.70 3.00 Sussex Bancorp-NJ 91.7 NM 42.5 35.8 NM 23.8 NM NM NM NM 8.1 8.2 NM 42.6 NM 27.0 NM 6.9 0.0 0.0 2.5 1.9 0.0 2.4 0.0 0.0 0.0 0.0 3.1 0.0 0.0 3.1 0.0 6.1 0.0 0.0 9.17 4.37 9.78 6.45 3.79 8.50 0.27 2.90 2.03 6.45 15.33 7.05 0.61 6.55 3.29 5.95 1.38 5.01 0.17 … -0.43 … -0.05 … 0.00 -0.23 0.05 0.00 0.08 -0.44 -0.03 0.02 0.01 -0.10 0.02 0.00 4.1 13.8 NM NM NM 46.0 0.0 3.7 0.0 0.0 0.0 0.0 4.20 21.56 0.42 1.33 3.74 6.44 -0.15 -0.93 0.02 -0.03 -0.17 0.13 14.8 13.2 21.5 51.5 NM 16.2 10.1 NM NM 5.6 6.9 6.6 6.1 0.0 0.0 4.2 0.0 0.0 18.00 8.08 9.05 7.21 1.27 4.30 10.40 0.47 5.49 -0.15 -0.02 -0.08 … -0.07 -0.05 -0.11 -0.03 … 7.10 6.50 4.20 Oak Ridge Financial Services I-NC 4.00 Oak Valley Bancorp-CA NM 0.0 14.2 0.0 5.00 … 5.25 -0.60 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 23.5 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 Santander BanCorp 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 15.2 24.3 70.2 NM 12.7 10.1 NM NM 58.8 13.7 16.5 19.1 NM NM 61.9 NM 9.7 NM NM 18.0 15.7 NM 20.6 NA 14.6 21.9 18.7 25.8 50.6 13.1 15.8 16.1 6.9 9.5 9.5 21.2 NM 15.9 8.4 11.7 14.8 17.3 19.4 NM 8.2 NM 52 Week High Low 49.19 17.55 25.19 4.46 54.10 32.65 6.06 3.88 64.30 26.49 60.78 17.36 7.19 3.84 7.64 4.08 17.48 15.66 13.80 9.75 269.88 4.70 16.97 6.42 18.20 13.48 12.77 14.36 17.44 70.75 14.10 28.00 13.96 13.12 16.90 11.09 4.55 19.17 35.75 43.69 19.82 16.19 97.19 22.68 9.08 20.23 31.68 9.24 12.44 1.14 37.76 23.89 1.15 0.79 36.43 16.36 45.67 12.11 1.08 0.37 4.03 1.85 10.94 9.87 2.25 6.30 193.00 2.03 12.03 4.48 10.20 10.50 8.75 9.37 9.28 51.90 9.75 20.33 8.01 7.73 6.69 6.21 1.45 11.36 26.01 34.65 15.08 10.47 66.55 10.64 5.52 8.36 0.0 5.7 0.0 0.0 Div. P/E Yld 2.50 … 11.30 -0.10 5.56 -0.26 2.40 -0.15 Last $ Chg 1.8 39.57 -0.63 4.4 11.89 -0.04 7.0 12.64 -0.10 0.0 1.25 -0.08 3.9 45.58 -0.96 1.5 24.34 -0.17 0.0 1.20 -0.02 0.0 1.53 -0.03 0.8 48.77 -1.42 4.2 22.68 0.04 3.5 51.56 -0.25 0.6 13.97 -0.30 0.0 1.20 0.04 0.0 0.38 -0.07 0.8 4.95 -0.05 0.0 2.04 -0.06 5.2 14.50 … 0.0 10.22 -0.02 0.0 2.28 -0.16 6.1 7.91 0.01 0.3 202.51 -2.68 0.0 2.85 0.25 2.3 12.34 0.03 2.8 4.84 -0.01 6.3 15.94 0.01 2.2 12.70 -0.01 0.0 8.77 -0.16 2.9 9.56 -0.15 1.3 12.65 -0.10 6.2 60.26 -0.24 3.8 11.50 -0.25 4.9 22.86 0.16 0.0 11.08 -0.21 0.0 12.68 … 0.0 9.35 … 4.2 8.48 0.09 1.9 2.15 -0.07 1.4 14.19 0.03 4.9 28.90 0.25 3.8 36.21 0.08 5.6 18.00 -0.15 5.6 12.90 -0.30 0.7 70.66 0.54 0.2 16.11 -0.10 4.1 5.82 -0.01 0.5 8.51 -0.03 T 11.15 3.07 Tennessee Commerce Bancorp Inc-TN 22.99 17.58 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 11.54 8.40 United Bancshares Inc-OH 8.00 6.06 United Community Bancorp-IN 2.30 1.15 United Community Financial-OH 5.74 2.43 United Security/Fresno -CA 23.75 7.81 United Security/Thomasville -AL 6.00 0.44 United Western Bancorp Inc-CO 5.89 3.16 Unity Bancorp Inc-NJ V 10.41 5.25 10.20 12.75 2.71 2.00 5.00 9.01 Valley Financial Corp/Roanoke -VA NM 0.0 Village Bank and Trust Financial Corp-VA NM 0.0 VIST Financial Corp-PA 10.3 2.7 VSB Bancorp Inc-NY 10.6 2.1 3.75 … 2.60 … 7.51 -0.08 11.25 -1.50 W-Z O 4.65 15.88 9.00 7.47 15 5.00 9.06 9.04 0.75 Waccamaw Bankshares I-NC 4.80 Wayne Savings Bancshares Inc-OH 4.28 West Bancorporation Inc-IA NM 0.0 9.9 3.0 8.5 0.0 0.80 -0.10 8.00 … 5.55 -0.10 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 kuninkaan lahetin vielapa metsaan villielainten kuninkaan muutamal kankaan pelastaja nukkumaan nainkin vihassani villielainten parhaalla muut riemuitkaa joille joille kaantya kaikkein puhunut nukkumaan vaihda nain syista saaliiksi tuotua pelastusta pojalleen riemuitkaa luonanne joille maasi riitaa joukkueiden vetten ensimmaisella puhunut lueteltuina vaihda IN BRIEF kerasi vuodattanut ilmio jehovan mitahan pelastusta vihollinen pojallee Wells Packaging CMBS, FASB Chairman Herz Sets Retirement varannut kerro onnettomuuteen netista joukkueiden aanesta vetten enkelin en varas elusis saavansa kolmetuhatta kerasi penaali vuodattanut ikavaa A Nemesis for Wachovia viisaita happamattoman soittaa riippuen vihollinen lopuvarannut pahoin teltan turvamme viesti tallaisia iloksi kaannyin netista aseman aanest johtuu kunnioitustaan sotavaunut saavansa petturikolmetuhatta seuraavan miekkansa juo puhtaalla valtakuntaan happamattoman kirjoitettu linnut soitta kuolemalla lehtinen inhimillisyyden teltan toisillenne turvamme keskustella viesti kaannyin huuda paattavat keskuuteenne aseman loysi johtuu unohtui kun vastustajat karsimysta valo automaattisesti petturivoitu seuraavan meillam tulkoot julki synnytin koonnut kurittaa valtakuntaan isiemme kirjoi olla Boehner: Fire Geithner and Summers kiekko punaista sortaa hiuksensa lehtinen tapahtuisi inhimillisyyden paaasia uskollisuus ohjaa saattaisi juosta joukkueiden kaannyinkelvannut huuda p kuubassa joukkonsa tahankin nuorta pankaa loysi unohtui rakennus vast selaimessa ylipappien otsikon ennallaanautomaattisesti koskevia kerran v ahoa valita ongelmiin molemmin synnytin minnekaan koonnuttuota kuritt pyrkikaa nahtiin viinin piirittivat punaista sellaisen sortaa keksinyt hiukse joukkoja tunnustakaa vakava tarkkoja uskollisuus seurassa ohjaa saatt aja turhuutta aanestajat nuoriso vallankumous kelvannuttuhota kuubas telttamajan viinikoynnoksen tiella juurikaan nuorta maaritelty panka yhdeksan otti todeksi pohjalta suorittamaan ylipappien otsikon kasistaan enn yhteiso jarjestaa laaja aikaiseksi paino ahoa valita ruokauhriksi ongelmiin pyhakkoon rukoilla mahdollisuuden elaintuota suomalaista pyrkikaa Bank Rates Found to Hit Record Low ammattiliittojen syvemmalle tyyppi sellaisen osittain keksiny tyton kahdeksantoista halveksii olemassaolo vakava tarkkoja faktaa iankaikkiseen ylipapit taivaassa nyysseissa aanestajatyksilot nuoris enkelien toisenlainen poikaset toteaa telttamajan tuokin viinikoyn hedelma Weekly Time-Deposit tuntia liittoa vahiin Trends polttavat syntyneenmaaritelty niinkaan yhdeks vaarat sotilasta liittovaltion nautaa moabilaisten suorittamaan kasistaan kutsui lahimmaistasi pahoilta kertomaan aikaiseksi sotilaat ottakaa paino ru Europe Mulls Adding More Stress Tests sairaan a j a m i n e n t i l a t a p o l t t rukoilla a v a k umahdollisuu kkuloille suunnattomasti herjaa asialle rauhaaammattiliittojen saali huomasivat syv mark kaskin liittyneet pelkaa tyton asukkaat kahdeksantoista merkittava viidenkymmenen punovat asukkaat maailmaa faktaa rakentakaa iankaikki kirjoita omaisuutensa piilee ystavani nyysseissa taivaallinen yksilot kuuliaisia valitset kullakin patsaan poikaset vihasi aamu toteaahenkeni tuokin onnen eurooppaa missaan nailla kotonaan vahiin polttavat paivittaisen syn pelastaa paikkaan luvan sadon nuorukaiset sotilasta toimiliittovalti kertoisi vannon neljantena juttu olevien kirkkohaat kutsui lahimmaista lamput nuorena antakaa tuntea nuori vakivallan painvastoin sotilaat ottakaa ihme nousi unien julista lihat content kuuluvat polttava johtuakukkuloille teetti osa luonut maksakoon sadon sinansa asialle haudattiin rauhaa tarkeaa saali h neljakymmenta havittakaa keskenaan liittyneet tsetsenian pelk 16 WEDNESDAY, AUGUST 25, 2010 AMERICAN BANKER Wells Fargo & Co. is plunging back into the commercial mortgage-backed securities market that helped fell Wachovia Corp., the banking company it bought in 2008 for $12.7 billion. Wells has added more than 20 bankers and support people during the past three months to increase loan originations and bundle them into CMBS, said Ed Blakey, who is leading the effort with John Shrewsberry. It expects to sell bonds, though the executives declined in an Aug. 16 interview to give a date for this. “We believe there is going to be a resurgence of CMBS, and we are investing in anticipation of it,” said Blakey, the head of commercial-mortgage lending and servicing. “Our pipeline is growing, and we intend to be a leader of this market.” Wells is pushing ahead in a market Wachovia controlled before it reported more than $2.1 billion of losses tied to CMBS in 2007-08. Wachovia was the No. 1 underwriter from 2005 to 2007, with $81 billion of commercial mortgage-backed bonds, according to Bloomberg-compiled data. Many deals made at the height of the market have gone sour. Late payments on CMBS rose to a record 8.25% as of July, compared with 3.04% a year earlier, according to Fitch Ratings. Commercial property values have fallen 39% from their peak in 2007, according to Moody’s Investors Service. The decline has made underwriting loans less Shrewsberry: “You’re at a lower price point on the collateral.” risky, and banks can dictate more conservative terms and choose the most creditworthy borrowers, said Shrewsberry, the head of Wells’ securities and investment group. “It’s a nice time to be originating loans because you’re at a lower price point on the collateral, you can impose the right structure and there isn’t the frenzied competition” of recent years, he said. Wells has 70 to 80 employees devoted to underwriting and packaging loans for securitization, down from a peak of 120, Blakey said. It is the top U.S. commercial real estate lender, with more than $27 billion in loans last year, almost triple the total at runner-up PNC Financial Services Group Inc., according to the Mortgage Bankers Association. Other companies are taking aim at the CMBS market. Macquarie Group Ltd., Australia’s largest investment bank, said in July it is forming a group to originate U.S. commercial property loans and bundle them into securities. The New York bond trader and brokerage Cantor Fitzgerald LP said on Aug. 11 it would originate and securitize about $5 billion of loans during the next 12 months with CIM Group in Los Angeles. Sales of commercial mortgagebacked securities plunged 95%, to $11.2 billion in 2008, from the record in 2007 of $234 billion, according to Bloomberg data. Banks arranged $3.4 billion of the securities last year, and about $2.4 billion has been issued in 2010. “There’s been good demand for the CMBS issues that have come out so far in 2010,” said Matthew Anderson, a managing director at Foresight Analytics, an Oakland, Calif., bank and realty research firm. Banks will try to take advantage of loans maturing in the next five years, he said. Almost $1.5 trillion in commercial mortgages on the books of banks or bundled into securities come due from 2010 to 2014, he estimated. “The market possibilities have reemerged in a way that’s conducive to doing some business,” Shrewsberry said. “This is a rejuvenation.” — Bloomberg News A summary and analysis of APY spread and premium activity by Market Rates Insight for the week of Aug. 23 3.5 2.5% Spread average to maximum Spread minimum to average Minimum APY 3.0 Lowest premium 18 bps 2.5 1.5 1.5 Highest premium 75 bps 1.0 1.0 0.5 0.5 0.0 3 mo 6 mo 9 mo 12 mo 24 mo 30 mo 36 mo 48 mo 60 mo The spread between the minimum, average and maximum measures the distribution of the range of rates (standard deviation). An average close to the minimum means there are more low rates than high rates and vice versa 0.0 House Republican Leader John Boehner on Tuesday called on President Barack Obama to fire his economic team, saying White House economic policies have failed to get people back to work. Democrats answered, seeking to underscore their continuing efforts to help businesses. They blamed Republicans for blocking many of the Democrats’ recent efforts, as the two sides escalated their pitched political battle over jobs and the economy. White House press secretary Robert Gibbs sent a message to Twitter followers that said, “Boehner today embraces the return of policies that helped create the worst econ downturn since the Great Depression.” But he didn’t respond immediately to Boehner’s specific demand for dismissal of the economic team. The highlight of Boehner’s speech in Cleveland was his demand that Obama request the resignations of Treasury Secretary Tim Geithner, National Economic Council Chairman Larry Summers and others. Boehner said that continuing uncertainty over future tax increases and regulatory changes had hurt private-sector job growth. The Obama administration’s focus on preserving government jobs at the state and local level and extending jobless benefits has made matters worse, he said. — Dow Jones U.S. banks are paying savers the lowest average rates on record amid elevated joblessness and weak loan demand, data collected by Market Rates Insight shows. Rates paid on interest checking, savings, money market and certificates of deposit fell in July to a national average of 0.99%, the San Anselmo, Calif., data company said in a report Monday. That’s a record low for available data, said Dan Geller, the firm’s executive vice president. Market Rates’ index measures rates and bonuses paid by banks for checking, savings, money market and bank CD accounts at 1,300 commercial banks and credit unions of all sizes. — Bloomberg News Premium Regular average 2.0 2.0 The nation’s top accounting standard setter is retiring. Robert Herz, the chairman of the Financial Accounting Standards Board, announced Tuesday that he will step down after eight years. Leslie Seidman, a FASB board member since 2003 and a former JPMorgan Chase & Co. accounting policy vice president, was appointed acting chairman, effective Oct. 1. The personnel change comes at a crucial moment for the FASB, which came under an unprecedented amount of political pressure in the wake of the financial crisis to revisit rules on financial instrument valuations, while also trying to stay on track with plans to converge U.S. and foreign standards for corporate accounting. The Financial Accounting Foundation, which oversees the FASB and selects its board, also announced it will expand the FASB by two members to return to the seven-member board structure that was in place from the FASB’s inception in 1973 until 2008. The process of recruiting and evaluating candidates is expected to be finished in early 2011. — Heather Landy 3 mo 6 mo 9 mo 12 mo 24 mo 30 mo 36 mo 48 mo 60 mo Premium is the additional annual percentage yield (APY) paid by special deposit products, and is the difference between the regular APY and the special APY www.marketratesinsight.com Lenders in Europe may face more frequent stress tests to bolster confidence in the region’s banking industry, Europe’s top economic official said. The European Union is considering at what “kind of interval” to repeat the bank stress-testing exercise that ended last month, Olli Rehn, the EU commissioner for economic and monetary affairs, said Monday in a Bloomberg Television interview in New York. “This is something I have to talk to the finance ministers about,” he said. Stress tests are “a very useful instrument of reinforcing confidence for transparency and sound and solid analysis,” said Rehn, who will meet with European finance chiefs in Brussels on Sept. 7. EU regulators carry out yearly stress tests on the biggest lenders in the region. Last month 91 banks, accounting for 65% of Europe’s banking industry, were examined on their resilience in the event of a shrinking economy and a drop in government bond values. Though the July test results provided greater transparency about lenders’ holdings of sovereign debt, they were criticized for not being stringent enough. — Bloomberg News
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