DOCSLIB.ORG

The Chelsea Standard

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

^mmtmwv^i> ^W^P^ ^W^W^-^" nppwpwwwp«f*wp^y^" •WH'MWA'^ ;••• V':- ': ;«•;'*.!< &<^-.¾ •••.•••.•.••' .( v- ,¾¾^) !•••. • • ,,'•• "• < • -..?!">•(••••/''• f WEATHER / Min. Mas Pr*«lt>. QUOTE, V'p^no^^ay, N0VI g 43 44 Trare Thursday, Nov. 7 ., 32 55 0.00 '•If wp had no faults, we should •Frlrtflv, Nov. § ....,,.,.. •'« PA , n no not take so much pleasure in Saturday, Nov. 9 .....29 60 0.00 Simufcy, 'Nov. jo ,,,,...., 4« b'i (i.oo noting those of others." Moncl&y, Nov. 11 ,.46 51 0,15 • —La Rochefoucald. Tuesday, Nov. la ,.,.«....34 49 Tiuce By H.K.L, ONE HUN0JIED.FIFTH YEAI{~No.'22 14 Pages This Week 1¾¾ SUBSCRIPTION: $6.00 PER YEAR * Held TFitn Loss to Jackson IVorikwest A reasonably bright over-all sea­ that consumed 78 yards in 12 plays Northwest's second half perfor­ son for Chelsea's varsity gridders before Northwest recovered a Chel­ mances was almost totally Buksar. In Slaying of came to a gloomy finale on the sea fumble on the 15-yard line. He ran five yards for a touch­ horhe field Friday night when the From that point, the game down to open the half, then kicked Bulldogs were roundly trounced turned to Northwest, which came his own extra point, before Brian by a rampaging Jackson North­ back.with a string of three TD's, Wilcox stole some of the second- west squad* 38-13. three successful extra point kicks, half show by grabbing a 40-yard ..The defeat by non-league North­ and a field goal to take a 24-7 pass and runniiig into the end west: dipped" Chelsea's season rec­ half-time lead,,Paul Mopiodls led zone; .Buksar then kicked the extra Two Daughters ord to 6-3, but, did not affect the the Jackson offensive attack; scor­ point for the'final Jackson;tally. v team'sJ5-2 conference record that ing a pair of six-pointers on runs Northwest furned;;up: a net, rush­ eeirrled them a tie for second place of 20 and three yards. Roger A somber Daniel Schnaidt Tues­ Tuesday that defense attorneys ing of 147 yartjihahd net passing day recalled his wife's fear that intend to enter a plea of insanity •with Saline and South Lyon in the Buksar kicked the points^after fol­ of ill yards jo yieft .a!total offen­ Southeastern Conference. lowing the: Monlodis touchdowns, she might be "gypping" their at that time. * Chelsea led off the scoring in then added a 13-yard field goal sive '. figure o|: 258 yards. Despite family of its happiness by her "No one will ever , be able to wpe first quarter, when a 28-yard to ice the Jackson lead. their low score, however, Chelsea own mental problems. convince.me that Helen did this nalfbaclr pass frOm, Randy Keith Wilcox also scored, run­ gained nearly the Jackson figure, v Mrs. Helen Schnaidt, $3,-. is being thing—not Helen as I knew her. i Guenther to Jim Boyer yielded ning 78 yards after a pass inter­ a total of 250 yards. held without bond in Washtenaw She simply wasn't herself when paydirt. An Ishmael Pic^lesimer ception. Defensively the Bulldogs were County Jail on two counts of first it happened," Schnaidt maintained. kick for the extra point was good, Chelsea returned after the half, led, by Dave Keiser with eight degree murder in the strangulation "It will be a long time before to put Chelsea ahead for the only scoring on a 66-yard Todd Ortbring tackles, Doug Reed with six, arid deaths Friday of her two young anyone knows what really happened time during the contest, 7-0. pass to Tres MacCollum. The run Dennis Bauer arid Les Sharp with' daughters. to her." Bulldogs then mounted a drive for two points-after was not good. five. "Helen's entire life; revolved Schnaidt disputed published re­ VA HOSPITAL VOLUNTEERS) who provide of Veterans, is generally held in Ann Arbor, but around those two girls," Schnaidt ports that Mrs. Schnaidt had more the cheery words and helping hands for Veterans is new being rotated among surrounding corn- remembered sadly. "She hadn't than once threatened to kill her­ hospitalized in Ann Arbor, also provided a float munitie.3 to provide them with an opportunity to had a very good home life herself self and the children. "She told for Monday's Veterans Day parade ijji Chelsea, the honor veterans, when she was a child, .and she me that once she had thought of parade, sponsored by Washtenaw County Council wanted to make sure that they killing the children, but wouldn't were happy—that they always had do it because she knew how much enough to eat, and good clothes . it would hurt me." she made sure that they watched Schnaidt said that his wife had arm 'Sesame Street' on television—a been suffering from "severe de­ good educational show—and she pression" for several months prior Nobody normal who is over the Last year, 38 families were able to dolls in the most delicate finery watched closely over the other to committing herself to Mercy? age of 10 is countingthe days until to eat hearty on Christmas day, were picked and chOsen by needy things they watched on TV. wood Hospital Aug. 9. "She had ^Christmas—except Chelsea. Social thanks to donations of canned children of the community who "When she came home from problems that went far back into ^Service. ' goods from the community, Jiffy Otherwise, in these days, probably Mercywood the last time, we dis­ her childhood that had been—sub­ Where anticipatirig Thanksgiving Mixes from Chelsea Milling, and wouldn't even get coal in their cussed getting a 'homemaker' to merged, I guess, for a long time and the very idea of eating that purchase orders good for meat stockings. come into the house and help her when we were dating and after muchsee^ms quite enough, thank from Chelsea Social Service. Like the scrupulous Santa-sur­ with the children," Schnaidt said, we were first married." you, without also considering buy­ Arid 88 children cdme away with rogate she is, Mrs. Ormsby is cur­ "But Helen said, 'I want to do Mrs. Schnaidt was released from ing presents, wrapping, decora­ that special Christmas glow that rently reviewing her 1973 list of this on my own. These are my Mercywood after 30 days after ting, and baking for the big holi­ comes of being remembered by recipients of Social Service's children; they're my responsibil­ treatment that included electric Christmas cheer in an effort to ity. I want to care for them shock. Her emotional state then day* Chelsea Social Service has ari unexpected friend. Toys rang­ myself.' " a few more people to care (for ing from footballs and basketballs determine who still needs, assis­ was better than it had ever been, than your average American fam­ tance during the time of "giving. Chelsea police and Washtenaw her husband said, until she re­ ily of mother, father, and 2.5 She asks that people who know County Assistant Prosecutor Lyn- lapsed into depression some 13 children. families who would otherwise wood Noah report that the two days after her return home and So forgive Mrs. Linda Ormsby Girls Cage probably have a less-than-merry Schnaidt girls, Jean Marie, three, re-admitted herself to Mercywood. arid her Social Service helpers if Christmas, or the families thehv and Arlene, two, were strangled After another 15-day stay in the they seem to jumping the gun a selves, contact her with this in­ in the family home at 219 Railroad hospital, her husband said, Mrs. bit on Old St.! Nick. Teams Both formation soojn, to enable her to St. at approximately 2 p.m. Friday. Schnaidt was more determined Starting with first things first, gear her collections of food and Chief of Police George Meranuck than ever to solve her problems. Jflrs. Ormsby, I director of Chelsea toys to the correct number, was alerted to the situation • by "I want to make it on my own," SjBocial Service, needs initially. to ^People needn't think" that''••:•%' a call from Ann Arbor psychiatrist he quoted his wife, xnowvhof; m|wy Ghr4sima&: lltets; 'Chelsea girisf v^arsity basketball. : Dr. Arcadio Ramirez, who had tliie,, cp.uple. attended counseling l;; r family:. ^l.^M^^^ i^Si- been .treating Mrs Schaiidt -.re-ysessions at" ChiJd and Family Ser­ rier agency will ?be 6n:' tfiaf TsT %ultf>d6whed' Lin^oln^twK' fkst' kind of aid to benefit from Chelsea how many, families are in need cently. He asked that' officers vices of Washtenaw County, Thursday, to move into sole pos­ Social Service;" "Mrs, Qrmsb'y investigate at the Schanidt home. Schnaidt related, where his wife of the agency's h&p at Christmas session of first plaCe. pointed out. "A lot of our cases time.; .' •• •>. At the home, Chief Meranuck continually expressed a desire to High scorer for Chelsea was we have one year, then the next and Officer Roger Graves found be a good parent and teach the Kathy Kuhl, who Coach Cheryl year we don't, and we never have Mrs. Schnaidt in her living room. girls herself. "She didn't want them again. A family that has a Turner also said "did a particu­ "I did it. They're ,in the bed­ to send them to nursery school; Break-in, Theft personal or financial crisis and is she said teaching them was her larly qutstanding job on re­ VFW AUXILIARY FLOAT in Monday's Vet- and urged parade-gosrs to "write your Congress- rooms," Mrs. Schnaidt said, ac­ in temporary need is certainly eli­ erans Day parade down Main St.
Recommended publications
  • Federal Reserve Bank of Chicago Annual Report

    Federal Reserve Bank of Chicago Annual Report

    7 OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1931 SEVENTH FEDERAL RESERVE DISTRICT SEVENTEENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1931 SEVENTH FEDERAL RESERVE DISTRICT SEVENTEENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF CHICAGO Directors and Officers for 1932 CLASS A—DIRECTORS JAMES B. MCDOUGAL, Governor GEORGE J. SCHALLER, Storm Lake, Iowa JOHN H. BLAIR, Deputy Governor (1932) CHARLES R. MCKAY, Deputy Governor President, Citizens First National Bank JAMES H. DILLARD, Deputy Governor GEORGE M. REYNOLDS, Chicago, Illinois (1933) WILLIAM C. BACHMAN, Assistant Dep- Chairman, Executive Committee, Continental Illinois Bank and Trust Company uty Governor EDWARD R. ESTBERG, Waukesha, Wiscon- EUGENE A. DELANEY, Assistant Deputy sin (1934) Governor President, Waukesha National Bank DON A. JONES, Assistant Deputy Gov- CLASS B—DIRECTORS ernor ROBERT M. FEUSTEL, Fort Wayne, In- OTTO J. NETTERSTROM, Assistant Deputy diana (1932) Governor President, Public Service Company of Indiana MAX W. BABB, Milwaukee, Wisconsin FRED BATEMAN, Manager, Securities De- H933) partment Vice-President, Allis-Chalmers Manufacturing Company JOSEPH C. CALLAHAN, Manager, Member STANFORD T. CRAPO, Detroit, Michigan Bank Accounts Department (1934) ROBERT E. COULTER, Manager, Cash Cus- Secretary and Treasurer, Huron Portland Cement tody Department Company ALBA W. DAZEY, Manager, Investment CLASS C—DIRECTORS Department JAMES SIMPSON, Chicago, Illinois (1932) IRVING FISCHER, Manager, Check Depart- Chairman of Board, Marshall Field and Company ment EUGENE M. STEVENS, Evanston, Illinois ROBERT J.
  • Staff Study 174

    Staff Study 174

    Board of Governors of the Federal Reserve System Staff Study 174 Bank Mergers and Banking Structure in the United States, 1980–98 Stephen A. Rhoades August 2000 The following list includes all the staff studies published 171. The Cost of Bank Regulation: A Review of the Evidence, since November 1995. Single copies are available free of by Gregory Elliehausen. April 1998. 35 pp. charge from Publications Services, Board of Governors of 172. Using Subordinated Debt as an Instrument of Market the Federal Reserve System, Washington, DC 20551. To be Discipline, by Federal Reserve System Study Group on added to the mailing list or to obtain a list of earlier staff Subordinated Notes and Debentures. December 1999. studies, please contact Publications Services. 69 pp. 168. The Economics of the Private Equity Market, by 173. Improving Public Disclosure in Banking, by Federal George W. Fenn, Nellie Liang, and Stephen Prowse. Reserve System Study Group on Disclosure. November 1995. 69 pp. March 2000. 35 pp. 169. Bank Mergers and Industrywide Structure, 1980–94, 174. Bank Mergers and Banking Structure in the United States, by Stephen A. Rhoades. January 1996. 29 pp. 1980–98, by Stephen A. Rhoades. August 2000. 33 pp. 170. The Cost of Implementing Consumer Financial Regula- tions: An Analysis of Experience with the Truth in Savings Act, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. The staff members of the Board of Governors of the The following paper is summarized in the Bulletin Federal Reserve System and of the Federal Reserve Banks for September 2000. The analyses and conclusions set forth undertake studies that cover a wide range of economic and are those of the author and do not necessarily indicate financial subjects.
  • Indiana National Bank Records, 1833–1998

    Indiana National Bank Records, 1833–1998

    Collection # M 0724 OMB 0075 BV 5001–5011 F 1818–1875 INDIANA NATIONAL BANK RECORDS, 1833–1998 Collection Information Historical Sketch Scope and Content Note Series Contents Processed by Annie Kruse December, 2014 Manuscript and Visual Collections Department William Henry Smith Memorial Library Indiana Historical Society 450 West Ohio Street Indianapolis, IN 46202-3269 www.indianahistory.org COLLECTION INFORMATION VOLUME OF 160 manuscript boxes, 2 color photo boxes, 15 photo boxes, 49 COLLECTION: oversized boxes, 11 Bound Volumes, 1 slide box. 1 35mm negative box, 1 3x5 negative box, 1 4x5 negative box, 1 5x7 negative box, 1 8x10 negative box, 57 microfilm boxes, 3 boxes VHS and audio tapes, 3 Artifacts Boxes COLLECTION 1833-1998 DATES: PROVENANCE: NBD Bank, Indianapolis, November, 1998 RESTRICTIONS: None COPYRIGHT: REPRODUCTION Permission to reproduce or publish material in this collection RIGHTS: must be obtained from the Indiana Historical Society. ALTERNATE FORMATS: RELATED HOLDINGS: ACCESSION 1999.0039 NUMBER: NOTES: HISTORICAL SKETCH INB National Bank traced its history to 1834 when the Indiana General Assembly granted a twenty-five year charter for the Second State Bank of Indiana. Twelve Branches were located around the state, including Indianapolis, to provide currency and short-term commercial and agricultural loans. The charter for the Second State Bank expired in1857 and many of the same investors sought a charter for the third state bank, The Bank of the State of Indiana, which also had a branch in Indianapolis. In 1865, the investors of the Indianapolis branch secured a national charter under the National Bank Act of 1865; the new bank was The Indiana National Bank of Indianapolis.
  • July, 1973 the FRANKFURT DOCUMENTS Secret Bank Loans

    July, 1973 the FRANKFURT DOCUMENTS Secret Bank Loans

    CIC Brief — July, 1973 THE FRANKFURT DOCUMENTS Secret Bank Loans to the South African Government The Corporate Information Center tions of secret loans suggest the opposite. By selling participation in the vari- recently obtained confidential internal ous credit arrangements to American and documents known as the "Frankfurt Doc- With the documents' revelations, multinational banks, EABC tapped the uments " originating from sources within church agencies and other organizations U .S. money market, largely through the a U.S.-based multinational banking firm, concerned about South African issues offshore subsidiaries of these banks . It the European American Banking Corpora- have begun organizing protest of the then re-lent the money to the South Afri- tion. These materials reveal that a group loans. The following discussion provides can government . Three of the six credit of forty banks from the United States, an initial basis for action (see Item II) on transactions, each $50 million and made Europe, and Canada have been jointly in- the developing new bank campaign. from the bank's Nassau branch, were ar- volved in direct loans totaling over $210 ranged with the Ministry of Finance in million to The South African government Pretoria . The three other loans were made and its agencies since late 1970. with METKOR, ISCOR, and ESCOM, all EABC 's Role South African government agencies. Participants for two of the six Sources within EABC have indicated that loans, representing $70 million of the to- a further credit of approximately $50 tal, include 11 American banks. It is like- According to the secret documents, million has been negotiated with the Fi- ly that other American banks are involved the European-American Banking Corpora- nance Ministry within the last few in the additional loans.
  • Unclaimed Funds Creditor Balance US Bankruptcy Court

    Unclaimed Funds Creditor Balance US Bankruptcy Court

    Unclaimed Funds Creditor Balance U.S. Bankruptcy Court - District of Louisiana Middle Tuesday, July 01, 2014 Case NumberDebtor Name Division Last Activity Date 00-10056 John F. Pollmeier 3 10/16/2006 Name Amount Date Paid Fund NACC assignee of Discover Financial $363.51 6133BK 00-10180 Debra L. Haskew 3 11/28/2007 Name Amount Date Paid Fund Anesthesiology Consultants $161.55 6133BK First National Bank of Gonzales $32.18 6133BK 00-10181 Ronald Ray White 3 4/26/2007 Name Amount Date Paid Fund Baton Rouge teachers FCU $52.97 6133BK BellSouth Telecommunications, Inc. $110.42 6133BK 00-10284 James Glenn Shafer 3 4/26/2007 Name Amount Date Paid Fund Hancock Bank $203.97 6133BK 00-10345 Terrie C. Reed 3 10/16/2006 Name Amount Date Paid Fund Capital One Financial $43.89 6133BK 00-10389 Ernest C. Bynum 3 4/26/2007 Name Amount Date Paid Fund American Bank Trust Company $552.52 6133BK 00-10452 Daniel K. Arnold 3 5/16/2008 Name Amount Date Paid Fund Axsys National Bank $31.28 6133BK CitiFinancial $174.45 1/21/2004 6047BK Merrick Bank $82.34 6133BK 00-10474 Glenda J. Smith 3 10/16/2006 Name Amount Date Paid Fund Mcbee Systems $63.30 6133BK 00-10496 Shanta Patterson 3 5/16/2008 Name Amount Date Paid Fund Shanta I.Alonzo $1,279.23 8/7/2003 6047BK Lowes $26.39 6133BK SMC $13.80 6133BK 00-10527 Robert Lee Wilson, Jr. 3 4/26/2007 Name Amount Date Paid Fund AAFES $207.72 6133BK Axsys National Bank $13.69 6133BK Lane Menorial Hospital $26.71 6133BK Providian National Bank $60.17 6133BK Page 1 of 122 Unclaimed Funds Creditor Balance U.S.
  • National Bank of Detroit Detroit 32, Michigan

    National Bank of Detroit Detroit 32, Michigan

    NATIONAL BANK OF DETROIT DETROIT 32, MICHIGAN WALTE R S. MC LU CAS June a, 1946 C H AI RMAN Mr. Amon Carter Fort Worth Star Telegram Fort Worth, Texas Dear Amon: The firm of Giffels & Vallet, Inc. has very high stand­ ing and has done a great volume of work in their line which stepped up to huge proportions during the war. Mr. J.L. Bowling, Director of Airport Division for the firm came in to see me this morning and advised of their interest in the airport development now going on in Fort Worth and that he has been dmm there and in touch with your authorities. I told him I would be very glad to be of any assistance possible to his concern, believing in them as I do, and that I have an intimate friend there who had much to say in all matters in Fort Worth who, undoubtedly, would be fully advised as to this proposed development. I asked him to v.Tite a letter to me giving some detail about tlie work they have already handled and stated I would forward his letter to you accompanied by one I would write. The lett er is encl osed. If you are not already committted and could consider this excellent firm I would appreciate your doing so. Kindest personal regards, yours Mr. Walters. McLucas - 2 - July 8, 1946 The following are some of the airpart projects we have handled: Replanning City Airpcrt, Detroit, Michigan. City of Cincinnati, Airport planning and survey. Proposed National Airport, Detroit, Michigan.
  • Building the Global Bank: an Interview with Jamie Dimon 51

    Building the Global Bank: an Interview with Jamie Dimon 51

    Building the global bank: An interview with Jamie Dimon 51 Building the global bank: An interview with Jamie Dimon The CEO of one of the largest US banks discusses postmerger integration, risk, and leadership. Clayton G. Deutsch J. P. Morgan Chase (JPMC) ranks among the world’s leading financial- services businesses, boasting $1.3 trillion in assets, a major US consumer- banking franchise, and operations in more than 50 countries. Created from a succession of mergers over recent years, JPMC prides itself on legacy institutions—Bank One, Chase Manhattan, Chemical, First Chicago, J. P. Morgan, Manufacturers Hanover, and National Bank of Detroit—that evoke a colorful history of entrepreneurship and banking innovation going back more than 200 years, to the founding of its earliest predecessor, in 1799. With a corporate headquarters in New York City and retail- and commercial- banking operations run from Chicago, J. P. Morgan Chase covers most of the main banking segments: investment banking, consumer financial services, small-business and commercial banking, financial-transaction processing, asset and wealth management, and private equity. The $58 billion merger with Bank One, in July 2004, was among JPMC’s most ambitious deals to date, marking the return to Wall Street of Jamie Dimon, Bank One’s former president and chief executive officer, who took John Massey over as president and CEO of J. P. Morgan Chase in early 2006. Jamie Dimon is well known for his roles at Citigroup, its subsidiary Salomon Smith Barney, and its predecessor Travelers Group, where his energy, eye 52 The McKinsey Quarterly 2006 Number 4 for detail, and firm approach to cost Article at a glance cutting first attracted attention.
  • Understanding the News That Moves Markets

    Understanding the News That Moves Markets

    Understanding the News that Moves Markets EMNLP 2018 November 3, 2018 Gideon Mann Head of Data Science, Office of the CTO My journey: bad hair to no hair What this talk is not about: How to make money on the stock market What this talk is about: Financial technology The news that moves markets Computer Things BlocksWorld Financial Technology Financial Technology II Financial Technology III What is the finance ecosystem? 50,000 40,000 D S Bonds U 30,000 Bonds have more market n i 20,000 s n o i l 10,000 value than equities l i Equities B 0 03 04 05 06 07 08 09 10 11 12 13 14 5,000 4,500 4,000 FX has the most daily D S 3,500 U 3,000 n notational volume i 2,500 s n 2,000 o i l 1,500 l i 1,000 B 500 0 Equities Commodities Bonds FX Govt + Corp Equities Vastly more structured Municipal Bonds products and derivatives Derivatives than equities Structured Products Sources: WCAUUS Index, http://www.sifma.org/research/statistics.aspx News moves markets Not all channels are the same… [Dredze et al. 2016] [Osborne, Dredze 2014] …not all sources are the same First Bloomberg Headline New York Times story SEC Announcement ~12% Broadcomm is said to explore deal to acquire chipmaker Qualcomm Human Language Technology, not Renaissance Technologies Time is not a myth Days & Hours Fundamental Investor Minutes Institutional Trader Milliseconds Event Driven Algorithmic Trader Microseconds High Frequency Trading Detection Extraction Interpretation Presentation New text arrives Extract structured Relate new data to Inform the user on data from text existing data
  • JP Morgan Impact

    JP Morgan Impact

    JPMorgan Impact When many parts of the country began recovering from the 2008 recession that shocked world markets, Detroit, Michigan was left behind. In other cities, those laid off found new jobs, and property values returned to healthier levels. The Motor City told a different story. Once the booming epicenter of the auto industry, Detroit faced a staggering unemployment crisis, and thousands of properties were being abandoned. In June 2009, the unemployment rate was frightening 28 percent, and more than a third of the city’s properties were foreclosed on between 2005 and 2014. The formerly affluent suburbs, which were once a source of relief for Michiganders within Detroit’s city limits, were combating the same issues of joblessness and blight as the inner city. These conditions combined with mass emigration and the sharp decline of the auto industry that once dominated Detroit’s job market made Detroit one of the most impoverished zip codes in the United States. Just a few decades ago, Detroit boasted the highest median income and the highest rate of home ownership of major cities in the U.S. After the Recession, Detroit now found itself 300 million dollars in debt, and the situation was growing worse. Minimal federal and state funding was available to address the dire situation in Detroit, calling for strong public-private partnerships to get the city back on track. Almost a decade after the Recession, the city of Detroit is now on the road to a strong recovery, thanks to private sector partners like JPMorgan Chase. In 2014, JPMorgan Chase made a five year, 100-million- dollar investment into the revitalization of Detroit and plans to invest 150 million into Detroit by 2019.
  • 169 Bank Mergers and Industrywide Structure, 1980–94

    169 Bank Mergers and Industrywide Structure, 1980–94

    169 Bank Mergers and Industrywide Structure, 1980–94 Stephen A. Rhoades Staff, Board of Governors The staff members of the Board of Governors of The following paper, is summarized in the the Federal Reserve System and of the Federal Bulletin for February 1996. The analyses and Reserve Banks undertake studies that cover a conclusions set forth are those of the author and wide range of economic and financial subjects. do not necessarily indicate concurrence by the From time to time the studies that are of general Board of Governors, the Federal Reserve Banks, interest are published in the Staff Studies series or members of their staffs. and summarized in the Federal Reserve Bulletin. Board of Governors of the Federal Reserve System Washington, DC 20551 January 1996 Bank Mergers and Industrywide Structure, 1980–94 The period from 1980 to 1994 was one of record Background merger activity for banks. Indeed, this period was marked not only by a record number of bank As the data in this paper will show, during the mergers but also by a remarkable number of very 1980s merger activity reached record levels in the large mergers including several that surpassed the banking sector as it did in the industrial sector. size of all past bank mergers. These mergers For at least three reasons, the activity in banking played a major role in the beginning of what appears to be not just a temporary response to portends to be a long-term restructuring of the more cautious antitrust enforcement and general banking industry. economic conditions of the 1980s but a tendency This paper presents data on all bank mergers that is likely to persist and to result in a restructur- for the period, including the number, sizes, ing of the industry.2 locations, and types for more than 6,300 bank First, the removal of the legal restraints on mergers and the identification of the largest geographic expansion by banks, both within and mergers.
  • Report-Ncrc.Pdf

    Report-Ncrc.Pdf

    The National Community Reinvestment Coalition The National Community Reinvestment Coalition (NCRC) is the nation’s trade association for economic justice whose members consist of local community based organizations. Since its inception in 1990, NCRC has spearheaded the economic justice movement. NCRC’s mission is to build wealth in traditionally underserved communities and bring low- and moderate-income populations across the country into the financial mainstream. NCRC members have constituents in every state in America, in both rural and urban areas. The Board of Directors would like to express their appreciation to the NCRC professional staff who contributed to this publication and serve as a resource to all of us in the public and private sector who are committed to responsible lending. For more information, please contact: John Taylor, President and CEO David Berenbaum, Executive Vice President Joshua Silver, Vice President, Policy and Research Alyssa Torres, Research Analyst Noelle Melton, Research & Policy Analyst Milena Kornyl, Research Analyst Summer 2005 National Community Reinvestment Coalition * http://www.ncrc.org * (202) 628-8866 Table of Contents Introduction 1 CRA Dollar Commitments Since 1977: By State 6 Provision of CRA Commitments 13 Housing 16 Business and Economic Development 34 Consumer Loans 41 Farm Loans 42 Building Community Capacity 43 Banking Services, Branch and Staff Policies 46 Needs Assessment, Marketing and Outreach, and Accountability to the Community 52 National Community Reinvestment Coalition * http://www.ncrc.org * (202) 628-8866 CRA AGREEMENTS INTRODUCTION The Community Reinvestment Act (CRA) has encouraged an extraordinary level of collaboration between community groups and banks across the country. One form of collaboration is known as a CRA agreement.

  • Custody of Institutional Assets

    As the 19905 begin, we wok back upon the con­ ditions that brought DTC into being and on its evolution. "The volume of securities in the latter 60s outran the capacity of many firms' back offices to handle the paperwork necessary to complete the transactions. "The chaotic conditions that resulted have been well documented .... Suffice it to say that, at the peak of the crisis, securities trans­ actions by the hundreds of thousands involv­ ing hundreds of millions of dollars were inor­ dinately delayed in completion, with some not completed at all. Unclaimed dividends, and unsatisfied dividend claims, soared. Errors were rife, and clerical talent in shott supply. Trading days had to be eliminated, and trad­ ing days shottened. Firms failed solely be­ cause of the inadequacies of their back pffices, and others were shaken for the same reason. "In shott, a vital pan of the financial mech­ anism in this country was in danger of being brought to its knees." from "BASIC -Interindustry Teamwork." a 1974 repon ofthe Banking and Securities Industry Committee CONTENTS Highlights 3 A Message from Management 4 Retrospective 6 . DTC Service Growth 10 Ownership and Policies . 11 Services 13 Eligible Issues 22 Municipal Securities Program 24 Same-Day Funds Settlement System 26 Securities in Book-Entry-Only Form 28 Recent DTC Growth by Sector In Selected Services. 29 Institutional Use of DTC 30 Automation of Depository Services 32 Interfaces and the National Clearance And Settlement System 34 Protection for Participants' Securities 35 Officers of The Depository Trust Company 38 The Board of Directors . 39 Report of Independent Accouhtants 40 Participants 47 DTC Stockholders 52.