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More ‘Cops’ on the Beat
Thursday, April 16, 2009 (1015 reads)


Stabilizing the housing market alone will not fix the financial crisis, but the financial crisis cannot be solved without addressing the many families across the country losing their homes. We are using every tool at our disposal at the state level here in New York. But there is only so much that any one state – even a progressive state like ours – can do on its own. Stabilizing the financial markets and the economy has to be a national effort as well.



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Hudson Valley Bank: Staying Close to Home
Thursday, April 16, 2009 (1716 reads)


Hudson Valley Bank opened in May 1972 with $2.5 million in capital, out of a trailer in Yonkers. The founding stakeholders, anxious to get the bank up and running, didn’t want to wait an additional 10 months for their new headquarters to be finished. “At that time, a lot of the money center banks were expanding by acquiring community banks,” says President James J. Landy. “A group of business people saw a real need for a community bank.”



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4Q Foreclosures Dip in NY State:
Thursday, April 16, 2009 (1391 reads)


The New  York State Banking Department recently made public its findings of how the state was impacted regarding mortgage foreclosures during the fourth quarter of 2008, and during the full 2008 calendar year. The Department also reported the initial impact of recent statewide efforts to combat the rising tide of foreclosures through governmental efforts, including new legislation signed by Governor David A. Paterson in August 2008.



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The State of Borrowing in New York
Thursday, April 16, 2009 (1198 reads)


When the Treasury Department announced the Capital Purchase Program (CPP) within its Troubled Asset Relief Program, it was an attempt to push a little more steam through the stalled economy’s engines. The program was designed to infuse capital into the system through healthy financial institutions. The hope was to increase lending at banks that were reluctant to put money on the table for the consumer credit market.



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Change Your Customers’ Behavior, Get Interactive
Thursday, April 16, 2009 (1120 reads)


On Jan. 20, the Obama administration followed through on its promise to launch an interactive Web site where the public can find information and offer feedback on administrative actions. Macon Phillips, director of new media for the White House, states in his blog that the site will “serve as a place for the president and his administration to connect with the rest of the nation and the world.” 



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Referrals: The Fastest Path to Turbo Charging New Account Openings
Thursday, April 16, 2009 (1518 reads)


Branch locations, direct mail and the allure of free checking once combined to bring new customers in the door, especially for community banks. The offer was unique, the pitch felt personal. And even with direct payroll deposit and ATM access to cash, most consumers and small businesses still went to banks that had operated a branch nearby for a long time.



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Keeping the Customer in Focus During M&As:
Thursday, April 16, 2009 (1206 reads)


The mergers and acquisitions of banks will continue in the wake of the banking crisis.  From the large—Wells Fargo acquiring Wachovia, and JPMorgan Chase acquiring Washington Mutual—to the small, these financial institutions will be faced with customer wariness, skepticism and in some cases abandonment. In addition, public scrutiny will be intense as we wait to see how banks manage their businesses, and regain financial strength and customer trust.  Addressing the concerns and needs of customers will be imperative to survival.



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Bank Demographics Grow Up
Thursday, April 16, 2009 (1819 reads)


In 1983, a focus group of about 50 people all said that online banking’s time had come. 
That year, Chemical Bank introduced an online banking product called Pronto. Using a computer modem, phone line and an Atari computer, bank customers could conduct business online at their home or office. Chemical Bank spent $100 million promoting Pronto, which met crashing indifference from the banking public and caused Chemical Bank – later to be absorbed by Manufacturers Hanover – to take a $10 million writedown on the product.  What went wrong?



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