Word: banc
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Dates: during 1990-1999
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...Clinton may well be the luckiest President in the history of the country," says Don McWhorter, president of Banc One in Columbus, Ohio. The Arkansan took office when cyclical trends were about to cause a long-overdue quickening of the recovery (which, in fact, began in the closing months of the Bush Administration). For example, despite the well-publicized losses at GM, IBM and Sears, corporate profits in general are soaring. Low interest rates have reduced the cost of paying off debt, and downsizing programs have made many companies more competitive. Says Hugh Johnson, financial strategist for the New York...
...records." Nor do banks relish the thought of having federal examiners constantly looking over their shoulder. "When you're sitting here with regulators who are coming down and telling you to downgrade everything that isn't lily white, you have a problem," says Don McWhorter, president of Ohio- based Banc...
...cost savings. And the banks' underachieving loans, which range from troubled real estate mortgages in New York City to unpaid Third World debt, will erode their profits for years to come. "I hope they didn't just put two boat anchors together," says John McCoy, chairman of Ohio-based Banc One, a regional firm that has been aggressively buying up local banks. "If they did, they'll just go down at the same speed together...
...year. But the agency will have to swallow up to $6 billion of sour loans, and the messy task of liquidating them, to make the deal appealing to buyers. The FDIC said it was talking with six possible suitors for the banks, including Ohio's prosperous Banc One Corp. and San Francisco-based BankAmerica Corp., the second largest U.S. banking company behind Citicorp in New York City...