Word: lenders
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Dates: during 1980-1989
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...saddled with many shaky loans. Most of them were extended by Armacost's predecessor, A.W. Clausen, who now heads the World Bank. Like other big banks, BankAmerica made risky loans to developing countries and to real estate and shipping firms. But it also became the world's largest commercial lender to farmers, who are now under severe financial pressure. Concedes Stephen McLin, a BankAmerica senior vice president: "Our credit standards were not the greatest." The bank wrote off $1.6 billion worth of loans last year. Other low-grade credits are still on the books, forcing the bank to set aside...
...dubious distinction. The Farm Credit System, a network of 37 banks and 708 credit associations that is the largest single lender to American farmers, has joined the ranks of Chrysler and Lockheed in pleading for a federal bailout to save it from collapse. FCS officials last week went before Congress and in dire tones declared that the system needs $6 billion in federal aid to stay afloat. Said Ray Moss Tucker, a Kentucky dairy farmer and the group's chief spokesman: "Our request for assistance is one of the most difficult decisions we have ever made. But we have...
Manufacturers Hanover Trust, the fourth largest U.S. bank, last week became the first major lender in four years to lower its credit-card rate. The New York institution trimmed the charge from 19.8% to 17.8% for Visa and MasterCard accounts and other revolving credit lines. "We saw it as a significant marketing opportunity," said Edward Miller, executive vice president for retail banking. The bank hopes to woo customers from its rivals with the lower rate...
...World Bank is a position that has not received much attention in recent years, but under the Baker plan for dealing with Third World debt, it could take on far greater importance. Accordingly, after A.W. Clausen announced last week that he will step down as head of the global lender, speculation began almost immediately over who might succeed him. The post has traditionally been held by an American, and the opening could lead to an intriguing round-robin job shuffle...
...decision upheld the so-called New England Compact, which allows mergers across state lines by banks in the region. With the court's verdict, Bank of Boston (1984 assets: $22.1 billion), New England's No. 1 lender, will now acquire Colonial Bancorp of Waterbury, Conn. (assets $1.5 billion), and RIHT Financial Corp. (assets $2.3 billion) of Providence for about $200 million. Said a disappointed Hans Angermueller, vice chairman of Citicorp (assets $150.1 billion), which led the legal fight against the regional pact: "Banking is the only industry that still enjoys local protection...