Word: wachovia
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...year bull market from these levels. If somebody is just getting started in dividend investing, start with banks that have a long history of paying out a substantial amount of their income and are able to grow. My core bank holding is Bank of America. I also own Wachovia [2.9%]. Second would be electric utilities, where my bias is for quality over very high yield. I hold Dominion [4.8%] and Southern Co. [4.8%]. A third core industry would be oil. My preference is Royal Dutch Petroleum [3.5%]. Other core holdings, with a little more risk, are telecom and tobacco...
Tilken has bootstrapped his company to profitability (though he will not say how much), taking no outside investors and sharing equity only with employees. Revenues for 2002 will be about $5 million, he says. Clients so far include KeyCorp, Wachovia Securities and Wells Fargo Private Client Services. Tilken is closemouthed about how particular users have configured his software, the users no less so. Even today, when the customers (and investors) of financial-services firms want to know that there's strict supervision, the firms seem afraid to admit that it's needed...
RATE FEE Chase Prime Card 8.00% $85 Wachovia Bank Prime for Life 8.00% $88 Wachovia Bank Low Rate Card 9.40% None Simmons First National Bank 9.50%* $35 American Express Blue 10.99%* None...
NCNB, which acquired First RepublicBank of Texas in 1988, has long coveted C&S/Sovran. The proposed merger came only three days after Winston-Salem's Wachovia Corp. agreed to buy troubled South Carolina National for $800 million. The deals probably foreshadow a new wave of acquisitions, even among such big banks as Chemical, Chase Manhattan, Wells Fargo and Security Pacific. Says analyst James McDermott: "The industry is poised for a massive round of consolidations...
Indeed, the outlines of a new, potentially stronger one are already emerging. Many timid, superprudent banks have been pushed to innovation and aggressive marketing. Says John Medlin, president of North Carolina's Wachovia Bank ($8 billion): "You find more risk taking, more motivation and more financial entrepreneurship." Notes Leonard Weil, president of California's Mitsui Manufacturers Bank: ($1.7 billion): "Despite all the dark suits worn by its leaders, banking is a very dynamic industry." Bankers have rolled out dozens of new services ranging from discount-catalog shopping to home-equity accounts that allow consumers to write checks based...