Advertisement
HomeCollectionsCard Loans
IN THE NEWS

Card Loans

FEATURED ARTICLES
BUSINESS
By American Banker | June 11, 1993
NEW YORK -- For the first time since 1981, commercial banks' credit card loans shrank last year as recession-weary consumers moved to reduce their debt burdens.Total card loans outstanding fell by 1.9 percent, to $136.4 billion, according to American Banker's annual survey of consumer lending.jTC Meanwhile, banks' total consumer loans, including mortgages, grew by 3.2 percent, to $849.3 billion. The growth rate was up from the 2.4 percent of 1991 but was still meager compared with the double-digit increases of the 1980s, which made the loans the major contributor to bank profitability.
ARTICLES BY DATE
BUSINESS
By BLOOMBERG NEWS | September 9, 2004
WASHINGTON - U.S. consumers more than doubled their pace of borrowing through credit cards and installment loans in July, adding $10.9 billion to nonmortgage debt, the Federal Reserve reported yesterday. The increase, the largest since January, followed a gain of $4.3 billion in June and brought the level of outstanding credit to $2.04 trillion. Measured at an annual rate, borrowing rose 6.4 percent in July after rising 2.6 percent in June. The more rapid growth in debt coincides with a rebound in consumer spending, which accounts for two-thirds of the U.S. economy.
Advertisement
BUSINESS
September 4, 1998
Banc One Corp. said yesterday that its First USA credit card unit bought Chevy Chase Bank's credit card business for an undisclosed sum, making it the No. 2 U.S. credit card company.Columbus, Ohio-based Banc One said First USA bought $4.9 billion of card loans and will hire Chevy Chase's 1,300 credit card employees and take over the bank's credit card facilities in Frederick. The deal will give First USA about $46.5 billion in card loans, placing it past MBNA Corp. and behind No. 1 Citicorp.
BUSINESS
By BLOOMBERG NEWS | January 11, 2000
WILMINGTON, Del. -- MBNA Corp., the world's third-largest credit-card issuer, said yesterday that its fourth-quarter earnings rose 34 percent as it added customers through marketing agreements and acquisitions. MBNA's net income rose to $320 million, or 38 cents a share, from $238 million in the year-earlier period. That beat analysts' expectations of 37 cents. The company, which offers co-branded credit cards with universities, sports teams, professional and special interest groups, formed 120 new marketing agreements in the quarter and added 3.5 million customers and 3 million accounts.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 10, 1997
Crestar Financial Corp.'s net income rose to a record $79.5 million in the third quarter, boosted by lower expenses, fewer problem credit card loans and several business lines that produced steady profits, the company said yesterday.The company earned 71 cents a share in the quarter ended Sept. 30, up 65 percent, compared with 43 cents a share for the corresponding time a year earlier.Crestar's net income for the first nine months of the year was $227.1 million, or $2.03 a share, compared with $180.
BUSINESS
By American Banker | December 12, 1990
NEW YORK -- Delinquencies on credit card balances jumped in the third quarter to their highest rate in four years, and more accounts are expected to fall past due as the economy weakens."
BUSINESS
By BLOOMBERG NEWS | January 11, 2000
WILMINGTON, Del. -- MBNA Corp., the world's third-largest credit-card issuer, said yesterday that its fourth-quarter earnings rose 34 percent as it added customers through marketing agreements and acquisitions. MBNA's net income rose to $320 million, or 38 cents a share, from $238 million in the year-earlier period. That beat analysts' expectations of 37 cents. The company, which offers co-branded credit cards with universities, sports teams, professional and special interest groups, formed 120 new marketing agreements in the quarter and added 3.5 million customers and 3 million accounts.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | October 12, 1994
Signet Banking Corp. has changed the name of the credit card company it plans to spin off in a public offering and said it expects to begin the sale next month.Instead of OakStone Financial Corp., the company will be called Capital One Financial Corp., Richmond, Va.-based Signet said yesterday."Capital One consistently outperformed a broad array of names in extensive consumer testing," Signet said in a statement.The offering will begin some time after Signet releases its third-quarter earnings, which are expected Tuesday.
BUSINESS
By BLOOMBERG NEWS | April 8, 1997
WASHINGTON -- U.S. consumers borrowed at a slower pace in February as banks toughened their standards for new loans, Federal Reserve figures showed yesterday.Borrowing increased $6.7 billion for the month -- right in line with analysts' expectations -- to $1.212 trillion after rising a revised $10.2 billion in January. Previously, the Fed said January borrowing increased $8.4 billion.Though credit growth hit double digits in 1995 and early 1996, banks are tightening loan standards and shoring up against losses, after personal bankruptcies exceeded a record 1 million last year.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 5, 1997
A Linthicum-based financial consulting firm has teamed up with three large banks to start a new company that will issue credit cards.First Annapolis Consulting Inc. will be part of an alliance made up of BankBoston Corp., Bank of Montreal and Harris Bank, the Bank of Montreal's Chicago-based subsidiary.The company, which has yet to be named, will be based in Linthicum and have offices in Delaware and Boston, said John R. Soderlund, who is a managing director with First Annapolis and will leave to become president and chief executive of the credit card company.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 14, 1998
Crestar Financial Corp. reported yesterday that third-quarter earnings rose 12 percent to a record $88.9 million, aided by the sale of credit-card loans, strong growth in services that charge customers fees, and fewer problem loans.Richmond, Va.-based Crestar, which employs about 700 people in Baltimore, hit Wall Street estimates, making 78 cents per diluted share for the three months that ended Sept. 30, up 10 percent from the corresponding period in 1997, according to a survey conducted by Zacks Investment Research.
BUSINESS
September 4, 1998
Banc One Corp. said yesterday that its First USA credit card unit bought Chevy Chase Bank's credit card business for an undisclosed sum, making it the No. 2 U.S. credit card company.Columbus, Ohio-based Banc One said First USA bought $4.9 billion of card loans and will hire Chevy Chase's 1,300 credit card employees and take over the bank's credit card facilities in Frederick. The deal will give First USA about $46.5 billion in card loans, placing it past MBNA Corp. and behind No. 1 Citicorp.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 10, 1998
Crestar Financial Corp. reported yesterday record net income of $87.4 million for the second quarter, driven by growing loans and fewer loan problems.The Richmond-based banking company made 77 cents a share in the quarter that ended June 30, up 13 percent from the 68 cents a share it made in the second quarter last year. That beat Wall Street estimates by a penny.The quarter was "very solid," said David West, a bank analyst at Richmond-based Davenport & Co. "They are showing good growth, good numbers, so I think they have good prospects."
NEWS
By NEW YORK TIMES NEWS SERVICE | November 14, 1997
WILMINGTON, Del. - Charles Cawley has long seen gold where others see lead, mining the overlooked business opportunity to the hilt and making it pay off handsomely. Take, appropriately enough, the gold credit card, which despite its hue left many bankers cold.In 1983, when he was head of the small credit card unit of the Maryland National Bank, Cawley pounced on the new Gold Mastercard, becoming the top issuer of a product that other banks had chosen to ignore. He repeated the feat last year as head of the now-independent unit, renamed MBNA Corp.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 10, 1997
Crestar Financial Corp.'s net income rose to a record $79.5 million in the third quarter, boosted by lower expenses, fewer problem credit card loans and several business lines that produced steady profits, the company said yesterday.The company earned 71 cents a share in the quarter ended Sept. 30, up 65 percent, compared with 43 cents a share for the corresponding time a year earlier.Crestar's net income for the first nine months of the year was $227.1 million, or $2.03 a share, compared with $180.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 5, 1997
A Linthicum-based financial consulting firm has teamed up with three large banks to start a new company that will issue credit cards.First Annapolis Consulting Inc. will be part of an alliance made up of BankBoston Corp., Bank of Montreal and Harris Bank, the Bank of Montreal's Chicago-based subsidiary.The company, which has yet to be named, will be based in Linthicum and have offices in Delaware and Boston, said John R. Soderlund, who is a managing director with First Annapolis and will leave to become president and chief executive of the credit card company.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 10, 1998
Crestar Financial Corp. reported yesterday record net income of $87.4 million for the second quarter, driven by growing loans and fewer loan problems.The Richmond-based banking company made 77 cents a share in the quarter that ended June 30, up 13 percent from the 68 cents a share it made in the second quarter last year. That beat Wall Street estimates by a penny.The quarter was "very solid," said David West, a bank analyst at Richmond-based Davenport & Co. "They are showing good growth, good numbers, so I think they have good prospects."
BUSINESS
By KNIGHT-RIDDER NEWS SERVICE | November 24, 1995
A holiday on plastic could be risky business this year.As consumers binge on credit cards, issuers are slapping those who pay late or exceed credit limits with higher interest rates and stiffer fees. In some cases, the interest rates paid by delinquent customers are nearly double the regular rate.Banks call it the price of irresponsible behavior. But consumer advocates argue the punishment doesn't fit the crime."With one hand, banks push card holders to charge more and carry a balance; with the other hand they slap consumers with unprecedented rate hikes," said Ruth Susswein, executive director of Bankcard Holders of America, a consumer advocacy group.
BUSINESS
By BLOOMBERG NEWS | April 8, 1997
WASHINGTON -- U.S. consumers borrowed at a slower pace in February as banks toughened their standards for new loans, Federal Reserve figures showed yesterday.Borrowing increased $6.7 billion for the month -- right in line with analysts' expectations -- to $1.212 trillion after rising a revised $10.2 billion in January. Previously, the Fed said January borrowing increased $8.4 billion.Though credit growth hit double digits in 1995 and early 1996, banks are tightening loan standards and shoring up against losses, after personal bankruptcies exceeded a record 1 million last year.
BUSINESS
By BLOOMBERG BUSINESS NEWS | January 9, 1997
WASHINGTON -- Borrowing by U.S. consumers rose at a faster-than-expected pace in November as credit-card use accelerated just ahead of the holidays, the Federal Reserve said yesterday.Borrowing rose $7.4 billion for the month to $1.191 trillion, after rising a revised $6.5 billion in October. Previously, the Fed said October borrowing increased $2.2 billion. Before yesterday's report, analysts had expected a November increase of $3.6 billion."The bottom-line message is that borrowing is a symptom of confidence in the economy," said William Sullivan, an economist at Dean Witter Reynolds in New York.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.