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December 20, 2003
Joseph T. Nelson III, a longtime resident of Gibson Island who worked as a spokesman for a major consumer finance company in Washington, D.C., died of heart disease at his home in Vero Beach, Fla., on Sunday. He was 70 and had lived in Florida with his wife for the past 10 years. Mr. Nelson worked for Household International Inc. for 30 years and ran the company's public relations office in Washington. He also served on industry committees with the American Financial Services Association, the National Council on Savings Institutions and the National Association of Manufacturers.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 17, 2013
Marylanders are big complainers. At least when it comes to the financial services they receive. Maryland ranked No. 2 in the nation in mortgage complaints per capita, second only to New Hampshire, for grievances lodged with the Consumer Financial Protection Bureau. The state came in third for grousing about credit cards and placed fifth for gripes about banks and service. The CFPB's database, launched toward the end of 2011, catalogs thousands of gripes about banking, credit cards and mortgages that the newfound agency has received.
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BUSINESS
By Kenneth R. Harney | February 22, 1998
AN ESTIMATED 80,000 homeowners nationwide who were supposed to share in a landmark $5 million to $20 million class-action settlement against a major mortgage lender will now get nothing. The defendant in the widely publicized case over alleged illegal loan fees, Ford Consumer Finance Co., will escape all payments to borrowers, despite having agreed to settle with them for millions in mid-1996.The story of how the settlement unraveled -- and why the case arose in the first place -- is a cautionary tale for homeowners, lenders and lawyers alike.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 24, 2012
Annapolis Bancorp Inc., the parent company of BankAnnapolis, has agreed to be acquired by Pennsylvania-based F.N.B. Corp. in a deal valued at $51 million. Under the deal announced Monday, F.N.B. will gain $437 million in assets and eight offices in Anne Arundel and Queen Anne's counties. Shareholders of the Maryland company will receive 1.143 shares of F.N.B. stock in exchange for each share of Annapolis Bancorp. F.N.B. President and CEO Vincent J. Delie Jr. said in a statement that the acquisition was consistent with his company's expansion strategy.
BUSINESS
By BLOOMBERG NEWS | April 8, 1998
WILMINGTON, Del. -- Household International Inc., the nation's second largest consumer lender, agreed yesterday to buy Beneficial Corp. for about $8.25 billion in stock as mergers sweep the finance business.Household, based in Prospect Heights, Ill., will pay 1.0222 shares, or $143.87, for each Beneficial share. After the purchase, Household will have 30 million customers, $62 billion of receivables and more than 2,000 branches across the United States as well as in Britain, Ireland and Canada.
BUSINESS
By New York Times News Service Bloomberg Business News contributed to this article | November 18, 1992
NationsBank, the acquisitive North Carolina banking company whose name reflects its ambitions, announced an agreement yesterday to buy almost all of Chrysler First, a consumer finance subsidiary of the Chrysler Financial Corp.For Chrysler, the sale of its consumer finance subsidiary will provide an infusion of cash and reduce by about $4 billion its borrowings in financial markets and from banks.John P. Tierney, chairman of Chrysler Financial, said the company wanted to get out of some of its non-automobile businesses to focus on financing car buyers and car dealers.
BUSINESS
By New York Times News Service | December 28, 1994
ITT Corp. said yesterday that it had sold one of its consumer finance companies to Norwest Corp. and that it was close to selling three more financial services subsidiaries to an unidentified buyer.The two deals are the latest in a blizzard of transactions intended to raise cash for ITT's entrance into the gambling and entertainment businesses.Yesterday's announcement came only one day after ITT disclosed that it had agreed to sell its commercial finance unit to Deutsche Bank of Germany for a net gain for ITT that was estimated yesterday at about $900 million, not the $4 billion figure that was originally disclosed.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 24, 2012
Annapolis Bancorp Inc., the parent company of BankAnnapolis, has agreed to be acquired by Pennsylvania-based F.N.B. Corp. in a deal valued at $51 million. Under the deal announced Monday, F.N.B. will gain $437 million in assets and eight offices in Anne Arundel and Queen Anne's counties. Shareholders of the Maryland company will receive 1.143 shares of F.N.B. stock in exchange for each share of Annapolis Bancorp. F.N.B. President and CEO Vincent J. Delie Jr. said in a statement that the acquisition was consistent with his company's expansion strategy.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 9, 2000
A top executive of Citigroup Inc. said the company is committed to keeping the headquarters of its sprawling consumer credit division in Baltimore, despite its recent agreement to buy Associates First Capital Corp., a large consumer finance company. CitiFinancial, the consumer credit division previously known as Commercial Credit Co., employs 1,200 people in Maryland - 500 at its headquarters at 300 St. Paul St. Another 500 people work in offices near Baltimore-Washington International Airport and in Owings Mills.
BUSINESS
By Michael Pollick | November 7, 1991
Commercial Credit Co., the consumer lender that was founded here in 1912, confirmed yesterday that it is exploring the possibility of moving out of downtown Baltimore when its lease expires in June 1993."
BUSINESS
By Hanah Cho | October 14, 2009
In an effort to raise money to comply with the requirements of intense federal supervision, Baltimore's 1st Mariner Bank said Tuesday it sold 95 percent of its consumer finance unit to a private equity firm for $10.5 million. The sale was the bank's "first and major step" in increasing its capital, Chairman and CEO Edwin F. Hale Sr. said in a statement. But the sale's proceeds are only about half of what the company has said it needs between now and July to meet targets established by regulators.
BUSINESS
By JAY HANCOCK | March 14, 2009
Give First Mariner Bancorp's Edwin F. Hale Sr. credit for at least having his heart in the right place. He may be the only banker in America talking about bailing out his institution with his own money. "I want this to work because I think it's a good investment," he said of the struggling bank he founded in 1995. "I think our stock right now - 50, 80 cents - is ridiculous. I think this is a great opportunity for us to move forward. And I'm going to put my money where my mouth is." But not yet. "Dominoes have to drop" before he can come up with the funds, he says.
BUSINESS
By ANDREW LECKEY | June 13, 2004
I HAVE a large stake in Citigroup Inc. What does the future hold for this stock? - L.F., via the Internet Being the world's largest and most diverse financial services company can be messy and expensive. High on its agenda are legal proceedings, volatile markets and rising interest rates. Nonetheless, this is a financial juggernaut doing business in more than 100 countries with product lines in banking, credit cards, consumer finance, corporate lending, investment banking, brokerage and asset management.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 11, 2004
The federal government is proposing a rule aimed at giving consumers better estimates of the total cost of a home loan, but the mortgage finance industry and consumer advocates have expressed concern that the measure is being rushed. Without providing specifics on the rule, which would overhaul the mortgage application process, the Department of Housing and Urban Development submitted what it called a final version last month to the Office of Management and Budget. A version of the rule proposed a year and a half ago would have required lenders to offer a single price for the costs of processing the mortgage - including such expenses as appraisals and title insurance - or to stick much more closely to initial estimates of those costs.
NEWS
December 20, 2003
Joseph T. Nelson III, a longtime resident of Gibson Island who worked as a spokesman for a major consumer finance company in Washington, D.C., died of heart disease at his home in Vero Beach, Fla., on Sunday. He was 70 and had lived in Florida with his wife for the past 10 years. Mr. Nelson worked for Household International Inc. for 30 years and ran the company's public relations office in Washington. He also served on industry committees with the American Financial Services Association, the National Council on Savings Institutions and the National Association of Manufacturers.
NEWS
By William Patalon III and William Patalon III,SUN STAFF | September 12, 2001
With the U.S. economy already slumping, it will take a decisive and reassuring response by the Bush administration to yesterday's attack on New York and Washington to keep the country out of its first recession in a decade, experts on the economy said. In recent months, with U.S. exports falling, manufacturing in the doldrums and stocks in a downdraft, only strong consumer spending has kept the weak American economy out of the abyss of recession. But with the financial fallout that's expected to emerge from the aircraft strike against the Pentagon and destruction of the World Trade Center's twin towers, experts say the government better do all it can to soothe consumer confidence.
BUSINESS
By JAY HANCOCK | March 14, 2009
Give First Mariner Bancorp's Edwin F. Hale Sr. credit for at least having his heart in the right place. He may be the only banker in America talking about bailing out his institution with his own money. "I want this to work because I think it's a good investment," he said of the struggling bank he founded in 1995. "I think our stock right now - 50, 80 cents - is ridiculous. I think this is a great opportunity for us to move forward. And I'm going to put my money where my mouth is." But not yet. "Dominoes have to drop" before he can come up with the funds, he says.
BUSINESS
July 15, 1992
Primerica Corp.This financial-services conglomerate, once known as Commercial Credit of Baltimore, reported yesterday a slide in second-quarter revenues and an increase in profits.The company said it earned $150.5 million, or $1.36 a share, up from $1.05 a share during the second quarter of last year. Revenues declined to $1.28 billion from $1.29 billion during the 1991 same period. As usual, Primerica emphasized results from its brokerage operations, Smith Barney, but earned more from each of its other major segments, insurance and consumer finance.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 9, 2000
A top executive of Citigroup Inc. said the company is committed to keeping the headquarters of its sprawling consumer credit division in Baltimore, despite its recent agreement to buy Associates First Capital Corp., a large consumer finance company. CitiFinancial, the consumer credit division previously known as Commercial Credit Co., employs 1,200 people in Maryland - 500 at its headquarters at 300 St. Paul St. Another 500 people work in offices near Baltimore-Washington International Airport and in Owings Mills.
BUSINESS
By BLOOMBERG NEWS | April 8, 1998
WILMINGTON, Del. -- Household International Inc., the nation's second largest consumer lender, agreed yesterday to buy Beneficial Corp. for about $8.25 billion in stock as mergers sweep the finance business.Household, based in Prospect Heights, Ill., will pay 1.0222 shares, or $143.87, for each Beneficial share. After the purchase, Household will have 30 million customers, $62 billion of receivables and more than 2,000 branches across the United States as well as in Britain, Ireland and Canada.
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