B&B plays down sell-off option Oct 27, 2009
Santander buys its branches and retail deposit accounts Best known for: Bowler hat-wearing Mr Bradford and Mr Bingley. The rescue involved the government lending 14. (BBC News -- Business)
AmEx Q3 Profit Down 21%, Users Cut Spending Oct 24, 2009
To offset weaker spending trends and losses from souring card loans, AmEx cut expenses by 17%, partly through a smaller workforce and reducing marketing spending, and bulked up its retail deposit base by selling certificates of deposit. The company's U.S. card business reported income of $109 million in the third quarter, down from income of $244 million a year earlier. (SmartMoney)
* FSA to require big UK banks to draw up a living will Oct 24, 2009
Restructuring could include clear separation between retail deposit taking business and businesses involved in proprietary trading activities, with the latter able to fail even if the former were supported in crisis conditions, the FSA said. The proposal stopped short of adopting suggestions by Bank of England Governor Mervyn King that banks should split low-risk retail from so-called casino investment banking before the need for a living will arises. (Taipei Times, Taiwan -- World)
EverBank makes $535M acquisition Oct 23, 2009
The Tygris acquisition will provide EverBank with substantial growth capital to continue its successful approach of offering high-credit-quality residential loan and retail deposit products to the mass affluent market as well as pursue other strategic acquisition opportunities, he said. We believe that by continuing to pursue attractive lending and deposit opportunities, while offering business leasing products, EverBank can further enhance its financial position and provide competitive lending... (Jacksonville Business Journal, FL)
Banks say funding costs likely to stay high for while Oct 9, 2009
We expect overall costs to increase into 2010, driven mainly by the rising average cost of term wholesale and retail deposit costs,'' a spokeswoman for NAB said yesterday. Banks normally generate half their funding from deposits, with the balance split evenly between mostly offshore short-term and long-term funding. (Sydney Morning Herald -- Business)
Banks poised to out-hike RBA Oct 8, 2009
We expect overall costs to increase into 2010, driven mainly by the rising average cost of term wholesale and retail deposit costs,'' a spokeswoman for National Australia Bank said. Banks normally generate half their funding from deposits, with the balance split evenly between mostly offshore short-term and long-term funding. (Sydney Morning Herald -- Business)
RBS Equities (India) puts 'buy' on IDBI Bank Sep 30, 2009
This is a medium-term positive, but we believe the banks focus on branch expansion and on building a retail base will gradually improve its retail deposit and overall liability mix in the long term, an RBS note to clients said. We assume steady improvement in margins in FY09-12 from 62 basis points to 1. (India Times)
New product to drive HLB retail deposit growth Sep 16, 2009
KUALA LUMPUR: Hong Leong Bank Bhd (HLB), which currently has RM30bil deposits, is aiming for a double-digit retail deposit growth with the introduction of the Hong Leong Flexi FD Account. Personal financial services chief operating officer Moey Tan said the target would exceed the average industry growth for retail deposit of 6% to 8 ... 7% market share of retail deposits and are ranked No. 3. (The Star Online, Malaysia -- Business)
Big banks' Kiwi blues Aug 13, 2009
At the same time the New Zealand Government has provided support through measures such as the retail deposit guarantee scheme and wholesale funding guarantee facility. The New Zealand banks also have strong backing from their Australian parents. (Sydney Morning Herald -- Business)
CMS Bancorp, Inc. Announces Continued Improvement in Financial Performance for the Quarter and Nine Months Ended June 30, 2009 and Sizable Growth in the Company's Assets Aug 12, 2009
President and CEO John Ritacco stated that "while we experienced a loss in the quarter ended June 30, 2009, we have continued to see improvement in higher net interest income and better management of our costs." Mr. Ritacco noted that "the results for the quarter included a special FDIC assessment of $110,000 and new direct operating expenses associated with the Mount Kisco branch which totaled $176,000." Commenting on growth, Mr. Ritacco reported "that the Company's assets grew by $37.2... (Primezone Releases)
First United Corporation Announces Second Quarter Earnings Aug 11, 2009
The decrease in deposits is due to the redemption of $64 million in brokered money market accounts offset by strong retail deposit growth in money market, overnight investments, and certificates of deposit products. The increase of $28. (PR Newswire)
Heritage Building Society profit up 25% Aug 6, 2009
114 billion and its retail deposits by $558 million, or 20. 8 per cent as it joined other non-bank lenders in withdrawing from the mortgage securitisation market. (Sydney Morning Herald -- Business)
Horizon Financial Reports First Quarter Fiscal 2010 Results Aug 4, 2009
The growth in interest bearing deposits from June 30, 2008, was a result of the strategy to enhance liquidity, accomplished in part by utilizing brokered deposits and by paying very competitive retail deposit rates in our local markets ... "Our net interest margin was also affected by our strategy to maintain above average levels of on-balance sheet liquidity and by holding brokered deposits that are now more expensive than current rates since they were acquired in the prior fiscal years, as... (Primezone Releases)
RBA's confidence grows as it urges guarantee cut Jul 29, 2009
Before the crisis in this country, the Rudd Government announced plans to implement a retail deposit insurance scheme, and it will be resurrected to replace the October guarantee. It was also desirable that guarantees for wholesale debt raisings by the banks fell into disuse as market confidence returned, he said. (Sydney Morning Herald -- Business)
Georgia-Carolina Bancshares Announces Increase in Second Quarter Net Income Jul 29, 2009
GEORGIA-CAROLINA BANCSHARES, INC. Consolidated Balance Sheets (dollars in thousands) June 30, December 31, -------- ------------ 2009 2008 ---- ---- ASSETS Cash and due from banks $15,983 $9,954 Federal funds sold 1,475 - Securities available-for-sale 48,304 57,594 Loans, net of allowance for loan losses of $5,142 and $4,284, respectively 331,510 332,009 Loans, held for sale 58,319 28,402 Bank premises and fixed assets 9,869 10,081 Accrued interest receivable 1,761 1,934 Foreclosed real estate,... (PR Newswire)
BofA earns $2.4B for second quarter Jul 18, 2009
Net income from BofA s traditional retail deposit business dropped to $505 million from $1. 2 billion in the second quarter of 2008. (Charlotte Business Journal, NC)
Six economists in search of a new financial system Jul 9, 2009
Some of the things they raise are already on the way, including a clearing 00004000 house for derivatives contracts, new capital requirements that weigh whether banks are dialling up risk by paying big short-term bonuses to executives, and the introduction of a permanent retail deposit guarantee are already happening. The link between short-term pay rewards and the financial crisis is acknowledged worldwide, and APRA is charged with shaping the response in this market. (Sydney Morning Herald -- Business)
Goldman Junk Credit Nightmare Shared With Morgan Stanley Fades From Market Jun 22, 2009
I dont think theres a sense anymore that you have to have a retail deposit base or be part of a bank to survive, and credit spreads are telling you that. . (Bloomberg -- US)
Perpetual bets on market bottom May 31, 2009
Now that markets have stabilised, Perpetual is also pressing the government for a timetable for when the guarantee on retail deposits will be lifted. "The short-selling ban has been taken off, there is some commentary about green shoots of recovery, so the next question is when does the retail deposit guarantee start to unwind?" Mr Deverall said. (Sydney Morning Herald -- Business)
Santander scraps UK bank brands May 28, 2009
Santander buys its branches and retail deposit accounts Best known for: Bowler hat-wearing Mr Bradford and Mr Bingley. UK banks owned by Santander currently operate under two banking licences. (BBC News -- Europe)
Kanas looks ahead May 23, 2009
In addition to going after commercial, industrial and small-business loans, he said BankUnited will start seeking more business deposits, in addition to its retail deposit base. We believe that, because so many banks in Florida are suffering with regulatory orders and problem assets, many find it difficult to serve the business community, Kanas said in an interview. (South Florida Business Journal, FL)
Investec: Retail deposit facility to boost cash May 13, 2009
Private bank Investec aims to lure more deposits to lower its cost of funding, by offering a retail deposit account to people who may not meet its criteria for private banking ... Replacing wholesale money with retail deposits would satisfy bank regulators that were demanding more liquidity amid the global financial crisis, he added. (Business Report, South Africa)
Bank of Queensland First-Half Profit Declines 25 Percent as Bad Debts Rise Apr 9, 2009
Our renewed focus on retail deposit funding has intensified, with our deposit pricing strategy driving significant growth in our liquidity levels, Managing Director said in the statement. The companys normalized cash profit rose 29 percent from a year earlier, beating a forecast of 25 percent growth made in February. (Bloomberg -- Australia & New Zealand)
Westpac, ANZ leave customers holding breath Apr 8, 2009
64 per cent. "Intense price competition on term deposits is also lifting the cost of retail deposit funding versus the official cash rate," Mr McEwan said. Related Coverage. (Sydney Morning Herald -- Business)
Bendigo shares slip on broker downgrades Apr 7, 2009
It would achieve this by boosting margins when the bank reprices its retail deposit base. "The retail deposit base, repriced, will establish quite an acceptable funding base to enable us to remain competitive," he said. (Sydney Morning Herald -- Business)
C'wealth won't pass on full cut Apr 7, 2009
Ross McEwan, the head of the Commonwealth's retail banking division, said: "The cost of wholesale funding remains extremely high and as old funding matures and is replaced at much higher rates our average cost of funding continues to rise. "Intense price competition on term deposits is also lifting the cost of retail deposit funding versus the official cash rate. We understand the importance of ensuring that in the current economic climate we support our home loan customers and pass on as much... (Sydney Morning Herald -- Business)
Lehman puts two bank units on mkt Mar 17, 2009
It does not conduct retail deposit operations and has no consumer deposit or loan customers, according to a court filing. Woodlands, which was earlier known as Lehman Brothers Commercial Bank, has been funded primarily by brokered certificates of deposit. (India Times)
Imperial Capital Bancorp, Inc. Reports Preliminary Quarterly and Annual Financial Information and Agreement With Regulators Feb 21, 2009
We will continue to focus on our strategy of reducing our reliance on wholesale funding sources, which includes FHLB advances and brokered certificates of deposits, while increasing core deposits and other retail deposit products through our branch and on-line deposit network. As a result of this strategy, retail deposits have increased approximately 22% to $2. (PR Newswire)
15-20% correction needed in realty prices, says Kochhar Feb 14, 2009
There has been some correction in retail deposits too. I think we next need to see some more correction in retail deposit rates and finally the lending rates. (India Times, India -- Intl Business)
Macquarie Group's write-downs double to top $1.5bn Feb 7, 2009
Macquarie Group's write-downs double to top $1. February 06, 2009 07:58am AEDT. (The Australian)
