July 11, 1989 |
Chase Manhattan Bank, the nation's second-largest bank in terms of assets, lowered its prime lending rate by a half percentage point to 10.5% on Monday, but the other New York "money center" banks did not immediately follow suit. Economists said the other banks probably would cut their prime rates soon in response to a general downward trend in interest rates that has lowered the banks' own cost of funds.
May 29, 1989
Credit Card Portfolio Bought: Chase Manhattan Bank will purchase the credit card portfolio of Michigan National Corp. for more than $220 million. The portfolio, held by the Independence One Bank subsidiary of Michigan National, consists of more than 1 million Visas and Master Cards with outstanding balances totaling about $1.1 billion. The addition of the portfolio will increase Chase's cardholder base to 7 million accounts with total outstanding balances in excess of $8 billion.
May 26, 1989 |
Chase Manhattan Bank will purchase the credit card portfolio of Michigan National Corp. for more than $220 million, cementing Chase's position as the nation's No. 2 bank credit card issuer, it was announced today. The portfolio, held by the Independence One Bank N.A. subsidiary of Michigan National, consists of more than 1 million Visas and MasterCards with outstanding balances totaling about $1.1 billion. Chase called the acquisition the largest in the history of the credit card industry.
May 9, 1989
Peter O'Malley may be more concerned about the Dodgers' escalating payroll than is Tom Lasorda, but the manager says he knows all about economics, too. And he tells this story to prove it: "A guy went into Chase Manhattan Bank to borrow $1,500, and left his car as collateral. In a week, he came back, paid off the loan, plus $17.50 in interest. "The bank's loan officers, who in the meantime had discovered the man was worth millions, asked him why he took out a $1,500 loan.
May 3, 1989
Alleghany Corp. said it signed an agreement to purchase Sacramento Savings & Loan Assn. of Sacramento and two related companies from the H.N. and Frances C. Berger Foundation for $150 million cash . . . Independent film producer Pathe Communications said it halted negotiations for the purchase of a $6-million interest in Kings Road Entertainment . . . The Transportation Department gave final approval to Federal Express Corp.'s takeover of the Flying Tigers air cargo service on the condition that Federal give up its U.S.-Japan small package service . . . . . . American Airlines said it has reached a contract agreement in principle with the Transport Workers Union, which represents 23,000 ground service personnel and mechanics . . . Sears, Roebuck & Co. said it is moving its catalogue operations from the landmark downtown Sears Tower in Chicago to a company-owned building in suburban Skokie . . . Chase Manhattan Bank said all its credit card accounts will leap to a 19.8% annual percentage interest rate from 17.5% on June 1. . . . Owners of America's mid-size, privately held businesses pay themselves an average of $151,000 annually in direct and indirect compensation, according to a study of middle market companies by Geneva Cos., an Irvine-based financial services organization that studied 2,500 firms with annual revenue from $1 million to $100 million.
April 25, 1989
Chase Manhattan Bank, the nation's second-largest bank, has signed a multimillion-dollar telecommunications service agreement with MCI Communications Corp. The companies declined to disclose the value of the contract.
October 26, 1988 |
Three powerful U.S. banking companies, frustrated with the unwillingness of Congress to reform the nation's banking laws, said Tuesday that they had asked the Federal Reserve Board to let them engage in key investment banking activities. Chase Manhattan Corp., the second-largest U.S. banking company; J. P. Morgan & Co., the most profitable money-center bank, and Los Angeles-based Security Pacific Corp. said they filed applications with the Fed for permission to underwrite corporate debt.
January 29, 1988 |
To help car buyers reduce monthly payments, lenders a few years ago introduced four-year auto loans. Then five-year loans. Then six. But a 10-year car loan? Volvo Cars of North America announced Thursday that customers will be able to finance new Volvos with loans through New York's Chase Manhattan Bank for as long as 10 years--by far the longest maturity ever offered by a major U.S. lender.
September 8, 1987 |
Federal regulators have subpoenaed Wells Fargo Bank and Chase Manhattan Bank in connection with financial instruments that might violate federal commodities law, according to officials of the Commodity Futures Trading Commission. The subpoenas appeared to signal that the commission will be a tougher regulator of off-exchange futures and options trading under its new acting chairman, Kalo Hineman, agency and futures industry sources said.