Here are recent stories of interest from around the web.
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If you aren’t already full from heaping servings of fearful WaMu and Wachovia customers, grab a steak knife and dig into the next course being served at the failed-bank buffet: National City. PNC announced last week that they will be acquiring the struggling Cleveland-based bank. (Is it too late for National City to scrub its recently announced sponsorship of the Detroit Pistons next year?)
Navy FCU, world’s largest and most formidable credit union, will more than double its number of branches in the next three years. It now has 161 branches in major Navy and Marine Corps hotspots, but will have 330 by 2012. (That requires a ton of capital.) Earlier this year, Navy FCU expanded its field of membership to include all branches of the military, and its branching plans are to court its new potential members. Navy Federal was growing rapidly even before it broadened its membership. It opened 34 new branches in 2007 and expects to open 21 this year.
Okay that’s an exaggeration, but is Celent’s latest report any more believable? They say 40% of all banks and credit unions will offer remote deposit capture by the end of 2008. That seems extremely optimistic, if not impossible.
Consumer Reports says no, despite all the hype. They took a look a look at BofA’s Keep the Change, Wachovia’s Way2Save, and One from American Express. The bottom line? People would do better with regular savings accounts and rewards programs tied to plastic products.
Toyota is moving Japanese employees to the town of Tupelo. Renasant Bank rolled out the welcome mat and ran some billboards that said “Welcome to Mississippi” in Japanese. The bank may be the first in Mississippi to incorporate Japan’s character alphabet into its advertising. Maybe Renasant should have been given a shot at offering the new Toyota Visa Rewards Card instead of US Bank.
The city says WaMu the bank engaged in unlawful subprime mortgage lending practices. This isn’t the first lawsuit San Diego’s brought against a mortgage lender, and it isn’t going to be the last. The San Diego City Attorney’s office said his office will bring another lawsuit against an undisclosed home loan company this week.Briefs, BofA, Chase, National City, Navy FCU, PNC, Wachovia, WaMu
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