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PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC 2002-2003 The only complete guide to the technologies and companies changing the way the world banks, invests and manages money
Jack W. Plunkett Published by: Plunkett Research, Ltd., Houston, Texas www.plunkettresearch.com
PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC 2002-2003 Editor and Publisher: Jack W. Plunkett Executive Editor and Database Manager: Martha Burgher Plunkett
Information Technology Director: Alex Preskovsky
Senior Editor and Researcher: Scott Rick
E-Commerce Manager: Kamil Ahmed
Editors, Researchers and Assistants: Evan Cleveland Elisa Gabbert Jules Marshall Ray Marumahoko Paul Medford Ghazal Siddiqi Suzanne Zarosky
Cover Design: Kim Paxson, Just Graphics Junction, TX
Special Thanks to: U.S. Department of Commerce U.S. Federal Reserve Bank The Investment Company Institute U. S. Department of the Treasury Securities Industry Association Insurance Information Institute
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Published by: Plunkett Research, Ltd. P. O. Drawer 541737 Houston, Texas 77254-1737 USA Phone: 713.932.0000 Fax: 713.932.7080 Internet: www.plunkettresearch.com ISBN # 1-891775-52-9 End-User License Agreement, Limited Warranty & Limitation of Liability-Effective April 2002, Plunkett Research, Ltd. Important, read carefully: This agreement is a legal agreement between you (whether as an individual or an organization) and Plunkett Research, Ltd. By installing, copying, downloading, accessing or otherwise using the Plunkett Data, you agree to be bound by the terms of this Agreement. If you do not agree to the terms of this Agreement, do not install or use the Plunkett Data. The information (the "Data" or the "Plunkett Data") contained in this printed version or electronic file is the property of Plunkett Research, Ltd. Copyright laws and international copyright treaties, as well as other intellectual property laws and treaties, protect the Plunkett Data. LIMITED RIGHTS TO INSTALL DATA ON ELECTRONIC DEVICES: Plunkett Research, Ltd. grants you, as an individual or an organization, a non-exclusive license to use and and/or install this Data, including installation of electronic files on one individual desktop computer AND on one laptop computer AND one personal digital assistant or dedicated portable eBook reader (such as a Palm or iPaq). This is a limited license, which applies to a single user. Organizations desiring multi-user licenses may purchase additional rights at reasonable cost by contacting Plunkett Research, Ltd., 713.932.0000, www.plunkettresearch.com, email:
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PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC 2002-2003 TABLE OF CONTENTS A Short Financial Services Glossary Introduction How to Use This Book Chapter 1: An Overview of the Financial Services Industry (Markets, Statistics and Trends) Chapter 2: A Short List of Important Financial Services Industry Contacts (Addresses, Phone Numbers and World Wide Web Sites) Chapter 3: Banking Chapter 4: Insurance Chapter 5: Mutual Funds, Retirement Plans and Annuities Chapter 6: Financial Information Technologies and Financial Services Online Chapter 7: Residential Mortgages Chapter 8: The Financial Services 500: Who They Are and How They Were Chosen Industry Codes Index of Rankings Within Industry Groups (The 500 firms grouped by industry, and ranked for sales and profits) Alphabetical Index Index of Headquarters Location, by State Index by Regions Where the Financial Services 500 Firms Have Locations Index by Firms with International Operations Individual Data Profiles on Each of The Financial Services 500 Additional Indexes Index of Firms Noted as Hot Spots for Advancement for Women & Minorities Index by Subsidiaries, Brand Names and Affiliations LIST OF MAJOR TABLES U.S. Household Financial Assets by Category Consumer Credit Outstanding, 1960-2001 Hours and Earnings in Private Nonagricultural Industries, 1965-2001 Total and Per Capita Disposable Personal Income and Personal Consumption Expenditures in Current and Real Dollars, 1960-2001 Gross U.S. Savings and Investment, 1960-2001 Relation of National Income and Personal Income, 1960-2001 Civilian Unemployment Rate, Major Industrial Countries, 1975-2001 Civilian Hourly Compensation, Major Industrial Countries, 1975-2000 (CONTINUED ON NEXT PAGE)
i 1 3 7 39 63 71 75 85 95 107 108 109 122 127 133 147 150 668 670 10 14 15 16 17 18 19 20
(CONTINUED FROM PREVIOUS PAGE) Consumer Price Indexes for Major Expenditure Classes, 1960-2001 22 Interest-bearing Public Debt Securities by Kind of Obligation, 1970-2000 23 Bond Yields and Interest Rates, 1965-2001 24 Federal Receipts, Outlays, Surplus or Deficit, and Debt, Selected Fiscal Years, 1960-2003 26 U.S. Capacity Utilization Rates, 1965-2001 27 Federal Budget Receipts, Outlays, Surplus or Deficit, and Debt, as Percent of Gross Domestic Product, 1960-2003 28 Corporate Profits with Inventory Valuation and Capital Consumption Adjustments, 1960-2001 29 U.S. Merchandise Exports and Imports by Area, 1990-2001 31 International Reserves, Selected Years, 1962-2001 32 Foreign Transactions in the National Income and Product Accounts, 1960-2001 33 Worldwide Growth Rates in Real Gross Domestic Product, 1980-2001 34 Foreign Exchange Rates, 1969-2001 35 Industrial Production, Major Industrial Countries, 1973-2001 37 Consumer Prices , Major Industrial Countries, 1973-2001 38 Mega Mergers in Banking 65 Top Bank Holding Companies 68 U.S. Insurance Industry at a Glance 71 Major 2001 Insurance Company Mergers and Acquisitions 72 Top U.S. Insurance Firms 74 Number of Mutual Funds by Category, U.S., in December 2001 78 The Largest Equity Mutual Funds 80 The Largest Bond Mutual Funds 80 401(k) Plan Characteristics Year-End 1999 82 State of Online Access to Financial Services 85 Largest Online Stock Brokerages 89 Leading Personal Finance and Investment Advice Sites 90 U.S. Mortgage Market at a Glance 95 1-4 Family Mortgage Originations, 1980-2000 101 New Housing Units Started and Authorized, 1960-2001 102 New Construction Activity, 1960-2001 103 Mortgage Debt Outstanding by Holder, 1960-2001 104 Mortgage Debt Outstanding by Type of Property and of Financing, 1960-2001 105
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A SHORT FINANCIAL SERVICES GLOSSARY 10-K: An annual report providing a comprehensive overview of the state of a company's business. The SEC requires that it be filed by 90 days after fiscal year end. A 10Q report is filed on a quarterly basis. 12B-1 Fees: The percent of a mutual fund's assets used in the defraying of marketing and distribution costs. The fee amount is stated in the fund's prospectus. Recently the SEC proposed that 12b1 fees over 0.25% be classed as a load. A true "no load" fund does not have a 12b1 fee. 401(k) Plan: An employer-sponsored retirement plan that enables employees to defer taxes on a portion of their salaries by earmarking that portion for the retirement plan. In a typical plan, employees may deposit up to 15% of a year's salary. The employer then matches a portion of the employee's deposit. A common employer match equals one-half of an employee's deposits of up to 6% of salary. In other words, if an employee deposits 6% of a $30,000 salary ($1,800), the employer would match one-half of that $1,800 deposit ($900). The employee would then have $1,800 + $900 in the savings plan = $2,700. The account will grow on a tax-deferred basis until the employee begins drawing money at retirement. It is important to note that the provisions of these plans vary widely from one employer to the next. Some employers make no matching deposit. Some generous firms match 100% of qualified employee deposits. Not surprisingly, members of Congress have voted themselves one of the most generous savings plans in the nation, where the government matches 200% of their qualified deposits. 403(b) Plan: An employer-sponsored retirement plan that enables employees of universities, public schools, and nonprofit organizations to defer taxes on a portion of their salaries by earmarking that portion for the retirement plan. See 401(k) for details. Acceleration Clause: A clause in contracts of debt, which makes the entire amount due upon the borrower's default.
Adviser: An organization employed by a mutual fund to give advice on the fund’s investments (also called the "Investment Adviser"). Agent: Insurance is sold by two types of agents. Independent agents are self-employed business people who typically represent two or more insurance companies and are paid on a commission basis. An agency company is a company that markets products via independent agents. Exclusive agents represent only one insurance company. They may be salaried employees or work on a commission basis. Companies using exclusive agents are called direct writers. The market share of direct writers has grown for more than a decade. In 1991, they represented 43% of the property/casualty market, and agency companies accounted for 57% of the market. Alpha: A measure of the selection risk, or residual risk, of a mutual fund relative to the market. A positive alpha represents the extra return an investor receives for taking a risk rather than accepting the market return. In other words, it is the percentage by which a fund outperforms the market-based return estimate. Alternative Documentation: A method of documenting a loan file, often referred to as "Alt Doc," that relies on information that the borrower is likely to be able to provide, rather than waiting on verification sent to third parties for confirmation of statements made in the mortgage loan application. American Depositary Receipts : Certificates issued by a U.S. Depositary Bank to represent foreign shares held by a branch of the bank or a correspondent in the country. An ADR can stand for one share, part of a share or a bundle of shares of a foreign corporation. The same currency, political and economic risks of the underlying foreign share are associated with the ADR. Prices are kept essentially identical through arbitrage. Amortization: A repayment method in which the amount you borrow is repaid gradually through regular monthly payments of principal and interest. During the first few years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal.
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Annual Report: A yearly record of the financial condition of a publicly held company, including a description of business operations, a balance sheet and an income statement. The report must be distributed to all shareholders by law. A 10-K is a more detailed version of the annual report. Annuitant: An investor in an annuity who is entitled to periodic payments for life or for specific number of years based on the balance in that annuity. Annuity: A contract between an issuer and an individual in which the company agrees to provide, in exchange for a stipulated amount of money, either fixed or variable income for a specified period of time. The payment from the company may be in a lump sum or may be monthly payments for the life of the individual. The total amount of the payments will be based on the amount deposited in the annuity by the individual, plus the earnings on those deposits over the life of the contract.
Boiler and Machinery Insurance : This coverage is often called Equipment Breakdown, or Systems Breakdown insurance. It’s insurance for damage caused by the malfunction or breakdown, not just of boilers, but of a vast array of other equipment, including air conditioning, heating, electrical, telephone and computer systems. Bond: A debt instrument of a government unit or a corporation, on which it promises to pay a fixed (or occasionally variable) rate of interest for a specified length of time and to repay the debt on a specified date. (Most bonds may also be "called," i.e., paid off prior to the specified date.) Bond Fund: A mutual fund that invests primarily in bonds and other fixed-income securities. Broker/Dealer: A firm that buys and sells mutual funds shares and other securities to the public. Bull Market: A market on a consistent rising trend.
Arbitrage: Profiting from differences in the price of one security that is traded on multiple markets. Assumability: A feature of a loan that permits you to transfer your mortgage and its specified terms to the person who is purchasing your home. Having an assumable loan could make it easier to sell your home, since assumption of a loan usually involves lower fees and/or qualifying standards for the new owner. Back-End Load: A sales charge applied when the investor exits a mutual fund. Beta (Stocks): A measure of the risk of a stock relative to the market. A beta between 0 and 1 represents a likely price change of that percentage above or below the market change. For example, a beta of .6 means the stock price is likely to move up or down 60% of the market change. Blanket Mortgage : A mortgage covering at least two pieces of real estate as security for the same mortgage. Blue Sky Laws : A body of state laws governing registration and distribution of securities. All 50 states and the District of Columbia regulate mutual funds.
Business Interruption Insurance : Coverage that reimburses a business owner for lost profits and continuing fixed expenses during business must stay closed as a result of a named peril. For example, an apartment house owner may be reimbursed for lost rents as a result of a building fire. This insurance also reimburses covered businesses forced to stay closed after such catastrophes as the February 26, 1993 bombing of New York City’s World Trade Center, and the April 29, 1992 Los Angeles riot. Buy-down: With a "temporary" buydown, a lender or the homebuilder subsidizes the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires. A "permanent" buydown, however, reduces the interest rate over the entire life of the loan. Call Option: A contract giving the holder of an option the right to purchase (and obligating the writer of the option to sell) a specified number of shares of the stock at the given strike price. Capital Gain: The difference between the net sales price and net cost of securities when a stock is sold for a profit.
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Capital Gain Distribution: A payment to shareholders of profits realized from the disposition of a mutual fund’s investment portfolio securities.
between a lender and a borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.
Capital Loss: The difference between the net sales price and net cost of securities when a stock is sold at a loss.
Common Stocks: The basic unit of stock in most corporations. Common stockholders are generally paid last (after holders of debt and preferred stocks) in the event of a bankruptcy or dissolution of a company. Common stockholders typically get one vote per share of stock. However, there may be more than one class of common stock, for example, Class A and Class B, and various classes of stock may have unique privileges, such as multiple votes per share.
Cash Dividend: A dividend, based on profitability, paid in cash to the shareholders of a company. The distribution can also include capital gains and return of capital and is taxable as income. Certificate of Eligibility: The document given to qualified veterans which entitles them to VA guaranteed loans for homes, businesses and mobile homes. Certificates of eligibility may be obtained by sending Form DD-214 (Separation Paper) to the local VA office with VA form 1880 (request for Certificate of Eligibility). Closed-end Investment Company: Unlike a mutual fund, known as an open-end investment company, a closed-end investment company issues a limited number of shares that trade on a stock exchange or in the over-the-counter markets. The value of a closedend funds’ shares is determined by market supply and demand. Closing : The meeting between the buyer, seller and lender or their agents where the property and funds legally change hands. Also called "settlement." Closing costs usually include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The costs of closing usually are about 3% to 6% of the mortgage amount. Commercial Lines: Insurance products that are bought by businesses, as opposed to personal lines products, which are sold to individuals. Commercial Multiperil Insurance : A package policy that may include property, boiler and machinery, crime and general liability coverages. Commitment: 1) A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. 2) A promise by an investor to purchase mortgages from a lender with specific terms or conditions. 3) An agreement, often in writing,
Comprehensive General Liability Insurance (CGL): Covers all liability risks of a business, except for those specifically excluded. Among the exposures covered are liability for products, completed operations, premises and operations, elevators and independent contractors. Among the exposures excluded from CGL coverage is liability for pollution damage. Construction Loan: A short-term interim loan to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as progress with construction is made. Construction/Permanent Loan: A mortgage loan combining short-term financing of construction with the long-term financing of the completed property. Convertible Bonds : Bonds that may, usually at the investor's option, be converted into common stock at a pre-determined price. Preferred stocks may also be convertible. Covered Call: A short call option position that gives the writer ownership of the number of underlying stock shares represented by the option contracts. In general, covered calls limit the writer’s risk, as it is not necessary for the stock to be bought at the market price if the holder of the option chooses to exercise it. Covered Put: A put option position in which the writer has deposited cash or equivalents equal to the exercise of the option in a cash account. Covered puts limit the writer's risk because money or stock is already set aside. If the holder of the put option does elect to exercise the option, the writer's risk is more limited than on an uncovered or a naked put option.
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Current Assets: The value of cash, accounts receivable, inventories, marketable securities and any other assets that are convertible to cash in under a year. Current Liabilities: The amount owed for salaries, interest, accounts payable and any other debts due within a year. Current Ratio : A measure of short-term debt paying ability. The ratio represents a company’s current assets divided by current liabilities. A higher ratio indicates a more liquid company. Current Yield: A ratio of the coupon rate divided by the market price of a bond or note. Custodian: The organization (usually a bank) that keeps securities for a mutual fund company. Debt/Equity Ratio: A measure of financial leverage, comparing the assets provided by creditors to those provided by shareholders. The ratio represents long-term debt divided by common stockholders' equity. Debt-to-Income Ratio: Also called the "back-end" ratio, this ratio, expressed as a percentage, is calculated by dividing a borrower's monthly payment obligations on long-term debt (including housing expense) by his or her gross monthly income. Maximum total monthly debt for conforming loans usually cannot exceed 36% of gross monthly income. For FHA and VA loans, the maximum is 41%. Also see Housing Expenses-to-Income Ratio. Deed of Trust: Similar to a mortgage, this instrument is used in many western states to pledge the home or other real estate as security for a loan. Deferred Annuity: An annuity that allows for the start of the start of payments to the individual at some future date elected by the individual. Depreciation: A method of amortizing the cost of an asset in equal dollar amounts over the useful life of an asset. For example, an item with a 5-year life would be charged with a certain amount of its cost every year for 5 years.
Derivative Security: A financial security, such as an option or future, with a value partly derived from the value and characteristics of the underlying security. Directors and Officers Liability Insurance : Covers directors and officers of a company for negligent acts or omissions or misleading statements that result in successful libel suits against the company. The coverage includes the cost of defending against such suits. Discount Points : The amount paid either to maintain or to lower the interest rate charged. Each point is equal to 1% of the loan amount. (For example, two points on a $100,000 mortgage would equal $2,000.) Dividend: The distribution to shareholders, in cash or stock, of part of a company's earnings, cash flow or capital. Dividend Reinvestment Plan: The automatic reinvestment, frequently without commissions, of shareholder dividends in additional shares of stock. Plans sometimes provide for share purchases at a discount of the market price. Dividend reinvestment plans let shareholders accumulate stock over time using dollar cost averaging. Down Payment: The difference between the purchase price and that portion of the purchase price being financed. Most lenders require the down payment to be paid from the buyer's own funds. Gifts from related parties are sometimes acceptable and must be disclosed to the lender. Earnest Money: Good faith money provided to the seller by the potential buyer to show that he or she is serious about purchasing the home. This amount can be applied to the down payment, but if the deal does not go through it may be forfeited, or in some cases returned. Earnings Per Share (EPS): A figure determined by dividing net income for the past year by the number of common shares outstanding, as reported by a company. Companies frequently use a weighted average of shares outstanding over the reporting term. Also called Primary Earnings Per Share. Effective Interest Rate : Also referred to as annual percentage rate (APR), this is the cost of interest on a
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yearly basis expressed as a percentage. It includes upfront costs paid to obtain the loan and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. Useful in comparing various loan programs that have different rates and points. Equal Credit Opportunity Act (ECOA) : A federal law that requires lenders to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. Equities: This is a term used to describe stock investments in corporations (equities) as opposed to debt investments in corporations (bonds). Equity: The value of the common stockholders' equity as listed on a company’s balance sheet. Escrow Waiver Fee: When a loan value is 80% or less, you may elect not to open an escrow account and pay the hazard insurance and property taxes yourself. There is a one-time charge by the investor of 0.25% to 0.375% of the loan amount. Escrow(s): That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance and other items as they become due. Also known as impound(s). Fair Credit Reporting Act: A consumer protection law that sets up a procedure for correcting mistakes on one's credit record. FHLMC (Federal National Mortgage Association): Also called "FreddieMac". A government-sponsored agency that purchases conventional mortgages from lending institutions, thus adding liquidity to the market. Fixed Annuity: An annuity purchased from an issuer that provides for fixed-dollar payments and is not tied to a portfolio of equity investments. FNMA (Federal National Mortgage Association): Like FHLMC, FNMA is a major secondary market investor that purchases mortgage loans from mortgage bankers and other financial institutions. Also known as "FannieMae".
Front-End Load: A sale s charge paid upon purchase of a mutual fund, annuity, or life insurance product. Futures Contract: An agreement to buy or sell a specified number of shares of a particular stock in a designated future month, at a price agreed upon by both buyer and seller. Futures contracts are frequently traded on the futures market. They differ from options in that options offer the right to buy or sell, while futures contracts bind the buyer and seller to an actual transaction. GNMA (Government National Mortgage Association): Also known as "GinnieMae". A government-owned corporation within the U.S. Department of Housing and Urban development (HUD) which specializes in the purchase of FHA and VA loans. Good Faith Estimate : A written estimate of closing costs that a lender must provide for the borrower within three days of submitting an application. Graduated Payment Mortgage (GPM): A type of flexible -payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it. Growth and Income Fund: A mutual fund that has the objective of long-term capital gains combined with dividend income. Growth Fund: A mutual fund managed with the primary objective of increasing the investor’s principal. Guaranteed Investment Contracts (GICs): Popular in the early 1980s, GICs were sold to corporate profit-sharing 401(k) and pension plans. They guarantee a specific return on invested capital over the life of the contract. As interest rates fell later in the decade, some insurers sustained heavy losses on GICs that guaranteed higher rates than they could earn, and that permitted the investor to add to the original investment, at the original rate, for the life of the contract. Hedging: A strategy for reducing the risk of loss in investments involving call options, put options, short selling or futures contracts, by lessening the potential
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volatility of a portfolio. Hedging helps to lock in existing profits.
Immediate Annuity: An annuity purchased with a lump sum.
Home Equity Loan: A fixed or adjustable rate loan obtained for a variety of purposes, secured by the equity in your home. Interest paid is usually taxdeductible. Often used for home improvement or the freeing of equity for investment. Home equity loans are tax-advantaged alternatives to consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt and education loans.
Income Fund: A mutual fund with the primary objective of providing current income to the investor.
Homeowners Multiperil Insurance : Homeowners insurance is a package policy, providing both property and personal liability insurance. The typical comprehensive policy covers the house, garage and other structures on the property – as well as personal property inside the house – against a wide variety of perils. The number of covered perils depends on the breadth of the policy. Trees and plants are not covered against windstorm damage. (Homeowners insurance will, however, cover damage to a house caused by a tree that fell in a windstorm.) The typical homeowners policy includes theft coverage on personal property whether it is at the home, or has been carried away from the home by the owner, such as luggage on a vacation. Homeowners insurance also will reimburse a policyholder for the cost of renting elsewhere while his or her house is being repaired after a fire or other disaster. The policy’s liability insurance covers the homeowner for accidental injuries to third parties -- for example, if a visitor receives a broken leg by tripping on a piece of sidewalk. Housing Expenses-to-Income Ratio: Also known as the "front-end" ratio. This ratio is used in evaluating the income of a potential borrower and is calculated by dividing the anticipated housing expense by the gross monthly income of the borrower. In general, front-end ratios cannot exceed 28% on conforming loans and 29% on FHA loans. Front-end ratios are not considered in qualifying for VA loans. HUD-I Settlement Statement: A form utilized at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development.
Index Fund: These mutual funds invest in a specific stock index, such as the Standard & Poor's 500, or the Wilshire 5000. This requires no special investment acumen on the part of the investment managers, because they simply buy a balanced collection of the stocks that make up the particular index. For the investor, this provides tremendous diversification, and makes the value of the fund easy to follow and understand--if the S&P is up three points, so is a fund that invests only in that index. Individual Retirement Account (IRA): An investor-established, tax-deferred account set up to hold funds until retirement. Initial Public Offering (IPO): A company's first effort to sell its stock to investors (the public). Stocks offered in many IPOs are eagerly sought by investors in an up-trending market because the stocks of newly-public companies that seem to have great promise may appreciate very rapidly in price, reaping great profits for those who were able to get the stock at the first offering. Insider Information: Pertinent information regarding a pre-IPO company. However it is received, it is illegal for holders to make trades based on this information. Jumbo Loan: Also known as "non-conforming" loans, mortgage loans over $308,700 are considered jumbo and are subject to different underwriting criteria. The benchmark loan amount is evaluated on a yearly basis by FNMA and adjusted accordingly. Interest rates on jumbo loans are generally .25% higher than their conforming counterparts. LIBOR (London Interbank Offered Rate): The interest rate charged among banks for short-term Eurodollar loans. A common index for adjustable rate mortgages. Life Annuity: An annuity that ceases payments upon the death of owner (annuitant).
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Life Annuity with Period Certain: A life annuity with a guarantee that payments will continue for a set number of years. If that annuitant dies before the period of time has expired, payments will be made the heirs for its duration.
close the loan and receive the funds you have borrowed.
Liquidity: The ease with which an asset can be converted into cash. For example, publicly-traded stocks in major corporations have high liquidity because they can readily be sold at a known price on short notice.
Long-Term Fund: A mutual fund that invests primarily in securities with maturities of more than one year.
Load: The sales fee charged when a person invests in a fund sold exclusively by stockbrokers and financial planners. Some funds charge back-end load, which are fees withheld when the investor sells shares. Load Fund: A mutual fund with shares sold at a price with a sales charge, usually between 4 % and 8% of the indicated net amount. Some “no-load funds” have lower distribution fees, typically 0.25%. A true no-load fund has neither fee. The implication of a load is that that the purchaser of the fund receives investment advice or some other service worth the charge. Loan Application Fee: A lender's fee, usually ranging from $75 to $300, which the buyer must pay when applying for a mortgage. Loan Origination Fee: A fee charged by the lender for processing a mortgage. The industry standard is 1% of the loan amount, but if the application is taken over the Internet, it is commonly reduced to 0.5% or even zero, depending on the lender. Loan to Value Ratio (LTV): An underwriting ratio determined by dividing the sales price or appraised value into the loan amount, expressed as a percentage. For example, with a sales price of $100,000 and a mortgage loan of $80,000, your loan to value ratio would be 80%. Loans with an LTV over 80% usually require Private Mortgage Insurance and escrows. Lock or Lock In: A commitment you obtain from a lender assuring you a particular interest rate or feature for a definite time period. Provides protection should interest rates rise between the time you apply for a loan, acquire loan approval and, subsequently,
Long Term Debt: The value of obligations of more than a year requiring interest to be paid.
Malpractice Insurance : A professional liability coverage that insures physicians, lawyers and other specialists against suits alleging that their negligence and/or errors and omissions have harmed their clients. Management Fee: The amount paid by a mutual fund for an investment adviser’s services. Margin Account (Stocks): A leverageable account in which a combination of cash and a loan can be used to buy stocks. The loan in a margin account is collateralized by the stock. In the event that the stock’s value drops by a sufficient degree, the owner is asked either to put more cash into the account or to sell part of the stock. Market Capitalization: The total dollar value of all outstanding shares; an indicator of corporate size. The figure is the product of shares and current market price. Maximum Capital Appreciation Fund: A mutual fund with the objective of maximizing capital appreciation by aggressively investing in new issues, start-up companies, and out-of-favor stocks. This is an aggressive "growth fund." MBS (Mortgage Backed Security): An investment tool that represents ownership of an undivided interest in a group of mortgages. Principal and interest from the individual mortgages are used to pay principal and interest on the MBS. Lenders sometimes form MBSs to sell loans into the secondary market. MIP (Mortgage Insurance Premium): Insurance purchased by the borrower to insure the lender or the government against loss should you default. MIP is paid on government-insured loans (FHA or VA loans) regardless of your LTV (loan to value). Should you pay off a government-insured loan in advance of
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maturity, you may be entitled to a small refund of MIP. PMI, or Private Mortgage Insurance, is paid on those loans which are not government-insured and whose LTV is greater than 80%. When you have accumulated 20% of your home's value as equity, your lender may waive PMI at your request. Please note that such insurance does not constitute a form of life insurance that pays off the loan in case of death. Money Market Funds : A mutual fund that specializes in investing in short-term securities, typically bonds and commercial paper with a duration of 30 days to 180 days. These funds usually offer to the investor a low initial investment, with some check-writing privileges, and are used to park shortterm cash. Mortality Guarantee: Provision of an annuity in which the issuer agrees to continue payments even if the annuitant lives longer than the mortality table predicted. Mortgage Banker: An individual who specializes in originating and servicing loans. Mortgage bankers typically sell some or all of their loans to investors but may continue to service them. Also see Mortgage Broker. Mortgage Broker: An individual in the business of assisting in arranging funding or negotiating contracts for a client. In contrast to a mortgage banker, a broker does not actually loan the money. Brokers usually charge a fee or receive a commission for their services. Municipal Bond: Debt securities issued by a state or local government; or a public agency such as a utility district or hospital district. The income is exempt from federal income taxes and is frequently exempt from state income taxes. Municipal Bond Fund: A mutual fund that specializes in investing in municipal bonds. Mutual Fund: An investment company that pools money from shareholders and invests in a variety of securities including stocks, bonds, and money market instruments. A mutual fund stands ready to buy back (redeem) its shares at their current net asset value, which depends on the total market value of the fund’s investment portfolio at the time of redemption. (See "Net Asset Value.") As open-end investments, most
mutual funds continuously offer new shares to investors. Mutual Funds : An investment company that pools money from shareholders to invest in a variety of securities. Negative Amortization: Amortization in which the payment made is insufficient to fund complete repayment of the loan at its termination. Usually occurs when the increase in the monthly payment on an ARM is limited by a ceiling. The portion of the payment that should be paid is added to the remaining balance owed. The balance owed may increase rather than decrease at various times in the life of the loan. Net Asset Value (NAV): A mutual fund's price-pershare, which represents the market value of its portfolio (net of liabilities), divided by the number of shares outstanding. For example, a mutual fund that owns shares with a total value of $1,000,000 that has issued 100,000 shares to its investors will have an NAV of $10 per share. Net Income : A company's total earnings. The figure reflects revenues adjusted for costs of business operations, depreciation, interest, taxes and various other expenses. No-fault: No-fault is a system in which each driver’s auto insurance coverage pays for his or her own injuries, no matter who caused the accident. Currently, 14 states and Puerto Rico have some form of no-fault law. No-load Fund: A mutual fund that is purchase directly from the management company without a sales charge. Option: Gives a buyer the right to purchase or sell stock at a specified price on or by a given date. Options are issued by investors, not companies. Call options are bought by investors who believe the stock’s price will rise above the strike price (the price set by the option) plus the price paid for the option itself. Put options are bought by investors who believe the stock's price will drop below the strike price. Pension Benefit Guaranty Corporation (PBGC): A federal government fund created by the Employee
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Retirement Income Security Act (ERISA) of 1974. It guarantees that the vested benefits of employees whose pension plans have been terminated will be paid as they come due. (Coverage is not unlimited. The PBGC pays benefits only up to specified amounts.) PITI: Principal, interest, taxes and insurance, which comprise your monthly mortgage payment. Pollution Insurance: Insurance policies specifically covering losses and liabilities arising from damages caused by pollution. Pool: A group of insurers or reinsurers that together underwrite a particular risk, sharing premiums, losses and expenses according to a predetermined agreement. Portfolio: A collection of securities (stocks or bonds) owned by an individual or an institution such as a mutual fund. Preferred Stocks: Stocks that differ from common stocks in that 1) Preferred stocks pay a dividend, and 2) Preferred stockholders rank above common stockholders for payment of dividends or distribution of assets. 3) Preferred stocks are also sometimes convertible -- see "Convertible Bonds." Pre -paid Expenses: Necessary to create an escrow account or to adjust the seller's existing escrow account. This may include taxes, hazard insurance, private mortgage insurance and special assessments. Pre -paid Interest: The amount of interest to cover the period from close of escrow until the beginning of the first payment. Pre -payment: The unscheduled payment of all or part of the outstanding principal of a mortgage loan, including payments by the borrower as well as liquidations from foreclosures, condemnations or casualty. Pre -payment Penalty: A penalty found in a promissory note, imposed by the lender if the loan is paid before it is due. Pre -payment Risk: The possibility that the mortgages underlying a mortgage-backed security are repaid faster or more slowly than expected.
Pre-qualification: The process of determining how much money a prospective home buyer will be eligible to borrow before applying for a loan. Price/Book Ratio : A figure comparing a stock's market value to the value of total assets minus total liabilities. The figure represents current price divided by common stockholders' equity per share, adjusted for stock splits. Also known as Market-to-Book. Price/Earnings Ratio: A figure showing the "multiple" of earnings at which a stock sells. The ratio represents current price divided by current earnings per share, adjusted for stock splits. Earnings per share is calculated by dividing earnings for the past year by the number of common shares outstanding. Higher "multiple" corresponds to higher investor expectations for future growth and consequent higher stock price. Price/Sales Ratio : A figure representing a stock's current price divided by revenue per share, adjusted for stock splits. Revenue per share is calculated by dividing revenue for the past year by number of shares outstanding. Private Mortgage Insurance (PMI): See MIP. Processing Fee: A fee paid at closing. The processor is the person who handles all paperwork requirements in getting your loan approved. He or she obtains verifications from your bank, employer and other sources. Product Liability: A section of tort law that determines who may sue and who may be sued for damages when a defective product injures someone. Professional Liability Insurance: Covers specialists, such as accountants, lawyers, doctors, dentists, pharmacists and insurance brokers and agents for negligence and/or errors and omissions that injure their clients. (See Malpractice Insurance) Program Trading: Trades based on computer program signals, typically entered directly from a trader's computer to the market's system and automatically executed. Property Insurance: Covers against losses caused by specified perils, including fire, windstorm, hail,
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explosion, riot, vandalism, malicious mischief, riot and civil commotion, and smoke.
to shareholders. Investors generally buy shares in REITs with a two-fold purpose
Property/Casualty Insurance : Property insurance covers damage to or loss of the policyholder’s property. The terms casualty and liability insurance often are used interchangeably; both cover the policyholder’s legal liability for damages caused to other persons and/or their property – i.e., damage to third parties, which is why casualty insurance is sometimes called third-party coverage. But casualty insurance has a broader meaning than liability insurance, because it also encompasses plate glass, burglary, theft and workers compensation coverages.
Redemption Price : The amount per share that mutual fund shareholders receive when they cash in shares.
Prospectus : The descriptive legal documents a mutual fund or a company selling its stocks or bonds must provide to potential investors. The content of a prospectus is regulated by, and must be approved by, the federal Securities and Exchange Commission, and by various state securities agencies in the states where the securities are to be offered. Proxy: A document providing shareholders with necessary information for voting on matters to be raised at a stockholders' meeting. The document includes information on closely held shares. Shareholders often give management their proxy, exercising the right and responsibility to vote their shares as laid out in the statement. Put Option: An option contract giving the holder the right to sell and obligating the writer to purchase a set number of shares of the underlying stock at the given strike price, on or by a set date. Quick Ratio : A measure of the financial strength of a company. The figure is determined by dividing current assets less inventories by current liabilities. Also known as Acid Test. Real Estate Investment Trust (REIT): REITs work in a manner very similar to mutual funds in that money from several investors is pooled together to jointly own real estate. Many REITs specialize in a: 1) To earn current income, and 2) For long-term capital gains on appreciation in value of the real estate in the REIT. specific type of real estate, for example shopping centers or apartments. REITs differ from mutual funds in that they are required to distribute almost all of their income annually, directly
Registered Representative: Securities professionals who must pass a qualifying examination and meet other qualifications of the National Association of Securities Dealers (NASD). Reinsurance : Insurers buy insurance, too. It’s called reinsurance. A reinsurer assumes part of a risk – and part of the premium – originally taken by the insurer, which is called the primary company. Reinsurance effectively increases an insurance company’s capital and therefore its capacity to sell increased amounts of coverage. Reinsurers have their own reinsurers, called retrocessionaires. Reinsurance is a global business. Some of the world’s biggest reinsurance companies are European and Asian firms. The billions of dollars worth of risk assumed by the American insurance industry are spread across an international network of reinsurance and retrocession. Reinvestment: The process of using dividends from a stock or mutual fund to buy more shares of the same type. RESPA (Real Estate Settlement Procedures Act): A federal law that allows consumers to review information on known or estimated settlement costs once after application and once again prior to or at a settlement. The law requires lenders to furnish the information after application only. Right of Rescission: The legal right to void or cancel your mortgage contract in such a way as to treat the contract as if it never existed. Right of rescission is not applicable to mortgages made to purchase a home, but may be applicable to other mortgages, such as cash-out refinances. Risk Management: Management of the varied risks to which a business firm or association might be subject. It involves analyzing all exposures to gauge the likelihood of loss, and choosing among the options to minimize that loss. Many major companies have risk managers on their payrolls. These risk managers may evaluate insurance proposals form a variety of companies prior to choosing a policy and
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carrier. They may also choose to self-insure against certain losses.
Sweat Equity: Equity created by a purchaser performing work on a property being purchased.
Secondary Market: A market providing for previously owned securities to be bought or sold. This market is where the majority of trading occurs. The New York Stock Exchange, all other stock exchanges and the bond markets are secondary markets.
Tax-deferred Investment: Earning on tax-deferred investments are not taxed until the owner starts to make withdrawals or redeems the investment without reinvesting. Deferring income taxes allows investors to have more money earning income until the taxes are due. Tax-deferred investments include 401 (k) savings plans, and annuities.
Sector Fund: These funds invest solely in a specific sector of the economy. For example, sector funds are available in the areas of oil and gas, timber, internet service companies, biotechnology firms, and a host of other choices.
Tax-exempt Securities: Debts that are issued by state and local governments and are free of federal taxes. (See "Municipal Bonds.")
Securities Exchange Commission (SEC): The U.S. Government agency that oversees and regulates the sale and management of securities and investments. All 50 states also have regulatory bodies of their own.
Three/Two (3/2) Option: An alternative financing plan that enables households whose earnings are no more than 100% of the median income in their regional area to make a 3% down payment with their own funds, coupled with a 2% gift from a relative or a 2% grant or unsecured loan from a nonprofit agency or state or local government program.
Security (Securities): "Security" is a common name for a stock, bond, debt instrument, preferred stock or other investment unit sold by a company, a mutual fund or a government. Selling Short: An investment strategy practiced when an investor thinks the price of a stock is going down. The investor borrows the stock from a broker and sells it, eventually buying it back on the open market at a lower price than it was sold for. Servicing: The steps and operations a lender performs to keep a loan in good standing, such as the collection of payments, payment of taxes, property inspections and the like. Servicing also includes the follow up of delinquent payments and foreclosure, if necessary. Servicing companies charge a fee to the investor that actually owns the loan. Strike Price: The stated price per share at which underlying stock can be bought, in the case of a call option, or sold, in the case of a put option, by the holder when the option contract is exercised. Surplus Lines: Property/casualty coverage that isn’t available from insurers licensed by the state – called admitted insurers – and must be purchased from a non-admitted carrier. Surplus lines is coverage that often is sold by only a few carriers. An example is environmental liability insurance.
Title Examination Fee: A fee paid at closing. A title examination protects the investor in case of future title problems. A borrower will have the opportunity to purchase his or her own title insurance at a significantly reduced cost at the time of closing. Title Insurance (Title Policy): Insurance to protect the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. Title Search: A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding. Total Return: The actual increase or decrease in the value of a mutual fund investment or a portfolio of stocks or bonds over a specific period of time. This includes capital appreciation and dividends. Transfer Agent: An agent of a mutual fund or security whose duties include issuing new shares, canceling redeemed shares, and distributing the dividends and capital gains. Truth-in-Lending Act: A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the APR and other charges.
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Underwriting: The reviewing of a loan file to determine the applicant's ability to meet the monthly mortgage obligation. The fee for this process is paid at closing. Universal Life Insurance : A flexible premium policy that combines protection against premature death with a savings account that typically earns a money market rate of interest. Utilization Review: A program included in many health care benefit plans, in which medical treatments or hospital stays ordered by the insured person’s medical providers are reviewed by the benefits provider (typically the insured’s employer) or a thirdparty acting on its behalf (typically an HMO- Health Maintenance Organization). The review assesses whether treatment is medically appropriate and in accordance with generally accepted standards of medical practice. The intent of utilization review is to reduce the total cost of an illness. Variable Annuity: An annuity funded by a separate account that invests in mutual funds, bonds or the stock market. Variable Life Insurance : A policy that combines protection against premature death with a savings account that can be invested in a variety of stock, bond and money market mutual funds, at the policyholder’s direction. Volatility: Fluctuation in value or price. An investment with high volatility may pose higher risk. Examples include newly-issued stocks in IPOs (initial public offerings), and investments in commodities. Whole Life Insurance : The oldest kind of cash value life insurance, which combines protection against premature death with a savings account. Workers Compensation: Workers compensation insurance relates to injuries received on the job. It pays for medical care and physical rehabilitation of injured workers and replaces their lost wages while they’re unable to work. Yield: The percentage rate of return paid on a stock in dividends or the rate of interest paid on a bond or note.
Yield to Maturity: A measure of the total return on a long-term bond. The yield is approximated by dividing the adjusted interest by the average price.
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INTRODUCTION PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC 2002-2003 is the third edition of our guide to the financial services field, designed to be used as a comprehensive, one-stop source for researchers of all types. For purposes of this book, we consider "financial services" to cover financial products and services providers, such as banks, savings associations, insurance companies, investment bankers, investment managers, securities brokers, finance companies and credit card issuers, along with related support businesses such as transaction clearing, financial data publishing, credit bureaus, software and online services. The data and areas of interest covered are intentionally broad, ranging from the various sectors of the American financial services industry, to statistical trends, to emerging technology, to an indepth look at 500 major, U.S.-based, for-profit firms within the many industries that make up the financial services system. This reference book is designed to be a general source for researchers. It is especially intended to assist with market research, strategic planning, employment searches, contact or prospect list creation (be sure to see the export capabilities of the accompanying CD-ROM that is available to book and
eBook buyers) and financial research, and as a data resource for executives and students of all types. PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC 2002-2003 takes a rounded approach for the general reader. This book presents a complete overview of the entire financial services business (see "How To Use This Book"). For example, acquisitions and consolidations of banks and insurance firms are covered in detail, along with easy-to-use tables on all facets of the Financial Services industry, from mortgages and online banking to the names and descriptions of the divisions and affiliates of the major firms within this field. THE FINANCIAL SERVICES 500 is our unique grouping of 500 of the biggest, most successful corporations in all segments of the American financial services Industry. Tens of thousands of pieces of corporate information, gathered from a wide variety of sources, are presented in a unique form that can be easily understood. This book includes thorough indexes to THE FINANCIAL SERVICES 500, by geography, industry, sales, brand names, subsidiary names and many other topics. Especially helpful is the way in which PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC readily enables readers who have no business background to compare the financial records and
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growth plans of large financial services companies and major industry groups. You will see the mid-term financial record of each firm, along with the impact of earnings, sales and strategic plans on each company's potential to fuel growth, create new technologies and provide lucrative and lasting investment and employment opportunities. No other source provides this book's easy-tounderstand comparisons of growth, expenditures, occupations, technologies, corporations, research and many other items of great importance to people of all types who may be studying financial services, one of the fastest growing industries in the world today and one of the fields in which U.S. firms excel on a global basis.
the financial services field. Such events may have created significant change, subsequent to the publishing of this book, within a company you are studying. •
Some of the companies in the Financial Services 500 are so large in scope and in variety of business endeavors conducted within a parent organization that we have been unable to completely list all subsidiaries, affiliations, divisions and activities within every firm's corporate structure.
•
This volume is intended to be a general guide to a vast industry. That means that researchers should look to this book for an overview and, when conducting in-depth research, should contact the specific corporations or industry associations in question for the very latest changes in data. Where possible, we have listed contacts, toll-free telephone numbers and World Wide Web site addresses for the companies, government agencies and industry associations involved so that the reader may get further details without unnecessary delay.
•
Tables of industry and economic statistics used in this book include the latest numbers available at the time of printing, generally through the end of 2000. In a few cases, however, you will note tables ending with 1999 or with mid-2000.
•
We have used exhaustive efforts to locate and fairly present accurate and complete data. However, when using this book or any other source for business and industry information, the reader should use caution and diligence by conducting further research where it seems appropriate. We wish you success in your endeavors, and we trust that your experience with this book is both satisfactory and productive.
By scanning this book's data groups and unique indexes, you can find the best information to fit your personal research needs. Major growth companies in financial services are ranked, using different groups of specific criteria. Which firms have the highest revenues? Which companies earn the most profits? These things and more are easy for the reader to find. In addition to individual company profiles, an overview of online services and other major trends is provided. This book's job is to help you sort through easy-to-understand summaries of today's financial services products, services and trends in a quick and effective manner. Whatever your purpose for researching the financial services field, you will find this book to be a valuable guide. Nonetheless, as is true with all reference resources, this volume has limitations that the reader should be aware of: •
•
Financial data and other corporate information can change quickly. A book of this type can be no more current than the data that was available at the time of editing. Consequently, the financial picture, management and ownership of the firm(s) you are studying may have changed since the date of this book. For example, this almanac includes the most up-to-date sales figures and profits available to the editors as of late 2001. That means that we have typically used figures as of December 31, 2000 or for a fiscal year that ended in the middle of 2001. Corporate mergers, acquisitions and downsizing are occurring at a very rapid rate, particularly in
Jack W. Plunkett Houston, Texas February, 2002
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HOW TO USE THIS BOOK
The two primary sections of this book are devoted first to the financial services industry as a whole, and then to the "Individual Data Listings" for THE FINANCIAL SERVICES 500. If time permits, you should begin your research in the front chapters of this book. Also, you will find lengthy indexes in Chapter 8 and in the back of the book. THE FINANCIAL SERVICES INDUSTRY Chapter 1: An Overview of the Financial Services Industry. This chapter presents an overview of the markets, statistics and trends of the financial services industry. These trends range from mergers and consolidations to advanced technologies. Several tables accompany this chapter. Chapter 2: A Short List of Important Financial Services Industry Contacts — Addresses, Telephone Numbers and World Wide Web Sites. This chapter covers contacts for important government agencies, financial services organizations and trade groups. Included are several important World Wide Web sites, as well as the Federal Reserve Bank System's branches. Chapter 3: Banking. This chapter gives a detailed look at banking and the many changes affecting this industry, including recent regulatory matters. Several tables are included. Chapter 4: Insurance. This chapter covers the American insurance industry in general terms, including changes in marketing and technology.
Chapter 5: Mutual Funds, Annuities and Retirement Plans . This chapter includes valuable information on the asset management industry and the types of mutual funds, investments and retirement plans that are most commonly used. Chapter 6: Financial Information Technologies and Financial Services Online . This chapter deals with the growing use of the Internet and the World Wide Web to complete important financial transactions, as well as trends in hardware, software and information technologies used by financial institutions. Chapter 7: Residential Mortgages. An indepth discussion of trends, factors and methods in the residential mortgage business. THE FINANCIAL SERVICES 500 Chapter 8: The Financial Services 500: Who They Are and How They Were Chosen. The 500 companies compared in this book were carefully selected from all financial services industry sectors, on a nationwide basis. For a complete description see Chapter 8: THE FINANCIAL SERVICES 500. Individual Data Listings: Look at one of the companies in THE FINANCIAL SERVICES 500’s Individual Data Listings. You will find the following information fields: Company Name: The company profiles are in alphabetical order by company name. If you do not find the company you are seeking, it may be a subsidiary or division of one
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of the firms covered in this book. Try looking it up in the Index by Subsidiaries, Brand Names and Selected Affiliations in the back of the book. Ranks: Industry Group Code: An NAIC code used to group companies within like segments. (See Chapter 8 for a list of codes.) Ranks Within THE FINANCIAL SERVICES 500: The companies are ranked, among firms in their industry group codes, for annual sales and annual profits, with 1 being the highest rank. Types of Business: A listing of the types of business specialties conducted by the firm. Brands/Divisions/Affiliations: Major brand names, operating divisions or subsidiaries of the firm, as well as major corporate affiliations – such as another firm that owns a significant portion of the company’s stock. A complete Index by Subsidiaries, Brand Names and Selected Affiliations is in the back of the book. Contacts: The names and titles of up to 24 top officers of the company are listed, including human resources contacts. Address: The firm’s full headquarters address, the headquarters telephone, plus toll-free and fax numbers where available. Also provided is the World Wide Web site address. Financials: Annual Sales (2001 or the latest fiscal year available to the editors, plus up to four previous years): These are stated in thousands of dollars (add three zeros if you want the full number). This figure represents consolidated worldwide sales from all operations. 2001 figures may be estimates or may be for only part of the year—partial year figures are appropriately footnoted. Annual Profits (2001 or the latest fiscal year available to the editors, plus up to four previous years): These are stated in thousands of dollars (add three zeros if you want the full number). This figure represents consolidated, after-tax net profit from all operations. 2001 figures may be estimates or may be for only part of the year—partial year figures are appropriately footnoted. Total Number of Employees: The approximate total number of employees, worldwide, as of the beginnin g of 2001 (or the latest data available to the editors). Apparent Salaries/Benefits: A “Y” in appropriate fields indicates “Yes.”
Due to wide variations in the manner in which corporations report benefits to the U.S. Government’s regulatory bodies, not all plans will have been uncovered during our effort to research this data. Also, the availability of such plans to employees will vary according to the qualifications that employees must meet to become eligible. For example, some benefit plans may be available only to salaried workers—others only to employees who work more than 1,000 hours yearly. Benefits that are available to employees of the main or parent company may not be available to employees of the subsidiaries. NOTE: Generally, employees covered by wealthbuilding benefit plans do not fully own (“vest in”) funds contributed on their behalf by the employer until as many as five years of service with that employer have passed. Pension Plan: The firm offers a pension plan to qualif ied employees. The type and generosity of these plans vary widely from firm to firm. Caution: Some employers refer to plans as “pension” or “retirement” plans when they are actually 401(k) savings plans that require a contribution by the employee. True pension plans are rarely offered. ESOP Stock Plan (Employees’ Stock Ownership Plan): This type of plan is in wide use. Typically, the plan borrows money from a bank and uses those funds to purchase a large block of the corporation’s stock. The corporation makes contributions to the plan over a period of time, and the stock purchase loan is eventually paid off. The value of the plan grows significantly as long as the market price of the stock holds up. Qualified employees are allocated a share of the pla n based on their length of service and their level of salary. Savings Plan, 401(k): Under this type of plan, employees make a tax-deferred deposit into an account. In the best plans, the company makes annual matching donations to the employees’ accounts, typically in some proportion to deposits made by the employees themselves. A good plan will match one-half of employee deposits of up to 6% of wages. For example, an employee earning $30,000 yearly might deposit $1,800 (6%) into the plan. The company will match one-half of the employee’s deposit, or $900. The plan grows on a tax-deferred basis, similar to an IRA. A very generous plan will match 100% of employee deposits. However, some plans do not call for the employer to make a matching deposit at all. Other plans call for a matching contribution to be made at the discretion of the firm’s board of directors. Actual
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terms of these plans vary widely from firm to firm. Generally, these savings plans allow employees to deposit as much as 15% of salary into the plan on a tax-deferred basis. However, the portion that the company uses to calculate its matching deposit is generally limited to a maximum of 6%. Stock Purchase Plan: Qualified employees may purchase the company’s common stock at a price below its market value under a specific plan. Typically, the employee is limited to investing a small percentage of wages in this plan. These plans usually offer a 15% discount, but the discount may range from 5 to 15%. Some of these plans allow for deposits to be made through regular monthly payroll deductions. Profit Sharing: Qualified employees are awarded an annual amount equal to some portion of a company’s profits. In a very generous plan, the pool of money awarded to employees would be 15% of profits. Typically, this money is deposited into a long-term retirement account. Caution: Some employers refer to plans as “profit sharing” when they are actually 401(k) savings plans. True profit sharing plans are rarely offered. Highest Executive Salary: The highest executive salary paid, typically a 2000 amount (or the latest year available to the editors) and typically paid to the Chief Executive Officer. Highest Executive Bonus: The apparent bonus, if any, paid to the above person. Second Highest Executive Salary: The nexthighest executive salary paid, typically a 2000 amount (or the latest year available to the editors) and typically paid to the President or Chief Operating Officer. Second Highest Executive Bonus: The apparent bonus, if any, paid to the above person.
Competitive Advantage: A brief statement regarding an outstanding feature that gives the firm an edge in the marketplace. Other Thoughts: A “Y” in appropriate fields indicates “Yes.” Stock Ticker: When available, the unique stock market symbol used to identify this firm’s common stock for trading and tracking purposes. Apparent Women Officers or Directors: It is difficult to obtain this information on an exact basis, and employers generally do not disclose the data in a public way. However, we have indicated what our best efforts reveal to be the apparent number of women who either are in the posts of corporate officers or sit on the board of directors. There is a wide variance from company to company. Hot Spot for Advancement for Women/ Minorities: These are firms that either have posted a far above-average number of women and/or minorities to high posts, or that have a good record of going out of their way to recruit, train, promote and retain women or minorities. (See the Index of Hot Spots For Women and Minorities in the back of the book.) Growth Plans/ Special Features: Listed here are observations regarding the firm’s strategy, hiring plans, plans for growth and product development, along with general information regarding a company’s business and prospects. Locations: A “Y” in the appropriate field indicates “Yes.” Primary locations outside of the headquarters, categorized by regions of the United States and by international locations. A complete index by locations is in this chapter.
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Chapter 1 AN OVERVIEW OF THE FINANCIAL SERVICES INDUSTRY Markets, Statistics and Trends
Note: The major statistical tables section in this chapter begins on p. 13. For in-depth analysis and statistics by sector, see the following chapters: Banking p. 63 Insurance p. 71 Mutual Funds, Retirement Plans p. 75 Financial Information Technologies and Financial Services Online p. 85 Mortgages p. 95 After several months of downtrodden markets and sliding corporate earnings topped by the devastating terrorist attacks on New York City’s financial district on September 11, 2001, the financial services industry as a whole is hoping for better times in 2002. The Standard & Poor’s 500, a broad gauge of leading U.S. stocks, was down about 10% for 2001, while the Nasdaq, which includes stocks issued by many of the nation’s leading technology-based companies, was down about 20%.
Trends: Securities Brokers/Investment Bankers: The End of the Glass-Steagall Act: The Banking Act of 1933, frequently referred to by the names of its authors Glass and Steagall, made it illegal for banks and securities firms (investment banks) to have the same ownership. In 1999, the Gramm-LeachBliley Act, also known as the Financial Services Modernization Act of 1999, removed this 60-year-old barrier. From 1999 to late 2001, there were more than 300 mergers involving U.S. securities firms, according to the Securities Industry Association (www.sia.com). One-third of these mergers involved banks, and one-third involved a foreign acquirer. Securities Industry Revenues, Profits Fell in 2001: Profits at U.S. stock brokerages were down about 50% on domestic operations in 2001, to $10.2 billion.
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2000 had been a record year for profits at $21.0 billion. Revenues were down about 19%, to $198.3 billion from 2000’s $245.2 billion, according to the Securities Industry Association. Employment in the industry dropped by about 26,000 to 750,000. Banking: For complete trends, see Chapter 3-Banking. Adding Convenience : Banks are taking services to the customers, adding alternative locations such as branches in supermarkets and spreading their presence via tens of thousands of ATMs. Mergers and Acquisitions : Banking firms of all sizes, from tiny community-based savings associations to vast, national bank holding companies, continue to merge, seeking marketing opportunities and operating efficiencies. Completed mergers lead to consolidation of back-office support services, elimination of duplicated support staff positions and the elimination of many duplicated branch locations. Emergence of True National Bank Chains : Megamergers have built Bank of America, Wells Fargo, Bank One and other giant bank holding companies into operators of the first truly nationwide or regionwide bank chains. In the same way that giant retail chains have gained marketing clout, buying power and operating efficiencies by building nationwide chains of stores, banks are seeking competitive and operating advantages by merging into immense banking systems spanning numerous states at once. International Bank Holding Companies Span Multiple Continents : Companies like Citigroup of the U.S., BNP Paribas Group of France and HSBC of China are acquiring banks throughout North America, Europe, Asia and elsewhere, becoming global banking giants. Extension of Services: Banks of all types and sizes are adding to the list of services they attempt to market to customers. In this manner, they hope to retain assets, increase customer loyalty and add highly profitable fee income. Such services include private banking, retirement product sales, stock brokerage, trust services and more. Banks Go Online : Banks have learned that combining the convenience of telephone and online banking with a chain of branch locations allows them
to fill the entire range of customer needs. This is similar to the trend among major retailers of creating synergies between bricks and clicks, combining ecommerce, catalog sales and physical stores. ATMs Evolve from Cash-Dispensing Machines into Financial Services Depots : State-of-the-art Automated Teller Machines now enable customers to log in and view their accounts, order additional bank services and even conduct fee-generating consumer purchases. Retailers, Automobile Makers Become Bankers : In March 2000, upscale department store giant Nordstrom took the unusual step of converting its Englewood, Colorado limited-purpose credit card bank into a full-service savings association based in Scottsdale, Arizona. (Nordstrom will offer checking accounts, Visa cards and other services to its customers, but does not plan to open branch banks.) Competitor Federated Department Stores obtained a bank charter in 1999 and soon announced plans to install ATMs and banking kiosks in hundreds of department stores. Wal-Mart leases branch bank space within its stores to banking companies, including Arvest, a bank controlled by the family that founded Wal-Mart. Meanwhile, major automobile manufacturers, including General Motors, Volkswagen and BMW, are preparing to add banking services to the financing and insurance services that they already offer to millions of car buyers. The Number of Banks Continues to Decline, both in the U.S. and Abroad: The bank count in the United States dropped from 15,304 in 1990 to 10,070 by 1999. Italy, France, the U.K. and Germany saw similar declines. Credit Cards : The credit card business remains extremely competitive. Major firms Capital One Financial and MBNA are estimated by The Wall Street Journal to have mailed out 5 billion new credit card offers in 2001, up from 2.5 billion in 2000. Insurance : For complete trends, see Chapter 4-Insurance. Mergers and Acquisitions : Insurance company mergers continued at a rapid pace in 2000 and 2001. SNL Financial (www.snl.com) reports 201 mergers industry-wide during the first nine months of 2001, at a combined value of $61.1 billion. This includes property and casualty, life and health, broker and
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agency and managed health care insurance deals. The total value is nearly three times the $20.4 billion in mergers during the same period of 2000, covering 247 deals. However, property and casualty mergers represented only a tiny amount of deal flow during 2001, subsiding from a previously heavy pace, while life and health mergers made up the bulk of recent transactions. Property and Casualty Underwriters Endured their First-Ever Full-Year Loss in 2001: This occurred as a result of competitive rate structures and catastrophic losses. Banks and e -Commerce are Rapidly Gaining Market Share in the Sale of Insurance : Meanwhile, the total share of insurance sold thorough traditional agents is dropping. In addition, direct marketing, including direct mail and other forms of advertising, continues to hold significant market share. Mutual Companies Convert to Publicly Held Stock Companies: Another accelerating trend is the “demutualization” or conversion of mutual companies into stock companies. Simply put, a mutual company is largely owned by the customers who buy its insurance policies. Conversion enables the company to distribute its assets in the form of shares and typically leads to an IPO (initial public offering) of the company’s stock with the potential to enrich the stockholders. Some of the best-known names in the U.S. insurance industry, such as John Hancock, have completed such conversions. Mortgages: For complete trends, see Chapter 7-Residential Mortgages. U.S. Homeowners Refinanced Millions of Mortgages during 2001: They took $50 to $60 million in cash out of their equities in the process, helping to prop up the entire U.S. economy. Sub-Prime Loans Prove Riskier than Lenders Planned: Delinquencies and losses mounted in this sector. Conforming Loan Values Rise: The Veterans Administration raised the maximum VA loan rate to $240,000 while the maximum amount for conforming home mortgages was raised to $308,700.
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Total Mortgage Originations Soar: These were estimated at $1.8 to $2.0 trillion in America during 2001. Stocks : The Markets : In October 2001, the Securities Industry Association (www.sia.com) estimated that total volume on all U.S. stock exchanges would reach 841 billion shares for the year, more than three times the total traded only five years earlier. Share Ownership: 80 million Americans (and about one-half of U.S. households) own investments in either stocks or mutual funds, nearly three times the number in 1980. Foreign Stocks Attract U.S. Investors : According to the Securities Industry Association, trades in foreign stocks by U.S. investors grew more than 100fold from 1980 to 2001. NYSE: After closing due to the terrorist attacks on America of September 11, 2001, the New York Stock Exchange reopened on September 17th, and set a new daily record of shares traded—2.37 billion shares— nearly a 50% gain over the previous daily record of 1.56 billion shares. The year 2001 was extremely active at the NYSE, despite the downward trends of stocks in general. During 2001, the NYSE listed seven of history’s 25 largest domestic initial public offerings (IPOs). Eight of the 10 most active months in the exchange’s history occurred during the year, as did all of its top 10 most active days ever. In February 2001, the NYSE introduced NYSE Direct+, a high-speed electronic connection for automatic execution of limit orders of up to 1,099 shares. The average execution time on the network is 2.2 seconds. ECNs (Electronic Communication Networks): These computerized trading systems automatically match and execute buy and sell orders between parties—bypassing the traditional exchanges such as Nasdaq—and have gained impressive market share. ECNs now account for about 40% of all trades in Nasdaq listed stocks.
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Nasdaq Will Launch Its Own ECN-Like System, SuperMontage : Nasdaq’s intent, of course, is to regain the business it is losing to competing ECNs. The Securities and Exchange Commission approved Nasdaq’s proposal on January 10, 2001. Nasdaq expects to launch SuperMontage in early 2002. The Nasdaq exchange lists nearly 5,000 companies and has a larger dollar volume and daily shares trade volume than any other U.S. market. ETFs (Exchange -Traded Funds) Gain Favor: ETFs are designed to compete with index mutual funds that are invested so as to represent the performance of the Standard & Poor’s 500, the Nasdaq 100 or other stock indexes. There are important differences between ETFs and index mutual funds, however. The primary difference lies in the way they are priced. Mutual funds trade and are priced only once daily. ETFs act like stocks, fluctuating in price all day long as the underlying value of the stocks they hold fluctuates. ETFs tend to have low fee structures and offer quick, easy access to a widely diversified basket of stocks. Global Market Proposed: The New York Stock Exchange announced in July 2000 that it would pursue the formation of a 24-hour market that will span the globe. Partners in the enterprise, called Global Equity Market, include major exchanges in Australia, Japan, Hong Kong, Brazil, Mexico, Canada and Europe. The Global Equity Market would enable investors to trade the most popular securities 24 hours a day. The organization states that the liquidity of the proposed Global Equity Market would be unmatched. The market capitalization of the companies listed on the participating exchanges exceeds $20 trillion, representing more than 60% of the world's market capitalization. Globalization of Financial Services Mega Firms Continues: Acquisitions across national borders are creating a handful of global financial services giants. At the top of the list are U.S.-based Citigroup, Merrill Lynch, Goldman Sachs, Morgan Stanley, American International Group and J.P. Morgan Chase; Switzerland-based UBS and Credit Suisse; Germanybased Deutsche Bank and Allianz; and France-based AXA.
Online Financial Services: For complete trends, see Chapter 6-Financial Information Technologies and Financial Services Online. Online -Only Banking Retreats : However, banks find effective synergy with a bricks and clicks approach. Insurance Buyers Turn to the Web in Increasing Numbers . Online Stock Brokerage Has Tremendous Market Share: The number of trades executed fell dramatically after the market rout of March 2000, however, and brokers of all types—online, discount and traditional—suffered declines in trading fees. Approximately 17% of all stock trades in the U.S. were done via online brokers in the second quarter of 2001, down from 27% in the second quarter of 2000. State of Online Access to Financial Services U.S. Households Banking Online 2002: 25 million 2005: 43.5 million* U.S. Households Investing Online 2002: 19.6 million 2005: 34.2 million* Online Brokerage Customers Worldwide 2002: 76.7 million 2004: 122.3 million** *Jupiter Media Metrix, September 2001 **IDC, October 2000
Consumers:
U.S. Household Financial Assets by Category 1989 1998 2001 Household Financial Assets Held in: Retirement Accounts 21.9% 27.9% 32.5% Stocks 15.0% 22.7% 25.1% Mutual Funds 5.3% 12.5% 15.0% (does not include money market funds) Bank Accounts 19.1% 11.4% 9.2% Bonds/Savings Bonds 11.7% 5.0% 3.1% CDs 10.2% 4.3% 3.0% Source: 1998 Survey of Household Finance, Federal Reserve Bank; Plunkett Research, Ltd. 2001 Figures are estimates by Plunkett Research, Ltd.
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Debts Rose to Unprecedented Levels: U.S. Corporate Debt Dec. 1989 $2.38 trillion Sept. 2001 $4.92 trillion Up 6.6% from same period in 2000 U.S. Consumer Debt: Dec. 1989 $3.355 trillion Sept. 2001 7.532 Up 8.5% from same period in 2000 Source: U.S. Federal Reserve Approximately 1.5 million Americans filed for personal bankruptcy in 2001. Mutual Funds, Retirement Plans: For complete trends, see Chapter 5-Mutual Funds, Annuities and Retirement Plans. 40 million Americans are Participating in 401(k) Retirement Plans : These plans are valued at a total of about $1.8 trillion.
The major tables section follows: I. II. III. IV.
Consumers and Households Prices and Interest Rates Corporate and Government Data International Data
p. 13 p. 21 p. 25 p. 30
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I. CONSUMERS AND HOUSEHOLDS
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Consumer credit outstanding, 1960-2001 [Amount outstanding (end of month); billions of dollars, seasonally adjusted] Year and month (Dec.) 1960 1965 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 4 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 5 1
Total Consumer 1 Credit 60.0 95.9 131.6 147.1 166.0 190.6 199.4 205.0 228.2 263.8 308.3 347.5 350.3 366.9 383.1 431.2 511.3 591.3 648.0 680.0 729.1 782.1 797.3 781.0 786.4 843.3 961.1 1,095.7 1,181.9 1,233.1 1,301.1 1,387.4 1,557.9 1,652.7
Automobile
18.1 29.4 36.3 40.5 47.8 53.7 54.2 57.0 66.8 80.9 98.7 112.5 112.0 119.0 125.9 143.6 173.6 210.2 247.8 266.3 285.4 291.5 283.1 259.6 257.4 280.6 317.2 364.2 392.3 413.4 441.3 … … …
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Revolving
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Other
... ... 4.9 8.3 9.4 11.3 13.2 14.5 16.6 36.7 45.2 53.4 55.1 61.1 66.5 79.1 100.3 121.8 135.8 153.1 174.3 199.2 223.5 245.3 258.1 286.6 334.5 443.2 499.5 531.1 556.4 588.7 633.2 694.6
26.2 43.4 62.7 67.7 74.0 87.9 94.7 95.5 104.4 103.8 118.0 130.7 131.1 131.2 133.4 146.3 168.8 185.7 188.4 189.3 202.9 226.5 228.3 223.5 215.3 223.2 251.1 288.3 290.1 288.6 303.3 … … …
Covers most short- and intermediate-term credit extended to individuals through regular business channels,
usually to finance the purchase of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to be repaid (or with the option of repayment) in two or more installments. Credit secured by real estate is excluded. Consists of credit cards at retailers, gasoline companies, and commercial banks. Excludes 30-day charge credit held
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by travel and entertainment companies. Prior to 1968, included in "other," except gasoline companies included in noninstallment credit prior to 1971. Beginning 1977, includes open-end credit at retailers, previously include in "other." Also beginning 1977, some retail credit was reclassified from commercial into consumer credit. Includes mobile home loans and all other installment loans not included in automobile or revolving credit, such
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as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months.
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Preliminary data through November. Source: Board of Governors of the Federal Reserve System.
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Hours and earnings in private nonagricultural industries, 1965-2001 (Monthly data seasonally adjusted, except as noted) Average weekly hours Year or month
Total
Manufacturing OverTotal time
Average hourly earnings ManuTotal private facCurrent 1982 turing 2 dollars dollars (current dollars)
1
Average weekly earnings, total private Level Current 1982 2 dollars dollars
Percent change 3 from year earlier Current 1982 2 dollars dollars
1965
38.8
41.2
3.6
2.5
7.5
2.6
95.45
291.90
4.5
2.9
1970
37.1
39.8
3.0
3.2
8.0
3.4
119.83
298.08
4.6
-0.9
1971
36.9
39.9
2.9
3.5
8.2
3.6
127.31
303.12
6.2
1.7
1972
37.0
40.5
3.5
3.7
8.5
3.8
136.90
315.44
7.5
4.1
1973
36.9
40.7
3.8
3.9
8.6
4.1
145.39
315.38
6.2
0.0
1974
36.5
40.0
3.3
4.2
8.3
4.4
154.76
302.27
6.4
-4.2
1975
36.1
39.5
2.6
4.5
8.1
4.8
163.53
293.06
5.7
-3.0
1976
36.1
40.1
3.1
4.9
8.2
5.2
175.45
297.37
7.3
1.5
1977
36.0
40.3
3.5
5.3
8.4
5.7
189.00
300.96
7.7
1.2
1978
35.8
40.4
3.6
5.7
8.4
6.2
203.70
300.89
7.8
0.0
1979
35.7
40.2
3.3
6.2
8.2
6.7
219.91
291.66
8.0
-3.1
1980
35.3
39.7
2.8
6.7
7.8
7.3
235.10
274.65
6.9
-5.8
1981
35.2
39.8
2.8
7.3
7.7
8.0
255.20
270.63
8.5
-1.5
1982
34.8
38.9
2.3
7.7
7.7
8.5
267.26
267.26
4.7
-1.2
1983
35.0
40.1
3.0
8.0
7.8
8.8
280.70
272.52
5.0
2.0
1984
35.2
40.7
3.4
8.3
7.8
9.2
292.86
274.73
4.3
0.8
1985
34.9
40.5
3.3
8.6
7.8
9.5
299.09
271.16
2.1
-1.3
1986
34.8
40.7
3.4
8.8
7.8
9.7
304.85
271.94
1.9
0.3
1987
34.8
41.0
3.7
9.0
7.7
9.9
312.50
269.16
2.5
-1.0
1988
34.7
41.1
3.9
9.3
7.7
10.2
322.02
266.79
3.0
-0.9
1989
34.6
41.0
3.8
9.7
7.6
10.5
334.24
264.22
3.8
-1.0
1990
34.5
40.8
3.6
10.0
7.5
10.8
345.35
259.47
3.3
-1.8
1991
34.3
40.7
3.6
10.3
7.5
11.2
353.98
255.40
2.5
-1.6
1992
34.4
41.0
3.8
10.6
7.4
11.5
363.61
254.99
2.7
-0.2
1993
34.5
41.4
4.1
10.8
7.4
11.7
373.64
254.87
2.8
0.0
1994
34.7
42.0
4.7
11.1
7.4
12.1
385.86
256.73
3.3
0.7
1995
34.5
41.6
4.4
11.4
7.4
12.4
394.34
255.07
2.2
-0.6
1996
34.4
41.6
4.5
11.8
7.4
12.8
406.61
255.73
3.1
0.3
1997
34.6
42.0
4.8
12.3
7.6
13.2
424.89
261.31
4.5
2.2
1998
34.6 34.5
41.7 41.7
4.6 4.6
12.8 13.24
7.8 7.86
13.5 13.91
441.84 456.78
268.32 271.25
4.0 3.3
2.6 1.1
34.5 34.2
41.6 40.7
4.6 3.9
13.75 14.3
7.89 8.0
14.38 14.8
474.38 490.09
272.16 273.64
3.9 3.3
0.3 0.5
1999 2000 4 2001 1
For production or nonsupervisory workers.
2
Current dollars divided by the consumer price index for urban wage earners and clerical workers on a 1982=100 base. Percent changes are based on data that are not seasonally adjusted. Preliminary data through November 1999.
3 4
Source: Department of Labor, Bureau of Labor Statistics.
16
www.plunkettresearch.com Total and per capita disposable personal income and personal consumption expenditures in current and real dollars, 1960-2001 (Quarterly data at seasonally adjusted annual rates, except as noted) Disposable personal income Personal consumption expenditures Total (billions Per capita Total (billions of Per capita Year of dollars) (dollars) dollars) (dollars) or Constant Constant Constant Constant qtr. Current (1996) Current (1996) Current (1996) Current (1996) dollars dollars dollars dollars dollars dollars dollars dollars 1960 366.2 1,646.8 2,026 9,111 332.3 1,494.4 1,838 8,267 1965 498.9 2,107.2 2,567 10,842 444.3 1,876.4 2,286 9,655 1966 539.1 2,219.1 2,742 11,288 481.8 1,983.3 2,451 10,088 1967 576.2 2,313.8 2,899 11,641 508.7 2,042.7 2,559 10,278 1968 626.2 2,420.0 3,119 12,055 558.7 2,159.1 2,783 10,755 1969 675.0 2,498.0 3,329 12,322 605.5 2,241.2 2,987 11,055 1970 736.5 2,602.2 3,591 12,688 648.9 2,293.0 3,164 11,180 1971 801.7 2,709.2 3,860 13,044 702.4 2,373.6 3,382 11,429 1972 868.6 2,832.3 4,138 13,492 770.7 2,513.2 3,671 11,972 1973 979.0 3,024.2 4,619 14,269 852.5 2,634.0 4,022 12,428 1974 1,072.3 3,015.7 5,013 14,099 932.4 2,622.3 4,359 12,259 1975 1,181.4 3,074.6 5,470 14,236 1,030.3 2,681.3 4,771 12,414 1976 1,299.9 3,195.6 5,960 14,653 1,149.8 2,826.5 5,272 12,960 1977 1,436.0 3,306.6 6,519 15,010 1,278.4 2,944.0 5,803 13,364 1978 1,614.8 3,478.9 7,253 15,627 1,430.4 3,081.6 6,425 13,842 1979 1,808.2 3,588.7 8,033 15,942 1,596.3 3,168.0 7,091 14,073 1980 2,019.8 3,631.0 8,869 15,944 1,762.9 3,169.4 7,741 13,918 1981 2,247.9 3,715.6 9,773 16,154 1,944.2 3,214.0 8,453 13,973 1982 2,406.8 3,773.4 10,364 16,250 2,079.3 3,259.8 8,954 14,038 1983 2,586.0 3,881.4 11,036 16,564 2,286.4 3,431.7 9,757 14,644 1984 2,887.6 4,181.0 12,215 17,687 2,498.4 3,617.6 10,569 15,303 1985 3,086.5 4,321.8 12,941 18,120 2,712.6 3,798.0 11,373 15,924 1986 3,262.5 4,461.2 13,555 18,536 2,895.2 3,958.7 12,029 16,448 1987 3,459.5 4,563.1 14,246 18,790 3,105.3 4,096.0 12,787 16,867 1988 3,752.4 4,766.0 15,312 19,448 3,356.6 4,263.2 13,697 17,397 1989 4,016.3 4,885.0 16,235 19,746 3,596.7 4,374.4 14,539 17,682 1990 4,293.6 4,991.3 17,176 19,967 3,831.5 4,454.1 15,327 17,818 1991 4,474.8 5,026.2 17,710 19,892 3,971.2 4,460.6 15,717 17,653 1992 4,754.6 5,199.8 18,616 20,359 4,209.7 4,603.8 16,482 18,025 1993 4,935.3 5,253.6 19,121 20,354 4,454.7 4,741.9 17,259 18,372 1994 5,165.4 5,388.3 19,820 20,675 4,716.4 4,920.0 18,097 18,878 1995 5,422.6 5,533.0 20,613 21,032 4,969.0 5,070.1 18,888 19,272 1996 5,677.7 5,677.7 21,385 21,385 5,237.5 5,237.5 19,727 19,727 1997 5,968.2 5,884.7 22,320 21,954 5,524.4 5,433.7 20,610 20,272 1998 6,355.6 6,125.1 23,231 22,636 5,848.6 5,698.6 21,614 21,060 1999 6,618.0 6,320.0 23,708 22,641 6,250.2 5,968.4 22,391 21,381 2000 7,031.0 6,539.2 24,889 23,148 6,728.4 6,257.8 23,818 22,152 2001: I 7,295.0 6,679.0 25,634 23,470 6,997.6 6,338.5 24,519 22,449 II 7,363.2 6,719.2 25,798 23,541 7,044.6 6,428.4 24,682 22,523 III 7,576.4 6,917.5 26,457 24,157 7,057.6 6,443.9 24,646 22,503 1
Gross domestic product per capita (dollars) PopulaChained tion Current (1996) (thous1 dollars dollars sands) 2,918 13,041 180,760 3,705 15,450 194,347 4,015 16,274 196,599 4,197 16,500 198,752 4,540 17,114 200,745 4,860 17,477 202,736 5,069 17,306 205,089 5,434 17,623 207,692 5,909 18,360 209,924 6,537 19,218 211,939 7,017 18,989 213,898 7,571 18,753 215,981 8,363 19,545 218,086 9,221 20,227 220,289 10,313 21,156 222,629 11,401 21,635 225,106 12,276 21,395 227,726 13,614 21,712 230,008 14,035 21,102 232,218 15,085 21,788 234,332 16,636 23,171 236,394 17,664 23,856 238,506 18,501 24,454 240,682 19,529 25,089 242,842 20,845 25,908 245,061 22,188 26,552 247,387 23,215 26,736 249,981 23,691 26,394 253,336 24,741 26,981 256,677 25,735 27,330 260,037 27,068 28,156 263,226 28,131 28,650 266,364 29,428 29,428 269,485 30,968 30,461 272,756 32,373 31,472 275,955 33,204 31,727 279,144 34,950 32,653 282,489 35,637 32,801 284,582 35,746 32,730 285,418 35,706 32,513 286,360
Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annual data are averages of quarterly data. Quarterly data are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census)
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17
Gross U.S. savings and investment, 1960-2001 (Billions of dollars) Year or quarter 1960 1965 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001: I II III
Total Gross Saving 110.9 158.1 194.3 211.4 241.6 294.6 304.0 298.4 342.7 398.2 481.6 544.9 555.5 656.5 625.7 608.0 769.4 772.5 735.9 810.4 936.2 967.6 977.7 1,015.8 1,007.4 1,039.4 1,155.9 1,257.5 1,349.3 1,521.3 1,647.2 1,707.4 1,785.7 1,754.0 1,750.5 1,751.9
Gross private saving 84.4 129.4 174.3 202.6 217.0 256.4 270.7 323.5 344.0 383.1 439.1 487.8 537.8 631.7 681.6 693.8 824.8 833.4 806.5 838.3 943.0 955.1 1,016.2 1,098.9 1,164.6 1,159.4 1,199.3 1,266.0 1,290.4 1,362.0 1,375.0 1,348.0 1,323.0 1,307.9 1,321.2 1,534.4
Gross government saving 26.5 28.8 20.0 8.8 24.6 38.2 33.3 -25.1 -1.3 15.1 42.5 57.1 17.7 24.8 -55.9 -85.7 -55.4 -60.9 -70.5 -27.9 -6.7 12.5 -38.6 -83.2 -157.2 -120.0 -43.4 -8.5 58.9 159.3 272.2 359.4 462.7 446.1 429.3 217.6
Total Gross Investment 110.4 160.0 201.2 222.7 250.3 302.6 314.0 316.1 367.2 419.8 502.6 580.6 589.5 684.0 628.2 655.0 787.9 784.2 779.8 813.8 894.0 983.9 1,008.2 1,035.4 1,051.1 1,103.2 1,214.4 1,284.0 1,382.1 1,518.1 1,598.4 1,634.7 1,655.3 1,633.5 1,607.3 1,602.3
Source: Department of Commerce, Bureau of Economic Analysis
18
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Relation of national income and personal income, 1960-2001 (Billions of dollars; quarterly data at seasonally adjusted annual rates) Less:
Year or qtr.
1960 1965 1970 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001: I II III
Plus:
Equals:
Corporate profits with Wage Business ContribuGovt. Nat'l. inventory accruals Personal Personal transfer Net tions for transfer income valuation less interest dividend payments interest social payments to and capital disburse income income to insurance persons consumpments persons tion adjustments 427.5 589.5 837.1 1,301.8 1,455.9 1,635.4 1,859.8 2,075.0 2,242.1 2,496.1 2,601.9 2,795.4 3,161.2 3,379.2 3,524.5 3,802.0 4,149.6 4,390.6 4,640.9 4,755.5 4,993.7 5,251.1 5,556.1 5,876.2 6,210.2 6,634.9 7,041.4 7,462.1 7,980.9 8,169.7 8,207.9 8,180.6
52.3 85.9 81.3 132.5 160.1 190.5 216.8 221.9 197.7 218.0 200.2 253.0 308.7 321.3 299.5 345.3 403.5 394.2 407.4 430.2 451.9 509.7 573.2 668.3 754.0 837.9 777.4 825.2 876.4 789.8 759.8 697.0
10.7 19.7 38.4 76.6 80.8 95.7 114.5 144.2 183.9 226.5 256.3 267.2 309.6 326.7 343.6 361.5 389.4 443.1 452.4 429.8 399.5 374.3 380.5 389.8 386.3 412.5 511.9 506.5 532.7 549.4 553.0 558.3
16.4 23.4 46.4 89.3 101.3 113.1 131.3 152.7 166.2 195.7 208.9 226.0 257.5 281.4 303.4 323.1 361.5 385.2 410.1 430.2 455.0 477.8 508.4 533.2 555.8 588.2 623.3 660.7 701.5 729.1 732.8 733.0
0.0 0.0 0.0 0.1 0.1 0.1 0.3 -0.2 0.0 0.1 0.0 -0.4 0.2 -0.2 0.0 0.0 0.0 0.0 0.1 -0.1 -15.8 6.4 17.6 16.4 3.6 -4.1 -0.7 5.2 0.0 0.0 0.0 0.0
25.6 40.8 71.5 128.0 140.5 161.9 191.3 233.5 286.4 352.7 401.6 431.6 505.3 546.4 579.2 609.7 650.5 736.5 772.4 771.8 750.1 725.5 742.4 792.5 810.6 854.9 964.4 950.0 1,000.6 1,010.9 1,001.0 991.5
13.4 20.2 24.3 32.9 39.0 44.7 50.7 57.4 64.0 73.6 76.1 83.5 90.8 97.5 106.1 112.1 129.4 154.8 165.4 178.3 185.3 203.0 234.7 254.0 297.4 333.4 348.3 343.1 379.2 404.8 411.9 420.0
24.4 33.9 71.6 163.0 176.9 188.7 202.5 226.4 270.2 307.0 342.3 369.4 378.3 403.1 428.4 447.8 476.1 519.2 573.1 649.1 729.2 776.5 810.1 860.1 902.4 934.5 955.0 988.4 1,036.0 1,088.7 1,104.6 1,123.7
1.3 2.0 2.8 4.5 5.5 5.9 6.8 7.9 8.8 10.2 11.8 12.8 15.1 17.8 20.7 20.8 20.8 21.1 21.3 20.8 22.5 22.1 23.7 25.8 26.4 27.9 28.8 31.1 33.1 34.3 34.8 35.3
Personal income
412.7 557.4 841.1 1,331.7 1,475.4 1,637.1 1,848.3 2,081.5 2,323.9 2,599.4 2,768.4 2,946.9 3,274.8 3,515.0 3,712.4 3,962.5 4,272.1 4,599.8 4,903.2 5,085.4 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,951.1 7,426.0 7,777.3 8,319.2 8,640.2 8,714.6 8,771.8
Source: Department of Commerce, Bureau of Economic Analysis.
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19
Civilian unemployment rate, major industrial countries, 1975-2001 (Quarterly data seasonally adjusted)
Year or quarter
United States
United Canada
Japan
France
1
Germany
Italy
Kingdom
2
Civilian unemployment rate (percent) 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
8.5 7.7 7.1 6.1 5.8 7.1 7.6 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.5 6.7
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2001: I II III IV
3
6.9 7.2 8.1 8.4 7.5 7.5 7.6 11.0 11.9 11.3 10.5 9.6 8.9 7.8 7.5 8.1 10.4
1.9 2.0 2.0 2.3 2.1 2.0 2.2 2.4 2.7 2.8 2.6 2.8 2.9 2.5 2.3 2.1 2.1
7.4 6.8
11.3 11.2
2.2 2.5
6.1 5.6 5.4 4.9 4.5 4.2 4.0 4.8 4.2 4.5 4.8 5.6
10.4 9.5 9.7 9.2 8.3 7 6.1 … 6.2 6.3 6.4 …
2.9 3.2 3.4 3.4 4.1 4.7 4.8 … 4.8 4.9 5.1 …
4.2 4.6 5.2 5.4 6.1 6.5 7.6 8.3 8.6 10.0 10.5 10.6 10.8 10.3 9.6 9.1 9.6 3
3.4 3.4 3.4 3.3 2.9 2.8 4.0 5.6 3
3
3.4 3.9 4.1 4.1 4.4 4.4 4.9 5.4 5.9 5.9 6.0
6.9 7.1 7.2 6.6 6.3 6.3 5.7 5.0
10.4 11.8
5.6 6.7 7.9
12.3 11.8 12.5 12.4 11.7 11.2 9.4 … 8.6 8.5 8.7 …
8.5 8.2 8.9 9.9 9.4 8.6 8.1 … 7.9 8.0 8.0 …
3
3
3
p
7.5 7.9 7.9 7.8 7.0 6.9 7.3
4.6 5.9 6.4 6.3 5.4 7.0 10.5 11.3 11.8 11.8 11.2 11.2 10.3 8.6 7.3 6.9 8.8
10.2 11.3 12.0 12.1 12.3 12.3 11.5 10.7 … 10.0 9.7 9.5 …
10.1 10.5 9.7 8.7 8.2 7.0 6.3 p p
6.1 5.5 … 5.1 5.0 5.1 …
1
For unemployment rate, data beginning 1991 are for unified Germany; for prior years, data are for West Germany. For manufacturing hourly compensation, data are for West Germany only. 2
Civilian unemployment rates, approximating U.S. concepts. Quarterly data for France and Germany should be viewed as less precise indicators of unemployment under U.S. concepts than the annual data. 3
There are breaks in the series for Germany (1983 and 1991), France (1992), Italy (1986, 1991, and 1993), and United States (1990 and 1994). Based on the prior series, the rate for Germany was 7.2 percent in 1983, and 4.3 percent in 1991 for West Germany only, the rate for France was 10.5 in 1992, 11.9 in 1993, 12.7 in 1994 and 12.3 in 1995, and the rate for Italy was 6.3 percent in 1986 and 6.6 in 1991. The break in 1993 raised Italy's rate by approximately 1 percentage point. p
Preliminary data. Source: Department of Labor, Bureau of Labor Statistics.
20
www.plunkettresearch.com Civilian hourly compensation, major industrial countries, 1975-2000 (Quarterly data seasonally adjusted) Year United 1 States Canada Japan France Germany Italy
United Kingdom 2
1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Manufacturing hourly compensation in U.S. dollars (1992=100) 35.5 34.6 17.5 26.3 23.1 22.1 38.4 40.8 18.8 27.0 24.3 21.6 41.8 42.0 23.0 29.8 28.8 24.0 45.2 42.1 31.5 36.7 35.8 28.8 49.6 44.5 32.0 44.0 42.0 35.6 55.6 49.2 32.8 51.1 46.1 40.5 61.1 53.7 36.1 46.0 39.3 36.9 67.0 58.6 33.5 45.1 38.8 36.5 68.8 62.5 36.1 43.0 38.6 38.1 71.2 61.7 37.2 40.7 36.3 37.8 75.1 61.8 38.5 42.9 37.2 39.1 78.5 63.0 57.3 57.9 52.4 52.1 80.7 68.6 68.3 69.2 66.0 63.3 84.0 76.4 78.4 72.5 70.4 65.5 86.6 84.1 77.3 71.4 69.1 68.1 90.8 91.5 79.1 88.0 86.4 86.8 95.6 100.1 90.8 90.2 86.7 93.0 100.0 100.0 100.0 100.0 100.0 100.0 102.7 95.5 117.3 96.2 100.4 84.2 105.6 91.7 130.1 100.8 107.8 82.4 107.9 93.3 146.2 115.1 128.9 85.2 109.4 94.8 127.2 114.1 128.5 96.0 111.4 95.3 118.3 102.5 113.7 90.3 117.4 90.9 112.0 103.8 113.1 87.5 122.1 92.0 128.8 102.0 110.3 86.4 130.7 95.2 135.9 93.0 99.0 77.1
19.0 17.9 19.6 25.1 33.0 43.7 44.1 42.0 39.0 37.2 39.0 47.8 60.2 68.6 67.7 82.5 92.0 100.0 88.9 92.9 96.4 96.3 104.7 111.5 114.0 110.7
1
For unemployment rate, data beginning 1991 are for unified Germany; for prior years, data are for West Germany. For manufacturing hourly compensation, data are for West Germany only. 2
Hourly compensation in manufacturing, U.S. dollar basis. Data relate to all employed persons (wage and salary earners and the self-employed) in the United States, Canada, Japan, France, Germany, and United Kingdom, and to all employees (wage and salary earners) in Italy. For Canada, France and United Kingdom, compensation adjusted to include changes in employment taxes that are not compensation to employees, but are labor costs to employers. Source: Department of Labor, Bureau of Labor Statistics.
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II. PRICES AND INTEREST RATES
21
www.plunkettresearch.com Consumer price indexes for major expenditure classes, 1960-2001
1960
29.6
1965 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
31.5 38.8 40.5 41.8 44.4 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1
1998 1999 2000 2001 1 2 3 4
4 5
... ... 40.1 41.4 43.1 48.8 55.5 60.2 62.1 65.8 72.2 79.9 86.7 93.5 97.3 99.5 103.2 105.6 109.1 113.5 118.2 124.9 132.1 136.8 138.7 141.6 144.9 148.9 153.7 157.7 161.1 164.6 168.4 173.6
30.0
45.7
32.2 39.2 40.4 42.1 48.2 55.1 59.8 61.6 65.5 72.0 79.9 86.8 93.6 97.4 99.4 103.2 105.6 109.0 113.5 118.2 125.1 132.4 136.3 137.9 140.9 144.3 148.4 153.3 157.3 160.7 164.1 167.8 173.1
47.8 59.2 61.1 62.3 64.6 69.4 72.5 75.2 78.6 81.4 84.9 90.9 95.3 97.8 100.2 102.1 105.0 105.9 110.6 115.4 118.6 124.1 128.7 131.9 133.7 133.4 132.0 131.7 132.9 133.0 131.3 129.6 127.3
... ... 36.4 38.0 39.4 41.2 45.8 50.7 53.8 57.4 62.4 70.1 81.1 90.4 96.9 99.5 103.6 107.7 110.9 114.2 118.5 123.0 128.5 133.6 137.5 141.2 144.8 148.5 152.8 156.8 160.4 163.9 169.6 176.4
29.8
22.3
31.9 37.5 39.5 39.9 41.2 45.8 50.1 55.1 59.0 61.7 70.5 83.1 93.2 97.0 99.3 103.7 106.4 102.3 105.4 108.7 114.1 120.5 123.8 126.5 130.4 134.3 139.1 143.0 144.3 141.6 144.4 153.3 154.3
25.2 34.0 36.1 37.3 38.8 42.4 47.5 52.0 57.0 61.8 67.5 74.9 82.9 92.5 100.6 106.8 113.5 122.0 130.1 138.6 149.3 162.8 177.0 190.1 201.4 211.0 220.5 228.2 234.6 242.1 250.6 260.8 272.8
... ... 47.5 50.0 51.5 52.9 56.9 62.0 65.1 68.3 71.9 76.7 83.6 90.1 96.0 100.1 103.8 107.9 111.6 115.3 120.3 126.5 132.4 138.4 142.3 145.8 150.1 153.9 159.1 162.5 ... ... … …
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
101.1 102.0 103.3 104.9
100.3 101.2 102.5 105.2
... ... 40.9 42.9 44.7 46.4 49.8 53.9 57.0 60.4 64.3 68.9 75.2 82.6 91.1 101.1 107.9 114.5 121.4 128.5 137.0 147.7 159.0 171.6 183.3 192.9 198.5 206.9 215.4 224.8 237.7 258.3 271.1 282.6
3
Energy
Other goods and services
Education and 2 Communication
Recreation
2
Entertainment
Medical Care
Trabsportation
Housing
Apparel
Food
1
Food and beverages Total
All items (CPI-U)
(For all urban consumers; 1982-84=100)
Year
22
22.4 22.9 25.5 26.5 27.2 29.4 38.1 42.1 45.1 49.4 52.5 65.7 86.0 97.7 99.2 99.9 100.9 101.6 88.2 88.6 89.3 94.3 102.1 102.5 103.0 104.2 104.6 105.2 110.1 111.5 102.9 106.6 124.6 129.3
Includes alcoholic beverages, not shown separately December 1997=100. Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. also included through 1982. Data beginning 1998 reflect changes in series composition and renaming.
5
Data beginning 1999 reflect a change in the formula used for calculating the basic components of the consumer price index as well as other changes in methodology. Note.—Data beginning 1983 incorporate a rental equivalence measure for homeowners' costs. Source: Department of Labor, Bureau of Labor Statistics.
www.plunkettresearch.com Interest-bearing public debt securities by kind of obligation, 1970-2000 (Billions of dollars) Marketable
End of year or month
Total interestbearing public debt securities
Total
1
23
Nonmarketable
Treasury Treasury Treasury bills notes bonds
Total
Foreign U.S. gov. savings and 2 securities public 3 series
Gov. account series
4
Other
Fiscal yr. 1970 1975
369.0
232.6
76.2
93.5
63.0
136.4
51.3
4.8
76.3
4.1
532.1
315.6
128.6
150.3
36.8
216.5
65.5
23.2
124.2
3.6
1976
619.3
392.6
161.2
191.8
39.6
226.7
69.7
21.5
130.6
4.9
1977
697.6
443.5
156.1
241.7
45.7
254.1
75.4
21.8
140.1
16.8
1978
767.0
485.2
160.9
267.9
56.4
281.8
79.8
21.7
153.3
27.1
1979
819.0
506.7
161.4
274.2
71.1
312.3
80.4
28.1
176.4
27.4
1980
906.4
594.5
199.8
310.9
83.8
311.9
72.7
25.2
189.8
24.2
1981
996.5
683.2
223.4
363.6
96.2
313.3
68.0
20.5
201.1
23.7
1982
1,140.9
824.4
277.9
442.9
103.6
316.5
67.3
14.6
210.5
24.1
1983
1,375.8
1,024.0
340.7
557.5
125.7
351.8
70.0
11.5
234.7
35.6
1984
1,559.6
1,176.6
356.8
661.7
158.1
383.0
72.8
8.8
259.5
41.8
1985
1,821.0
1,360.2
384.2
776.4
199.5
460.8
77.0
6.6
313.9
63.3
1,564.3
410.7
896.9
241.7
558.4
85.6
4.1
365.9
102.8
1,676.0
378.3
1,005.1
277.6
671.8
97.0
4.4
440.7
129.8
1,802.9
398.5
1,089.6
299.9
797.0
106.2
6.3
536.5
148.0
1,892.8
406.6
1,133.2
338.0
943.5
114.0
6.8
663.7
159.0
2,092.8
482.5
1,218.1
377.2
1,118.2
122.2
36.0
779.4
180.6
2,390.7
564.6
1,387.7
423.4
1,272.1
133.5
41.6
908.4
188.5
2,677.5
634.3
1,566.3
461.8
1,384.3
148.3
37.0
1,011.0
188.0
2,904.9
658.4
1,734.2
497.4
1,503.7
167.0
42.5
1,114.3
179.9
3,091.6
697.3
1,867.5
511.8
1,597.9
176.4
42.0
1,211.7
167.8
3,260.4
742.5
1,980.3
522.6
1,690.2
181.2
41.0
1,324.3
143.8
3,418.4
761.2
2,098.7
543.5
1,802.4
184.1
37.5
1,454.7
126.1
3,439.6
701.9
2,122.2
576.2
1,967.9
182.7
34.9
1,608.5
141.9
3,331.0
637.6
2,009.1
610.4
2,187.7
180.8
35.1
1,777.3
194.4
3,233.0
653.2
1,828.8
643.7
2,414.2
180.0
31.0
2,005.2
198.1
616.2
1,611.3
635.3
2,629.3
177.7
25.4
242.9
183.3
1986
2,122.7
1
1987
2,347.8
1
2,599.9
1
2,836.3
1
3,210.9
1
1991
3,662.8
1
1992
4,061.8
1
4,408.6
1
4,689.5
1
4,950.6
1
1996
5,220.8
1
1997
5,407.5
1
5,518.7
1
5,647.2
1
1988 1989 1990
1993 1994 1995
1998 1999 2000 1
5,622.1
1
2992.8
Includes Federal Financing Bank securities, not shown separately, in the amount of 15,000 million dollars.
2
Series previously shown as U.S. savings bonds. Beginning January 1997, includes U.S. retirement plan bonds, U.S. individual retirement bonds, and U.S. savings notes previously included in "other" nonmarketable interest-bearing public debt securities in this table. Data prior to January 1997 do not reflect this change. 3
Nonmarketable certificates of indebtedness, notes, bonds, and bills in the Treasury foreign series of dollar-denominated and foreigncurrency
4
Includes depository bonds, retirement plan bonds, Rural Electrification Administration bonds, State and local bonds, and special issues held only by U.S. Government agencies and trust funds and the Federal home loan banks. See footnote 2. 5
Includes $5,610 million in certificates not shown separately. Note.—Through fiscal year 1976, the fiscal year was on a July 1–June 30 basis; beginning October 1976 (fiscal year 1977), the fiscal year is on an October 1–September 30 basis. Source: Department of the Treasury.
1965 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1 2
3.95 6.46 4.35 4.07 7.04 7.89 5.84 4.99 5.27 7.22 10.04 11.51 14.03 10.69 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 5.85 3.45
4.06 6.56 4.51 4.47 7.18 7.93 6.12 5.27 5.51 7.57 10.02 11.37 13.78 11.08 8.75 9.80 7.66 6.03 6.05 6.92 8.04 7.47 5.49 3.57 3.14 4.66 5.59 5.09 5.18 4.85 4.76 5.92 3.39
4.22 7.29 5.65 5.72 6.95 7.82 7.49 6.77 6.69 8.29 9.71 11.55 14.44 12.92 10.45 11.89 9.64 7.06 7.68 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 6.22 4.09
4.28 7.35 6.16 6.21 6.84 7.56 7.99 7.61 7.42 8.41 9.44 11.46 13.91 13.00 11.10 12.44 10.62 7.68 8.39 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 6.03 5.02
...... ...... ...... ...... ...... ...... ...... ...... 7.75 8.49 9.28 11.27 13.45 12.76 11.18 12.41 10.79 7.78 8.59 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.94 5.49
Aaa
4.49 8.04 7.39 7.21 7.44 8.57 8.83 8.43 8.02 8.73 9.63 11.94 14.17 13.79 12.04 12.71 11.37 9.02 9.38 9.71 9.26 9.32 8.77 8.14 7.22 7.97 7.59 7.37 7.26 6.53 7.04 7.62 7.08
Baa
4.87 9.11 8.56 8.16 8.24 9.50 10.61 9.75 8.97 9.49 10.69 13.67 16.04 16.11 13.55 14.19 12.72 10.39 10.58 10.83 10.18 10.36 9.80 8.98 7.93 8.63 8.20 8.05 7.86 7.22 7.87 8.36 7.95
3.27 6.51 5.70 5.27 5.18 6.09 6.89 6.49 5.56 5.90 6.39 8.51 11.23 11.57 9.47 10.15 9.18 7.38 7.73 7.76 7.24 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.77 5.19
5.81 8.45 7.74 7.60 7.96 8.92 9.00 9.00 9.02 9.56 10.78 12.66 14.70 15.14 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.52 7.00
4
4.38 7.71 5.11 4.73 8.15 9.84 6.32 5.34 5.61 7.99 10.91 12.29 14.76 11.89 8.89 10.16 8.01 6.39 6.85 7.68 8.80 7.95 5.85 3.80 3.30 4.93 5.93 5.42 5.62 … … … …
4.54 7.91 5.72 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.27 18.87 14.86 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 9.23 6.91
4.04 5.95 4.88 4.50 6.44 7.83 6.25 5.50 5.46 7.46 10.28 11.77 13.42 11.02 8.50 8.80 7.69 6.33 5.66 6.20 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 5.73 3.40
5
Federal funds rate
30year
Discount rate, Federal Reserve Bank of New York
10year
Prime rate charged by banks
36-month 3- year month
6 months
2
Constant maturities
Commercial paper,
Year
Bills (new 1 issues)
New home 3 mortgage yields
Corporate bonds (Moody's)
U.S. Treasury securities
High-grade municipal bonds (Standard & Poor's)
24 www.plunkettresearch.com Bond yields and interest rates, 1965-2001 (Percent per annum)
4.07 7.18 4.66 4.43 8.73 10.50 5.82 5.04 5.54 7.93 11.19 13.36 16.38 12.26 9.09 10.23 8.10 6.81 6.66 7.57 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 6.24 3.88
Rate on new issues within period; bank-discount basis. Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assuming, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. 4 Bank-discount basis; prior to November 1979, data are for 4-6 months paper. Series no longer published by Federal Reserve (FR). 5
Since July 19, 1975, the daily effective rate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior to that date, the daily effective rate was the rate considered most representative of the day's transactions. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.
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III. CORPORATE AND GOVERNMENT DATA
25
26 www.plunkettresearch.com Federal receipts, outlays, surplus or deficit, and debt, selected fiscal years, 1960-2003 (Billions of dollars; fiscal years) Total Fiscal year
1960 1965 1970 1971 1972 1973 1974 1975 1976 Trans. 1 qtr. 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2
2002 2 2003 1
On-budget Surplus or
Off-budget Surplus or
Surplus or
Receipts Outlays deficit Receipts Outlays deficit Receipts Outlays deficit (-) (-) (-) 92.5 92.2 0.3 81.9 81.3 0.5 10.6 10.9 -0.2 116.8 118.2 -1.4 100.1 101.7 -1.6 16.7 16.5 0.2 192.8 195.6 -2.8 159.3 168.0 -8.7 33.5 27.6 5.9 187.1 210.2 -23.0 151.3 177.3 -26.1 35.8 32.8 3.0 207.3 230.7 -23.4 167.4 193.8 -26.4 39.9 36.9 3.1 230.8 245.7 -14.9 184.7 200.1 -15.4 46.1 45.6 0.5 263.2 269.4 -6.1 209.3 217.3 -8.0 53.9 52.1 1.8 279.1 332.3 -53.2 216.6 271.9 -55.3 62.5 60.4 2.0 298.1 371.8 -73.7 231.7 302.2 -70.5 66.4 69.6 -3.2 81.2 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 734.1 769.2 854.4 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,052.2 1,991.0 1,946.1 2,048.1
96.0 409.2 458.7 504.0 590.9 678.2 745.8 808.4 851.9 946.4 990.5 1,004.1 1,064.5 1,143.7 1,253.2 1,324.4 1,381.7 1,409.5 1,461.9 1,515.8 1,560.6 1,601.3 1,652.6 1,701.9 1,788.8 1,863.9 2,052.3 2,128.2
-14.7 -53.7 -59.2 -40.7 -73.8 -79.0 -128.0 -207.8 -185.4 -212.3 -221.2 -149.8 -155.2 -152.5 -221.2 -269.4 -290.4 -255.1 -203.3 -164.0 -107.5 -22.0 69.2 125.5 236.4 127.1 -106.2 -80.2
63.2 278.7 314.2 365.3 403.9 469.1 474.3 453.2 500.4 547.9 569.0 641.0 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,544.6 1,483.5 1,428.9 1,502.7
76.6 328.5 369.1 404.1 476.6 543.1 594.4 661.3 686.1 769.6 807.0 810.3 861.8 932.8 1,028.1 1,082.7 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.0 1,381.2 1,458.1 1,516.9 1,690.6 1,761.5
-13.3 -49.8 -54.9 -38.7 -72.7 -74.0 -120.1 -208.0 -185.7 -221.7 -238.0 -169.3 -194.0 -205.2 -277.8 -321.6 -340.5 -300.5 -258.9 -226.4 -174.1 -103.4 -30.0 1.8 86.6 -33.4 -261.7 -258.8
18.0 76.8 85.4 98.0 113.2 130.2 143.5 147.3 166.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 517.2 545.3
19.4 80.7 89.7 100.0 114.3 135.2 151.4 147.1 165.8 176.8 183.5 193.8 202.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 347.0 361.7 366.8
-1.4 -3.9 -4.3 -2.0 -1.1 -5.0 -7.9 0.2 0.3 9.4 16.7 19.6 38.8 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.5 155.5 178.6
Gross Federal debt (end of period) Total 290.5 322.3 380.9 408.2 435.9 466.3 483.9 541.9 629.0 643.6 706.4 776.6 829.5 909.1 994.8 1,137.3 1,371.7 1,564.7 1,817.5 2,120.6 2,346.1 2,601.3 2,868.0 3,206.6 3,598.5 4,002.1 4,351.4 4,643.7 4,921.0 5,181.9 5,369.7 5,478.7 5,606.1 5,629.0 5,770.3 6,137.1 6,525.9
Publicly held 236.8 260.8 283.2 303.0 322.4 340.9 343.7 394.7 477.4
GDP 504.6 671.0 1,013.7 1,081.7 1,178.5 1,313.6 1,441.7 1,559.2 1,735.9
495.5 445.0 549.1 1,974.6 607.1 2,219.5 640.3 2,504.9 711.9 2,731.8 789.4 3,060.3 924.6 3,231.1 1,137.3 3,441.7 1,307.0 3,846.5 1,507.4 4,141.6 1,740.8 4,398.3 1,889.9 4,653.9 2,051.8 5,016.6 2,191.0 5,406.6 2,411.8 5,738.4 2,689.3 5,927.9 3,000.1 6,221.7 3,248.8 6,560.9 3,433.4 6,948.8 3,604.8 7,322.6 3,734.5 7,700.1 3,772.8 8,182.8 3,721.6 8,636.3 3,632.9 9,124.3 3,410.1 9,744.3 3,320.0 10,150.5 3,477.5 10,361.6 3,570.3 10,922.3
Transition quarter. Estimates. Note.--Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis; beginning October 1976 (fiscal year 1977), the fiscal year is on an October 1-September 30 basis. The 3-month period from July 1, 1976 through September 30, 1976 is a separate fiscal period known as the transition quarter. Refunds of receipts are excluded from receipts and outlays. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
2
Addendum:
www.plunkettresearch.com
27
U.S. Capacity utilization rates 1965-2001 (Utilization as a percent of total capacity) Manufacturing Total Industry
Year
1
Total
Durable Goods
Nondurable Primary Advanced Goods Processing Processing
Mining
Utilities
1965 1966 1967 1968 1969
… … 87.0 87.3 87.3
89.5 91.1 87.2 87.1 86.6
… … 87.5 87.2 86.7
… … 86.3 86.6 86.5
91.0 91.4 85.3 86.1 86.5
88.8 91.1 88.0 87.3 86.4
… … 81.2 83.5 86.5
… … 94.5 95.1 96.7
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979
81.1 79.4 84.4 88.4 84.3 74.6 79.3 83.5 85.8 86.0
79.4 77.9 83.4 87.7 83.4 72.9 78.2 82.6 85.2 85.3
77.2 74.7 81.4 88.0 83.1 70.6 75.7 80.8 84.4 85.6
82.8 82.6 86.4 87.3 83.9 76.3 81.8 85.3 86.4 84.9
79.9 78.7 85.5 90.5 85.1 72.1 79.2 83.8 85.9 86.0
78.9 77.1 82.2 86.2 82.5 73.3 77.6 81.9 84.8 84.9
88.8 87.3 90.3 92.3 92.3 89.7 89.8 90.9 90.9 91.4
96.2 94.6 95.2 93.5 87.3 84.4 85.2 85.0 85.4 86.6
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989
81.5 80.8 74.5 75.7 80.8 79.8 78.7 81.3 84.0 84.1
79.5 78.3 71.8 74.4 79.8 78.8 78.7 81.3 83.8 83.6
78.4 76.8 68.0 70.1 77.6 76.8 75.7 77.9 81.7 82.0
81.0 80.4 77.5 80.8 82.9 81.5 82.8 85.9 86.4 85.7
77.2 77.2 68.6 74.5 80.0 79.1 79.9 84.5 86.8 86.1
80.8 78.8 73.5 74.4 79.7 78.6 78.1 79.9 82.3 82.5
93.4 93.9 86.3 80.4 86.0 84.3 77.6 80.3 85.2 86.9
85.9 82.5 79.3 79.7 81.9 83.5 80.6 82.5 84.9 86.3
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
82.3 79.3 80.2 81.2 83.2 83.3 82.7 83.5 82.2 81.4 81.8 76.8
81.4 77.9 79.4 80.4 82.5 82.6 81.6 82.7 81.4 80.6 80.7 75.0
79.0 74.7 76.6 78.8 81.7 81.9 81.1 82.0 81.1 80.9 81.0 72.8
84.4 81.9 82.8 82.2 83.4 83.4 82.3 83.5 81.8 80.2 80.2 77.9
82.9 78.6 81.7 83.5 86.6 86.2 83.9 84.7 82.7 83.1 83.9 75.3
80.6 77.6 78.2 78.7 80.1 80.4 80.3 81.4 80.6 79.1 78.7 74.8
89.8 88.4 86.3 86.1 87.9 87.6 89.2 89.9 87.6 85.2 89.5 90.5
85.7 86.3 84.6 87.1 87.5 88.8 90.4 89.3 90.6 91.5 91.7 87.5
2001
1
Preliminary data Source: Board of Governors of the Federal Reserve System
28
www.plunkettresearch.com Federal budget receipts, outlays, surplus or deficit, and debt, as percent of gross domestic product, 1960-2003 (Percent; fiscal years) Fiscal year
Outlays National Total defense 17.7 9.3 17.2 7.4 17.8 7.7 19.4 8.8 20.5 9.4 19.3 8.7
1960 1965 1966 1967 1968 1969
17.8 17.0 17.3 18.3 17.6 19.7
1970 1971 1972 1973 1974 1975 1976 Transition qtr. 1977 1978 1979
19.0 17.3 17.6 17.6 18.3 17.9 17.2 17.7 18.0 18.0 18.5
19.3 19.4 19.6 18.7 18.7 21.3 21.4 20.9 20.7 20.7 20.1
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989
18.9 19.6 19.1 17.4 17.3 17.7 17.5 18.4 18.1 18.3
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
18.0 17.8 17.5 17.6 18.1 18.5 18.9 19.3 19.9 20.0 20.8 19.6 18.8 18.8
1
2002 1 2003 1
Receipts
Surplus or deficit (-)
Federal debt (end of period) Gross Federal
Held by public
0.1 -0.2 -0.5 -1.1 -2.9 0.3
55.9 46.8 43.4 41.9 42.4 38.5
45.6 37.9 34.8 32.8 33.3 29.3
8.1 7.3 6.7 5.8 5.5 5.5 5.2 4.8 4.9 4.7 4.6
-0.3 -2.1 -2.0 -1.1 -0.4 -3.4 -4.2 -3.2 -2.7 -2.7 -1.6
37.6 37.7 37.0 35.5 33.6 34.8 36.2 35.0 35.8 35.0 33.1
27.9 28.0 27.4 26.0 23.8 25.3 27.5 27.0 27.8 27.4 25.6
21.6 22.2 23.1 23.5 22.1 22.9 22.5 21.6 21.2 21.2
4.9 5.1 5.7 6.1 5.9 6.1 6.2 6.1 5.8 5.6
-2.7 -2.6 -4.0 -6.0 -4.8 -5.1 -5.0 -3.2 -3.1 -2.8
33.3 32.5 35.2 39.9 40.7 43.9 48.2 50.4 51.9 53.0
26.1 25.8 28.6 33.0 34.0 36.4 39.6 40.6 40.9 40.5
21.8 22.3 22.2 21.5 21.0 20.7 20.3 19.6 19.1 18.7 18.4 18.4 19.8 19.5
5.2 4.6 4.8 4.4 4.1 3.7 3.5 3.3 3.1 3.0 3.0 3.0 3.4 3.5
-3.9 -4.5 -4.7 -3.9 -2.9 -2.2 -1.4 -0.3 0.8 1.4 2.4 1.3 -1.0 -0.7
55.9 60.7 64.3 66.3 66.8 67.2 67.3 65.6 63.4 61.5 57.8 56.8 59.2 59.7
42.0 45.4 48.2 49.5 49.4 49.2 48.5 46.1 43.1 39.9 35.0 32.7 33.6 32.7
Estimates. Sources: Department of the Treasury and Office of Management and Budget.
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29
Corporate profits with inventory valuation and capital consumption adjustments, 1960-2001 (Billions of dollars; quarterly data at seasonally adjusted annual rates)
Year or quarter
1960 1965 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001: I II III
Corporate profits with inventory Corporate valuation and capital profits tax consumption liability adjustments
52.3 85.9 81.3 94.8 109.4 123.5 114.0 132.5 160.1 190.5 216.8 221.9 197.7 218.0 200.2 253.0 308.7 321.3 299.5 345.3 403.5 394.2 408.6 431.2 453.1 510.5 573.2 668.8 754.0 833.8 777.4 825.2 876.4 789.8 759.8 697.0
22.7 30.9 34.4 37.7 41.9 49.3 51.8 50.9 64.2 73.0 83.5 88.0 84.8 81.1 63.1 77.2 94.0 96.5 106.5 127.1 137.2 141.5 140.6 133.6 143.1 165.4 186.7 211.0 223.6 237.2 238.8 253.0 271.5 236.8 228.0 204.9
Corporate profits after tax with inventory valuation and capital consumption adjustments
Total
29.6 55.0 46.9 57.0 67.5 74.3 62.2 81.6 95.9 117.5 133.3 133.9 112.9 136.8 137.1 175.8 214.6 224.8 193.0 218.2 266.4 252.8 268.0 297.7 309.9 345.1 386.5 457.8 530.4 596.6 538.6 572.1 604.9 553.0 531.8 492.0
Dividends
13.4 20.2 24.3 25.0 26.8 29.9 33.2 33.0 39.0 44.8 50.8 57.5 64.1 73.8 76.2 83.6 91.0 97.7 106.3 112.2 129.6 155.0 165.6 178.4 185.5 203.1 234.9 254.2 297.7 335.2 348.7 343.5 379.6 405.2 412.3 420.4
Undistributed profits with inventory valuation and capital consumption adjustments 16.3 34.8 22.6 32.0 40.7 44.3 29.0 48.7 56.9 72.7 82.5 76.4 48.8 63.1 60.9 92.2 123.6 127.1 86.7 106.0 136.8 97.8 102.4 119.2 124.4 142.0 151.6 203.6 232.7 261.3 189.9 228.7 225.3 147.8 119.5 71.7
Source: Department of Commerce, Bureau of Economic Analysis.
30
www.plunkettresearch.com
IV. INTERNATIONAL DATA
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31
U.S. merchandise exports and imports by area, 1990-2001 (Billions of dollars) Item
1990
1992
1994
1995
1996
1997
1998
1999
2000
2001
1
Exports.............................................. 389.3 440.4 Industrial countries...........253.8 265.1 Canada........................................... 83.5 91.4 Japan............................................ 47.8 46.9 Western Europe2................................ 111.4 114.5 Australia, New
502.4 295.2 114.8 51.8 115.3
575.8 338.1 127.6 63.1 132.5
612.1 355.7 135.2 66.0 138.0
679.7 386.5 152.1 64.6 153.0
670.2 389.8 156.8 56.6 159.1
671.6 396.6 164.8 55.9 160.4
772.2 438.6 179.0 63.6 178.8
739.4 419.7 168.5 58.7 176.7
11.2 12.4 Zealand, S. Africa Australia...................................... 8.3 8.7 Other countries, except East. Europe 130.6 169.5 3 OPEC ......................... 12.7 19.7 4 Other ......................................... 117.9 149.8 Eastern Europe2.................................. 4.3 5.6 Unallocated.....………………0.6 0.1
13.2 9.6
15.0 10.5
16.6
16.9
17.2
15.9
11.9
11.8
15.4 11.1
17.2
11.7
12.2
10.7
201.7 17.1 184.6 5.3 0.1
232.0 18.3 213.7 5.7 ...
249.1 20.2 228.9 7.3 ...
285.5 24.2 261.3 7.7 ...
273.1 23.4 249.7 7.4 ...
296.7 17 252.7 5.4 ...
327.7 17.6 310.1 5.9 …
312.8 19.9 292.9 6.9 …
668.6 389.8 131.1 119.1 132.9
749.6 425.4 147.1 123.5 147.7
803.3
876.4
917.2
1,224.4
1,174.1
443.2 158.7 115.2 161.7
476.5 170.1 121.7 175.8
501.7 175.8 121.9 194.0
1,006 545.1 198 128.2 208.7
636.3 233.7 146.5 243.4
616.1 227.7 129.5 245.4
6.7 3.2
7.1 3.4
7.7 3.9
9.0 4.9
10.1 5.4
10.1 5.3
12.7 6.4
13.5 6.5
272.9 31.7 241.3 5.8 ...
317.2 34.3 282.9 7.0 ...
353.2 42.7 310.5 7.0 ...
391.4 44.0 347.4 8.5 ...
404.5 33.9 370.6 10.9 ...
449.7 39.2 410.5 11.2 ...
572.0 67.0 505.0 16.1 …
543.0 63.9 479.1 15.0 …
Imports.............................................. 498.3 536.5 Industrial countries............................... 299.9 316.3 Canada........................................... 93.1 100.9 Japan............................................ 90.4 97.4 2 Western Europe ................................ 109.2 111.4 Australia, New Zealand, S. Africa.... 7.3 6.6 Australia...................................... 4.4 3.7 Other countries, except East. Europe............. 196.1 218.2 3 OPEC .......................................... 37.0 32.4 Other4......................................... 159.1 185.8 2 Eastern Europe .................................. 2.3 2.0 Unallocated.....……. ... ...
Balance (excess of exports +).……. -109.0 -96.1 -166.2 -173.7 -191.3 -196.7 -246.9 -334.3 -452.2 Industrial countries............................... -46.1 -51.2 -94.6 -87.3 -87.5 -90.0 -112.0 -148.5 -197.8 Canada........................................... -9.6 -9.5 -16.3 -19.6 -33.2 -23.5 -18.0 -19.0 -54.7 Japan............................................ -42.6 -50.5 -67.3 -60.3 -49.2 -57.1 -65.3 -72.3 -82.9 Western Europe2................................ 2.2 3.1 -17.6 -15.2 -23.6 -22.8 -34.9 -48.3 -64.6 Australia, New 3.9 5.8 6.6 7.9 8.9 7.9 7.2 5.3 4.5 Zealand, S. Africa Australia...................................... 3.9 5.0 6.4 7.1 7.8 7.0 6.4 5.8 5.8 Other counries, except East. Europe............. -65.5 -48.7 -71.2 -85.2 -104.1 -105.9 -131.4 -180 -244.3 3 OPEC .......................................... -24.3 -12.7 -14.6 -15.9 -22.1 -22.4 -19.9 -10.5 -49.4 4 Other ......................................... -41.2 -36.0 -56.6 -69.2 -81.6 -86.1 -120.9 -157.8 -194.9 2 Eastern Europe .................................. 2.1 3.7 -0.5 -1.3 0.3 -0.7 -3.5 -5.8 -10.2 Unallocated.....…………….. 0.6 0.1 0.1 ... ... ... 0.1 ... … 1 Preliminary; seasonally adjusted estimate, based on first three quarters. 2 The former German Democratic Republic (East Germany) included in Western Europe beginning fourth quarter 1990 and in Eastern Europe prior to that time. 3 Organization of Petroleum Exporting Countries, consisting of Algeria, Ecuador (through 1992), Gabon, Indonesia, Iran, Iraq,
-434.7 -196.4 -59.2 -70.8 -68.7 2.4 4.1 -230.2 -44.0 -186.2 -8.0 …
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Latin America, other Western Hemisphere, and other countries in Asia and Africa, less members of OPEC.
4
Note.--Data are on an international transactions basis and exclude military. Source: Department of Commerce, Bureau of Economic Analysis.
32
www.plunkettresearch.com International reserves, selected years, 1962-2001 (Millions of Special Drawing Rights; end of period) 2001 Aug Sept 62,851 146,658 361,239 752,566 1,284,101 1,402,165 1,608,330 1,655,734 1,699,449
Area and country
1962
All countries Industrial countries United States
1
Canada
1972
1982
1992
53,502 113,362 214,025 424,229
1997
1999
2000
603,332
614,649
677,555
674,697
701,029
17,220 2,561
12,112 5,572
29,918 3,439
52,995 8,662
52,817 13,317
53,238 20,556
52,598 24,544
53,253 26,992
55,641 26,327
1,081 1,753
2,505 3,564
5,544 4,757
9,703 10,914
14,903 12,535
11,475 8,259
11,414 7,961
10,068 8,537
10,246 8,851
237 4,049
664 9,224
1,420 17,850
3,862 22,522
6,294 25,788
6,035 32,329
6,552 31,831
6,422 30,936
6,388 30,750
6,958 359 4,068
21,908 1,038 5,605
43,909 2,390 15,108
69,489 2,514 22,438
60,835 4,849 43,644
48,375 3,855 19,095
47,567 4,120 22,382
44,039 4,469 21,967
45,796 4,376 22,335
1,943 680
4,407 2,129
10,723 1,179
17,492 14,474
19,376 12,169
8,462 7,130
8,427 7,520
8,018 8,071
8,150 8,029
1,045 1,168 2,021
4,618 5,656 16,916
7,450 6,053 22,001
33,640 8,429 52,937
51,241 12,575 163,641
24,716 15,545 209,893
24,373 13,996 273,251
24,838 14,689 284,585
25,108 14,484 303,267
251 256
767 787
577 2,111
2,239 8,090
3,299 14,233
3,246 16,313
2,555 11,671
2,323 11,531
2,318 13,554
287 32 304
950 78 1,220
916 133 6,273
3,606 364 8,725
9,462 286 17,385
13,352 351 14,905
10,452 301 15,518
4,747 277 15,646
4,504 279 15,659
802 2,919
1,453 6,961
3,397 16,930
16,667 27,100
8,188 31,840
11,151 29,378
11,616 27,492
9,801 27,240
9,737 27,715
3,308
5,201
11,904
27,300
24,596
26,854
34,236
29478
31,029
33,295 147,213 328,337 3,962 7,737 13,044 8,130 44,490 190,363 2,680 5,359 16,006
680,768 29,042 384,420 72,914
787,516 32,700 482,339 80,295
930,775 39,840 548,763 98,805
981,037 47,407 579,907 109,393
998,419 47,225 586,118 110,675
1
Euro area Austria Belgium Finland France Germany Ireland Italy Netherlands Portugal Spain Australia Japan New Zealand Denmark Greece Iceland Norway Sweden Switzerland United Kingdom Developing countries: 2 Total Africa 2
Asia Europe Middle East
9,349 2,110 2,772 381 1,805
9,436
64,039
44,149
68,465
79,663
93,333
94,989
96,588
2,282
9,089
25,563
64,774
125,927
112,519
150,034
149,341
157,814
Memo: Oil-exporting countries
2,030
9,956
67,108
46,144
63,751
80,962
102,816
105,660
106,682
Non-oil developing 2 countries
7,319
23,339
80,105 282,193
617,017
706,554
827,959
875,376 8,917,337
Western Hemisphere
1 2
Includes data for Luxembourg. Includes data for Taiwan Province of China.
Note-International data is comprised of monetary authorities' holdings of gold (at SDR 35 per ounce), special drawing rights (SDR's), U.S. dollars per SDR (end of period) are: 1952 and 1962--1.08571; 1982--1.10311; 1992--1.37500; 1997--1.3493 Source: International Monetary Fund, International Financial Statistics.
www.plunkettresearch.com Foreign transactions in the national income and product accounts, 1960-2001 (Billions of dollars) Receipts from the rest of the world
Payments to rest of the world
Exports of goods
Imports of goods and
and services Year
Total1 Total
1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
1
Ser1 vices
Receipts of factor income
services Total Total
Goods
1
Ser1 vices
TransFactor income
fer Net pay- foreign ments invest(net) met Total
30.2 43.5 47.2 50.2 55.6 61.2 69.9 73.4 82.6 115.6 154.6 164.4 181.7 196.6 233.5 299.1 360.7 398.4 385.0 379.5 426.0 416.1 431.4 488.5 598.7 686.2 745.5 769.3 787.8 812.5 909.3 1,050.8 1,119.7 1,250.6 1,251.6 1303.6
25.3 35.4 38.9 41.4 45.3 49.3 57.0 59.3 66.2 91.8 124.3 136.3 148.9 158.8 186.1 228.7 278.9 302.8 282.6 277.0 303.1 303.0 320.3 365.6 446.9 509.0 557.2 601.6 636.8 658.0 725.1 818.6 874.2 968.0 966.3 989.8
20.5 27.8 30.7 32.2 35.3 38.3 44.5 45.6 51.8 73.9 101.0 109.6 117.8 123.7 145.4 184.0 225.8 239.1 215.0 207.3 225.6 222.2 226.0 257.5 325.8 371.7 398.5 426.4 448.7 459.7 509.6 583.8 618.4 689.0 681.3 698.3
4.8 7.6 8.2 9.2 10.0 11.0 12.4 13.8 14.4 17.8 23.3 26.7 31.1 35.1 40.7 44.7 53.2 63.7 67.6 69.7 77.5 80.8 94.3 108.1 121.1 137.3 158.6 175.2 188.1 198.3 215.5 234.7 255.8 279.0 285.1 291.5
5.0 8.1 8.3 8.9 10.3 11.9 13.0 14.1 16.4 23.8 30.3 28.2 32.9 37.9 47.4 70.4 81.8 95.6 102.4 102.5 122.9 113.1 111.1 122.9 151.8 177.2 188.3 167.7 151.1 154.4 184.3 232.3 245.6 282.6 285.3 313.8
30.2 43.5 47.2 50.2 55.6 61.2 69.9 73.4 82.6 115.6 154.6 164.4 181.7 196.6 233.5 299.1 360.7 398.4 385.0 379.5 426.0 416.1 431.4 488.5 598.7 686.2 745.5 769.3 787.8 812.5 909.3 1,050.8 1,119.7 1,250.6 1,251.6 1303.6
22.8 31.5 37.1 39.9 46.6 50.5 55.8 62.3 74.2 91.2 127.5 122.7 151.1 182.4 212.3 252.7 293.8 317.8 303.2 328.6 405.1 417.2 452.2 507.9 553.2 589.7 628.6 622.3 664.6 718.5 812.1 902.8 963.1 1,056.3 1,115.9 1,240.6
15.2 22.2 26.3 27.8 33.9 36.8 40.9 46.6 56.9 71.8 104.5 99.0 124.6 152.6 177.4 212.8 248.6 267.8 250.5 272.7 336.3 343.3 370.0 414.8 452.1 484.5 508.0 500.7 544.9 592.8 676.7 757.6 808.3 885.1 930.4 1,046.9
7.6 9.3 10.7 12.2 12.6 13.7 14.9 15.8 17.3 19.3 22.9 23.7 26.5 29.8 34.8 39.9 45.3 49.9 52.6 56.0 68.8 73.9 82.2 93.1 101.1 105.2 120.6 121.6 119.8 125.7 135.4 145.2 154.8 171.2 185.5 193.7
1.8 2.7 3.1 3.4 4.1 5.8 6.6 6.4 7.7 11.1 14.6 14.9 15.7 17.2 25.3 37.5 46.5 60.9 65.9 65.6 87.6 87.8 95.6 109.2 133.4 156.8 159.3 143.0 127.6 130.1 167.5 211.9 227.5 278.4 295.2 320.5
2.4 3.0 3.2 3.4 3.2 3.2 3.6 4.1 4.3 4.6 5.4 5.4 6.0 6.0 6.4 7.5 9.0 13.4 16.1 17.2 20.3 22.1 24.2 23.4 25.4 26.3 26.8 -11.0 34.2 36.8 38.0 34.0 39.8 39.6 42.0 49.0
3.2 6.2 3.9 3.5 1.7 1.8 4.0 0.6 -3.6 8.7 7.1 21.4 8.9 -9.0 -10.4 1.4 11.4 6.3 -0.2 -32.0 -87.0 -110.9 -140.6 -152.0 -113.2 -86.7 -69.2 14.9 -38.7 -72.9 -108.3 -98.0 -110.7 -123.7 -201.5 -306.6
2001: I
1,487.1 1,496.3
1,102.9 1,117.4
785.6 794.2
317.3 323.2
384.2 378.9
1,487.1 1496.3
1,466.9 1,481.2
1,244.9 1,248.7
221.9 232.5
396.3 389.4
54.4 45.9
-430.5 -420.2
II
1,426.5
1,079.6
754.4
325.2
346.9
1426.5
1,427.0
1,197.8
229.2
358.6
47.6
-406.6
III
1,341.9
1,020.6
710.7
309.8
321.3
1341.9
1,315.0
1,145.6
169.4
332.4
49.0
-354.5
1999 2000
1
Goods
33
Certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Source: Department of Commerce, Bureau of Economic Analysis.
34
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Worldwide growth rates in real gross domestic product, 1980-2001 (Percent change at annual rate) Area and country World
1
1980-89 1990 1992 1993 1994 1995 1996 1998 1999 2000 2001 3.4 2.7 2.5 2.6 3.9 3.7 4.2 2.8 3.6 4.7 2.4
Advanced economies
2.9
2.7
1.9
1.2
3.2
2.5
3.0
2.0
3.3
3.9
1.1
Major industrial countries 2 United States Japan 3 Germany France Italy 4 United Kingdom Canada
2.7 2.7 3.8 1.8 2.3 2.4 2.4 2.9
2.4 1.2 5.1 5.7 2.5 2.2 0.4 0.3
1.8 2.7 1.0 2.2 1.2 0.6 -0.5 0.9
1.0 2.3 0.3 -1.2 -1.3 -1.2 2.1 2.5
2.8 3.5 0.6 2.7 2.8 2.2 4.3 3.9
2.1 2.3 1.5 1.2 2.1 2.9 2.7 2.2
2.8 3.4 3.9 1.3 1.6 0.7 2.2 1.2
2.1 3.5 -2.5 2.6 3.1 2.1 2.3 3.0
3.0 4.1 0.7 1.8 3.0 1.6 2.1 5.1
3.5 4.1 2.2 3.0 3.5 2.9 2.9 4.4
1.0 1.0 -0.4 0.5 2.1 1.8 2.3 1.4
Other advanced economies
3.7
4.0
2.5
2.0
4.6
4.4
3.8
1.4
4.9
5.2
1.5
Developing countries Africa Asia Middle East and Europe Western Hemisphere
4.3 2.5 7.0 2.2 2.2
4.0 2.3 5.6 5.6 1.0
6.6 0.4 9.5 6.5 3.3
6.5 0.7 9.3 3.9 3.9
6.7 2.2 9.6 0.7 5.2
6.1 3.1 9.0 3.8 1.2
6.6 5.8 8.2 4.7 3.5
2.3 3.7 1.8 2.3 2.8
3.9 2.5 6.2 1.1 0.1
5.8 2.8 6.8 5.9 4.1
4.0 3.5 5.6 1.8 1.0
Countries in transition Central and eastern Europe Russia Transcaucasus and central Asia
2.8
-3.5 -14.0
-7.3
-7.1
-1.5
-1.0
-0.2
3.6
6.3
4.9
… …
… -8.7 … -19.4
-3.8 -10.4
-2.8 -11.6
1.6 -4.8
1.6 -5.0
3.4 -6.0
2.0 5.4
3.8 8.3
3.0 5.8
…
… -14.4
-10.1
-10.3
-4.3
4.6
7.8
6.1
1
1.6
4.1
All figures are forecasts as published by the International Monetary Fund.
2
Data for United States as published in the National Income and Product Account benchmark revisions released by the Department of Commerce in October 1999 show the following real GDP growth rates: for the 1981–90 period, 3.2 percent (annual rate); for 1991, -.2 percent; for 1992, 3.3 percent; for 1993, 2.4 percent; for 1994, 4.0 percent; for 1995, 2.7 percent; for 1996, 3.7 percent; for 1997, 4.5 percent; and for 1998, 4.3 percent. The preliminary estimate released by the Department of Commerce for 1999 is 4.0 percent. 3 4
Through 1991 data are for West Germany only. Average of expenditure, income, and output estimates of GDP at market prices. Sources: Department of Commerce (Bureau of Economic Analysis) and International Monetary Fund.
www.plunkettresearch.com Foreign exchange rates, 1969-2001 (Currency units per U.S. dollar, except as noted) Period Belgium Canada France 1
March 1973 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2001: I II III IV
1
35
Germany 1
Italy 1
(franc) 39.408
(dollar) 0.9967
(franc) 4.5156
(mark) 2.8132
(lira) 568.17
50.142 49.656 48.598 44.02 38.955 38.959 36.8 38.609 35.849 31.495 29.342 29.238 37.195 45.781 51.123 57.752 59.337 44.664 37.358 36.785 39.409 33.424 34.195 32.148 34.581 33.426 29.472 30.970 35.807 36.310 … … ... … ... ... ...
1.0769 1.0444 1.0099 0.9907 1.0002 0.978 1.0175 0.9863 1.0633 1.1405 1.1713 1.1693 1.1990 1.2344 1.2325 1.2952 1.3659 1.3896 1.3259 1.2306 1.1842 1.1668 1.146 1.2085 1.2902 1.3664 1.3725 1.3638 1.3849 1.4836 1.4858 1.4855 1.5487 1.5285 1.5411 1.5449 1.5806
5.1999 5.5288 5.51 5.0444 4.4535 4.8107 4.2877 4.7825 4.9161 4.5091 4.2567 4.2251 5.4397 6.5794 7.6204 8.7356 8.98 6.9257 6.0122 5.9595 6.3802 5.4467 5.6468 5.2935 5.6669 5.5459 4.9864 5.1158 5.8393 5.8995 ... … ... … ... ... ...
3.9251 3.6465 3.483 3.1886 2.6715 2.5868 2.4614 2.5185 2.3236 2.0097 1.8343 1.8175 2.2632 2.4281 2.5539 2.8455 2.942 2.1705 1.7981 1.757 1.8808 1.6166 1.661 1.5618 1.6545 1.6216 1.4321 1.5049 1.7348 1.7597 ... … ... … ... ... ...
627.32 627.12 618.34 583.7 582.41 650.81 653.1 833.58 882.78 849.13 831.11 856.21 1138.58 1354 1519.32 1756.11 1908.88 1491.16 1297.03 1302.39 1372.28 1198.27 1241.28 1232.17 1573.41 1611.49 1,629.45 1,542.76 1,703.81 1,736.85 ... … ... … ... ... ...
1
Japan (yen)
European Economic and Monetary Union members include Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.
Table continued on next page.
261.9 358.36 358.16 347.79 303.13 271.31 291.84 296.78 296.45 268.62 210.39 219.02 226.63 220.63 249.06 237.55 237.46 238.47 168.35 144.6 128.17 138.07 145 134.59 126.78 111.08 102.18 93.96 108.78 121.06 130.99 113.73 107.80 121.57 118.25 122.62 121.63 123.74
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Foreign exchange rates, 1969-2001 (continued) (Currency units per U.S. dollar, except as noted) EMU Period Members Netherlands Sweden Switzerland U.K. 1,2 1 2 (euro) (guilder) (pound) (krona) (franc) Mar-73 ... 2.8714 4.4294 3.2171 2.4724 1969 ... 3.624 5.1701 4.3131 2.3901 1970 ... 3.6166 5.1862 4.3106 2.3959 1971 ... 3.4953 5.1051 4.1171 2.4442 1972 ... 3.2098 4.7571 3.8186 2.5034 1973 ... 2.7946 4.3619 3.1688 2.4525 1974 ... 2.6879 4.4387 2.9805 2.3403 1975 ... 2.5293 4.1531 2.5839 2.2217 1976 ... 2.6449 4.358 2.5002 1.8048 1977 ... 2.4548 4.4802 2.4065 1.7449 1978 ... 2.1643 4.5207 1.7907 1.9184 1979 ... 2.0073 4.2893 1.6644 2.1224 1980 ... 1.9875 4.2310 1.6772 2.3246 1981 ... 2.4999 5.0660 1.9675 2.0243 1982 ... 2.6719 6.2839 2.0319 1.7480 1983 ... 2.8544 7.6718 2.1007 1.5159 1984 ... 3.2085 8.2708 2.3500 1.3368 1985 ... 3.3185 8.6032 2.4552 1.2974 1986 ... 2.4485 7.1273 1.7979 1.4677 1987 ... 2.0264 6.3469 1.4918 1.6398 1988 ... 1.9778 6.1370 1.4643 1.7813 1989 ... 2.1219 6.4559 1.6369 1.6382 1990 ... 1.8215 5.9231 1.3901 1.7841 1991 ... 1.8720 6.0521 1.4356 1.7674 1992 ... 1.7587 5.8258 1.4064 1.7663 1993 ... 1.8585 7.7956 1.4781 1.5016 1994 ... 1.8190 7.7161 1.3667 1.5319 1995 ... 1.6044 7.1406 1.1812 1.5785 1996 ... 1.6863 6.7082 1.2361 1.5607 1997 ... 1.9525 7.6446 1.4514 1.6376 1998 ... 1.9837 7.9522 1.4506 1.6573 1999 1.0653 ... 8.2740 1.5045 1.6172 2000 0.9232 … 9.1735 1.6904 1.5156 2001 0.8952 … 10.3425 1.6891 1.4396 2001: I 0.9220 … 9.7698 1.6636 1.4581 II 0.8736 … 10.4477 1.7505 1.4212 III 0.8908 … 10.5655 1.6930 1.4373 IV 0.8951 … 10.5838 1.6473 1.4426 1
European Economic and Monetary Union members include Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. 2
Value is U.S. dollars.
Note.--Certified noon buying rates in New York.
Source: Board of Governors of the Federal Reserve System.
www.plunkettresearch.com Industrial production, major industrial countries, 1973-2001 (As a percent relative to 1992) Year or United European 1 Union quarter States Canada Japan France
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United Germany
2
Italy
Kingdom
3
1
2 3 P
Industrial production (1992=100) 77.2 79.0 73.6 77.8 82.0 73.4 72.6 96.0 68.8 78.0 82.0 75.1 79.9 84.0 76.5 82.1 86.0 78.6 85.9 93.0 82.4
1973 1974 1975 1976 1977 1978 1979
70.6 69.6 63.4 69.3 74.9 79.3 82.0
77.0 78.5 72.8 77.6 80.3 83.0 87.1
59.6 57.3 51.2 56.9 59.3 63.0 67.5
73.9 76.8 70.0 78.5 78.0 79.7 85.0
83.6 81.9 77.4 80.0 84.1 86.5 89.9
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989
79.7 81.0 76.7 79.5 86.6 88.0 89.0 93.2 97.4 99.1
84.1 85.8 77.4 82.4 92.4 97.6 96.8 101.6 106.9 106.8
70.6 71.4 71.7 73.9 80.7 83.6 83.5 86.4 95.3 99.9
85.6 84.0 82.9 83.8 85.6 88.4 90.4 92.3 96.1 99.6
93.0 92.3 91.4 90.7 91.2 91.3 91.9 93.0 97.3 100.9
82.6 81.0 78.5 79.0 81.2 84.9 86.6 86.9 90.3 95.0
89.4 87.4 84.7 82.7 85.4 86.6 90.2 92.6 99.1 103.0
84.0 81.3 82.9 85.9 86.0 90.7 92.9 96.6 101.3 103.4
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 p 2001
98.9 97.0 100.0 103.4 109.1 114.4 119.4 127.1 132.4 139.4 145.7 140.1
102.9 98.9 100.0 104.5 111.3 116.3 118.3 124.8 127.7 136.0 143.5 …
104.1 106.1 100.0 96.5 97.7 100.9 103.2 107.0 99.9 100.8 106.5 …
101.6 101.3 100.0 96.5 101.4 104.8 105.2 109.3 113.1 115.4 120.9 …
102.4 101.2 100.0 96.1 100.0 102.0 102.2 106.2 110.9 115.5 119.4 …
99.9 102.3 100.0 92.4 95.6 96.8 97.4 100.8 105.0 105.6 112.2 …
101.7 101.3 100.0 97.9 103.9 109.2 107.1 111.1 112.3 112.3 117.7 …
103.1 99.7 100.0 102.2 107.7 109.5 110.7 111.8 112.6 114.1 116.1 …
2001:I II III p IV
143.5 141.3 139.6 137.0
141.4 141.2 138.0 …
104.4 100.3 96.3 …
122.6 121.1 120.8 …
120.9 120.8 121.5 …
115.1 113.1 112.7 …
115.8 117.4 117.5 …
113.5 115.1 115.8 …
Consists of Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom. Prior to 1991, data are for West Germany only. All data exclude construction. Quarterly data are seasonally adusted. Preliminary data.
Sources: Department of Commerce (International Trade Administration, Office of Trade and Economic Analysis), Department of Labor (Bureau of Labor Statistics), and Board of Governors of the Federal Reserve System.
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www.plunkettresearch.com Consumer prices, major industrial countries, 1973-2001 Year or quarter
1
2 3 P
United States
European 1 Union
2
1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 p 2001
44.4 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1
40.8 45.2 50.1 53.9 58.1 63.3 69.2 76.1 85.6 94.9 100.4 104.7 109.0 113.5 118.4 123.2 129.3 135.5 143.1 145.3 147.9 148.2 151.4 153.8 156.3 157.8 160.5 164.9 169.1
France Germany Consumer prices (1982-84=100) 47.9 33.5 34.6 62.8 59.0 38.0 39.3 67.1 65.9 43.4 43.9 71.1 72.2 48.6 48.1 74.2 78.1 54.5 52.7 76.9 81.4 59.4 57.5 79.0 84.4 65.6 63.6 82.2 90.9 74.3 72.3 86.7 95.3 83.5 81.9 92.2 98.1 92.3 91.7 97.1 99.8 100.2 100.4 100.3 102.1 107.4 108.1 102.7 104.1 114.0 114.4 104.8 104.8 118.2 117.3 104.7 104.8 122.0 121.1 104.9 105.6 126.5 124.4 106.3 108.1 133.2 128.7 109.2 111.4 140.8 133.0 112.2 115.0 148.1 137.2 116.3 116.9 154.7 140.5 122.1 118.4 160.2 143.5 127.6 119.3 165.2 145.8 131.1 119.1 170.2 148.4 133.5 119.3 174.5 151.4 135.5 121.3 178.0 153.2 137.8 122.1 181.5 154.2 139.1 121.8 184.1 155.0 139.9 121.0 188.7 157.6 142.6 120.1 193.5 160.2 146.2
2001:I II III p IV
175.7 177.5 177.8 177.3
167.3 170.1 170.3 168.8
120.4 120.3 120.0 119.6
Canada
Japan
191.5 193.9 194.2 194.3
158.6 160.6 160.8 160.9
145.1 146.6 146.8 146.2
Italy
United Kingdom
20.6 24.6 28.8 33.6 40.1 45.1 52.1 63.2 75.4 87.7 100.8 111.5 121.1 128.5 134.4 141.1 150.4 159.6 169.8 178.8 186.4 193.7 204.1 212.0 215.7 219.8 226.2 231.9 238.3
27.9 32.3 40.2 46.8 54.2 58.7 66.6 78.5 87.9 95.4 99.8 104.8 111.1 114.9 119.7 125.6 135.3 148.2 156.9 162.7 165.3 169.4 175.1 179.4 185.0 191.4 194.3 200.1 203.6
236.3 238.3 239.1 239.9
201.8 204.3 204.4 204.2
Consists of Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and United Kingdom. Prior to 1991, data are for West Germany only. All data exclude construction. Quarterly data are seasonally adusted. Preliminary data.
Sources: Department of Commerce (International Trade Administration, Office of Trade and Economic Analysis), Department of Labor (Bureau of Labor Statistics), and Board of Governors of the Federal Reserve System.
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Chapter 2 IMPORTANT FINANCIAL SERVICES INDUSTRY CONTACTS Addresses, Telephone Numbers and Web Sites CONTENTS: I. II. III. IV. V. VI. VII. VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII.
General Information Banks/Banking Business and Financial Magazines Claims Adjusting Associations Corporate Information Economic Data and Research Online Federal Reserve System's 12 District Offices Financial Planners and Advisors Health Care Business and Professional Associations Industry Research/Market Research Insurance Company Ratings Insurance Information Insurance, Agents and Brokers Insurance, Claims Adjusting Assoc. Insurance, Corporate Buyers Insurance, Flood Insurance, Fraud Prevention Assoc. Insurance, International Associations
p. 40 p. 41 p. 41 p. 41 p. 41 p. 42 p. 42 p. 44 p. 44 p. 44 p. 44 p. 45 p. 46 p. 46 p. 47 p. 47 p. 47 p. 47
XIX. XX. XXI. XXII. XXIII. XXIV. XXV. XXVI. XXVII. XXVIII. XXIX. XXX. XXXI. XXXII. XXXIII. XXXIV. XXXV. XXXVI.
Insurance, Life and Health Insurance, Marine Associations Insurance, Nuclear Associations Insurance, Property/Casualty Insurance, Reinsurance Associations Insurance, Residual Market Associations Insurance, State Regulators Associations Insurance, Title Industry Associations Insurance, Workers Compensation Associations IPOs (Initial Public Offerings) Magazines, Business and Financial Mortgages Personal Credit Reports Privacy and Consumer Matters Securities Industry Associations Stock Brokerage Online Stock Market Data U.S. Government Agencies and Sites
p. 48 p. 48 p. 48 p. 48 p. 49 p. 49 p. 49 p. 49 p. 49 p. 50 p. 50 p. 50 p. 51 p. 51 p. 52 p. 53 p. 53 p. 61
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I. General Information Complaints, Problems with Brokers, Stocks and Investments National Fraud Information Cente r 800-876-7060 www.fraud.org North American Securities Administrators Association 202-737-0900 www.nasaa.org National Association of Securities Dealers 800-289-9999 www.nasd.com U.S. Securities and Exchange Commission 800-SEC-0330 www.sec.gov To get names removed from most mailing lists, write to: Mail Preference Service Direct Marketing Association 1120 Avenue of the Americas New York, NY 10036-6700 Or, go to www.thedma.org/consumers/consumerassistance.html.
Personal Credit Reports Credit bureaus are required by law to investigate and fix errors. For a small yearly fee, you can join Credentials Credit Report Monitoring Services (800262-7432) and get unlimited copies of your TRW report, notification by mail every time a creditor downloads your file and quarterly updates if somebody posts something bad about you. Several other firms offer similar services. Another good service to join to get your credit reports is Experian.com
Financial Planners and Advisors You can get a list of qualified planners in your area by calling 800-282-PLAN. To find out whether a planner is certified or has been publicly censured, call 888-CFP-MARK. On your first visit, ask the planner to show you a copy of Form ADV. This form is supposed to describe the planner's qualifications, record any official comments about the planner's record and tell how much the planner charges for his or her services. Planners make a living on commissions and/or fees. The most objective planners might be the ones who work for a fee – they won't be tempted to push you into the products on which they make the highest commissions. CPAs as Planners: There are 8,000 certified public accountants who specialize in planning. For a list, call the American Institute of CPAs at 800-862-4272. A one-stop information source is available through the American Institute of CPAs at 888-777-7077. Stock Brokers as Planners: The National Council for Individual Investors, at 800-663-8516, will send you, for a small fee, its annual survey rating 40 of the largest brokerage firms on such things as commissions and disciplinary history. The survey also gives the specialties of the firms, Attorneys as Planners and Estate Advisers (www.actec.org): You can receive a list of attorneys who each have at least ten years of experience in trust and estate work. Write to The American College of Trust and Estate Counsel, 3415 South Sepulveda Boulevard, Suite 330, Los Angeles, CA 90034. Such attorneys should be consulted by individuals seeking the best way to leave their estates to their heirs, including methods that will create the lowest inheritance tax burden. Insurance Agents as Financial Planners: Many insurance agents are also certified as chartered financial consultants, which means they have passed the same test as many financial planners. Every state has an insurance commissioner’s office where you can find out whether complaints have been lodged against a particular agent.
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II. Banks/Banking American Banker www.americanbanker.com American Banker is an online magazine published Monday through Friday and offering subscribers news on a broad spectrum of business and financial topics, as well as reports and research tools. American Bankers Association www.aba.com The ABA represents banks of all sizes on issues of national importance for financial institutions and their customers. The site offers financial information and solutions, financial news and member access to further advice and content. Bank Rate Monitor Bankrate.com 11811 U.S. Highway 1 North Palm Beach, FL 33408 Phone: 561-630-2400 Fax: 561-625-4540 www.bankrate.com Bankrate.com, an online publication, provides online customers with financial data, research and editorial information on non-investment financial products. News, educational information, links and more are featured in this comprehensive site.
III. Business and Financial Magazines Financial Times www.ft.com Financial Times covers news and stock information, allows users to keep up with a profile and gives specific company information. Investor's Business Daily www.investors.com This site offers subscribers information and articles on the stock market, educational resources, advice from analyst William O'Neil, personal portfolios and updates on events and workshops.
IV. Claims Adjusting Associations American Association of Health Claims 1129 20th St. NW Ste. 600
Washington, D.C. 20036 Phone: 202-778-3200 Fax: 202-331-7487 www.aahp.org The AAHP is the nation's principal association of health plans. Its online content includes links, partners, news, issues of its magazine and information about the industry.
V. Corporate Information bizjournals.com www.bizjournals.com Operated by the American Business Journals firm, the publisher of dozens of leading city business journals nationwide, you can use this site for research into the latest news regarding companies small and large. Business Wire www.businesswire.com Business Wire strives to deliver news in an appropriate and innovative manner. Smart News releases, industry-specific and company-specific news, today's headlines, conference calls, IPOs on the Internet, media services, Tradeshownews.com and BW Connect Online are all accessible through this informative and constantly updated site. CNNfn Home Page www.money.cnn.com The same in-depth financial information that this cable television financial news unit provides to television viewers can be found on this web site. Disclosure www.disclosure-investor.com An integrated site offering financial information from Disclosure, Inc., Datastream International, Vestek Systems and I/B/E/S. Each of these Primark subsidiaries are leaders in the financial information field. Edgar Online www.edgar-online.com EDGAR provides subscribers with alerts when the SEC receives filings from companies of interest. Hoover's Online Toll Free: 800-486-8666 Phone: 512-374-4500 Fax: 512-374-4505
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www.hoovers.com Austin, Texas-based Hoover's provides business information online through its web site. This comprehensive site features links to news, lists, stock quotes and other products such as Hoover's Industry Snapshots. This site offers over 50,000 company capsules (brief company descriptions and financials) and thousands of in-depth company profiles (company histories, strategies, market positions, major events and other information). The profiles cover U.S. and foreign public and nonpublic companies and are written in an engaging style. These snapshots are provided free-of-charge. PRNewswire 810 7th Ave., 35th Fl. New York, NY 10019 Toll Free: 800-832-5522 Phone: 212-596-1500 www.prnewswire.com Email:
[email protected] PR Newswire provides comprehensive communications services for public relations and investor relations professionals ranging from information distribution and market intelligence to the creation of online multimedia content and investor relations web sites. Silicon Investor InfoSpace Inc 601 108th Ave NE, Ste. 1200 Bellevue, WA 98004 Phone: 425-201-6100 Fax: 425-201-6150 www.siliconinvestor.com Silicon Investor is focused on technology companies. The site serves as a financial discussion forum and offers quotes, profiles and charts.
VI. Economic Data and Research Online Bloomberg www.bloomberg.com Bloomberg.com offers articles and news on business happenings, as well as updated stock information, a personal portfolio, investment advice and message boards. Dismal Scientist www.economy.com/dismal/ Dismal Scientist is geared towards small business owners and students and offers economic data and
analysis (written by economists) at the metro, state and national level. EconData http://inforumWeb.umd.edu/Econdata.html The home page for the EconData service of Inforum at the University of Maryland, this site features several hundred thousand economic time series produced by a number of U.S. Government agencies. Economic Information Systems, Inc. www.econ-line.com This site offers free analysis of economic conditions and trends for the nation, all 50 states, and 60 metro areas. The information includes downloadable data and charts. FedStats www.fedstats.gov FedStats compiles information to statistics from over 100 U.S. federal agencies. Visitors can sort the information by agency, geography and topic, as well as perform searches.
VII. Federal Reserve System's 12 District Offices Eighth District - ST. LOUIS 411 Locust St. St. Louis , MO 63102 Phone: 314-444-8444 www.stls.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services. Eleventh District - DALLAS 2200 N. Pearl St. Dallas, TX 75201 Phone: 214-922-6000 www.dallasfed.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as information on the Center for Latin American Economics.
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Fifth District - RICHMOND 701 E. Byrd St. Richmond, VA 23219 Phone: 804-697-8000 www.rich.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as resources for educators and students and a speeches and news section. First District - BOSTON 600 Atlantic Ave. Boston, MA 2106 Phone: 617-973-3000 www.bos.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as news, events and publications. Fourth District - CLEVELAND 1455 East Sixth St. Cleveland, OH 44101 Phone: 216-579-2000 www.clev.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as economic trends and information on the Central Bank Institute, a financial education institution. Ninth District - MINNEAPOLIS 90 Hennepin Ave. Minneapolis, MN 55401 Phone: 612-204-5000 www.minneapolisfed.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as information for financial institutions. Second District - NEW YORK 33 Liberty St. New York, NY 10045
Phone: 212-720-5000 www.ny.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as wireless access through cell phones or personal digital assistants during select hours. Seventh District - CHICAGO 230 South LaSalle St. Chicago, IL 60604 Phone: 312-322-5322 www.chicagofed.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as consumer information. Sixth District - ATLANTA 104 Marietta St. Atlanta, GA 30303 Phone: 404-521-8500 www.frbatlanta.org Tenth District - KANSAS CITY 925 Grand Ave. Kansas City, MO 64198 Phone: 816-881-2000 www.kc.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as publications and education resources. Third District - PHILADELPHIA Ten Independence Mall Philadelphia , PA 19106 Phone: 215-574-6000 www.phil.frb.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as consumer resources.
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Twelfth District - SAN FRANCISCO 101 Market St. San Francisco, CA 94105 Phone: 415-974-2000 www.frbsf.org This site represents the operations for one of 12 regional Reserve Banks that serve as the nation's central bank. It includes information on the bank, community affairs, economic research and education and financial services, as well as services for financial institutions.
VIII. Financial Planners and Advisors American Institute of CPAs www.aicpa.org This site provides information and news for CPAs, news on the organization and a search for accounting firms. Attorneys as Planners and Estate Advisers www.actec.org Users can find a list of attorneys who each have at least 10 years of experience in trust and estate work, as well as related links, frequently asked questions and a death and taxes video. Financial Planners and Advisors www.cfp-board.org This site explains the reasons behind and the process of certification for financial planners and advisors. Consumers can find information on choosing a financial planner, and the site offers a phone number to call to find out about a particular planner, 888CFP-MARK.
IX. Health Care Business and Professional Associations Health Insurance Association of America 1201 F St. NW, Ste. 500 Washington, DC 20004 Phone: 202-824-1600 www.hiaa.org The HIAA is the nation’s most prominent trade association representing the private health care system. Its web site offers news, insurance education, consumer information, research, publications and marketplace information. Visitors can also find the web sites for the association's members.
X. Industry Research/Market Research Debbie Flanagan’s Industry Information http://home.sprintmail.com/~debflanagan/industry.ht ml This site provides a wealth of information about where and how to get industry-specific information. The links prove extremely useful for job seekers and researchers of all types. Marketresearch.com www.marketresearch.com This firm is a leading broker for market research and industry analysis written by professionals. The site lets users search the company's database of market research publications. Mindbranch www.mindbranch.com This firm is a broker for industry research prepared by market research professionals. Users can browse the research separated by different industries. Multex Investor www.multexinvestor.com This site is a good source for access to industry and company reports written by professional stock and business analysts. It also offers news and advice on stocks, funds and personal finance. Plunkett Research, Ltd. PO Drawer 541737 Houston, TX 77254-1737 Phone: 713-932-0000 Fax: 713-932-7080 www.plunkettresearch.com Provides information about Plunkett’s business and career reference books. Visitors can access sample chapters online that are valuable to job seekers.
XI. Insurance Company Ratings A.M. Best Co. Ambest Rd. Oldwick, NJ 8858 Phone: 908-439-2200 Fax: 908-439-2433 www.ambest.com A.M. Best offers comprehensive data covering all aspects of the insurance industry. Its site offers
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ratings and analysis, news publications, insurance resources and products and services.
on all types of insurance, as well as facts, statistics, interviews and hot topics and issues.
Duff & Phelps Credit Rating Company 311 S. Wacker Drive, Ste. 4200 Chicago, IL 60606 Phone: 312-697-4600 www.duffllc.com Duff and Phelps provides investment banking and financial advisory services. The site offers an explanation of their services and contact information.
Insurance News Network www.insure.com This site delivers accurate, unbiased insurance news for consumers, helping the public navigate the insurance industry with tips and in-depth stories. Expert guidance on auto, homeowners, health, life and business insurance and annuities is given. Insurance News Network is an independent news site that does not sell insurance and is not operated by an insurance company.
Moody's Investor's Service, Inc. 99 Church St. New York, NY 10007 Phone: 212-553-1658 www.moodys.com Moodys.com provides credit rating, research and risk information and analyst information for consumers. Standard & Poor's Corporation 55 Water St. New York, NY 10041 Phone: 212-438-2000 www.standardandpoors.com The Standard and Poor's site offers news and business analysis, ratings listings and news, stock information and financial ratings resource information.
XII. Insurance Information American Association of Insurance Services 1745 S. Naperville Rd. Wheaton, IL 60187-8132 Phone: 630-681-8347 Fax: 630-681-8356 www.aais.org AAIS is a product development resource for property/casualty insurers. The site covers insurance news, affiliation lists, insurance factbooks, agent information and product support, as well as explanations of various insurance lines. Insurance Information Institute 110 William St. New York, NY 10038 Phone: 212-346-5500 www.iii.org The goal of the Insurance Information Institute is to improve public understanding of insurance—what it does and how it works. The site provides information
Insurance Research Council 718 Providence Rd. Malvern, PA 19355-0725 Phone: 610-644-2212 Fax: 610-640-5388 www.ircweb.org The IRC provides research to all parties involved in public policy issues affecting risk and insurance. Its site offers information on the latest public policy issues, the group's products and research links. Insurance Services Office, Inc. 545 Washington Blvd. Jersey City, NJ 07310-1686 Toll Free: 800-888-4ISO Fax: 201-748-1472 www.iso.com ISO supplies statistical, actuarial, underwriting and claims information. Its site offers information on fire and building codes, international insurance operations, products offered and conference schedules, as well as insurance analysis. InsWeb www.insweb.com InsWeb operates an online insurance marketplace that enables consumers to shop online for a variety of insurance products, including automobile, term life, homeowner's, renter's and individual health insurance. Surety Association of America 1101 Connecticut Ave. NW, Ste. 800 Washington, D.C. 20036 Phone: 202-463-0600 Fax: 202-463-0606 www.surety.org The SAA is a non-profit, unincorporated association of companies engaged in the business of suretyship.
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The web site offers information on the latest industry issues, news and information, links and other aspects of surety corporations and operations.
XIII. Insurance, Agents and Brokers American Association of Managing General Agents 13214 W. 62nd Terr., Ste. 163 Shawnee, KS 66216 Phone: 913-851-7949 Fax: 913-851-3652 www.aamga.org Email:
[email protected] The AAMGA serves the insurance industry and promotes prosperity for its member companies and the industry they serve. The site lists information about its members, offers educational information and provides various resources and links for the industry. Council of Insurance Agents and Brokers 701 Pennsylvania Ave. NW, Ste. 750 Washington, D.C. 20004 Phone: 202-783-4400 Fax: 202-783-4410 www.ciab.com Email:
[email protected] The Council of Insurance Agents and Brokers is the premiere association for commercial insurance and employee benefits intermediaries in the U.S. and abroad. Independent Insurance Agents of America, Inc. 127 South Peyton St. Alexandria , VA 22314 Toll Free: 800-221-7917 Phone: 703-683-4422 Fax: 703-683-7556 www.independentagent.com Email:
[email protected] National Association of Health Underwriters 2000 N. 14th St., Ste. 450 Arlington, VA 22201 703-276-0220 703-841-7797 www.nahu.org National Association of Life Underwriters 2901 Telestar Ct. Falls Church, VA 22042-1205
Phone: 877-866-2432 Fax: 703-770-8100 www.naifa.org Formerly known as National Association of Life Underwriters, this organization has changed its name to National Association of Insurance and Financial Advisors (NAIFA). National Structured Settlements Trade Association 1800 K St. NW, Ste. 718 Washington, D.C. 20006 Phone: 202-466-2714 Fax: 202-466-7414 www.nssta.com The NSSTA advances the use of structured settlements as a means of using periodic payments to resolve personal injury claims, workers compensation and other types of claims. Professional Insurance Agents 25 Chamberlain St. Glenmont, NY 12077 Toll Free: 800-424-4244 Phone: 703-836-9340 Fax: 888-225-6935 www.piaonline.org The PIA is a group of voluntary, membership-based trade associations representing professional, independent property and casualty insurance agents.
XIV. Insurance, Claims Adjusting Associations Insurance Value Added Network Services 1455 E. Putnam Ave. Greenwich, CT 06870-1307 Toll Free: 800-288-4826 Phone: 203-698-1900 Fax: 203-601-4557 www.ivans.com Email:
[email protected] IVANS is an industry network, providing a focal point for conducting business in the insurance industry electronically. National Association of Independent Insurance Adjusters 300 W. Washington St. Chicago, IL 60606 Phone: 312-853-0808 Fax: 312-853-3225
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www.naiia.com Email:
[email protected] The NAIIA is an association of approximately 350 independently owned property and casualty claims companies throughout the United States.
XV. Insurance, Corporate Buyers Risk and Insurance Management Society, Inc. 655 Third Ave., 2nd Fl. New York, NY 10017 Phone: 212-286-9292 Fax: 212-986-9716 www.rims.org RIMS.org offers risk management information to its users through current government affairs news, a risk management directory, research and various newsletters. It also sells books on different aspects of finances.
XVI. Insurance, Flood Federal Emergency Management Agency 500 C St. SW Washington, D.C. 20472 Phone: 202-646-4600 Fax: 202-646-3445 www.fema.gov FEMA exists to reduce loss of life and property and protect the nation's infrastructure from all types of hazards. The site has information regarding floods, fires, storms, terrorism and other disaster informatio n regarding assistance, recovery and preparation.
XVII. Insurance, Fraud Prevention Associations Coalition Against Insurance Fraud 1012 14th St. NW, Ste. 200 Washington, D.C. 20005 Phone: 202-393-7330 Fax: 202-393-7329 www.insurancefraud.org The Coalit ion is the only national organization dedicated exclusively to fighting insurance fraud through public advocacy and public education. It offers online fraud news and articles, a legislative scorecard, research and related links.
MIB, Inc. (Medical Information Bureau) Phone: 781-329-4500 www.mib.com This site provides information, news and advice for insurance consumers. National Insurance Crime Bureau 10330 South Roberts Rd. Palos Hills , IL 60465 Toll Free: 800-447-6282 Fax: 708-430-2446 www.nicb.org The NICB partners with insurers and law enforcement agencies to facilitate the identification, detection and prosecution of insurance criminals. The site explains the various services and offers information about upcoming events and related news.
XVIII. Ins urance, International Associations International Insurance Council 900 19th St. NW, Ste. 250 Washington , D.C. 20006 Phone: 202-682-2345 Fax: 202-682-4187 www.iicdc.org The IIC represents life and health and property/casualty insurers, reinsurers, pension and financial management companies, trade associations and insurance service providers interested in international business. The site offers newsletters to its members, information on advocacy, research and links. International Insurance Society, Inc. 101 Murray St. New York, NY 10007 Phone: 212-815-9294 Fax: 212-815-9297 www.iisonline.com The IIS helps connect the international insurance world, giving members and interested parties opportunities to share ideas, create relationships and gain knowledge from one another. The site provides information on seminars, the latest news and IIS membership. Overseas Private Investment Corporation 1100 New York Ave. NW Washington , D.C. 20527 Phone: 202-336-8400 Fax: 202-336-8799
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www.opic.gov Government agency OPIC offers political risk insurance and loans to help U.S. businesses of all sizes invest and compete in more than 140 emerging markets and developing nations worldwide. Its site offers information on the organization, insurance, finance, funds, links for investors and different publications.
Fax: 860-561-4655 www.AmNucIns.com ANI pools the financial assets pledged by member companies to provide property and liability insurance for nuclear power plants and related facilities throughout the world.
XXII. Insurance, Property/Casualty XIX. Insurance, Life and Health American Council of Life Insurers 1001 Pennsylvania Ave. NW, Ste. 500 S Washington, D.C. 20004 Phone: 202-624-2000 Fax: 202-624-2319 www.acli.com The ACLI advocates the interests of life insurers and their policyholders before federal and state legislators, state insurance departments, administration officials, federal regulatory agencies and the courts.
XX. Insurance, Marine Associations American Institute of Marine Underwriters 14 Wall St. New York, NY 10005 Phone: 212-233-0550 Fax: 212-227-5102 www.aimu.org The AIMU provides an active program of support services to assist the U.S. marine insurance industry. Island Marine Underwriters Association 111 Broadway New York, NY 10006 Phone: 212-233-7958 Fax: 212-732-3451 www.imua.org The IMUA serves as the collective voice of the U.S. inland marine insurance industry.
XXI. Insurance, Nuclear Associations American Nuclear Insurers 29 S. Main St. West Hartford, CT 06107 Phone: 860-561-3433
Alliance of American Insurers 3025 Highland Pkwy., Ste. 800 Downers Grove, IL 60515-1289 Phone: 630-724-2100 Fax: 630-724-2190 www.allianceai.org The Alliance of American Insurers represents the interests of more than 325 property/casualty insurers from coast to coast. American Insurance Association 1130 Connecticut Ave. NW, Ste. 1000 Washington , D.C. 20036 Phone: 202-828-7100 Fax: 202-293-1219 www.aiadc.org The American Insurance Association is a leading property and casualty insurance trade organization, representing companies that offer all types of property and casualty insurance. American Insurance Services Group, Inc. 545 Washington Blvd. Jersey City, NJ 07310 Toll Free: 800-888-4476 Fax: 201-748-1472 www.iso.com/AISG/index.html AISG administers industry-wide databases open to insurers, state workers' compensation funds, selfinsureds and third-party administrators. National Association of Independent Insurers 2600 River Rd. Des Plaines, IL 60018 Phone: 847-297-7800 Fax: 847-297-5064 www.naii.org Email:
[email protected] NAII is the nation's largest full-service property and casualty trade association, representing more than 690 members.
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National Association of Mutual Insurance Companies 3601 Vincinnes Rd. Indianapolis, IN 46268 Phone: 317-875-5250 Fax: 317-879-8408 www.namic.org NAMIC is a national trade association representing the interests of more than 1,300 property and casualty insurance companies.
XXIII. Insurance, Reinsurance Associations Reinsurance Association of America 1301 Pennsylvania Ave., Ste. 900 Washington, D.C. 20004 Phone: 202-638-3690 Fax: 202-638-0936 www.reinsurance.org The Reinsurance Association of America is a nonprofit trade association of reinsurers and reinsurance brokers.
XXIV. Insurance, Residual Market Associations Automobile Insurance Plans Service Office 302 Central Ave. Johnston, RI 02919 Phone: 401-946-2310 Fax: 401-528-1350 Property Insurance Plans Service Office 27 School St., Ste. 302 Boston, MA 02108 Phone: 617-371-4175 Fax: 617-371-4177 www.pipso.com PIPSO promotes the efficient and economical operation of the state residual property insurance plans by encouraging research and sharing of operating knowledge and technologies, collecting and disseminating statistics related to the operation of the plans and by providing education, training and other services to plans and to insurers.
XXV. Insurance, State Regulators Associations National Association of Insurance Commissioners 120 W. 12th St., Ste. 1100 Kansas City, MO 64105 Phone: 816-842-3600 Fax: 816-471-7004 www.naic.org The NAIC is the organization of insurance regulators from the 50 states, the District of Columbia and the four U.S. territories.
XXVI. Insurance, Title Industry Associations American Land Title Association 1828 L St. NW, Ste. 705 Washington, D.C. 20036 Toll Free: 800-787-ALTA Phone: 202-296-3671 Fax: 202-223-5843 www.alta.org ALTA is the national trade association and voice of the abstract and title insurance industry.
XXVII. Insurance, Workers Compensation Associations Federal Reserve Bank of Minneapolis 90 Hennepin Ave. Minneapolis, MN 55480-0291 Phone: 612-204-5000 http://woodrow.mpls.frb.fed.us This site provides users with a variety of publications, studies, research results and consumer information and education. National Council on Compensation Insurance 901 Peninsula Corporate Cir. Boca Raton, FL 33487 www.ncci.com NCCI is a shared-services organization committed to the collection, management, and distribution of information that serves the workers compensation industry and all of its stakeholders. Workers’ Compensation Research Institute 955 Massachusetts Ave. Cambridge , MA 02139 Phone: 617-661-9274
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Fax: 617-661-9284 www.wcrinet.org The WCRI is an independent, non-profit research organization providing high-quality, objective information about public policy issues involving workers' compensation systems.
business guides, career information, business school advice, daily news briefs and more. Economist www.economist.com Tracking global and domestic economic, political and technological trends, the Economist is full of informative articles and commentary.
XXVIII. IPOs (Initial Public Offerings) Alert IPO www.ostman.com/alert-ipo This site provides subscribers with email alerts on IPO-related SEC filings, weekly reports summarizing the information about the companies that have filed, priced, postponed or withdrawn in the last week and a nightly news feed summarizing the day's events plus the expected pricings over the next couple of days. IPO Data Systems www.ipodata.com In-depth data on recent initial public offerings is provided here. IPO Maven www123jump.com/ipomaven.htm This site features both historical and current information on initial public offerings for investors.
Forbes Online www.forbes.com Forbes Online offers varied stock information, news and commentary on business, technology and personal finance, as well as various financial calculators and advice. Fortune www.fortune.com One of the world’s premiere business magazines, Fortune contains information on business profiles, investing, careers, small business, technology, news and other details on U.S. and international business. Wall Street Journal Online (The) www.wsj.com The outstanding resources of The Wall Street Journal are now available online for a nominal fee.
XXX. Mortgages Open IPO www.openipo.com This site, run by W.R. Hambrecht, focuses on ferreting out new and emerging companies. The site features information on research methods and capabilities, IPOs, an investor center and more. Wit Capital www.witcapital.com Wit Capital is an investment banking and brokerage firm that develops relationships with substantial numbers of online individual investors.
E-Loan www.eloan.com This site provides information concerning financing home purchases, refinancing, home equity, mortgage management, rates and more. Visitors can check loan status online. Fannie Mae www.homepath.com This site, powered by Fannie Mae, helps users find a home, get the most out of their current home or find lenders and other services that will assist in the purchase of a home.
XXIX. Magazines, Business and Financial Business Week Online www.businessweek.com This informative and useful online version of Business Week magazine offers an investor service, global business advice, technology news, small
Federal Consumer Information Center Room G-142 (XC) 1800 F St., NW Washington, D.C. 20405 Phone: 202-501-1794 www.pueblo.gsa.gov This site offers information and resources for consumers on topics such as cars, children,
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education, hous ing, small business and more, as well as current consumer news. Homeowners Finance Center Phone: 877-269-6466 www.homeowners.com This site is an excellent resource for information concerning mortgages, featuring a mortgage databank with a complete listing of available resources. The site provides a RateWatch and Market Commentary archive for easy trend watching. IOwn.com www.iown.com This site allows for house hunting and online loan applications. Rate information and other tools are available here, as well as company information and news. Moving services and a rate shopper are among the new features on this site. Irwin Mortgage www.mortgage-mart.com This site offers information on loans and mortgages and lets users find branches in their area and calcula te mortgage rates and possibilities. LendingTree www.lendingtree.com This site serves as an online loan center that connects borrowers with a network of lenders nationwide with exceptional speed and efficiency. LendingTree's simple online forms allow borrowers to provide required information in a matter of minutes. Additionally, the site's network of some of the most respected financial institutions in the United States allows for quick loan offers—often in less than 48 hours. Mortgage 101 www.mortgage101.com This site lets users find information on rates and local companies, as well as apply for financing. It also has various calculators concerning refinancing, renting or buying and how much to afford. Mortgage Bankers Association of America 1919 Pennsylvania Ave. NW Washington, D.C. 20006-3438 Phone: 202-557-2700 www.mbaa.org The MBA represents the real estate finance industry by representing its legislative and regulatory interests before Congress and federal agencies, providing
educational programs and periodicals and publications and supporting its business interests with research initiatives, products and services. Mortgage.com Phone: 877-406-2967 www.mortgage.com Visitors can apply for loans or find information on mortgages, home buying, refinancin g, debt consolidation and more. National Mortgage Loan Directory www.mortgageloan.com This site strives to meet the needs of borrowers by offering a place to locate a mortgage professional in the user's area. Facilitating home loans, home financing, credit reports, purchasing and refinancing, this site also offers information concerning interrelated services.
XXXI. Personal Credit Reports Experian Toll Free: 888-397-3742 www.experian.com This site offers country-specific information on credit advice, investigation, reports and credit management, as well as a consumer knowledge center. Personal Credit Reports Toll Free: 800-262-7432 Credit bureaus are required by law to investigate and fix errors. For a small yearly fee, you can join Credentials Credit Report Monitoring Services and get unlimited copies of your TRW report, notification by mail every time a creditor downloads your file and quarterly updates if somebody posts something bad about you. Several other firms offer similar services.
XXXII. Privacy and Consumer Matters National Fraud Information Center Toll Free: 800-876-7060 www.fraud.org This site covers all types of fraud and provides information about reporting fraud, as well as listing fraud alerts. North American Securities Administrators Association 10 G St., Ste. 710
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Washington, D.C. 20002 Phone: 202-737-0900 www.nasaa.org The NASAA is the oldest international organization devoted to investor protection.
www.cme.com Chicago Mercantile Exchange is an international marketplace that brings together buyers and sellers of derivatives products that trade on its trading floors, on its GLOBEX® electronic trading system and through privately negotiated transactions.
XXXIII. Securities Industry Associations
Chicago Stock Exchange 440 S. LaSalle St. Chicago , IL 60605 Phone: 312-663-2222 www.chicagostockex.com
American Stock Exchange 86 Trinity Place New York, NY 10006 212-306-1000 www.amex.com Bond Markets Association 40 Broad St., 12th Fl. New York, NY 10004 Phone: 212-440-9400 Fax: 212-440-5260 www.bondmarkets.com The Bond Markets Association represents securities firms and banks that underwrite, trade and sell debt securities, both domestically and internationally. Boston Stock Exchange, Inc. 100 Franklin St. Boston, MA 02110 Phone: 617-235-2000 www.bostonstock.com Chicago Board of Trade 141 W. Jackson Blvd. Chicago, IL 60604 Phone: 312-435-3500 www.cbot.com This site informs visitors about the world's oldest, largest and leading futures and options marketplace. Section features include news and views, market information, a library and a book store. Chicago Board Options Exchange 400 S. LaSalle St. Chicago, IL 60605 Phone: 877-THE-CBOE Fax: 312-786-5600 www.cboe.com Chicago Mercantile Exchange 30 S. Wacker Drive Chicago, IL 60606 Toll Free: 800-331-3332 Fax: 312-930-1000
Cincinnati Stock Exchange 440 S. LaSalle St., Ste. 2600 Chicago, IL 60605 Phone: 312-786-8803 www.cincinnatistock.com Futures Industry Association, Inc. 2001 Pennsylvania Ave. NW, Ste. 600 Washington, D.C. 20006 Phone: 202-466-5460 www.fiafii.org Full of useful information, this site offers a huge yellow pages section, the current issue of FIA magazine online, an educational section, news and information on conferences and products, a press center, organizational infor mation and contact information. Investment Company Institute 1401 H St. NW, Ste. 1200 Washington, D.C. 20005-2148 Phone: 202-326-5800 www.ici.org The ICI is the national association of the American investment company industry, and it represents its members in matters of legislation, regulation, taxation, public information, economic and policy research, business operations and statistics. NASD Regulation www.nasdr.com NASD Regulation, Inc. is the independent subsidiary of the National Association of Securities Dealers, Inc., charged with regulating the securities industry and The Nasdaq Stock Market. Through its many departments and offices, NASD Regulation's jurisdiction extends to over 5,400 firms with over 88,000 branch offices and 673,000 securities industry professionals.
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Nasdaq-Amex.com www.nasdaq.com In November 1998, the National Association of Securities Dealers, Inc. (NASD) and the American Stock Exchange (Amex) officially joined forces. As a result of this merger, The Nasdaq-Amex Market Group was formed, creating one of the most advanced, efficient and globally competitive markets in the world.
Securities Industry Association 120 Broadway, 35th Fl. New York, NY 10271-0080 Phone: 212-608-1500 Fax: 212-968-0703 www.sia.com The Securities Industry Association brings together the shared interests of nearly 700 securities firms to accomplish common goals.
National Association of Securities Dealers, Inc. 1735 K St. NW Washington, DC 20006 Phone: 202-728-8000 Fax: 202-293-6260 www.nasd.com The National Association of Securities Dealers is the largest securities-industry self-regulatory organization in the United States.
Securities Investor Protection Corporation 805 15th St. NW, Ste. 800 Washington, D.C. 20005-2215 Phone: 202-371-8300 www.sipc.org The Securities Investor Protection Corporation acts as trustee or works with an independent courtappointed trustee in missing asset cases to recover funds.
National Securities Clearing Corp. 55 Water St., 22nd Fl. New York, NY 10041 Phone: 212-412-8400 NSCC is a leading provider of centralized clearance, settlement and information services to the financial services industry.
Security Traders Association 420 Lexington Ave., Ste. 2334 New York, NY 10170 Phone: 212-867-7002 Fax: 212-867-7030 www.securitytraders.org The STA is a professional trade organization that works to improve the ethics, business standards and working environment for members, who are engaged in the buying, selling and trading of securities.
New York Stock Exchange www.nyse.com The NYSE's site features extensive market information, listed company information, international viewpoints, market regulation data, educational information and more. Pacific Stock Exchange, Inc. 115 Sansome St. San Francisco, CA 94104 Phone: 415-393-4000 www.pacificex.com The Pacific Exchange is a marketplace where individual and institutional investors, professional broker-dealers, and registered member firms buy and sell stocks, bonds and other securities issued by publicly traded companies, as well as options. Philadelphia Stock Exchange 1900 Market St. Philadelphia , PA 19103 Toll Free: 800-THE-PHLX Phone: 215-496-5000 Fax: 215-496-5460 www.phlx.com
XXXIV. Stock Brokerage Online Ameritrade 1005 N. Ameritrade Place Bellevue, NE 68005 Phone: 816-243-3769 www.ameritrade.com Online products offered by this site include stocks, mutual funds and options.
XXXV. Stock Market Data 10-K Wizard www.10kwizard.com Email:
[email protected] This site provides high-quality financial data and filings. Users have access to filings, financial data, analysis and downloadable data.
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A.B. Watley 40 Wall St. New York, NY 10005 Toll Free: 888-229-2859 Fax: 212-425-1334 www.abwatley.com Dynamic real-time exchange information and federal data is seamlessly integrated with point-and-click electronic execution here. Trades are confirmed onscreen in seconds. Offers on e-products, free data, a chat room and research facilities are additionally offered through the Ultimate Trader and Watley Trader services found here. ADR.com www.adr.com This site offers comprehensive company-specific data for investors interested in the American Depository receipt stocks and foreign firms. Visitors can choose from news, quotes, analyst estimates, institutional ownership and more. ADR.com allows for viewing of global, national and local economic analysis as well as for industry sector research. This site pinpoints what's hot and what's not. Advisor www.americanexpress.com/advisors/ This site offers a number of calculators useful for financial planning to all site users and offers a fund tracker, information on working with an advisor, personalized financial advice, news and more. Additionally, visitors can create and track an individually-created financial profile. Armchair Millionaire www.armchairmillionaire.com Armchair Millionaire's amusing and informative site is dedicated to helping the average person become financially independent without "budgeting all the fun out of life." This site's goal is to help the user build a million-dollar portfolio through "Five Steps to Financial Freedom." Essential tools and information are presented on the site free-of-charge. BestCalls 15951 Los Gatos Blvd., Ste.16 Los Gatos, CA 95032 Phone: 408-358-9540 Fax: 408-358-1921 www.bestcalls.com BestCalls offers one of the first free-of-charge directories of investor conference calls for the public. On this site, users can track conference call schedules
of preferred companies. With this feature, a user will be automatically notified by email when the specified company schedules a conference call. In addition, registered members receive an optional newsletter. BigCharts CBS MarketWatch.Com, Inc. 123 N. 3rd St. Minneapolis, MN 55401 Phone: 612-338-0049 www.bigcharts.marketwatch.com This is a comprehensive and easy-to-use online charting and investment research site, providing access to interactive charts, quotes, reports and indicators on over 50,000 stocks, mutual funds and market indices. BigCharts is a free service supported entirely by site sponsors. Bonds Online 7251 W. Mercer Way Mercer Island, WA 98040 Toll Free: 800-795-4648 Fax: 206-236-3040 www.bondsonline.com Email:
[email protected] This site is offered by Twenty-First Century Municipals, Inc., a fixed income, online information services company. Some information is provided free of charge by the service while other information requires a fee. The casual observer and serious investor alike can benefit from this site's wealth of information, as services provided are among those used everyday by market professionals. Bridge 3 World Financial Center New York, NY 10281 Toll Free: 800-927-2734 Phone: 212-372-7100 Fax: 212-372-7115 www.bridge.com Bridge, powered by its principal operating units (Bridge Information Systems, BridgeNews, Bridge Trading, Savvis and Telerate) is one of the largest providers of financial information and related services in North America and the second largest and fastest growing provider in the world. Briefing.com www.briefing.com Briefing.com delivers the latest information to the U.S. Stock and Bond investor. Besides intra-daily commentary, stock quotes and charting, Briefing.com
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also allows the user to build a portfolio and receive the latest economic information. The site's stock analysis feature is unique in bringing constantly updated analysis of the U.S. stock market throughout the day. Upgrades, downgrades, stock splits, tech stock coverage, earnings news and analysis are available. The site's services generally require a fee. Bullsession.com www.bullsession.com This site offers active investors dynamically updated real-time stock quotes, options, news stories and interactive charting. The site's TickerTracker feature allows users to track portfolios around the clock as well as access up-to-date market information. Account set-up requires a fee. Buyside www.buyside.com Buyside provides information concerning international markets, REITs, utilities, global markets, Canadian markets and free research reports. Buy-Stocks www.buy-stocks.com Mel Severance, financial analyst for over 15 years, offers his services through this site. Over 7,000 stocks are reviewed each day to determine which should increase or decrease over the following weeks. A free trial membership is offered, as is a full membership requiring a fee. Canadian Venture Exchange www.cdnx.com The Canadian Venture Exchange is the stock listing that resulted from the combination of the Toronto Stock Exchange, the Alberta Stock Exchange and the Vancouver Stock Exchange. This site features information about the market, annual reports, the listed companies and market-related news releases. It includes a glossary of investment terms and offers several links and a securities-related course. Online accounts are offered free of charge. CBS Marketwatch www.cbsmarketwatch.com In addition to financial news, CBS Marketwatch offers multiple personal portfolios, market and company research, interday and technical charting, mutual and money market fund data, direct brokerage access and reliable delayed quotes. All services are offered free of charge.
CNBC www.cnbc.com CNBC.com offers financial news, delayed stock quotes, personalized portfolio information, online banking and bill payment, financial planning and tax information. All services are provided free of charge. CNN Money www.money.cnn.com CNN Money provides financial information and news, delayed stock quotes, industry commentary, individualized portfolios and financial calculators, all free of charge. Conference Board www.conference-board.org A premier worldwide business research network, this site links executives from different companies, industries and countries. The Conference Board has become a leader in helping business executives build strong professional relationships, expand business knowledge and find solutions to a wide range of business problems. Corporate Financials Online www.cfonews.com This service is geared towards financial officers, investor relations officers and other managers of publicly held corporations wishing to use broad, rapid dissemination of quarterly earnings, news releases and other investment information. An annual fee is required. Corporate Information Online www.corporateinformation.com This site contains a list of other sites that offer information about companies, all organized by country. This useful site's wealth of corporate links can both enhance and ease any researcher's work. DailyStocks.com www.dailystocks.com A very comprehensive site, DailyStocks.com offers numerous links to valuable financial information at no cost to the user. This site's legion of services covers stock tracking indicators, as well as a lengthy selection of market commentary links. Links to SEC and Edgar filings, news headlines, calendars, columns, futures information and more are easily accessed from this site.
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Day Traders Online www.daytraders.com This site provides subscribers with timely market research useful in both short-term investing and intraday trading. Each night, the site's database of securities is scanned, searching for stocks that have triggered one or more trading indicators. This information and other stock-related stories are broadcast via email to members in the early morning, before the markets open. Entry prices, sell targets and support levels are provided, as well as recommendations for stocks. Daytraders www.daytraders.org Daytraders is one of the most popular and respected live premier professional trading rooms on the web. The site features a chat room, a forum for frequently asked questions, research information, links, polls, access to traders and intraday tools. DowJones.com www.public.wsj.com The Wall Street Journal Online provides subscribers with article archives, personalized news, market and portfolio information and search, email and quotes research functions. DRIP Central www.dripcentral.com This is a good starting point for information about Dividend Reinvestment Plans (DRIPs) and Direct Purchase Stocks. This site also features several links to other information-providing sites specializing in low-cost common stock investing measures. Edustock http://library.thinkquest.org/3088/ Edustock is an educational web page designed to teach young and old alike what the stock market is and how it can work for the individual. Tutorials on the stock market, advice on picking stocks and information on a select group of companies can help even the most clueless of beginning investors begin to gather information that can help to build a fortune. Additionally, the site provides a 20-minute delayed stock market simulation free of charge. E-Line Financials www.financials.com A research assistant, quotes, company data, portfolio management, online trading and broker information are available on this comprehensive site. Annual
reports, daily business news and links can be found here as well. Users can create and maintain individual portfolios. Elliot Wave Chart Page www.wavechart.com This site features long- and short-term Elliot Wave forecasts of the market, as well as a college aid report, an investor mall, business opportunity information, a book list, definitions and a list of lowpriced stocks. Its services require a subscription. eSignal www.esignal.com All of eSignal's online services include the site's award-winning Signal software, continuously updating quotes, free news, charts, price and volume limit alerts, fundamental data, company research and portfolio management. These services are offered free of charge, with a login through CBS MarketWatch. Exchange Rates www.x-rates.com This site allows visitors to view the day's currency exchange rates and to access charts demonstrating fluctuations in exchange rates of past months. Charts, graphs and calculators are easy to read and interpret. FinanCenter www.financenter.com This site strives to enable its investors. Self-help educational tools and locating services are provided that aid individuals in making decisions. Financial Center Online Phone: 727-799-6138 www.tfc.com Current views of well-known analysts, a special focus on technology stocks, access to stock quotes and more can be found here. Financial Engines www.financialengines.com This useful site assists visitors by forecasting what investments might be worth in the future. The site provides the user with unbiased advice in order to assist in making better and more informed financial decisions. Users can also monitor investments and read news features.
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Financial Pipeline www.finpipe.com A neutral, third-party independent site, Financial Pipeline offers financial knowledge and is dedicated to education. All articles featured on the site are screened for accuracy and impartiality before being presented. The site provides information at all levels for both consumers and investors. FreeRealTime.com www.freerealtime.com FreeRealTime.com is an investment services and media firm that provides an array of stock market data, business information and sophisticated research, analysis and management tools to a finely targeted market segment comprised primarily of individual investors. FundAlarm www.fundalarm.com This free, non-commercial web site provides objective information designed to help investors make decisions on when to sell a mutual fund. Futures Guide www.futuresguide.com Focusing on futures and options, this site is a digest with current and archived articles on various aspects of trading. GetSmart www.getsmart.com This is a site for financial planning advice and offers information on credit cards, mortgages, loans, insurance and other services. Global Value Investing with Investment Valuation www.numeraire.com A tutorial-style presentation of value investing with investment valuation is presented here. This site is full of financial jargon but comes with an accompanying glossary for novice visitors and is extremely informative and comprehensive. A section on fads and a library are offered, as are a value forum and contacts. Good Money www.goodmoney.com This site is designed for those interested in socially and environmentally responsible investing, consuming and business practices. Designed for both novices and professionals, information is provided for average investors, consumers and businesspeople.
GreenJungle www.greenjungle.com Promising to help the visitor "make it through the money jungle without getting eaten alive," this site provides educational resources for investors and extended services for clients. This site is easy to use and offers several useful links, original articles about investing and money, information about other educational resources, recommended reading and more. GreenMoney Online Guide www.greenmoney.com In addition to highlighting editorial content drawn from pages of the GreenMoney Journal (published by The RCC Group, Inc.), this site promotes socioenvironmentally sound business and strives to educate others about ethical business and financial principles. Interactive Brokers, LLC www.interactivebrokers.com Interactive Brokers' U.S. office provides online execution services in listed equity and equity-based derivatives in the United States and Europe. Interactive Brokers provides customers with direct access to stock, options and futures products worldwide. InvesterTech www.easystock.com Here, users can find powerful, easy-to-use technical analysis tools. Easy Chart, included in these tools, has an interactive intraday Java applet. Charts are updated every minute, and users can analyze up to eight different data periods. InvesterTech features a custom outlook tool that enables multiple stocks to be viewed through one chart window. Investing in Bonds.com www.investinginbonds.com This site discusses seven simple steps concerning investing in bonds, as well as information about the Bond Market Association, which represents firms and banks that underwrite, trade and sell debt securities domestically and internationally. Investor Guide www.investorguide.com This comprehensive site offers a wealth of information and links. Personal portfolios can be tracked, and users can browse the InvestorGuide University to learn more about investing.
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Invest-o-Rama! www.investorama.com This site has recently been acquired by ICLUBcentral, which is currently revamping its content. It still has the "Ask Doug" and "Doug on Investing" portions from the old site, featuring commentary and advice from investment specialist Doug Gerlach. Kiplinger.com www.kiplinger.com This site offers a great deal of personal finance information for the savvy individual. It includes sections on retirement, saving, borrowing and homeowning, as well as investing updates and information. Lycos.com www.finance.lycos.com This site provides delayed and real-time stock quotes, quotes on options, commodity futures, mutual funds and indices for both U.S. and Canadian markets. It also offers business news, earnings forecasts and reports, market analyses and commentary, balance sheet data, annual reports, message boards, intraday and historical charts, and company profiles. Man Financial www.jackcarl.com As the retail futures division of Man Financial, the site offers execution and clearing services, with 24hour worldwide trading capabilities and a range of support systems intended to enhance the trader's independent performance capabilities. The site features quotes, charts and research information, news, a calendar, contacts, margins and several links. MarketTrak.com www.markettrak.com MarketTrak.com provides a weekly forecast of the Dow Jones Industrial Average (DJIA). Sophisticated neural network models combined with genetic algorithms are used to forecast the direction of the DJIA two weeks into the future. A new forecast is computed every week and published on the site each Monday before the market opens. Subscriptions to this site's services are free. Momentum Trader www.mtrader.com Mtrader.com is a teaching forum with a live chat room and videos where daytrading techniques are
taught. Real-time daytrading commentary is also offered. Moneyteq www.moneyteq.com Moneyteq is a powerful technical analysis service for professional investors and traders. Moneyteq's research provides buy and sell signals with integrated risk management. Included in the research are signals for trading daily, weekly and monthly positions, as well as monthly and long-term indicators. The site offers a free 30-day subscription. Motley Fool www.fool.com Motley Fool attempts to demystify and untangle the world of finance by acting as a filter for the reams of raw data and streams of press releases that corporations spew out on a daily basis. MSN Money Central http://moneycentral.msn.com This site features daily announcements, special reports, highlights from financial providers and a wealth of links and other financial information. Mutual Fund Investor's Center www.mfea.com The Mutual Fund Investor's Center is a free-access web site designed to serve as an important resource for investors who wish to use mutual funds to reach their financial goals. Here, users find a comprehensive listing of mutual funds companies, web site links, fund listings and exclusive planning, tracking and monitoring tools. NewsAlert www.newsalert.com Newsalert.com offers real-time financial and business news, stock quotes and charts, portfolios, and investment research. The site goes beyond providing basic stock information by notifying members of news relevant to their chosen stocks. Next Wave Stocks www.nextwavestocks.com Stock tracking, company research, insightful industry commentary and technical information are available on this site. Links to EDGAR filings, stock analysis and market trends can be viewed here as well.
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Online Investor www.theonlineinvestor.com This site's mission is to provide investors with information and insight and to encourage those who are comfortable making individual investment decisions to do so based on thorough, independent research. Columns such as Guide to Equity Research and You and Your Broker explain how investors can find and use quality information to evaluate investments. PC Quote 300 S. Wacker Dr., Ste. 300 Chicago, IL 60606 Phone: 312-913-2828 Fax: 312-913-2900 www.pcquote.com With one of the fastest quote feeds in the industry, PC Quote has been providing financial information to clients worldwide for over 15 years. PC Quote gathers information on over 350,000 issues around the world from 145 exchanges in 55 countries. Data is processed, consolidated and enriched in the company's database ticker plant and transmitted via satellite to the investment community. Pristine Day Trader www.pristine.com Chart of the week, stock play of the week, recommended reading, Pristine's daily QEA and educational reports are all offered free of charge here. The site also offers premium areas for investors, accessible only by subscription. Quicken.com www.quicken.com This useful site offers a newsletter, news, quotes and research services, market tracking, mutual fund advice, mortgages, instant insurance quotes, small business information, budgeting advice and more. Quicken.com Investing www.quicken.com/investments This section of the Quicken site offers extensive resources for the investor, including a searchable index of web sites for publicly traded companies. Reuters www.reuters.com Reuters.com offers information on business, world markets, political and international news and company-specific stock information.
S&P Personal Wealth www.businessweek.com/investor/index.html S&P Personal Wealth has joined with BusinessWeek Online to provide a comprehensive suite of investment management features, original editorial content and premium news, advice and recommendations. Schaeffer’s Investment Research www.schaeffersresearch.com This site offers subscription-based information on investing through Bernie Schaeffer's investment research firm. The company recently acquired the newsletter Option Advisor, a publication offering customers information about options trading. Scudder Kemper Investments www.scudder.com This site provides information on personal investment, mutual funds, annuities and money funds, assisting both the novice and professional investor. Silicon Valley.com www.siliconvalley.com This site offers an excellent summary of current financial news and information in the field of technology. SmallCap Investor www.smallcapinvestor.com SmallCap provides comprehensive and timely information about potential growth stocks. Features include what the site perceives to be winning and losing stocks, a free newsletter, news, a beginner's guide and more. SmartMoney www.smartmoney.com SmartMoney is a great tool for individual investors, offering frequently updated stock information, funds, bonds and a variety of other topics such as mortgages, personal financial planning and taxation. Tools such as a stock screener, portfolio tracker and market map are also available to visitors. StockMaster at MIT Red Herring Communications 1550 Bryant St., Ste. 450 San Francisco, CA 94103 Toll Free: 800-627-4931 Phone: 415-865-2277 Fax: 415-865-2280
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www.stockmaster.com This site offers articles on financial and investment news. Stockpoint www.investor.stockpoint.com Stockpoint presents personalized, information-driven financial content and analytic tools for individual and professional investors. StockSelector.com www.stockselector.com Whisper reports, comparisons, screens, portfolio discussion, a top 10 list, financial calendars, industry information, a Dow analysis, calculators, newsletters, a bookstore, a newsstand and more are available on this site. TFC Commodity Charts http://tfc-charts.w2d.com TFC Commodity Charts is a free source of daily commodity futures and financial market information. This site tracks several commodities and financial indicators, making information available in the form of free online charts and intraday commodity quotes. This site enables users to create personalized charts and menus to gain quick access to charts of interest. A wealth of informative resources is available here for those involved in commodities or futures markets. The Internet Stock Report www.internetstockreport.com Part of internet.com, this site tracks companies deriving revenues primarily from the Internet and provides basic stock information and news. TheStreet.com www.thestreet.com TheStreet.com provides users with financial reporting and current analysis. Visitors can subscribe to RealMoney for even more in-depth articles by premiere analysts. Thomson Investors Network www.thomsoninvest.net Thomson Investors Network is a product of Thomson Financial Services, a leading provider of quality financial information and related delivery services to several sectors of the global financial and corporate communities. The site features market news, an expert advice section, an analyst center, free real-time quotes and more.
UndergroundTrader www.undergroundtrader.com Undergroundtrader.com is a premium real-time stock trading chatroom and the home of the infamous Underground Level 2 Daytraders Handbook. The site's main service is the Underground Trading Pit, an interactive, java-based chatroom where live real-time trading alerts are announced throughout the day, utilizing the tools and principles in the handbook. This pit is hosted by the author, Jay Yu, and several other traders. Wall Street City www.wallstreetcity.com Free services offered by this thorough site include quotes, graphs, real-time market symbols and analyst reviews, intraday news and portfolio alerts, 10K and 10Q reports and corporate profile reports. It also covers international markets. Wall Street Research Network www.wsrn.com A comprehensive web resource, Wall Street Research Net combines in-depth information from many sources into one comprehensive, user-friendly site. The site's "Research A Company" feature can access SEC documents, home pages, news, charts, statistical analysis and more. Thousands of research reports, BASELINE reports and spreadsheets are available. The site can be used to research the economy, locate one's favorite broker and perform sophisticated stock screening. Web Investor www.thewebinvestor.com The Web Investor offers an abundant list of links to other financial web sites. Corporate site links are also available to the user. Yahoo! Finance http://finance.yahoo.com Through a wealth of links and a supreme search guide, users can find just about any financial information concerning both U.S. and world markets. Tax research, insurance information, financial news and community research can be conducted through this site, as can searches for other aspects of the financial world. Zacks Investment Research www.zacks.com Each day, this site summarizes the current stock recommendations of 3,000 analysts employed by 230
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U.S. brokerage firms, to provide the user with the full story for each of the site's 6,000 covered stocks. The site organizes brokerage recommendations and other conclusions into a number of subscription and free services. ZAP Futures www.zapfutures.com ZAP Futures, a division of Refco, LLC, is a full clearing member of all U.S. Commodity Exchanges. The firm has been providing quality Futures Brokerage Services to individual and institutional customers worldwide since 1988. The firm's site offers real-time stocks, trading quotes, information about the company and more.
XXXVI. U.S. Government Agencies and Sites Advisory Commission on Electronic Commerce www.ecommercecommission.org The ACEC was created by Congress to study federal, state, local and international taxation and tariffs on transactions using the Internet and Internet access. The Commission is closed and the site will not be updated, though its information is still available. Board of Governors of the Federal Reserve System 20th St. and Constitution Ave. NW Washington, DC 20551 Phone: 202-452-3693 www.federalreserve.gov This free site offers extensive background on the Federal Reserve System, as well as congressional testimony, economic indicator analyses and specific consumer information. Bureau of Economic Analysis 1441 L St. Washington, D.C. 20230 Phone: 202-606-9900 www.bea.doc.gov BEA, an agency of the U.S. Department of Commerce, is the nation's economic accountant, preparing estimates that illuminate key national, international and regional aspects of the United States economy. Bureau of Labor Statistics Division of Information Services 2 Massachussets Ave. NE Washington, D.C. 20212
Phone: 202-691-5200 Fax: 202-691-6325 http://stats.bls.gov Email:
[email protected] The BLS is the principal fact-finding agency for the Federal Government in the field of labor economics and statistics. The BLS is an independent national statistical agency that collects, processes, analyzes and disseminates statistical data to the American public, the U.S. Congress, other Federal agencies, state and local governments, business and labor. The BLS also serves as a statistical resource to the Department of Labor. Government Printing Office online www.access.gpo.gov Email:
[email protected] This site gives you access to searchable electronic versions of many of the government's primary printed budgetary and statistical volumes. STAT-USA HCHB Room 4885 United States Department of Commece Washington, DC 20230 Toll Free: 800-782-8872 Phone: 202-482-1986 Fax: 202-482-2164 www.stat-usa.gov Email:
[email protected] An agency in the Economics and Statistics Administration in the United States Department of Commerce. The site offers daily economic news, statistical releases, export and trade databases and information and domestic economic databases. U.S. Census Bureau www.census.gov The preeminent collector of data about the people and economy of the Untied States provides official social, demographic and economic information. U.S. Securities and Exchange Commission Phone: 202-942-8088 www.sec.gov The SEC is a nonpartisan, quasi-judicial regulatory agency responsible for administering federal securities laws. These laws are to protect investors in securities markets and ensure they have access to disclosure of all material information concerning publicly traded securities.
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White House Phone: 202-456-1414 www.whitehouse.gov This site was designed for communication between the Federal Government and the American people. It provides access to all government information and services that are available on the Internet.
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Chapter 3 BANKING
MAJOR TRENDS IN BANKING: 1. 2. 3. 4. 5. 6. 7. 8.
Adding Convenience Mergers and Acquisitions Emergence of True National Bank Chains International Bank Holding Companies Span Multiple Continents Extension of Services Banks Go Online ATMs Evolve From Cash-Dispensing Machines into Financial Services Depots Retailers, Automobile -Makers Become Bankers
services and the elimination of duplicated support staff positions and many branch locations. 3) Emergence of True National Bank Chains : Mega-mergers have built Bank of America, Wells Fargo, Bank One and other giant bank holding companies into operators of the first truly nationwide or region-wide bank chains. In the same way that giant retail chains have gained marketing clout, buying power and operating efficiencies by building nationwide chains of stores, banks are seeking competitive and operating advantages by merging into immense banking systems spanning numerous states.
1) Adding Convenience: Banks are taking services to the customers, adding alternative locations such as branches in supermarkets, and spreading their presence via tens of thousands of ATMs.
4) International Bank Holding Companies Span Multiple Continents : Companies like Citigroup of the U.S., BNP Paribas Group of France and HSBC of China are acquiring banks throughout North America, Europe, Asia and elsewhere and becoming global banking giants.
2) Mergers and Acquisitions: Banking firms of all sizes, from tiny community-based savings associations to vast, national bank holding companies, continue to merge, seeking marketing opportunities and operating efficiencies. Completed mergers lead to consolidation of back-office support
5) Extension of Services: Banks of all types and sizes are adding to the list of services they attempt to market to customers. In this manner, they hope to retain assets, increase customer loyalty and add highly profitable fee income. Such services
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include private banking, retirement product sales, stock brokerage and trust services. 6) Banks Go Online : Banks have learned that combining the convenience of telephone and online banking with a chain of branch locations enables them to fill an entire range of customer needs. This is very similar to the trend among major retailers of creating synergies between bricks and clicks, combinin g e-commerce, catalog sales and physical stores. 7) ATMs Evolve From Cash-Dispensing Machines into Financial Services Depots : State of the art Automated Teller Machines now enable customers to log in and view their accounts, order additional bank services and even conduct feegenerating consumer purchases. 8) Retailers, Automobile Makers Become Bankers . In March 2000, upscale department store giant Nordstrom took the unusual step of converting its Englewood, Colorado limited-purpose credit card bank into a full service savings association based in Scottsdale, Arizona. (Nordstrom offers checking accounts, Visa cards and other services to its customers, but does not plan to open branch banks.) Competitor Federated Department Stores obtained a bank charter in 1999 and announced plans to install ATMs and banking kiosks in hundreds of department stores. Wal-Mart leases branch bank space within its stores to banking companies including Arvest, a bank controlled by the family that founded Wal-Mart. Meanwhile, major automobile manufacturers, including General Motors, Volkswagen and BMW, are preparing to add banking services to the financing and insurance services that they already sell to millions of car buyers. I. Banks' Shrinking Importance Although banks have been very profitable enterprises in recent years, several long-term problems are looming behind the industry's current success. The banking industry's main concern is the shrinking importance of its function as the center of the financial intermediation process. According to the Federal Reserve, the average American household stores only about 16% of its total assets in banks (with 11.4% in bank accounts and 4.3% in CDs), as opposed to 29% in 1989. At the same time, the capital markets for corporate bonds and commercial paper markets have taken significant
market share from the major banks’ commercial loan business. Also, alternative financing options for consumers, such as car leases provided by automobile companies and refinanced mortgages that allow home owners to pull cash out of their equities, have given individuals reasons to look beyond banks for their cash needs. As the bull market in stocks emerged, Americans increasingly looked toward non-bank investment vehicles to house their assets. In many cases, Americans grew to prefer mutual funds to banks’ CDs and money market funds to banks’ checking or savings accounts. Consequently, establishments offering investment products have developed a knack for replicating bank services, negating banking’s former near-monopoly on services. For example, vehicles such as cash management accounts, pioneered by the stock brokerage industry giant Merrill Lynch, offer several banking services without the bank, allowing customers to borrow against securities, make investments, deposit paychecks, write checks, make credit card purchases and more, all in one consolidated account that can be viewed on one convenient statement. At the same time, banks have expanded into nonbanking services that generate fees, such as stock brokerage, insurance brokerage, trust services, mortgage banking and the sale of retirement products. Banking has responded to this problem through super-mergers, which allow for consolidated functions, fewer expenses and increased profits. Currently, mergers are a primary method of defense for the banking industry, and the size and nature of the mergers have grown dramatically.
II.
Acquisitions and Mergers: The Growth of the Superbank
Like many industry sectors, the banking industry has recently seen several substantial mergers, with no indication that this trend will slow. Although bigger banks may not necessarily translate into better banks, “superbanks” are emerging with major regional or national presence. For example, banking giant Citicorp and insurance giant Travelers Group, Inc. completed a $70 billion merger in 1998, forming Citigroup, the largest financial services corporation in the world. In fact, at the time it was the largest corporate merger in history.
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This merger was part of the shift toward fullservice financial services super-firms. Merger focus has shifted away from combinations of firms that are in the same field toward convergence, where brokerdealers, insurers, banks and other related but not sector-specific companies join forces to become super-companies. This form of merging, as illustrated in the Citicorp/Travelers Group deal, allows for merged super-companies to attempt to create a single delivery system for their products. NationsBank and Bank of America announced plans to combine forces about a week after the Citicorp deal, as did Bank One and First Chicago, creating several industry-shaping combinations. All of these companies own substantial non-bank subsidiaries as well as vast chains of branch locations. Norwest and Wells Fargo tied the knot in June 1998, retaining the Wells Fargo name. Norwest Corporation operated both as a bank and as a mortgage banker, and was the largest originator and servicer of home mortgages in the United States. Additionally, Fleet Financial Group, Inc. acquired BankBoston Corporation in 1999, creating Fleet Boston Corporation. Fleet Boston’s assets after the merger totaled $180 billion. In addition to dominance in the New England banking market, the new Fleet Boston portfolio includes Robertson Stephens investment bank, Quick & Reilly Group, Inc., a discount-brokerage firm, and substantial Latin American operations. HSBC Holdings PLC, a large London- and Hong Kong-based banking company, announced plans to acquire Republic New York Corporation and its European private banking unit in May 1999. U.S.-based Bankers Trust Corporation, the eighth largest bank in the United States at the time, was purchased by German Deutsche Bank AG. This deal created the world’s largest banking company measured by assets.
MAJOR BANK INDUSTRY MERGERS IN 2001 Buyer Acquired Company First Union Wachovia Washington Mutual Dime Bancorp BNP Paribas BancWest Corp. BNP Paribas United California Bank Royal Bank of Canada Centura Banks Citigroup European American Bank BB&T Corp. F&M National
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Mega Mergers in Banking (Including Citicorp’s acquisitions of Travelers and Associates First Capital) Date April 1998
Merging Entities Travelers Group and Citicorp
April 1998
Norwest and BankAmerica Corp. Norwest and Wells Fargo Chase Manhattan and J.P. Morgan CitiGroup and Associates First Capital Bank One. and First Chicago NBD First Union and CoreStates Fleet Financial and BankBoston NationsBank Corp. and Barnett Bank Wells Fargo and First Interstate
June 1998 September 2000 November 2000
April 1998 November 1997 March 1999 August 1997 October 1995
Value $74.4 billion (combined value— Adopted the name Citigroup) $62.5 billion
$34.3 billion $30+ billion $31.3 billion
$29.6 billion $17.1 billion $15.9 billion $14.8 billion $10.9 billion
The trend of creating financial services giants through mergers does not guarantee instant success for the parties involved. For example, one of the benefits that such companies as Citicorp hope for is increased revenues through cross-marketing. In other words, Citicorp wanted to sell Travelers’ insurance products to banking customers, and Travelers wanted to sell Citicorp’s banking services to insurance customers. In fact, affluent and educated customers may tend to purchase financial services where they get the greatest returns, products and services — not necessarily where they get the most products from one firm. After the 1998 merger of Citicorp and Travelers Group, the combined firm was renamed Citigroup. Many parts of the combination worked very well. For example, cross-selling of life insurance and annuities issued by Travelers and marketed by the banks and other Citi units has been very satisfactory. In December 2001, Citigroup announced that it will spin off the property and casualty insurance unit of Travelers, selling 20% of the stock in that business in a public offering and distributing the remaining 80% of its shares to Citigroup shareholders. The move will raise billions of dollars in cash for Citigroup. The property and casualty insurance business accounted for only about 10% of
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Citigroup’s total revenues, and it has been lagging behind in profitability compared to other Citi businesses. After the spin-off, Citigroup will continue to offer Travelers Property and Casualty insurance polic ies to Citi customers and will set up alliances with other insurance providers as well.
III.
E-Banking and Advanced ATMs
Suddenly, technology firms can compete with and challenge the very basis of banking as a business. Since other industry sectors can now perform payment processing services and other bank-like functions, and banking services can be offered online to a large extent, banking as an industry can no longer remain secure by offering only basic services. The customer benefits from this turf war, as the range of services that banks offer becomes increasingly diversified in order for the institutions to remain vital. As technology and banking become more and more integrated, services offered have become increasingly complex. The prospect of Internet banking serves as both a challenging adversary and a new opportunity to traditional banking organizations. Several banks such as Wells Fargo and Citibank have moved ahead through the integration of Internet banking services with their basic operations. While Internet-associated perks, such as 24-hour account access and easy intraaccount transfers, are part of the services offered by banks such as these, traditional person-to-person service and ATM accessibility associated with brickand-mortar institutions are part of the package as well, a serious advantage over Internet-only banks. (See Chapter 6 for more information on trends in Internet banking.) In 1970 few people had ever seen an ATM, and fewer still were willing to trust them to dispense the correct amount of cash. Today, there are 800,000 ATMs around the world, and the number continues to increase rapidly. Competitive ATM technology is also upping the stakes of customer service. ATM networks such as Cirrus can enable customers to withdraw funds in any city in the United States as easily as in London, Tokyo or Sydney. Financial service providers have seized ATM locations as prime advertising space. Shared account information lets advertisers know the nature of a particular ATM customer’s account portfolio; the advertiser can then flash an ad for comparable services that the customer might want to utilize. For example, an ATM visitor
holding a retirement account might receive a message advertising a Roth-IRA deal. NCR Corporation conducted a 1999 survey of 750 consumers, of whom one-half responded favorably to the exchange of account information for advertisements of supplementary financial deals. ATMs entered the world as a type of cashvending equipment. Today, however, state of the art ATMs are in service that act as financial services centers. Newer ATMs take advantage of color monitors and Pentium processors connected to the Internet to provide customers with a wealth of information and service choices as well as a long list of banking functions such as account withdrawals, deposits and balance transfers. For example, at the latest ATM models, customers can deposit a check—the check is scanned into the system, a copy is displayed on the monitor and a deposit receipt is delivered to the customer. Via the Internet and the ATM’s printer, the latest machines also enable customers to purchase tickets to entertainment events, view personalized stock portfolios, pay bills, see sports scores, access maps for directions, sign up for online banking or view a cancelled check. This is a very cost-effective means of providing service, and customers are responding well to the advanced technology.
IV.
Other Banking Trends
• Bank mergers have resulted in a larger share of financial assets being held by a smaller number of organizations. While 41 banking companies held 25% of total domestic deposits in 1984, only 11 bank holding companies accounted for the 25% share by 1998, and 9 or 10 hold that share or more today. • Small community banks currently account for about 90% of the number of banks and savings associations. Concerns that larger institutions will lessen the viability of community banks exist; however, new community banks continue to be chartered at a steady rate. Many smaller banks prosper by offering a high level of personal, community-oriented service. • Community banks continue to earn very high profit ratios. For example, look at the smaller bank companies profiled in Plunkett’s Financial Services Industry Almanac, and you will see very high net profits relative to revenues. Smaller banks tend to be
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more in touch with the needs and financial status of their customers. Personal relationships with such customers lead to customer loyalty. Additionally, institutions with less than $100 million in total assets have experienced the lowest rates of net loan chargeoffs. • Credit unions, which provide diversified financial services to a wide variety of customers, are changing in nature. In the past, members of credit unions were more interrelated and pooled their resources to provide credit for co-workers and/or neighbors. This is no longer the case, however, as individual credit unions are no longer as linked, and geographically-based credit unions can serve entire states. These credit unions look just like other depository institutions—they are federally insured, and they offer a full line of deposit and credit services to virtually anyone. • The banking industry and consumers nationwide continue to struggle with privacy of information issues, which are becoming more and more important as the industry is further inundated with technological advances. Identity theft, the method by which criminals can gain unauthorized access to personal information and use it to fraudulently establish credit, incur debt or take over existing accounts over unknowing victims, is becoming an increasingly prevalent crime.
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Top Bank Holding Companies (based on total assets) 1
Rank
1
Name
City
State
Total Assets ($thousands)
1
Citigroup, Inc.
New York
NY
953,427,000
2
J.P. Morgan Chase & Co.
New York
NY
712,702,000
3
Bank of America Corp.
Charlotte
NC
625,524,000
4
Wells Fargo & Co.
San Francisco
CA
289,758,000
5
Bank One Corp.
Chicago
IL
272,412,000
6
First Union Corp.
Charlotte
NC
245,941,000
7
Taunus Corp. (Deutsche Bank)
New York
NY
216,513,000
8
FleetBoston Financial Corp.
Boston
MA
202,113,000
9
U.S. Bancorp
Minneapolis
MN
165,156,000
10
ABN AMRO North America Holding Co.
Chicago
IL
164,699,748
11
HSBC North America, Inc.
Buffalo
NY
107,445,340
12
SunTrust Banks, Inc.
Atlanta
GA
100,822,534
13
National City Corp.
Cleveland
OH
95,247,453
14
KeyCorp
Cleveland
OH
85,522,573
15
Bank of New York Company, Inc., The
New York
NY
76,831,453
16
Wachovia Corp.
Winston Salem
NC
74,828,414
17
State Street Corp.
Boston
MA
70,317,346
18
PNC Financial Services Group, Inc., The
Pittsburgh
PA
70,034,428
19
Fifth Third Bancorp
Cincinnati
OH
69,833,640
20
BB&T Corp.
Winston Salem
NC
64,733,769
21
Comerica, Inc.
Detroit
MI
49,494,169
22
SouthTrust Corp.
Birmingham
AL
46,534,992
23
Regions Financial Corp.
Birmingham
AL
45,392,788
24
Mellon Financial Corp.
Pittsburgh
PA
43,705,445
25
MBNA Corp.
Wilmington
DE
40,418,814
Data based on first three quarters of 2001.
Continued on next page.
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Top Bank Holding Companies, continued (based on total assets) 1
Rank 26
1
Name
Total Assets ($thousands)
City
State
Birmingham
AL
38,473,389
Wilmington
DE
36,914,987
27
AmSouth Bancorporation Bankmont Financial Corp. (Bank of Montreal)
28
Northern Trust Corp.
Chicago
IL
36,183,780
29
UnionBanCal Corp.
San Francisco
CA
35,816,218
30
Union Planters Corp.
Memphis
TN
34,468,079
31
Citizens Financial Group, Inc.
Providence
RI
32,331,257
32
M&T Bank Corp.
Buffalo
NY
31,202,146
33
Huntington Bancshares, Inc.
Columbus
OH
27,948,150
34
Popular, Inc.
San Juan
PR
27,851,000
35
Marshall & Ilsley Corp.
Milwaukee
WI
25,907,086
36
Zions Bancorporation
Salt Lake City
UT
23,487,799
37
Compass Bancshares, Inc.
Birmingham
AL
21,781,465
38
BancWest Corp.
Honolulu
HI
19,315,983
39
GreenPoint Financial Corp.
New York
NY
19,186,338
40
First Tennessee National Corp.
Memphis
TN
18,797,152
41
Banknorth Group, Inc.
Portland
ME
18,111,515
42
National Commerce Financial Bancorp.
Memphis
TN
17,909,410
43
Allfirst Financial, Inc.
Baltimore
MD
17,821,323
44
Hibernia Corp.
New Orleans
LA
16,306,558
45
North Fork Bancorporation, Inc.
Melville
NY
15,967,985
46
Synovus Financial Group, Inc.
Columbus
GA
15,663,643
47
Provident Financial Group, Inc.
Cincinnati
OH
15,298,176
48
Associated Bancorp
Green Bay
WI
13,242,288
49
Pacific Century Financial Corp.
Honolulu
HI
12,755,108
Data based on first three quarters of 2001. Sources: National Information Center, Federal Reserve System, Plunkett Research, Ltd.
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Chapter 4 INSURANCE
U.S. Insurance Industry At A Glance Property and Casualty Insurers Earned Premiums ($bil) 2000 $296.8 2001 $329.4 Net Income After Tax ($bil) 2000 $20.2 2001 -$6.0 Surplus ($bil) 2000 $9.4 2001 $285.0 Investments Held ($bil): 1999 $800.0 2000 $830.0 Life Insurers: Premiums ($bil) 1999 $435.4 2000 $478.0
2002 $382.1 2002
$11.2
2002 $291.0 2001 $835.0 2001 $526.9
Note: 2001 and 2002 figures are estimates Source: Insurance Information Institute, A.M. Best, SwissRe, Fitch BCA Duff & Phelps, Plunkett Research, Ltd.
The State of the Insurance Industry Insurance accounts for a large portion of the nation’s economic activity. The U.S. property and casualty insurance market (including fire, extended coverage, liability and similar losses) totals approximately $380 billion in earned premiums annually as of 2002 (up from $297 billion in earned premiums during 2000, and an estimated $329 billion in 2001). While intense competition kept property and casualty insurance premium rate increases very low during much of the 1990s, significant casualty losses relating to hurricanes, asbestos-related claims, earthquakes, terrorism, increased jury awards in lawsuits and other factors hampered the ability of many firms to earn profits. The atmosphere for rate increases changed considerably in early 2001 as the industry became more intent on earning profits and thus increased rates accordingly. Nonetheless, casualty losses were so high during 2001 that the industry posted its first recorded yearly loss (about $6 billion). One major insurance firm, CNA Financial, reported that it had recorded a $1.2 billion
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charge in August 2001 to add to reserves for losses stemming from asbestos, environmental and tort claims. Most property and casualty insurers have similar problems. After the devastatingly expensive terrorist attacks of September 11, 2001, rates on many types of coverage increased dramatically. Consequently, 2002 could easily see average rate increases of 16% or more. Additional factors leading to large rate increases include higher damage awards for workers’ compensation claims and large claims for mold damage by homeowners in the South. Many customers seeking to renew policies will find that insurance is no longer available under previous terms and rates or is not available at all due to changes in the market as a result of these and other factors. The attack on the World Trade Center created the largest insured loss in history, with covered losses estimated to run from $30 to $70 billion, including $5 to $6 billion in life insurance claims. The second largest insured loss in history is the damage caused by 1992’s Hurricane Andrew at $20 billion (adjusted for inflation to equal 2001 dollars). Another development that occurred shortly after the World Trade Center was attacked was a sharp spike in the sale of life insurance products. The Insurance Information Institute estimates that rates for coverage of private homes and automobiles will rise by about 6% during 2002, while rates for commercial business coverage may rise by 30%. In addition, selected types of specialty coverage may rise by as much as 400%. Meanwhile, the insurance industry as a whole continues to evolve quickly through mergers, the development of niche products, strong competition and the adoption of new technologies and distribution channels. Factors pushing change through the industry include the rapidly growing use of the Internet to distribute information and sell products and the convergence of such financial institutions as banks, investment companies and insurance firms into providers capable of selling a full range of financial service, from checking accounts to retirement products to insurance coverage. Mergers and Acquisitions: Insurance company mergers continued at a rapid pace in 2000 and 2001. SNL Financial (www.snl.com) reports 201 mergers industry-wide during the first nine months of 2001, at a combined value of $61.1 billion. This includes property and casualty, life and health, broker and agency and managed health care insurance deals.
The total value is nearly three times the $20.4 billion in mergers during the same period of 2000, covering 247 deals. However, property and casualty mergers represented only a tiny amount of deal flow during 2001, subsiding from a previously heavy pace, while life and health mergers made up the bulk of recent transactions.
Major 2001 Insurance Company Mergers and Acquisitions Buyer AIG SwissRe
Company Acquired American General Lincoln National’s Reinsurance unit, and Aurora National Life Clarica Life, Keyport Sun Life Life and IFMG J.C. Penney Direct AEGON Marketing (life insurance) Provident Mutual Nationwide Financial Fidelity and Guaranty Old Mutual Life National Mutual Life GE Fortis Financial Hartford Financial American Maturity Life Allstate Life Merger with Lutheran Aid Assoc. for Brotherhood Lutherans Source: SNL Financial, www.snl.com Fundamental changes in the insurance industry continue to cause merger and acquisition activity. However, consolidation among insurance firms has been slower than in commercial banking. One hurdle is technology. Insurance policies may vary widely from one insurer to the next, while checking accounts, in contrast, are largely the same from bank to bank. Furthermore, insurance companies run their distribution, marketing and claims processing in widely varying ways. For example, one company may sell through thousands of independent agents, while another sells only through its own agents, and still another sells only through direct marketing. Generally, it is much easier to merge the operations of two banks than it is to merge those of two insurance companies. Mutual Companies Convert to Publicly Held Stock Companies: Another accelerating trend is the “demutualization” or conversion of mutual companies into stock companies. Simply put, a “mutual” company is largely owned by the customers who buy its insurance policies.
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Conversion enables the company to distribute its assets in the form of shares and typically leads to an IPO (initial public offering) of the company’s stock with the potential to enrich the stockholders. Some of the best-known names in the U.S. insurance industry, such as John Hancock, have completed such conversions. Adapting to Market and Technology Changes: The nation’s large multi-line insurers have traditionally sold a very broad line of coverage, offering all types of insurance to all types of customers. As a result, many of these companies have found themselves becoming outdated— hampered by bloated management structures and very expensive marketing systems, operating in an unfocused and monolithic manner. However, things have changed dramatically since 1995. The big insurance companies have been evolving, adding new technology, divesting unwanted units and focusing on more profitable lines. Fortunately, an excellent economic environment has helped them along. In other words, large insurance companies have equally large investment accounts that earned tremendous profits in the buoyant stock and bond markets of the 1990s, generating significant amounts of cash. Changing Distribution Channels : The methods of selling insurance are changing rapidly. For example, Datamonitor (www.datamonitor.com) estimates that the percent of revenues created by property and casualty insurance sales channels will change as follows: 1998 2003 Exclusive Agents 56.5% 48.8% Independent Agents 27.0% 23.3% Direct Marketing 9.8% 10.0% Banks 2.8% 8.1% Internet 0.9% 7.3% Other 3.0% 2.5% Banks and e-commerce are rapidly gaining market share in the sale of insurance, while the total share of insurance sold thorough traditional agents is dropping. In addition, direct marketing, including direct mail and other forms of advertising, continues to hold significant market share. These trends will accelerate. For example, industry giant Allstate shook up its vast exclusive agent network in 1998 when it announced that it would begin selling insurance directly to consumers online and through call centers. Customers acquired online are later assigned to agents, who receive a smaller commission rate on e-commerce sales than
the approximately 10% on sales generated by the agents themselves. While the shift may be hard on agents, Allstate has little choice if it is to compete effectively with aggressive direct sellers like Progressive Corp. At the same time, planners at Allstate and elsewhere know that consumers are turning to the Internet in growing numbers for information and convenience in purchasing insurance. Also, industry leaders like Allstate know they may be losing sales to customers who turn to Internet-based insurance quoting and referral services such as Quotesmith, where they may be referred to lesser-known insurance firms offering lower rates.
Areas of Operations with Potential Savings This industry is ripe for continued modernization and efficiency gains. While it is increasingly computerized, many sales and distribution methods are not yet modernized. In other words, the latest technology has not been applied. There is tremendous opportunity here for those with costsaving ideas. Insurance is sold by two types of agents: Independent agents are self-employed business people who typically represent two or more insurance companies and are paid on a commission basis. (An "agency company" is an insurance underwriter that markets products via independent agents.) Exclusive agents represent only one insurance underwriter. They may be salaried employees or work on a commission basis. (Insurance underwriters using exclusive agents are called "direct writers.") One of the biggest areas for potential savings is in the way that policies are sold. For example, direct marketing can replace agents, in many cases at much lower costs. The J.C. Penney Life Insurance Company was an early leader in this field, selling life insurance at lower rates through heavy advertising and direct marketing, bypassing the use of agents. Direct marketing is taking over in foreign nations as well, with as much as 40% of all new car insurance policies in the U.K. sold by direct marketing. Independent agencies will lose market share as technology and direct-sales gain in use. For example, only about 30% of personal home and auto insurance is sold by independent agents, down considerably from the previous 10 years. Meanwhile, companies focusing on sales through agents frequently find that exclusive agents are more
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efficient than independent agents. For example, with a network of agents who sell only the house brand of insurance, an underwriter can more readily set up a nationwide computer network and database to handle sales (including price quoting). State Farm, with about 16,000 exclusive agents nationwide, has linked its agents to headquarters via a corporate intranet. This speeds paperwork processing and will enable customers to get new services online. In addition, it may enable State Farm agents to receive leads from quoting sites like InsWeb or Quotesmith. Several strong, innovative companies are developing new Infotech-based methods. For example, Progressive Corp., one of the country’s largest underwriters of personal auto insurance, has aggressively moved into direct marketing that includes direct mail and e-commerce with great success. USAA, a highly regarded direct seller of insurance and credit cards, uses automated voiceresponse telephone systems to field requests for literature, saving the need for about 200 customer service employees. When live operators speak to customers, they use customer databases which enable them to suggest products not currently purchased by the customer. The result is that the number of products owned by the customer is doubled. By far the most successful insurance product sold on the Internet is automobile insurance. Forrester Research has projected online sales of auto insurance to reach more than $3 billion by 2003, compared to less than $400 million for home owners insurance and about $500 million for term life insurance.
Individual Life Insurance Sales, Sorted by Category According to Annualized Premium 2001 Variable Universal Life Whole Life Term Life Universal Life Varia ble Life Source: Fitch BCA, Duff & Phelps www.fitchratings.com
41% 19% 18% 18% 4%
Insurance and the Internet See the discussion of online access to financial services in Chapter 6.
Top U.S. Insurance Firms Ranked by Sales On the Forbes 500 list for 2001 AIG (American International Group) Life, PC, 2000 revenues $42.4 Berkshire Hathaway PC, Reins., other, 2000 rev. $33.9 Allstate Life, PC, 2000 rev. $29.1 MetLife Life, PC, 2000 rev. $31.9 Cigna Health, Life, Reins., other, 2000 rev. $19.9 American General (acquired by AIG) 2000 rev. $11.0 Hartford Financial Services Life, PC, 2000 rev. $14.7 Aflac Cancer, Supplemental Health, 2000 rev. $9.7 John Hancock Financial Services Life, other, 2000 rev. $7.6 Marsh & McLennan Brokerage/Consulting, 2000 rev. $9.9 St. Paul Companies PC, Reins., 2000 rev. $8.6 Chubb PC, 2000 rev. $7.2 Lincoln National Life, 2000 rev. $6.8 UnumProvident Disability, Other, 2000 rev. $9.4 Aon Brokerage/Consulting, 2000 rev. $7.4 Notes: PC = Property and Casualty Company Life = Life Insurance Company Reins. = Reinsurance Underwriter Health = Health Insurance Company Source: www.forbes.com, Plunkett Research, Ltd.
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Chapter 5 MUTUAL FUNDS, RETIREMENT PLANS AND ANNUITIES CONTENTS I. Mutual Funds A. Types of Mutual Funds B. How Mutual Funds Began C. Initial Investment D. Broker/Dealers E. Ownership Options F. Disclosure of Fees and Charges G. How Mutual Funds Work H. Risks of Mutual Funds I. Advantages of Mutual Funds J. Income Tax Consequences K. Income Taxation on Mutual Funds Shares When They Are Sold by the Investor L. Mutual Funds Trends M. Mutual Funds Management Companies II.
Types of Retirement Plans
III.
Annuities A. How an Annuity Works B. Types of Annuities
I. Mutual Funds Most individual investors have no business trying to choose stocks and bonds on their own — successful stock investment requires extensive research and knowledge, and the risks are great. Proper research prior to making a stock investment can encompass such areas as a company’s operations, its place among its competitors, its potential earnings, the strength of its management and the overall desirability of the industry within which it operates. Picking stocks is a full-time job best left to professionals, such as those who manage mutual funds. At the same time, most investors are much better served by spreading their money over several different stocks and industries rather than placing all of their money in a small number of stocks. Investing in one or more mutual funds can fill this need. Consequently, if you are investing as an individual you're probably much better off investing in a mutual fund—or in a series of funds—than you would be picking a few stocks on your own. For example, consider the devastating losses incurred by most of the people who tried their hand at “day
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trading” during the booming stock markets of the 90s and early 2001. Mutual funds provide investors with professional stock selection, management on a day-to-day basis and diversification. However, very few funds make money in a bear market.
A. Types of Mutual Funds There is a type of fund to suit every conceivable investor. Some provide income that is free from income taxes. Some are focused on providing dividend income, while others focus on growth of capital. Some funds have multiple objectives. The following is a brief description of the primary types of mutual funds, organized by their investment objectives: •
•
•
•
•
Aggressive Growth Funds (also known as Capital Appreciation Funds) seek to invest in a portfolio of stocks that will provide maximum capital appreciation; current income is not a significant goal. Some may use specialized investment techniques such as option writing or short-term trading. These funds usually entail greater risk, thus the "aggressive" name. Balanced Funds try to balance three different objectives: long-term growth of capital, current income and stability. Corporate Bond Funds seek a high level of income primarily by purchasing bonds of U.S.based corporations. The income and stability of the fund will depend on the quality of the bonds in which the fund's manager is allowed to invest. For example, bonds rated A- to A+++ will offer lower income but greater stability than riskier bonds rated in the B's or below. (See "HighYield Bond Funds.”) Flexible Portfolio Funds may invest in any one investment class (stocks, bonds or money market instruments), or any combination, depending on the conditions in each market. These funds provide the greatest flexibility in anticipating or responding to economic changes. However, these funds may attempt to anticipate shifts in the markets ("timing" the markets), and thus may endure greater risk. Ginnie Mae or GNMA Funds invest primarily in mortgage securities backed by the
Government National Mortgage Association (GNMA). These mortgage securities carry a guarantee from a U.S. Government agency and therefore offer greater stability. •
Global Bond Funds seek a high level of income by investing in the debt securities of companies and governments worldwide. They are subject to risk from fluctuation in the value of various currencies compared to the value of the U.S. dollar.
•
Global Equity Funds invest in securities traded worldwide. They are subject to risk from fluctuation in the value of various currencies.
•
Growth and Income Funds invest mainly in the common stocks of companies that may offer growth in value as well as consistent dividend payments. Such funds attempt to provide investors with long-term capital growth and a steady stream of income.
•
Growth Funds aim to provide capital appreciation rather than steady income. They may be more aggressive and thus entail greater risk.
•
High-Yield Bond Funds maintain at least twothirds of their portfolios in non-investment-grade corporate bonds (those rated Baa or lower by Moody’s rating service and BBB or lower by Standard & Poor's rating service). Some of the bonds (so-called junk bonds) may carry very low ratings. In return for potentially greater income, high-yield funds present investors with greater credit risk than bond funds that purchase betterrated bonds.
•
Income -Bond Funds seek a high level of income by investing in a mixture of corporate and government bonds.
•
Income -Equity Funds invest primarily in stocks of companies with a consistent history of dividend payments.
•
Income -Mixed Funds seek a high level of current income by investing in incomeproducing securities, including both equities and debt instruments.
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•
Index Funds invest in a specific stock index, such as the Standard & Poor's 500 or the Wilshire 5000. This requires no special investment acumen on the part of the investment managers. They simply buy a balanced collection of the stocks that make up the particular index. For the investor, this provides tremendous diversification and makes the value of the fund easy to follow and understand. For example, if the Standard & Poor’s is up, so is a fund that invests only in that index.
•
International Funds invest in equity securities of companies located outside the U.S. (See "Global Equity Funds.")
•
National Municipal Bond Funds – LongTerm invest primarily in bonds issued by states and municipalities to finance public projects. In most cases, the Federal Government does not tax income earned on these securities, although the income may or may not be taxed by state and local governments.
•
•
Precious Metals/Gold Funds invest at least two-thirds of fund assets in securities associated with gold, silver and other precious metals. The investments may include inventories of gold or metals or stocks in mining companies. These funds generally involve greater risk because the value of the securities is associated with the market value of the gold, silver, etc., which may fluctuate widely, and the success or failure of the mining ventures attempting to produce the precious metals. Real Estate Investment Trusts (REITs) work in a manner very similar to mutual funds, but in this case investors pool their money to jointly own real estate rather than stocks or bonds. Many REITs specialize in a specific type of real estate, such as shopping centers or apartments. REITs differ from mutual funds in that they are required to distribute almost all of their income annually, directly to shareholders. Investors generally buy shares in REITs with a two-fold purpose: 1) to earn current income, and 2) for long-term capital gains on appreciation in value of the real estate in the REIT. Investors considering a dive into REITs because of their high dividends should note that income-
producing real estate is cyclical in nature and entails significant risks. •
Sector Funds invest solely in specific sectors of the economy. Sector funds are available in the areas of oil and gas, timber, Internet companies, biotechnology firms and a host of other choices. If you're fortunate enough to hit the right sector and the right fund in that sector, the returns can be exceptional.
•
State Municipal Bond Funds – Long-Term work like national municipal bond funds, except that their portfolios contain primarily the issues of only one state government. The dividends on these funds may be exempt from income tax for residents of the state whose bonds are in the fund.
•
Taxable Money Market Mutual Funds seek the highest income consistent with preserving investment principal. These funds seek to maintain a stable $1.00 share price while investing in short-term money market securities (a portfolio’s average maturity typically must be 90 days or less) of high credit quality.
•
Tax-Exempt Money Market Funds – National seek the highest level of income exempt from federal income taxes. These funds invest in short-term municipal securities issued by states and municipalities.
•
Tax-Exempt Money Market Funds – State invest primarily in issues from one state government. Investors who reside in the state whose bonds are in the fund may be exempt from state income tax on dividends.
•
U.S. Government Income Funds seek income by investing in a variety of U.S. Government securities, including treasury bonds. These funds may also hold bonds issued by government agencies, such as Ginnie Mae mortgage-backed securities.
(For additional fund descriptions, see "A Short Glossary for the Financial Services Industry" at the front of this book.)
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B. How Mutual Funds Began The first true mutual fund was introduced in Boston in 1924. That fund, and the great many that followed, grew out of a practice dating to 19th Century England, where investors’ money was pooled in English and Scottish investment companies. These British investment companies financed a variety of instruments issued by businesses, such as U.S. farm mortgages and stocks in railroads and other industries. In America in the early 1920s, when the stock market was soaring, mutual funds grew in number. Shortly after the first funds were organized, however, the 1929 stock market crash ruined U.S. financial markets. Despite setbacks, well-managed investment companies continued their services. Later, the Securities and Exchange Commission (SEC) undertook a special study of investment companies that resulted in the Investment Company Act of 1940. By the end of 2001, the U.S. mutual funds industry had grown to thousands of funds with more than $6.97 trillion in assets, according to the Investment Company Institute, www.ici.org. This represents exponential growth over the past 60 years. In 1940, there was only $448 million in mutual fund assets under management and only 296,000 shareholder accounts. Today, mutual fund companies are the nation’s second-largest financial deposit-holding group, surpassed only by commercial banks. Globally, mutual funds outside of the U.S. totaled $5 trillion in assets at the end of 2000.
be used as IRAs or which will have an automatic monthly deposit feature. However, some of the largest mutual fund firms have determined that they lose money on small accounts, and they are attempting to change their policies by enacting deposit restrictions. Many funds also offer the convenience of writing checks as a means of withdrawal, although most limit check amounts to $250 or more. Many management companies run a family of funds offering different investment objectives, and investors commonly switch from one type of fund to another.
D. Broker/Dealers Mutual fund distributors sell fund shares through securities brokers that have a commissioned sales force (broker/dealers). In addition to traditional brokers (such as Merrill Lynch), banks, insurance agents and some financial planners have become major sellers of mutual fund accounts, earning commissions on the sales they generate.
Source: Investment Company Institute, www.ici.org
E. Ownership Options Individual investors may choose from several potential types of fund ownership. In the simplest form, an investor may own a fund account in his or her own name or jointly with a spouse. Frequently, individuals are participants in employer-sponsored retirement or savings plans. The individual may make choices within the plan regarding types of funds, but the retirement plan takes actual ownership of the fund. Individuals may also set up trusts for themselves, their children, their spouses or their heirs. These trusts may own the mutual fund shares. Individuals may also participate in annuity accounts and other savings vehicles offered by insurance companies, and those vehicles may own mutual fund shares over which the individual has some control options. (See "Types of Retirement Plans.")
C. Initial Investment Some funds seek only larger investor accounts ($2,500 and more), while others go out of their way to attract even the smallest investors. Until recently, most fund accounts for individuals could be opened with a minimum of $1,000. The initial investment minimum is usually smaller for accounts which will
F. Disclosure of Fees and Charges All mutual fund companies charge fees for the operation and management of their funds. These fees are generally paid to the investment adviser, which is a related or independent company that manages the fund. In addition, many funds charge a sales fee (an initial front-end load charge when the shares are
Number of Mutual Funds by Category, U.S., in December 2001 Stock Funds 4,730 Hybrid Funds 484 Taxable Bond Funds 1,278 Municipal Bond Funds 813 Taxable Money Market Funds 690 Tax-Free Money Market Funds 326
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purchased or a back-end load charge when the shares are sold). Some funds are no-load, which means there is no sales fee. Information on all fees and charges must be included in a table in the fund’s prospectus (a regulated disclosure document that describes the fund). A 12b-1 fee is frequently charged, which is included in annual fund expenses and is used to provide continuing compensation to the brokers who sold the fund to investors. Under NASD (National Association of Securities Dealers) rules, 12b-1 fees cannot exceed 0.75% of a fund’s average net assets per year. (An additional 0.25% service fee may be paid to brokers or other sales professionals in return for providing ongoing information and assistance to shareholders.) Furthermore, the NASD imposes a rolling cap on total sales charges: 6.25% of gross new sales for funds that pay an annual service fee and 7.25% plus interest for funds that do not pay an annual service fee. Often an annual 12b-1 fee is combined with a declining charge when shares are redeemed, a type of back-end load. Many U.S. investors now purchase their mutual fund shares through discount brokers. For example, Charles Schwab’s heavily advertised One Source mutual fund service is state-of-the art and allows Schwab clients to invest in a dizzying number of different funds from different managers by placing only one telephone call (or making only one Internet connection). G. How Mutual Funds Work • When investors buy into a fund, they are buying shares in an investment pool that is professionally managed. •
The fund invests in a wide array of companies or bonds to diversify its portfolio.
•
Depending on their charter, mutual funds may invest in stocks, bonds or special debt instruments such as convertible bonds, or all of the above.
•
Based on the performance of the portfolio of securities, the fund pays out earnings to shareholders in the form of dividends and capital gains.
H. Risks of Mutual Funds • There is no guarantee of earnings, and fund shares often decline in value. Therefore, there is no guarantee of the safety of an investor's principal. •
A mutual fund is not insured as, for example, a bank deposit may be insured by the FDIC. However, some fund assets, such as GNMA mortgage securities, may have underlying guarantees.
•
There is great variance in the performance of the thousands of mutual funds that are available. This is due to the varying abilities of fund managers and the varying performance of the stocks and bonds in which they invest.
I. Advantages of Mutual Funds • A mutual fund may invest in dozens or even hundreds of different stocks or bonds at once, thereby offering tremendous diversification (which an individual investor would have difficulty achieving). •
A mutual fund typically has full-time professional management.
•
Dividends and earnings on mutual fund shares are automatically reinvested in the fund until the investor makes a withdrawal.
•
Mutual funds provide investors with consistent and well-prepared records.
•
Within many mutual fund families, investors may exchange shares in one type of fund for shares in another.
•
An investor can easily meet a wide variety of objectives by purchasing mutual funds.
•
Mutual fund shares generally offer great liquidity.
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Government bonds and in municipal bonds may be exempt from some or all income taxes.
The Largest Equity Mutual Funds As of February 1, 2002 Assets ($ Mil) Fidelity Magellan Vanguard 500 Index;Inv American Funds ICA;A American Funds Wsh M;A American Funds Grwth;A Fidelity Growth & Income Fidelity Contrafund SPDR Trust;1 American Funds N Per;A American Funds EuPac;A Amer Cent:Ultra;Inv Janus Fund Vanguard Instl Indx;Ins Fidelity Growth Company Vanguard Windsor II;Inv
$79,515.2 73,150.8 54,315.3 48,715.0 36,347.5 34,255.1 32,320.9 30,439.3 27,786.5 27,153.0 26,911.4 25,622.0 24,164.5 22,741.6 22,428.6
K. Income Taxation on Mutual Fund Shares When They are Sold by the Investor • Capital gains are taxed to the individual as ordinary income. •
Ordinary income, like wages, receives no favorable tax treatment. However, capital losses can be used to offset capital gains and up to $3,000 of other income, and capital losses in excess of this amount may be carried over to later years.
•
Changing from one fund to another within a family of funds is also considered to be taxable. Taxes must be paid by the individual investor on capital gains when this kind of exchange is made.
The Largest Bond Mutual Funds As of February 1, 2002 Assets ($ Mil) PIMCO:Total Return;Inst Vanguard GNMA;Inv Vanguard Tot Bd;Inv Franklin CA TF Inc;A American Funds Bond;A
$33,260.4 15,531.4 14,115.7 13,192.2 11,222.9
J. Income Tax Consequences • Shareholders of individual funds pay taxes on distributed and undistributed income from dividends—and also on capital gains. However, until the shareholders redeem their shares, the investment company retains undistributed dividend income. •
•
•
In the case of undistributed dividends, investors pay ordinary income tax in the year these dividends are credited to their account. Distributed capital gains are created when a mutual fund sells its investments. These gains are taxed as ordinary income. Except in the case of tax-exempt funds, mutual fund investors pay ordinary income tax on distributed dividends. Funds that invest in U.S.
L. Mutual Fund Trends • The quantity of mutual fund shares purchased rose dramatically during the 1990s, further fueling the bull market. However, analysis of recent months shows that U.S. investors added less money to equity mutual funds in 2001 than in any year since 1990. This is a result of the conservative investing approach adopted by many investors since the stock market crash of March 2000. It is also a reflection of the general economic slowdown of 2000-2001. The Investment Company Institute reports that investors deposited $32.3 billion in stock mutual funds during 2001, compared to $309.4 billion in 2000. Clearly, individual investors’ enthusiasm for the stock market has dampened for the time being. •
Lipper, a well-respected mutual fund research company, reports that the average stock mutual fund lost 4.5% in 2000 and 1.3% in 2001.
•
“Basket” stock management products, recently introduced by E*Trade, Fidelity, FOLIOfn and many other brokers, enable investors to spread their money over groups of stocks, similar to the advantage offered by mutual funds. For example, with a minimum basket account of $10,000 at Fidelity, you might choose to invest
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the money in one of several pre-organized groups of stocks—each group holding stock in dozens of different companies. Or, you might select your own list of up to 50 stocks for your basket. This system may offer more control to the investor, and also may offer more control over the timing of sales that lead to capital gains taxes. M. Mutual Funds Management Companies Since fund management companies can charge high fees from their funds, there is very keen competition for investor dollars among these companies. Highly successful mutual funds may gather billions of dollars in investment money. The manager's annual fee on a $500 million fund might total $7 million. Sales commissions for attracting investors into that fund might total $30 million. While there are hundreds of relatively small players in the mutual funds management business, the most successful companies are large, wellknown firms. Many of them are major bank holding companies or insurance companies. Others are giant companies that specialize in mutual funds, such as Fidelity.
II. Types of Retirement Plans •
Individual Retire ment Accounts (IRAs). This type of account was one of the original selfdirected retirement vehicles. It enables individuals to deposit money into a retirement plan and then exclude the amount deposited from the current year’s taxable income. Qualified deposits are thus fully deductible for tax purposes. However, the growth in value of the plan’s assets are taxable as they are withdrawn, and there are tax penalties for certain types of early withdrawals.
•
Roth IRAs. Several differences exist between tradit ional IRAs and the newer Roth IRA, which was created as part of the Taxpayer Relief Act of 1997. The tax structure of the Roth IRA is completely different from the original IRAs. Growth is tax-free, but contributions are not made on a tax-deductible basis. Instead, they are made with after-tax dollars. However, withdrawals will not affect the investor’s taxable
adjusted gross income during retirement, since withdrawals are not reportable income. •
Small Business Plans. These plans are aimed at small businesses (generally those with fewer than 100 employees) and at the self-employed. Employer contributions may be tax-deductible under certain circumstances, and earnings may accumulate on a tax-deferred basis in qualified plans. Possible plan types include Simplified Employee Pension (SEP), Profit Sharing, Money Purchase Pension and SIMPLE IRA (Savings Incentive Match Plan for Employees).
Internet Research Tip—Retirement Plans: For excellent descriptions and advice regarding individual and small business plans , as well as advice on how to handle your retirement accounts if you change employer, see the Retirement Center at the website of TD Waterhouse, www.tdwaterhouse.com/planning/retirement_center. •
Large Corporate Retirement and Savings or Profit Sharing Plans. Employers may establish complex tax-qualified retirement and profitsharing plans. If these plans meet qualification rules established by the IRS, contributions are tax-deductible and earnings accumulate on a taxsheltered basis. These plans typically take the form of Stock Purchase, Stock Ownership, 401(k) Savings, Profit Sharing and/or Pension plans. Unfortunately, there is no strict standard for the titles by which plans are named in employee handbooks. Therefore, employers offering a 401(k) savings plan may call it by various names that imply it is more beneficial than it really is. The most generous major employers offer packages that consist of several different types of plans at once. For example: 1) A discount stock purchase plan that enables the employee to buy limited amounts of corporate stock at a discount-to-market price. The discount is typically 5% to 15%. 2) A 401(k) savings plan in which the employer matches up to 50% of the employee’s deposit. 3) A true profit-sharing plan where the firm deposits from 5% to 15% of the company’s annual pre-tax profit. It is vital that prospective employees completely understand the nature and benefits of an employer's plans. Additional plan terms are defined below.
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One of the most important things for you to know about your corporate retirement plan is what to do if you change employers. If you change jobs, it is very important for you to have your current employer transfer your retirement plan balance directly to an IRA or to your new employer's plan. Otherwise, if the money is distributed to you to deposit on your own, your employer must withhold 20% of the account balance and send it to the IRS for potential income tax liabilities, and you must then claim the money on your next income tax return. •
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Defined Benefit plans are traditional pension plans, which have become less common in recent years. This type of plan pays the retiree a specific monthly amount, based upon a formula calculated against the retiree's level of salary during the end of his or her career. Defined Contribution plans are now dominating the retirement plan field. In this type of plan the employer contributes a set amount for the employee each year. For example, a 401(k) plan is a defined contribution plan. In a defined contribution plan, the retiree's pay-out is not a guaranteed amount (as it would be under a defined benefit plan). Instead, the amount that the retiree receives depends on the success of the investments in the retiree's account. In many cases, a large portion of the account may be invested in the employer’s stock because the employer deposits stock instead of cash. In most retirement plans, the employee has considerable leeway to choose the type of funds that his or her money is invested in and to make changes in those choices on a regular basis. The U.S. Department of Labor requires that a 401(k) plan offer several investment options. Vast choices are not uncommon. For example, employees at one major industrial firm may choose from 24 investment funds, from cash reserve accounts to growth funds to income funds. Cash Balance plans are a slight variation on the defined contribution plan. In cash balance, the employer deposits an amount equal to a percentage of the employee's earnings, for example 5%. The employer also guarantees a minimum return on that deposit, typically a return equal to that of a Treasury bond.
•
Section 401(k) Savings Plans. This is an employer-sponsored retirement plan that enables employees to defer taxes on a portion of their salaries by earmarking that portion for the retirement plan. In a typical plan, employees may deposit 1% to 6% of earnings. The employer then matches all or a portion of the employee's deposit. A common employer match equals one-half of an employee's deposits of up to 6% of salary. In other words, if an employee deposits 6% of a $30,000 salary ($1,800), the employer would match one-half of that deposit ($900). The employee would then have $1,800 plus $900 in the savings plan ($2,700).
401(k) Plan Characteristics Year-End 1999 Estimated Total Assets $1.7 trillion Estimated Participants 39.6 million Average Account Balance $55,502 Average Account Balance of Workers with 30 Years Tenure At Their Current Employer $198,585 Percent of Accounts with More than $100,000 Balance 15% Percent of Account Balances Invested in Employer’s Company Stock 19% Source: ERBI/ICI Participant-Directed Retirement Plan Data Collection Project, January 2001 Typical 401(k) savings plan for one year for an employee who earns $30,000 in annual salary Employee deposit for one-year at 6% of salary Company matching deposit at one-half of employee deposit This year's total deposit to the 401(k) plan—will grow tax-deferred
$1,800 $ 900 $2,700
The 401(k) account will grow on a tax-deferred basis until the employee begins drawing money at retirement. It is important to note that the provisions of these plans vary widely from one employer to the next. Some employers make no matching deposit. Some generous firms match 100% of qualified employee deposits. (Most plans also let the employee put additional deposits—above 6% of earnings—into the plan on a tax-deferred basis, but these additional deposits will not qualify for matching funds from the employer.) Not
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surprisingly, members of Congress have voted for themselves what is probably the most generous savings plan in the nation, where the government matches 200% of their qualified deposits. •
403(b) Plan. This is an employer-sponsored retirement plan that enables employees of universities, public schools and nonprofit organizations to defer taxes on a portion of their salaries by earmarking that portion for the retirement plan. These plans are similar to 401(k) plans.
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Vesting. Employees who are participants in retirement plans need to be keenly aware of their vesting rights within the plans. That is, certain periods of continual employment may be required before the employee earns full rights to the amounts that have been deposited by the employer.
Stock in your Employer Employers that are publicly held want their employees to own stock in the company so they will have a personal stake in the company's success. This means that many pension plans, profit sharing plans and 401(k) matching deposits may contain large amounts of stock in the employer. This is wonderful if you work for a company that is performing well and has a rapidly growing stock value. On the other hand, it can be devastating if your firm is failing, as shown by the 2001 bankruptcy of Enron and the 2002 bankruptcy of Global Crossing. Employees at some suffering firms have found themselves out of a job and owning benefit plans that have plummeted in value due to the low price per share of the employer's stock. If you have your firm's stock in your plan, be alert to what your investment options are and follow the financial health of your company. III.
by the individual. Hopefully, the investment will grow in value over the contract period of time, and the return to the investor will result in a good investment overall. The annuity investment amount has an opportunity to grow on an income taxdeferred basis. Under most circumstances, income taxes are not due until income is withdrawn from the annuity. Consequently, annuities make excellent vehicles for retirement savings. For example, an individual who is already putting the maximum allowable amount into a 401(k) savings plan and an IRA may want to set additional tax-deferred retirement funds aside in an annuity. Or, an individual who has come into a large amount of cash, from the sale of a business for example, may want to deposit into an annuity, for future retirement, a substantial amount in one payment. An annuity is an excellent vehicle for such situations. Annuities are also used to fund special circumstances. For example, a person who is injured in an accident may receive an annuity in settlement of damages. In this case, the defendant may put a specified amount, say $1 million, into an annuity with an insurance company. The insurance company might then pay to the injured party a monthly income for life, and that annuity investment would be professionally managed without the need for any personal input or oversight by the plaintiff.
A. How Annuities Work • The person who will have the future income is called the "annuitant." •
The annuitant deposits a sum of money with the company (the “insurer”), either in one large payment or in a series of smaller payments extended over a certain period of time. For example, the annuitant who wants to save on a regular basis might deposit $100 per month until retirement age. The investor who wants to set aside a large amount of cash for future retirement might pay a lump sum of $100,000 into the account.
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At a specified time, the issuing company begins making payments to the annuitant. Generally, this begins upon the retirement of the investor.
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These payments to the annuitant will most likely total more than the original amount paid in, as a
Annuities
An annuity is a contract between an issuer— frequently an insurance company but sometimes a mutual fund management company—and an individual. The company agrees to provide an income, either fixed or variable in amount, for a specified period of time. This income is provided by the company in exchange for a stipulated investment
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result of applied interest, capital gains and dividends. Hopefully, the value of the account has grown. If the annuity has been in existence for a long period of time, it may have built up very substantial value. •
Payments may be made to the investor under several different options. For example, a retiree may receive monthly payments for the rest of his or her life. Or, the annuity contract may call for payments to be made for a specified period of time—for example, 25 years.
B. Types of Annuities • Immediate Annuities are purchased with a lump sum of money, a single premium. Payments back to the annuitant begin almost immediately. For example, if the annuitant will receive a monthly check, the first payment begins a month after the annuity is purchased. •
Deferred Annuities are those for which payments to the annuitant are deferred for several years. This period of time gives the investment in the annuity an opportunity to grow. This type of annuity may be purchased either with a single lump-sum premium or with a series of smaller investments (such as monthly investments over a period of years).
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Fixed Annuities (or “fixed-dollar” annuities) provide a guaranteed amount of money in each payout period.
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Variable Annuities are funded by separate accounts that invest in mutual funds or the stock market. The difference between variable and fixed annuities is the way they are invested. Fixed annuities are invested in relatively safe, stable bonds and mortgages, which may have a low return. Variable annuities may be invested in the stock market, which is riskier, but may have a higher return over a long period of time. Because the stock values of a variable annuity rise and fall with economic conditions, the issuing company offers a variable rate, based on performance. If the company provides astute management, and if market conditions are favorable, annuitants have the opportunity to earn considerably more money under a variable annuity. Many variable annuities are structured
so that the annuitant directs which funds or types of investments are used.
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Chapter 6 FINANCIAL INFORMATION TECHNOLOGIES AND FINANCIAL SERVICES ONLINE
CONTENTS
State of Online Access to Financial Services
I. Online Trading
p. 86
II. Online Banking
p. 89
III. New Technology, Electronic Billing, Back Office Services and Outsourced Payment Processing p. 90 IV. Mortgages and the Internet
p. 91
V. Insurance and the Internet
p. 92
Information technologies of all types, including hardware, software and the use of the Internet, are having a profound effect on the financial services arena. To begin with, advances in hardware, software and communications networks enable financial institutions to automate the maintenance of customer accounts and the completion of financial transactions, creating tremendous efficiencies.
U.S. Households Banking Online 2002: 25 million 2005: 43.5 million* U.S. Households Investing Online 2002: 19.6 million 2005: 34.2 million* Online Brokerage Customers Worldwide 2002: 76.7 million 2004: 122.3 million** *Jupiter Media Metrix, September 2001 **IDC, October 2000 Next, advanced software enables financial firms to gather more information about their customers, creating greater marketing opportunities and streamlining customer service. Financial services customers have been encouraged to invest in online technologies for two reasons. First, many firms felt forced into developing online account access, ordering and funds transfer ability by competition. That is, early adopting startup companies, such as NetBank and NextCard, raised significant amounts of venture capital and started offering online services. Later, however, financial services firms learned to appreciate the qualities of the types of consumers who use the Internet. For
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example, online investors, online purchasers of insurance products and others who use online access tend to be the wealthiest and most educated of consumers—in other words, they are the most desirable customers for financial products and services. In many cases, the demographics are compelling. For example, a 2000 study found that online investors have average household incomes of $83,000, far above the typical U.S. household. Various events within business and the economy have tempered the growth of some aspects of online financial services. For example, the stock market rout of March 2000 led to significant declines in online stock trading. Nonetheless, serious migration of virtually all aspects of the financial services business to the Internet will continue at a rapid pace. These aspects include distribution of information, account access, processing sales and transactions, transferring funds, trading, customer service, marketing and much more. A study of online banking traffic by Jupiter Media Metrix (www.jmm.com) found that the number of unique visitors to U.S. banks that offer a combination of physical and online banking climbed by 110.5% to 13.4 million in July 2001, compared to only 6.4 million in July 2000. Any financial services firm without a serious online service strategy will be unable to compete. Companies offering consumers the convenience of purchasing and managing multiple categories of services at one Internet site might develop serious competitive advantages. I.
Online Trading
Without a doubt, the Internet has created sweeping changes in the stock brokerage and trading landscape. The cost of making a trade has plummeted. Many online brokers offer trades for less than $10, and even stalwart traditional brokers like Merrill Lynch and Morgan Stanley have found themselves forced to announce online trading services at value prices. The brokerage arm of American Express enables customers who keep at least $25,000 in their brokerage accounts to execute some trades online for free. At the same time, American Express’s aggressive new reach into no-cost trading proves an irrefutable trend: one of the most viable ways for stock brokerage firms to make money is through the control of substantial assets in their customers’ accounts, not through large fees charged for executing trades.
While there has always been a limited number of individual investors who trade stocks over the very short-term, buying and selling a security in the same day or even in the same hour, the Internet has created an entirely new category of investors who attempt to make their fortunes through extremely rapid buying and selling: daytraders. Daytrading has not only increased the total volume of stocks traded on U.S. exchanges but has also vastly decreased the average amount of time that a typical common stock is held by an investor. About 75% of the shares of the average U.S. -based firm listed on the NYSE change hands in one year. For example, if a company had 10 million shares outstanding, 7.5 million of them were bought and sold in one year alone, on average. That percentage has soared from 46% in 1990 and only 12% in 1960. While the average time that a share of stock is owned in traditional old-line companies remains relatively long, the time line for the average ownership of a new Internet company's stock is amazingly short. For example, a study completed in 1999 showed that the average investment in General Electric, Exxon or Johnson & Johnson was held for about 30 to 33 months, and the average investment in Wal-Mart was held about 18 months. In contrast, the average investment in Microsoft was held only 6 months, and the average investment in Yahoo, Amazon.com, Doubleclick or Priceline.com was held for eight days or less. Online investors tend to be young males. Many consider themselves tech-savvy, and many are aggressive in their investment practices. Of course, the Nasdaq crash of March 2000 put a damper on individual investors and especially drained both the financial resources and the optimism of many daytraders. Prior to the steep market decline, many amateurs made creating profits by trading look easy—others lost considerable sums despite rapidly rising markets. Many daytraders have given up. Nonetheless, there is a cadre of highly talented traders who are enjoying continued success by carefully controlling their exposure to loss through limit orders and rapid trades. Typically, successful daytraders close out all of their ownership and order positions before the end of each day. In that manner, they cannot be blindsided by bad news that develops overnight. Simply put, the Internet is an absolutely revolutionary catalyst in the financial services arena. It lowers the cost of processing funds transfers. It enables individuals working at their PCs at home to act like global financiers. The Internet has put so much money into action from so many new players
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that it is directly responsible for an immense increase in the pool of investment funds and the availability of venture capital. That venture capital is fueling the creation of new products, new services and new technologies that further fuel the investment fire. The Internet provides near-perfect, real-time market data and research to those willing to go to the trouble to dig it out of the hundreds of millions of web pages posted on the World Wide Web. The Internet is rapidly making markets of all types much more liquid and efficient. Online investors are using the Internet to their advantage, and the entire structure of Wall Street is changing as a result. The cost of trading stocks online has plummeted since the inception of online trading, thanks to the low overhead achieved when an Internet-enabled brokerage uses the latest technology to cut the amount of costly office space and support staff required to execute trades. Many online investors are not seeking personal investment advice from their brokers — they know what they want, when they want it and how much of it they want, thanks to the research they are able to do online. Consequently, they do not need to interact with an individual stockbroker. Furthermore, an increasing number of investors are using the Internet as their primary method of buying, selling and tracking investment portfolios, regardless of whether those portfolios consist of stocks, bonds, mutual funds or other assets. Advisory material (both good and bad) is readily available and easily located on the Internet. The number of online brokerage firms soared from none in 1994 to more than 100 by the end of 1998. Consolidation has greatly reduced that number today. By 2005, nearly all investors with access to personal computers will use the Internet for their stock and mutual fund investments — if not to enter trades and orders, then at least to gather information about the status of their accounts. As the Internet becomes a required distribution channel, the distinction between online and "regular" trading will disappear. Like any revolutionary practice, online trading's rapidly growing popularity requires the industry to constantly implement change. Firms must consistently upgrade computer systems in order to prevent catastrophic crashes. Also, like most banking companies (see “Online Banking” below), many leading online brokerages are adopting a bricks-and-clicks model that combines physical storefronts with online services. Industry leader E*Trade opened its first physical brokerage branches in 2001. Called E*Trade Financial Centers,
these branches are designed to encourage personal visits by customers and have locations on Madison Ave. in the heart of New York City as well as in Beverly Hills, California; San Francisco, California’s financial district; downtown Boston, Massachusetts; and downtown Denver, Colorado. In addition, the company opened smaller “E*Trade Financial Zones” within SuperTarget department stores in Alabama, Colorado, Florida, Georgia, Nebraska and Texas. CSFBdirect (recently purchased by Bank of Montreal) has opened at least one storefront. Leading discount brokers Charles Schwab and TD Waterhouse have very successfully built blends of storefronts and online offerings.
Enhanced Technology and Extended Trading Hours : Due to increasing trade volume and investor demand, Nasdaq and the NYSE have upgraded their technology and are enhancing the way they operate in several essential ways. For example, the NYSE is creating a global market place, in conjunction with leading international exchanges, and Nasdaq has launched its own electronic communications network. Already, many electronic networks (see "ECN's" below) allow investors to trade outside of the stock exchanges, and leading brokers have invested in technology enabling customers to utilize their cell phones to trade at any time, from any place. Individual investors will continue to demand enhanced services. Technology also gives investors the ability to make trades after normal market hours, a logical way to serve the needs of individuals who can best make time to manage their portfolios after normal working hours. However, technology at brokerages has to be upgraded continuously (at tremendous cost) so that promised services do not get too far ahead of systems. For example, in early 1999, several of the largest online firms experienced difficulties when tidal waves of trades were unleashed by the heady stock market. Among firms whose systems floundered were Charles Schwab Corporation, E*Trade Group, Inc. and Toronto-Dominion Bank's Waterhouse Securities, Inc. Ameritrade went so far as to hire a technology expert as its co-chief executive in an attempt to forestall systemic computer breakdowns. Meanwhile, securities regulators have been forced to pick up the pace. Firms offering investors a pie -inthe-sky picture of quick wealth gained through rapid
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trading are being thoroughly scrutinized by state and federal officials. Television commercials aired by brokerages have featured supposedly average people getting rich quickly through online trading. These ads are being eyed by regulators, as the distinction between humorous irony and false advertising blurs. Regulators have decided to target these messages, subjecting firms to fines or pre-airing clearance. In a June 1999 speech by Securities and Exchange Commission Chairman Arthur Levitt, allusions were made to the potential danger of humorous ads such as one of Morgan Stanley's. In the ad, a truck-driving online trader accumulates enough wealth to buy his own private island. Levitt apparently did not find it funny. Stock fraud and investment scams are frequently launched online, forcing regulators to attempt to monitor the Internet constantly. Online message boards and newsletters should not be safe places for those engaging in fraudulent behavior. Newsletters that tout stocks but fail to give supportive data and proper disclosures are a ta rget for regulators, as are hucksters who promote stocks online to boost prices and then quickly liquidate their own positions. Trading via Electronic Communications Networks (ECNs): One of the most remarkable developments to spring from the online movement is the Electronic Communications Network, or ECN. These privately organized networks allow buyers and sellers of securities to post notices of their desire to trade directly with each other, via the network, completely bypassing stockbrokers and traditional stock exchanges. These ECNs create highly efficient markets that lower transaction costs for participating investors. The cost of trading on an ECN may run from a fraction of one cent to four cents per share, which may be as much as 99% lower than the cost of trading through more traditional means. While these networks are a relatively new development, there are already several successful ECNs. The leaders include Instinet, Island, MarketXT, REDIBook, Archipelago, Bloomberg Tradebook and BRUT. Some consolidation has already occurred among ECNs, and more is likely. Both the NYSE and the Nasdaq are keenly aware of competition from ECNs, and both have made plans to counterattack, including Nasdaq’s 2002 launch of its own ECN, named SuperMontage. Competition from ECNs may eventually drive the NYSE, Nasdaq and other exchanges to offer extended hours, enhanced services and direct connection services identical to those offered by
upstart ECNs, rendering ECNs somewhat superfluous. The stakes are high, and a highly competitive atmosphere will continue to flourish. For example, Instinet, long a leader in the ECN field, is a wholly owned subsidiary of Reuters Group, LLC. Established in 1969 as Institutional Networks Corp., Instinet now has seats on at least 18 major exchanges around the world and trades in at least 40 major markets. The company focuses on serving the largest broker/dealer and buy-side firms, and it offers 24-hour services. Its customers include 459 of the 500 largest investment management firms. The Attain network (www.attain.com) is owned by All-Tech Direct, Inc. It offers direct-access electronic stock trading to investors of all types and appeals in particular to active individual investors and daytraders. A $250-monthly Attain Pro account fee is waived for people executing 100 trades or more per month. The minimum account balance is $25,000. ECNs Archipelago, Chicago, IL, www.tradearca.com Attain, Montvale, NJ, www.attain.com BRUT, New York, NY, www.ebrut.com Instinet, New York, NY, www.instin et.com Island, New York, NY, www.isld.com MarketXT, New York, NY, www.marketxt.com NexTrade, Clearwater, FL, www.nextrade.org REDIBook, New York, NY, www.redi.com (plans to merge with Archipelago in early 2002) Bloomberg Tradebook, New York, NY www.bloomberg.com SuperMontage, part of Nasdaq, New York, NY www.nasdaq.com ALTERNATIVE TRADING SYSTEMS Bernard Madoff Knight/Trimark OptiMark Source: Plunkett Research, Ltd., www.plunkettresearch.com
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Largest Online Stock Brokerages Charles Schwab CSFBdirect (acquired DLJdirect; CSFBdirect was then acquired by Bank of Montreal) Datek Online E*Trade Ameritrade (acquired National Discount Brokers) Fidelity Merrill Lynch Morgan Stanley Online TD Waterhouse Source: Plunkett Research, Ltd., www.plunkettresearch.com
II.
Online Banking
Three types of banking organizations are now competing fiercely for online customers: 1. Internet-based, or "virtual," banks that have no traditional storefronts, lobbies or ATMs. 2. Traditional banks that offer Internet services as an additional convenience. 3. Online stock brokerages that have expanded into banking or bank-like services. Online-only banking firms have tried to give brick-and-mortar establishments a run for their money but have encountered great challenges because they lack a physical presence. Throngs of technology firms have developed banking, payment and payment processing software that runs easily over communication networks, creating the opportunity to take market share away from traditional brick-and-mortar banks. Since commerce is clearly becoming more electronic, traditional banks are teaming up with technology firms in order to compete with brokers, mutual fund companies and online-only financial institutions. At first glance, the business model of online banks is intriguing: They have the potential to be more cost-effective to operate than traditional institutions. When the traditional expenditures associated with brick-and-mortar banking are eliminated and new customer-friendly features, such as online payments and account transaction records, are available to the user, Internet banking offers many advantages, both in terms of cost and convenience. The customer is often offered a much simpler, faster and more direct banking experience via online access. Account
information can be reviewed with the click of a mouse at any time, and inter-account transfers can be seamlessly executed. Internet-only banks try to offer higher interest rates to depositors and often charge lower fees. This is based on the theory that an Internet-only bank is more efficient to operate—requiring fewer employees and less physical space than a storefront bank. However, as has proven to be true in many ecommerce areas, Internet-only banking never created the customer base that entrepreneurs sought when launching these enterprises. Several factors are at work here, but the trust that a consumer feels by seeing a physical bank presence combined with the convenience (and sometimes the unavoidable necessity) of the services offered by physical banks have combined to make Internet-only banking a small market. The bottom line is that Internet-only banks lack a competitive advantage of appeal to most customers. After all, banking giants like Citibank and Bank of America can afford to build online access features more easily than a startup Internet-only bank can. Now software firms offer online banking packages that are affordable to even the smallest community-based banks. At the same time, only a physical bank can offer standard services like safety deposit boxes, the ability to deposit cash and the ability to walk up to a teller or bank officer. Also, many consumers continue to have concerns about the security and stability of online-based banks and online account access in general. (Meanwhile, savvy bankers are taking banking to the customer by operating branches inside of supermarkets.) The “virtual vs. tangible” bank issue is one that banks have aggressively taken to task. Well-managed banks nationwide now offer full-service online banking combined with their traditional bank offices in the best of a bricks-and-clicks environment. This is analogous to the success found by many traditional retailers, such as Gap, Wal-Mart and J.C. Penney, in creating synergies between retail storefronts and online stores. One of the most interesting projects in online banking was WingspanBank.com, a wholly owned, Internet-only bank started by Bank One, a major nationwide bank holding company. While Bank One started Wingspan as a truly independent firm designed to compete against all banks (even against Bank One itself), the parent company grew tired of losing money on Wingspan while attracting only modest numbers of customers. Wingspan customers were eventually folded into Bank One, where they can enjoy both storefront and online banking.
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Virtually all of the nation’s larger banking companies now provide extensive online banking services, and every bank, large and small, will eventually have to provide online access in order to remain competitive. Meanwhile , some online and discount stock brokerage firms are venturing into banking or banklike services. E*Trade acquired online banking firm Telebank in January 2000 and purchased 8,000 physical ATM machines. More consolidation along these lines will occur. Brokers such as E*Trade see banking services as a logical way to attract more customers and build higher revenue streams. One Internet-only bank that may prove the viability of this business is NetBank (www.netbank.com), which acquired rival CompuBank’s 50,000 customers in March 2001. NetBank, which claims to be the world’s largest Internet bank, offers very competitive interest rates on deposits and loans and allows customers to open accounts with as little as $50. The firm, which is listed on the Nasdaq under the ticker symbol NTBK, had $2.9 billion in assets by the end of 2001, and it earned a substantial profit in the final quarter of 2001 on a customer base of 245,000 accounts.
Leading Personal Finance and Investment Advice Sites AOL Personal Finance www.moneycentral.msn.com www.quicken.com www.fidelity.com www.etrade.com www.schwab.com Source: BusinessWeek, Nielsen//NetRatings, Jupiter Media Metrix
III. New Technology, Electronic Billing, Back Office Serv ices and Outsourced Payment Processing Credit Cards: Called the "first true Internet Visa" by its creators, the NextCard, offered by NextBank, was designed to be a pioneering model for credit card operations of the future. Although there are several similarities between the operating regimens of standard cards and the NextCard, a number of differences set it apart. Unfortunately, aggressive
acceptance of new accounts led to the company’s demise, and bank regulators seized control of the NextBank in February 2002 because the government felt it should protect the $500+ million in deposits at the bank against the firm’s large losses. Nonetheless, NextBank, primarily a credit card operation, gained a large following at one time and had innovative operations. To begin with, its applicants went online to apply for the NextCard and were accepted or rejected within approximately two minutes. Customers were drawn towards NextCard not only because of an expedient application process but also because of unusually low introductory interest rates. After the first step of the application process, NextCard automatically shows the customer's other credit card balances on the screen, without asking for the numbers, so that the customer can specify what amount he or she wishes to transfer to the new NextCard balance (if any). Unfortunately, the ease of making an application for a credit card made the NextCard system appealing to people who were poor credit risks and to those seeking to commit credit card fraud. Losses from bad debt were extremely high. NextCard completely integrated its own computers with the national credit card processing system, allowing for these real-time credit and balance transfer approvals. All card-related business was conducted through the firm's web site. Online, the customer can review statements, transfer balances, upgrade the card and obtain general services. NextCard had a customer base of approximately 1 million cardholders. American Express has introduced a highly successful smart credit card called “Blue from American Express.” Designed to appeal to technology-savvy consumers, Blue offers several unique features, including perks designed specifically for people who are intense Internet shoppers. To begin with, Blue offers an enhanced level of online shopping security. Utilizing what American Express calls “Smart Chip Private Payments,” it provides a secure, temporary transaction number to use, instead of the actual credit card account number, when filling out an online order form that requires prepayment by credit card. The cardholder inserts Blue into a special reader attached to his or her computer, enters a PIN (personal identification number) and then creates a Smart Chip Payment online. This smart chip, embedded in each Blue credit card, has the potential to create several additional features and competitive advantages for American Express.
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Electronic Billing, Back Office Services and Outsourced Payment Processing: Online billing and payments can certainly benefit both the consumer and the business world—they could save paper and some of the estimated $20 billion that businesses spend on postage yearly. Businesses can send bills electronically through a customer's e-mail. When the customer is ready to pay, one simple click will automatically send the funds to an e-bill clearinghouse. There, the payment is deducted from the customer's account, and the vendor's account is credited. Many banks now cooperate with online payment exchanges to enable the payment of bills through online banking instead of physical check-writing. The convenience can be extraordinary. For example, a consumer can set up an online bank account to automatically pay standard bills on the first of each month—without writing a check, buying a stamp or sealing an envelope. Also, customers of Intuit's Quicken.com and Microsoft's Money software have electronic bill payment options. One of the more popular online transaction services is PayPal (www.paypal.com). PayPal enables both businesses and consumers to easily set up accounts that facilitate the transfer of money to anyone with an e-mail address. PayPal had a highly successful initial public offering in February 2002. While making payments and transfers online, or conducting online banking, consumers typically see a seamless process that appears effortless. To the bank or financial institution providing the services, however, the technology that handles such transactions involves immense effort and expense. In fact, keeping up with thousands or millions of customer accounts, regardless of whether those customers are using online access, is a highly specialized and highly automated “back office” side of the financial business that relies heavily on the latest in computer software, hardware and services providers. Many banks, investment managers, insurance providers and other financial institutions have found it advantageous to outsource much of their transaction processing to outside firms that specialize in providing such services. Other institutions build their own massive information technology departments and do all or most of their account and transaction processing in-house. In either event, these firms rely on state-of-the art software that is generally developed by others. Leading companie s in this field include The Bisys Group and Fiserv.
Leading Firms in Back Office, Processing Technologies and Services for Financial Services Companies The Bisys Group, www.bisys.com Bottomline Technologies, www.bottomline.com CheckFree, www.checkfree.com Corillian, www.corillian.com Digital Insight, www.digitalinsight.com Fiserv, www.fiserv.com Metavante, www.metavante.com Princeton eCom, www.princetonecom.com S1 Corporation, www.s1.com Source: Plu nkett Research, Ltd.
V.
Mortgages and the Internet
For those seeking home financing, either for the purchase of a home or to refinance an existing mortgage, the Internet is a great place to start. Just type the word "mortgage" in your favorite search engine and you'll be sifting through hundreds of search results. Furthermore, many companies with Internet services reduce or even eliminate the standard 1% loan origination fee. The automation that the Internet brings to many mortgage processes is a great benefit both to consumers and businesses. The time it takes to originate, process and underwrite a mortgage application can be whittled down to hours and days instead of weeks and months. The Internet is also a vast source of information on all aspects of the mortgage industry, resulting in empowered, betterinformed customers. While much of the legwork can be done over the Internet with online mortgage companies, the ability to actually close a loan electronically is still a few years down the road. A September 2000 survey conducted by Greenfield Online for the Mortgage Bankers Association of America found that mortgage seekers use the Internet primarily to obtain information. That information includes the latest interest rates and details on the procedures and fees involved. The survey found that few people had actually applied for a mortgage using the Internet, and only a handful had closed on a mortgage via online methods. Not surprisingly, the study further found that borrowers using the Internet while shopping for a mortgage tend to be more affluent and better educated than average borrowers.
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Use of the Internet when completing a mortgage application will increase steadily. The most important factor meanwhile is that consumers can use the Internet as a means of rapidly comparing lenders and loan programs, while lenders can use the Internet as a means of making the latest information available.
IV.
Insurance and the Internet
Like any other financial services-related industry, the insurance segment will continue to undergo major changes as e-commerce and the Internet affect it. The Internet and the development of e-commerce promise to deliver more expedient operations and cost efficiency to the insurance industry, though they also raise many new questions. According to consultants at Booze, Allen and Hamilton, insurers selling over the Internet have a substantial cost advantage over the lifetime of a customer, relative to non-Internet-based insurers. Additionally, reports done by Datamonitor indicate that Internet insurers have a 23% expense advantage over agency insurers and a 5% advantage over direct response writers. Reduced sales costs, lower customer service expenses and more advanced information-gathering capacities fuel these efficiencies. Meanwhile, e-commerce has prompted many insurers to upgrade and integrate their information systems. The role of insurance intermediaries and agents and the overall structure of the insurance market are changing dramatically as a result of Internet and ecommerce influences. Insurance portals now exist that can generate a number of competing insurance quotes within seconds. Because providing information and writing transactions have been the primary functions of insurance agents, electronic markets that can perform these tasks more efficiently and with fewer costs threaten these agents. Several agent functions are currently being disintermediated. Today, there are approximately 1.8 million insurance agents in the U.S., taking an average commission of about 11% of insurance policy premiums. However, the number of agents will decline. According to the Center for Risk Management and Insurance Research at Georgia State University, the furthering of ecommerce will decrease the use of the independent agency system relative to exclusive agent and directresponse distribution systems that have grown since the 1970s. The future role of the insurance agent may be geared more toward customer service and advising than generating sales.
The concept that the network becomes more valuable as more people are connected to it is also affecting the insurance industry. Hundreds of millions of people on the Internet translate into an increase in the value of Internet-based insurance services. With the increased value of online connection come decreased distribution costs. For example, products such as travel, credit or burial insurance have relatively high fixed costs and low value, and they are expensive to produce. Customers purchasing these products generally pay a high price per dollar of coverage. The Internet allows the disintermediation of this high overhead for low face-value products, meaning that prices can be lowered and more insurance can be sold by reducing transaction costs. Increased access through e-commerce is also influencing some consumers to purchase broader, high-value insurance products, such as liability umbrellas, to manage their risk. The competitive edge that the Internet provides prompts firms to offer more unique and complex insurance and reinsurance products. Transactions involving many products rely heavily on information and communication, which are areas where the Internet proves to have a considerable competitive advantage. At the same time, the sale and servicing of complex insurance products will require different kinds of networks appropriate for individualized transactions. Security will be an important consideration, given the large amount of proprietary information at stake. The Internet is currently prompting many insurers to restructure and repackage insurance services. In order to take advantage of advanced Internet technology, many companies are reengineering, outsourcing and/or streamlining their management functions or marketing and distribution arms. Some insurers will be able to reduce their investments in physical facilities and certain personnel as a result of the Internet’s ability to more efficiently deliver their services. For example, giant Allstate Insurance announced in 1999 that it would layoff about 10% of its workforce as it began selling insurance over the Internet as part of its new plan to streamline the firm. More recently, insurance giant Cigna Corp. eliminated 2000 jobs at the beginning of 2002 as a result of changes in the way it services accounts. In Summary: The Internet and e-commerce change the way that customers interact with their insurers. Customers can obtain quick quotes from a number of companies and can see ratings and evaluations of insurers on the Web. Additionally,
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they can receive better customer service and enjoy cost savings provided by outsourcing. Price comparisons are easily obtained online, and customers also have access to internal records, allowing them to check the status of their claims in terms of payment, when an annuity payment is due and how a mutual fund is performing. Technology brings the customers closer to the basic insurance contract by eliminating inefficiencies.
Major Insurance-Selling Sites on the Internet Answer Financial www.answerfinancial.com The Insurance Answer Center matches customers with insurance carriers and claims to have served 13 million customers. Insweb www.insweb.com enables consumers to compare quotes from 46 different insurance companies. Quicken Insurance www.insuremarket.com, part of the Intuit family, provides quotes from 21 different insurance carriers. Quotesmith.com www.quotesmith.com enables consumers to compare quotes from over 300 insurance companies in all 50 states. eCoverage www.ecoverage.com Highly regarded for ease of use, this site enables consumers to find automobile insurance in 31 states. Source: Plunkett Research, Ltd
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Chapter 7 RESIDENTIAL MORTGAGES
The Residential Mortgage Market
U.S. Mortgage Market At A Glance: 2000 2001 2002* Residential Mortgage Originations $billions Total $1,024 $2,036 $1,410 Refinance $194 $1,140 $522 Purchase $830 $896 $888 Home Sales in thousands New 877 903 881 Existing 5,114 5,223 5,050 Median Home Price $thousands Existing $138.4 $146.0 $151.5 New $166.5 $170.6 $173.2 Contract Interest Rates, 30 year fixed mortgage 8.1% 7.0% 7.2% *2002 numbers are forecasts Source: Mortgage Bankers Association of America www.mbaa.org
Home financing is an enormous, highly competitive and volatile market. In the U.S., 30,000 mortgage brokerage companies (firms that connect borrowers with lenders but do not own mortgage
portfolios in-house) employ 240,000 people. Hundreds of thousands of additional people work for mortgage banking firms (firms that own and originate loans) and in ancillary services. Total mortgage originations during 2001 in America are estimated at $1.8 to $2.0 trillion. The 2001 year was a record period for mortgage loan production thanks to extremely low interest rates, which spurred a flurry of refinancing and home sales activity. Adjustable rate mortgages (ARMs) accounted for a very low percentage of 2001’s activity, at about 12% of all loans originated compared to 25% the previous year, according to statistics developed by the Mortgage Bankers Association of America. Borrowers preferred to lockin low, fixed rates of interest. Many borrowers (about 56%) were refinancing existing mortgages in order to get lower rates, take cash out of their equities or both. In fact, homeowners increased their mortgage obligations in large numbers, cashing out $50 to $60 billion in equity, which provided great stimulus to an otherwise dull economy. However, inflation concerns are growing, mortgage rates are nudging up, and the refinancing boom that helped set last year’s records may recede quickly. With rates still at relatively low levels, sales of existing and new homes have been firm, which is helping to buttress the industry and offset the drop-
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off in refinancing activity. Mortgage companies that survive trend shifts in the fickle fixed income market are the ones that establish long-term relationships with Realtors and builders and do not rely on the short-lived refinance booms.
The Primary and Secondary Mortgage Markets The mortgage market is divided into two components: the primary market and secondary mortgage markets. 1) The primary market is simply the process the consumer encounters in obtaining a home loan: application, credit and property evaluation, underwriting and loan closing. 2) The secondary mortgage market is the acquisition and sale of newly closed and seasoned loans between lenders (such as mortgage bankers who originate and then resell mortgages, earning fees in the process) and institutional investors such as the Government National Mortgage Association (GNMA or "GinnieMae"), the Federal National Mortgage Association (FNMA or "FannieMae") and the Federal Home Loan Mortgage Corporation (FHLMC or "FreddieMac"). With these long-term investors as major purchasers of mortgage loans, vast liquidity is added to the market. Typically, when a lender funds a loan, it is doing so on borrowed funds from a bank, from a line of credit known as a "warehouse line." If the lender does not sell its loans, eventually the warehouse line will be full, and no more funds will be available to it to make loans. In addition to providing liquidity, the secondary market is a convenient way for mortgage bankers to manage and transfer the interest rate risk associated with the closing of the loan. In the secondary market, mortgages are either sold individually ("whole loan") or in pools of loans such as mortgage-backed securities. In general, a pool contains loans that are similar in rate, term and product type. Payments are made to the original lender or to a designated "servicer," who handles billing, collecting, reporting, delinquency follow-up and the management of tax and escrow accounts. A common practice in the industry is to sell the loan "servicing released," along with the original mortgage, for a negotiated fee. By doing this, lenders relieve themselves of the interest rate risk associated with holding mortgage obligations in their portfolios. (Rising interest rates will lower the value of a portfolio of existing loans.) Investors that purchase these loans in the secondary market take a long-term view and are willing to assume interest rate risks.
Mortgages and the Internet See the discussion of all financial services and the Internet in Chapter 6. Factors Affecting Mortgage Rates A sudden shift in interest rates can wreak havoc on the value of an institution's portfolio of loans. It can also cause major headaches for lenders that must constantly tweak their pricing and marketing strategies in order to stay competitive and profitable. Consumers in the market for home financing should track interest rates as well. They should time their decisions to buy or refinance so that they get the best possible rate and stay within their budgets. Internet Research Tip: For good overall access to economic data that affect mortgage rates, use these Internet sites: Federal Reserve Bank of Minneapolis http://woodrow.mpls.frb.fed.us Bureau of Economic Analysis www.bea.doc.gov For excellent information on the mortgage industry and current market conditions: Mortgage Bankers Association of America www.mbaa.org
Mortgage instruments are part of the long-term U.S. debt markets, otherwise known as the "capital markets." Interest rates in these markets are driven by fluctuations in several important economic and inflation indicators. Ironically, bad news for the economy may be good news for the fixed-income markets if interest rates decline. • Gross Domestic Product (GDP). Considered the nation's report card, this report has four components: 1) consumption spending, 2) investment spending, 3) government spending and 4) net exports. Interest rates in the fixedincome (bond and mortgage) markets react favorably to a weak GDP report. A strong report heightens inflation fears and concerns that the Federal Reserve Board ("The Fed") might intervene and raise interest rates. • Consumer Price Index (CPI). Generally regarded as the most important measure of inflation, it compares prices for a fixed list of goods and services (domestic and imported) to a base period. The bond market watches the CPI carefully. A higher-than-expected CPI is
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•
•
•
•
•
•
•
•
considered inflationary and will cause bond prices to fall and yields to rise. Producer Price Index (PPI). Unlike the CPI, the PPI does not measure services. Instead, it measures only wholesale prices at the producer level, for consumer goods and capital equipment. Larger than expected increases in the PPI spook the bond market due to fears that inflation may be on the horizon. Employment Cost Index (ECI). The ECI measures the growth of wages and benefits. Although it is not a very timely report, the bond market still looks here for inflationary trends and will react negatively to a strong report. Payroll Jobs. Even though it is subject to numerous and constant revisions, increasing trends in this report are considered inflationary by the bond market. They will cause prices to slump and interest rates to rise. Unemployment Rate. This report covers information on employment, average workweek, hourly earnings and unemployment. This is a lagging indicator, meaning it rises or falls following a change in economic activity. Increasing unemployment translates to inflationary pressure in the eyes of the bond market, resulting in rising interest rates. Housing Starts. The bond market keeps a very close eye on housing activity because it is a leading indicator. An increase in housing activity triggers economic growth. In a low interest rate environment, housing activ ity will likely be strong. If the report is stronger than expected, interest rates will rise. National Association of Purchasing Managers (NAPM). This survey is a bird's eye view of manufacturing activity during the previous 30 days. About 250 companies in 20 industries in all 50 states participate in the survey. The benchmark index is 50, so that a reading over 50 indicates expanding economic activity. This is likely to nudge interest rates upward. Retail Sales. This is a good barometer of consumer spending, which is the consumption spending component of the GDP. Strong retail sales are bearish (negative) for the bond market, pulling prices down and pushing interest rates up. Durable Goods Orders. This is another leading indicator of economic activity. An increase in orders leads to an increase in production. Declines in orders are followed by a build-up of inventories and ultimately a drop-off in production. The report is constantly revised and
•
•
•
generally analyzed on a six-month moving average. Again, a strong report does not bode well for interest rates. Personal Income and Consumption Expenditures. This report provides market forecasters with insight into the future spending habits of consumers. A strong report suggests rapid economic growth and causes concern that the Fed might tighten monetary policy, instigating a bond market sell-off. Industrial Production and Capacity Utilization. Industrial production is an index that measures the physical volume of the output of the nation's manufacturing sector. Capacity utilization measures how much of the nation's total plant capacity is currently active in the production of goods. The bond market prefers a sluggish production pace and weak capacity utilization. Strong numbers in either one of these reports is bearish for the bond market. Existing and New Home Sales. Of moderate importance to the bond market, these reports are somewhat volatile and generally analyzed on a three-month moving average basis.
Primary Market Players Mortgages are orig inated by mortgage companies (bankers and brokers), commercial banks and thrifts. Whereas a mortgage banker can originate, fund and sell the mortgage loan, a mortgage broker can only originate the loan. It must transfer the loan to another entity that either funds and sells the loan or retains it for its own portfolio. A mortgage banker may be a retail or wholesale lender. Retail mortgage bankers solicit builders and Realtors directly, whereas wholesale mortgage bankers solicit only brokers. There are many other ancillary industries that participate in the mortgage loan process: • Real estate agents. Agents assist consumers in the buying and/or selling of a home and sometimes refer their clients to a mortgage loan officer. • Closing agents. These agents serve the role of an impartial third party in the closing process and may be in the offices of attorneys or escrow companies. • Title insurance companies. They insure that the title to the subject property is clear, and then issue a title insurance policy for the lender. • Appraisers. They evaluate market value of the property for the lender and consumer.
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Credit reporting agencies. These agencies research credit records of consumers and provide information as to judgments, bankruptcies, late payments and liens. Private mortgage insurance companies (PMI). They insure the lender against default by the borrower. PMI is required only when the loan principal exceeds 80% of the appraised value or sales price, whichever is lower. The borrower pays for this as a part of the monthly payment. Hazard insurance companies (property and casualty insurance). This insurance is required by the lender for the amount of the outstanding loan balance to insure the property against loss by fire or other disasters.
Internet Research Tip: There is a wealth of information on the Internet for those considering buying or refinancing a home. Some of the more in-depth and informative ones are: www.homepath.com www.mortgage101.com www.mortgage-mart.com www.pueblo.gsa.gov These sites do a fantastic job of explaining the loan process, answering frequently asked questions, defining the broad range of loan options and explaining the steps to take in the event that you need to take action against a lender.
For The Consumer Obtaining financing for a home is an inherently complicated and sometimes frustrating process. Many problems may arise between the initial application and final loan closing. Some important questions to ask yourself before applying for a loan are: • How long do I intend to live in the house? • How much cash do I have for a down payment? • How much cash will I have left over after buying or refinancing the home? • Am I worried about rising interest rates? • How are my income, job and credit histories? • Will my income and job remain stable or improve over the life of the loan? • Am I going to make extra principal payments to pay off the loan early? Knowing answers to at least some of these questions will make life easier for you when it is time to talk with a loan officer or fill out an application. The
more informed and prepared you are, the less frustrating the process will be. Doing your homework will pay off. Fees. Borrowers with good credit should not have to pay more than 1.5% of the mortgage amount in broker’s fees. Lower fees may be available when using Internet-based loan applications. Beware of a "yield spread to premium." This is a fee passed back to the broker by the lender as a result of a higher interest rate being charged. Ask your broker to disclose the yield spread premium, if any, and ask that it be removed from the deal if it is proposed. This should result in a lower interest rate for you. (Not all mortgage brokers attempt to charge this premium.) Lock Your Loan. A lock is simply the lender's agreement to stick to the proposed terms of the loan. This includes interest rate, term of years and the amount of the loan. A lock gives you a guaranteed interest rate so that you are protected against rising interest rates until you close the deal. A lock differs from a loan commitment in that a commitment is the lender's promise to make you a loan, but not necessarily at any particular terms. You should shop lenders for the best interest rate, lowest points, fees and other up-front charges. When you receive a quote that you are comfortable with, obtain a written agreement from the lender stating the terms. Make sure that the rate is locked long enough to get your loan closed, which can take 30 days or more. Remember to keep an eye on interest rates and the aforementioned economic indicators while your loan is in process. If interest rates fall before you have closed, you should be able to negotiate a lower rate, even if your current lock has not expired.
Types of Mortgage Loans Conforming, Fixed-Rate Loans. The most common type of mortgage loan, these are usually offered on a 15-, 20- or 30-year term. The interest rate remains fixed for the life of the loan. Monthly payments may fluctuate because of monthly escrow account analyses covering insurance and taxes, but the interest rate does not vary. The loan is amortized so that it is paid in full upon maturity. During the early years of the loan, the majority of the payment is applied to interest. As the loan is paid down, more is applied to principal.
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30-Year Term. A 30-year fixed-rate loan is a good option if you plan on living in your home for a long time. Monthly payments are more reasonable since they are spread out over a long period of time. 15- and 20-Year Term. A shorter-term loan offers the opportunity to own your home free-and-clear in a substantially shorter amount of time. The interest rate is usually an eighth to a quarter lower than that of a 30-year note. While the monthly payment is higher because the loan must be paid off in a shorter amount of time, the total interest paid is significantly less than that of a 30-year loan. Non-Conforming (Jumbo) Loans. Any loan, fixed or ARM, exceeding $308,700. The benchmark loan amount is set by FNMA. It is reviewed annually and adjustments are made accordingly. Adjustable Rate Mortgages (ARM). Amortized over 15 or 30 years, ARM loans offer a lower initial interest rate, but the trade-off is the potential for a higher interest rate in future years. The interest rate adjusts periodically based upon an established index and a fixed margin. Most ARMs have caps on how much the interest rate can adjust, and these vary from lender to lender and program to program. Some ARM programs may also give you the option to convert to a fixed rate at a given point in time. Payments may go up or down depending on where interest rates are when the adjustment date arrives, usually every twelve months. You should feel comfortable that your income will increase to handle any rise in monthly payments before choosing this type of loan. The ARM has two caps. One sets the maximum amount the interest rate can rise on any given adjustment date. The other cap puts a ceiling on the amount the interest rate can adjust over the life of the loan. Common types of ARMs include Treasury-indexed ARMs, Libor- (London Interbank Offered Rate) Based ARMs and the Two-Step Mortgage. Some ARM programs may also have an initial fixed rate period. Also called "Intermediate ARMs,” these programs offer several years of fixed payments before there is an interest rate adjustment. These loans are generally offered with three-, five-, seven- or ten-year introductory fixed rate periods, with an adjustment for each year thereafter. Intermediate ARM loans protect the borrower against sudden rate increases during the early years of the loan. ARM programs vary from lender to lender, so be sure to ask your lender which is the best fit for you.
Government Loan Programs. FHA loans. Sponsored by the Department of Housing and Urban Development (HUD), this program allows borrowers who would not qualify under conventional guidelines to obtain a loan. Down payment requirements are less strict (3% to 5% of the loan amount). FHA maximum loan amounts vary according to the average sales price of a home for a specific region. The loans are guaranteed by the Government National Mortgage Association which insures the lender against default of the borrower. VA Loans. The VA (Veterans Administration) guarantee allows qualified veterans to purchase a home with no down payment. Underwriting guidelines are more flexible than those of FHA or conventional loans, but there is a maximum amount that the loan cannot exceed which was raised to $240,000 in December 2001. RHS (Rural Housing Service). Loans sponsored by the US Department of Agriculture which offer low interest rates and low down payments for low-tomoderate income persons who live in rural areas. State and local bond programs. A number of states sponsor programs to help first-time homebuyers qualify for mortgages. Other state and local programs may also offer closing cost and down payment assistance. You can search FNMA's web site, www.homepath.com, for the nearest housing agency near you. Affordable Housing Loans . For consumers with good credit history who wish to own a home but lack the means to produce the cash for the down payment and closing costs, the Federal National Mortgage Association ("Fannie Mae”) sponsors several loan programs which can assist them. Underwriting ratios are more flexible, allowing the borrower to use a higher percentage of his or her monthly income for housing expense. Ask a local lender for details on these programs or consult FNMA's web site for further information, www.homepath .com. Second Mortgages. These are commonly used to reduce the amount of cash down payment or to circumvent the mortgage insurance requirement. For example, instead of obtaining a 90% loan, a consumer might get an 80% first lien and a 10% second. The buyer will then avoid the cost of mortgage insurance on the first lien; however, he or she will pay a higher rate of interest on the second lien than on the first, because second liens are riskier. Meanwhile, the borrower will be able to claim
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interest paid on both the first and second liens as tax deductions, while mortgage insurance premiums are not tax deductible. Mortgage insurance is only required on loans exceeding 80% loan to value. Balloon Loans. These loans have payments based on a 30-year amortization schedule, but are due and payable usually after five or seven years. Interest rates and monthly payments are lower than a 15-year or 30-year fixed-rate loan. At maturity, the borrower has the option to convert to a fully amortizing loan based on current principal and interest rates, or else pay off the loan. Sub-Prime Loans. There is an increasing market for borrowers with damaged credit. The loans generally cannot be sold through the conforming conduits like FNMA or FHLMC. The rates on these loans are higher than "A" credit-rated loans (sometimes substantially higher, depending on the circumstances of the borrower), simply because the borrower has no choice and no negotiating power due to his or her credit problems. Sub-prime borrowers are frequently required to make higher down-payments of up to 25%. Construction or “Interim” Loans. These loans cover a new property while under construction and are generally made to qualified building companies. Interim loans are paid off at the time of the actual closing of the purchase by the homebuyer, who uses a “permanent” mortgage. Two-, Three- or Four- Family Home Loans. Conforming and non-conforming mortgages are available for multi-family dwellings up to four units. Larger properties require “commercial” mortgages. Commercial Mortgages. Commercial mortgages cover large, multi-family properties such as apartment buildings, as well as office buildings, shopping centers and industrial properties. The rules vary greatly from loan to loan and differ from home loan rules.
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1-4 Family Mortgage Originations (Refinancings and ARM Share) 1980- 2000 Total ($ Bil.)
Refinancings
ARM
Share (%) Share (%)
1980
133.8
N/A
N/A
1981
98.2
N/A
N/A
1982
96.9
N/A
41
1983
201.9
N/A
40
1984
203.7
N/A
62
1985
289.8
18
51
1986
499.4
32
30
1987
507.2
29
43
1988
446.3
18
58
1989
452.9
19
38
1990
458.4
23
28
1991
562.1
30
23
1992
893.7
48
20
1993
1,019.9
55
20
1994
768.7
32
39
1995
638.4
25
32
1996
785.2
29
27
1997
833.6
31
23
1998
1,507.0
50
12
1999
1,285.0
34
22
2000
1,024.0
19
25
NA - Not Available Sources: U.S. Department of Housing & Urban Development, Federal Housing Finance Board, MBAA
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New housing units started and authorized, 1960-2001 (Thousands of units) New housing units started 1
Year or Private and public month Total (farm and Nonfarm nonfarm) 1960 1965 1970
1296.1 1,509.7 1,469.0
1971 1972
2,084.5 2,378.5
3
1973 1974
2,057.5 1,352.5
3
1975 1976 1977
1,171.4 1,547.6 2,001.7
3
1978 1979
2,036.1 1,760.0
3
1980 1981 1982
1,312.6 1,100.3 1,072.1
3
1983 1984
1,712.5 1,755.8
3
1985 1986 1987
1,745.0 1,807.1 1,622.7
3
2 3 4 p
3
3
3
3 3
3
3 3
3
3 3
1988 1989
4
3
4
3
1990 1991
4
3
4
3
1992 1993 1994
4
3
4
3
4
3
1995 1996
4
3
4
3
1997 1998 1999
4
3
4
3
4
3
2000
4
3
4
3
2001 1
1274.0 1,487.5
p
1
Private (farm and nonfarm) Type of structure Total 2 to 4 5 units or 1 unit units more 1252.2 994.7 257.5 1,472.8 963.7 86.6 422.5 1,433.6 812.9 84.8 535.9
New private housing units authorized Type of structure Total
1 unit
2 to 4 units
2
5 units or more
998.0 1,239.8 1,351.5
746.1 709.9 646.8
64.6 84.8 88.1
187.4 445.1 616.7
2,052.2 2,356.6
1,151.0 1,309.2
120.3 141.3
780.9 906.2
1,924.6 2,218.9
906.1 1,033.1
132.9 148.6
885.7 1,037.2
2,045.3 1,337.7
1,132.0 888.1
118.3 68.1
795.0 381.6
1,819.5 1,074.4
882.1 643.8
117.0 64.3
820.5 366.2
1,160.4 1,537.5 1,987.1
892.2 1,162.4 1,450.9
64.0 85.9 121.7
204.3 289.2 414.4
939.2 1,296.2 1,690.0
675.5 893.6 1,126.1
63.9 93.1 121.3
199.8 309.5 442.7
2,020.3 1,745.1
1,433.3 1,194.1
125.0 122.0
462.0 429.0
1,800.5 1,551.8
1,182.6 981.5
130.6 125.4
487.3 444.8
1,292.2 1,084.2 1,062.2
852.2 705.4 662.6
109.5 91.1 80.0
330.5 287.7 319.6
1,190.6 985.5 1,000.5
710.4 564.3 546.4
114.5 101.8 88.3
365.7 319.4 365.8
1,703.0 1,749.5
1,067.6 1,084.2
113.5 121.4
522.0 544.0
1,605.2 1,681.8
901.5 922.4
133.6 142.6
570.1 616.8
1,741.8 1,805.4 1,620.5
1,072.4 1,179.4 1,146.4
93.4 84.0 65.3
576.1 542.0 408.7
1,733.3 1,769.4 1,534.8
956.6 1,077.6 1,024.4
120.1 108.4 89.3
656.6 583.5 421.1
1,488.1 1,376.1
1,081.3 1,003.3
58.8 55.2
348.0 317.6
1,455.6 1,338.4
993.8 931.7
75.7 67.0
386.1 339.8
1,192.7 1,013.9
894.8 840.4
37.5 35.6
260.4 137.9
1,110.8 948.8
793.9 753.5
54.3 43.1
262.6 152.1
1,199.7 1,287.6 1,457.0
1,029.9 1,125.7 1,198.4
30.7 29.4 35.0
139.0 132.6 223.5
1,094.9 1,199.1 1,371.6
910.7 986.5 1,068.5
45.8 52.3 62.2
138.4 160.2 241.0
1,354.1 1,476.8
1,076.2 1,160.9
33.7 45.2
244.1 270.8
1,332.5 1,425.6
997.3 1,069.5
63.7 65.8
271.5 290.3
1,474.0 1,616.9 1,640.9
1,133.7 1,271.4 1,302.4
44.5 42.6 31.9
295.8 302.9 306.6
1,441.1 1,612.3 1,663.5
1,062.4 1,187.6 1,246.7
68.5 69.2 65.8
310.3 355.5 351.1
1,568.7 1,603.1
1,230.9 1,274.7
38.7 36.1
299.1 292.3
1,592.3 1,610.8
1,198.1 1,221.2
64.9 68.2
329.3 321.3
Units in structures built by private developers for sale upon completion to local public housing authorities under the Department of Authorized by issuance of local building permit: in 19,000 permit-issuing places beginning 1994; in 17,000 places for 1984–93; in 16,000 Not available separately beginning January 1970. Series discontinued December 1988. Preliminary data. Source: Department of Commerce, Bureau of the Census.
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New construction activity, 1960-2001 (Value put in place, billions of dollars)
Total new Year/ construcmonth Total tion
1960 1965 1970 1975 1980 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Jan
1 2 3 4 5
Residential
Private construction Nonresidential buildings and other
1
buildings New 2 housing Total units 23.0 17.3 30.2 23.8 35.9 27.1 51.6 36.3 100.4 69.6 158.5 114.7 187.1 133.2 194.7 139.9 198.1 138.9 196.6 139.2 182.9 128.0 157.8 110.6 187.8 129.6 210.5 144.1 238.9 167.9 230.7 162.9 256.5 179.4 265.9 187.3 314.6 224.0 350.6 251.3 374.3 264.9
54.7 81.9 105.9 152.6 273.9 401.4 429.9 441.6 455.6 469.8 468.5 424.2 452.1 478.6 519.5 537.4 583.4 618.2 704.7 763.8 815.4
38.9 60.0 78.0 109.3 210.3 323.6 345.3 351.0 360.9 371.6 361.1 314.1 336.2 362.7 399.3 407.5 449.0 475.1 551.4 596.3 640.6
Feb Mar Apr May June
859.8 869.3 869.1 870.8 869.6 861.6
673.7 681.8 681.2 677.4 670.8 665.3
386.1 398.9 395.1 392.2 394.3 391.5
July Aug Sept Oct Nov
863.7 856.6 851.9 858.6 865.1
667.8 663.1 660.2 653.0 650.0
395.7 399.6 398.1 398.3 389.6
Public construction
1
construction Total
CommerIndustrial 3 cial
Total Other
Federal
4
State and local
5
15.9 29.7 42.1 57.8 109.9 165.1 158.2 156.3 162.8 175.1 178.2 156.2 148.4 152.2 160.5 176.8 192.5 209.3 236.8 245.7 266.3
4.2 9.4 13.0 17.2 41.7 88.1 84.0 83.2 86.4 89.2 85.8 62.2 53.2 57.9 64.4 75.4 87.0 99.0 110.6 120.4 133.5
2.9 7.2 9.3 11.7 20.5 24.1 21.0 21.2 23.2 28.8 33.6 31.4 29.0 26.5 28.9 32.5 32.7 31.4 40.5 32.6 32.1
8.9 13.1 19.8 28.9 47.7 52.9 53.2 52.0 53.2 57.1 58.8 62.6 66.2 67.8 67.1 68.9 72.9 78.9 85.7 92.6 100.7
15.9 21.9 27.9 43.3 63.6 77.8 84.6 90.6 94.7 98.2 107.5 110.1 115.8 116.0 120.2 129.9 134.5 143.1 153.3 167.5 174.9
3.6 3.9 3.1 6.1 9.6 12.0 12.4 14.1 12.3 12.2 12.1 12.8 14.4 14.4 14.4 15.8 15.3 14.1 14.3 14.0 13.8
12.2 18.0 24.8 37.2 54.0 65.8 72.2 76.6 82.5 86.0 95.4 97.3 101.5 101.5 105.8 114.2 119.2 129.0 139.0 153.5 161.1
269.1 275.4 273.9 274.7 278.8 278.5
287.6 283.0 286.1 285.3 276.5 273.8
141.3 140.5 143.9 139.8 133.1 131.8
35.9 33.4 34.8 34.7 31.9 33.0
110.4 109.1 107.4 110.8 111.5 109.1
186.1 187.5 188.0 193.4 198.7 196.2
14.8 15.0 14.2 13.6 13.8 13.6
171.3 172.6 173.7 179.8 184.9 182.6
280.0 280.2 279.3 279.1 277.5
272.1 263.6 262.1 254.7 260.4
130.8 125.2 125.9 125.2 125.5
34.6 31.9 31.3 25.6 25.6
106.6 106.5 104.9 103.9 109.3
196.0 193.5 191.6 205.6 215.1
13.3 14.0 14.3 15.6 14.1
182.7 179.6 177.4 189.9 201.0
Beginning 1960, farm residential buildings included in residential buildings; prior to 1960, included in nonresidential buildings and other Includes residential improvements, not shown separately. Prior to 1964, also includes nonhousekeeping units (hotels, motels, etc.). Office buildings, warehouses, stores, restaurants, garages, etc., and, beginning 1964, hotels and motels; prior to 1964 hotels and motels Religious, educational, hospital and institutional, miscellaneous nonresidential, farm (see also footnote 1), public utilities Includes Federal grants-in-aid for State and local projects.
Source: Department of Commerce, Bureau of the Census.
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www.plunkettresearch.com Mortgage debt outstanding by holder, 1960-2001 [Billions of dollars] Other holders
1960 1965 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001:I II III
207.6 333.7 474.4 525.1 598.3 673.6 734.0 793.5 880.3 1,012.1 1,164.6 1,330.1 1,464.8 1,590.2 1,675.6 1,869.3 2,113.1 2,377.2 2,661.5 2,998.9 3,315.6 3,586.8 3,800.8 3,951.8 4,066.1 4,206.1 4,393.0 4,604.0 4,901.6 5,216.8 5,728.2 6,363.3 6,938.1 7,061.6 7,281.5 7,475.9
157.7 265.0 356.7 395.2 450.9 506.4 544.1 582.9 649.3 747.0 849.8 939.9 998.6 1,042.8 1,023.4 1,110.0 1,247.8 1,363.5 1,476.5 1,667.6 1,834.4 1,935.2 1,918.8 1,846.2 1,770.5 1,770.1 1,824.7 1,900.1 1,981.9 2,084.0 2,194.8 2,396.3 2,620.9 2,664.8 2,716.3 2,735.7
87.0 154.9 208.3 236.2 273.7 305.0 324.2 355.8 404.6 469.4 528.0 574.6 603.1 618.5 578.1 626.7 709.7 760.5 778.0 860.5 924.6 910.3 801.6 705.4 628.0 598.4 596.2 596.8 628.3 631.8 644.0 668.6 723.5 741.1 751.7 756.7
41.8 60.0 74.4 75.5 76.9 81.4 86.2 89.2 91.6 96.8 106.2 118.4 131.1 137.7 142.0 151.0 156.7 171.8 193.8 212.4 232.9 254.2 267.9 259.5 242.0 223.9 215.8 213.1 208.2 206.8 213.6 230.8 235.9 235.1 237.1 239.0
11.5 13.5 38.3 46.4 54.6 64.8 82.2 101.1 116.7 140.5 170.6 216.0 256.8 289.4 355.4 433.4 490.6 581.9 733.7 858.9 937.8 1,067.3 1,258.9 1,422.5 1,558.1 1,682.8 1,787.7 1,879.1 2,006.6 2,112.0 2,311.1 2,614.4 2,835.6 2,880.5 2,991.0 3,119.9
and others
Individuals
3
agencies
Federal and related
4
28.9 50.0 74.1 83.4 100.2 120.1 133.6 137.9 153.1 180.8 215.7 246.9 264.5 286.5 303.4 332.3 381.4 431.2 504.7 594.8 676.9 770.7 849.3 881.3 990.5 947.8 1,012.7 1,090.2 1,145.4 1,245.3 1,337.2 1,496.8 1,661.4 1,688.7 1,727.5 1,739.9
Life Insurance companies
2
Banks
Commercial
Institutions
Savings
Total
Total
Year end or quarter
1
Major financial institutions
38.4 55.2 79.4 83.6 92.8 102.4 107.7 109.6 114.4 124.6 144.3 174.3 209.4 258.0 296.8 325.8 374.7 431.8 451.3 472.3 543.5 583.6 623.0 683.2 737.4 753.2 780.6 824.8 913.1 1,020.8 1,222.3 1,352.7 1,481.6 1,516.3 1,574.2 1,620.4
1
Includes savings banks and savings and loan associations. Data reported by Federal Savings and Loan Insurance Corporation-insured institutions include loans in process for 1987 and exclude loans in process beginning 1988. 2
Includes loans held by nondeposit trust companies, but not by bank trust departments.
3
Includes Government National Mortgage Association (GNMA), Federal Housing Administration, Veterans Administration, Farmers Home Administration (FmHA), Federal Deposit Insurance Corporation, Resolution Trust Corporation (through 1995), and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, Federal Farm Mortgage Corporation, and Public Housing Administration. Also includes U.S.-sponsored agencies such as Federal National Mortgage Association (FNMA), Federal Land Banks, Federal Home Loan Mortgage Corporation (FHLMC), and mortgage pass-through securities issued or guaranteed by GNMA, FHLMC, FNMA or FmHA. Other U.S. agencies (amounts small or current separate data not readily available) included with "individuals and others." 4
Includes private mortgage pools.
Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organizations.
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Mortgage debt outstanding by type of property and of financing, 1960-2001 [Billions of dollars] Nonfarm properties Nonfarm properties by type of mortgage Year end or qtr. 1960 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001: I II p III 1
All Farm proper- properties ties
207.5 333.3 356.5 381.2 411.1 441.6 474.4 525.1 598.3 673.6 734.0 793.5 880.3 1,012.1 1,164.6 1,330.1 1,464.8 1,590.2 1,675.6 1,869.3 2,113.1 2,377.2 2,661.5 2,998.9 3,315.6 3,586.1 3,800.8 3,951.8 4,066.1 4,206.1 4,393.0 4,604.0 4,901.6 5,216.8 5,728.2 6,363.3 6,938.1 7,061.6 7,281.5 7,475.9
12.8 21.2 23.1 25.1 27.5 29.4 30.5 32.4 35.4 39.8 44.9 49.9 55.4 63.9 72.8 86.8 97.5 107.2 111.3 113.7 112.4 105.9 95.2 87.7 83.0 80.5 78.9 79.2 79.7 80.7 83.0 84.6 87.1 90.3 96.5 103.0 108.8 109.9 113.1 114.6
Total
194.7 312.1 333.4 356.1 383.5 412.2 444.0 492.7 562.9 633.8 689.1 743.7 824.9 948.2 1,091.9 1,243.4 1,367.3 1,483.0 1,564.3 1,755.6 2,000.7 2,271.4 2,566.3 2,911.2 3,232.6 3,505.7 3,721.9 3,872.7 3,986.3 4,125.4 4,310.0 4,519.4 4,814.4 5,126.5 5,631.7 6,260.3 6,829.3 6,951.7 7,168.4 7,361.3
1- to 4- MultiComGovernment underwritten 1 family family mercial Total 1- to 4-family houses houses proper- properTotal FHA VA ties ties insured guaranteed 141.9 20.3 32.4 62.3 56.4 26.7 29.7 220.5 37.2 54.5 81.2 73.1 42.0 31.1 232.9 40.3 60.1 84.1 76.1 44.8 31.3 247.3 43.9 64.8 88.2 79.9 47.4 32.5 264.8 47.3 71.4 93.4 84.4 50.6 33.8 283.2 52.2 76.9 100.2 90.2 54.5 35.7 298.0 60.1 85.8 109.2 97.3 59.9 37.3 326.6 70.1 96.1 120.7 105.2 65.7 39.5 367.2 82.8 112.9 131.1 113.0 68.2 44.7 408.6 93.1 132.0 135.0 116.2 66.2 50.0 441.5 100.0 147.6 140.2 121.3 65.1 56.2 482.8 100.6 160.3 147.0 127.7 66.1 61.6 547.1 105.7 172.1 154.1 133.5 66.5 67.0 643.5 114.0 190.7 161.7 141.6 68.0 73.6 754.5 124.9 212.4 176.4 153.4 71.4 82.0 871.0 134.8 237.5 199.0 172.9 81.0 92.0 968.7 140.9 257.7 225.1 195.2 93.6 101.6 1,047.7 138.8 296.5 238.9 207.6 101.3 106.2 1,094.1 140.6 329.6 248.9 217.9 108.0 109.9 1,217.1 153.8 384.7 279.8 248.8 127.4 121.4 1,358.0 176.8 465.9 294.8 265.9 136.7 129.1 1,533.4 205.0 533.0 328.3 288.8 153.0 135.8 1,737.8 238.1 590.5 370.5 328.6 185.5 143.1 1,969.8 260.3 681.1 431.4 387.9 235.5 152.4 2,206.0 276.7 749.9 459.7 414.2 258.8 155.4 2,443.0 287.2 775.4 486.8 440.1 282.8 157.3 2,646.6 285.5 789.8 517.9 470.9 310.9 160.0 2,814.5 282.3 775.9 537.2 493.3 330.6 162.7 2,984.1 269.1 733.2 533.3 489.8 326.0 163.8 3,146.5 266.6 712.3 513.4 469.5 303.2 166.2 3,330.0 267.7 712.3 559.3 514.2 336.8 177.3 3,510.3 277.0 732.1 584.3 537.1 352.3 184.7 3,721.9 294.8 797.7 623.2 574.1 379.2 194.9 3,959.6 310.5 856.5 659.4 608.4 405.7 202.7 4,328.4 340.8 962.5 677.6 627.3 417.9 209.4 4,800.2 376.5 1,083.7 731.5 678.8 462.3 216.5 5,226.6 414.4 1,188.3 773.1 720.0 499.9 220.1 5,320.0 423.6 1,208.2 776.6 723.1 502.8 220.3 5,480.5 438.8 1,249.1 772.3 718.2 497.8 220.4 5,622.9 452.4 1,286.0 773.7 719.7 499.3 220.4
2
Conventional Total 1- to 4-family houses 132.3 231.0 249.3 267.9 290.1 312.0 334.7 372.0 431.8 498.8 548.8 596.7 670.8 786.4 915.5 1,044.4 1,142.2 1,244.1 1,315.4 1,475.7 1,705.8 1,943.0 2,195.8 2,479.7 2,773.0 3,018.8 3,203.9 3,335.4 3,453.0 3,612.0 3,750.7 3,935.2 4,191.2 4,467.1 4,954.1 5,528.9 6,056.2 6,175.1 6,396.1 6,587.6
85.5 147.4 156.9 167.4 180.4 193.0 200.7 221.4 254.2 292.4 320.2 355.1 413.6 501.9 601.1 698.1 773.6 840.1 876.2 968.2 1,092.1 1,244.6 1,409.2 1,581.9 1,791.9 2,002.9 2,175.7 2,321.2 2,494.3 2,677.0 2,815.8 2,973.3 3,147.8 3,351.1 3,701.1 4,121.4 4,506.6 4,596.9 4,762.3 4,903.2
Includes FHA insured multifamily properties, not shown separately.
2
Derived figures. Total includes multifamily and commercial properties, not shown separately.
P
Preliminary Source: Board of Governors of the Federal Reserve System, based on data from various government and private organizations.
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Chapter 8 THE FINANCIAL SERVICES 500 Who They Are And How They Were Chosen
The companies chosen to be listed in PLUNKETT'S FINANCIAL SERVICES INDUSTRY ALMANAC comprise a unique list. The FINANCIAL SERVICES 500 were chosen specifically for their dominance in the many facets of Financial Services in which they operate. (The actual count is 516 companies.) Complete information about each firm can be found in the Individual Profiles, beginning in this chapter. These profiles are in alphabetical order by company name. The FINANCIAL SERVICES 500 includes companies from all parts of the United States, several foreign nations and all Financial Services-related industry segments. Simply stated, the list contains 516 of the largest, most successful Financial Services companies in America. To be included in our list, the firms had to meet the following criteria: 1) U.S.-based, for-profit corporations. (Seven foreign-based companies have also been included in order to better list leading firms in certain industry sectors.) 2) Stock issued by the firm is sold to the public (except for a small number of companies that are privately held or that have recently been acquired, added in order to round out certain niche sets of firms).
3) Prominence, or a significant presence, in Financial Services and supporting fields. (See the following Industry Codes section for a complete list of types of businesses that are covered). 4) The companies do not have to be exclusively in the Financial Services industry. 5) Financial data and vital statistics must have been available to the editors of this book, either directly from the company being written about or from outside sources deemed reliable and accurate by the editors. A small number of companies that we would like to have included in THE FINANCIAL SERVICES 500 are not listed because of a lack of sufficient, objective data.
107
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INDEXES TO THE FINANCIAL SERVICES 500, AS FOUND IN THIS CHAPTER AND IN THE BACK OF THE BOOK:
511200 514210
Entertainment and Hospitality
Industry Codes
p. 108
Index of Rankings Within Industry Groups
p. 109
511110
Alphabetical Index
p. 122
513120
Geographic Indexes Index of Headquarters Location, by State
p. 127
Index by Regions of the U.S. Where THE FINANCIAL SERVICES 500 Have Locations
513300A
p. 133 p. 147
Index of firms noted as “Hot spots for advancement” for women/minorities
p. 668
Index by subsidiaries, brand names and selected affiliations
p. 670
INDUSTRY CODES Companies in our books are classified by these industry codes: (Code s are based primarily on the North American Industry Classification System, “NAICS”.) Services Construction Construction Services
Manufacturing 323000
Printing Services Printing
InfoTech 334111
Publishing Newspapers, Publishing Broadcasting Television Broadcasting
Telecommunications
Index by Firms with International Operations
230000
Software Computer Software Information & Data Processing Services Data Processing Services
Computers & Electronics Manufacturing Computer Hardware, Manufacturing
Telecommunications Telephone Service-Local
Financial Services Financial Data 514100 Financial Data Publishing 514191B Financial Information-Online Banking, Credit & Finance 522220 Financing-Automobiles 522110 Banking/Savings Associations 522110A Banking-Online 522390 Check Cashing 522291 Finance-Consumer 522298 Pawn Shops 522210 Credit Card Issuing 522320 Payment and Transaction Processing Services 522220A Financing-Business Equipment, Cars, Trucks 522310 Mortgages 522310A Mortgages, Online Stocks & Investments 523920 Investment Management/Mutual Funds 523930 Investment Advice 523110 Stock Brokerage/Investment Banking Insurance 524298 Financial Guaranty Insurance 524210 Insurance Brokerage and Management 524210A Insurance Brokerage, Online 524113 Insurance Underwriting 524130 Reinsurance 524127 Title Insurance Benefit Plans 525120 Employee Benefit Plans Professional Services, Financial 541219 Outsourcing, Financial Services 541213 Tax Return Preparation Credit Bureau 561450 Credit Bureau
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INDEX OF RANKINGS WITHIN INDUSTRY GROUPS COMPANY
2000 Sales
Industry Sales Code (thousands) Rank BANKING/SAVINGS ASSOCIATIONS ABINGTON BANCORP INC 522110 $57,200 143 ABN AMRO HOLDING NV 522110 $44,218,000 5 ALLIANCE BANCORP OF NE 522110 $26,100 180 ALLIANCE BANK 522110 $25,500 181 AMERIANA BANCORP 522110 $40,800 158 AMERICAN BANK OF CT 522110 $64,400 137 AMSOUTH BANCORPORATION 522110 $3,739,900 29 ANCHOR BANCORP WISCONSIN 522110 $215,800 95 ASSOCIATED BANC-CORP 522110 $1,115,400 53 ASTORIA FINANCIAL CORP 522110 $1,587,200 44 BANCORPSOUTH INC 522110 $759,600 65 BANK MUTUAL CORPORATION 522110 $145,000 112 BANK OF AMERICA CORP 522110 $57,772,000 3 BANK OF MONTREAL 522110 $12,231,000 11 BANK OF NEW YORK CO INC (THE) 522110 $7,486,000 17 BANK ONE CORP 522110 $25,168,000 7 BANK PLUS CORPORATION 522110 $201,900 97 BANKNORTH GROUP INC 522110 $1,541,500 45 BANKUNITED FINANCIAL CORP 522110 $301,400 89 BANNER CORPORATION 522110 $167,600 107 BAY STATE BANCORP INC 522110 $32,100 173 BAY VIEW CAPITAL CORP 522110 $536,800 76 BB&T CORP 522110 $5,116,700 22 BEDFORD BANCSHARES INC 522110 $14,400 203 BNP PARIBAS 522110 $49,045,100 4 BOK FINANCIAL CORP 522110 $837,600 60 BOSTONFED BANCORP INC 522110 $106,200 121 CAMCO FINANCIAL CORP 522110 $81,200 131 CAPITAL CITY BANK GROUP INC 522110 $136,100 114 CARVER BANCORP INC 522110 $29,900 178 CASCADE FINANCIAL CORP 522110 $50,900 149 CATHAY BANCORP INC 522110 $177,300 102 CAVALRY BANCORP INC 522110 $35,100 166 CHARTER ONE FINANCIAL INC 522110 $2,640,000 34 CITIGROUP INC 522110 $111,826,000 1 CITIZENS BANKING CORP/MI 522110 $703,400 70 CITIZENS FIRST FINANCIAL CORP 522110 $28,900 179 CITY NATIONAL CORPORATION 522110 $755,800 66 COASTAL BANCORP INC 522110 $249,300 91 COASTAL FINANCIAL CORP 522110 $64,000 138 CODORUS VALLEY BANCORP INC 522110 $24,300 184 COLONIAL BANCGROUP INC 522110 $973,100 57
2000 Profits (thousands)
$4,500 $2,353,000 $3,220 $2,800 $3,600 $11,000 $329,100 $19,500 $168,000 $216,500 $74,400 $14,700 $7,517,000 $1,219,000 $1,429,000 -$511,000 -$36,800 $191,700 $15,500 $18,300 $2,800 -$326,200 $626,400 $2,200 $3,883,200 $100,100 $9,700 $7,700 $18,200 -$1,100 $3,700 $38,600 $4,100 $434,000 $13,519,000 $90,700 $1,800 $131,700 $22,500 $8,500 $2,700 $112,700
Profits Rank 45 159 111 12 146 33 100 85 50 18 125 154 167 73 203 31 112 71 186 101 57 88 204 165 169 132 123 82 197 21 108 109 13 28 144 117 79 17 189 115 157 121
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COMPANY
Industry Code COLUMBIA BANCORP 522110 COMERICA INC 522110 COMMERCE BANCORP INC 522110 COMMERCE BANCSHARES INC 522110 COMMERCIAL FEDERAL CORP 522110 COMMONWEALTH BANCORP INC 522110 COMPASS BANCSHARES INC 522110 CONNECTICUT BANCSHARES INC 522110 CULLEN/FROST BANKERS INC 522110 DEUTSCHE BANK 522110 DIME BANCORP INC 522110 DIME COMMUNITY BANCSHARES 522110 DORAL FINANCIAL CORP 522110 DOWNEY FINANCIAL CORP 522110 EAGLE BANCSHARES 522110 EFC BANCORP INC 522110 EQUITABLE BANK 522110 ESB FINANCIAL CORP 522110 FEDERAL TRUST CORPORATION 522110 FFLC BANCORP INC 522110 FFW CORPORATION 522110 FIDELITY BANCORP INC OF DE 522110 FIDELITY BANKSHARES INC 522110 FIFTH THIRD BANCORP 522110 FINGER LAKES BANCORP INC 522110 FIRST BANCSHARES INC MO 522110 FIRST BELL BANCORP INC 522110 FIRST DEFIANCE FINANCIAL CORP 522110 FIRST ESSEX BANCORP INC 522110 FIRST FED FIN CORP KY 522110 FIRST FEDERAL CAPITAL CORP 522110 FIRST FINANCIAL HOLDINGS INC 522110 FIRST FRANKLIN CORP 522110 FIRST INDIANA CORP 522110 FIRST KEYSTONE FINANCIAL 522110 FIRST MIDWEST BANCORP INC 522110 FIRST MIDWEST FINANCIAL INC 522110 FIRST MUTUAL SAVINGS BANK 522110 FIRST NIAGARA FINANCIAL GROUP 522110 FIRST SENTINEL BANCORP INC 522110 FIRST SOUTH BANCORP INC 522110 FIRST SOUTHERN BANCSHARES 522110 INC FIRST STATE BANCORP NM 522110 FIRST TENNESSEE NATIONAL CO 522110 FIRST VIRGINIA BANKS INC 522110 FIRST WEST VIRGINIA BANCORP 522110
2000 Sales $62,900 $4,087,500 $656,100 $1,065,000 $1,029,500 $158,100 $1,731,700 $105,400 $683,200 $77,775,000 $2,169,700 $170,700 $490,100 $834,900 $110,400 $41,100 $32,700 $81,400 $20,400 $51,000 $18,400 $45,400 $145,500 $4,276,000 $23,600 $15,000 $53,600 $118,400 $119,400 $42,400 $197,100 $180,000 $19,500 $198,400 $32,300 $484,700 $39,000 $53,500 $171,100 $139,100 $40,300
Sales Rank 139 25 72 54 56 108 43 122 71 2 39 105 79 61 120 157 170 130 190 148 196 154 111 24 186 201 145 117 116 156 99 101 191 98 172 81 162 146 104 113 159
$14,800 $59,900 $2,426,400 $761,800 $15,749
202 141 37 63 200
(thousands)
2000 Profits $5,200 $749,300 $80,000 $178,600 $104,000 $15,300 $240,600 $7,400 $108,800 $12,727,000 $154,700 $22,400 $84,700 $99,300 $9,500 $3,900 $2,600 $6,700 $1,200 $5,300 $2,300 $4,200 $8,500 $863,000 $802 $2,000 $6,700 $11,000 $14,500 $5,700 $23,100 $19,900 $1,500 $24,800 $2,400 $75,500 $2,400 $6,600 $19,500 $23,000 $3,500
Profits Rank 147 5 139 94 67 41 142 171 106 7 93 23 176 192 133 86 19 193 29 56 8 153 95 181 143 75 187 140 137 25 64 134 27 160 89 97 61 104 30 107 77
-$3,900 $7,200 $232,600 $142,000 $2,326
54 110 184 180 51
(thousands)
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COMPANY
Industry Code FIRSTBANK CORP IDAHO 522110 FIRSTFED AMERICA BANCORP INC 522110 FIRSTFED BANCORP INC 522110 FIRSTFED FINANCIAL CORP 522110 FIRSTMERIT CORPORATION 522110 FLAG FINANCIAL CORP 522110 FLAGSTAR BANCORP INC 522110 FLEETBOSTON FINANCIAL 522110 CORPORATION FLUSHING FINANCIAL CORP 522110 FSF FINANCIAL CORP 522110 FULTON FINANCIAL CORP 522110 GASTON FEDERAL BANCORP 522110 GEORGIA FINANCIAL INC 522110 GLACIER BANCORP INC 522110 GOLD BANC CORP INC 522110 GOLDEN STATE BANCORP INC 522110 GOLDEN WEST FINANCIAL CORP 522110 GREAT AMERICAN BANCORP 522110 GREAT SOUTHERN BANCORP 522110 GREENPOINT FINANCIAL CORP 522110 GUARANTY FEDERAL BANCSHARES INC 522110 HAMILTON BANCORP INC 522110 HARBOR FLORIDA BANCSHARES INC 522110 HARLEYSVILLE SAVINGS BANK 522110 HAWTHORNE FINANCIAL CORP 522110 HCB BANCSHARES INC 522110 HEMLOCK FEDERAL FINANCIAL 522110 HERITAGE FINANCIAL CORP 522110 HF FINANCIAL CORPORATION 522110 HIBERNIA CORPORATION 522110 HINGHAM INSTITUTION FOR 522110 SAVING HMN FINANCIAL INC 522110 HOME FEDERAL BANCORP 522110 HOPFED BANCORP INC 522110 HORIZON BANCORP 522110 HORIZON FINANCIAL CORP 522110 HSBC BANK USA 522110 HUDSON RIVER BANCORP 522110 HUDSON UNITED BANCORP 522110 HUNTINGTON BANCSHARES INC 522110 INDEPENDENCE COMMUNITY BANK 522110 INDEPENDENCE FEDERAL SAVINGS 522110 IRWIN FINANCIAL CORP 522110
2000 Sales
111
$19,400 $100,400 $14,100 $322,100 $955,400 $58,400 $447,000
Sales Rank 192 125 204 88 58 142 82
$22,608,000 $100,800 $37,700 $532,200 $18,500 $62,900 $92,100 $235,500 $4,546,600 $3,957,400 $13,000 $101,100 $1,510,700
2000 Profits $1,700 $8,200 $1,600 $38,500 $159,800 $4,300 $28,900
Profits Rank 113 22 168 179 155 15 92
9 124 164 77 195 140 127 92 23 26 205 123 46
$3,420,000 $12,400 $3,500 $103,800 $2,200 $6,700 $14,000 -$4,500 $350,500 $545,800 $1,000 $15,500 $213,100
47 124 188 177 68 114 81 84 20 66 48 156 44
$25,000 $170,400
182 106
$3,500 -$5,200
36 195
$120,200 $33,700 $157,100 $20,800 $18,700 $48,400 $68,400 $1,466,000
115 168 109 188 194 152 134 48
$21,700 $3,900 $14,300 $800 $1,800 $6,000 $5,300 $170,600
185 35 161 65 62 38 90 103
$24,800 $56,200 $65,500 $16,900 $48,900 $52,800 $6,150,000 $79,000 $639,400 $2,602,100 $419,400
183 144 135 199 151 147 18 133 74 36 83
$4,200 $6,700 $9,400 $2,700 $3,800 $8,700 $567,500 $9,500 $49,800 $328,400 $53,200
43 175 34 4 152 11 42 166 96 69 162
$22,400 $396,200
187 84
$1,200 $41,400
138 199
(thousands)
(thousands)
112
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COMPANY KEYCORP LAUREL CAPITAL GROUP INC LOCAL FINANCIAL CORP M&T BANK CORP MAF BANCORP INC MARSHALL & ILSLEY CORP MASSBANK CORP MATRIX BANCORP INC MB FINANCIAL INC MEDFORD BANCORP INC MELLON FINANCIAL CORP MERCANTILE BANKSHARES MONTEREY BAY BANCORP INC MYSTIC FINANCIAL INC NASB FINANCIAL INC NATIONAL CITY CORPORATION NATIONAL COMMERCE FINANCE NBC CAPITAL CORP NEW HAMPSHIRE THRIFT BANC NORTH CENTRAL BANCSHARES NORTH FORK BANCORPORATION NORTHEAST INDIANA BANCORP NORTHEAST PENN FINANCIAL NORTHERN STATES FINANCIAL NORTHERN TRUST CORP NORTHWEST BANCORP INC NORTHWEST INDIANA BANCORP OLD NATIONAL BANCORP ONEIDA FINANCIAL CORP PACIFIC CENTURY FINANCIAL PEOPLE'S BANK PFF BANCORP INC PINNACLE BANCSHARES INC PITTSBURGH FINANCIAL CORP PNC FINANCIAL SERVICES GROUP INC POCAHONTAS BANCORP INC POPULAR INC PROVIDENT FINANCIAL GROUP PROVIDIAN FINANCIAL CORP REGIONS FINANCIAL CORP SEACOAST FINANCIAL SERVICES CORP SKY FINANCIAL GROUP INC SNB BANCSHARES INC SOUTHTRUST CORP SOVEREIGN BANCORP INC
Industry Code 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110
2000 Sales $8,471,000 $17,500 $208,100 $2,097,500 $380,500 $2,676,400 $65,300 $156,200 $114,800 $92,800 $5,979,000 $772,000 $40,100 $17,100 $88,400 $9,050,800 $1,498,000 $86,497 $35,000 $31,300 $1,175,100 $20,600 $47,000 $40,300 $3,548,100 $251,000 $30,100 $740,000 $23,900 $1,320,900 $1,059,800 $232,600 $19,100 $32,100
Sales Rank 15 197 96 40 86 33 136 110 119 126 19 62 161 198 128 13 47 129 167 175 51 189 153 160 30 90 176 69 185 49 55 93 193 174
522110 522110 522110 522110 522110 522110
$7,623,000 $33,000 $2,615,300 $1,225,100 $5,948,200 $3,835,500
522110 522110 522110 522110 522110
$176,400 $748,000 $32,400 $3,899,800 $2,378,300
(thousands)
2000 Profits $1,002,000 $3,400 $23,800 $286,200 $56,600 $315,100 $11,100 $4,300 $11,600 $13,800 $1,007,000 $175,200 $2,500 $1,700 $14,700 $1,302,400 $117,500 $14,045 $2,400 $4,000 $234,800 $1,300 $3,936 $7,900 $485,100 $27,200 $4,400 $61,700 $2,600 $113,700 $108,400 $26,600 $1,700 $1,200
Profits Rank 10 119 6 126 39 151 78 201 149 122 102 141 58 55 32 3 63 80 163 26 60 76 191 173 198 127 202 135 145 37 70 49 9 164
16 169 35 50 20 28
$1,279,000 $3,500 $276,100 $73,600 $651,800 $527,500
205 74 1 130 99 129
103 68 171 27 38
$23,900 $114,400 $3,500 $482,300 -$30,200
200 183 24 120 53
(thousands)
www.plunkettresearch.com
COMPANY ST FRANCIS CAPITA L CORP STATE STREET CORP STATEN ISLAND BANCORP INC STERLING FINANCIAL CORP SUNTRUST BANKS INC SYNOVUS FINANCIAL CORP TCF FINANCIAL CORPORATION TECHE HOLDING COMPANY TF FINANCIAL CORPORATION THISTLE GROUP HOLDINGS TIMBERLAND BANCORP INC TRUSTMARK CORPORATION UMB FINANCIAL CORP UNION PLANTERS CORP UNIONBANCAL CORPORATION UNITED COMMUNITY FINANCIAL US BANCORP VALLEY NATIONAL BANCORP WACHOVIA CORP WASHINGTON MUTUAL INC WAYPOINT FINANCIAL CORP WEBSTER FINANCIAL CORP WELLS FARGO & CO WESTCORP WHITNEY HOLDING CORP WILMINGTON TRUST CORP WILSHIRE FINANCIAL SERVICES GROUP INC YONKERS FINANCIAL CORP ZIONS BANCORP
Industry Code 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110 522110
2000 Sales (thousands)
$188,900 $5,921,000 $387,400 $219,800 $8,619,000 $1,931,300 $1,168,300 $38,600 $50,100 $44,200 $30,100 $613,300 $646,900 $3,087,100 $3,148,300 $116,400 $9,965,500 $511,700 $24,246,000 $15,767,000 $340,100 $867,700 $27,568,000 $761,500 $489,300 $754,200
113 Sales Rank 100 21 85 94 14 41 52 163 150 155 177 75 73 32 31 118 12 78 8 10 87 59 6 64 80 67
522110 $79,900 132 522110 $37,700 165 522110 $1,915,300 42 CHECK CASHING ACE CASH EXPRESS INC 522390 $140,600 1 COMPUTER HARDWARE, MANUFACTURING DIEBOLD INC 334111 $1,743,608 1 COMPUTER RELATED SERVICES FAIR ISAAC AND COMPANY INC 541519 $297,985 1 COMPUTER SOFTWARE BOTTOMLINE TECHNOLOGIES INC 511200 $49,100 5 CORILLIAN 511200 $30,900 6 DIGITAL INSIGHT CORP 511200 $54,428 4 INTUIT INC 511200 $1,093,825 1 MYND CORPORATION 511200 S1 CORPORATION 511200 $233,900 3 SEI INVESTMENTS CO 511200 $598,806 2 CONSULTING-MANAGEMENT & BUSINESS ACCENTURE 541611 $9,752,100 1
2000 Profits $11,100 $595,000 $53,900 $13,700 $1,294,100 $262,600 $186,200 $3,700 $4,500 $5,200 $5,900 $101,700 $65,100 $409,300 $439,900 $11,600 $1,592,000 $106,800 $92,000 $1,899,000 $10,700 $118,300 $4,026,000 $149,200 $67,000 $120,900
Profits Rank 182 170 131 148 14 172 2 87 178 128 116 190 91 83 158 46 105 72 98 40 52 174 118 150 136 196
$3,400 $3,100 $161,700
16 194 59
$8,300
1
$136,919
1
$27,631
1
-$14,300 -$33,300 -$60,000 $305,661
3 4 5 1
-$1,177,700 $98,963
6 2
$2,463,900
1
(thousands)
114
www.plunkettresearch.com 2000 Industry Sales Sales Code (thousands) Rank CREDIT BUREAU D&B 561450 $1,417,600 EQUIFAX INC 561450 $1,965,881 CREDIT CARD ISSUING ADVANTA CORP 522210 $293,181 AMERICAN EXPRESS CO 522210 $23,675,000 CAPITAL ONE FINANCIAL CORP 522210 $5,424,300 COMPUCREDIT CORPORATION 522210 $242,060 CREDIT STORE INC (THE) 522210 $40,700 DELPHI FINANCIAL GROUP INC 522210 $512,886 MBNA CORP 522210 $7,868,900 MCM CAPITAL GROUP INC 522210 $36,600 METRIS COMPANIES INC 522210 $1,438,600 DATA PROCESSING SERVICES AUTOMATIC DATA PROCESSING 514210 $6,287,512 INC INVESTMENT TECHNOLOGY GROUP INC 514210 $310,400 PAYCHEX INC 514210 $728,100 FINANCE-CONSUMER BINGHAM FINANCIAL SERVICES 522291 $25,500 INC HOUSEHOLD INTERNATIONAL INC 522291 $11,960,900 MFN FINANCIAL CORPORATION 522291 $127,140 QUICKEN LOANS INC 522291 STUDENT LOAN CORP 522291 $1,093,700 TFC ENTERPRISES INC 522291 $51,200 UNION ACCEPTANCE CORP 522291 $110,300 USA EDUCATION INC 522291 $4,166,291 WORLD ACCEPTANCE CORP 522291 $105,300 FINANCIAL DATA PUBLISHING FACTSET RESEARCH SYSTEMS 514100 $134,200 INTERACTIVE DATA CORPORATION 514100 $314,138 VALUE LINE INC 514100 $96,200 FINANCIAL GUARANTY INSURANCE AMBAC FINANCIAL GROUP 524298 $621,300 ENHANCE FINANCIAL SERVICES 524298 FINANCIAL SECURITY ASSURANCE 524298 $278,600 MBIA INCORPORATED 524298 $1,057,500 MGIC INVESTMENT CORP 524298 $1,110,300 TRIAD GUARANTY INC 524298 $84,800 FINANCING-AUTOMOBILES 21ST CENTURY HOLDING CO 522220 $37,600 CHRYSLER FINANCIAL CORP 522220 CREDIT ACCEPTANCE CORP 522220 $123,800 FIRST INVESTORS FINANCIAL SVCS GROUP INC 522220 $44,300
2000 Profits
COMPANY
(thousands)
Profits Rank
2 1
$206,600 $228,022
2 1
6 1 3 7 8 5 2 9 4
-$156,684 $2,810,000 $469,600 $82,374 $3,100 -$3,293 $1,312,500 -$23,700 $195,200
9 1 3 5 6 7 2 8 4
1
$840,800
1
3 2
$63,600 $190,007
3 2
8 1 4
-$16,300 $1,700,700 $19,116
8 1 4
3 7 5 2 6
$104,900 $4,068 $17,005 $465,000 $14,200
3 7 5 2 6
2 1 3
$25,300 -$143,472 $33,700
2 3 1
3
$366,200
3
4 2 1 5
$63,300 $528,600 $542,000 $35,000
4 2 1 5
7
-$500
7
4
$23,700
4
6
$3,000
6
www.plunkettresearch.com 2000 2000 Industry Sales Sales Profits Profits Code (thousands) Rank (thousands) Rank FORD MOTOR CREDIT CO 522220 $23,605,700 2 $1,536,500 2 GENERAL MOTORS ACCEPTANCE 522220 $23,661,100 1 $1,602,100 1 ONYX ACCEPTANCE CORP 522220 $115,600 5 $5,800 5 WFS FINANCIAL INC 522220 $368,400 3 $66,400 3 FINANCING-BUSINESS EQUIPMENT, CARS, TRUCKS ACTRADE FINANCIAL TEHCNOLOGIES LTD 522220A $29,400 10 $11,300 6 CONSUMER PORTFOLIO SERV 522220A $36,000 9 -$22,100 12 DVI INC 522220A $143,400 5 $23,400 5 EQUIVEST FINANCIAL INC 522220A $158,300 4 $10,400 8 FINANCIAL FEDERAL CORP 522220A $112,300 6 $26,700 4 GENERAL ELECTRIC CAPITAL CORPORATION 522220A $66,177,000 1 $5,192,000 1 HELLER FINANCIAL INC 522220A $2,037,000 3 $290,000 3 HPSC INC 522220A $52,322 8 $87 11 KBK CAPITAL CORP 522220A $22,600 11 $1,200 10 MEDALLION FINANCIAL CORP 522220A $55,356 7 $7,541 9 PMC CAPITAL INC 522220A $21,584 12 $11,300 7 TYCO CAPITAL 522220A $6,160,400 2 $611,600 2 HMO/PPO FIRST HEALTH GROUP CORP 621491 $506,741 11 $82,619 8 HEALTH NET INC 621491 $9,076,600 5 $163,623 4 HUMANA INC 621491 $10,514,000 3 $90,000 7 MID ATLANTIC MEDICAL SERVICES INC 621491 $1,484,500 8 $39,400 9 OXFORD HEALTH PLANS INC 621491 $4,111,800 6 $265,100 3 PACIFICARE HEALTH SYSTEMS INC 621491 $11,467,900 2 $161,000 5 RIGHTCHOICE MANAGED CARE INC 621491 $1,060,810 10 $35,526 10 SIERRA HEALTH SERVICES INC 621491 $1,393,000 9 -$199,900 11 TRIGON HEALTHCARE INC 621491 $2,611,600 7 $112,000 6 UNITEDHEALTH GROUP INC 621491 $21,122,000 1 $736,000 1 WELLPOINT HEALTH NETWORKS INC 621491 $9,228,958 4 $342,287 2 HOME BUILDING WITH MORTGAGE SUBSIDIARIES CENTEX CORP 230000 $6,008,100 1 $257,100 1 PULTE HOMES INC 230000 $4,159,100 2 $188,500 2 INSURANCE BROKERAGE AND MANAGEMENT AON CORPORATION 524210 $7,375,000 2 $474,000 2 ARTHUR J GALLAGHER & CO 524210 $740,596 3 $87,776 3 E W BLANCH HOLDINGS INC 524210 $191,300 4 -$9,600 5 KAYE GROUP INC 524210 $78,400 5 $9,400 4 MARSH & MCLENNAN COS INC 524210 $10,157,000 1 $1,181,000 1 INSURANCE UNDERWRITING 21ST CENTURY INS URANCE 524113 $869,800 54 $12,900 73 ACCEPTANCE INSURANCE COS 524113 $213,500 81 -$28,800 105 ACMAT CORPORATION 524113 $26,300 111 $2,200 87 AETNA INC 524113 $26,818,900 6 $127,100 40
COMPANY
115
116
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COMPANY
Industry Code AFLAC INC 524113 ALFA CORPORATION 524113 ALLEGHANY CORP 524113 ALLMERICA FINANCIAL CORP 524113 ALLSTATE CORPORATION (THE) 524113 AMERICAN COUNTRY HOLDINGS 524113 AMERICAN FINANCIAL GROUP INC 524113 AMERICAN GENERAL CORP 524113 AMERICAN HERITAGE LIFE 524113 INVESTMENT CORP AMERICAN INTERNATIONAL GROUP INC 524113 AMERICAN NATIONAL INSURANCE COMPANY 524113 AMERUS GROUP CO 524113 ANTHEM INC 524113 ARGONAUT GROUP INC 524113 ASSURANT GROUP 524113 ATLANTIC AMERICAN CORP 524113 ATLANTIC MUTUAL COMPANIES 524113 AXA FINANCIAL INC 524113 BALDWIN & LYONS INC 524113 BANCINSURANCE CORPORATION 524113 BERKSHIRE HATHAWAY INC 524113 BROWN & BROWN 524113 CAPITOL TRANSAMERICA CORP 524113 CHUBB CORPORATION (THE) 524113 CIGNA CORP 524113 CINCINNATI FINANCIAL CORP 524113 CITIZENS FINANCIAL CORP 524113 CITIZENS INC 524113 CNA FINANCIAL CORPORATION 524113 CNA SURETY CORPORATION 524113 COMMERCE GROUP INC (THE) 524113 CONSECO INC 524113 DONEGAL GROUP INC 524113 EMC INSURANCE GROUP INC 524113 ERIE FAMILY LIFE INSURANCE CO 524113 ERIE INDEMNITY CO 524113 FARM FAMILY HOLDINGS INC 524113 FARMERS GROUP INC 524113 FBL FINANCIAL GROUP 524113 FIDELITY NATIONAL FINANCIAL INC 524113 FINANCIAL INDUSTRIES CORP 524113 FPIC INSURANCE GROUP INC 524113 FREMONT GENERAL CORP 524113 GAINSCO INC 524113
2000 Sales $9,720,000 $510,300 $945,200 $3,087,900 $29,134,000 $80,800 $3,817,300 $11,063,000
Sales Rank 16 64 53 35 5 101 31 15
$42,426,000
2000 Profits $687,000 $66,800 $68,900 $199,900 $2,252,000 -$2,400 -$56,100 $1,003,000
Profits Rank 18 48 47 34 4 95 107 8
2
$5,636,000
1
$1,834,500 $813,400 $8,771,000 $209,900
42 56 19 83
$140,200 $51,800 $226,000 -$83,300
38 52 32 109
$152,300
89
$3,600
85
$6,125,100 $112,500 $30,400 $33,976,000 $209,700 $109,500 $7,251,500 $19,994,000 $2,331,000 $31,295 $66,700 $15,614,000 $332,300 $1,099,500 $8,296,400 $168,200 $263,500 $115,400 $773,600 $312,900 $3,446,900 $379,800 $2,742,000 $48,000 $182,000 $1,577,200 $164,700
29 93 109 3 84 94 24 10 39 108 104 11 71 49 22 87 78 92 59 72 32 70 37 105 86 46 88
$2,415,400 $19,800 $3,900 $3,328,000 $33,200 $14,500 $714,600 $987,000 $118,400 $238 $2,100 $1,214,000 $53,600 $132,100 -$1,070,600 $8,900 $2,300 $25,400 $152,400 $30,500 $725,300 $39,300 $108,300 $8,800 $600 -$506,300 -$19,600
3 69 83 2 60 72 17 11 41 93 88 6 50 39 111 77 86 65 37 62 16 58 44 78 91 110 103
(thousands)
(thousands)
www.plunkettresearch.com
COMPANY GREAT AMERICAN FINANCIAL RESOURCES INC GUARDIAN LIFE INSURANCE CO HALLMARK FINANCIAL SERVICES INC HARLEYSVILLE GROUP INC HARTFORD FINANCIAL SERVICES GROUP INC (THE) HCC INSURANCE HOLDINGS INC HILB, ROGAL & HAMILTON CO HORACE MANN EDUCATORS CORPORATION HSB GROUP INC INDEPENDENCE HOLDING CO INTERCONTINENTAL LIFE CORPORATION JEFFERSON-PILOT CORPORATION JOHN HANCOCK FINANCIAL SERVICES INC KANSAS CITY LIFE INSURANCE COMPANY LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION LOEWS CORPORATION MARKEL CORPORATION MASSACHUSETTS MUTUAL LIFE MCM CORP MEADOWBROOK INSURANCE MERCHANTS GROUP INC MERCURY GENERAL CORP MERIDIAN INSURANCE GROUP INC METLIFE INC MONY GROUP INC (THE) NATIONAL SECURITY GROUP INC (THE) NATIONAL WESTERN LIFE NATIONWIDE FINANCIAL SERVICES INC NAVIGATORS GROUP INC NEW YORK LIFE INSURANCE CO NORTH EAST INSURANCE CO NYMAGIC INC OHIO CASUALTY CORP OLD REPUBLIC INTERNATIONAL PACIFIC MUTUAL HOLDING CO PHILADELPHIA CONSOLIDATED HOLDING CORP
Industry Code
2000 Sales (thousands)
117 Sales Rank
2000 Profits (thousands)
Profits Rank
524113 524113
$824,300 $6,568,600
55 28
$54,700 $563,200
49 23
524113 524113
$23,900 $802,600
112 57
-$200 $48,700
94 54
524113 524113 524113
$14,703,000 $466,200 $262,100
13 66 79
$974,000 $53,400 $21,800
12 51 67
524113 524113 524113
$781,200
58
$20,800
68
$130,400
90
$11,400
76
524113 524113
$103,756 $3,238,000
96 33
$12,066 $537,000
74 24
524113
$7,598,100
23
$838,900
14
524113 524113
$472,900 $715,500
65 61
$49,100 $116,000
53 42
524113 524113 524113 524113 524113 524113 524113 524113 524113 524113 524113 524113
$13,470,000 $6,851,500 $21,337,800 $1,094,500 $15,340,400
14 26 9 50 12
$621,400 $1,876,700 -$27,600 $739,500
20 5 104 15
$201,500 $108,600 $1,366,000 $244,300 $31,947,000 $1,251,800
85 95 47 80 4 48
-$17,500 $4,300 $109,400 -$7,800 $953,000 $224,600
102 82 43 97 13 33
524113 524113
$29,700 $292,700
110 73
$3,800 $28,500
84 63
524113 524113 524113 524113 524113 524113 524113 524113
$3,170,300 $120,100 $21,996,000
34 91 8
$434,900 $7,000 $1,205,000
25 79 7
$100,700 $1,736,700 $2,070,600 $4,417,000
98 44 40 30
-$5,500 -$79,200 $297,500 $995,000
96 108 29 9
524113
$273,800
76
$30,800
61
118
www.plunkettresearch.com 2000 Industry Sales Sales Code (thousands) Rank PHOENIX COMPANIES (THE) 524113 $2,995,000 36 PICO HOLDINGS INC 524113 $45,400 106 PMA CAPITAL CORPORATION 524113 $660,000 62 PMI GROUP INC 524113 $762,600 60 PRESERVER GROUP INC 524113 $90,100 99 PRESIDENTIAL LIFE CORPORATION 524113 $284,500 74 PRINCIPAL FINANCIAL GROUP 524113 $8,884,900 18 (THE) PROFESSIONALS GROUP INC 524113 $273,400 77 PROGRESSIVE CORP 524113 $6,771,000 27 PROTECTIVE LIFE INSURANCE CO 524113 $1,734,000 45 PRUDENTIAL FINANCIAL 524113 $26,544,000 7 RADIAN GROUP INC 524113 $615,400 63 RTW INC 524113 $83,300 100 SAFECO CORP 524113 $7,118,400 25 SCPIE HOLDINGS 524113 $211,500 82 SEIBELS BRUCE GROUP INC (THE) 524113 $70,100 103 SELECTIVE INSURANCE GROUP 524113 $1,004,800 52 ST PAUL COMPANIES INC (THE) 524113 $8,608,000 20 STANDARD MANAGEMENT CORP 524113 $76,100 102 STATE AUTO FINANCIAL 524113 $462,800 67 STATE FARM INSURANCE COMPANIES 524113 $47,863,100 1 TORCHMARK CORP 524113 $2,515,900 38 TRANSAMERICA CORP 524113 UICI 524113 $1,051,356 51 UNICO AMERICAN CORP 524113 $38,400 107 UNITED FIRE & CASUALTY CO 524113 $420,600 69 UNITRIN INC 524113 $1,953,200 41 UNIVERSAL AMERICAN FINANCIAL 524113 $284,091 75 UNUMPROVIDENT CORP 524113 $9,432,300 17 USAA 524113 $8,551,000 21 W R BERKLEY CORPORATION 524113 $1,781,300 43 WARRANTECH CORPORATION 524113 $101,200 97 ZENITH NATIONAL INSURANCE CORP 524113 $459,600 68 INVESTMENT MANAGEMENT/MUTUAL FUNDS AFFILIATED MANAGERS GROUP 523920 $458,700 8 ALLIANCE CAPITAL MANAGEMENT LP 523920 $2,522,100 1 BLACKROCK INC 523920 $476,900 7 CDC IXIS ASSET MANAGEMENT NA 523920 EATON VANCE CORP 523920 $429,600 9 FEDERATED INVESTORS INC 523920 $680,800 5 FRANKLIN RESOURCES INC 523920 $2,340,100 2 ING PILGRIM 523920 INVESTORS FINANCIAL SERVICES 523920 $343,800 11
COMPANY
2000 Profits $83,300 -$9,500 $1,300 $260,200 $2,000 $40,900
Profits Rank 46 99 90 30 89 57
$620,200 $11,700 $46,100 $153,500 $398,000 $248,900 -$9,700 $159,400 $17,300 -$15,400 $26,500 $993,000 $5,300 $47,700
21 75 56 36 27 31 100 35 70 101 64 10 81 55
$408,100 $372,300
26 28
$5,733 $400 $15,500 $91,000 $22,885 $564,200 $669,000 $36,200 -$8,200
80 92 71 45 66 22 19 59 98
-$46,800
106
$56,700
10
$224,000 $87,400
3 9
$116,100 $155,400 $562,100
7 4 1
$33,600
11
(thousands)
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COMPANY JOHN NUVEEN COMPANY (THE) NETBANK INC NEUBERGER BERMAN INC OMEGA WORLDWIDE INC PHOENIX INVESTMENT PTNRS PIMCO ADVISORS LP PIONEER INVESTMENT MANAGEMENT USA INC T ROWE PRICE GROUP INC UNITED ASSET MANAGEMENT CORP WADDELL & REED FINANCIAL AMERICAN BUSINESS FINANCIAL AMERICAN HOME MORTGAGE HOLDINGS INC AMERICREDIT CORP CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO COUNTRYWIDE CREDIT INDUSTRIES INC FANNIE MAE FEDERAL AGRICULTURAL FINET.COM FIRST MORTGAGE CORP FIRSTCITY FINANCIAL CORP FREDDIE MAC HOMEGOLD FINANCIAL INC LONG BEACH FINANCIAL CORP MUNICIPAL MORTGAGE & EQUITY NEW CENTURY FINANCIAL CORP RESOURCE BANCSHARES MORTGAGE GROUP
Industry Code 523920 523920 523920 523920 523920 523920 523920 523920
2000 Sales
119
$370,700 $119,700 $799,800 $145,600
Sales Rank 10 13 4 12
$1,212,300
(thousands)
523920 523920 $520,700 MORTGAGES 522310 $130,600
2000 Profits (thousands)
Profits Rank
$106,700 $8,593 $150,400 $1,400
8 12 5 13
3
$269,000
2
6
$139,000
6
7
$6,400
8
522310 522310
$58,300 $509,680
11 4
$5,400 $114,501
9 4
522310
$59,700
10
$30,100
6
522310 522310 522310 522310 522310 522310 522310 522310 522310 522310 522310
$1,870,873 $44,088,000 $207,500 $8,100 $17,900 $52,200 $29,969,000 $47,600
3 1 5 15 14 12 2 13
$410,243 $4,416,000 $10,400 -$24,800 -$600 -$15,900 $2,547,000 -$29,800
3 1 7 13 10 11 2 14
$100,900 $163,900
9 6
$31,600 -$23,000
5 12
522310 $110,800 8 -$42,300 MORTGAGES, ONLINE E-LOAN INC 522310A $35,879 1 -$91,760 NEWSPAPERS, PUBLISHING DOW JONES & COMPANY INC 511110 $2,202,600 1 -$119,000 OUTSOURCING, FINANCIAL SERVICES CRAWFORD & COMPANY 541219 $712,200 1 $25,300 PAWN SHOPS CASH AMERICA INTERNATIONAL INC 522298 $363,700 1 -$1,730 PAYMENT AND TRANSACTION PROCESSING SERVICES BILLSERV INC 522320 $612 13 -$20,008 BISYS GROUP INC (THE) 522320 $571,400 8 $70,200 CHECKFREE CORP 522320 $310,195 9 -$32,320 CONCORD EFS INC 522320 $1,229,434 5 $187,475 ELECTRONIC CLEARING HOUSE 522320 $28,340 12 $291
15 1 1 1
1 10 6 12 2 8
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COMPANY EURONET WORLDWIDE INC FIRST DATA CORP FISERV INC INSTINET GROUP INC INTERCEPT GROUP INC (THE) METAVANTE CORPORATION NOVA CORPORATION PRINCETON ECOM TOTAL SYSTEM SERVICES INC BOWNE & CO INC DELUXE CORP
2000 Industry Sales Code (thousands) 522320 $52,700 522320 $5,705,200 522320 $1,653,606 522320 $1,435,000 522320 $69,600 522320 $603,700 522320 $1,578,400 522320 522320 $601,293 PRINTING 323000 $1,113,500 323000 $1,262,700 REINSURANCE 524130 524130 $1,479,800 524130 $8,696,000 524130 $198,900
Sales Rank 11 1 2 4 10 6 3
2000 Profits -$49,600 $929,600 $177,021 $148,200 -$16,900 $55,900 -$26,400
Profits Rank 13 1 3 4 9 7 11
7
$85,643
5
2 1
$7,000 $161,900
2 1
$186,400
2
-$10,800
5
$77,700 $211,638 $9,451
3 1 4
-$9,847 $382,900 $21,000 -$13,600 $773,200 $718,100 $1,412,000 $19,200 -$4,900 $20,300 -$700
34 9 19 37 7 8 6 21 31 20 29
$18,100 $3,067,000 $8,367 $5,727,000 $5,000 $55,000 -$11,300 $259,900 $81,900
22 4 24 1 27 17 35 10 15
$5,100 -$5,700
26 32
ACE CAPITAL RE EVEREST RE GROUP LTD 4 GENERALCOLOGNE RE CORP 1 PXRE CORP 6 REINSURANCE GROUP OF AMERICA INC 524130 $1,725,700 3 TRANSATLANTIC HOLDINGS INC 524130 $1,899,119 2 TRENWICK GROUP LTD 524130 $361,555 5 XL RE AMERICA 524130 STOCK BROKERAGE/INVESTMENT BANKING A B WATLEY GROUP INC 523110 $42,753 35 A G EDWARDS INC 523110 $2,819,000 9 ADVEST GROUP INC 523110 $418,800 18 AMERITRADE HOLDING CORP 523110 $654,500 16 BEAR STEARNS COS INC (THE) 523110 $10,276,600 7 CHARLES SCHWAB CORP (THE) 523110 $5,787,700 8 CREDIT SUISSE FIRST BOSTON 523110 $12,194,000 6 E*TRADE GROUP INC 523110 $1,973,183 10 EVISION USA.COM INC 523110 $29,800 37 FIRST ALBANY COMPANIES INC 523110 $187,600 23 FIRST MONTAUK FINANCIAL CORP 523110 $59,300 31 FREEDOM SECURITIES CORP 523110 FRIEDMAN BILLINGS RAMSEY 523110 $180,900 24 GOLDMAN SACHS GROUP INC 523110 $33,000,000 4 HOENIG GROUP INC 523110 $103,282 27 J P MORGAN CHASE & CO INC 523110 $60,065,000 1 JB OXFORD HOLDINGS INC 523110 $100,900 28 JEFFERIES GROUP INC 523110 $761,900 15 KIRLIN HOLDING CORP 523110 $31,000 36 KNIGHT TRADING GROUP INC 523110 $1,256,900 13 LABRANCHE & CO INC 523110 $344,800 21 LADENBURG THALMANN FINANCIAL 523110 $89,600 29 LAIDLAW GLOBAL CORP 523110 $24,100 38
(thousands)
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COMPANY
Industry Code 523110
2000 Sales (thousands)
121 Sales Rank 12
LEGG MASON INC $1,399,600 LEHMAN BROTHERS HOLDINGS 523110 $26,447,000 5 INC MAXCOR FINANCIAL GROUP 523110 $151,600 26 MERRILL LYNCH & CO INC 523110 $44,872,000 3 MORGAN STANLEY DEAN WITTER 523110 $45,448,000 2 NATIONAL DISCOUNT BROKERS 523110 $385,800 19 NEW VALLEY CORP 523110 $152,900 25 RAGEN MACKENZIE GROUP INC 523110 RAYMOND JAMES FINANCIAL INC 523110 $1,698,600 11 RBC DAIN RAUSCHER CORP 523110 $1,181,018 14 SANDERS MORRIS HARRIS GROUP 523110 $43,900 34 SIEBERT FINANCIAL CORP 523110 $44,300 33 SOUNDVIEW TECHNOLOGY GROUP 523110 $375,500 20 STIFEL FINANCIAL CORP 523110 $198,100 22 SWS GROUP INC 523110 $589,100 17 TRADESTATION GROUP INC 523110 $52,900 32 ZIEGLER COMPANIES (THE) 523110 $83,800 30 TAX RETURN PREPARATION H & R BLOCK INC 541213 $2,451,900 1 TELEPHONE SERVICE-LOCAL ALLTEL CORP 513300A $7,067,000 1 TITLE INSURANCE CHICAGO TITLE CORPORATION 524127 FIRST AMERICAN CORP 524127 $2,934,300 1 INVESTORS TITLE COMPANY 524127 $42,200 4 LANDAMERICA FINANCIAL GROUP 524127 $1,802,400 2 STEWART INFORMATION SVCS CORP 524127 $935,500 3 UTILIZATION MANAGEMENT, HEALTH CARE CORE INC 621999 $63,980 1
2000 Profits
Profits (thousands) Rank $150,400 11 $1,831,000 $2,000 $3,979,000 $5,456,000 $53,400 $59,000
5 28 3 2 18 16
$125,200 $100,116 -$9,600 $8,000 -$22,000 $9,200 $94,200 -$13,500 -$4,700
12 13 33 25 38 23 14 36 30
$251,900
1
$1,928,800
1
$82,200 $3,100 -$80,800
1 2 4
$600
3
-$723
1
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ALPHABETICAL INDEX If you are seeking a company by name and you do not find it on this list, please turn to the back of the book to the Index of Subsidiaries and Brand Names. You may find your target firm there. Company
Industry Code
21ST CENTURY HOLDING CO 522220 21ST CENTURY INSURANCE 524113 A B WATLEY GROUP INC 523110 A G EDWARDS INC 523110 ABINGTON BANCORP INC 522110 ABN AMRO HOLDING NV 522110 ACCENTURE 541611 ACCEPTANCE INSURANCE COS 524113 ACE CAPITAL RE 524130 ACE CASH EXPRESS INC 522390 ACMAT CORPORATION 524113 ACTRADE FINANCIAL TEHCNOLOGIES 522220A ADVANTA CORP 522210 ADVEST GROUP INC 523110 AETNA INC 524113 AFFILIATED MANAGERS GROUP 523920 AFLAC INC 524113 ALFA CORPORATION 524113 ALLEGHANY CORP 524113 ALLIANCE BANCORP OF NE 522110 ALLIANCE BANK 522110 ALLIANCE CAPITAL MANAGEMENT LP 523920 ALLMERICA FINANCIAL CORPORATION 524113 ALLSTATE CORPORATION (THE) 524113 ALLTEL CORP 513300A AMBAC FINANCIAL GROUP 524298 AMERIANA BANCORP 522110 AMERICAN BANK OF CT 522110 AMERICAN BUSINESS FINANCIAL SERVICES522310 AMERICAN COUNTRY HOLDINGS 524113 AMERICAN EXPRESS CO 522210 AMERICAN FINANCIAL GROUP INC 524113 AMERICAN GENERAL CORP 524113 AMERICAN HERITAGE LIFE INVESTMENT 524113 AMERICAN HOME MORTGAGE HOLDINGS 522310 AMERICAN INTERNATIONAL GROUP INC 524113 AMERICAN NATIONAL INSURANCE CO 524113 AMERICREDIT CORP 522310 AMERITRADE HOLDING CORP 523110 AMERUS GROUP CO 524113 AMSOUTH BANCORPORATION 522110 ANCHOR BANCORP WISCONSIN 522110 ANTHEM INC 524113 AON CORPORATION 524210 ARGONAUT GROUP INC 524113 ARTHUR J GALLAGHER & CO 524210 ASSOCIATED BANC-CORP 522110
ASSURANT GROUP 524113 ASTORIA FINANCIAL CORP 522110 ATLANTIC AMERICAN CORP 524113 ATLANTIC MUTUAL COMPANIES 524113 AUTOMATIC DATA PROCESSING INC 514210 AXA FINANCIAL INC 524113 BALDWIN & LYONS INC 524113 BANCINSURANCE CORPORATION 524113 BANCORPSOUTH INC 522110 BANK MUTUAL CORPORATION 522110 BANK OF AMERICA CORP 522110 BANK OF MONTREAL 522110 BANK OF NEW YORK CO INC (THE) 522110 BANK ONE CORP 522110 BANK PLUS CORPORATION 522110 BANKNORTH GROUP INC 522110 BANKUNITED FINANCIAL CORP 522110 BANNER CORPORATION 522110 BAY STATE BANCORP INC 522110 BAY VIEW CAPITAL CORP 522110 BB&T CORP 522110 BEAR STEARNS COS INC (THE) 523110 BEDFORD BANCSHARES INC 522110 BERKSHIRE HATHAWAY INC 524113 BILLSERV INC 522320 BINGHAM FINANCIAL SERVICES INC 522291 BISYS GROUP INC (THE) 522320 BLACKROCK INC 523920 BNP PARIBAS 522110 BOK FINANCIAL CORP 522110 BOSTONFED BANCORP INC 522110 BOTTOMLINE TECHNOLOGIES INC 511200 BOWNE & CO INC 323000 BROWN & BROWN 524113 CAMCO FINANCIAL CORP 522110 CAPITAL CITY BANK GROUP INC 522110 CAPITAL ONE FINANCIAL CORP 522210 CAPITOL TRANSAMERICA CORP 524113 CARVER BANCORP INC 522110 CASCADE FINANCIAL CORP 522110 CASH AMERICA INTERNATIONAL INC 522298 CATHAY BANCORP INC 522110 CAVALRY BANCORP INC 522110 CDC IXIS ASSET MANAGEMENT NA 523920 CENTEX CORP 230000 CHARLES SCHWAB CORP (THE) 523110 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO 522310 CHARTER ONE FINANCIAL INC 522110 CHECKFREE CORP 522320 CHICAGO TITLE CORPORATION 524127 CHRYSLER FINANCIAL CORP 522220 CHUBB CORPORATION (THE) 524113 CIGNA CORP 524113 CINCINNATI FINANCIAL CORP 524113 CITIGROUP INC 522110 CITIZENS BANKING CORP/MI 522110
www.plunkettresearch.com CITIZENS FINANCIAL CORP 524113 CITIZENS FIRST FINANCIAL CORP 522110 CITIZENS INC 524113 CITY NATIONAL CORPORATION 522110 CNA FINANCIAL CORPORATION 524113 CNA SURETY CORPORATION 524113 COASTAL BANCORP INC 522110 COASTAL FINANCIAL CORP 522110 CODORUS VALLEY BANCORP INC 522110 COLONIAL BANCGROUP INC 522110 COLUMBIA BANCORP 522110 COMERICA INC 522110 COMMERCE BANCORP INC 522110 COMMERCE BANCSHARES INC 522110 COMMERCE GROUP INC (THE) 524113 COMMERCIAL FEDERAL CORP 522110 COMMONWEALTH BANCORP INC 522110 COMPASS BANCSHARES INC 522110 COMPUCREDIT CORPORATION 522210 CONCORD EFS INC 522320 CONNECTICUT BANCSHARES INC 522110 CONSECO INC 524113 CONSUMER PORTFOLIO SERV 522220A CORE INC 621999 CORILLIAN 511200 COUNTRYWIDE CREDIT INDUSTRIES INC 522310 CRAWFORD & COMPANY 541219 CREDIT ACCEPTANCE CORP 522220 CREDIT STORE INC (THE) 522210 CREDIT SUISSE FIRST BOSTON 523110 CULLEN/FROST BANKERS INC 522110 D&B 561450 DELPHI FINANCIAL GROUP INC 522210 DELUXE CORP 323000 DEUTSCHE BANK 522110 DIEBOLD INC 334111 DIGITAL INSIGHT CORP 511200 DIME BANCORP INC 522110 DIME COMMUNITY BANCSHARES 522110 DONEGAL GROUP INC 524113 DORAL FINANCIAL CORP 522110 DOW JONES & COMPANY INC 511110 DOWNEY FINANCIAL CORP 522110 DVI INC 522220A E W BLANCH HOLDINGS INC 524210 E*TRADE GROUP INC 523110 EAGLE BANCSHARES 522110 EATON VANCE CORP 523920 EFC BANCORP INC 522110 ELECTRONIC CLEARING HOUSE INC 522320 E-LOAN INC 522310A EMC INSURANCE GROUP INC 524113 ENHANCE FINANCIAL SERVICES GROUP 524298 EQUIFAX INC 561450 EQUITABLE BANK 522110 EQUIVEST FINANCIAL INC 522220A ERIE FAMILY LIFE INSURANCE COMPANY 524113 ERIE INDEMNITY CO 524113
ESB FINANCIAL CORP 522110 EURONET WORLDWIDE INC 522320 EVEREST RE GROUP LTD 524130 EVISION USA.COM INC 523110 FACTSET RESEARCH SYSTEMS INC 514100 FAIR ISAAC AND COMPANY INC 541519 FANNIE MAE 522310 FARM FAMILY HOLDINGS INC 524113 FARMERS GROUP INC 524113 FBL FINANCIAL GROUP 524113 FEDERAL AGRICULTURAL MORTGAGE 522310 FEDERAL TRUST CORPORATION 522110 FEDERATED INVESTORS INC 523920 FFLC BANCORP INC 522110 FFW CORPORATION 522110 FIDELITY BANCORP INC OF DE 522110 FIDELITY BANKSHARES INC 522110 FIDELITY NATIONAL FINANCIAL INC 524113 FIFTH THIRD BANCORP 522110 FINANCIAL FEDERAL CORP 522220A FINANCIAL INDUSTRIES CORP 524113 FINANCIAL SECURITY ASSURANCE HLDGS 524298 FINET.COM 522310 FINGER LAKES BANCORP INC 522110 FIRST ALBANY COMPANIES INC 523110 FIRST AMERICAN CORP 524127 FIRST BANCSHARES INC MO 522110 FIRST BELL BANCORP INC 522110 FIRST DATA CORP 522320 FIRST DEFIANCE FINANCIAL CORP 522110 FIRST ESSEX BANCORP INC 522110 FIRST FED FIN CORP KY 522110 FIRST FEDERAL CAPITAL CORP 522110 FIRST FINANCIAL HOLDINGS INC 522110 FIRST FRANKLIN CORP 522110 FIRST HEALTH GROUP CORP 621491 FIRST INDIANA CORP 522110 FIRST INVESTORS FINANCIAL SVCS GROUP 522220 FIRST KEYSTONE FINANCIAL 522110 FIRST MIDWEST BANCORP INC 522110 FIRST MIDWEST FINANCIAL INC 522110 FIRST MONTAUK FINANCIAL CORP 523110 FIRST MORTGAGE CORP 522310 FIRST MUTUAL SAVINGS BANK 522110 FIRST NIAGARA FINANCIAL GROUP INC 522110 FIRST SENTINEL BANCORP INC 522110 FIRST SOUTH BANCORP INC 522110 FIRST SOUTHERN BANCSHARES INC 522110 FIRST STATE BANCORP NM 522110 FIRST TENNESSEE NATIONAL CORP 522110 FIRST VIRGINIA BANKS INC 522110 FIRST WEST VIRGINIA BANCORP 522110 FIRSTBANK CORP IDAHO 522110 FIRSTCITY FINANCIAL CORP 522310 FIRSTFED AMERICA BANCORP INC 522110 FIRSTFED BANCORP INC 522110 FIRSTFED FINANCIAL CORP 522110 FIRSTMERIT CORPORATION 522110
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FISERV INC 522320 FLAG FINANCIAL CORP 522110 FLAGSTAR BANCORP INC 522110 FLEETBOSTON FINANCIAL CORPORATION 522110 FLUSHING FINANCIAL CORP 522110 FORD MOTOR CREDIT CO 522220 FPIC INSURANCE GROUP INC 524113 FRANKLIN RESOURCES INC 523920 FREDDIE MAC 522310 FREMONT GENERAL CORP 524113 FRIEDMAN BILLINGS RAMSEY 523110 FSF FINANCIAL CORP 522110 FULTON FINANCIAL CORP 522110 GAINSCO INC 524113 GASTON FEDERAL BANCORP 522110 GENERAL ELECTRIC CAPITAL CORP 522220A GENERAL MOTORS ACCEPTANCE CORP 522220 GENERALCOLOGNE RE CORP 524130 GEORGIA FINANCIAL INC 522110 GLACIER BANCORP INC 522110 GOLD BANC CORP INC 522110 GOLDEN STATE BANCORP INC 522110 GOLDEN WEST FINANCIAL CORP 522110 GOLDMAN SACHS GROUP INC 523110 GREAT AMERICAN BANCORP 522110 GREAT AMERICAN FINANCIAL RESOURCES 524113 GREAT SOUTHERN BANCORP 522110 GREENPOINT FINANCIAL CORP 522110 GUARANTY FEDERAL BANCSHARES INC 522110 GUARDIAN LIFE INSURANCE COMPANY OF AMERICA 524113 H & R BLOCK INC 541213 HALLMARK FINANCIAL SERVICES INC 524113 HAMILTON BANCORP INC 522110 HARBOR FLORIDA BANCSHARES INC 522110 HARLEYSVILLE GROUP INC 524113 HARLEYSVILLE SAVINGS BANK 522110 HARTFORD FINANCIAL SERVICES GROUP 524113 HAWTHORNE FINANCIAL CORP 522110 HCB BANCSHARES INC 522110 HCC INSURANCE HOLDINGS INC 524113 HEALTH NET INC 621491 HELLER FINANCIAL INC 522220A HEMLOCK FEDERAL FINANCIAL CORP 522110 HERITAGE FINANCIAL CORP 522110 HF FINANCIAL CORPORATION 522110 HIBERNIA CORPORATION 522110 HIGHLANDS INSURANCE GROUP 524113 HILB, ROGAL & HAMILTON CO 524113 HINGHAM INSTITUTION FOR SAVINGS 522110 HMN FINANCIAL INC 522110 HOENIG GROUP INC 523110 HOME FEDERAL BANCORP 522110 HOMEGOLD FINANCIAL INC 522310 HOPFED BANCORP INC 522110 HORACE MANN EDUCATORS CORP 524113 HORIZON BANCORP 522110 HORIZON FINANCIAL CORP 522110
HOUSEHOLD INTERNATIONAL INC 522291 HPSC INC 522220A HSB GROUP INC 524113 HSBC BANK USA 522110 HUDSON RIVER BANCORP 522110 HUDSON UNITED BANCORP 522110 HUMANA INC 621491 HUNTINGTON BANCSHARES INC 522110 INDEPENDENCE COMMUNITY BANK 522110 INDEPENDENCE FEDERAL SAVINGS 522110 INDEPENDENCE HOLDING CO 524113 ING PILGRIM 523920 INSTINET GROUP INC 522320 INTERACTIVE DATA CORPORATION 514100 INTERCEPT GROUP INC (THE) 522320 INTERCONTINENTAL LIFE CORPORATION 524113 INTUIT INC 511200 INVESTMENT TECHNOLOGY GROUP INC 514210 INVESTORS FINANCIAL SERVICES 523920 INVESTORS TITLE COMPANY 524127 IRWIN FINANCIAL CORP 522110 J P MORGAN CHASE & CO INC 523110 JB OXFORD HOLDINGS INC 523110 JEFFERIES GROUP INC 523110 JEFFERSON-PILOT CORPORATION 524113 JOHN HANCOCK FINANCIAL SERVICES INC 524113 JOHN NUVEEN COMPANY (THE) 523920 KANSAS CITY LIFE INSURANCE COMPANY 524113 KAYE GROUP INC 524210 KBK CAPITAL CORP 522220A KEYCORP 522110 KIRLIN HOLDING CORP 523110 KNIGHT TRADING GROUP INC 523110 LABRANCHE & CO INC 523110 LADENBURG THALMANN FINANCIAL 523110 LAIDLAW GLOBAL CORP 523110 LANDAMERICA FINANCIAL GROUP 524127 LAUREL CAPITAL GROUP INC 522110 LEGG MASON INC 523110 LEHMAN BROTHERS HOLDINGS INC 523110 LEUCADIA NATIONAL CORP 524113 LIBERTY MUTUAL INSURANCE COMPANIES 524113 LINCOLN NATIONAL CORPORATION 524113 LOCAL FINANCIAL CORP 522110 LOEWS CORPORATION 524113 LONG BEACH FINANCIAL CORP 522310 M&T BANK CORP 522110 MAF BANCORP INC 522110 MARKEL CORPORATION 524113 MARSH & MCLENNAN COS INC 524210 MARSHALL & ILSLEY CORP 522110 MASSACHUSETTS MUTUAL LIFE INSUR CO 524113 MASSBANK CORP 522110 MATRIX BANCORP INC 522110 MAXCOR FINANCIAL GROUP 523110 MB FINANCIAL INC 522110 MBIA INCORPORATED 524298 MBNA CORP 522210
www.plunkettresearch.com MCM CAPITAL GROUP INC 522210 MCM CORP 524113 MEADOWBROOK INSURANCE GROUP INC 524113 MEDALLION FINANCIAL CORP 522220A MEDFORD BANCORP INC 522110 MELLON FINANCIAL CORP 522110 MERCANTILE BANKSHARES 522110 MERCHANTS GROUP INC 524113 MERCURY GENERAL CORP 524113 MERIDIAN INSURANCE GROUP INC 524113 MERRILL LYNCH & CO INC 523110 METAVANTE CORPORATION 522320 MET LIFE INC 524113 METRIS COMPANIES INC 522210 MFN FINANCIAL CORPORATION 522291 MGIC INVESTMENT CORP 524298 MID ATLANTIC MEDICAL SERVICES INC 621491 MONTEREY BAY BANCORP INC 522110 MONY GROUP INC (THE) 524113 MORGAN STANLEY DEAN WITTER & CO 523110 MUNICIPAL M ORTGAGE & EQUITY 522310 MYND CORPORATION 511200 MYSTIC FINANCIAL INC 522110 NASB FINANCIAL INC 522110 NATIONAL CITY CORPORATION 522110 NATIONAL COMMERCE FINANCIAL CORP 522110 NATIONAL DISCOUNT BROKERS 523110 NATIONAL SECURITY GROUP INC (THE) 524113 NATIONA L WESTERN LIFE INSURANCE CO 524113 NATIONWIDE FINANCIAL SERVICES INC 524113 NAVIGATORS GROUP INC 524113 NBC CAPITAL CORP 522110 NETBANK INC 522110A NEUBERGER BERMAN INC 523920 NEW CENTURY FINANCIAL CORP 522310 NEW HAMPSHIRE THRIFT BANC 522110 NEW VALLEY CORP 523110 NEW YORK LIFE INSURANCE CO 524113 NORTH CENTRAL BANCSHARES 522110 NORTH EAST INSURANCE CO 524113 NORTH FORK BANCORPORATION 522110 NORTHEAST INDIANA BANCORP 522110 NORTHEAST PENNSYLVANIA FINANCIAL 522110 NORTHERN STATES FINANCIAL 522110 NORTHERN TRUST CORP 522110 NORTHWEST BANCORP INC 522110 NORTHWEST INDIANA BANCORP 522110 NOVA CORPORATION 522320 NYMAGIC INC 524113 OHIO CASUALTY CORP 524113 OLD NATIONAL BANCORP 522110 OLD REPUBLIC INTERNATIONAL CORP 524113 OMEGA WORLDWIDE INC 523920 ONEIDA FINANCIAL CORP 522110 ONYX ACCEPTANCE CORP 522220 OXFORD HEALTH PLANS INC 621491 PACIFIC CENTURY FINANCIAL 522110 PACIFIC MUTUAL HOLDING CO 524113
PACIFICARE HEALTH SYSTEMS INC 621491 PAYCHEX INC 514210 PEOPLE'S BANK 522110 PFF BANCORP INC 522110 PHILADELPHIA CONSOLIDATED HOLDING 524113 PHOENIX COMPANIES (THE) 524113 PHOENIX INVESTMENT PTNRS 523920 PICO HOLDINGS INC 524113 PIMCO ADVISORS LP 523920 PINNACLE BANCSHARES INC 522110 PIONEER INVESTMENT MANAGEMENT USA 523920 PITTSBURGH FINANCIAL CORP 522110 PMA CAPITAL CORPORATION 524113 PMC CAPITAL INC 522220A PMI GROUP INC 524113 PNC FINANCIAL SERVICES GROUP INC 522110 POCAHONTAS BANCORP INC 522110 POPULAR INC 522110 PRESERVER GROUP INC 524113 PRESIDENTIAL LIFE CORPORATION 524113 PRINCETON ECOM 522320 PRINCIPAL FINANCIA L GROUP (THE) 524113 PROFESSIONALS GROUP INC 524113 PROGRESSIVE CORP 524113 PROTECTIVE LIFE INSURANCE CO 524113 PROVIDENT FINANCIAL GROUP 522110 PROVIDIAN FINANCIAL CORP 522110 PRUDENTIAL FINANCIAL 524113 PULTE HOMES INC 230000 PXRE CORP 524130 QUICKEN LOANS INC 522291 RADIAN GROUP INC 524113 RAGEN MACKENZIE GROUP INC 523110 RAYMOND JAMES FINANCIAL INC 523110 RBC DAIN RAUSCHER CORPORATION 523110 REGIONS FINANCIAL CORP 522110 REINSURANCE GROUP OF AMERICA INC 524130 RESOURCE BANCSHARES MORTGAGE 522310 RIGHTCHOICE MANAGED CARE INC 621491 RTW INC 524113 S1 CORPORATION 511200 SAFECO CORP 524113 SANDERS MORRIS HARRIS GROUP 523110 SCPIE HOLDINGS 524113 SEACOAST FINANCIAL SERVICES CORP 522110 SEI INVESTMENTS CO 511200 SEIBELS BRUCE GROUP INC (THE) 524113 SELECTIVE INSURANCE GROUP 524113 SIEBERT FINANCIAL CORP 523110 SIERRA HEALTH SERVICES INC 621491 SKY FINANCIAL GROUP INC 522110 SNB BANCSHARES INC 522110 SOUNDVIEW TECHNOLOGY GROUP 523110 SOUTHTRUST CORP 522110 SOVEREIGN BANCORP INC 522110 ST FRANCIS CAPITAL CORP 522110 ST PAUL COMPANIES INC (THE) 524113 STANDARD MANAGEMENT CORP 524113
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STATE AUTO FINANCIAL 524113 STATE FARM INSURANCE COMPANIES 524113 STATE STREET CORP 522110 STATEN ISLAND BANCORP INC 522110 STERLING FINANCIAL CORP 522110 STEWART INFORMATION SVCS CORP 524127 STIFEL FINANCIAL CORP 523110 STUDENT LOAN CORP 522291 SUNTRUST BANKS INC 522110 SWS GROUP INC 523110 SYNOVUS FINANCIAL CORP 522110 T ROWE PRICE GROUP INC 523920 TCF FINANCIAL CORPORATION 522110 TECHE HOLDING COMPANY 522110 TF FINANCIAL CORPORATION 522110 TFC ENTERPRISES INC 522291 THISTLE GROUP HOLDINGS 522110 TIMBERLAND BANCORP INC 522110 TORCHMARK CORP 524113 TOTAL SYSTEM SERVICES INC 522320 TRADESTATION GROUP INC 523110 TRANSAMERICA CORP 524113 TRANSATLANTIC HOLDINGS INC 524130 TRENWICK GROUP LTD 524130 TRIAD GUARANTY INC 524298 TRIGON HEALTHCARE INC 621491 TRUSTMARK CORPORATION 522110 TYCO CAPITAL 522220A UICI 524113 UMB FINANCIAL CORP 522110 UNICO AMERICAN CORP 524113 UNION ACCEPTANCE CORP 522291 UNION PLANTERS CORP 522110 UNIONBANCAL CORPORATION 522110 UNITED ASSET MANAGEMENT CORP 523920 UNITED COMMUNITY FINANCIAL 522110 UNITED FIRE & CASUALTY CO 524113 UNITEDHEALTH GROUP INC 621491 UNITRIN INC 524113 UNIVERSAL AMERICAN FINANCIAL CORP 524113 UNUMPROVIDENT CORP 524113 US BANCORP 522110 USA EDUCATION INC 522291 USAA 524113 VALLEY NATIONAL BANCORP 522110 VALUE LINE INC 514100 W R BERKLEY CORPORATION 524113 WACHOVIA CORP 522110 WADDELL & REED FINANCIAL 523920 WARRANTECH CORPORATION 524113 WASHINGTON MUTUAL INC 522110 WAYPOINT FINANCIAL CORPORATION 522110 WEBSTER FINANCIAL CORP 522110 WELLPOINT HEALTH NETWORKS INC 621491 WELLS FARGO & CO 522110 WESTCORP 522110 WFS FINANCIAL INC 522220 WHITNEY HOLDING CORP 522110
WILMINGTON TRUST CORP WILSHIRE FINANCIAL SERVICES GROUP WORLD ACCEPTANCE CORP XL RE AMERICA YONKERS FINANCIAL CORP ZENITH NATIONAL INSURANCE CORP ZIEGLER COMPANIES (THE) ZIONS BANCORP
522110 522110 522291 524130 522110 524113 523110 522110
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GEOGRAPHICAL INDEXES
ALLTEL CORP; Little Rock HCB BANCSHARES INC; Camden POCAHONTAS BANCORP INC; Pocahontas
CHARLES SCHWAB CORP (THE); San Francisco CHICAGO TITLE CORPORATION; Santa Barbara CITY NATIONAL CORPORATION; Beverly Hills CONSUMER PORTFOLIO SERV; Irvine CORE INC; Irvine COUNTRYWIDE CREDIT INDUSTRIES INC; Calabasas DIGITAL INSIGHT CORP; Calabasas DOWNEY FINANCIAL CORP; Newport Beach E*TRADE GROUP INC; Menlo Park ELECTRONIC CLEARING HOUSE INC; Agoura Hills E-LOAN INC; Dublin FAIR ISAAC AND COMPANY INC; San Rafael FARMERS GROUP INC; Los Angeles FIDELITY NATIONAL FINANCIAL INC; Irvine FINET.COM; San Ramon FIRST AMERICAN CORP; Santa Ana FIRST MORTGAGE CORP; Diamond Bar FIRSTFED FINANCIAL CORP; Santa Monica FRANKLIN RESOURCES INC; San Mateo FREMONT GENERAL CORP; Santa Monica GOLDEN STATE BANCORP INC; San Francisco GOLDEN WEST FINANCIAL CORP; Oakland HAWTHORNE FINANCIAL CORP; El Segundo HEALTH NET INC; Woodland Hills INTUIT INC; Mountain View JB OXFORD HOLDINGS INC; Beverly Hills JEFFERIES GROUP INC; Los Angeles LONG BEACH FINANCIAL CORP; Orange MCM CAPITA L GROUP INC; San Diego MERCURY GENERAL CORP; Los Angeles MONTEREY BAY BANCORP INC; Watsonville NEW CENTURY FINANCIAL CORP; Irvine ONYX ACCEPTANCE CORP; Foothill Ranch PACIFIC MUTUAL HOLDING CO; Newport Beach PACIFICARE HEALTH SYSTEMS INC; Santa Ana PFF BANCORP INC; Pomona PICO HOLDINGS INC; La Jolla PIMCO ADVISORS LP; Newport Beach PMI GROUP INC; San Francisco PROVIDIAN FINANCIAL CORP; San Francisco SCPIE HOLDINGS; Los Angeles TRANSAMERICA CORP; San Francisco UNICO AMERICAN CORP; Woodland Hills UNIONBANCAL CORPORATION; San Francisco WELLPOINT HEALTH NETWORKS INC; Thousand Oaks WELLS FARGO & CO; San Francisco WESTCORP; Irvine WFS FINANCIAL INC; Irvine ZENITH NATIONAL INSURANCE CORP; Woodland Hills
CALIFORNIA
COLORADO
21ST CENTURY INSURANCE; Woodland Hills BANK PLUS CORPORATION; Los Angeles BAY VIEW CAPITAL CORP; San Mateo CATHAY BANCORP INC; Los Angeles
EVISION USA.COM INC; Denver FIRST DATA CORP; Greenwood Village MATRIX BANCORP INC; Denver
1) Company headquarters locations by state 2) Locations and subsidiaries by regions of the U.S. 3) Firms with international operations The headquarters locations of each company are on the following indexes to help you locate members of THE FINANCIAL SERVICES 500 within the part of the country, or the world, of interest. However, companies are constantly opening and closing various locations. You should consider contacting companies that particularly interest you, to see whether they have locations in your area. You can also try looking for companies in online telephone and address directories (such as infousa.com), to see which cities have locations of the firms that interest you.
HEADQUARTERS LOCATION, BY STATE ALABAMA ALFA CORPORATION; Montgomery AMSOUTH BANCORPORATION; Birmingham COLONIAL BANCGROUP INC; Montgomery COMPASS BANCSHARES INC; Birmingham FIRST SOUTHERN BANCSHARES INC; Florence FIRSTFED BANCORP INC; Bessemer NATIONAL SECURITY GROUP INC (THE); Elba PINNACLE BANCSHARES INC; Jasper PROTECTIVE LIFE INSURANCE CO; Birmingham REGIONS FINANCIAL CORP; Birmingham SOUTHTRUST CORP; Birmingham TORCHMARK CORP; Birmingham
ARIZONA ING PILGRIM; Scottsdale
ARKANSAS
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CONNECTICUT ACMAT CORPORATION; New Britain ADVEST GROUP INC; Hartford AETNA INC; Hartford ALLIANCE BANCORP OF NE; Vernon AMERICAN BANK OF CT; Waterbury CONNECTICUT BANCSHARES INC; Manchester EQUIVEST FINANCIAL INC; Greenwich FACTSET RESEARCH SYSTEMS INC; Greenwich GENERAL ELECTRIC CAPITAL CORPORATION; Stamford GENERALCOLOGNE RE CORP; Stamford HARTFORD FINANCIAL SERVICES GROUP INC (THE); Hartford HSB GROUP INC; Hartford INDEPENDENCE HOLDING CO; Stamford OXFORD HEALTH PLANS INC; Trumbull PEOPLE'S BANK; Bridgeport PHOENIX COMPANIES (THE); Hartford PHOENIX INVESTMENT PTNRS; Hartford SOUNDVIEW TECHNOLOGY GROUP; Old Greenwich STUDENT LOAN CORP; Stamford W R BERKLEY CORPORATION; Greenwich WEBSTER FINANCIAL CORP; Waterbury XL RE AMERICA; Stamford
DELAWARE DELPHI FINANCIAL GROUP INC; Wilmington FIRST BELL BANCORP INC; Wilmington MBNA CORP; Wilmington WILMINGTON TRUST CORP; Wilmington
DISTRICT OF COLUMBIA FANNIE MAE; Washington FEDERAL AGRICULTURAL MORTGAGE CORP; Washington INDEPENDENCE FEDERAL SAVINGS; Washington
FLORIDA 21ST CENTURY HOLDING CO; Plantation AMERICAN HERITAGE LIFE INVESTMENT CORP; Jacksonville BANKUNITED FINANCIAL CORP; Coral Gables BROWN & BROWN; Daytona Beach CAPITAL CITY BANK GROUP INC; Tallahassee FEDERAL TRUST CORPORATION; Winter Park FFLC BANCORP INC; Leesburg FIDELITY BANKSHARES INC; West Palm Beach FPIC INSURANCE GROUP INC; Jacksonville HAMILTON BANCORP INC; Miami HARBOR FLORIDA BANCSHARES INC; Fort Pierce NEW VALLEY CORP; Miami RAYMOND JAMES FINANCIAL INC; St. Petersburg TRADESTATION GROUP INC; Miami
GEORGIA AFLAC INC; Columbus ASSURANT GROUP; Atlanta
ATLANTIC AMERICAN CORP; Atlanta CHECKFREE CORP; Norcross COMPUCREDIT CORPORATION; Atlanta CRAWFORD & COMPANY; Atlanta EAGLE BANCSHARES; Tucker EQUIFAX INC; Atlanta FLAG FINANCIAL CORP; LaGrange INTERCEPT GROUP INC (THE); Norcross NETBANK INC; Alpharetta NOVA CORPORATION; Atlanta S1 CORPORATION; Atlanta SNB BANCSHARES INC; Macon SUNTRUST BANKS INC; Atlanta SYNOVUS FINANCIAL CORP; Columbus TOTAL SYSTEM SERVICES INC; Columbus
HAWAII PACIFIC CENTURY FINANCIAL; Honolulu
IDAHO FIRSTBANK CORP IDAHO; Lewiston
ILLINOIS ALLSTATE CORPORATION (THE); Northbrook AMERICAN COUNTRY HOLDINGS; Chicago AON CORPORATION; Chicago ARTHUR J GALLAGHER & CO; Itasca BANK ONE CORP; Chicago CITIZENS FIRST FINANCIAL CORP; Bloomington CNA FINANCIAL CORPORATION; Chicago CNA SURETY CORPORATION; Chicago EFC BANCORP INC; Elgin FIDELITY BANCORP INC OF DE; Chicago FIRST HEALTH GROUP CORP; Downers Grove FIRST MIDWEST BANCORP INC; Itasca GREAT AMERICAN BANCORP; Champaign HELLER FINANCIAL INC; Chicago HEMLOCK FEDERAL FINANCIAL CORP; Oak Forest HORACE MANN EDUCATORS CORPORATION; Springfield HOUSEHOLD INTERNATIONAL INC; Prospect Heights JOHN NUVEEN COMPANY (THE); Chicago MAF BANCORP INC; Clarendon Hills MB FINANCIAL INC; Chicago MFN FINANCIAL CORPORATION; Lake Forest NORTHERN STATES FINANCIAL; Waukegan NORTHERN TRUST CORP; Chicago OLD REPUBLIC INTERNATIONAL CORP; Chicago STATE FARM INSURANCE COMPANIES; Bloomington UNITRIN INC; Chicago
INDIANA AMERIANA BANCORP; New Castle ANTHEM INC; Indianapolis BALDWIN & LYONS INC; Indianapolis CONSECO INC; Carmel
www.plunkettresearch.com FFW CORPORATION; Wabash FIRST INDIANA CORP; Indianapolis HOME FEDERAL BANCORP; Seymour HORIZON BANCORP; Michigan City IRWIN FINANCIAL CORP; Columbus MERIDIA N INSURANCE GROUP INC; Indianapolis NORTHEAST INDIANA BANCORP; Huntington NORTHWEST INDIANA BANCORP; Munster OLD NATIONAL BANCORP; Evansville STANDARD MANAGEMENT CORP; Indianapolis UNION ACCEPTANCE CORP; Indianapolis
IOWA AMERUS GROUP CO; Des Moines EMC INSURANCE GROUP INC; Des Moines FBL FINANCIAL GROUP; West Des Moines FIRST MIDWEST FINANCIAL INC; Storm Lake NORTH CENTRAL BANCSHARES; Fort Dodge PRINCIPAL FINANCIAL GROUP (THE); Des Moines UNITED FIRE & CASUALTY CO; Cedar Rapids
KANSAS EURONET WORLDWIDE INC; Leawood GOLD BANC CORP INC; Leawood WADDELL & REED FINANCIAL; Overland Park
CDC IXIS ASSET MANAGEMENT NA; Boston COMMERCE GROUP INC (THE); Webster EATON VANCE CORP; Boston FIRST ESSEX BANCORP INC; Andover FIRSTFED AMERICA BANCORP INC; Swansea FLEETBOSTON FINANCIAL CORPORATION; Boston HINGHAM INSTITUTION FOR SAVINGS; Hingham HPSC INC; Boston INTERACTIVE DATA CORPORATION; Bedford INVESTORS FINANCIAL SERVICES; Boston JOHN HANCOCK FINANCIAL SERVICES INC; Boston LIBERTY MUTUAL INSURANCE COMPANIES; Boston MASSACHUSETTS MUTUAL LIFE INSURANCE CO; Springfield MASSBANK CORP; Reading MEDFORD BANCORP INC; Medford MYSTIC FINANCIAL INC; Medford PIONEER INVESTMENT MANAGEMENT USA INC; Boston SEACOAST FINANCIAL SERVICES CORP; New Bedford STATE STREET CORP; Boston UNITED ASSET MANAGEMENT CORP; Boston
MICHIGAN KENTUCKY CITIZENS FINANCIAL CORP; Louisville FIRST FED FIN CORP KY; Elizabethtown HOPFED BANCORP INC; Hopkinsville HUMANA INC; Louisville
LOUISIANA HIBERNIA CORPORATION; New Orleans TECHE HOLDING COMPANY; Franklin WHITNEY HOLDING CORP; New Orleans
MAINE BANKNORTH GROUP INC; Portland NORTH EAST INSURANCE CO; Scarborough UNUMPROVIDENT CORP; Portland
MARYLAND COLUMBIA BANCORP; Columbia EQUITABLE BANK; Wheaton LEGG MASON INC; Ba ltimore MERCANTILE BANKSHARES; Baltimore MID ATLANTIC MEDICAL SERVICES INC; Rockville MUNICIPAL MORTGAGE & EQUITY; Baltimore T ROWE PRICE GROUP INC; Baltimore
MASSACHUSETTS ABINGTON BANCORP INC; Abington AFFILIATED MANAGERS GROUP; Boston ALLMERICA FINANCIAL CORPORATION; Worcester BAY STATE BANCORP INC; Brookline BOSTONFED BANCORP INC; Burlington
BINGHAM FINANCIAL SERVICES INC; Birmingham CHRYSLER FINANCIAL CORP; Southfield CITIZENS BANKING CORP/MI; Flint COMERICA INC; Detroit CREDIT ACCEPTANCE CORP; Southfield FLAGSTAR BANCORP INC; Troy FORD MOTOR CREDIT CO; Dearborn GENERAL MOTORS ACCEPTANCE CORP; Detroit MEADOWBROOK INSURANCE GROUP INC; Southfield OMEGA WORLDWIDE INC; Ann Arbor PROFESSIONALS GROUP INC; Okemos PULTE HOMES INC; Bloomfield Hills QUICKEN LOANS INC; Livonia
MINNESOTA DELUXE CORP; Shoreview FSF FINANCIAL CORP; Hutchinson HMN FINANCIAL INC; Spring Valley METRIS COMPANIES INC; Minnetonka RBC DAIN RAUSCHER CORPORATION; Minneapolis RTW INC; Bloomington ST PAUL COMPANIES INC (THE); St. Paul TCF FINANCIAL CORPORATION; Minneapolis UNITEDHEA LTH GROUP INC; Minnetonka US BANCORP; Minneapolis
MISSISSIPPI BANCORPSOUTH INC; Tupelo NBC CAPITAL CORP; Starkville TRUSTMARK CORPORATION; Jackson
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MISSOURI
NEW YORK
A G EDWARDS INC; St. Louis COMMERCE BANCSHARES INC; Kansas City FIRST BANCSHARES INC MO; Mountain Grove GREAT SOUTHERN BANCORP; Springfield GUARANTY FEDERAL BANCSHARES INC; Springfield H & R BLOCK INC; Kansas City KANSAS CITY LIFE INSURANCE COMPANY; Kansas City NASB FINANCIAL INC; Grandview REINSURANCE GROUP OF AMERICA INC; Chesterfield RIGHTCHOICE MANAGED CARE INC; St. Louis STIFEL FINANCIAL CORP; St. Louis UMB FINANCIAL CORP; Kansas City
A B WATLEY GROUP INC; New York ACE CAPITAL RE; New York ACTRADE FINANCIAL TEHCNOLOGIES LTD; New York ALLEGHANY CORP; New York ALLIANCE CAPITAL MANAGEMENT LP; New York AMBAC FINANCIAL GROUP; New York AMERICAN HOME MORTGAGE HOLDINGS INC; Melville AMERICAN INTERNATIONAL GROUP INC; New York ASTORIA FINANCIAL CORP; Lake Success ATLANTIC MUTUAL COMPANIES; New York AXA FINANCIAL INC; New York BANK OF NEW YORK CO INC (THE); New York BEAR STEARNS COS INC (THE); New York BISYS GROUP INC (THE); New York BLACKROCK INC; New York BOWNE & CO INC; New York CARVER BANCORP INC; New York CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO; New York CITIGROUP INC; New York CREDIT SUISSE FIRST BOSTON; New York DIME BANCORP INC; New York DIME COMMUNITY BANCSHARES; Brooklyn DOW JONES & COMPANY INC; New York ENHANCE FINANCIAL SERVICES GROUP INC; New York FARM FAMILY HOLDINGS INC; Glenmont FINANCIAL FEDERAL CORP; New York FINANCIAL SECURITY ASSURANCE HLDGS LTD; New York FINGER LAKES BANCORP INC; Geneva Geneva FIRST ALBANY COMPANIES INC; Albany FIRST NIAGARA FINANCIAL GROUP INC; Lockport FLUSHING FINANCIAL CORP; Flushing GOLDMAN SACHS GROUP INC; New York GREENPOINT FINANCIAL CORP; New York GUARDIAN LIFE INSURANCE COMPANY OF AMERICA; New York HOENIG GROUP INC; Rye Brook HSBC BANK USA; New York HUDSON RIVER BANCORP; Hudson INDEPENDENCE COMMUNITY BANK; Brooklyn INSTINET GROUP INC; New York INVESTMENT TECHNOLOGY GROUP INC; New York J P MORGAN CHASE & CO INC; New York KAYE GROUP INC; New York KIRLIN HOLDING CORP; Syosset LABRANCHE & CO INC; New York LADENBURG THALMANN FINANCIAL; Bethpage LAIDLAW GLOBAL CORP; New York LEHMAN BROTHERS HOLDINGS INC; New York LEUCADIA NATIONAL CORP; New York
MONTANA GLACIER BANCORP INC; Kalispell
NEBRASKA ACCEPTANCE INSURANCE COS; Omaha AMERITRADE HOLDING CORP; Omaha BERKSHIRE HATHAWAY INC; Omaha COMMERCIAL FEDERAL CORP; Omaha
NEVADA SIERRA HEALTH SERVICES INC; Las Vegas
NEW HAMPSHIRE BOTTOMLINE TECHNOLOGIES INC; Portsmouth NEW HAMPSHIRE THRIFT BANC; Newport
NEW JERSEY AMERICAN EXPRESS CO; Jersey City AUTOMATIC DATA PROCESSING INC; Roseland CHUBB CORPORATION (THE); Warren COMMERCE BANCORP INC; Cherry Hill D&B; Murray Hill FIRST MONTAUK FINANCIAL CORP; Red Bank FIRST SENTINEL BANCORP INC; Woodbridge HIGHLANDS INSURANCE GROUP; Lawrenceville HUDSON UNITED BANCORP; Mahwah KNIGHT TRADING GROUP INC; Jersey City NATIONAL DISCOUNT BROKERS; Jersey City PRESERVER GROUP INC; Paramus PRINCETON ECOM; Princeton PRUDENTIAL FINANCIAL; Newark PXRE CORP; Edison SELECTIVE INSURANCE GROUP; Branchville VALLEY NATIONAL BANCORP; Wayne
NEW MEXICO FIRST STATE BANCORP NM; Albuquerque
www.plunkettresearch.com LOEWS CORPORATION; New York M&T BANK CORP; Buffalo MARSH & MCLENNAN COS INC; New York MAXCOR FINANCIAL GROUP; New York MBIA INCORPORATED; Armonk MEDALLION FINANCIAL CORP; New York MERCHANTS GROUP INC; Buffalo MERRILL LYNCH & CO INC; New York METLIFE INC; New York MONY GROUP INC (THE); New York MORGAN STANLEY DEAN WITTER & CO; New York NAVIGATORS GROUP INC; New York NEU BERGER BERMAN INC; New York NEW YORK LIFE INSURANCE CO; New York NORTH FORK BANCORPORATION; Melville NYMAGIC INC; New York ONEIDA FINANCIAL CORP; Oneida PAYCHEX INC; Rochester PRESIDENTIAL LIFE CORPORATION; Nyack SIEBERT FINANCIAL CORP; New York STATEN ISLAND BANCORP INC; Staten Island TRANSATLANTIC HOLDINGS INC; New York TYCO CAPITAL; New York UNIVERSAL AMERICAN FINANCIAL CORP; Rye Brook VALUE LINE INC; New York YONKERS FINANCIAL CORP; Yonkers
NORTH CAROLINA BANK OF AMERICA CORP; Charlotte BB&T CORP; Winston-Salem FIRST SOUTH BANCORP INC; Washington GASTON FEDERAL BANCORP; Gastonia INVESTORS TITLE COMPANY; Chapel Hill JEFFERSON-PILOT CORPORATION; Greensboro MCM CORP; Raleigh TRIAD GUARANTY INC; Winston-Salem WACHOVIA CORP; Winston-Salem
OHIO AMERICAN FINANCIAL GROUP INC; Cincinnati BANCINSURANCE CORPORATION; Columbus CAMCO FINANCIAL CORP; Cambridge CHARTER ONE FINANCIAL INC; Cleveland CINCINNATI FINANCIAL CORP; Fairfield DIEBOLD INC; North Canton FIFTH THIRD BANCORP; Cincinnati FIRST DEFIANCE FINANCIAL CORP; Defiance FIRST FRANKLIN CORP; Cincinnati FIRSTMERIT CORPORATION; Akron GREAT AMERICAN FINANCIAL RESOURCES INC; Cincinnati HUNTINGTON BANCSHARES INC; Columbus KEYCORP; Cleveland NATIONAL CITY CORPORATION; Cleveland NATIONWIDE FINANCIAL SERVICES INC; Columbus OHIO CASUALTY CORP; Hamilton PROGRESSIVE CORP; Mayfield Village
PROVIDENT FINANCIAL GROUP; Cincinnati SKY FINANCIAL GROUP INC; Bowling Green STATE AUTO FINANCIAL; Columbus UNITED COMMUNITY FINANCIAL; Youngstown
OKLAHOMA BOK FINANCIAL CORP; Tulsa LOCAL FINANCIAL CORP; Oklahoma City
OREGON CORILLIAN; Hillsboro WILSHIRE FINANCIAL SERVICES GROUP INC; Portland
PENNSYLVANIA ADVANTA CORP; Spring House ALLIANCE BANK; Broomall AMERICAN BUSINESS FINANCIAL SERVICES INC; Bala Cynwyd CIGNA CORP; Philadelphia CODORUS VALLEY BANCORP INC; York COMMONWEALTH BANCORP INC; Norristown DONEGAL GROUP INC; Marietta DVI INC; Jamison ERIE FAMILY LIFE INSURANCE COMPANY; Erie ERIE INDEMNITY CO; Erie ESB FINANCIAL CORP; Ellwood City FEDERATED INVESTORS INC; Pittsburgh FIRST KEYSTONE FINANCIAL; Media FULTON FINANCIAL CORP; Lancaster GEORGIA FINANCIAL INC; Pittsburgh HARLEYSVILLE GROUP INC; Harleysville HARLEYSVILLE SAVINGS BANK; Harleysville LAUREL CAPITAL GROUP INC; Allison Park LINCOLN NATIONAL CORPORATION; Philadelphia MELLON FINANCIAL CORP; Pittsburgh NORTHEAST PENNSYLVANIA FINANCIAL; Hazleton NORTHWEST BANCORP INC; Warren PHILADELPHIA CONSOLIDATED HOLDING CORP; Bala Cynwyd PITTSBURGH FINANCIAL CORP; Wexford PMA CAPITAL CORPORATION; Philadelphia PNC FINANCIAL SERVICES GROUP INC; Pittsburgh RADIAN GROUP INC; Philadelphia SEI INVESTMENTS CO; Oaks SOVEREIGN BANCORP INC; Philadelphia TF FINANCIAL CORPORATION; Newtown THISTLE GROUP HOLDINGS; Philadelphia WAYPOINT FINANCIAL CORPORATION; Harrisburg
SOUTH CAROLINA COASTAL FINANCIAL CORP; Myrtle Beach FIRST FINANCIAL HOLDINGS INC; Charleston HOMEGOLD FINANCIAL INC; Greenville MYND CORPORATION; Blythewood RESOURCE BANCSHARES MORTGAGE GROUP; Columbia SEIBELS BRUCE GROUP INC (THE); Columbia
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WORLD ACCEPTANCE CORP; Greenville
CREDIT STORE INC (THE); Sioux Falls HF FINANCIAL CORPORATION; Sioux Falls
LANDAMERICA FINANCIAL GROUP; Richmond MARKEL CORPORATION; Glen Allen TFC ENTERPRISES INC; Norfolk TRIGON HEALTHCARE INC; Richmond USA EDUCATION INC; Reston
TENNESSEE
WASHINGTON
CAVALRY BANCORP INC; Murfreesboro CONCORD EFS INC; Memphis FIRST TENNESSEE NATIONAL CORP; Memphis NATIONAL COMMERCE FINANCIAL CORP; Memphis UNION PLANTERS CORP; Memphis
BANNER CORPORATION; Walla Walla CASCADE FINANCIAL CORP; Everett FIRST MUTUAL SAVINGS BANK; Bellevue HERITAGE FINANCIAL CORP; Olympia HORIZON FINANCIAL CORP; Bellingham RAGEN MACKENZIE GROUP INC; Seattle SAFECO CORP; Seattle STERLING FINANCIAL CORP; Spokane TIMBERLAND BANCORP INC; Hoquiam WASHINGTON MUTUAL INC; Seattle
SOUTH DAKOTA
TEXAS ACE CASH EXPRESS INC; Irving AMERICAN GENERAL CORP; Houston AMERICAN NATIONAL INSURANCE COMPANY; Galveston AMERICREDIT CORP; Fort Worth ARGONAUT GROUP INC; San Antonio BILLSERV INC; San Antonio CASH AMERICA INTERNATIONAL INC; Fort Worth CENTEX CORP; Da llas CITIZENS INC; Austin COASTAL BANCORP INC; Houston CULLEN/FROST BANKERS INC; San Antonio E W BLANCH HOLDINGS INC; Dallas FINANCIAL INDUSTRIES CORP; Austin FIRST INVESTORS FINANCIAL SVCS GROUP INC; Houston FIRSTCITY FINANCIAL CORP; Waco GAINSCO INC; Fort Worth HALLMARK FINANCIAL SERVICES INC; Dallas HCC INSURANCE HOLDINGS INC; Houston INTERCONTINENTAL LIFE CORPORATION; Austin KBK CAPITAL CORP; Fort Worth NATIONAL WESTERN LIFE INSURANCE COMPANY; Austin PMC CAPITAL INC; Dallas SANDERS MORRIS HARRIS GROUP; Houston STEWART INFORMATION SVCS CORP; Houston SWS GROUP INC; Dallas UICI; Dallas USAA; San Antonio WARRANTECH CORPORATION; Euless
UTAH ZIONS BANCORP; Salt Lake City
VIRGINIA BEDFORD BANCSHARES INC; Bedford CAPITAL ONE FINANCIAL CORP; Falls Church FIRST VIRGINIA BANKS INC; Falls Church FREDDIE MAC; McLean FRIEDMAN BILLINGS RAMSEY; Arlington HILB, ROGAL & HAMILTON CO; Glen Allen
WEST VIRGINIA FIRST WEST VIRGINIA BANCORP; Wheeling
WISCONSIN ANCHOR BANCORP WISCONSIN; Madison ASSOCIATED BANC-CORP; Green Bay BANK MUTUAL CORPORATION; Brown Deer CAPITOL TRANSAMERICA CORP; Madison FIRST FEDERAL CAPITAL CORP; La Crosse FISERV INC; Brookfield MARSHALL & ILSLEY CORP; Milwaukee METAVANTE CORPORATION; Brown Deer MGIC INVESTMENT CORP; Milwaukee ST FRANCIS CAPITAL CORP; Brookfield ZIEGLER COM PANIES (THE); West Bend
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INDEX BY REGIONS WHERE THE FINANCIAL SERVICES 500 FIRMS HAVE LOCATIONS WEST 21ST CENTURY INSURANCE A G EDWARDS INC ABN AMRO HOLDING NV ACCENTURE ACCEPTANCE INSURANCE COS ACE CASH EXPRESS INC ADVANTA CORP AETNA INC AFFILIATED MANAGERS GROUP AFLAC INC ALLEGHANY CORP ALLIANCE CAPITAL MANAGEMENT LP ALLMERICA FINANCIAL CORPORATION ALLSTATE CORPORATION (THE) ALLTEL CORP AMERICAN BUSINESS FINANCIAL SERVICES INC AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN GENERAL CORP AMERICAN HOME MORTGAGE HOLDINGS INC AMERICAN INTERNATIONAL GROUP INC AMERICAN NATIONAL INSURANCE COMPANY AMERICREDIT CORP ANCHOR BANCORP WISCONSIN ANTHEM INC AON CORPORATION ARGONAUT GROUP INC ARTHUR J GALLAGHER & CO ASSURANT GROUP ATLANTIC MUTUAL COMPANIES AUTOMATIC DATA PROCESSING INC AXA FINANCIAL INC BALDWIN & LYONS INC BANCINSURANCE CORPORATION BANK OF AMERICA CORP BANK OF NEW YORK CO INC (THE) BANK ONE CORP BANK PLUS CORPORATION BANNER CORPORATION BAY VIEW CAPITAL CORP BEAR STEARNS COS INC (THE) BERKSHIRE HATHAWAY INC BISYS GROUP INC (THE) BLACKROCK INC BNP PARIBAS BOTTOMLINE TECHNOLOGIES INC BOWNE & CO INC BROWN & BROWN CAPITAL ONE FINANCIAL CORP CAPITOL TRANSAMERICA CORP CASCADE FINANCIAL CORP CASH AMERICA INTERNATIONAL INC CATHAY BANCORP INC
CENTEX CORP CHARLES SCHWAB CORP (THE) CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO CHECKFREE CORP CHICAGO TITLE CORPORATION CHRYSLER FINANCIAL CORP CHUBB CORPORATION (THE) CIGNA CORP CINCINNATI FINANCIAL CORP CITIGROUP INC CITIZENS INC CITY NATIONAL CORPORATION CNA FINANCIAL CORPORATION CNA SURETY CORPORATION COMERICA INC COMMERCE GROUP INC (THE) COMMERCIAL FEDERAL CORP COMPASS BANCSHARES INC CONCORD EFS INC CONSECO INC CONSUMER PORTFOLIO SERV CORE INC CORILLIAN COUNTRYWIDE CREDIT INDUSTRIES INC CRAWFORD & COMPANY CREDIT ACCEPTANCE CORP CREDIT SUISSE FIRST BOSTON D&B DELPHI FINANCIAL GROUP INC DELUXE CORP DEUTSCHE BANK DIEBOLD INC DIGITAL INSIGHT CORP DIME BANCORP INC DOW JONES & COMPANY INC DOWNEY FINANCIAL CORP DVI INC E W BLANCH HOLDINGS INC E*TRADE GROUP INC ELECTRONIC CLEARING HOUSE INC E-LOAN INC ENHANCE FINANCIAL SERVICES GROUP INC EQUIFAX INC EVEREST RE GROUP LTD EVISION USA.COM INC FACTSET RESEARCH SYSTEMS INC FAIR ISAAC AND COMPANY INC FANNIE MAE FARMERS GROUP INC FBL FINANCIAL GROUP FEDERAL AGRICULTURAL MORTGAGE CORP FIDELITY NATIONAL FINANCIAL INC FIFTH THIRD BANCORP FINANCIAL FEDERAL CORP FINANCIAL SECURITY ASSURANCE HLDGS LTD FINET.COM FIRST ALBANY COMPANIES INC
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FIRST AMERICAN CORP FIRST DATA CORP FIRST HEALTH GROUP CORP FIRST INDIANA CORP FIRST INVESTORS FINANCIAL SVCS GROUP INC FIRST MONTAUK FINANCIAL CORP FIRST MORTGAGE CORP FIRST MUTUAL SAVINGS BANK FIRSTBANK CORP IDAHO FIRSTCITY FINANCIAL CORP FIRSTFED FINANCIAL CORP FISERV INC FLAGSTAR BANCORP INC FLEETBOSTON FINANCIAL CORPORATION FORD MOTOR CREDIT CO FRANKLIN RESOURCES INC FREDDIE MAC FREMONT GENERAL CORP FRIEDMAN BILLINGS RAMSEY GENERAL ELECTRIC CAPITAL CORPORATION GENERAL MOTORS ACCEPTANCE CORP GLACIER BANCORP INC GOLDEN STATE BANCORP INC GOLDEN WEST FINANCIAL CORP GOLDMAN SACHS GROUP INC GREAT AMERICAN FINANCIAL RESOURCES INC GREENPOINT FINANCIAL CORP GUARDIAN LIFE INSURANCE COMPANY OF AMERICA H & R BLOCK INC HARTFORD FINANCIAL SERVICES GROUP INC (THE) HAWTHORNE FINANCIAL CORP HEALTH NET INC HELLER FINANCIAL INC HERITAGE FINANCIAL CORP HIGHLANDS INSURANCE GROUP HILB, ROGAL & HAMILTON CO HORACE MANN EDUCATORS CORPORATION HORIZON FINANCIAL CORP HOUSEHOLD INTERNATIONAL INC HPSC INC HSB GROUP INC HSBC BANK USA HUMANA INC INDEPENDENCE HOLDING CO ING PILGRIM INSTINET GROUP INC INTERACTIVE DATA CORPORATION INTERCEPT GROUP INC (THE) INTERCONTINENTAL LIFE CORPORATION INTUIT INC INVESTMENT TECHNOLOGY GROUP INC INVESTORS FINANCIAL SERVICES INVESTORS TITLE COMPANY IRWIN FINANCIAL CORP J P MORGAN CHASE & CO INC JB OXFORD HOLDINGS INC
JEFFERIES GROUP INC JEFFERSON-PILOT CORPORATION JOHN HANCOCK FINANCIAL SERVICES INC JOHN NUVEEN COMPANY (THE) KANSAS CITY LIFE INSURANCE COMPANY KAYE GROUP INC KBK CAPITAL CORP KEYCORP KIRLIN HOLDING CORP LADENBURG THALMANN FINANCIAL LANDAMERICA FINANCIAL GROUP LEGG MASON INC LEHMAN BROTHERS HOLDINGS INC LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION LONG BEACH FINANCIAL CORP M&T BANK CORP MARSH & MCLENNAN COS INC MARSHALL & ILSLEY CORP MASSACHUSETTS MUTUAL LIFE INSURANCE CO MATRIX BANCORP INC MBIA INCORPORATED MBNA CORP MCM CAPITAL GROUP INC MCM CORP MEADOWBROOK INSURANCE GROUP INC MELLON FINANCIAL CORP MERCURY GENERAL CORP MERIDIAN INSURANCE GROUP INC MERRILL LYNCH & CO INC METAVANTE CORPORATION METRIS COMPANIES INC MFN FINANCIAL CORPORATION MGIC INVESTMENT CORP MONTEREY BAY BANCORP INC MONY GROUP INC (THE) MORGAN STANLEY DEAN WITTER & CO MYND CORPORATION NATIONAL WESTERN LIFE INSURANCE COMPANY NATIONWIDE FINANCIAL SERVICES INC NAVIGATORS GROUP INC NEUBERGER BERMAN INC NEW CENTURY FINANCIAL CORP NEW YORK LIFE INSURANCE CO NORTHERN TRUST CORP NOVA CORPORATION NYMAGIC INC OHIO CASUALTY CORP ONYX ACCEPTANCE CORP PACIFIC CENTURY FINANCIAL PACIFIC MUTUAL HOLDING CO PACIFICARE HEALTH SYSTEMS INC PAYCHEX INC PFF BANCORP INC PHILADELPHIA CONSOLIDATED HOLDING CORP PHOENIX INVESTMENT PTNRS PICO HOLDINGS INC
www.plunkettresearch.com PIMCO ADVISORS LP PIONEER INVESTMENT MANAGEMENT USA INC PMC CAPITAL INC PMI GROUP INC POPULAR INC PRESIDENTIAL LIFE CORPORATION PRINCIPAL FINANCIAL GROUP (THE) PROGRESSIVE CORP PROTECTIVE LIFE INSURANCE CO PROVIDIAN FINANCIAL CORP PRUDENTIAL FINANCIAL PULTE HOMES INC RADIAN GROUP INC RAGEN MACKENZIE GROUP INC RAYMOND JAMES FINANCIAL INC RBC DAIN RAUSCHER CORPORATION RTW INC S1 CORPORATION SAFECO CORP SCPIE HOLDINGS SEI INVESTMENTS CO SEIBELS BRUCE GROUP INC (THE) SIERRA HEALTH SERVICES INC SKY FINANCIAL GROUP INC SOUNDVIEW TECHNOLOGY GROUP ST PAUL COMPANIES INC (THE) STANDARD MANAGEMENT CORP STATE AUTO FINANCIAL STATE FARM INSURANCE COMPANIES STATE STREET CORP STERLING FINANCIAL CORP STEWART INFORMATION SVCS CORP STIFEL FINANCIAL CORP STUDENT LOAN CORP SYNOVUS FINANCIAL CORP T ROWE PRICE GROUP INC TCF FINANCIAL CORPORATION TIMBERLAND BANCORP INC TORCHMARK CORP TOTAL SYSTEM SERVICES INC TRANSAMERICA CORP TRENWICK GROUP LTD TRIAD GUARANTY INC TRIGON HEALTHCARE INC TYCO CAPITAL UICI UMB FINANCIAL CORP UNICO AMERICAN CORP UNION PLANTERS CORP UNIONBANCAL CORPORATION UNITED ASSET MANAGEMENT CORP UNITEDHEALTH GROUP INC UNITRIN INC UNUMPROVIDENT CORP US BANCORP USAA W R BERKLEY CORPORATION WASHINGTON MUTUAL INC
WELLPOINT HEALTH NETWORKS INC WELLS FARGO & CO WESTCORP WFS FINANCIAL INC WILMINGTON TRUST CORP WILSHIRE FINANCIAL SERVICES GROUP INC XL RE AMERICA ZENITH NATIONAL INSURANCE CORP ZIEGLER COMPANIES (THE) ZIONS BANCORP
SOUTHWEST A G EDWARDS INC ABN AMRO HOLDING NV ACCENTURE ACCEPTANCE INSURANCE COS ACE CASH EXPRESS INC ADVANTA CORP AETNA INC AFFILIATED MANAGERS GROUP AFLAC INC ALLEGHANY CORP ALLIANCE CAPITAL MANAGEMENT LP ALLMERICA FINANCIAL CORPORATION ALLSTATE CORPORATION (THE) ALLTEL CORP AMERICAN BUSINESS FINANCIAL SERVICES INC AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN GENERAL CORP AMERICAN HERITAGE LIFE INVESTMENT CORP AMERICAN HOME MORTGAGE HOLDINGS INC AMERICAN INTERNATIONAL GROUP INC AMERICAN NATIONAL INSURANCE COMPANY AMERICREDIT CORP AON CORPORATION ARGONAUT GROUP INC ARTHUR J GALLAGHER & CO ASSURANT GROUP ATLANTIC AMERICAN CORP ATLANTIC MUTUAL COMPANIES AUTOMATIC DATA PROCESSING INC AXA FINANCIAL INC BALDWIN & LYONS INC BANCORPSOUTH INC BANK OF AMERICA CORP BANK OF MONTREAL BANK OF NEW YORK CO INC (THE) BANK ONE CORP BAY VIEW CAPITAL CORP BEAR STEARNS COS INC (THE) BERKSHIRE HATHAWAY INC BILLSERV INC BINGHAM FINANCIAL SERVICES INC BISYS GROUP INC (THE) BNP PARIBAS BOK FINANCIAL CORP BOWNE & CO INC
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BROWN & BROWN CAPITAL ONE FINANCIAL CORP CAPITOL TRANSAMERICA CORP CASH AMERICA INTERNATIONAL INC CATHAY BANCORP INC CENTEX CORP CHARLES SCHWAB CORP (THE) CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO CHECKFREE CORP CHICAGO TITLE CORPORATION CHRYSLER FINANCIAL CORP CHUBB CORPORATION (THE) CIGNA CORP CINCINNATI FINANCIAL CORP CITIGROUP INC CITIZENS INC CNA FINANCIAL CORPORATION CNA SURETY CORPORATION COASTAL BANCORP INC COLONIAL BANCGROUP INC COMERICA INC COMMERCIAL FEDERAL CORP COMPASS BANCSHARES INC CONCORD EFS INC CONSECO INC CONSUMER PORTFOLIO SERV COUNTRYW IDE CREDIT INDUSTRIES INC CRAWFORD & COMPANY CREDIT ACCEPTANCE CORP CREDIT SUISSE FIRST BOSTON CULLEN/FROST BANKERS INC D&B DELPHI FINANCIAL GROUP INC DELUXE CORP DEUTSCHE BANK DIEBOLD INC DIGITAL INSIGHT CORP DIME BANCORP INC DOW JONES & COMPANY INC DVI INC E W BLANCH HOLDINGS INC E*TRADE GROUP INC ENHANCE FINANCIAL SERVICES GROUP INC EQUIFAX INC EQUIVEST FINANCIAL INC EVISION USA.COM INC FAIR ISAAC AND COMPANY INC FANNIE MAE FARMERS GROUP INC FEDERAL AGRICULTURAL MORTGAGE CORP FIDELITY NATIONAL FINANCIAL INC FIFTH THIRD BANCORP FINANCIAL FEDERAL CORP FINANCIAL INDUSTRIES CORP FINANCIAL SECURITY ASSURANCE HLDGS LTD FIRST ALBANY COMPANIES INC FIRST AMERICAN CORP
FIRST DATA CORP FIRST HEALTH GROUP CORP FIRST INDIANA CORP FIRST INVESTORS FINANCIAL SVCS GROUP INC FIRST MONTAUK FINANCIAL CORP FIRST MORTGAGE CORP FIRST STATE BANCORP NM FIRST TENNESSEE NATIONAL CORP FIRSTCITY FINANCIAL CORP FISERV INC FLAGSTAR BANCORP INC FLEETBOSTON FINANCIAL CORPORATION FORD MOTOR CREDIT CO FPIC INSURANCE GROUP INC FREDDIE MAC FREMONT GENERAL CORP FRIEDMAN BILLINGS RAMSEY GAINSCO INC GENERAL ELECTRIC CAPITAL CORPORATION GENERAL MOTORS ACCEPTANCE CORP GOLD BANC CORP INC GOLDEN WEST FINANCIAL CORP GOLDMAN SACHS GROUP INC GREAT AMERICAN FINANCIAL RESOURCES INC GREENPOINT FINANCIAL CORP GUARDIAN LIFE INSURANCE COMPANY OF AMERICA H & R BLOCK INC HALLMARK FINANCIAL SERVICES INC HARLEYSVILLE GROUP INC HARTFORD FINANCIAL SERVICES GROUP INC (THE) HCC INSURANCE HOLDINGS INC HEALTH NET INC HELLER FINANCIAL INC HIBERNIA CORPORATION HIGHLANDS INSURANCE GROUP HILB, ROGAL & HAMILTON CO HORACE MANN EDUCATORS CORPORATION HOUSEHOLD INTERNATIONAL INC HPSC INC HSB GROUP INC HUMANA INC ING PILGRIM INSTINET GROUP INC INTERCEPT GROUP INC (THE) INTERCONTINENTAL LIFE CORPORATION INTUIT INC INVESTORS TITLE COMPANY IRWIN FINANCIAL CORP J P MORGAN CHASE & CO INC JB OXFORD HOLDINGS INC JEFFERIES GROUP INC JEFFERSON-PILOT CORPORATION JOHN HANCOCK FINANCIAL SERVICES INC JOHN NUVEEN COMPANY (THE) KANSAS CITY LIFE INSURANCE COMPANY KBK CAPITAL CORP
www.plunkettresearch.com KEYCORP LANDAMERICA FINANCIAL GROUP LEGG MASON INC LEHMAN BROTHERS HOLDINGS INC LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION LOEWS CORPORATION M&T BANK CORP MARSH & MCLENNAN COS INC MARSHALL & ILSLEY CORP MASSACHUSETTS MUTUAL LIFE INSURANCE CO MATRIX BANCORP INC MBNA CORP MCM CAPITAL GROUP INC MELLON FINANCIAL CORP MERRILL LYNCH & CO INC METLIFE INC METRIS COMPANIES INC MGIC INVESTMENT CORP MONY GROUP INC (THE) MORGAN STANLEY DEAN WITTER & CO MYND CORPORATION NATIONAL WESTERN LIFE INSURANCE COMPANY NATIONWIDE FINANCIAL SERVICES INC NAVIGATORS GROUP INC NEUBERGER BERMAN INC NEW CENTURY FINANCIAL CORP NEW YORK LIFE INSURANCE CO NORTH EAST INSURANCE CO NORTHERN TRUST CORP NOVA CORPORATION OHIO CASUALTY CORP ONYX ACCEPTANCE CORP PACIFIC MUTUAL HOLDING CO PACIFICARE HEALTH SYSTEMS INC PAYCHEX INC PHILADELPHIA CONSOLIDATED HOLDING CORP PHOENIX COMPANIES (THE) PIONEER INVESTMENT MANAGEMENT USA INC PMC CAPITAL INC PMI GROUP INC POPULAR INC PRESIDENTIAL LIFE CORPORATION PRINCIPAL FINANCIAL GROUP (THE) PROGRESSIVE CORP PROTECTIVE LIFE INSURANCE CO PROVIDIAN FINANCIAL CORP PRUDENTIAL FINANCIAL PULTE HOMES INC RADIAN GROUP INC RAYMOND JAMES FINANCIAL INC RBC DAIN RAUSCHER CORPORATION REGIONS FINANCIAL CORP S1 CORPORATION SAFECO CORP SANDERS MORRIS HARRIS GROUP SCPIE HOLDINGS
SEI INVESTMENTS CO SEIBELS BRUCE GROUP INC (THE) SIERRA HEALTH SERVICES INC SKY FINANCIAL GROUP INC SOUTHTRUST CORP ST PAUL COMPANIES INC (THE) STANDARD MANAGEMENT CORP STATE FARM INSURANCE COMPANIES STATE STREET CORP STEWART INFORMATION SVCS CORP STIFEL FINANCIAL CORP STUDENT LOAN CORP SWS GROUP INC SYNOVUS FINANCIAL CORP TORCHMARK CORP TOTAL SYSTEM SERVICES INC TRANSAMERICA CORP TRENWICK GROUP LTD TRIAD GUARANTY INC TRIGON HEALTHCARE INC TYCO CAPITAL UICI UMB FINANCIAL CORP UNION PLANTERS CORP UNITED ASSET MANAGEMENT CORP UNITEDHEALTH GROUP INC UNITRIN INC UNIVERSAL AMERICAN FINANCIAL CORP UNUMPROVIDENT CORP USA EDUCATION INC USAA W R BERKLEY CORPORATION WADDELL & REED FINANCIAL WARRANTECH CORPORATION WASHINGTON MUTUAL INC WELLPOINT HEALTH NETWORKS INC WELLS FARGO & CO WESTCORP WFS FINANCIAL INC WHITNEY HOLDING CORP WILMINGTON TRUST CORP WORLD ACCEPTANCE CORP ZENITH NATIONAL INSURANCE CORP ZIONS BANCORP
MIDWEST A G EDWARDS INC ABN AMRO HOLDING NV ACCENTURE ACCEPTANCE INSURANCE COS ACE CASH EXPRESS INC ADVANTA CORP ADVEST GROUP INC AETNA INC AFFILIATED MANAGERS GROUP AFLAC INC ALLEGHANY CORP ALLIANCE CAPITAL MANAGEMENT LP
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ALLMERICA FINANCIAL CORPORATION ALLSTATE CORPORATION (THE) ALLTEL CORP AMERIANA BANCORP AMERICAN BUSINESS FINANCIAL SERVICES INC AMERICAN COUNTRY HOLDINGS AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN GENERAL CORP AMERICAN HOME MORTGAGE HOLDINGS INC AMERICAN INTERNATIONAL GROUP INC AMERICAN NATIONAL INSURANCE COMPANY AMERICREDIT CORP AMERITRADE HOLDING CORP AMERUS GROUP CO ANCHOR BANCORP WISCONSIN ANTHEM INC AON CORPORATION ARGONAUT GROUP INC ARTHUR J GALLAGHER & CO ASSOCIATED BANC-CORP ASSURANT GROUP ASTORIA FINANCIAL CORP ATLANTIC MUTUAL COMPANIES AUTOMATIC DATA PROCESSING INC AXA FINANCIAL INC BALDWIN & LYONS INC BANCINSURANCE CORPORATION BANK MUTUAL CORPORATION BANK OF AMERICA CORP BANK OF MONTREAL BANK OF NEW YORK CO INC (THE) BANK ONE CORP BEAR STEARNS COS INC (THE) BERKSHIRE HATHAWAY INC BILLSERV INC BINGHAM FINANCIAL SERVICES INC BISYS GROUP INC (THE) BOTTOMLINE TECHNOLOGIES INC BOWNE & CO INC BROWN & BROWN CAMCO FINANCIAL CORP CAPITAL ONE FINANCIAL CORP CAPITOL TRANSAMERICA CORP CASH AMERICA INTERNATIONAL INC CDC IXIS ASSET MANAGEMENT NA CENTEX CORP CHARLES SCHWAB CORP (THE) CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO CHARTER ONE FINANCIAL INC CHECKFREE CORP CHICAGO TITLE CORPORATION CHRYSLER FINANCIAL CORP CHUBB CORPORATION (THE) CIGNA CORP CINCINNATI FINANCIAL CORP CITIGROUP INC
CITIZENS BANKING CORP/MI CITIZENS FINANCIAL CORP CITIZENS FIRST FINANCIAL CORP CNA FINANCIAL CORPORATION CNA SURETY CORPORATION COMERICA INC COMMERCE BANCSHARES INC COMMERCIAL FEDERAL CORP COMPASS BANCSHARES INC CONCORD EFS INC CONSECO INC CONSUMER PORTFOLIO SERV CORE INC COUNTRYWIDE CREDIT INDUSTRIES INC CRAWFORD & COMPANY CREDIT ACCEPTANCE CORP CREDIT STORE INC (THE) CREDIT SUISSE FIRST BOSTON D&B DELPHI FINANCIAL GROUP INC DELUXE CORP DEUTSCHE BANK DIEBOLD INC DIGITAL INSIGHT CORP DIME BANCORP INC DONEGAL GROUP INC DORAL FINANCIAL CORP DOW JONES & COMPANY INC DVI INC E W BLANCH HOLDINGS INC E*TRADE GROUP INC EFC BANCORP INC EMC INSURANCE GROUP INC EQUIFAX INC EQUIVEST FINANCIAL INC ERIE FAMILY LIFE INSURANCE COMPANY ERIE INDEMNITY CO EURONET WORLDWIDE INC EVEREST RE GROUP LTD EVISION USA.COM INC FACTSET RESEARCH SYSTEMS INC FAIR ISAAC AND COMPANY INC FANNIE MAE FARMERS GROUP INC FBL FINANCIAL GROUP FEDERAL AGRICULTURAL MORTGAGE CORP FFW CORPORATION FIDELITY BANCORP INC OF DE FIDELITY NATIONAL FINANCIAL INC FIFTH THIRD BANCORP FINANCIAL FEDERAL CORP FIRST ALBANY COMPANIES INC FIRST AMERICAN CORP FIRST BANCSHARES INC MO FIRST DATA CORP FIRST DEFIANCE FINANCIAL CORP FIRST FED FIN CORP KY FIRST FEDERAL CAPITAL CORP
www.plunkettresearch.com FIRST FRANKLIN CORP FIRST HEALTH GROUP CORP FIRST INDIANA CORP FIRST MIDWEST BANCORP INC FIRST MIDWEST FINANCIAL INC FIRST MONTAUK FINANCIAL CORP FIRST TENNESSEE NATIONAL CORP FIRST WEST VIRGINIA BANCORP FIRSTCITY FINANCIAL CORP FIRSTMERIT CORPORATION FISERV INC FLAGSTAR BANCORP INC FLEETBOSTON FINANCIAL CORPORATION FORD MOTOR CREDIT CO FREDDIE MAC FREMONT GENERAL CORP FRIEDMAN BILLINGS RAMSEY FSF FINANCIAL CORP GAINSCO INC GENERAL ELECTRIC CAPITAL CORPORATION GENERAL MOTORS ACCEPTANCE CORP GOLD BANC CORP INC GOLDEN WEST FINANCIAL CORP GOLDMAN SACHS GROUP INC GREAT AMERICAN BANCORP GREAT AMERICAN FINANCIAL RESOURCES INC GREAT SOUTHERN BANCORP GREENPOINT FINANCIAL CORP GUARANTY FEDERAL BANCSHARES INC GUARDIAN LIFE INSURANCE COMPANY OF AMERICA H & R BLOCK INC HARLEYSVILLE GROUP INC HARTFORD FINANCIAL SERVICES GROUP INC (THE) HCC INSURANCE HOLDINGS INC HELLER FINANCIAL INC HEMLOCK FEDERAL FINANCIAL CORP HF FINANCIAL CORPORATION HIGHLANDS INSURANCE GROUP HILB, ROGAL & HAMILTON CO HMN FINANCIAL INC HOME FEDERAL BANCORP HOPFED BANCORP INC HORACE MANN EDUCATORS CORPORATION HORIZON BANCORP HOUSEHOLD INTERNATIONAL INC HPSC INC HSB GROUP INC HSBC BANK USA HUMANA INC HUNTINGTON BANCSHARES INC INDEPENDENCE HOLDING CO INSTINET GROUP INC INTERACTIVE DATA CORPORATION INTERCEPT GROUP INC (THE) INTERCONTINENTAL LIFE CORPORATION INTUIT INC
INVESTORS TITLE COMPANY IRWIN FINANCIAL CORP J P MORGAN CHASE & CO INC JEFFERIES GROUP INC JEFFERSON-PILOT CORPORATION JOHN HANCOCK FINANCIAL SERVICES INC JOHN NUVEEN COMPANY (THE) KANSAS CITY LIFE INSURANCE COMPANY KBK CAPITAL CORP KEYCORP KNIGHT TRADING GROUP INC LADENBURG THALMANN FINANCIAL LANDAMERICA FINANCIAL GROUP LEGG MASON INC LEHMAN BROTHERS HOLDINGS INC LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION LOCAL FINANCIAL CORP LOEWS CORPORATION M&T BANK CORP MAF BANCORP INC MARKEL CORPORATION MARSH & MCLENNAN COS INC MARSHALL & ILSLEY CORP MASSACHUSETTS MUTUAL LIFE INSURANCE CO MATRIX BANCORP INC MB FINANCIAL INC MBNA CORP MEADOWBROOK INSURANCE GROUP INC MEDALLION FINANCIAL CORP MELLON FINANCIAL CORP MERCURY GENERAL CORP MERIDIAN INSURANCE GROUP INC MERRILL LYNCH & CO INC METAVANTE CORPORATION METLIFE INC METRIS COMPANIES INC MFN FINANCIAL CORPORATION MGIC INVESTMENT CORP MONY GROUP INC (THE) MORGAN STANLEY DEAN WITTER & CO MYND CORPORATION NASB FINANCIAL INC NATIONAL CITY CORPORATION NATIONAL WESTERN LIFE INSURANCE COMPANY NATIONWIDE FINANCIAL SERVICES INC NEUBERGER BERMAN INC NEW CENTURY FINANCIAL CORP NEW VALLEY CORP NEW YORK LIFE INSURANCE CO NORTH CENTRAL BANCSHARES NORTHEAST INDIANA BANCORP NORTHERN STATES FINANCIAL NORTHERN TRUST CORP NORTHWEST INDIANA BANCORP NOVA CORPORATION NYMAGIC INC
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OHIO CASUALTY CORP OLD NATIONAL BANCORP OLD REPUBLIC INTERNATIONAL CORP OMEGA WORLDWIDE INC ONYX ACCEPTANCE CORP OXFORD HEALTH PLANS INC PACIFIC MUTUAL HOLDING CO PACIFICARE HEALTH SYSTEMS INC PAYCHEX INC PHILADELPHIA CONSOLIDATED HOLDING CORP PHOENIX INVESTMENT PTNRS PICO HOLDINGS INC PIMCO ADVISORS LP PIONEER INVESTMENT MANAGEMENT USA INC PMI GROUP INC PNC FINANCIAL SERVICES GROUP INC POPULAR INC PRESIDENTIAL LIFE CORPORATION PRINCIPAL FINANCIAL GROUP (THE) PROFESSIONALS GROUP INC PROGRESSIVE CORP PROTECTIVE LIFE INSURANCE CO PROVIDENT FINANCIAL GROUP PROVIDIAN FINANCIAL CORP PRUDENTIAL FINANCIAL PULTE HOMES INC QUICKEN LOANS INC RADIAN GROUP INC RAYMOND JAMES FINANCIAL INC RBC DAIN RAUSCHER CORPORATION REINSURANCE GROUP OF AMERICA INC RIGHTCHOICE MANAGED CARE INC RTW INC SAFECO CORP SCPIE HOLDINGS SEI INVESTMENTS CO SEIBELS BRUCE GROUP INC (THE) SELECTIVE INSURANCE GROUP SIERRA HEALTH SERVICES INC SKY FINANCIAL GROUP INC ST FRANCIS CAPITAL CORP ST PAUL COMPANIES INC (THE) STANDARD MANAGEMENT CORP STATE AUTO FINANCIAL STATE FARM INSURANCE COMPANIES STATE STREET CORP STEWART INFORMATION SVCS CORP STIFEL FINANCIAL CORP STUDENT LOAN CORP SYNOVUS FINANCIAL CORP TCF FINANCIAL CORPORATION TORCHMARK CORP TOTAL SYSTEM SERVICES INC TRADESTATION GROUP INC TRANSAMERICA CORP TRANSATLANTIC HOLDINGS INC TRENWICK GROUP LTD TRIAD GUARANTY INC
TRIGON HEALTHCARE INC TYCO CAPITAL UICI UMB FINANCIAL CORP UNION ACCEPTANCE CORP UNION PLANTERS CORP UNITED ASSET MANAGEMENT CORP UNITED COMMUNITY FINANCIA L UNITED FIRE & CASUALTY CO UNITEDHEALTH GROUP INC UNITRIN INC UNIVERSAL AMERICAN FINANCIAL CORP UNUMPROVIDENT CORP US BANCORP USA EDUCATION INC W R BERKLEY CORPORATION WADDELL & REED FINANCIAL WASHINGTON MUTUAL INC WELLPOINT HEALTH NETWORKS INC WELLS FARGO & CO WFS FINANCIAL INC XL RE AMERICA ZENITH NATIONAL INSURANCE CORP ZIEGLER COMPANIES (THE) ZIONS BANCORP
SOUTHEAST 21ST CENTURY HOLDING CO A G EDWARDS INC ABN AMRO HOLDING NV ACCENTURE ACCEPTANCE INSURANCE COS ACE CASH EXPRESS INC ACTRADE FINANCIAL TEH CNOLOGIES LTD ADVEST GROUP INC AETNA INC AFLAC INC ALFA CORPORATION ALLEGHANY CORP ALLIANCE CAPITAL MANAGEMENT LP ALLMERICA FINANCIAL CORPORATION ALLSTATE CORPORATION (THE) ALLTEL CORP AMERICAN BUSINESS FINANCIAL SERVICES INC AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN GENERAL CORP AMERICAN HERITAGE LIFE INVESTMENT CORP AMERICAN HOME MORTGAGE HOLDINGS INC AMERICAN INTERNATIONAL GROUP INC AMERICAN NATIONAL INSURANCE COMPANY AMERICREDIT CORP AMSOUTH BANCORPORATION AON CORPORATION ARGONAUT GROUP INC ARTHUR J GALLAGHER & CO ASSURANT GROUP ASTORIA FINANCIAL CORP
www.plunkettresearch.com ATLANTIC AMERICAN CORP ATLANTIC MUTUAL COMPANIES AUTOMATIC DATA PROCESSING INC AXA FINANCIAL INC BALDWIN & LYONS INC BANCORPSOUTH INC BANK OF AMERICA CORP BANK OF MONTREAL BANK OF NEW YORK CO INC (THE) BANK ONE CORP BANKUNITED FINANCIAL CORP BB&T CORP BEAR STEARNS COS INC (THE) BERKSHIRE HATHAWAY INC BINGHAM FINANCIAL SERVICES INC BISYS GROUP INC (THE) BOK FINANCIAL CORP BOWNE & CO INC BROWN & BROWN CAPITAL CITY BANK GROUP INC CAPITAL ONE FINANCIAL CORP CAPITOL TRANSAMERICA CORP CASH AMERICA INTERNATIONAL INC CAVALRY BANCORP INC CENTEX CORP CHARLES SCHWAB CORP (THE) CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO CHECKFREE CORP CHICAGO TITLE CORPORATION CHRYSLER FINANCIAL CORP CHUBB CORPORATION (THE) CIGNA CORP CINCINNATI FINANCIAL CORP CITIGROUP INC CITIZENS FINANCIAL CORP CITIZENS INC CNA FINANCIAL CORPORATION CNA SURETY CORPORATION COLONIAL BANCGROUP INC COMERICA INC COMPASS BANCSHARES INC COMPUCREDIT CORPORATION CONCORD EFS INC CONSECO INC CONSUMER PORTFOLIO SERV COUNTRYWIDE CREDIT INDUSTRIES INC CRAWFORD & COMPANY CREDIT ACCEPTANCE CORP CREDIT SUISSE FIRST BOSTON D&B DELPHI FINANCIAL GROUP INC DELUXE CORP DEUTSCHE BANK DIEBOLD INC DIGITAL INSIGHT CORP DIME BANCORP INC DONEGAL GROUP INC
DORAL FINANCIAL CORP DOW JONES & COMPANY INC DVI INC E W BLANCH HOLDINGS INC E*TRADE GROUP INC EAGLE BANCSHARES ELECTRONIC CLEARING HOUSE INC E-LOAN INC ENHANCE FINANCIAL SERVICES GROUP INC EQUIFAX INC EQUIVEST FINANCIAL INC ERIE FAMILY LIFE INSURANCE COMPANY ERIE INDEMNITY CO EURONET WORLDWIDE INC EVEREST RE GROUP LTD EVISION USA.COM INC FAIR ISAAC AND COMPANY INC FANNIE MAE FARMERS GROUP INC FEDERAL AGRICULTURAL MORTGAGE CORP FEDERAL TRUST CORPORATION FFLC BANCORP INC FIDELITY BANKSHARES INC FIDELITY NATIONAL FINANCIAL INC FIFTH THIRD BANCORP FINANCIAL FEDERAL CORP FIRST ALBANY COMPANIES INC FIRST AMERICAN CORP FIRST DATA CORP FIRST HEALTH GROUP CORP FIRST INDIANA CORP FIRST MONTAUK FINANCIAL CORP FIRST SOUTHERN BANCSHARES INC FIRST TENNESSEE NATIONAL CORP FIRST VIRGINIA BANKS INC FIRSTCITY FINANCIAL CORP FIRSTFED BANCORP INC FISERV INC FLAG FINANCIAL CORP FLAGSTAR BANCORP INC FLEETBOSTON FINANCIAL CORPORATION FORD MOTOR CREDIT CO FRANKLIN RESOURCES INC FREDDIE MAC FREMONT GENERAL CORP FRIEDMAN BILLINGS RAMSEY GENERAL ELECTRIC CAPITAL CORPORATION GENERAL MOTORS ACCEPTANCE CORP GOLD BANC CORP INC GOLDEN WEST FINANCIAL CORP GOLDMAN SACHS GROUP INC GREAT AMERICAN FINANCIAL RESOURCES INC GREENPOINT FINANCIAL CORP GUARDIAN LIFE INSURANCE COMPANY OF AMERICA H & R BLOCK INC HAMILTON BANCORP INC HARBOR FLORIDA BANCSHARES INC
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HARLEYSVILLE GROUP INC HARTFORD FINANCIAL SERVICES GROUP INC (THE) HCB BANCSHARES INC HELLER FINANCIAL INC HIBERNIA CORPORATION HIGHLANDS INSURANCE GROUP HILB, ROGAL & HAMILTON CO HORACE MANN EDUCATORS CORPORATION HOUSEHOLD INTERNATIONAL INC HPSC INC HSB GROUP INC HSBC BANK USA HUMANA INC HUNTINGTON BANCSHARES INC INDEPENDENCE HOLDING CO INSTINET GROUP INC INTERCEPT GROUP INC (THE) INTERCONTINENTAL LIFE CORPORATION INTUIT INC INVESTORS TITLE COMPANY IRWIN FINANCIAL CORP J P MORGAN CHASE & CO INC JB OXFORD HOLDINGS INC JEFFERIES GROUP INC JEFFERSON-PILOT CORPORATION JOHN HANCOCK FINANCIAL SERVICES INC JOHN NUVEEN COMPANY (THE) KANSAS CITY LIFE INSURANCE COMPANY KAYE GROUP INC KBK CAPITAL CORP KEYCORP LADENBURG THALMANN FINANCIAL LAIDLAW GLOBAL CORP LANDAMERICA FINANCIAL GROUP LEGG MASON INC LEHMAN BROTHERS HOLDINGS INC LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION MARSH & MCLENNAN COS INC MARSHALL & ILSLEY CORP MASSACHUSETTS MUTUAL LIFE INSURANCE CO MBNA CORP MEADOWBROOK INSURANCE GROUP INC MELLON FINANCIAL CORP MERCURY GENERAL CORP MERIDIAN INSURANCE GROUP INC MERRILL LYNCH & CO INC METAVANTE CORPORATION METLIFE INC MFN FINANCIAL CORPORATION MGIC INVESTMENT CORP MID ATLA NTIC MEDICAL SERVICES INC MONY GROUP INC (THE) MORGAN STANLEY DEAN WITTER & CO MYND CORPORATION NATIONAL COMMERCE FINANCIAL CORP
NATIONAL SECURITY GROUP INC (THE) NATIONAL WESTERN LIFE INSURANCE COMPANY NATIONWIDE FINANCIAL SERVICES INC NBC CAPITAL CORP NETBANK INC NEUBERGER BERMAN INC NEW CENTURY FINANCIAL CORP NEW VALLEY CORP NEW YORK LIFE INSURANCE CO NORTH EAST INSURANCE CO NORTHERN TRUST CORP NOVA CORPORATION OHIO CASUALTY CORP OLD NATIONAL BANCORP ONYX ACCEPTANCE CORP PACIFIC MUTUAL HOLDING CO PACIFICARE HEALTH SYSTEMS INC PAYCHEX INC PHILADELPHIA CONSOLIDATED HOLDING CORP PHOENIX INVESTMENT PTNRS PINNACLE BANCSHARES INC PIONEER INVESTMENT MANAGEMENT USA INC PMA CAPITAL CORPORATION PMC CAPITAL INC PMI GROUP INC PNC FINANCIAL SERVICES GROUP INC POCAHONTAS BANCORP INC POPULAR INC PRESIDENTIAL LIFE CORPORATION PRINCIPAL FINANCIAL GROUP (THE) PROFESSIONALS GROUP INC PROGRESSIVE CORP PROTECTIVE LIFE INSURANCE CO PROVIDENT FINANCIAL GROUP PROVIDIAN FINANCIAL CORP PRUDENTIAL FINANCIAL PULTE HOMES INC RADIAN GROUP INC RAYMOND JAMES FINANCIAL INC RBC DAIN RAUSCHER CORPORATION REGIONS FINANCIAL CORP S1 CORPORATION SAFECO CORP SCPIE HOLDINGS SEI INVESTMENTS CO SEIBELS BRUCE GROUP INC (THE) SELECTIVE INSURANCE GROUP SIEBERT FINANCIAL CORP SIERRA HEALTH SERVICES INC SKY FINANCIAL GROUP INC SNB BANCSHARES INC SOUTHTRUST CORP ST PAUL COMPANIES INC (THE) STANDARD MANAGEMENT CORP STATE AUTO FINANCIAL STATE FARM INSURANCE COMPANIES STATE STREET CORP STEWART INFORMATION SVCS CORP
www.plunkettresearch.com STIFEL FINANCIAL CORP STUDENT LOAN CORP SUNTRUST BANKS INC SWS GROUP INC SYNOVUS FINANCIAL CORP T ROWE PRICE GROUP INC TECHE HOLDING COMPANY TFC ENTERPRISES INC TORCHMARK CORP TOTAL SYSTEM SERVICES INC TRADESTATION GROUP INC TRANSAMERICA CORP TRANSATLANTIC HOLDINGS INC TRENWICK GROUP LTD TRIAD GUARANTY INC TRIGON HEALTHCARE INC TRUSTMARK CORPORATION TYCO CAPITAL UICI UNION PLANTERS CORP UNITED ASSET MANAGEMENT CORP UNITED FIRE & CASUALTY CO UNITEDHEALTH GROUP INC UNITRIN INC UNIVERSAL AMERICAN FINANCIAL CORP UNUMPROVIDENT CORP USA EDUCATION INC USAA W R BERKLEY CORPORATION WACHOVIA CORP WADDELL & REED FINANCIAL WASHINGTON MUTUAL INC WELLPOINT HEALTH NETWORKS INC WELLS FARGO & CO WFS FINANCIAL INC WHITNEY HOLDING CORP WORLD ACCEPTANCE CORP XL RE AMERICA ZENITH NATIONAL INSURANCE CORP ZIEGLER COMPANIES (THE) ZIONS BANCORP
NORTHEAST A B WATLEY GROUP INC A G EDWARDS INC ABINGTON BANCORP INC ABN AMRO HOLDING NV ACCENTURE ACCEPTANCE INSURANCE COS ACE CAPITAL RE ACE CASH EXPRESS INC ACMAT CORPORATION ACTRADE FINANCIAL TEHCNOLOGIES LTD ADVANTA CORP ADVEST GROUP INC AETNA INC AFFILIATED MANAGERS GROUP AFLAC INC
ALFA CORPORATION ALLEGHANY CORP ALLIANCE BANCORP OF NE ALLIANCE BANK ALLIANCE CAPITAL MANAGEMENT LP ALLMERICA FINANCIAL CORPORATION ALLSTATE CORPORATION (THE) ALLTEL CORP AMBAC FINANCIAL GROUP AMERICAN BANK OF CT AMERICAN BUSINESS FINANCIAL SERVICES INC AMERICAN COUNTRY HOLDINGS AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN GENERAL CORP AMERICAN HERITAGE LIFE INVESTMENT CORP AMERICAN HOME MORTGAGE HOLDINGS INC AMERICAN INTERNATIONAL GROUP INC AMERICAN NATIONAL INSURANCE COMPANY AMERICREDIT CORP ANTHEM INC AON CORPORATION ARGONAUT GROUP INC ARTHUR J GALLAGHER & CO ASSURANT GROUP ASTORIA FINANCIAL CORP ATLANTIC MUTUAL COMPANIES AUTOMATIC DATA PROCESSING INC AXA FINANCIAL INC BALDWIN & LYONS INC BANCINSURANCE CORPORATION BANK OF AMERICA CORP BANK OF NEW YORK CO INC (THE) BANK ONE CORP BANKNORTH GROUP INC BAY STATE BANCORP INC BB&T CORP BEAR STEARNS COS INC (THE) BEDFORD BANCSHARES INC BERKSHIRE HATHAWAY INC BILLSERV INC BINGHAM FINANCIAL SERVICES INC BISYS GROUP INC (THE) BLACKROCK INC BNP PARIBAS BOSTONFED BANCORP INC BOTTOMLINE TECHNOLOGIES INC BOWNE & CO INC BROWN & BROWN CAMCO FINANCIAL CORP CAPITAL ONE FINANCIAL CORP CAPITOL TRANSAMERICA CORP CARVER BANCORP INC CASH AMERICA INTERNATIONAL INC CATHAY BANCORP INC CDC IXIS ASSET MANAGEMENT NA CENTEX CORP CHARLES SCHWAB CORP (THE)
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CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO CHARTER ONE FINANCIAL INC CHECKFREE CORP CHICAGO TITLE CORPORATION CHRYSLER FINANCIAL CORP CHUBB CORPORATION (THE) CIGNA CORP CINCINNATI FINANCIAL CORP CITIGROUP INC CITIZENS FINANCIAL CORP CNA FINANCIAL CORPORATION CNA SURETY CORPORATION COASTAL FINANCIAL CORP CODORUS VALLEY BANCORP INC COLUMBIA BANCORP COMMERCE BANCORP INC COMMERCE GROUP INC (THE) COMMONWEALTH BANCORP INC CONCORD EF S INC CONNECTICUT BANCSHARES INC CONSECO INC CONSUMER PORTFOLIO SERV CORE INC COUNTRYWIDE CREDIT INDUSTRIES INC CRAWFORD & COMPANY CREDIT ACCEPTANCE CORP CREDIT SUISSE FIRST BOSTON D&B DELPHI FINANCIAL GROUP INC DELUXE CORP DEUTSCHE BANK DIEBOLD INC DIGITA L INSIGHT CORP DIME BANCORP INC DIME COMMUNITY BANCSHARES DONEGAL GROUP INC DORAL FINANCIAL CORP DOW JONES & COMPANY INC DVI INC E W BLANCH HOLDINGS INC E*TRADE GROUP INC EATON VANCE CORP ENHANCE FINANCIAL SERVICES GROUP INC EQUIFAX INC EQUITABLE BANK EQUIVEST FINANCIAL INC ERIE FAMILY LIFE INSURANCE COMPANY ERIE INDEMNITY CO ESB FINANCIAL CORP EVEREST RE GROUP LTD EVISION USA.COM INC FACTSET RESEARCH SYSTEMS INC FAIR ISAAC AND COMPANY INC FANNIE MAE FARM FAMILY HOLDINGS INC FARMERS GROUP INC FEDERAL AGRICULTURAL MORTGAGE CORP
FEDERATED INVESTORS INC FIDELITY NATIONAL FINANCIAL INC FINANCIAL FEDERAL CORP FINANCIAL SECURITY ASSURANCE HLDGS LTD FINGER LAKES BANCORP INC FIRST ALBANY COMPANIES INC FIRST AMERICAN CORP FIRST BELL BANCORP INC FIRST DATA CORP FIRST ESSEX BANCORP INC FIRST FINANCIAL HOLDINGS INC FIRST HEALTH GROUP CORP FIRST INDIANA CORP FIRST INVESTORS FINANCIAL SVCS GROUP INC FIRST KEYSTONE FINANCIAL FIRST MONTAUK FINANCIAL CORP FIRST NIAGARA FINANCIAL GROUP INC FIRST SENTINEL BANCORP INC FIRST SOUTH BANCORP INC FIRST VIRGINIA BANKS INC FIRST WEST VIRGINIA BANCORP FIRSTCITY FINANCIAL CORP FIRSTFED AMERICA BANCORP INC FIRSTMERIT CORPORATION FISERV INC FLAGSTAR BANCORP INC FLEETBOSTON FINANCIAL CORPORATION FLUSHING FINANCIAL CORP FORD MOTOR CREDIT CO FRANKLIN RESOURCES INC FREDDIE MAC FREMONT GENERAL CORP FRIEDMAN BILLINGS RAMSEY FULTON FINANCIAL CORP GASTON FEDERAL BANCORP GENERAL ELECTRIC CAPITAL CORPORATION GENERAL MOTORS ACCEPTANCE CORP GENERALCOLOGNE RE CORP GEORGIA FINANCIAL INC GOLDEN WEST FINANCIAL CORP GOLDMAN SACHS GROUP INC GREAT AMERICAN FINANCIAL RESOURCES INC GREENPOINT FINANCIAL CORP GUARDIAN LIFE INSURANCE COMPANY OF AMERICA H & R BLOCK INC HARLEYSVILLE GROUP INC HARLEYSVILLE SAVINGS BANK HARTFORD FINANCIAL SERVICES GROUP INC (THE) HCC INSURANCE HOLDINGS INC HEALTH NET INC HELLER FINANCIAL INC HIGHLANDS INSURANCE GROUP HILB, ROGAL & HAMILTON CO HINGHAM INSTITUTION FOR SAVINGS HOENIG GROUP INC HOMEGOLD FINANCIAL INC
www.plunkettresearch.com HORACE MANN EDUCATORS CORPORATION HOUSEHOLD INTERNATIONAL INC HPSC INC HSB GROUP INC HSBC BANK USA HUDSON RIVER BANCORP HUDSON UNITED BANCORP HUMANA INC HUNTINGTON BANCSHARES INC INDEPENDENCE COMMUNITY BANK INDEPENDENCE FEDERAL SAVINGS INDEPENDENCE HOLDING CO INSTINET GROUP INC INTERACTIVE DATA CORPORATION INTERCEPT GROUP INC (THE) INTERCONTINENTAL LIFE CORPORATION INTUIT INC INVESTMENT TECHNOLOGY GROUP INC INVESTORS FINANCIAL SERVICES INVESTORS TITLE COMPANY IRWIN FINANCIAL CORP J P MORGAN CHASE & CO INC JB OXFORD HOLDINGS INC JEFFERIES GROUP INC JEFFERSON-PILOT CORPORATION JOHN HANCOCK FINANCIAL SERVICES INC JOHN NUVEEN COMPANY (THE) KANSAS CITY LIFE INSURANCE COMPANY KAYE GROUP INC KEYCORP KIRLIN HOLDING CORP KNIGHT TRADING GROUP INC LABRANCHE & CO INC LADENBURG THALMANN FINANCIAL LAIDLAW GLOBAL CORP LANDAMERICA FINANCIAL GROUP LAUREL CAPITAL GROUP INC LEGG MASON INC LEHMAN BROTHERS HOLDINGS INC LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION LOEWS CORPORATION M&T BANK CORP MARKEL CORPORATION MARSH & MCLENNAN COS INC MARSHALL & ILSLEY CORP MASSACHUSETTS MUTUAL LIFE INSURANCE CO MASSBANK CORP MAXCOR FINANCIAL GROUP MBIA INCORPORATED MBNA CORP MCM CORP MEADOWBROOK INSURANCE GROUP INC MEDALLION FINANCIAL CORP MEDFORD BANCORP INC MELLON FINANCIAL CORP MERCANTILE BANKSHARES
MERCHANTS GROUP INC MERRILL LYNCH & CO INC METAVANTE CORPORATION METLIFE INC METRIS COMPANIES INC MFN FINANCIAL CORPORATION MGIC INVESTMENT CORP MID ATLANTIC MEDICAL SERVICES INC MONY GROUP INC (THE) MORGAN STANLEY DEAN WITTER & CO MUNICIPAL MORTGAGE & EQUITY MYND CORPORATION MYSTIC FINANCIAL INC NATIONAL CITY CORPORATION NATIONAL COMMERCE FINANCIAL CORP NATIONAL DISCOUNT BROKERS NATIONWIDE FINANCIAL SERVICES INC NAVIGATORS GROUP INC NEUBERGER BERMAN INC NEW CENTURY FINANCIAL CORP NEW HAMPSHIRE THRIFT BANC NEW VALLEY CORP NEW YORK LIFE INSURANCE CO NORTH EAST INSURANCE CO NORTH FORK BANCORPORATION NORTHEAST PENNSYLVANIA FINANCIAL NORTHERN TRUST CORP NORTHWEST BANCORP INC NOVA CORPORATION NYMAGIC INC OHIO CASUALTY CORP ONEIDA FINANCIAL CORP ONYX ACCEPTANCE CORP OXFORD HEALTH PLANS INC PACIFIC MUTUAL HOLDING CO PAYCHEX INC PEOPLE'S BANK PHILADELPHIA CONSOLIDATED HOLDING CORP PHOENIX COMPANIES (THE) PHOENIX INVESTMENT PTNRS PICO HOLDINGS INC PIMCO ADVISORS LP PIONEER INVESTMENT MANAGEMENT USA INC PITTSBURGH FINANCIAL CORP PMA CAPITAL CORPORATION PMI GROUP INC PNC FINANCIAL SERVICES GROUP INC POPULAR INC PRESERVER GROUP INC PRESIDENTIAL LIFE CORPORATION PRINCETON ECOM PRINCIPAL FINANCIAL GROUP (THE) PROFESSIONALS GROUP INC PROGRESSIVE CORP PROTECTIVE LIFE INSURANCE CO PROVIDIAN FINANCIA L CORP PRUDENTIAL FINANCIAL PULTE HOMES INC
145
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PXRE CORP RADIAN GROUP INC RAYMOND JAMES FINANCIAL INC RBC DAIN RAUSCHER CORPORATION RESOURCE BANCSHARES MORTGAGE GROUP RIGHTCHOICE MANAGED CARE INC RTW INC S1 CORPORATION SAFECO CORP SANDERS MORRIS HARRIS GROUP SCPIE HOLDINGS SEACOAST FINANCIAL SERVICES CORP SEI INVESTMENTS CO SEIBELS BRUCE GROUP INC (THE) SELECTIVE INSURANCE GROUP SIEBERT FINANCIAL CORP SIERRA HEALTH SERVICES INC SKY FINANCIAL GROUP INC SOUNDVIEW TECHNOLOGY GROUP SOUTHTRUST CORP SOVEREIGN BANCORP INC ST PAUL COMPANIES INC (THE) STANDARD MANAGEMENT CORP STATE AUTO FINANCIAL STATE FARM INSURANCE COMPANIES STATE STREET CORP STATEN ISLAND BANCORP INC STEWART INFORMATION SVCS CORP STIFEL FINANCIAL CORP STUDENT LOAN CORP SUNTRUST BANKS INC SWS GROUP INC SYNOVUS FINANCIAL CORP T ROWE PRICE GROUP INC TF FINANCIAL CORPORATION TFC ENTERPRISES INC THISTLE GROUP HOLDINGS TORCHMARK CORP TOTAL SYSTEM SERVICES INC TRADESTATION GROUP INC TRANSAMERICA CORP TRANSATLANTIC HOLDINGS INC TRENWICK GROUP LTD TRIAD GUARANTY INC TRIGON HEALTHCARE INC TYCO CAPITAL UICI UNION PLANTERS CORP UNITED ASSET MANAGEMENT CORP UNITEDHEALTH GROUP INC UNIVERSAL AMERICAN FINANCIAL CORP UNUMPROVIDENT CORP USA EDUCATION INC USAA VALLEY NATIONAL BANCORP VALUE LINE INC W R BERKLEY CORPORATION WACHOVIA CORP
WADDELL & REED FINANCIAL WARRANTECH CORPORATION WASHINGTON MUTUAL INC WAYPOINT FINANCIAL CORPORATION WEBSTER FINANCIAL CORP WELLPOINT HEALTH NETWORKS INC WELLS FARGO & CO WFS FINANCIAL INC WILMINGTON TRUST CORP WORLD ACCEPTANCE CORP XL RE AMERICA YONKERS FINANCIAL CORP ZENITH NATIONAL INSURANCE CORP ZIEGLER COMPANIES (THE)
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INDEX BY FIRMS WITH INTERNATIONAL OPERATIONS A G EDWARDS INC ABN AMRO HOLDING NV ACCENTURE ACE CAPITAL RE ACTRADE FINANCIAL TEHCNOLOGIES LTD ADVANTA CORP ADVEST GROUP INC AFFILIATED MANAGERS GROUP AFLAC INC ALLEGHANY CORP ALLIANCE CAPITAL MANAGEMENT LP ALLSTATE CORPORATION (THE) ALLTEL CORP AMBAC FINANCIAL GROUP AMERICAN EXPRESS CO AMERICAN GENERAL CORP AMERICAN INTERNATIONAL GROUP INC AMERICAN NATIONAL INSURANCE COMPANY AON CORPORATION ARTHUR J GALLAGHER & CO ASSURANT GROUP ATLANTIC MUTUAL COMPANIES AUTOMATIC DATA PROCESSING INC AXA FINANCIAL INC BANK OF AMERICA CORP BANK OF MONTREAL BANK OF NEW YORK CO INC (THE) BANK ONE CORP BEAR STEARNS COS INC (THE) BERKSHIRE HATHAWAY INC BILLSERV INC BISYS GROUP INC (THE) BLACKROCK INC BNP PARIBAS BOTTOMLINE TECHNOLOGIES INC BOWNE & CO INC CAPITAL ONE FINANCIAL CORP CASH AMERICA INTERNATIONAL INC CATHAY BANCORP INC CDC IXIS ASSET MANAGEMENT NA CENTEX CORP CHARLES SCHWAB CORP (THE) CHECKFREE CORP CHICAGO TITLE CORPORATION CHRYSLER FINANCIAL CORP CHUBB CORPORATION (THE) CIGNA CORP CITIGROUP INC CITIZENS INC CNA FINANCIAL CORPORATION CNA SURETY CORPORATION COMERICA INC CORILLIAN COUNTRYWIDE CREDIT INDUSTRIES INC CRAWFORD & COMPANY
CREDIT ACCEPTANCE CORP CREDIT SUISSE FIRST BOSTON D&B DELUXE CORP DEUTSCHE BANK DIEBOLD INC DORAL FINANCIAL CORP DOW JONES & COMPANY INC DVI INC E W BLANCH HOLDINGS INC E*TRADE GROUP INC E-LOAN INC ENHANCE FINANCIAL SERVICES GROUP INC EQUIFAX INC EURONET WORLDWIDE INC EVEREST RE GROUP LTD EVISION USA.COM INC FACTSET RESEARCH SYSTEMS INC FAIR ISAAC AND COMPANY INC FANNIE MAE FEDERATED INVESTORS INC FIDELITY NATIONAL FINANCIAL INC FIFTH THIRD BANCORP FINANCIAL SECURITY ASSURANCE HLDGS LTD FIRST AMERICAN CORP FIRST DATA CORP FIRST INDIANA CORP FIRSTCITY FINANCIAL CORP FISERV INC FLEETBOSTON FINANCIAL CORPORATION FORD MOTOR CREDIT CO FRANKLIN RESOURCES INC FRIEDMAN BILLINGS RAMSEY GENERAL ELECTRIC CAPITAL CORPORATION GENERAL MOTORS ACCEPTANCE CORP GENERALCOLOGNE RE CORP GOLDMAN SACHS GROUP INC GREAT AMERICAN FINANCIAL RESOURCES INC GUARDIAN LIFE INSURANCE COMPANY OF AMERICA H & R BLOCK INC HAMILTON BANCORP INC HARTFORD FINANCIAL SERVICES GROUP INC (THE) HCC INSURANCE HOLDINGS INC HELLER FINANCIAL INC HOENIG GROUP INC HOUSEHOLD INTERNATIONAL INC HSB GROUP INC HSBC BANK USA HUNTINGTON BANCSHARES INC ING PILGRIM INSTINET GROUP INC INTERACTIVE DATA CORPORATION INTUIT INC INVESTORS FINANCIAL SERVICES J P MORGAN CHASE & CO INC JB OXFORD HOLDINGS INC
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JEFFERIES GROUP INC JOHN HANCOCK FINANCIAL SERVICES INC KAYE GROUP INC KEYCORP KNIGHT TRADING GROUP INC LADENBURG THALMANN FINANCIAL LAIDLAW GLOBAL CORP LANDAMERICA FINANCIAL GROUP LEGG MASON INC LEHMAN BROTHERS HOLDINGS INC LEUCADIA NATIONAL CORP LIBERTY MUTUAL INSURANCE COMPANIES LINCOLN NATIONAL CORPORATION LOEWS CORPORATION MARKEL CORPORATION MARSH & MCLENNAN COS INC MASSACHUSETTS MUTUAL LIFE INSURANCE CO MAXCOR FINANCIAL GROUP MBIA INCORPORATED MBNA CORP MEADOWBROOK INSURANCE GROUP INC MELLON FINANCIAL CORP MERRILL LYNCH & CO INC METAVANTE CORPORATION METLIFE INC MORGAN STANLEY DEAN WITTER & CO MYND CORPORATION NATIONAL WESTERN LIFE INSURANCE COMPANY NATIONWIDE FINANCIAL SERVICES INC NAVIGATORS GROUP INC NETBANK INC NEW HAMPSHIRE THRIFT BANC NEW VALLEY CORP NEW YORK LIFE INSURANCE CO NORTHERN TRUST CORP NOVA CORPORATION OMEGA WORLDWIDE INC PACIFIC CENTURY FINANCIAL PACIFIC MUTUAL HOLDING CO PACIFICARE HEALTH SYSTEMS INC PHOENIX COMPANIES (THE) PIMCO ADVISORS LP PIONEER INVESTMENT MANAGEMENT USA INC PMI GROUP INC PNC FINANCIAL SERVICES GROUP INC POPULAR INC PRINCIPAL FINANCIAL GROUP (THE) PROGRESSIVE CORP PROVIDIAN FINANCIAL CORP PRUDENTIAL FINANCIAL PULTE HOMES INC PXRE CORP RAYMOND JAMES FINANCIAL INC REINSURANCE GROUP OF AMERICA INC S1 CORPORATION SAFECO CORP SEI INVESTMENTS CO SOUNDVIEW TECHNOLOGY GROUP
ST PAUL COMPANIES INC (THE) STANDARD MANAGEMENT CORP STATE FARM INSURANCE COMPANIES STATE STREET CORP STEWART INFORMATION SVCS CORP STUDENT LOAN CORP SWS GROUP INC SYNOVUS FINANCIAL CORP T ROWE PRICE GROUP INC TORCHMARK CORP TOTA L SYSTEM SERVICES INC TRANSAMERICA CORP TRANSATLANTIC HOLDINGS INC TRENWICK GROUP LTD TYCO CAPITAL UNITED ASSET MANAGEMENT CORP UNUMPROVIDENT CORP USAA W R BERKLEY CORPORATION WELLS FARGO & CO WHITNEY HOLDING CORP XL RE AMERICA
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INDIVIDUAL DATA PROFILES ON EACH OF THE FINANCIAL SERVICES 500
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21ST CENTURY HOLDING CO
www.fedfirst.com
Industry Group Code: 522220 Ranks within this company's industry group: Sales: 7 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 7
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Automobile Financing Insurance Brokerage & Management Health and Life Insurance Income Tax Service
21st Century Holding Company is a vertically integrated insurance holding company that controls substantially all aspects of the insurance underwriting, distribution and claims process for its insurance subsidiaries. The company underwrites non-standard and standard personal automobile insurance and mobile home property and casualty insurance in the state of Florida through its subsidiary, Federated National Insurance Company. The firm’s electronic filing service operates across several states that include Texas, Georgia, New Mexico, Arizona, Nevada and Colorado. The company also has underwriting authority for third-party insurance companies through its Assurance Managing General Agents, Inc. subsidiary. Fed USA, Inc., a wholly owned franchiser company, offers single and master franchise opportunities to individuals to own and operate their own business with the support of two brands, Fed USA Insurance/Financial Services and Express Tax. 21st Century Holding Company operates through a network of 43 agency locations and over 500 independent agents in the state of Florida. The company’s website offers online claims filing, tag and title transfer services as well as auto insurance quotes by e-mail. In recent news, the holding company has sold off its financial centers, which have become Fed USA franchises. This is in keeping with the company’s goal of becoming a multi-state franchiser as the centers have continued to market its insurance and financial services products. In another development, the holding company acquired American Vehicle Insurance Company, a property and casualty insurance firm licensed in Florida and Louisiana. Superior Adjusting, Inc., a wholly owned claims adjusting company of 21st Century Holding Company, had been exclusively handling American Vehicle's claims. Employees function within a commission structure.
BRANDS/DIVISIONS/AFFILIATES: Express Tax Service Assurance Managing General Agents, Inc. Superior Adjusting, Inc. Florida State Discount Auto Title Loans, Inc. FedFirst Lending Company Federated National Insurance Company Fed USA, Inc. American Vehicle Insurance Company
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Edward J. Lawson, CEO Edward J. Lawson, Pres. Samuel A. Milne, CFO Kent Linder, Human Resources Michele V. Lawson, VP-Agency Oper. Ronald A. Raymond, Pres.-Federated National Michele V. Lawson, Treas.
Phone: 954-581-9993 Fax: 954-316-9201 Toll-Free: 800-333-3477 Address: 4161 NW Fifth St., Plantation, FL 33317 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $26,400 ( 9 months) 2001 Profits: $-1,100 ( 9 months) 2000 Sales: $37,600 2000 Profits: $- 500 Stock Ticker: TCHC 1999 Sales: $25,400 1999 Profits: $1,600 Employees: 296 1998 Sales: $20,700 1998 Profits: $1,800 Fiscal Year Ends: 12/31 1997 Sales: $15,700 1997 Profits: $1,000
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $ Second Exec. Salary: $
Bonus: Bonus:
$ $
Expanding its online services.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast: Y
Northeast:
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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151
21ST CENTURY INSURANCE
www.i21.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 54 Investments: Broker: Annuities: Inv estment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 73
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Auto Insurance Liability Insurance Property/Casualty Insurance
21st Century Insurance Group, formerly known as 20th Century Industries, is an insurance holding company that sells auto and liability insurance through its subsidiaries. The firm and 21st Century Casualty Company both directly market private passenger automobile liability and physical damage and personal excess liability insurance. The company is one of the largest writers of private passenger auto insurance in California and limits sales of its auto policies to preferred risk applicants. The firm concentrates its advertising and marketing on the Sacramento, San Francisco, San Jose and San Diego areas. The company, including subsidiaries, insures more than 1.1 million automobiles and has an annual renewal rate of existing policyholders of 90%. 21st Century Insurance is ranked as one of the top four vehicle insurance companies in the nation by J.D. Power and Associates and also holds an A+ (superior) rating from A.M. Best, the world's oldest independent authoritative insurance rating and information source. The firm recently announced the redesign, expansion and refinement of its website, i21.com. The fullservice site is an important part of the strategic goal of making affordable car insurance easily accessible, by providing every customer with knowledgeable help any time of the day or night. The website allows potential policyholders to receive real-time free insurance quotes, communicate directly with a 21st Century representative through an interactive chat function, review an extensive frequently asked questions section, and even purchase a car insurance policy online. Current 21st Century customers are able to pay bills by electronic check, add or delete drivers or vehicles, review or change their coverages, report a claim, track account payments and instantly renew vehicle registration with the state Department of Motor Vehicles online. The firm's employees work four and one-half day work weeks and only five hours on Fridays. The company also offers its employees a wellness program.
BRANDS/DIVISIONS/AFFILIATES: 20th Century Industries American Indemnity Financial Corporation Crabtree Premium Finance Company Insurance Brokers & Managers Lafayette Insurance Company United Life Insurance Company Addison Insurance Company
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Bruce W. Marlow, CEO Bruce W. Marlow , Pres. Paul F. Farber, COO Douglas K. Howell, Sr. VP-CFO G. Edward Combs, Sr. VP-Mktg. Richard A. Andre, VP-Human Resources Michael T. Farrell, Chief Info. Officer Michael J. Cassanego, Corp. Sec. Michael J. Cassanego, General Counsel Marina Lubinsky, Mgr.-Internet Bus. Dev. Ric Hill, VP- Public Comm. Margaret Chang, Treas. Dean E. Stark, VP-Claims Michael A. Mobley, VP-California Product Mgr. Tracy Sandin, Government Affairs John L. Ingersoll, VP
Phone: 818-704-3700 Fax: 818-704-3061 Toll-Free: Address: 6301 Owensmouth Ave., Woodland Hills , CA 91367 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $685,300 ( 9 months) 2001 Profits: $13,400 ( 9 months) 2000 Sales: $869,800 2000 Profits: $12,900 Stock Ticker: TW 1999 Sales: $832,700 1999 Profits: $87,500 Employees: 2,501 1998 Sales: $870,650 1998 Profits: $101,072 Fiscal Year Ends: 12/31 1997 Sales: $863,523 1997 Profits: $110,929
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $ Second Exec. Salary: $ One of the largest writers of private passenger auto insurance in California.
Apparent Women Officers or Directors: 3 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest:
Midwest:
Southeast:
Bonus: Bonus:
$ $
Northeast:
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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A B WATLEY GROUP INC
www.abwatley.com
Industry Group Code: 523110 Ranks within this company's industry group: Sales: 35 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Y
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 34
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards : Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Online Financial Services Discount Brokerage
A.B. Watley Group, Inc., formerly Internet Financial Services, Inc. is a multifaceted technological and serviceoriented brokerage firm. A.B. Watley provides large block institutional transactions with real-time data feed and instantaneous execution. The company offers two proprietary online trading systems: Ultimate Trader and Watley Trader. Ultimate Trader enables the self-directed active user in need of real-time information and quick order execution to access NASDAQ Level II data, market maker screens with time and sales, real-time charts and the ability to place orders into various exchanges and electronic communications networks (ECNs). Watley Trader provides 24/7 trading services, pre-market open and post-market close trading, free real-time quotes, automated telephone service trading and research, easy account administration, multiple test portfolio tracking and multipurpose quote, analytics and mutual fund services. Orders are entered, processed and confirmed electronically. A.B. Watley works in partnership with Edgar Online, Cooper Trading, Wall Street on Demand, PC Quote, Market Gems and Briefing.com in order to bring products and services to its clients. The company markets a proprietary technology, called Direct-Access Vertical Exchange (DAVE), to the brokerage and banking industries. This initiative resulted in a licensing agreement with E*TRADE Group, Inc. Historically, revenues have been generated primarily from retail customer transactional fees. In the future, the company anticipates augmenting revenues with licensing and related fees from our corporate clients. Direct-access trading technology provides customers with the opportunity to trade securities directly into various market centers, including exchanges and Electronic Communication Networks (ECNs) without the intervention of a broker. In recent news, the company has acquired direct-access trading firm On-Site Trading, Inc.
BRANDS/DIVISIONS/AFFILIATES: A.B. Watley, Inc. Ultimate Trader Watley Trader Internet Financial Services, Inc. Direct-Access Vertical Exchange On-Site Trading, Inc.
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Steve Malin, CEO Robert Malin, Pres. Joseph M. Ramos, CFO Jonathan Priddle, Sr. VP-Sales Leon Ferguson, Exec. VP/CIO Linda J. Malin, General Counsel/Exec. VP Eric Steinberg, Exec.VP-Admin. Anthony G. Huston, Exec.VP- Strategic Planning Peter A. Wigger, Exec. VP-Oper. Leon Ferguson, Sr.VP-CIO
Phone: 212-422-1664 Fax: 212-634-9924 Toll-Free: 888-229-2853 Address: 40 Wall St., New York, NY 10005 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $20,100 ( 9 months) 2001 Profits: $-13,400 ( 9 months) 2000 Sales: $42,753 2000 Profits: $-9,847 Stock Ticker: ABWG 1999 Sales: $21,000 1999 Profits: $- 800 Employees: 144 1998 Sales: $9,200 1998 Profits: $- 600 Fiscal Year Ends: 9/30 1997 Sales: $4,500 1997 Profits: $-1,100
SALARIES/BENEFITS: Pension Plan: Savings Plan:
ESOP Stock Plan: Profit Sharing: Top Exec. Salary: $175,000 Stock Purch. Plan: Y Second Exec. Salary: $150,000 Low Transaction Fees/Proprietary Technology
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast:
Bonus: Bonus:
$5,000 $30,000
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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A G EDWARDS INC
www.agedwards.com
Industry Group Code: 523110 Ranks w ithin this company's industry group: Sales: 9 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Y Y
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Y Y
Profits: 9
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Stock Brokerage/Investment Banking Insurance Services Trust Services Mortgages Asset Management
A.G. Edwards, Inc. is a holding company with subsidiaries that provide securities and commodities brokerage, investment banking, asset management and insurance services. Its principal subsidiary, A.G. Edwards & Sons, Inc., is a St. Louis-based financial services company with over 696 locations in 49 states and the District of Columbia. The company serves 2.7 million clients through a network of 7000 financial consultants. A.G. Edwards was ranked the fourth largest brokerage firm in the nation based on its number of branch offices, and the sixth largest firm based on its number of registered representatives. The firm provides a full range of financial products and services to individual and institutional investors. Services offered include business and executive services, stock option services and IRAs. Additionally, mortgage services are provided through a subsidiary as are portfolio planning and professional money management. A.G. Edwards & Sons, Inc. also offers investment banking services to corporate, government and municipal clients through 13 regional offices and its St. Louis headquarters. Through a recent initiative, clients of A.G. Edwards & Sons now have access to personalized web pages offered through their financial consultants, which are tailored to their individual investing needs and interests. The unique services that are an industry-first are a result of extensive upgrades the firm has made to its account-access web site AGeconnect. In other news, A.G. Edwards began offering home mortgage services through an alliance with St. Louis -based Nexstar Financial Corporation. The firm’s clients now have 24-hour access to this facility through the firm’s web site, and the program is currently available in 43 states. Features offered by Nexstar include a faster turnaround on loan decisions and the ability to lock in rates before a loan decision. Over 300 employees have more than $1 million balances in their 401(k) accounts. The firm has been named one of the 100 Best Companies to Work for in America by FORTUNE magazine for the fourth consecutive year. Until this year, the company had no layoffs in its history.
BRANDS/DIVISIONS/AFFILIATES: AGe-connect AGE Commodity Clearing Corp. A.G. Edwards Life Insurance Company Edwards Development Corporation A.G. Edwards Trust Company A.G. Edwards & Sons, Inc. GULL-AGE Capital Group, Inc. Nexstar Financial Corporation
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Robert L. Bagby, CEO Benjamin F. Edw ards IV , Pres. Douglas L. Kelley, CFO Benjamin F. Edwards IV , Dir-Sales and Mktg. Charles J. Galli, Sr. VP/Home Regional Officer Mary V. Atkin, Exec. VP-Info. Tech. Eugene J. King, Asst. Treas./Controller Douglas L. Kelley, Corp. Sec. Douglas L. Kelly, Corp. VP-Law and Compliance Ronald J. Kessler, VP-Oper. Mary V. Atkin, Sr. VP-Corp. Comm. Douglas L. Kelley, Exec. VP-Treas. Terry J. Dessent, Sr. VP-Securities Research Mark A. Keller, VP-Sr. Investment Officer Bill Branson, Jr., Sr. VP-Northeast Regionl Officer Alfred E. Goldman, VP- Market Analysis
Phone: 314-995-3000 Fax: 314-955-2890 Toll-Free: 877-835-7877 Address: 1 North Jefferson, St. Louis , MO 63103-2205 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 12 months. 2001 Sales: $2,839,100 (12 months) 2001 Profits: $287,500 (12 months) 2000 Sales: $2,819,000 2000 Profits: $382,900 Stock Ticker: AGE 1999 Sales: $2,240,799 1999 Profits: $292,117 Employees: 17,000 1998 Sales: $2,004,133 1998 Profits: $269,297 Fiscal Year Ends: 2/28 1997 Sales: $1,696,483 1997 Profits: $219,057
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan: Y
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing: Y
Top Exec. Salary: $450,630 Second Exec. Salary: $248,630 Very large, nationwide network of offices.
Apparent Women Officers or Directors: 2 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Bonus: Bonus:
$1,801,309 $1,264,601
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ABINGTON BANCORP INC www.abingtonsavingsonline.com Industry Group Code: 522110 Ranks within this company's industry group: Sales: 142 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Y
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 143
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Banking/Savings Associations Consumer/Construction Loans Real Estate Investments Mortgages Securities
Abington Bancorp, Inc. is a one-bank holding company with a primary interest in its ownership and operation of Abington Savings Bank. Abington Savings Bank is a stock-owned savings bank operating in the Massachusetts area. Its principal business is attracting deposits from the general public, borrowing funds, and investing those deposits and funds. In its investments, the bank has emphasized various types of residential and commercial real estate loans, residential construction loans, consumer loans and investments in securities. The company, through Holt Park Place Development Corporation and Norroway Pond Development Corporation, subsidiaries of the bank, owns real estate that it markets for sale. Another subsidiary of Abington Bancorp, Abington Securities Corporation, invests primarily in United States Government obligations and obligations of related agencies and equity securities. The company’s main area of operations is in Plymouth County, Massachusetts. In recent news, Abington Savings Bank opened a new branch in Hanover, Massachusetts. This is the 14th branch of the bank, which is a subsidiary of Abington, and will offer all retail and commercial banking services. In other news, Abington has continued to experience an increase in earnings through growth in revenues from customer service fees, its ability to attract and retain new customers and the firm’s strategy of selling add-on products and services.
BRANDS/DIVISIONS/AFFILIATES: Abington Savings Bank Abington Bancorp Capital Trust Holt Park Place Development Corporation Norroway Pond Development Corporation Abington Securities Corporation Shaw’s Supermarkets
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. James P. McDonough, CEO James P. McDonough, Pres. Kevin M. Tierney, Sr., Exec. VP-COO Robert M. Lallo, Sr. VP-CFO Lewis J. Paragona, VP-Human Resources Stephanie Dunn, VP-MIS Paul D. Amato, Asst. VP-Controller Edward J. Merritt, Exec. VP-Oper. Ruth E. Cook, Human Resources Officer Robert M. Lallo, Exec. VP-Treas. Mario A. Berlinghieri, Sr. VP-Credit Policy Jack B. Meehl, Jr., Sr. VP-Bus. Banking Cynthia A. Mulligan, Sr. VP-Consumer Banking
Phone: 781-982-3200 Fax: 781-447-5243 Toll-Free: 800-782-7291 Address: 536 Washington St., Box 2006, Abington, MA 02351 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $46,300 ( 9 months) 2001 Profits: $3,700 ( 9 months) 2000 Sales: $57,200 2000 Profits: $4,500 Stock Ticker: ABBK 1999 Sales: $49,600 1999 Profits: $4,100 Employees: 182 1998 Sales: $45,300 1998 Profits: $4,400 Fiscal Year Ends: 12/31 1997 Sales: $41,300 1997 Profits: $4,400
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $292,898 Second Exec. Salary: $161,050 Expanding through the opening of supermarket bank offices.
Apparent Women Officers or Directors: 3 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast:
Bonus: Bonus:
$116,000 $54,208
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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155
ABN AMRO HOLDING NV
www.abnamro.com
Industry Group Code: 522110 Ranks within this company's industry group: Sales: 5 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 7
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Banking Investment Banking
ABN AMRO is a Europe-based banking group, ranked eighth in that continent and seventeenth in the world. It operates over 3,500 branches in three business units around the globe. Its wholesale banking segment operates global investment and corporate banking activities for business and institutional clients. The consumer and commercial segment is responsible for retail and small- to medium -sized enterprise banking activities. Its over 10 million clients represent a range of markets and economies, and comprise more than 30% of the commercial banking market in both the Netherlands and the U.S. Midwest. ABN AMRO also provides banking, investment and asset management services for private clients of high-net worth. These three fundamental units represent a change in operating strategy for the company, as it has recently analyzed its operations for maximum profitability. ABN AMRO recently sold its activities in Bahrain to BankMuscat and plans to sell its Kenya operations to Citibank, all as part of the focus on allocating resources to those markets generating the highest yields for the bank and investors. Similar divestitures are being seen in Greece with ABN AMRO Securities and the Chilean and Venezuelan operations. The company recently acquired Mellon Business Credit, the asset-based lending unit of Mellon Financial Corporation. The new subsidiary will be managed by LaSalle Business Credit, a subsidiary of Chicago-based LaSalle Bank, and will carry the LaSalle name. ABN AMRO also purchased the prime brokerage, corporate finance, domestic equities, and futures and options businesses of ING Barings in North America. Much of the recent expansion in the past two years has taken place in Europe and Asia.
BRANDS/DIVISIONS/AFFILIATES: De Dietrich & Cie LaSalle Bank N.A. Standard Federal Bank, N.A. Bank of Asia ABN AMRO Asset Management Michigan National Bank EAB
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. R. W. J. Groenink, CEO T. de Swaan, CFO H. Duijn, Corp. Sec. G.L. Zeilmaker, Chief Accounting Officer Regis Bello, CEO, De Dietrich & Cie Norman R. Bobins, Pres./CEO, LaSalle Bank N.A. Scott K. Heitmann, CEO, Standard Federal Bank, N.A.
Phone: +31-20-628-9898 Fax: +31-20-628-1229 Toll-Free: Address: Foppingadreef 22, Amsterdam , The Netherlands
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for months. 2001 Sales: $ ( months) 2001 Profits: $ ( months) 2000 Sales: $44,218,000 2000 Profits: $2,353,000 Stock Ticker: ABN 1999 Sales: $36,232,000 1999 Profits: $2,594,000 Employees: 1998 Sales: $36,121,600 1998 Profits: $2,131,600 Fiscal Year Ends: 12/31 1997 Sales: $ 1997 Profits: $
SALARIES/BENEFITS: Pension Plan: Savings Plan:
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Top Exec. Salary: $ Second Exec. Salary: $ One of the world's largest banking groups.
Apparent Women Officers or Directors: Hot Spot for Advancement for Women/Minorities:
Profit Sharing:
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Bonus: Bonus:
Southeast: Y
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ACCENTURE
www.accenture.com
Industry Group Code: 541611 Ranks within this company's industry group: Sales: 1 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 1
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Y
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Consulting Services Management Consulting Services Technology Consulting Services and Solutions Venture Capital
Accenture, formerly Andersen Consulting, is a leading provider of management and technology consulting services and solutions. The company has more than 110 offices in 46 countries, providing customers with a wide range of consulting, technology and outsourcing services. Accenture serves 84 of the Fortune Global 100 as well as more than half of the Fortune Global 500. Clients of the company include AT&T, Microsoft, Sony, Sprint, Bank of America, London Stock Exchange, Visa, Daimler Chrysler, the City of Boston, U.S. Postal Service and the U.S. Department of Commerce. The firm delivers services and solutions through five global market units including Communications and High Tech, Financial Services, Products, Resources and Government, which together compromise 18 industry groups. Accenture offers its customers eight primary service lines including strategy and business architecture, customer relationship management, supply chain management, human performance, finance and performance management, technology research and innovation, solutions engineering and solutions operations. Moreover, the company has over 150 alliances with leading technology-related solutions providers around the world. Through its strategic alliances, Accenture is able to offer an unparalleled array of technology solutions to meet its clients’ diverse business needs. The company was recently awarded a $453 million contract from a consortium of California counties, including San Bernardino, Riverside, Stanislaus and Merced, to design, build, deploy and operate the C-IV system, a fully automated human services information system. Accenture looks for self-motivated applicants and cites that as a major part of an individual's growth in the company. It provides training for a full range of learning -from basic understanding of an industry segment to deep understanding of future trends and knowledge of how best to serve clients in a changing marketplace. The company covers a wide variety of industries and places an emphasis on hiring recent college graduates. Accenture also offers creative solutions to help employees balance work and personal commitments.
BRANDS/DIVISIONS/AFFILIATES: Andersen Consulting Accenture Technology Ventures
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Joe W. Forehand, CEO Stephan A. James, COO Harry L. You, CFO James E. Murphy, Managing Dir.-Mktg. Jose Luis Manzanares, Managing Partner-IT Douglas G. Scrivner, Corp. Sec. Douglas G. Scrivner, General Counsel Thomas H. Pike, Managing Partner-Growth & Strategy James E. Murphy, Managing Dir.-Comm. Michael G. McGrath, Treas. Mary A. Tolan, Managing Partner-Resources Global Market Unit Tim Breene, Managing Partner-Global Service Lines Gregg G. Hartemayer, Managing Partner-Products Global Market Unit Jon M. Conahan, Managing Partner-Strategic Matters
Phone: 441-296-8262 Fax: 441-296-4245 Toll-Free: Address: Cedar House, 41 Cedar House, Hamilton, HM12 Bermuda
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $10,141,600 ( 9 months) 2001 Profits: $1,427,200 ( 9 months) 2000 Sales: $9,752,100 2000 Profits: $2,463,900 Stock Ticker: ACN 1999 Sales: $9,549,900 1999 Profits: $2,022,700 Employees: 70,000 1998 Sales: $8,214,800 1998 Profits: $1,685,300 Fiscal Year Ends: 8/31 1997 Sales: $6,275,000 1997 Profits: $1,242,000
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Top Exec. Salary: $4,600,000 Bonus: Second Exec. Salary: $4,200,000 Bonus: One of the world's largest consulting firms/First class client base worldwide.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
Profit Sharing: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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157
ACCEPTANCE INSURANCE COS
www.aicins.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 81 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 105
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Crop Insurance Property/Casualty Insurance Specialty Insurance Reinsurance
Acceptance Insurance Companies (Acceptance), operating through independent agents in 46 states, the District of Columbia, Puerto Rico and the Virgin Islands, underwrites and sells specialty property and casualty insurance for markets with unusual needs. The company operates in four segments: General Agency, Crop Insurance, Program Division and Non-Standard Automobile. The General Agency segment offers automobile, surplus lines liability and substandard property, and complex products and professional liability coverages, which are offered through the firm’s nationwide branch of agents. The company’s Crop Insurance segment offers Multi-Peril Crop Insurance and Crop Hail Insurance, marketed by over 9,000 independent insurance agents, making the company the third largest writer of crop insurance products in the United States. Under its Program Division, the firm offers a number of diversified coverages, such as transportation, focused workers’ compensation and used automobile dealer programs. The Non-Standard Automobile segment provides coverages for private passenger automobiles and is written principally in the southwestern United States. As part of a new business strategy, the company has been restructuring its property and casualty operations in order to increase profitability. Acceptance recently acquired all crop insurance assets and the assumption of certain crop insurance and reinsurance liabilities of IGF Insurance Company, a subsidiary of Symons International Group, Inc. In other news, the company sold two of its insurance companies to McM Corporation, a Raleigh, North Carolina based insurance holding company. The firm also sold the majority of its property and casualty business to Insurance Corporation of Hannover, a member of the Hannover Re group. Employees are offered dental insurance as well as education assistance. An employee referral program is also available.
BRANDS/DIVISIONS/AFFILIATES: Phoenix Indemnity Insurance Company Redland Insurance Company Acceptance Casualty Insurance Company American Growers Insurance Company Hannover Re Group (The) McM Corporation IGF Insurance Company Symons International Group, Inc.
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. John E. Martin, CEO John E. Martin, Pres. John P. Nelson, COO Dwayne Hallman, CFO Dennis G. Daggett, Chief Mktg. Officer Charles E. Boyle, CIO J. Michael Gottschalk, Chief Legal Counsel James K. Petersen, Chief Admin. Officer Joseph G. Smith, VP - Budget, Audit and Strategic Planning William J. Gerber, VP-Investor Rel. Dwayne Hallman, Treas. Michael R. Johnson, Chief Field Services Officer
Phone: 402-344-8800 Fax: 402-345-9190 Toll-Free: 800-228-7217 Address: 222 S. 15th St., Ste. 600 N, Omaha, NE 68102 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $45,400 ( 9 months) 2001 Profits: $-14,200 ( 9 months) 2000 Sales: $213,500 2000 Profits: $-28,800 Stock Ticker: AIF 1999 Sales: $284,000 1999 Profits: $-36,000 Employees: 776 1998 Sales: $363,189 1998 Profits: $5,536 Fiscal Year Ends: 12/31 1997 Sales: $370,552 1997 Profits: $35,313
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Y Profit Sharing: Top Exec. Salary: $250,000 Stock Purch. Plan: Y Second Exec. Salary: $184,412 Offers a number of diversified services.
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Apparent Women Officers or Directors: Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Bonus: Bonus:
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
158
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ACE CAPITAL RE
www.capitalrecorp.com
Industry Group Code: 524130 Ranks within this company's industry group: Sales: Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits:
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Reinsurance Mortgage Reinsurance Specialty Lines Financial Guaranty Insurance
Ace Capital Re, formerly known as Capital Re Corporation, is a financial insurance and reinsurance company providing innovative and technical solutions to problems of risk and financial management. Its principal subsidiaries are variously rated in financial strength and include triple A, double A and A rated legal vehicles. Subsidiaries Capital Reinsurance and KRE (Bermuda) Ltd. reinsure financial guaranties of investment-grade debt obligations. Subsidiary CRC Capital manages five underwriting syndicates on the Lloyd's exchange. Ace Capital Re is primarily engaged in financial guaranty reinsurance, mortgage guaranty reinsurance, financial lines (re) insurance and related products, including title, credit and specialty reinsurance. Ace Capital Re provides value - added solutions through highly structured products facilitated by specialized underwriting expertise and characterized by innovation and supported by the highest credit ratings. Since its formation in 1988, Ace Capital Re has consistently delivered superior financial performance, meeting or exceeding investor expectations. Annualized earnings growth in the mid-teens has been sustained by the company's diversification through internal product development acquisition and strategic investment. The company recently merged with and became a subsidiary of Ace Limited.
BRANDS/DIVISIONS/AFFILIATES: Capital Re Corporation Capital Mortgage Reinsurance Company KRE Reinsurance Capital Credit Reinsurance Company Capital Title Reinsurance RGB Underwriting Agencies Ltd. Ace Limited Capital Reinsurance Company
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Jerome F. Jurschak, CEO Joseph W. Swain, Pres. David A. Buzen, CFO Alan S. Roseman, Sr. VP/General Counsel/Sec. David A. Buzen, Treas.
Phone: 212-974-0100 Fax: 212-581-3268 Toll-Free: Address: 1325 Avenue of the Americas , New York, NY 10019 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for months. 2001 Sales: $ ( months) 2001 Profits: $ ( months) 2000 Sales: $ 2000 Profits: $ Stock Ticker: Subsidiary 1999 Sales: $ 1999 Profits: $ Employees: 1998 Sales: $234,945 1998 Profits: $41,542 Fiscal Year Ends: 12/31 1997 Sales: $181,461 1997 Profits: $70,052
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing: Y
Top Exec. Salary: $ Bonus: $ Second Exec. Salary: $ Bonus: $ Diversification through internal product development acquisition and strategic investment.
Apparent Women Officers or Directors: 3 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast:
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ACE CASH EXPRESS INC
www.acecashexpress.com
Industry Group Code: 522390 Ranks within this company's industry group: Sales: 1 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
159 Profits: 1
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Y Y
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Check Cashing Money Orders Wire Transfers Electronic Tax Filing Bill Payment Processing Tax Refund Anticipation Loans Telecommunications Products Franchising
ACE Cash Express, Inc. is the largest chain of check cashing stores in the United States. ACE’s network includes 995 company-owned stores and 175 franchised stores in 29 states with a large concentration in Texas. The company’s primary business is check-cashing services for payroll, government assistance, tax refunds and insurance checks. In addition to its primary business, ACE is also an agent for the transmission and receipt of wire transfers through the MoneyGram network. Other services include money order sales, lottery tickets, public transportation passes, copying and fax transmission services and postage stamps, pagers, prepaid long distance telephone cards and local phone service. The company also offers small consumer loans to consumers with limited access to other sources of credit. ACE shares strategic partnerships with numerous firms that include Travelers Express, MoneyGram, Comm South and Instant Auto Insurance. The company believes that the area of financial services in which it operates has great potential for growth, according to surveys suggesting that over 1/3 of the U.S. population has no relationship with a bank. In a recent development, ACE announced plans to close approximately 84 unprofitable or under-performing stores, which would represent about 8% of the firm’s owned locations. However overall, the company continues to expand its network of owned and franchised stores nationwide. ACE recently became the first operator to deploy the new Expanded Transaction Center units (ETC) by Diebold, Incorporated. The ETC sidecar works in conjunction with certain Diebold advanced-function automated teller machines, to transform them into multifunctional self-service destinations where ACE customers can cash checks. The ETC allows deployers to offer customers additional services through a convenient delivery channel, while also increasing opportunities for fee revenue for the stores. Due to increasng expansion, the company is continually seeking franchise operators for select markets.
BRANDS/DIVISIONS/AFFILIATES: Check Express A-C-E America's Cash Express Quick Cash ACE Bill Pay Instant Auto Insurance Diebold, Incorporated
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Donald H. Neustadt, CEO Jay B. Shipowitz , Pres. Jay B. Shipowitz , COO Joe W. Conner, Sr. VP-CFO Eric C. Norington, VP-Mktg. T.J. Carter, VP-Human Resources Joe B. Edwards, VP-Info. Systems/CIO Raymond E. McCarty, Exec. VP-Oper. Eric C. Norrington, VP-Corp. Comm. Darla D. Smotherman, Dir.-Investor Rel. Barry M. Barron, Sr. VP-Store Oper. Wanda Palmer-Strong, VP-Cash Mgmt. Susan S.Pressler, VP Michael Lawrence, Asst. VP-Store Services
Phone: 972-550-5000 Fax: 972-550-5150 Toll-Free: Address: 1231 Greenway Dr., Ste. 800, Irving, TX 75038-7594 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 12 months. 2001 Sales: $196,800 (12 months) 2001 Profits: $ 600 (12 months) 2000 Sales: $140,600 2000 Profits: $8,300 Stock Ticker: AACE 1999 Sales: $122,300 1999 Profits: $8,300 Employees: 2,397 1998 Sales: $100,194 1998 Profits: $6,402 Fiscal Year Ends: 6/30 1997 Sales: $87,392 1997 Profits: $4,766
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $338,650 Second Exec. Salary: $262,695 Competitive growth rate/Offers numerous services.
Apparent Women Officers or Directors: 3 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Bonus: Bonus:
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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ACMAT CORPORATION
www.acmatcorp.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 111 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 87
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Building Contractor Renovations Financing
ACMAT Corporation operates as an insurance holding company and also acts as an interior contractor, designing, supplying, renovating and installing interiors for commercial, industrial and institutional buildings, including asbestos abatement contracting. ACMAT’s Insurance Group includes United Coastal Insurance, ACSTAR and AMINS, Inc. United Coastal Insurance is an excess and surplus lines property and casualty insurer providing general and environmental liability insurance to specialty trade and environmental contractors, pre-owners, storage and treatment facilities and allied professionals, as well as professional liability insurance to architects, engineers and consultants. ACSTAR is licensed as an admitted insurer in 49 states and the District of Columbia. AMINS, Inc. is an insurance agency that acts primarily as a general agent for ACSTAR and United Coastal Insurance. United Coastal Insurance participates in a number of reinsurance arrangements with other companies on a quota share basis. These arrangements primarily cover marine and other property catastrophic risks. The firm’s customers include commercial and retail facilities, universities and hospitals. Projects currently being worked on include a municipal facility and several schools. ACMAT provides dental and preventative care to its employees.
BRANDS/DIVISIONS/AFFILIATES: ACSTAR Insurance Company United Coastal Insurance Company AMINS, Inc. United Coasts Corporation ACSTAR Bonding ACMAT Contracting
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Henry W. Nozko, Sr., CEO Henry W. Nozko, Jr., Exec. VP/COO Michael P. Cifone, VP-Finance Maurice C. Shea, Controller Robert Frazer, VP-Corp. Sec. Robert Frazer, VP-General Counsel Henry W. Nozko, Jr., Treas. David A. Price, VP Arthur C. Cosmas, Sr. Environmentalist Ray A. Suite, Mgr.-Estimating Robert Winchell, Mgr.-Building
Phone: 860-229-9000 Fax: 860-229-1111 Toll-Free: Address: 233 Main Street, New Britain, CT 06050-2350 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $20,500 ( 9 months) 2001 Profits: $1,400 ( 9 months) 2000 Sales: $26,300 2000 Profits: $2,200 Stock Ticker: ACMTA 1999 Sales: $25,500 1999 Profits: $3,000 Employees: 30 1998 Sales: $28,752 1998 Profits: $2,121 Fiscal Year Ends: 12/31 1997 Sales: $33,552 1997 Profits: $4,457
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $460,700 Second Exec. Salary: $332,000
Bonus: Bonus:
$ $
Licensed in 49 states.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast:
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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161
ACTRADE FINANCIAL TEHCNOLOGIES LTD Industry Group Code: 522220A Ranks within this company's industry group: Sales: 10 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Y
www.acrt.com
Profits: 6
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Leasing/Financing-Business Equipment, Cars, Trucks Sale of Trade Agreements Air Conditioning Equipment Trade Broker
Actrade Financial Technologies, Ltd., (formerly Actrade International, Ltd.,) engages in the development and commercialization of new trade-financing services. The company’s two major products are the electronic trade acceptance draft (E-TAD) and the negotiable international check (NIC). The products were created to fill the gap between cash on delivery (COD) and open account forms of payment between buyers and suppliers. E-TAD enables buyers to arrange for financing and payment online with terms of up to six months, while sellers receive immediate payment. Additionally, E-TAD facilitates secure and streamlined online settlement through buyers and sellers' banks. The NIC program is similar to the TAD program, but was created with foreign currency transactions in mind. The NIC forces the buyer to account for differences in currency value so that neither Actrade nor the supplier suffer financially as a result of changes in foreign currency value. The firm’s International Merchandise Trade division purchases and re-sells the products of both U.S. and foreign-based manufacturers, through the application of specialized trade finance techniques. In recent news, Actrade Capital, Inc., a subsidiary of Actrade Financial Technologies, and GNYHA Services, Inc., a subsidiary of Greater New York Hospital Association, announced an agreement to bring Actrade's E-TAD payment solution to GNYHA's member institutions. GNYHA is a trade association that represents over 200 not-for-profit and public hospitals and long-term care facilities in the New York metropolitan area. In other news , Actrade has continued to achieve record growth earnings and profitability. The company was ranked fifth by Forbes on its list of America's 200 Best Small Companies.
BRANDS/DIVISIONS/AFFILIATES: E-TAD NIC Actrade International, Ltd. Allstate Travel Actrade Resources Actrade Capital, Inc. GNYHA Services, Inc. Actrade Financial Technologies
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Amos Aharoni, CEO Alexander C. Stonkus, Pres. Joseph P. D'Alessandris , CFO Michael V. Miele, Exec. VP-Sales Doug Schoch, Human Resources Ze'ev Lotan, Exec. VP-Tech. Elizabeth Melnick, Corp. Sec. Mitch Menik, Mgr-Investor Rel. Alexander C. Stonkus, Pres.-Actrade Capital John Woerner, Pres.-Actrade International Corp. David J. Askin, Exec. VP-External Affairs
Phone: 212-563-1036 Fax: 212-563-3271 Toll-Free: Address: Seven Penn Plaza, Ste. 422, New York, NY 10001 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 12 months. 2001 Sales: $55,800 (12 months) 2001 Profits: $21,400 (12 months) 2000 Sales: $29,400 2000 Profits: $11,300 Stock Ticker: ACRT 1999 Sales: $14,600 1999 Profits: $6,200 Employees: 65 1998 Sales: $8,100 1998 Profits: $4,417 Fiscal Year Ends: 6/30 1997 Sales: $4,000 1997 Profits: $1,904
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Top Exec. Salary: $174,485 Second Exec. Salary: $160,000 Unique products assist in accounts receivable processing.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
Profit Sharing:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast: Y
Bonus: Bonus:
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
162
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ADVANTA CORP
www.advanta.com
Industry Group Code: 522210 Ranks within this company's industry group: Sales: 6 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 9
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
Y
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Credit Card Issuing Banking/Savings Associations Credit Insurance Venture Capital
Advanta Corp. operates two banks, Advanta National Bank USA and Advanta Financial Corp. The company also offers corporate credit cards for small businesses, credit insurance products and venture capital investment. Current business credit card products include a no-fee platinum card and a no-fee executive card, both of which feature online customer service. A bonus miles card, which gives small businesses the ability to turn business expenses into free travel, is also available. Through its Advanta Partners LP subsidiary, the company is actively seeking opportunities for investment in companies operating in the fields of information technology and ecommerce services, as well as transaction processing and niche finance and insurance. To this end, the firm si currently financing several companies through joint ventures. These include USADATA.com, HookMedia, MediaBrains.com, JDR Holdings, Harmonic Systems and HNC Software. Chase Manhattan Mortgage Corporation, a subsidiary of J.P. Morgan Chase & Co., recently acquired the mortgage business of Advanta. Proceeds of over $1 billion were raised, which are going to be used by the bank to focus on its credit card business, as well as to pay off debt. In other news, subsidiary Advanta Business Receivables Corp. priced a multi-million dollar business credit card securitization that is backed by receivables in revolving business credit card accounts, which originate from the parent company. With this move, the company anticipates receiving ratings from Standard & Poor's and Moody's, and will continue to retain the servicing and customer relationships of the revolving business credit card accounts. Employees are offered dental, vision and prescripition drug coverage. Advanta also offers its employees tuition reimbursement and dependent care flexible spending accounts.
BRANDS/DIVISIONS/AFFILIATES: Colonial National Bank USA Advanta National Bank USA Advanta Financial Corp. Advanta Insurance Companies Advanta Partners LP HNC Software USADATA.com Chase Manhattan Mortgage Corporation
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Dennis Alter, CEO William Rosoff, Pres. Philip M. Browne, Sr. VP/CFO Katharin S. Dyer, VP-Mktg. John B. Hofmann, VP-Human Resources Jeffrey E. Keisling, CIO E.H. Mai, Sr. VP/Counsel Christopher S. Derganc, Sr. VP-Corp. Admin. J.D. Beck, VP/Treas. John J. Calamari, VP-Finance/Chief Acc. Officer Gary H. Neems , Managing Dir. Todd J. Morrissey, Associate Robert L. Berstein, Associate
Phone: 215-657-4000 Fax: 215-444-6121 Toll-Free: Address: Welsh & McKean Roads, P.O. Box 844, Spring House, PA 19477 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $218,400 ( 9 months) 2001 Profits: $-78,400 ( 9 months) 2000 Sales: $293,181 2000 Profits: $-156,684 Stock Ticker: ADVNB 1999 Sales: $209,954 1999 Profits: $49,818 Employees: 2,649 1998 Sales: $793,198 1998 Profits: $447,880 Fiscal Year Ends: 12/31 1997 Sales: $986,626 1997 Profits: $71,625
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Y Profit Sharing: Top Exec. Salary: $595,000 Bonus: Stock Purch. Plan: Y Second Exec. Salary: $400,000 Bonus: One of the largest issuers of credit cards/Focus on cards for small business.
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast:
$422,750 $267,775
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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163
ADVEST GROUP INC
www.advest.com
Industry Group Code: 523110 Ranks within this company's industry group: Sales: 18 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Y Y
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 19
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Stock Brokerage/Investment Banking Trust Services Residential Lending Savings Bank Real Estate Services
Advest Group, Inc. is a financial services holding company engaged in securities brokerage, trading, investment banking, asset management, trust and other financial services. The company’s subsidiaries include Advest, Inc., Advest Bank and Trust Company, which is a federal savings bank; Boston Advisors, an investment management company; and Billings & Company, Inc., a real estate services company. Specific services include retail brokerage, institutional sales, origination of and participation in underwritings and distribution of corporate and municipal securities, market making and trading activities in equities and fixed income securities, research, asset management research, custody and money management. Advest maintains retail clients in all 50 states, with the largest concentration in the Northeast and Midwest regions. The company also services institutional accounts throughout the country. Advest was recently acquired by The MONY Group, Inc, which is a full-service financial firm with $55 billion in assets under management and administration. The MONY Group focuses primarily on offering customized financial solutions, and its member companies include MONY Life Insurance Company, Matrix Capital Markets Group, Enterprise Capital Management, Inc., U.S. Financial Life Insurance Company, MONY Securities Corporation and Trusted Securities Advisors Corp. In a move to enhance the service capabilities of its financial advisors, Advest recently announced plans to outsource most of its brokerage processing operations to Wexford Clearing Services Corporation. The outsourcing initiative will enable the company to enhance the operational and technological support it provides to its advisors and clients in areas such as client account statements, online account capabilities and trade execution. In other news, the firm recently acquired Lebenthal & Co., a New York-based full-service investment firm that specializes in municipal bonds. Client assets at the firm total $5.1 billion.
BRANDS/DIVISIONS/AFFILIATES: Advest Bank and Trust Company Hudson United Bank Billings & Company, Inc. Advest Group, Inc. Boston Advisors Wexford Clearing Services Corporation MONY Group (The) Lebenthal & Co.
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Grant W. Kurtz, CEO Grant W. Kurtz, Pres. Martin M. Lilienthal, Exec. VP-CFO Lee G. Kuckro, Corp. Sec. Lee G. Kuckro, Exec. VP-General Counsel Allen G. Botwinick, Exec. VP-Admin. and Oper. Martin M. Lilienthal, Exec. VP/Treas. George A. Boujoukos , Sr. Exec. VP- Capital Markets, Advest Inc. Harry H. Branning, Sr. Exec. VP-National Sales Mgr. Daniel J. Mullane, Pres.-Private Client Group
Phone: 860-509-1000 Fax: 860-509-2028 Toll-Free: 800-243-8115 Address: 90 State House Square, Hartford, CT 06103-3702 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for months. 2001 Sales: $ ( months) 2001 Profits: $ ( months) 2000 Sales: $418,800 2000 Profits: $21,000 Stock Ticker: Subsidiary 1999 Sales: $335,200 1999 Profits: $13,600 Employees: 2,350 1998 Sales: $325,228 1998 Profits: $17,952 Fiscal Year Ends: 9/30 1997 Sales: $291,207 1997 Profits: $14,932
SALARIES/BENEFITS: Pension Plan: Savings Plan: Y
ESOP Stock Plan: Y Profit Sharing: Top Exec. Salary: $275,000 Bonus: Stock Purch. Plan: Second Exec. Salary: $200,000 Bonus: Over 75 offices in 16 states/Broad range of financial services./Acquired by MONY.
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Apparent Women Officers or Directors: Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest: Y
Southeast: Y
$796,200 $404,000
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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AETNA INC
www.aetna.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 6 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 40
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Proces sor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Health Insurance Group Life and Disability Insurance Dental Insurance Managed Care Products
Aetna, Inc. is the nation's largest health benefits company (based on membership). Aetna offers health-care, group life, dental, pharmacy, disability and long-term care insurance. It covers more than 19 million people under its health plans, more than 14 million under its dental plan and about 11 million under its group plan. Recently, Aetna sold its financial services and international businesses. Aetna U.S. Healthcare is the provider of the health care insurance plans, while Aetna Group Insurance provides life, disability and long term care plans. Besides providing different insurance plans, Aetna U.S. Healthcare also provides health benefits products, patient management programs, health management programs and supplemental programs. Aetna provides its members with access to health care services through networks of independent health care providers, with which the company contracts. InteliHealth.com, the web site partnership between Aetna U.S. Healthcare and Johns Hopkins University and Health Systems, is the top source for health information on the World Wide Web. Aetna has several employee diversity networks, including the African American Employee Network and the Gay and Lesbian Employee Network, and those aspects have been the focus of various awards. The company seeks creative, independent thinkers who will do well in a fastpaced business environment.
BRANDS/DIVISIONS/AFFILIATES: Aetna U.S. Healthcare Aetna Group Insurance InteliHealth.com
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. John W. Rowe, CEO John W. Rowe, Pres. Alan Bennett, Interim CFO Elease E. Wright, Sr. VP-Human Resources Alan Bennett, Controller William J. Casazza, VP/Corp. Sec. L. Edward Shaw Jr., Exec. VP/General Counsel Ronald A. Williams , Exec. VP/Chief of Health Oper. Roger Bolton, Sr. VP-Comm. Dennis Oakes, VP-Investor Relations William C. Popik, Sr. VP/Chief Medical Officer Vanda B. McMurtry, Sr. VP-Federal Gov. Rel. Tomothy A. Holt, Sr. VP-Investment Mgmt. Group
Phone: 860-273-0123 Fax: 860-275-2677 Toll-Free: 800-872-3862 Address: 151 Farmington Ave., Hartford, CT 06156 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $19,151,000 ( 9 months) 2001 Profits: $-92,000 ( 9 months) 2000 Sales: $26,818,900 2000 Profits: $127,100 Stock Ticker: AET 1999 Sales: $22,109,700 1999 Profits: $716,500 Employees: 40,700 1998 Sales: $16,589,000 1998 Profits: $846,800 Fiscal Year Ends: 12/31 1997 Sales: $14,674,000 1997 Profits: $899,500
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Profit Sharing: Top Exec. Salary: $1,000,000 Stock Purch. Plan: Y Second Exec. Salary: $750,000 Largest managed care company in the U.S.
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Bonus: Bonus:
$6,000,000 $1,100,000
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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AFFILIATED MANAGERS GROUP
www.amg.com
Industry Group Code: 523920 Ranks within this company's industry group: Sales: 8 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 10
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Investment Management/Mutual Funds
Affiliated Managers Group (AMG) is an asset management company that maintains growth through persistent acquisitions. Specifically, the company acquires interests in mid-sized investment management firms, whereby it allows individual members of each affiliate's management team to retain direct ownership in its company, while maintaining operating autonomy. In turn, AMG provides centralized assistance to its affiliates in strategic matters, marketing, distribution, product development and operations. Currently, the company has control in 17 affiliates, with assets totaling at about $70 billion. The affiliates include: The Burridge Group, Davis Hamilton Jackson and Associates, Essex Investment Management Company, First Quadrant, Frontier Capital Management, GeoCapital, Gofen and Glossberg, J.M. Hartwell, The Managers Funds, Paradigm Asset Management, Rorer Asset Management, Skyline Asset Management, Systematic Financial Management and Tweedy Browne Company. Recently, Affiliated Managers Group announced that its affiliate, Cincinnati-based Renaissance Investment Management has completed its merger with Bowling Portfolio Management, Inc. Bowling will resume its investments in large-cap value equities and Renaissance will maintain its focus upon growth equity and tactical asset allocation strategies. Under the terms of agreement, AMG will own a majority of the combined firm. In other news, the company has completed its acquisition of majority interests in Welch and Forbes, Inc., an investment management firm and Friess Associates, a growth equity investment firm. Notably, Fortune magazine recognized the company as among the 100 Fastest Growing Companies. In the list, Affiliated Managers Group is ranked first among all financial services companies.
BRANDS/DIVISIONS/AFFILIATES: Renaissance Investment Management Bow ling Portfolio Management Welch and Forbes, Inc. Paradigm Asset Management Company, LLC Friess Associates, LLC GeoCapital, LLC Skyline Asset Management, L.P. Systematic Financial Management, L.P.
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. William J. Nutt, CEO Sean M. Haley, Pres. Sean M. Haley, COO Darrell W. Crate, CFO/Exec. VP Pam Price, Human Resources Nathaniel Dalton, General Counsel Linda K. Simpson, VP Daniel J. Shea, VP Dean J. Patenaude, VP Jeffrey S. Murphy, VP
Phone: 617-747-3300 Fax: 617-747-3380 Toll-Free: Address: 2 International Place, 23rd Fl., Boston, MA 02110 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $297,800 ( 9 months) 2001 Profits: $37,400 ( 9 months) 2000 Sales: $458,700 2000 Profits: $56,700 Stock Ticker: AMG 1999 Sales: $518,700 1999 Profits: $72,200 Employees: 657 1998 Sales: $238,500 1998 Profits: $25,600 Fiscal Year Ends: 12/31 1997 Sales: $95,300 1997 Profits: $-8,400
SALARIES/BENEFITS: Pension Plan: Savings Plan:
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $600,000 Second Exec. Salary: $475,000
Bonus: Bonus:
$1,875,000 $1,500,000
Rapid growth through acquisitions.
Apparent Women Officers or Directors: 2 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast:
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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AFLAC INC
www.aflac.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 16 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 18
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Underwriting-Supplemental Medical Supplemental Health Insurance General Medical Expense Plans Living Benefit Life Plans Cancer Insurance Medicare Supplement Insurance
A Fortune 500 company, AFLAC Incorporated insures more than 40 million people worldwide through its principal subsidiary, AFLAC (American Family Life Assurance Company of Columbus). It is a leading writer of supplemental insurance marketed at the worksite in the U.S., offering policies to employees at over 187,000 payroll accounts. The company is also the largest foreignbased insurer in Japan. The Japanese sales are centered in a system in which an employer forms a subsidiary to sell insurance to it workers. AFLAC’s insurance is designed for people who already have major medical or primary insurance coverage. The company’s health insurance plans are guaranteed renewable for the lifetime of the policyholder. AFLAC currently offers a series of four different cancer plans in the U.S. AFLAC U.S. sells other types of supplemental health insurance, including hospital intensive care, accident and disability, hospital indemnity, long-term care, short-term care disability and dental plans. AFLAC Japan sells cancer plans, care plans, supplemental general medical expense plans, medical/sickness riders to its cancer plan and a living benefit life plan. The firm is famous for its commercials with the AFLAC duck and has recently launched its seventh commercial and also one in Japan to promote the debut of AFLAC’s first accident policy there. AFLAC offers employees an on-site childcare center, the largest in Georgia, with a parents’ advisory council, ongoing training and community activities. The company has an open-door policy and a team culture. In addition, the company hosts an employee appreciation week during the spring, with free breakfast, drawings and prizes such as TVs, cash and trips. The company's training programs are considered the best in the insurance sector by Training Magazine. AFLAC offers over 100 hours of training per year.
BRANDS/DIVISIONS/AFFILIATES: AFLAC Japan AFLAC U.S. American Family Life Assurance Company of Columbus
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Daniel P. Amos, CEO Kriss Cloninger III, Pres. Kriss Cloninger III, CFO Angie Hart, Sr. VP/Human Resources Dir. Joey M. Loudermilk, Sr. VP/Sec. Joey M. Loudermilk, General Counsel Gary L. Stegman, Sr. VP-Financial Oper. Katelen V. Spencer, Sr. VP/Corp. Comm. Dir. Kenneth S. Janke Jr., Sr. VP-Investor Rel. Norman P. Foster, Exec. VP-Corp. Finance Joseph W. Smith Jr., Sr. VP/Chief Investment Officer Kermitt L. Cox, Sr. VP/Corp. Actuary Ralph A. Rogers Jr., Sr. VP-Financial Services
Phone: 706-323-3431 Fax: 706-324-6330 Toll-Free: 800-992-3522 Address: 1932 Wynnton Rd., Columbus , GA 31999 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $7,195,000 ( 9 months) 2001 Profits: $525,000 ( 9 months) 2000 Sales: $9,720,000 2000 Profits: $687,000 Stock Ticker: AFL 1999 Sales: $8,640,000 1999 Profits: $571,000 Employees: 5,015 1998 Sales: $7,104,000 1998 Profits: $487,000 Fiscal Year Ends: 12/31 1997 Sales: $7,251,000 1997 Profits: $585,000
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $1,424,875 Bonus: $2,299,080 Second Exec. Salary: $995,000 Bonus: $1,626,825 Offers expanding line of products/Leading supplemental health insurance provider in the U.S.
Apparent Women Officers or Directors: 2 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ALFA CORPORATION
www.alfains.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 64 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 48
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Consumer Finance Leasing/Financing-Business Equipment, Cars, Trucks Investments Real Estate Construction Loans
Alfa Corporation is a financial services holding company that operates predominantly in the insurance industry through its subsidiaries Alfa Life Insurance Corporation, Alfa Insurance Corporation, Alfa General Insurance Corporation and Alfa Agency Mississippi, Inc. Other noninsurance subsidiaries include Alfa Financial Corporation, Alfa Investment Corporation, Alfa Builders, Inc. and Alfa Realty, Inc. These subsidiaries are engaged in consumer financing, leasing, real estate investments, residential and commercial construction and real estate sales. Alfa Corporation’s insurance subsidiaries write life insurance in Alabama, Georgia and Mississippi and property and casualty insurance in Georgia and Mississippi. Its property and casualty business is pooled with that of the Alfa Mutual Insurance Companies which write property and casualty business in Alabama. The company writes preferred risk automobile, homeowner, farm owner and mobile home insurance, fire and allied lines, standard risk automobile and homeowner insurance. Additionally, a limited amount of commercial insurance is offered that includes church and business owner insurance. The firm currently has over 1 million policies in force in its operating region. In recent news, Alfa Mutual Insurance Company began an affiliation with Virginia Mutual Insurance Co., whereby Virginia Mutual transferred management and operational control to Alfa. A positive reflection on this agreement has been the upgrading of Virginia Mutual’s rating to A++ (superior) by A.M. Best, which illustrates the increased financial strength of the company. Virginia Mutual writes both commercial and personal lines and conducts business through 150 independent agencies. In other news, A.M. Best Co. affirmed the financial strength rating of A++ for the member companies of the Alfa Insurance Pool. Additionally, a rating of AMB-1+ was assigned to Alfa Corporation's commercial paper program. Health, dental and vision insurance are offered to employees, as are discounts on auto insurance.
BRANDS/DIVISIONS/AFFILIATES: Alfa Life Insurance Corporation Alfa Agency Mississippi, Inc. Alfa Financial Corporation Alfa Investment Corporation Alfa Builders, Inc. Alfa Realty, Inc. Alfa Mutual Insurance Companies Virginia Mutual Insurance Co.
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Jerry A. Newby , CEO Jerry A. Newby, Pres. C. Lee Ellis, Exec. VP-Oper. Stephen G. Rutledge, Sr. VP-CFO Al Dees, Exec. VP-Mktg. Marcia Martin, Sr. VP-Personnel John T. Jung, Sr. VP-CIO Al Schellhorn, VP-Mergers and Acquisitions C. Lee Ellis, Treas. John Holley, VP-Finance/Chief Acc. Officer Terry McCollum, Sr. VP-Claims Stephen G. Rutledge, Chief Invesment Officer
Phone: 334-288-3900 Fax: 334-288-0905 Toll-Free: Address: 2108 E. South Blvd., Montgomery, AL 36116-2105 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $405,300 ( 9 months) 2001 Profits: $50,300 ( 9 months) 2000 Sales: $510,300 2000 Profits: $66,800 Stock Ticker: ALFA 1999 Sales: $482,300 1999 Profits: $64,600 Employees: 576 1998 Sales: $460,986 1998 Profits: $56,716 Fiscal Year Ends: 12/31 1997 Sales: $434,010 1997 Profits: $52,794
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $236,019 Second Exec. Salary: $198,190
Bonus: Bonus:
$298,299 $247,001
Operates in a niche market.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast: Y
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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ALLEGHANY CORP Industry Group Code: 524113 Ranks within this company's industry group: Sales: 53 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 47
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Property and Casualty Reinsurance and Insurance Industrial Minerals Investment Management Imported Steel Fasteners Distributors Real Estate Services
Alleghany Corporation is engaged in several lines of business through its subsidiaries, primarily providing reinsurance to property and casualty insurers and reinsurers through Underwriters Re Group, Inc. Alleghany is also engaged in investing, trust services, investment counseling, distributing worldwide industrial minerals, importing and distributing steel fasteners and owning and managing real estate properties. Conservatism dominates the company’s management philosophy. In 1998, the company completed the tax-free spin-off of Chicago Title Corporation to Alleghany stockholders, leaving Alleghany a somewhat smaller but more focused company. Also in 1998, the company purchased Venton Holdings Ltd. through its subsidiary Underwriters Re Group, which will increase both the scale and scope of the subsidiary’s operations in 1999 and beyond. Underwriters Re Group’s principal subs idiary, Underwriters Reinsurance Company, is the 10th largest domestic professional reinsurer in terms of statutory surplus. Heads and Threads, another of Alleghany’s subsidiaries, has positioned itself for future growth as well through its acquisition of Gardenbolt International Corp. and through a now completed restructuring of its computer systems. In addition to its company-operated subsidiaries, Alleghany is the third largest shareholder of the Burlington Northern Santa Fe Corporation, which operates one of the largest railroad networks in North America. Alleghany’s 1998 results included net gains of $0.3 million on investment transactions from continuing operations before taxes, compared with net losses of $11.3 million in 1997.
BRANDS/DIVISIONS/AFFILIATES: Underwriters Re Group, Inc. Alleghany Asset Management, Inc. World Minerals, Inc. Heads and Threads Alleghany Properties, Inc. Burlington Northern Santa Fe Corporation Venton Holdings, Ltd.
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. John J. Burns, Jr., CEO John J. Burns, Jr., Pres. David B Cuming, Sr. VP-CFO Peter R. Sismondo, Controller Robert M. Hart, Sec. Robert M. Hart, General Counsel Dorothea C. Gilliam, VP- Investments Peter R. Sismondo, Treas. David B. Cuming, Sr. VP Robert M. Hart, Sr. VP
Phone: 212-752-1356 Fax: 212-759-8149 Toll-Free: Address: 375 Park Avenue, New York, NY 10152 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $1,279,600 ( 9 months) 2001 Profits: $225,300 ( 9 months) 2000 Sales: $945,200 2000 Profits: $68,900 Stock Ticker: Y 1999 Sales: $1,376,200 1999 Pr ofits: $100,100 Employees: 2,083 1998 Sales: $918,993 1998 Profits: $96,106 Fiscal Year Ends: 12/31 1997 Sales: $796,654 1997 Profits: $105,667
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $ Second Exec. Salary: $ Diversified business/One of the nation's largest reinsurance firms.
Apparent Women Officers or Directors: 2 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Bonus: Bonus:
Southeast: Y
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ALLIANCE BANCORP OF NE
www.alliancebancorp.com
Industry Group Code: 522110 Ranks within this company's industry group: Sales: 179 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
169 Profits: 166
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Banking/Savings Associations Mortgages Business Cash Canagement Investment Products Insurance Products Electronic Payment Services Commercial Loans
Alliance Bancorp of New England, Inc. is a bank holding company for Tolland Bank, its sole subsidiary and principal asset. The bank is a Connecticut-chartered savings institution that caters primarily to the state’s eastern and central markets. It provides retail and commercial banking products and services such as branch deposit services, home mortgage and consumer lending, mortgage banking, merchant deposit services, business cash management, construction and permanent mortgages, as well as working capital and equipment loans. Through third parties, the bank also provides investment products, insurance products and electronic payment services. Helping new and existing customers meet their financial needs and achieve their financial goals is Alliance’s key strategy. The company has continued to increase its customer base and achieve growth in earnings. Particularly, the area of commercial loans recently saw a 28% increase in growth, which has contributed to Alliance’s five years of record growth. The bank’s customers now have access to the latest technology such as online banking, which is available for both businesses and individuals. The firm also recently joined the SUM program, which enables its customers free access to more than 2,500 ATMs located in the New England area. Another new product enhancement instituted to benefit customers was the elimination of fees for the usage of ATM’s in foreign countries.
BRANDS/DIVISIONS/AFFILIATES: Equity Select Advantage Generations Gold Tolland Bank
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Joseph H. Rossi, CEO Joseph H. Rossi, Pres. David H. Gonci, CFO Gerald D. Coia, VP-Sales Cynthia S. Harris, VP-Human Resources Cynthia S. Harris, Corp. Sec. Craig H. Porter, VP-Oper. David H. Gonci, Treas. Patrick J. Logiudice, Exec. VP
Phone: 860-875-2500 Fax: 860-875-3856 Toll-Free: 800-326-5984 Address: 348 Hartford Turnpike, Vernon, CT 06066 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $20,200 ( 9 months) 2001 Profits: $2,400 ( 9 months) 2000 Sales: $26,100 2000 Profits: $3,220 Stock Ticker: ANE 1999 Sales: $22,700 1999 Profits: $2,922 Employees: 103 1998 Sales: $20,800 1998 Profits: $2,558 Fiscal Year Ends: 12/31 1997 Sales: $ 1997 Profits: $
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $168,513 Second Exec. Salary: $112,297
Bonus: Bonus:
$30,000 $20,509
Expanding by opening new offices.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Southeast:
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
170
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ALLIANCE BANK
www.alliancebk.com
Industry Group Code: 522110 Ranks within this company's industry group: Sales: 180 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 169
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Banking/Savings Associations Checking and Money Market Accounts Term Certificates
Alliance Bank is a Pennsylvania chartered stock savings bank, which conducts business through seven full-service offices. The bank's mutual holding company is Greater Delaware Valley Savings Bank, a mutual company. Alliance is primarily engaged in attracting deposits from the general public and using such deposits to originate and purchase loans secured by residential properties, real estate, construction loans, consumer loans and business loans. The bank also invests in securities issued by the U.S. government and its agencies and municipal and corporate debt securities. Alliance Bank's income is derived from interest earned on loans, mortgage-backed securities and investments, as well as from fees received in connection with the origination of loans and for other services. Deposits, the amortization and prepayment of outstanding loans, mortgage-backed securities and other sources provide the primary source of funds for bank operations. Alliance concentrates its lending activities on first mortgage loans secured by residential property. It intends to continue the origination and purchase of singlefamily residential mortgage loans, as well as place a greater emphasis on the origination of commercial real estate loans. This also includes consumer loans, commercial business loans and residential construction loans. Recently, the bank has reported lower earnings due to the current difficult economic environment. In other news, Alliance again received the Bauer Financial Group’s highest rating of Five Stars for financial stability, including earnings, capital and quality of loan portfolios.
BRANDS/DIVISIONS/AFFILIATES: NOW Accounts Greater Delaware Valley Holdings Alliance Bank
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. William E. Hecht, CEO William E. Hecht, Pres. Dennis D. Cirucci, Exec. VP-COO Peter J. Meier, Sr. VP-CFO George T. Rowlyk, Sr. VP-Human Resources Suzzane J. Ricci, VP-Controller Dolores A. DeBaecke, Sr. VP/Corp. Sec. Kathleen G. Miller, VP-Oper. Mgr. Peter J. Meier, Treas. Mark DeYoung, VP-Dir.-Retail Banking John J. Presta, VP-Commerical Banking
Phone: 610-353-2900 Fax: 610-359-6908 Toll-Free: 800-550-4387 Address: 541 Lawrence Rd., Broomall, PA 19008-3599 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 3 months. 2001 Sales: $6,400 ( 3 months) 2001 Profits: $ 700 ( 3 months) 2000 Sales: $25,500 2000 Profits: $2,800 Stock Ticker: ALLB 1999 Sales: $21,100 1999 Profits: $2,300 Employees: 87 1998 Sales: $20,300 1998 Profits: $2,000 Fiscal Year Ends: 12/31 1997 Sales: $ 1997 Profits: $
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing: Y
Top Exec. Salary: $ Second Exec. Salary: $ Places a large emphasis on commercial real estate loans.
Apparent Women Officers or Directors: 3 Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West:
Southwest:
Midwest:
Bonus: Bonus:
Southeast:
$ $
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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171
ALLIANCE CAPITAL MANAGEMENT LP www.alliancecapital.com Industry Group Code: 523920 Ranks within this company's industry group: Sales: 1 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Y
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 3
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Investment Management/Mutual Funds Cash Management Products Variable Annuities Variable Life Insurance
Alliance Capital Management L.P., the holding company for Alliance Capital Management, is a diversified global investment advisor. The company is also the U.S.’s largest publicly traded asset manager, with $438 billion in client assets under management as of October 2001. The company primarily serves institutional investors such as pension funds, foundations, endowments, banks and insurance companies, as well as individual investors through variable annuities, life insurance and high- and low-risk domestic and international mutual funds. Alliance provides investment management services to more than 30 Fortune 100 companies and has public retirement plans in 32 states. Additionally, the firm is one of America’s largest mutual fund sponsors with a variety of fund portfolios that serve over 7 million shareholder accounts. Bernstein Investment Research and Management, a subsidiary of the firm, is a private asset manager that offers a wide range of investment alternatives. These include U.S. stocks, taxable and municipal bonds, foreign stocks in major and emerging markets, growth-focused and value-based portfolios and tax and estate planning services. This unit serves over 17,000 clients. Recently, the firm experienced record growth in its college savings plan, with assets doubling. Alliance also recently won w t o sub-advisory mandates from Vanguard that total more than $12 billion. In other news, Alliance Capital opened a new regional headquarters in Brazil. The firm remains strongly committed to expanding its presence beyond the Brazilian market, and this new subsidiary will focus on new business opportunities from Mexico to Argentina. In a related move, subsidiary Alliance Capital Management Corporation plans to sell its 50% equity stake in a joint venture with Banco de Credito Nacional, a company of the Brades co Organization. The two firms plan to maintain a business relationship through advisory and distribution arrangements.
BRANDS/DIVISIONS/AFFILIATES: Alliance Corporate Finance Group Incorporated Alliance Fund Distributors, Inc. Bernstein Investment Research and Management Banco de Credito Nacional AXA Financial Regent Investor Services ACM Fund Services S.A. Vanguard
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Bruce W. Calvert, CEO John D. Carifa, Pres. John D. Carifa, COO Robert H. Joseph, CFO Rosanne Peress, Human Resources Lewis A. Sanders, David R. Brewer, Jr., General Counsel Scott C. Sipple, Managing Dir.-Regent Robert H. Joseph, Sr. VP John Gagliano, Sales Mgr.-Regent Roberto Correa da Fonseca, Regional Dir.-Latin America
Phone: 212-969-1000 Fax: 212-969-2229 Toll-Free: 800-433-8506 Address: 1345 Avenue of the Americas , New York, NY 10105 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 12 months. 2001 Sales: $2,992,898 (12 months) 2001 Profits: $614,625 (12 months) 2000 Sales: $2,522,099 2000 Profits: $688,749 Stock Ticker: AC 1999 Sales: $1,491,200 1999 Profits: $382,800 Employees: 4,438 1998 Sales: $1,324,100 1998 Profits: $292,900 Fiscal Year Ends: 12/31 1997 Sales: $975,300 1997 Profits: $129,000
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Top Exec. Salary: $275,002 Bonus: $9,600,000 Second Exec. Salary: $175,000 Bonus: $5,000,000 The largest publicly traded asset management company in the U.S., as measured by assets under contract.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
Profit Sharing:
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ALLMERICA FINANCIAL CORPORATION www.allmerica.com Industry Group Code: 524113 Ranks within this company's industry group: Sales: 35 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Y
Profits: 34
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Annuities Variable Life Insurance Full-Service Retirement Savings Products Investment Management Services Property and Casualty Insurance Risk Management Retirement and Asset Accumulation
Allmerica Financial Corporation is a non-insurance holding company that oversees the operations of First Allmerica Financial Life Insurance Company, its insurance subsidiary; Allmerica Financial Life Insurance and Annuity Company, non-insurance subsidiaries; and Allmerica Property & Casualty Companies, Inc. The firm offers financial products and services in two major areas: risk management and retirement and asset accumulation. Risk management includes a group managed health business that offers employee benefit solutions to the midsized employer market. Within these broad areas, there are five operating segments including Regional Property and Casualty, Corporate Risk Management Services, Allmerica Financial Services, Institutional Services and Allmerica Asset Management. In addition, the company also has a corporate segment that consists primarily of cash, investments, corporate debt and capital securities. The Hanover Insurance Company and its subsidiary Citizens Corporation are part of the Regional Property and Casualty segment. It underwrites personal and commercial property and casualty insurance coverage. Hanover's Amgro, Inc. is an insurance premium finance company that provides short-term installment loans to small and medium -sized businesses that do not wish to prepay property and casualty insurance premiums. Recently, declining stock markets have adversely impacted the company’s retirement business earnings. Allmerica’s earnings have suffered particularly in certain commercial lines and as a result of weak underwriting results in the risk management business. The company also dealt with $17 million in risk management losses due to the attack on the World Trade Center. Standard & Poor's recently affirmed various ratings held by the firm due to factors such as a solid market position in the variable asset accumulation market, and its strong diversified distribution system. Allmerica offers its employees dental coverage, an adoption benefit program, as well as education assistance and reimbursement. Wellness programs are available at some locations and include a fitness center, aerobics classes and blood pressure screenings.
BRANDS/DIVISIONS/AFFILIATES: Allmerica Property & Casualty Companies, Inc. Hanover Insurance Group, The Citizens Corporation Hanover's Amgro, Inc. Allmerica Asset Management Allmerica Financial Services First Allmerica Financial Life Insurance Company
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. John F. O'Brien, CEO John F. O'Brien, Pres. Edward J. Parry III, VP-CFO Robert E. Bruce, VP-Corp. Tech. Services Gregory D. Tranter, VP-CIO J. Kendall Huber, VP-General Counsel Mark R. Colborn, VP-Oper. Henry St. Cyr, VP-Investor Rel. Edward J. Parry III, Treas. Bruce C. Anderson, VP-Corp. Services Richard M. Reilly, Pres.-Allmerica Financial Life Co. John P. Kavanaugh, VP-Chief Investment Officer Robert P. Restrepo, Jr., Pres.-Allmerica Property Co.
Phone: 508-855-1000 Fax: 508-853-6332 Toll-Free: 800-407-5222 Address: 440 Lincoln St., Worcester, MA 01653 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $2,496,400 ( 9 months) 2001 Profits: $67,600 ( 9 months) 2000 Sales: $3,087,900 2000 Profits: $199,900 Stock Ticker: AFC 1999 Sales: $3,145,200 1999 Profits: $295,800 Employees: 5,700 1998 Sales: $3,432,500 1998 Profits: $201,200 Fiscal Year Ends: 12/31 1997 Sales: $3,395,600 1997 Profits: $209,200
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Profit Sharing:
Top Exec. Salary: $900,000 Bonus: $939,300 Second Exec. Salary: $450,000 Bonus: $324,945 Among the top 20 providers of variable life isnurance and variable annuities in the U.S.
Apparent Women Officers or Directors: Hot Spot for Advancement for Women/Minorities: Y
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International:
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ALLSTATE CORPORATION (THE)
www.allstate.com
Industry Group Code: 524113 Ranks within this company's industry group: Sales: 5 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Profits: 4
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Y
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Insurance Company-Underwriting Auto Insurance Home Insurance Life Insurance Business Insurance Car Repairs Banking Services Financial Services
The Allstate Corporation is a holding company for Allstate Insurance Company. Established in 1931 by Sears Roebuck and Co., Allstate is the second-largest U.S. personal lines insurer. The company’s principal businesses include property-liability insurance, life insurance and annuities. Allstate’s primary business is the sale of private passenger auto and homeowners insurance, which accounts for 65% of the company’s sales. Allstate also sells other property/casualty and life insurance products in Asia, Europe and the Americas. The subsidiaries of the company’s life insurance division, Allstate Life, Northbrook Life and Glenbrook Life, provide life insurance and investment products. The company’s personal property and casualty business is a broad-based network of approximately 15,500 exclusive agents (employee and non-employee) in the U.S. and Canada and over 3,000 independent agents who offer Allstate products primarily in rural areas not served by Allstate agents. Allstate also uses independent and specialized brokers to expand its market reach, including approximately 13,000 independent agents appointed to market non-standard auto business. Allstate also offers financial services from funding children’s educations to planning a retirement. In the fall of 2001, the company started offering banking services with Allstate Bank. Recently, Allstate expanded its businesses by entering into the car repair business with the purchase of Sterling Collision Centers. In recent news, Allstate sold off its direct auto insurance businesses in Germany and Italy to Direct Line. Allstate offers employees a comprehensive benefits package, along with childcare discounts, adoption reimbursement, tuition reimbursement, scholarships and various community involvement programs and opportunities.
BRANDS/DIVISIONS/AFFILIATES: Allstate Insurance Company Allstate Life Insurance Company Northbrook Life Insurance Company Glenbrook Life Insurance Company Sterling Collision Centers Allstate Bank American Heritage Insurance Services Keystone State Life Insurance Company
CONTACTS: Note: Officers with more than one job title may be intentionally listed here more than once. Edward M. Liddy, CEO Edward M. Liddy, Pres. John L. Carl, VP/CFO Robert S. Aapatoff, Sr. VP/Chief Mktg. Officer Joan M. Crockett, Sr. VP-Human Resources Frank W. Pollard, Sr. VP/CIO Samuel H. Pilch, Controller Robert W. Pike, VP/Corp. Sec. Michael J. McCabe, VP/General Counsel Ronald D. McNeil, Sr. VP-Property Oper. Casey J. Sylla, Sr. VP/Chief Investment Officer Edward J. Dixon, Sr. VP-Field Oper.
Phone: 847-402-5000 Fax: 847-836-3998 Toll-Free: Address: Allstate Plaza, 2775 Sanders Rd., Northbrook, IL 60062-6127 US
FINANCIALS:
Sales and profits are in thousands of dollars—add 000 to get the full amount. Yr. 2001 note: Fiscal 2001 results were not available for all companies at press time. For this company, yr. 2001 is for 9 months. 2001 Sales: $21,507,000 ( 9 months) 2001 Profits: $923,000 ( 9 months) 2000 Sales: $29,134,000 2000 Profits: $2,252,000 Stock Ticker: ALL 1999 Sales: $26,959,000 1999 Profits: $2,759,000 Employees: 41,800 1998 Sales: $25,879,000 1998 Profits: $3,333,000 Fiscal Year Ends: 12/31 1997 Sales: $24,949,000 1997 Profits: $3,144,000
SALARIES/BENEFITS: Pension Plan: Y Savings Plan: Y
ESOP Stock Plan: Stock Purch. Plan:
COMPETITIVE ADVANTAGE: OTHER THOUGHTS:
Top Exec. Salary: $954,167 Bonus: Second Exec. Salary: $492,900 Bonus: Nation's largest publicly-held personal lines insurance company/Name recognition.
Apparent Women Officers or Directors: 1 Hot Spot for Advancement for Women/Minorities:
Profit Sharing:
LOCATIONS: ("Y" = Yes) West: Y
Southwest: Y
Midwest: Y
Southeast: Y
$594,083 $414,393
Northeast: Y
Note: Financial information, benefits and other data can change quickly and may vary from those stated here.
International: Y
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ALLTEL CORP
www.alltel.com
Industry Group Code: 513300A Ranks within this company's industry group: Sales: 1 Investments: Broker: Annuities: Investment Banking: Mutual Funds: Global Finance:
Banking: Banking-U.S.: Banking-Global: Savings Assoc.: Trust Services: Investment Mngmt.:
Technology: Finan. Software: Information Sys.: Online Services: Special Equipment: Consulting:
Y
Profits: 1
Insurance/Finance: Leasing: Consumer Loans: Business Finance: Mortgages: Insurance:
Services: Outsourcing: Tax Preparation: Staffing: Payment Processor: Specialty Services:
Credit Cards: VISA/MC, Amex, etc.: Private-Label Cards: Payment Processing:
GROWTH PLANS/SPECIAL FEATURES:
TYPES OF BUSINESS: Local Telephone Service Financial Software Wireless Communication Information Services Long Distance Telephone Services
ALLTEL Corporation offers telecommunications such as local phone service and wireless cellular operations to about 10 million customers in 24 U.S. states, mainly in the Southeast and Midwest. The company also provides long distance services to over 1 million customers, along with Internet access and paging services. The firm has over 80 years of experience with telephone services for residential and businesses and 30 years of experience building information technology solutions. Like many communication businesses, ALLTEL offers information services and phone directory publishing. The firm operates through its subsidiaries ALLTEL Communications, Inc., ALLTEL Corporation/Residential Lending Solutions and ALLTEL Information Services, Inc. ALLTEL Communications, Inc. provides cellular telephone, long distance and local telephone services, as well as Internet and paging network operations. ALLTEL Corporation/Residential Lending Solutions develops mortgage software and provides software programming application services for IBM mainframes. ALLTEL Information Services, Inc. develops banking and telecommunications software. In recent news, ALLTEL made an unsolicited takeover bid for Louisiana-based Century-Tel, a company that offers both fixed-line and wireless telecom services in small markets. ALLTEL provides employees with a business-casual environment with a comprehensive benefits package, along with educational assistance, ongoing paid training and adoption assistance. It focuses on promot
