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Not many laggards remain among banks

Monday, December 13, 1999

By Steve Woodward and Jacqueline Love of The Oregonian staff

The good news about banking is that more than 99.9 percent of the nation's 10,390 federally insured banks are Y2K ready.

The best news -- for us -- is that the remaining 0.1 percent aren't in the Northwest.

The federal government hasn't highlighted the names of the laggards, but a search of federal regulatory actions shows lingering Y2K problems for a handful of banks in Texas, Florida, Georgia and South Carolina.

First Bank of Jacksonville in Florida drew the severest action, a "safety and soundness" order, issued Sept. 8 by the Federal Deposit Insurance Corp. The FDIC said that the tiny bank's Y2K plan was insufficient and behind schedule, that its contingency plan was inadequate, that it didn't have a formal Y2K liquidity plan in place and that a qualified third party hadn't done an independent review of the Y2K project.

Several other banks have agreements, rather than full-fledged orders, to bring their Y2K programs up to standards:

 Putnam-Greene Financial Corp., Eatonton, Ga., a bank-holding company that operates three subsidiary banks in Georgia: The Farmers and Merchants Bank, Eatonton; The Farmers Bank, Union Point; and First Bank of Coastal Georgia, Pembroke. The agreement has been in force since November 1997.

 Bank of Adairsville, Adairsville, Ga. The agreement was signed in December last year.

 Wellington State Bank, Wellington, Texas. The agreement was signed in May.

 Community Capital Corp., Greenwood, S.C., which has five subsidiary banks in South Carolina: Greenwood Bank & Trust, Greenwood; Bank of Newberry County, Newberry; Community Bank & Trust, Bamwell; TheBank, Belton; Clemson Bank & Trust, Clemson.

This week, First Utah Bank and its wholly owned subsidiary, Premier Data Corp., both of Salt Lake City, completed the terms of their agreement, according to the Federal Reserve Board.

Deutsche crash Deutsche Bank, the German-based finance giant, underwent a 10-hour computer meltdown this month that affected an estimated 1 million international banking transactions.

The Dec. 1 crash came eight days after the bank installed an upgrade to its IMS Transaction Manager software, made by IBM, according to reports in The Financial Times and ComputerWeekly. A backup system also failed because it contained the same software problem.

Deutsche Bank said the glitch was not Y2K related. Sources cited by both publications said it was.

The system is used in the clearing of international payments among banks. Deutsche Bank has been forced to apologize to other international banks and offer interest on the late payments, which were cleared the day after the computer crash.

Credit unions ready Northwest credit unions are likewise in good shape.

Since June 1998, the National Credit Union Administration has taken enforcement actions against 13 federal credit unions nationwide for deficient Y2K programs. None is in Oregon or Washington. Five of those credit unions have resolved their problems, but eight remain under scrutiny.

The stragglers include Northeastern Engineers, Mount Vernon and St. Anthony Community Hospital Employees, all in New York; Feather Flex in New Bedford, Mass.; Federation in Philadelphia; Calco in Bound Brook, N.J.; Wallingford Municipal Employees in Wallingford, Conn.; and Bestwall Brunswick in Brunswick, Ga.

Monday, December 13, 1999

-- Homer Beanfang (Bats@inbellfry.com), December 13, 1999

Answers

Yeah right.

What they share is a lack of happy face public relations spin. They are too small.

-- Proud Tobefree (dreamon@myhouse.com), December 13, 1999.

Is it any wonder, That the sheeple sleep, when faced with all this bullshit, so many layers deep...

>>snip>>

Deutsche Bank, the German-based finance giant, underwent a 10-hour computer meltdown this month that affected an estimated 1 million international banking transactions.

The Dec. 1 crash came eight days after the bank installed an upgrade to its IMS Transaction Manager software, made by IBM, according to reports in The Financial Times and ComputerWeekly. A backup system also failed because it contained the same software problem.

Deutsche Bank said the glitch was not Y2K related. Sources cited by both publications said it was.

snip

rw

-- rw (ridleywalker@aol.com), December 13, 1999.

I forgot to tell you, the most important part, we are all resilient, no...reliant...no...compliant, that's the start.

>>Snip>>

This week, First Utah Bank and its wholly owned subsidiary, Premier Data Corp., both of Salt Lake City, completed the terms of their agreement, according to the Federal Reserve Board.

>>Snip?

Sheeple: "I agree to chant 'compliant.'"

Huge Intert Entity or bank: "That's a start."

-- rw (ridleywalker@aol.com), December 13, 1999.