Fifth Third Merchant Processing Up 9%

OH-based Fifth Third Bancorp reported that revenue for its Electronic payment processing services were flat compared to the prior quarter, but up 11% from one-year ago to $235 million. Merchant
processing revenue was up 9% from the previous year and card issuer interchange revenue increased 19% from the previous year. Interchange revenue growth was driven by an increased number of debit and credit card transactions and an increase in the average dollar amount per debit card transaction. Financial institutions revenue grew 6% from the third quarter of 2007 driven by higher transaction volumes. Fifth Third also reported the its credit card loans increased 26% to $1.72 billion. For complete details on Fifth Third’s latest performance visit CardData ([](

Chase 3Q/02

Chase has surpassed the $50 billion mark in outstandings as nearly 900,000 new accounts were added during the third quarter. Since 3Q/01 the Chase card portfolio has grown 31% primarily due to its acquisition of Providian receivables. On a managed basis, the credit card net charge-off ratio was 5.51%, compared to 6.42% for the second quarter and 5.64% for the third quarter of 2001. The improvement from the second quarter reflects lower bankruptcies and higher balances. During the quarter, Chase boosted loss reserves by $189 million to comply with new FFIEC draft guidelines. Chase ended the quarter with $51.1 billion in outstandings compared with $49.5 billion in the previous quarter, and $38.9 billion in the year ago quarter. Third quarter volume was $23.0 billion, a 28% gain over 3Q/01. Total accounts now stand at 28.6 million compared to 23.4 million on year ago. During the third quarter, Chase signed up 900,000 new accounts but closed 400,000 accounts. For complete details on Chase’s third quarter performance visit CardData ([][1]).


Conseco Finance CEO

Conseco, Inc. announced that it has named Charles H. (Chuck) Cremens as President and CEO of its subsidiary, Conseco Finance. Cremens succeeds Bruce Crittenden who resigned to pursue other interests.

Commenting on the management change, Conseco Chairman and CEO Gary Wendt expressed appreciation for Crittenden’s leadership at Conseco Finance. “Bruce built a great team at Conseco Finance,” said Wendt. “And in the early stages of our turnaround he did the difficult things that needed to be done. All of us at Conseco wish him well.

“We are pleased, however, to announce the appointment of Chuck Cremens as the new President of Conseco Finance. He brings a wealth of experience and new perspective to an important part of the Conseco family.” Cremens (47) brings to the position 20 years of diverse experience in various financial services companies. From June 1999 to July 2001, he was President and Chief Operating Officer of WMF Group, Ltd, the largest originator of Fannie Mae and FHA multi-family loans, with a $15 billion mortgage-servicing portfolio. WMF merged with Prudential in June 2000.

Prior to WMF, Cremens was Chief Investment Officer for Beacon Properties Corp., where he spearheaded the growth of the office REIT from $500 million to $4 billion in under two years. Beacon merged with Equity Office Properties in December 1997.

A graduate of Williams College, Cremens spent the first 16 years (1978 to 1993) of his business career at Bank of Boston where he served as Managing Director of the Corporate Finance Department and, later, as Managing Director of the Restructured Real Estate Department. As a senior officer of the corporation, he served on the $85 billion bank’s National Credit Committee and Credit Accounting Committee.

>From 1993 to 1995, Cremens was President of the Real Estate Investment Division of Aetna where he was responsible for managing a $15 billion portfolio of mortgage loans and a $1.5 billion real estate portfolio.

Headquartered in suburban Indianapolis, Conseco is one of middle America’s leading sources for insurance, investment and lending products. Its subsidiary, Conseco Finance Corp., is headquartered in St. Paul, MN.