Mellon cuts small business loan base rate to ease costs
Mellon Bank lowered the base for small business loans from prime minus 144 points to prime minus 4, shifting charges from about 11 to 12 percent when prime was 10 percent. The move aims to aid small firms hurt by rising rates, despite short-term profit reductions, and seeks long-term customer loyalty. Other banks began probing the plan after the November 14 announcement.
MENTIONED IN THIS ARTICLE
New York
Pittsburgh
Melion Bank
Mellon
Formu
Craig Ford
Ford
Realtors foresee housing strength despite 1970s downturns
At the National Association of Realtors convention in Honolulu, leaders from FHA and GNMA forecast 1978 sees housing starts down 10 to 15 percent from about 2 million, with mortgage rates near 10 to 10.5 percent regionally hitting 11 percent in some hot markets. They expect a housing recession unlikely due to savings certificates and secondary markets, while long term demand remains bullish amid demographic growth and shifts.
MENTIONED IN THIS ARTICLE
National Association of Realtors
Honolulu
Oakley Hunter
Federal National Mortgage Association
John Dalton
Government National Mortgage Association
Rep
Thomas L. Ashley
Ohio
House
Joseph T. Benedict
U.S. League of Savings Associations
Claude E. Pope
Mortgage Bankers Association
Federal Reserve
Carter
Ashley
Tate
Dalton
Benedict
Hunter
Federal Reserve Bank Dedicates New Richmond Quarters
Federally linked bankers from the Fifth District gathered in Richmond for the dedication of the Federal Reserve Bank of Richmond new quarters at 701 E. Byrd St. More than 450 bankers and spouses toured the facilities designed for wholesale banking needs. Angus Powell and Robert F. Black welcomed attendees, with G. William Miller delivering the dedication address. The bank, relocated in late July, will serve for at least 30 years and participates in monetary policy and acts as fiscal agent for the US Treasury.
MENTIONED IN THIS ARTICLE
Fifth Federal Reserve District
Federal Reserve Bank of Richmond
Richmond
Reserve Bank
US Treasury Department
Angus Powell
The
Robert F. Black
G. William Miller
Federal Reserve System
Federal Reserve Bank
E. Byrd St
Also Mentioned on This Page
John Conniff
Asporiated Press
Pope
Worror Film, JJ
Pri
Gece
Danwee Tri En Tenieg Port, Cette
Mer
Imet
Teepe
R. Kennett Grimes
We, Patrick Spe Ee
Thomas E. Molesworth LA
James A. Wallace, JR
Pearck Sereet Oon
H. Russell Thompson
C.lee West
Mack J. Propst Ke Mires
Zentl, JR
John Bill
Strickrouse
Nationwide Insurance
Navarate L Te Insurance
Cami Ary
Columbus
Roy Weller
John D. Green
Union Bridge
Turkey
Pantry Pride
Rappy Trark
SCV
West Frederick, Md
Frederick County Transportation Study
Winchester Hall
East Church St
Frederick
Maryland Department of Transportation
Frederick County
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