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Check Cashing, Expert Consultant & Expert Witness |
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The Check Cashing Business
Purpose of This Article
Check cashing business establishments have multiplied in recent years, and can be found today in virtually every community in America. The purposes and capabilities of these businesses are well understood by those who patronize them, but remain a mystery to those who have never used them. This article provides a look into what these businesses do and how they operate.
Historical Perspective and Reasons for Their Existence
Check cashing businesses have been around in same form and evolving into their present form for around seventy years, operating mostly in the northeast and major cities. Their original reasons for coming into existence back then are not important here, but let's look at some reasons why they are needed and exist today.
1. Believe it or not, at least 15% of the people in this country (and over 25% in some areas) that could have a checking account do not have one. Therefore, when these people receive a check from their employer, the government, or whomever, they need to convert it into cash in order to pay their daily expenses and bills. A check cashing business will cash their checks for a fee, and will also issue money orders to pay their bills, also for a fee. So this arrangement provides someone who has no bank account with a means to convert their paycheck or government check into usable cash so that they can pay their bills.
2. Even if a person has a checking account, they may need to cash a payroll or government or other check that is larger than the amount of available cash in their checking account, meaning that the bank may not cash the check. Or the bank may accept the check as a deposit and disburse cash only after the deposited check has cleared. A check cashing business will cash the check for a fee and take the collection risk that the bank will not. The customer will pay the fee charged by the check cashing business in order to obtain immediate cash.
3. Check cashing businesses sometimes make so-called "payday loans" that would be out of the question for a bank. There is much legal disagreement over whether these advances are actually loans at all (there is no note), but these advances generally take the form of the customer receiving, say, $200, from the check cashing businesses and simultaneously giving the check cashing businesses a check for $248 dated a couple of weeks in the future when the customer expects to have the funds in their checking account, the $48 difference representing the check cashing business's fee for the payday loan. Then in two weeks (or whatever the agreed period was), the customer must come in and either give the check cashing business cash for their original check and redeem it, or understand that the check cashing business will be running its original check through the bank for payment. Many customers choose to roll-over the advance by giving the check cashing business cash to cover their first check and then writing a new check for another $248 and receiving $200 on the spot. There is no collateral involved, and these are obviously very risky arrangements for check cashing businesses.
4. Since many banks withdrew from unprofitable geographical areas years ago, locational considerations may influence a customer to use a check cashing business rather than a bank. Customers that do not have easy access to a bank branch my choose to do their check cashing and bill paying business with a nearby check cashing business rather than travel some distance to a bank.
5. Likewise, check cashing businesses generally offer longer hours of operation than do banks, making them more accessible to many customers.
6. Then there are always people who do not want the visibility created by a bank account for reasons of taxes, garnishment, child support, or citizenship status, etc., etc.
7. And lastly, there is the social factor that many people simply feel more comfortable dealing with the employees of a check cashing businesses than they do with the employees of a bank. A check cashing business offers a less intimidating presence to some people than does a bank.
Scope of Their Activities
Some of the activities of check cashing businesses were described in the paragraphs above, but here is a checklist that includes those activities and many other items commonly found among their product and service offerings:
Cash payroll or government checks for a fee. About 1/3 of all AFDC checks are cashed at check cashing businesses.
Offer "payday loans" or advances for a personal post-dated check.
Sell money orders, used to pay bills, etc., and receive a fee.
Distribute welfare payments and food stamps, as a paid agent for the government.
Make utility payments, charging a fee for each payment.
Wire transfers, such as through Western Union.
Sell lottery tickets.
Sell phone cards, normally buying at around 70% of the card's face value.
Sell prepaid cell phones on a buy and resale basis.
Sell beepers on a buy and resale basis.
Sell public transportation tickets and passes at no profit, basically to bring in customers.
Sell cigarettes and sundry items.
Buy and sell gold jewelry.
Offer tax preparation services, including serving as an IRS authorized e-file provider.
Risks They Take
There are two primary risks that check cashing businesses accept as part of their business:
1. Check cashing businesses accept the risk that a check they accept for deposit will be no good. This is one reason they charge a fee. A bank generally will not accept this risk without the customer having funds on deposit to cover the check.
2. Security and robbery are significant threats since check cashing businesses hold large amounts of cash during the day (most make one or more daily deposits) and are perceived as being less secure than a bank.
Banking Considerations
A check cashing businesses must have at least one solid banking relationship, to clear large numbers of checks, and to provide lines of credit to meet cash needs at certain predictable times of high demand. Banks must be aware of float and kiting possibilities extant due to the nature of the business carried out by check cashing businesses.
Governmental Regulation
Governmental regulation of check cashing businesses varies from state to state, with some states including them in with financial institutions and others simply looking on them as businesses. Similarly, the various states have set limits on the fees that check cashing businesses can charge; and there is omnipresent controversy over whether advances are loans or something else. Of course, federal Truth in Lending regulations apply to all loans.
Summary
Check cashing businesses have been around for a long time, and have grown dramatically in recent years, in part in response to the unwillingness of the banking industry to offer financial services needed by some segments of the population. These businesses have expanded their service and product offerings to meet the perceived needs of their clientele. There is continuing debate over many aspects of the business practices of check cashing businesses, especially whether their "payday loan" check cashing fees are actually fees or interest. All of these debatable matters are compounded by the fact that governmental regulation of check cashing businesses is fragmented and inconsistent.
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Mr. Don Coker, the author of this article, provides information about the check cashing business on a consulting basis. A prospective client in or interested in the check cashing business and with questions should send the questions by e-mail, fax, or mail along with a check for $350.00 which covers the first hour of consultation. Payment can also be made at Paypal.com to e-mail address Bankexpert@cs.com. In most cases, all questions can be answered in one hour.
Attorneys seeking expert witness consulting services should contact Mr. Coker for current hourly rate information. Mr. Coker has been engaged by attorneys for both Plaintiffs and Defendants nationwide for over 380 cases covering all areas of banking and finance, testified 95 times nationwide, and achieved 11 courthouse settlements.
A major concern recently has been money laundering through all types of financial institutions, including check cashing businesses. Federal laws require that check cashing businesses have in place a written policy and procedure manual to help them avoid participating in money laundering. These anti-money laundering policies and procedures must address all of the products handled through the business such as wire transfers and money orders, as well as regular check cashing business. Check cashers are required to file Currency Transaction Reports ("CTRs") and Suspicious Activity Reports ("SARs") when they handle transactions that may be a part of a money laundering scheme.
Mr. Coker provides check cashers with consultation on Anti-Money Laundering Policies and Procedures (AML Policies & Procedures) and the writing of Anti-Money Laundering Policy & Procedure guidelines custom tailored to cover each individual situation. A quick turnaround usually can be provided for this service. The preparation of Anti-Money Laundering guidelines is priced on a fixed-price basis. E-mail or call for current rate and turnaround time availability.
For those interested in getting into the Check Cashing business, Mr. Coker can provide a Business Plan that can serve as a guide as to how to get into, set up, and operate a Check Cashing business. Each plan is custom-tailored to the client's specific circumstances and geographical location. E-mail or call for current pricing and turnaround time availability.
Please note that NO questions will be answered by telephone and NO questions are answered for free.
In addition to consulting for those in the industry, Don Coker is a banking, management, economic, and business valuation consultant who has provided consulting and expert witness services (over 380 cases, 95 testimonies, and 11 courthouse settlements) to attorneys representing plaintiffs and defendants nationwide and in several foreign countries. Mr. Coker is privileged to be listed in the recommended expert witness consultant databases of BOTH AAJ and DRI. Attorney clients have included many of the country's largest law firms (29 of the top 250) as well as solo practitioners. Banking clients have included 8 of the top 10 banks in the United States and over 50 banks nationwide and worldwide. Mr. Coker is a former banking and financial services executive, Citicorp officer, bank director, and governmental financial institution regulator, published in many areas of finance, and is frequently consulted by the press. Mr. Coker has a Patent Application filed with the United States Patent and Trademark office covering an Internet-based check fraud prevention system. He is listed in Who's Who in America and Who's Who in the World. Mr. Coker is available to assist plaintiff or defense attorneys as an Expert Witness consultant. E-mail or call for financial details for Expert Witness consulting work.
E-mail: Bankexpert@cs.com
Telephone: (770) 852-2286.
Representative Client List:
Banking:
The World Bank
Bank of America
Bank of America - Canada
NationsBank
Bank One (now JP Morgan Chase Bank)
Chase Home Finance, LLC
JP Morgan Securities, Inc.
Wachovia Bank
First Union Bank
SouthTrust Bank
Citigroup/CitiFinancial
Firstar/U.S. Bancorp
Wells Fargo Bank
Wells Fargo Mortgage Corp.
National City (Bank) Corporation
MBNA America Bank
Washington Mutual Bank
Citizens Bank of Pennsylvania
Provident Bank
KeyCorp
Royal Bank of Scotland Group, plc
Credit Suisse First Boston Mortgage Capital
Countrywide Home Loans, Inc.
Countrywide Financial Corporation
First National Bank of San Marcos, TX
Banco Industrial de Venezuela
Bank of Oklahoma
Southern Security Bank
First National Bank of Palm Beach
First Bank, Tallahassee, FL
Sunbelt Savings (now Bank of America)
Sunbelt Federal Bank
Bancomer, S.A. (Mexico)
Bluebonnet Savings
Standard Pacific Savings Bank
First National Bank of Brewton
Southeast Bank of Miami, FL
Barnett Banks, Inc.
Bank of the Southwest
Community National Bank, Midland, TX
Northshore Bank, TX
Bank of Bentonville, AR
Flagstar Bank, FSB
China Construction Bank
Southern Security, F.C.U.
Priority Bancorp
Iowa Trust
Banco Bilbao Vizcaya Argentaria (Bilbao and Madrid, Spain)
Tanzania Institute of Bankers
Bank of Tanzania (central bank)
Federal Reserve Bank of Atlanta
Goldome Realty Credit Corp.
AutoVAZBank (Tagliatti, Russia)
PanAmerican Bank
Western Gulf Savings & Loan (now Wells Fargo)
American Savings & Loan
Bank Insurance & Securities Association.
William E. Wood & Associates (Re: Towne Bank, VA)
Smith Barney (Citigroup)
Celent, LLC
McKinsey & Co. (Seoul, South Korea)
Governmental:
FDIC
Resolution Trust Corp.
Federal Savings & Loan Insurance Corp.
Federal Home Loan Mortgage Corp.
Farm Credit Bank
U.S. Department of Education, Inspector General’s Office
Internal Revenue Service, U.S. Treasury Department
U.S. National Library of Medicine, National Institutes of Health
State of Texas, Savings & Loan Department (Regulators)
13 Municipalities in CA and CO
Tanzania Revenue Authority
United Nations Conference on Trade & Development
U.S. Agency for International Development (Washington, D.C.; Kiev, Ukraine; Moscow, Russia)
U.S. Air Force (Guantanamo Bay, Cuba) Judge Advocate General’s Corps Office of Special Investigations
Senator Ronald E. Russell (USVI)
New York Governor George Pataki’s Office of Regulatory Reform
Insurance:
AIG
CNA
St. Paul Travelers Insurance
Liberty Mutual Insurance Co.
EMC (Employers Mutual) Insurance
Acadia Insurance Company
Erie Insurance Group
State Farm Insurance Co.
Military Premium Managers
Physicians Mutual Insurance Co.
Physicians Life Insurance Company
Reliance Insurance
International Transport
Intermediaries Club, Ltd., UK
North River Insurance Co.
American Casualty Insurance Co.
National Union Fire Insurance Co.
Continental Casualty Insurance Co.
Lloyds of London, UK
Crum & Forster Managers
Xerox Financial Services
Thomas Miller & Company, UK
Corporate:
Ford Motor Credit Company
Cisco Systems
IBM – Lotus Development
Wal-Mart Stores, Inc.
Wal-Mart Real Estate Business Trust
Standard & Poors
Extraordinary Commissioner of Parmalat, S.p.A. (Italy)
Toshiba
Kawasaki
Southgate Master Fund, LLC
Intuit, Inc.
Doral Mortgage Corp.
Ambassador Mortgage
Security Properties
McGladrey & Pullen, LLP (CPAs)
China Cinda Asset Management Corp.
Benchmarking Partners
Prentice Hall Publishing
Hewlett Packard, Intel Blade Servers
Pioneer Financial Services
Sansbury Ace Hardware
Madison Equity Mortgage Co.
Darryl’s Restaurants
Bosler & Hashioka Developers
Sears
Scorpion International Services, S.A.(Athens, Greece)
Heritage Motels. Inc.
Sunrise Gardens Apartments, Las Vegas, NV
Barron’s Educational Software
Operative Plasterers & Cement Masons International Association
Anco Merchandising
Network Software Associates
Calco Aerospace
Midwest Merger Management
Education Central, Inc. (USVI)
Ruby Tuesday
Remington Investments
Inverelle, Inc.
Alpha Software
Phivos Karnaos (London & Moscow)
Simon & Schuster Publishing
The King Edward Inn (Canada)
Jancik Concrete Specialties
Keytronics
Concord Boat Corp.
NBI Software
Houlihan’s Restaurants
Sprint/Nextel
Ukrainian Accounting Reform Project (Kiev, Ukraine)
International Accounting Standards Board Foundation (London)
Stanford Carr – Ewa Development (Hawai‘i)
Royster-Clark Agribusiness
American Consolidated Credit
Specialty Motor Cars
George B. Kaiser, Forbes 400 List
ButtonWare Software (PC Calc+)
Fillette Green Shipping
Zapadnoe Koltze (Moscow, Russia)
Montgomery Capital Advisors, LLC
Midland Funding NCC-2 Corporation
Gary Tharaldson, Forbes 400 List
Boston Credit Corp.
Forbes Magazine
Sotheby’s
Dr. Richard Dombroff
Westat, Inc.
Morrison’s Cafeterias
Transcontinental Products & Services
Round Table Group
Reynolds Lumber Company
Broderbund Software
Marchese Chevrolet
AvtoVAZ (Russia’s largest car co. – LADA automobiles)
Import Specialists
NAPA Auto Parts
Brigade Capital Management, LLC
Timeworks Software
Fleming Electric Co.
Central Financial Services
GfK Custom Research
SAP Americas, Inc.
Chemonics International
WordStar
Forrester Research, Inc.
Beacon Properties, LLC
Ownbey Oil Company
Russell Research
Millward Brown Intelliquest
The Cura Group, Inc.
Deccan Value Advisors, L.P.
L&L Construction Company
Midland Funding, LLC
Colorbay, LLC
Chicago Fundamental Investment Partners, LLC
Ventana International Equities (Costa Rica & British Virgin Islands)
Singer Asset Finance Company
Christian Bay Shipping Company
Cliff’s Notes Publishing
Computer Associates
Gerson Lehrman Group (New York,Washington, D.C., Hong Kong, China)
DataEase International
McGraw-Hill Companies
CreditCare Credit Counseling
Heartland Development Group
Certified H. R. Services, Inc.
Savannah-Baltimore Capital Management, LLC
AddStor Software
Las Cruces Surgery Center
Radio Engineering Industries
Surgency
Answers Research, Inc.
Fraud Discovery Institute
Vista Research
Olympic Cube (Athens, Greece)
Kilimanjaro International (Tanzania, Africa)
Tax Express Income Tax Services
Sungard Availability Services
Institute for Stock Market and Management (Moscow, Russia)
Davidson Kempner Capital Management, LLC
MRC Receivables Corporation
Bain & Company
Midas Financials
Southgate Master Fund, LLC
Hewlett-Packard Co. (was BEI Golembe Consultants, later EDS)
PeopleSoft, Inc.
Contact Information:
Don Coker
Bankexpert@cs.com
Telephone: (770) 852-2286
Don Coker, Check Cashing Consultant
Education:
College & University:
University of Alabama, BA, 1968.
University of Alabama, 1968, post graduate work.
University of Houston, 1973, post-graduate work.
Spring Hill College, masters degree-level liberal arts and ethics coursework.
Southern Methodist University, executive education work.
Harvard Business School, Harvard University, Certificate in Business Valuation.
Professional Education:
American Bankers Association - American Institute of Banking: financial statement analysis, business finance, bank investments, principles of bank operations, bank management, trusts.
National Institute of Real Estate Boards, commercial real estate finance.
International Council of Shopping Centers, shopping center finance.
National Hospital Association, one-week workshop in healthcare entity finance and valuation.
Mortgage Bankers Association, workshops in multi-family and SFR lending.
Federal Home Loan Bank of Dallas, training workshops on financial institution management, lending, investments, operations, et. al.
Texas Savings & Loan Department, training workshops on financial institution management, lending, investments, operations, et. al.
Federal Home Loan Mortgage Corp., real estate financing workshop.
First National Bank of Mobile, AL (now AmSouth Bancorporation), financial statement analysis, business finance, bank investments, credit card operations, deposit operations, bank management, trusts.
Gibraltar Savings Association (now Citigroup), commercial real estate finance, valuation, joint-ventures.
Citicorp, business, corporate, and real estate finance, valuation, deposit products, investments.
Southwest Bancshares (later Bank One, now JPMorgan Chase), business finance and real estate investments.
Commercial Credit Corp. (now Citigroup), one-week Corporate Marketing Conference covering in-depth training in all financial products, plus 28 CDC Learning Center courses in business and economic subjects.
Frost Bank, advanced credit analysis and business finance.
Professional Background Summary:
20+ years experience in management at banks, savings & loans, credit companies, mortgage banking companies, and a governmental financial institution regulatory agency. Positions held include Board of Directors member, Executive Vice President, Senior Vice President, Manager of Lending, Manager of Mortgage Banking, Regulatory Supervisory Agent tantamount to CEO). Committee memberships included Loan Committee, Executive Committee,
Audit Committee, and Pension Plan Trustee. Served as a corporate officer of various financial institution subsidiaries.
Management responsibilities included as many as 300 people in 22 locations nationwide in ten states and $1 billion in gross assets. Directly responsible for originating over 36,000 loans of all types totaling approximately $5 billion, and reviewing well over 25,000 real estate appraisals, and 100,000 financial statements and credit reports.
Other Professional Activities
Consultant on various economic, valuation, real estate, marketing, and banking matters for clients in 44 states and several foreign countries.
Expert Witness, for plaintiff and defense, listed in the American Association for Justice's and the Defense Research Institute's databases of recommended consultants, plus state and local databases in AR, CO, DC, HI, IL, IA, LA, MN, MS, NY, NC, OH, PA, SD, WA, and San Francisco.
Phillips College, former Adjunct Professor of Business.
Institute of Financial Education, approved instructor for the educational arm of the U.S. League of Savings Institutions.
Prentice Hall Publishing, Simon & Schuster, Paramount Communications, technical editor and consultant on banking and real estate subjects.
Holiday Inn, Lender Advisory Panel.
Rodeway Inn, Lender Advisory Panel.
Novick's Money Market Seminars, panelist.
National Directory of Corporate Distress Specialists, approved management consultant.
Licensed Sports Agent, approved by the NCAA, Major League Baseball Players Association, and the AL Athlete Agents Regulatory Commission.
American Arbitration Association, approved Professional Commercial Arbitrator.
State of Texas Real Estate Commission, approved instructor and writer of courses.
Texas Real Estate Broker's License held for over ten years.
Recognition in Biographical Reference Books
Who's Who in America, 52nd - 56th eds.
Who's Who in the World, 12th - 16th eds.
Who's Who in Finance & Industry, 26th - 29th, 33rd eds.
Who's Who in Medicine & Healthcare, 1st - 4th eds.
Who's Who in the South & Southwest, 21st - 33rd eds.
Directory of Distinguished Americans, 5th ed.
Who's Who Registry of Global Business Leaders, 1993 - 1994 ed.
Who's Who of Emerging Leaders of America, 3rd ed.
Who's Who Registry of Business Leaders, 1994 ed.
Personalities of America, 5th ed.
Personalities of the South, 14th ed.
Past Professional Memberships
American Bankers Association
American Institute of Banking, Chapter Officer and Bank Consul
U.S. League of Savings Institutions
Institute of Financial Education, Instructor
Mortgage Bankers Association
Texas Mortgage Bankers Association
American Council of State Savings Supervisors
American Bankruptcy Institute - Committee assignments: Public Companies, Real Estate, International, U.C.C., Commercial Fraud Taskforce, and Healthcare.
Board of Realtors
National Association of Homebuilders
International Council of Shopping Centers
Houston (TX) Chamber of Commerce, Economic Development Committee, 9 years
Books, Publications & News Media
Complete Guide to Income Property Financing & Loan Packaging, Prentice Hall, 1984.
Self-Management: A Guide to Career Advancement and Development, written under contract for Prentice Hall, 1985.
Complete Real Estate Computer Workbook, Technical Editor, Prentice Hall, 1986.
The Complete Loan Officers Handbook, presently writing.
"Money Laundering: A Dirty Business," White-Collar Crime Reporter, Oct. 1991.
Treasury Magazine published by The Economist. Interviewed and quoted in an article written by a U.S. News and World Report Editor.
"How You Can Help Your Client Get a Loan to Finance Real Estate Projects," Practicing Attorney?s Newsletter, April 1984.
"Getting a Grip on Core Deposit Intangibles," American Banker newspaper, 1996.
"The Dollars and Sense of Business Valuation," published on the website of the American Bank Attorneys Association, April 1996.
"Putting a Cash Value on a Business," interviewed by Lawyers Weekly, May 6, 1996.
"Business Valuation Techniques," Business Locator, May 1996.
"Valuing Businesses," TAB Letter, Technical Assistance Bureau, June 1996.
"Using Business Value to Achieve Ad Valorem Tax Reductions on Commercial Real Estate Properties," Journal of Property Management, June 1997.
What's Working in Credit & Collection, interviewed, quoted re: bank drafts, March 1997.
"Making Sense of Internet Stock Values," TAB Letter, July 1999.
Africa Today, extensive video coverage by Reuters News Agency of Tanzania Revenue Authority training program, Arusha, Tanzania, March 11, 2001 and other dates.
Interviewed by ITV Television Network on the subjects of banking, taxation, economic growth and development, and capitalism in Tanzania, in Arusha, Tanzania, March 16, 2001. Aired on March 17, 2001, and subsequent dates.
The Atlanta Journal-Constitution, interviewed for an article on banking regulatory policies and procedures, and banking practices, August 21, 2001.
The Atlanta Journal-Constitution, interviewed for an article on banking practices and procedures to help deter terrorism, September 19, 2001.
The Atlanta Journal-Constitution, interviewed for an article on banking practices and procedures involving funds transfers and money laundering by terrorist groups. September 21, 2001.
The Baltimore Sun, interviewed for an article regarding considerations for the future of Allied Irish Banks, PLC?s, American subsidiary Allfirst Bank. May 30, 2002.
The Atlanta Journal-Constitution, interviewed for an article on changes in banking practices and procedures as a result of the September 11, 2001, terrorist attacks. August 29, 2002.
Patent
On July 8, 2002, the United States Patent & Trademark Office registered a Provisional Patent to Don Coker for a business process for improving the prevention and detection of financial fraud involving personal and business checks, cashier's checks, postal and commercial money orders, letters of credit, bills of exchange, drafts, and many other types of financial instruments. On July 1, 2003, the formal Patent Application was filed. This Patent was sold (90% interest) and licensed in 2007.
Civic Activities
Katy School District (Houston suburb), Trustee, elective position.
U.S. Army Reserve, 1966-1968, Officer Training, Ft. Bragg, NC; Honorable Discharge.
Nottingham Country Civic Club, officer, 1,500 family neighborhood association.
Sunday School teacher, usher, host.
High Art Museum, Atlanta Georgia - Supporting member.
Georgia Public Broadcasting - Supporting member.
Greater Grady Task Force - Uncompensated volunteer seeking financial solutions for Atlanta's largest public hospital system.
Employment History
1986 - Present: Economic and Banking Consultant, Woodstock, Georgia. Consulting and Expert Witness engagements covering all areas of banking, business valuation, economics, real estate, international, management, finance, intellectual property and patent valuation, and general business.
1985 - 1986: Executive Vice President, Manager of Lending & Board of Directors Member, Home Savings (now Citigroup), Houston, TX. Manager of all lending and mortgage banking. Number Two Executive. Heavily involved in investments and deposit activities. Officer of several subsidiary companies. Member of Loan Committee, Executive Committee, Audit Committee, et. al.
1984 - 1985: Senior Vice President, Manager of Lending, First Federal Savings (now Guaranty Bank), San Antonio, TX. Manager of all lending and mortgage banking. Number Two Executive. Heavily involved in investments and deposit activities.
1983 - 1984: Southwest Regional Manager, Ford Motor Credit Corp., Houston, TX. Manager of commercial real estate finance, and some financing with dealers.
1977 - 1983: Regional Manager, Commercial Credit Company (now Citigroup), Houston, TX. Manager of commercial and residential real estate financing for the southwest, and involved in all financial products offered by the $7 billion company.
1974 - 1977: Manager of Commercial Real Estate Lending and Mortgage Banking, Southwest Bancshares (later Bank One, now JPMorgan Chase Bank), Houston, TX. Also involved in the origination and administration of construction loans, deposit and investment activities for lending clients including wealthy foreign nationals, corporate and personal lending, and credit card operations.
1973 - 1974: Assistant Regional Manager and Assistant Treasurer, Citicorp Real Estate, Houston, TX. Mortgage banking and construction lending for Citibank, N.A. (NY), and deposit and investment activities for wealthy foreign clients. One of Citicorp's youngest officers ever.
1972 - 1973: Loan Officer and Manager of Lending Department, Gibraltar Savings (now Bank of America), Houston, TX. At age 26, managed the day-to-day operations of Texas' largest S&L (55th largest in the U.S.). Handled construction and subdivision development loans, joint-ventures, mortgage banking, and high-volume builder accounts.
1968 - 1972: First National Bank of Mobile (later AmSouth, now Regions Financial), Mobile, AL. Mortgage and real estate specialist in the Trust Department. Trained and worked in all areas of the bank including checking and savings, credit, corporate lending, personal lending, international, investments, trusts and estates, credit cards, ACH, and funds transfers.
Entire website contents Copyrighted 2004 - 2008 by Don Coker