Managing Credit Risk

Managing Credit Risk


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Through Embedded Intelligence in On-line Transaction Processing:
First Union National Bank, Charlotte, NC1
THE ORGANIZATION
First Union National Bank (FUNB) is the nation’s sixth largest banking company with $9.3
billion in total stockholders' equity and $17.2 billion in market capitalization. FUNB offers a
diverse array of products such as 401(k) plans, checking and savings accounts tailored to
customer needs, investment banking, certificates of deposit, mutual funds, credit cards and other
loan products. FUNB has presence in 12 eastern states and Washington, DC It recently acquired
of First Fidelity Bancorporation on January 1, 1996, giving it a customer base of about 12
million customers from Connecticut to Florida.
On June 30, 1996, FUNB had assets of $139.9 billion. The bank’s network has 1,981 offices -the nation's largest branch banking system. It also has the nation's fifth largest automated teller
machine network. In addition, First Union is pioneering one of the first direct banks on the
Internet.
Over the years, FUNB has been working towards developing a leading position in several
markets, including deposits and credit cards, on the assumption that scale is an essential element
of keeping unit costs low. First Union has the leading deposit share in its home state of North
Carolina; it ranks second in Florida, New Jersey and the Washington, DC, and third in
Connecticut. The company serves eight of the 10 richest counties in the US.
Since 1993 FUNB has nearly tripled the size of its credit card portfolio. This growth was
achieved through targeted, national market solicitations aimed at providing geographic diversity
and by trying to attract high quality, revolving credit customers. It was the 14th largest issuer of
credit cards in the nation as of June 30, 1996. FUNB also offers on-line credit card applications
over the...