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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: C.K. Houston who wrote (487)	11/21/1997 9:37:00 AM
From: C.K. Houston	Read Replies (2) \| Respond to of 9818

*WHAT SOME BANKERS ARE SAYING ABOUT SOME SMALLER* BANKS** ================================================================== Chicago Tribune EXCERPTS - Not reassuring! Most of the big banks are also working with their smaller correspondent banks to bring the latter's systems up to date. But at least a third of the nation's smaller banks are either unaware of the problem or lagging in fixing computer problems, according to the U.S. comptroller of the currency, which regulates nationally chartered banks. "Some bankers just haven't awakened to the problem," said Robert Wingert, executive director of the Community Bankers Association of Illinois, which has 516 of the state's some 800 banks as members. "It's a big problem," agreed Richard Thorsen, president of the Community Bank of Ravenswood on Chicago's Northwest Side. "Some bankers admit it's a problem, but they think somebody will figure it out before 2000." Thorsen said his bank, which was founded in mid-1996 and moved into permanent quarters in September, is "in good shape." "We're convinced we will be 100 percent ready," said Steve Kutnick, senior vice president of worldwide technology at Northern Trust. "This is a well-defined project. Our big concern is the other guy." Marcus Acheson, executive vice president of Bank of America in Chicago, expressed concern that many small and medium-size companies won't be ready with their own systems. "Many smaller firms, especially privately owned companies, don't have task forces in place or aren't working with their suppliers," he said. "We as lenders are concerned that some clients may be at risk as related to the companies they deal with. They may be stuck with no defenses on the first Monday morning of 2000." Two Parts: techstocks.com techstocks.com CHICAGO TRIBUNE 11/20/97 *See Previous Posts* OVERVIEW: Editiorial explaining WHOLE Banking Picture garynorth.com Links to many, many related articles at bottom of page First US Bank Closing because of Y2K! techstocks.com FED May Bar Transactions with Foreign Banks in 2000 techstocks.com