May opens own bank in Parma. (May Department Stores Co.'s own national bank for its credit card operations)

Crain's Cleveland Business, May, 1991 by Shingler, Dan

There's a new bank in town, but it doesn't want deposits and it isn't making loans unless they're for purchases at May Co. or affiliated department stores. May Department Stores Co., the St. Louis parent of May Co. here, received permission from the Comptroller of the Currency to open a national bank in Parma May 1.

The bank, already open, will do nothing but handle the receivables for the credit card accounts of the retailers. For the department store chain, owning the new bank means it no longer will have to deal with the rules that affect credit card operations on a state-by-state basis, said May Department Stores spokesman Jan Kniffen. Prior to opening the bank, the company handled the accounts through corporate processing centers, which was what it...

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