A majority of Colorado’s business leaders favor Referenda C and D, according to a Vectra Bank survey.
The Vectra 100 survey was conducted through mid-September.
Sixty percent of those surveyed said they supported C and D. Only 10 percent of those surveyed said they opposed C and D, and another 30 percent said they were undecided.
Referendum C would eliminate state spending limits under the Taxpayer’s Bill of Rights for five years, and allow legislators to spend about $3.7 billion they otherwise would have had to refund to Colorado taxpayers under TABOR.
Referendum D would allow the state to borrow as much as $2.1 billion against that money for roads and schools.
Half of the respondents said Colorado doesn’t spend enough on state services, including highways and schools, but 88 percent said money from C and D wouldn’t be enough to fix problems with Colorado’s roads and education system.
Vectra president and CEO Bruce Alexander said that even though the survey shows strong support for Referenda C and D, respondents seem to be saying the measure is not the best solution to the state’s budget problems.
Federal agencies seek comments on rule changes
Four federal banking agencies are seeking comment about proposed rule changes to risk-based capital requirements that could affect banks, bank holding companies and savings associations.
Comment must be received by Jan. 18 to be considered.
The proposed changes include:
- Increasing the number of categories that affect credit exposure
- Expanding the use of external credit ratings as an indicator of credit risk
- Expanding the range of collateral and guarantors that may qualify an exposure for lower risk weights
- Using loan-to-value ratios, credit assessments and other broad measures of credit risk to assign risk-weights to home mortgages
- Modifying the credit conversion factor for various financial commitments, including those with an original maturity of less than one year
- Requiring that certain loans 90 days or more past due or in a non-accrual status be assigned to a higher risk weight category.
- Modifying the risk-based capital requirements for certain commercial real estate exposures
- Increasing the risk sensitivity of capital requirements for other types of retail, multifamily, small business and commercial exposures
- Assessing a risk-based capital charge to reflect the risks in securitizations with early amortization provisions that are backed by revolving retail exposures
For more information or to read the full text of the comment request, go to www.fdic.gov.
Vectra Bank opens fourth branch on north side
With the opening of a new branch at 7390 Academy Blvd., Vectra Bank is tapping into Colorado Springs growth on the north side of town.
The 5,600-square-foot branch is a full-service bank, offering business and consumer banking products and services.
To celebrate the opening, Vectra is hosting a week of in-branch festivities starting Oct. 31 and running through Nov. 5.
Refreshments will be served and customers will have a chance to win one of two flat screen televisions. No purchase is necessary, and entry into the drawing is not limited to Vectra Bank customers. Prize entries are being accepted in the branch throughout the grand opening week.
The ribbon cutting will be Nov. 1
U.S. Bank delving into real estate market
U.S. Bank has teamed up with Principal Real Estate Investors to venture into the securities market.
The duo is going by the name of Principal Commercial Funding II and plans to invest in securities that are backed by commercial mortgage dollars.
U.S. Bank is the principal banking subsidiary of U.S. Bancorp.
Principal Real Estate Investors is the real estate investment arm of Principal Global Investors.
The jointly owned company will focus on securing commercial mortgages originated by both Principal Real Estate Investors and U.S. Bank.
UMB Financial announces third quarter results
UMB Financial Corp. has announced third quarter earnings of $16.2 million or 75 cents per share.
The earnings represent an increase of $4.2 million or 34.7 percent compared to the same period last year.
UMB officials said the increases are due to a rise in net interest income, higher fee-related income and net gains on the sales and closures of branch facilities.
UMB’s board of directors also approved an increase in the quarterly dividend to 25 cents per share from 22 cents per share. The dividend is payable Jan. 3 to the shareholders of record at the close of business on Dec. 13.
Rob Larimer covers banking and finance for the Colorado Springs Business Journal.