It’s been a couple of years since someone from Colorado Springs has held a spot on the Colorado Bankers Association Board of Directors.
But last week, the statewide association announced that Ed Sauer, president and chief executive officer of The Bank at Broadmoor and The Bank at Briargate, had been elected to the board for a two-year term.
The most recent Springs banker to serve on the board was Wells Fargo’s Don Sall, who gave up the post a few years ago, said CBA President and CEO Don Childears. Before Sall, Vectra Bank’s John Jackson was president of the board.
“It hasn’t been all that common that someone from Colorado Springs has sat on the board,” Childears said. “But Ed Sauer is well deserving of the job. He’s an accomplished banker.”
Sauer and a few associates opened The Bank at Broadmoor about 25 years ago, and it’s grown to two locations. A branch in Briargate and another Broadmoor branch are in the works.
The Colorado Bankers Association represents about two-thirds of Colorado’s 180 banks and more than 70 percent of the state’s $75 billion in assets.
The CBA provides government and community relations, as well as banker information and education.
IRS gets thumbs up
The Internal Revenue Service launched a redesign of its Web site in mid-November, and officials say the first comments are positive.
Based on Internet traffic numbers, IRS officials say consumer satisfaction is trending slightly upward. The site recently passed 178 million visits, according to the agency.
The biggest complaint about the previous design was that it was difficult for people to search for information and find forms.
To view and test the new site, visit www.irs.gov.
Farewell party for Greenspan
In a farewell gathering that only the chairman of the Federal Reserve could truly appreciate, finance ministers from the world’s richest nations headed to London this week to discuss the world’s economy.
It’s also expected be a goodbye to Alan Greenspan, who has been chairman of the U.S. Federal Reserve for 18 years.
The 79-year-old Greenspan will deliver a speech about imbalances in the global economy. The group also will discuss the global economic climate.
Ben Bernanke, a member of the Federal Reserve’s board of governors, will take over the duties of chairman next month.
Bond market booming
The corporate bond market is off to an explosive start in 2006, according to the Associated Press.
The news and wire service reports the pick up is due not only to the usual new year uptick in finance issuance, but also to a surge in companies scooping up dollars to fund mergers and acquisitions, and to buy back shares.
The reach of supply also is being felt in the $4.2 trillion treasury market where investors go to lock in interest rates ahead of debt sales.
Investors are expected to gear up for about $50 billion in additional investment-grade debt being issued this month.
Hurricane effect emerging
Signs of the impact of hurricanes Katrina and Rita on local economies and the banking sector along the Gulf Coast are beginning to emerge, according to an analysis from the Federal Deposit Insurance Corp.
The analysis indicates that inventories of unsold homes decreased in some parts of the West, Northeast and South, while the pace of sales slowed and the number of days on the market increased in the Gulf Coast region.
The analysis is part of the winter 2005 edition of the FDIC Regional Profile and FDIC State Profiles.
The FDIC State Profiles and FDIC Regional Profile are quarterly state-by-state and regional publications that provide snapshots of economic and banking analysis.
The publications are available at www.fdic.gov.
Fewer choosing paper
Ent Federal Credit Union members appear to prefer monitoring their account activity online rather than using traditional paper account statements.
Ent officials said that during October and November an average of 57,554 members chose to receive their monthly statements electronically.
However, the move has not quite eliminated the paper statement delivery.
An average of 56,192 members during the same month chose to receive paper statements by mail.
Still, officials said the news is a significant achievement, adding that electronic statements are quicker and more convenient than paper statements.
Ent also noted that money saved on fewer mailings is a savings that is passed on to members through higher dividend rates, more services and lower loan rates.
Rob Larimer covers banking and finance for the Colorado Springs Business Journal.