Being exempt from federal income tax enables credit unions to offer products at better prices to their members, say officials from both credit unions and banks. “We are not-for-profit,” said John Worthington, Security Service Federal Credit Union executive vice president and chief communications officer. “We have to make some money to establish capital, but we […]
The stock market “basically blew up in everybody’s face,” said David Twibell, director of wealth management for Colorado Capital Bank. “The world is different now in a lot of ways, and clients and investors want to know what the industry is going to do.” Modern Portfolio Theory held that diversification among asset classes was enough […]
The banking industry in Colorado has seen better days, to be sure. But when compared to banks in the West, Colorado’s financial institutions have fared relatively well. The Federal Deposit Insurance Corp.’s latest profile for Colorado showed that, for the 145 institutions in Colorado, return on assets — a measure of profitability — increased 0.63 […]
All bankers know they are stars in their own right. But folks visiting downtown’s First Community Bank on April 7 may have done a double take when they saw their favorite bank employees dressed as movie stars. It was part of First Community Bank’s “Not Your Typical Day,” theme to celebrate the banks motto of “Not Your Typical Bank.”
A three-day rally faded on Wall Street Friday after a pickup in hiring last month failed to bring down the unemployment rate. The Dow Jones industrial average edged up after the government’s September jobs report, as larger companies rose more than the rest of the market. Broader indexes moved between small gains and losses. U.S. […]
Small business lending activity under the U.S. Small Business Administration’s 7(a) loan guaranty program set another national record in the last fiscal year, which ended Sept. 30. During that year, the agency approved 52,044 7(a) loans for $19.2 billion, an increase of 12 percent in the number of loans and 7.4 percent in dollar amount […]
Earlier this year, annual home foreclosures in the United States reached a 30-year high of 640,000, and a congressional report estimates that an additional 2 million homes will be in the process of foreclosure by the end of 2009. That’s according to David Colgren, media relations counsel for the American Institute of Certified Professional Accountants.
The Federal Deposit Insurance Corp. has scheduled public hearings next month to discuss Wal-Mart’s application for federal deposit insurance. Wal-Mart is proposing to create the Wal-Mart Bank, an industrial loan company that would be headquartered in Salt Lake City. ILCs are state banks that are supervised and insured by the FDIC.
There has been a lot of talk lately about Americans saving less money these days, and by some accounts the nation’s personal savings rate is at its lowest point since the Great Depression of the 1930s. Experts say this is a problem because it’s leaving Americans ill-prepared for emergencies and retirement, and building potential for a financial crisis down the road.
ANB Bank has announced that its new Academy Banking Center opened this morning in central Colorado Springs. The bank, located at Flintridge and Academy Boulevards, officially started serving customers at 9 a.m., prior to tomorrow’s grand opening event (Oct. 21), according to a news release. The grand opening will include a ribbon cutting attended by dignitaries […]
Shannon Rogers is a 39-year-old go-getter. Formerly executive director at the Senior Resource Council, Rogers recently accepted a new position as sales and relationship manager with Discover Goodwill of Southern and Western Colorado. Tell us how you professionally grew with your previous job. The Senior Resource Council executive director position was a great introduction into […]
“Don’t pull the covers over your head,” Kurt Kofford told business owners during a Recession Readiness Assessment seminar at BiggsKofford PC. Being realistic about what’s happening in the current marketplace is an important element of business preparedness. “For some business owners, it will be a matter of surviving,” Kofford said. “But for others it will be about thriving.”