Chronicles
Upper Midwest banks hit with more civil money penalties; Minnesota bank buys United Residential Mortgage; Fed Banks launch campaign to promote Canada service [Continue]
BankBeat's archives extend back to 2008 and are available to paid subscribers.
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Industry in Wisconsin braces against chilled political wind
The political climate in Wisconsin for the banking industry could be chilly throughout 2008, according to leadership of the Wisconsin Bankers Association who spoke at the annual WBA Group One meeting. [Continue]
Corporate Matters
South Dakota de novo opens amidst mergers; Minnesota national converts to Iowa state; Missouri bank buys and sells [Continue]
People on the Move
Nebraska EFT network gets new president NetWorks, the Lincoln, Neb.-based electronic funds transfer network, has hired Cathy Morrissey as its president. She replaces Phil Jossi, who has been president for the last 10 years. He is leaving NetWorks in order to become president and CEO of the $22 million State Bank of Riverdale, Neb. Morrissey … Read more
Notebook
Frandsen buys Nisswa bank Anderson Financial Group of Wayzata, Minn., announced Feb. 8 it has signed an agreement to sell Northern National Bank to Frandsen Financial Corporation of Arden Hills, Minn. The sale is expected to be completed by May. With $140 million in assets, the Nisswa-based Northern National Bank has offices in the other … Read more
National News
Senate moves forward on ILC legislation The Senate Banking Committee took a step toward solidifying the separation of banking and commerce Feb. 13 when it passed the Industrial Bank Holding Company Act of 2008. “This important legislation will close the ILC loophole that allows non-financial firms to own banks,” commented Floyd Stoner, executive vice president … Read more
Straight talk: Pro-active clean-up
Minnesota Gov. Tim Pawlenty recently quipped that if the United States wants to destabilize the economy of a hostile nation, it should load a C-130 with mortgage bankers and dump them over the area from 30,000 feet. The only thing worse than being a banker these days is being a mortgage banker. Trouble is, most … Read more
Straight Talk: Crisis-tested character
Randy Newman, chairman and CEO of Alerus Financial, proudly showed me around Grand Forks, N.D., the town that was almost wiped off the map by a flood a decade ago. Newman is North•Western Financial Review’s 2008 Banker of the Year. Newman has an inspiring story, which we tell beginning on page 10, but I learned … Read more
Take these steps to preserve, enhance your reputation
Community banks are part of the “financial community” and in the last few months, that’s been a dicey place. People typically lump everyone offering financial services together. Most people don’t know the difference between a mortgage broker and a community banker. [Continue]
2008 Banker of the Year: Randy Newman
AGAINST ALL ODDS: Newman took company from disaster to prosperity [Continue]