Plans underway for Twin Cities de novo bank
Twin Cities-based financial professionals recently submitted bank charter applications with the FDIC and Minnesota Department of Commerce. [Continue]
Print Issue: 2017 - December Edition
CFPB outlines customer data-sharing principles
The CFPB issued principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services.
The CFPB said the principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their financial lives. The principles affirm, to all stakeholders, that consumer-authorized financial data needs to be protected. [Continue]
Southern Mo. Bancorp active franchise under multi-tasking leader
When Greg Steffens asked that he be allowed some extra time to respond to questions about operations at Southern Missouri Bancorp Inc., he wasn’t just trying to get a pesky journalist off the phone. He was, in fact, a very busy executive, tending to: [Continue]
Reasons for cautious optimism over ag economy
The ag sector’s general economic health may have bottomed out. That being said, a quick and significant improvement doesn’t seem to be around the corner. [Continue]
Community Development Bank completes branch purchase
Community Development Bank, FSB, of Ogema, Minn., has completed its purchase of the First American Bank, N.A., branch in St. Michael, Minn. The deal closed on Oct. 20. First American, based in Hudson, Wis., acquired Great Northern Bank in St. Michael in 2014 and converted it into a branch. Great Northern was a 1999 de novo. First American Bank was formed in 2007. [Continue]
Pondering the intricacies of monetary policy
Wow! What a year 2017 has been. Manic hardly describes the antics in Washington after the election of Donald Trump. Those of you who know me are keenly aware that to me, “poly” means many, and “tics” are blood-sucking insects. … I digress, my apologies. This article is not about the swamp; it is about the community-banking environment heading into 2018, so let’s stay focused. [Continue]
Nine banks in region will note centennials in 2018
In 1918, James Kewley, Wilbur Kerns and Henry Knoche organized the Onarga State Bank, Onarga, Ill. In 1983, the bank changed its name to Federated Bank of Onarga, and in 2018 the bank will be one of nine in the Upper Midwest to commemorate a centennial anniversary. [Continue]
Responding to demand, banks plan for greater tech use
For centuries, banking technology consisted of ink on paper. In this century, technology moves faster and most of us have trouble keeping up with it. Consider the smartphone. Since Apple introduced the iPhone a decade ago, the amount of time Americans spend using a mobile device to access the internet has gone from near zero to two-thirds of their digital minutes. It’s no surprise, then, that banks have been working on upgrading their technology. What was their focus in 2017, and what’s coming up in 2018? [Continue]
SBA Lending Boom
The head of the Small Business Administration knows a thing or two about marketing. SBA Administrator Linda McMahon and her husband, Vince, transformed a small wrestling organization into a global entertainment venture now known as World Wrestling Entertainment. Television deals and merchandising were keys to the company’s promotional success; banks and borrowers are the instruments of visibility for the SBA.
Calling the SBA “the best kept secret in the government,” McMahon, appointed SBA Administrator earlier this year by President Donald Trump, said the agency will unveil a new branding strategy to elevate SBA’s profile. [Continue]
Bankers need to navigate through many factors
Over the past year, numerous external events — which we refer to as the “big bad wolves” — have huffed and puffed but were unsuccessful in stalling economic activity. [Continue]