West Bank leadership shifts
Jane Funk will assume the role of executive vice president and chief financial officer of West Bank, West Des Moines, Iowa. [Continue]
Writer: Anna Cushing
Will banks catch up with cannabis legalization?
When Colorado became the first state to legalize recreational marijuana in 2012, the plant was (and continues to be) illegal at the federal level. Yet several Colorado banks jumped in, quickly opening accounts. Many of those banks were promptly swarmed with U.S. Drug Enforcement Agents. Everyone from tellers to bank presidents were warned that by servicing the cannabis industry, they could be arrested and held criminally liable under federal law. Most banks quickly backed away. [Continue]
Q1 ag conditions strengthen in Tenth Fed
After a sharp rebound at the end of 2020, the agricultural economy in the Tenth District continued to improve in the first quarter of 2021, according to an ag credit survey by the Kansas City Federal Reserve. Ag credit conditions strengthened for the second consecutive quarter as crop prices, farm income, loan repayment rates and farmland values all increased, indicating strong profit potential for farm borrowers. [Continue]
Bank’s acquisitions expand its southern Illinois market
Legence Bank, Eldorado, Ill., owned by First Eldorado Bancshares, Inc., agreed to buy the Shawneetown branch of Grand Rivers Community Bank, as well as Kotner Title & Abstract. [Continue]
Pandemic posed particular risks to the banking industry, FDIC report says.
The banking sector’s economic resilience was a source of stability in 2020, though monitoring key risks remains necessary, according to the FDIC. [Continue]
Savings initiative encourages Wisconsin financial literacy
Wisconsin state, business and financial leaders launched a state-wide effort to encourage its residents to establish emergency funds. [Continue]
Will the SAFE Banking Act break through the new Congress?
The Secure and Fair Enforcement Banking Act was reintroduced in the U.S. Senate following previous introduction by the House of Representatives. The legislation, which would open the traditional banking system to cannabis-related businesses, has been a legislative pursuit since Colorado first legalized cannabis in 2012. Supporters of the bill applauded on March 19 when the House passed the Act, though similar legislation, passed the House in 2019, did not advance in the Senate. [Continue]
NBA announces leadership changes
At its annual meeting, the Nebraska Bankers Association announced its 2021-2022 chair, chair-elect and board members. [Continue]
FNBO adds branches in Kansas metro
First National Bank of Omaha, Neb., is celebrating the opening of its newest branch in Overland Park, Kan., on May 10. [Continue]
Iowa bank opens renovated lobby
Farmers Trust and Savings Bank, Spencer, Iowa, reopened its main lobby after months of renovation. [Continue]