Mike Porter will retire from his position as president and CEO of Bremer Bank, Grand Forks, N.D., at the end of 2008. Porter was appointed the bank’s president and CEO in 2001; he’s been with Bremer and its predecessor institution, Valley Bank & Trust Company, for 34 years. A search is underway to find Porter’s … Read more
National News Six-year string of earnings records comes to a halt Banks reported net income of $105.5 billion in 2007, a decline of $39.8 billion (27.4 percent) from the record $145.2 billion that the industry earned in 2006, according to the FDIC. The bulk of the earnings decline was attributable to a few large institutions, … Read more
What do community bankers and politicians have in common? “A banker kisses up to their boss while a politician kisses babies for the camera to keep their job,” said Michelle Toll, vice president of The State Bank Group, Wonder Lake, Ill., with tongue in cheek. [Continue]
Upper Midwest banks hit with more civil money penalties; Minnesota bank buys United Residential Mortgage; Fed Banks launch campaign to promote Canada service [Continue]
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
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
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
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]
Curt L. Hage, chairman and CEO of Home Federal Bank in Sioux Falls, S.D., and immediate past chairman of the South Dakota Bankers Association, and William A. Donius, chairman and CEO of Pulaski Bank in St. Louis, were named to the Federal Reserve Board Thrift Institutions Advisory Council. TIAC is an advisory group of 12 … Read more
ABA survey finds mixed news on late payments Credit card delinquencies continued to fall in the third quarter but late payments for home, auto and home equity loans increased in the same period, according to the American Bankers Association’s consumer credit delinquency bulletin published Jan. 3. While credit card delinquencies fell to 4.18 percent of … Read more