Virtual seminar offers retirement plan tips

Filed under: Banking & Finance |

Retirement planning information just established a new address on the information superhighway.

As an alternative to the typical wealth building or retirement planning seminar during a dinner hosted at a local hotel, Legacy Advisors of Colorado Springs is offering another route to become educated about retirement planning options.

Mike Papa, vice president of Legacy, said his company created an online video seminar series to inform people about the challenges faced by today’s retirees.

The seminars focus on things to consider before and during retirement, including individual retirement account rollover issues, net unrealized appreciation, pensions and Rule 72T, which deals with reducing 401(k) withdrawal penalties.

The online seminars are free and can be accessed by visiting

FDIC reduces budget for ’06

Federal Deposit Insurance Corp. directors have approved a $1.05 billion corporate operating budget for 2006, which represents a 5 percent reduction from the 2005 operating budget.

Under the new budget, total FDIC spending next year will decline to $1.069 billion, as spending on multi-year investment projects approved by the board falls from an estimated $77 million in 2005 to $19 million in 2006.

The budget changes are part of a reduction trend for the FDIC.

Since 2002, the FDIC has reduced its annual spending by more than 12 percent while continuing to absorb increases in salary and non-personnel costs.

Directors say the trend is a demonstration of judicious stewardship of deposit insurance funds.

The budget provides funding for the corporation’s ongoing bank supervision program for more than 5,000 state-chartered financial institutions as well as its continuing insurance and receivership management responsibilities.

The FDIC insures deposits at almost 9,000 institutions nationwide.

SBA certifies UMB

The United States Small Business Administration has authorized UMB Financial Corp. as a certified lender for the SBA Express program.

The SBA Express program provides a 36 hour loan response, allowing lenders to provide smaller revolving loans, which are usually needed for working capital.

Under the Express program, lenders may provide unsecured lines of credit up to $25,000 and loans up to $150,000, with a loan maturity usually between five and 10 years.

UMB is a multi-bank holding company headquartered in Kansas City, Mo., that offers service to individuals and businesses. Its banking subsidiaries operate 140 banking centers in seven states.

Wells Fargo buys Freemont

Wells Fargo & Co. has entered into an agreement to purchase the Fremont Bank Corp. a holding company that owns banks with operations in Canon City, Penrose, Pueblo and Westcliffe.

Specifics of the deal were not disclosed. The purchase is expected to be finalized next year.

Fremont Bank Corp. owns Fremont National Bank and Centennial Bank, which have combined assets of $167 million.

Fremont National operates two offices in Canon City and one each in Penrose and Westcliffe. Centennial Bank has two offices in Pueblo.

FDIC names execs

The Federal Deposit Corp. has filled three executive posts within its division of Supervision and Consumer Protection.

FDIC directors named William Stark as deputy director of strategic planning and resource management, Lisa Arquette as associate director of anti-money laundering and financial crimes, and Robert Mooney as associate director of compliance policy and examination support.

All three will serve in the division’s Washington, D.C., office and will assume their new posts on Dec. 12.

Morgan launches division

J.P. Morgan Worldwide Securities Services has launched the J.P. Morgan Private Equity Fund Services division.

The new business unit will offer a range of outsourced fund administration services to private equity firms and institutional limited partners.

The private equity services will provide fund and partnership accounting, tax support and comprehensive reporting services.

The unit also will include complementary services to the private equity community, including transaction advisory, cash management, credit products, foreign exchange and derivatives.

Roth gets national attention

Local certified public accountant and founder of the financial planning firm Wealth Logic, Allan Roth, was featured Nov. 28 in the online publication of Market Watch.

A columnist from the publication chronicled Roth’s attempts to force a merger between the Dreyfus and Vanguard S&P 500 funds.

Roth believes the merger would stop Dreyfus from charging stockholders about $11 million annually in what he considers unnecessary fees.

To read the Market Watch column in which Roth is featured, go to

Roth is also a columnist for the Colorado Springs Business Journal.

Rob Larimer covers banking and finance for the Colorado Springs Business Journal.