First Community Bank’s double vision a reality

Filed under: Banking & Finance |

Nearly two years after its move into Colorado Springs, First Community Bank is expanding into its second office.

The bank will open a 10,058-square-foot branch at 5225 N. Academy Blvd. on July 17.

More than just doubling the its Colorado Springs footprint, the opening of the new branch represents an opportunity for the bank to double its $25 million residential construction loan business and tap into the medical and dental office businesses surrounding the branch’s neighborhood near Academy and Union boulevards.

“That area really meets our market profile,” Market President Doug Woods said.

And, the branch will be a little more lavish than the bank’s Colorado Springs downtown headquarters in the Plaza of the Rockies.

“It’s going to be as nice if not a little nicer than our downtown branch,” Woods said.

“It’ll probably be a more robust plan than what we have now,” added Senior Commercial Lender Rod Randol, who has 24 years of banking experience and moved to First Community from Wells Fargo nearly a year ago.

The new branch will include drive-up facilities – a first for the bank.

First Community Bank is a subsidiary of the New Mexico-based First State Bancorp. Local assets total nearly $175 million, and the bank plans to open three more branches within the next five to seven years.

Lawmakers discuss striking SOX provisions

A number of U.S. legislators, accountants and small business advocates will meet on Capitol Hill on July 11 to discuss problems resulting from The Sarbanes-Oxley Act.

The provision’s accounting burden on the nation’s small businesses has come to the forefront of recent discussions about the act.

Next week’s meetings will focus on an array of issues, beginning with the most tangible ones, such as the effect of non-negligible compliance costs on small businesses and negative consequences of the act in terms of litigation.

The American Council for Capital Formation and Small Business and Entrepreneurship Council will take part in the discussions. Keynote speakers include Reps. Tom Feeney of Florida and Gregory Meeks of New York.

Wells Fargo upping dividends

Wells Fargo & Co. has approved a 2-for-1 stock split of its common shares, and plans to increase its cash dividend from 52 cents to 56 cents per share.

The company also said it intends to buy back 25 million of its common shares, which will reflect the stock split, officials said.

Both the cash and stock dividend are payable to shareholders of record as of Aug. 4. Wells Fargo will distribute the stock dividend on Aug. 11 and the cash dividend on Sept. 1.

The company said it might use shares acquired in the buyback for benefit plans, conversion of convertible securities, acquisitions and other general purposes but did not set a timetable for the program.

FDIC awarded for senior finance education

The Federal Deposit Insurance Corp has been noted for its efforts to shape up seniors’ finances.

A special issue of FDIC Consumer News, “Fiscal Fitness for Older Americans: Stretching Your Savings and Shaping Up Your Financial Strategies,” which is devoted to helping seniors and their families make decisions about retirement savings and daily money management has won an Achievement in Consumer Education Award from the National Association of Consumer Agency Administrators.

The award was announced at the NACAA’s 31st Annual Meeting last week in Seattle.

The NACAA represents more than 160 consumer agencies at all levels of government in the United States and several other countries. Its members work with consumers to solve problems, advance legislation, and support consumer education and outreach.

The ACE awards honor achievements in three categories: print, broadcast and programs. The winners were judged on the quality of text and design, effectiveness of message, accuracy and usefulness of information, creativity, value to the community and program results.

Also among this year’s 12 NACAA awardees are the Federal Citizen Information Center, the Federal Trade Commission and consumer protection offices in Ohio, West Virginia and Puerto Rico.

The FDIC guide for seniors will be part of the fall 2005 issue of the quarterly FDIC Consumer News.

The guide is available online at www.fdic.gov/consumers/consumer/news/cnfall05.

Security Service continues with Pulse

Security Service Federal Credit Union, a $3.9 billion financial institution with more than 590,000 members, has extended its participation agreement with the Pulse EFT Association, one of the nation’s largest ATM and debit networks.

Under the terms of the agreement, Pulse will continue to provide signature debit support services to the San Antonio, Texas-based credit union, which operates 20 branches in Texas and eight in Colorado.

Pulse serves 4,200 banks, credit unions and savings institutions across the country. The network links cardholders with nearly 250,000 ATMs and about 3.4 million point of sale terminals.

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