5Star Bank moving HQ from Virginia to Springs

Filed under: Banking & Finance |

5Star Bank is moving its headquarters to Colorado Springs from Alexandria, Va.

It’s also trying to shed its image as just a “military” institution.

The bank is part of Armed Forces Benefits Association, which was established in 1947. Membership in AFBA is available to all members of the military, Department of Defense, Department of Homeland Security and other federal employees, military contractors, state and local employees, and their families.

In 1990, 5Star bank was established to offer worldwide banking services. It is part of 5Star Financial LLC, formed in 1989 to operate AFBA’s for-profit companies, which are designed to provide financial services to the general marketplace.

5Star is in the process of changing its charter from an industrial bank to a state bank.

Michael League, who took over as the bank’s president in January, said that he’d like to expand the bank’s presence along the Front Range by opening two additional branches in Colorado Springs. Currently there are branches at Peterson Air Force Base and on Lake Plaza Drive and Bijou Street.

League said that only one or two members of the management team will move to Colorado Springs, but that up to eight management positions will be filled. The bank’s home base will be at the Lake Plaza Drive facility until a more-permanent location is purchased or built.

League has more than 20 years of experience in the banking business.

Wells Fargo claims top spots

Wells Fargo was the No.1-ranked retail mortgage originator and servicer in 2006, according to Inside Mortgage Finance.

The company originated $158.48 billion in loans and had a market share of 14.2 percent. It also grew its servicing portfolio to $1.34 trillion and had 13.2 percent of the nation’s home mortgage servicing market share. That represents a 12-month increase in portfolio value of $336 billion, or growth of nearly 34 percent.

Cara Heiden, division president of Wells Fargo Home Mortgage, said a significant portion of the servicing growth came from the company’s purchase of Washington Mutual’s portfolio of government mortgage servicing and a portion of its conforming, fixed-rate servicing portfolio, with loans totaling about $140 billion and representing about 1.3 million servicing customers.

Prudential, National team up

Prudential Financial Inc. has signed a sales partnership agreement with National LTC Network Inc., a long-term care insurance marketing organization.

Prudential had about $616 billion of assets under management as of Dec. 31.

IRS starts taxpayer panel

The Internal Revenue Service is seeking volunteers for its Taxpayer Advocacy Panel.

The mission of the panel is to listen to taxpayers, identify issues and make recommendations for improving IRS service and customer satisfaction. Members identify and prioritize taxpayer issues, report annually to the Treasury Department, the IRS and the National Taxpayer Advocate, participate in meetings where taxpayers are invited to discuss issues about their experiences with the IRS and participate in taxpayer outreach opportunities by talking to individuals and groups about the panel.

Applications will be accepted at www.improveirs.org through April 30. If you do not have access to a computer, call (888) 912-1227 to request a paper form.

Online tax filing up

More consumers are filing their taxes online, and fewer are concerned about Internet security, according to a survey conducted by The Conference Board and Taylor Nelson Sofres PLC.

This year, 39 percent of consumers intend to file their federal tax returns online, up from 28 percent three years ago.

Among consumers intending to file their taxes online, nearly 40 percent said they will use a professional tax service, with women more likely than men to seek assistance. The number of online filers using IRS e-file has declined since 2004, in part because the pool of eligible filers is shrinking because of the increased complexity in returns and more alternatives have become available.

Consumers also are less concerned about security when filing taxes online. Only 43 percent of Internet users are “extremely” concerned about filing taxes online, down from 52 percent in 2004.

Last year, more than 70 percent of online tax filers chose to receive their refund by direct deposit while 18 percent requested a check.

Among those who do not file online, the leading reason cited is that the consumer does not do his/her own taxes (34 percent). Coming in second (23 percent) were concerns about providing personal information on the Internet.

J.P. Morgan

Ziegler Exchange Traded Trust has selected J.P. Morgan Worldwide Securities Services to provide fund accounting and administration and transfer agency and custody services for the NYSE Arca Tech 100 Exchange-Traded Funds.

The ETF represents 100 companies in the technology field and related industries.

Charities see increases

Nearly seven in 10 charities raised more money last year than during 2005 and almost a quarter saw fundraising increases of 50 percent or higher, according to figures released by the Association of Fundraising Professionals.

The 69 percent figure represents a six-point increase and is the highest in the six-year history of the survey.

Lorna Gutierrez covers banking and finance for the Colorado Springs Business Journal.