Archive for the ‘Banking & Finance’ Category
Small-business owners who lament they cannot access enough capital to buy inventory or expand their businesses now have an economic report to confirm their complaints.
The National Small Business Association 2010 Mid-Year Economic Report shows that the lack of small-business access to capital is getting worse, not better.
Nearly one-third of small-business owners surveyed said a lack [...] [...]
At a time when many businesses are battening down the hatches, Freedom Financial Services has entered a growth mode.
Between 2007 to 2008, the company nearly doubled its loan volumes to become the largest overall mortgage lender in southern Colorado. Last year, it was the largest locally owned mortgage company in southern Colorado, according to President [...] [...]
by Rebecca Tonn Published: July 30,2010
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Second-quarter earnings at Colorado Springs largest locally based banks are a mixed bag.
Following the national trend, some are up and some are down.
At 5 Star Bank, second-quarter earnings were listed at $7.47 million, an increase over 2009.
But it was the sale of assets that most contributed to the increase, said Senior Vice President Randy Rocha.
At [...] [...]
In what the Colorado Banking Association has called a “controversial, last-minute bank-assessment tax,” Congress has asked banks to cover the costs of the new Consumer Financial Protection Bureau.
The bank would do so by increasing the deposit insurance fund of the Federal Deposit Insurance Corp.
Of course, increasing the insurance fund means asking banks to cough up [...] [...]
Pikes Peak National Bank will operate under the close scrutiny of federal regulators for at least the next three years as it battles a rising tide of delinquent loans.
The Colorado Springs-based bank, which has three branches, has been under a consent order issued by the U.S. Office of the Comptroller of the Currency since April [...] [...]
by Rebecca Tonn Published: June 26,2010
Tags: banking, Bauer
The economy is slowly recovering, but several locally chartered banks are still struggling to regain their footing after a downturn that left them with piles of loans gone bad.
According to the latest ratings from BauerFinancial, a widely watched service that tracks the industry, six banks in the region received two or fewer stars. A five-star [...] [...]
by Rebecca Tonn Published: June 26,2010
Tags: banking, Bauer
The banking industry in Colorado has seen better days, to be sure. But when compared to banks in the West, Colorado’s financial institutions have fared relatively well.
The Federal Deposit Insurance Corp.’s latest profile for Colorado showed that, for the 145 institutions in Colorado, return on assets — a measure of profitability — increased 0.63 percent.
It’s [...] [...]
In the midst of negotiations with a landlord for new office space, Lisa Hamilton needed a loan.
Four large banks refused to lend her the money without SBA funding — but she didn’t have time for that lengthy process.
An optometrist, she owned two Pearle Vision franchises and wanted to open a third location.
Hamilton needed the money [...] [...]
The risk of small-business owners being audited by the Internal Revenue Service has increased dramatically.
As unsettling as that might sound, the IRS’ bark may be worse than its bite, because what hasn’t risen dramatically are the number of audits that have yielded any more dollars for the IRS.
Nonetheless, the government has increased the number of [...] [...]
by Rebecca Tonn Published: April 10,2010
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Banks have come under fire recently for charging triple-digit interest rates on short-term loans.
The bankers say they are meeting a need.
Consumer advocates, however, say banks are gouging their most vulnerable consumers.
“It’s a more aggressive move by banks to do what anyone else calls ‘payday loans,’” said Uriah King, vice president of state policy at the [...] [...]
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