Colorado Springs Financial Briefs: June 29, 2007

Two banking trade groups, the American Bankers Association and America's Community Bankers, said this week that their boards have agreed to pursue a merger. The merger is expected to be finalized by the fourth quarter.

The new trade group will be called the American Bankers Association.

Ed Yingling will remain as ABA president and chief executive officer. Diane Casey-Landry, president and chief executive officer of America's Community Bankers, will be executive vice president and chief operating officer.

"This merger is all about benefiting the members, present and future," Yingling said. "No bank will pay more in dues tomorrow than it is paying today, and we would expect that banks will generally pay less in dues under the new structure being developed."

The merger of the two large trade groups, which direct much of the industry's lobbying and outreach efforts, mirrors the mergers that have happened between many of the country's largest banks during the last 20 years. Both Washington-based organizations have existed for more than 100 years.

The American Bankers Association represents banks of all sizes. America's Community Bankers represents mainly thrifts.

Colorado credit union report

BauerFinancial Inc., a company which analyzes and reports about the financial condition of the nation's banks and credit unions, has released a report about credit unions in Colorado. Here are the highlights:

Air Academy Federal Credit Union: five-star rating, $305.74 million in assets

Colorado Springs Credit Union: four-star rating, $116.98 million in assets

Ent Federal Credit Union: five-star rating, $2.24 billion in assets

Fitters Local 58 Federal Credit Union: two-star rating (up from one-star rating during the last quarter of 2006), $4.68 million in assets

Harrison District No. 2 Federal Credit Union: five-star rating, $10.94 million in assets

Independent Group Credit Union: two-star rating (down from three- star rating during the last quarter of 2006), with $7.68 million in assets

Mowry Credit Union: not rated, $311,000 in assets

One Thirteen Credit Union: four-star rating, $9.15 million in assets

Pikes Peak Credit Union: four-star rating, $44.72 million in assets

School District 3 Federal Credit Union: five-star rating, $13.79 million in assets.

New mortgage products

Colorado Springs-based Ent Federal Credit Union has added a new mortgage product from Fannie Mae called "My Community" mortgages.

My Community provides 30-year fixed rate mortgages, 5/1 adjustable rate mortgages and a 5/1 interest first adjustable rate mortgages.

New branch

First Community Bank has opened a branch at 3711 JFK Parkway in Fort Collins.

It is the bank's 22nd Colorado location and second Fort Collins location.

Ted Ray is the manager.

Revised form schedule

The Financial Crimes Enforcement Network has delayed the implementation of the revised Suspicious Activity Report by Depository Institutions form.

The revised form was scheduled to take effect June 30. The new implementation date has yet to be determined.

The form is being revised to standardize it with Suspicious Activity Reports used by financial institutions in other industries, and to facilitate joint filing with other depository institutions.

This announcement does not impact ongoing Bank Security Act filing requirements. Financial institutions should continue to report suspicious activity by using the current Suspicious Activity Report by Depository Institutions form.

Bogus cashier's checks

The following banks have recently contacted the Federal Deposit Insurance Corp. to report that counterfeit cashier's checks bearing the institution's name are in circulation:

*Oritani Savings Bank, Township of Washington, N.J.

*Sandy Spring Bank, Olney, Md.

*First State Bank, Noble, Okla.

*Timberland Bank, Hoquiam, Wash.

*Peoples Bank & Trust Co., Manchester, Tenn.

*Pleasant Hill Bank, Pleasant Hill, Mo.

Changing check operations

The Federal Reserve Banks have changed their check operations because consumers and businesses continue the shift from using paper checks to electronic payments.

As part of a long-range strategy, the Federal Reserve Banks have selected Philadelphia, Cleveland, Atlanta and Dallas as regional check processing sites. The banks are expected to provide the full range of check processing services through at least mid-2011. Other sites will have their operations reduced.

The scaled-back sites will print substitute checks, but some also will capture paper checks. The regional sites will provide a full range of check processing services and receive processing volumes from the other sites in a phased transition.

These changes are expected to begin in 2008, and the Reserve Banks will continue to review the check infrastructure annually to respond to further change within the nation's payments system and to meet statutory requirements for long-term cost recovery.

Copyright 2007 Dolan Media Newswires
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