Colorado Springs Financial Briefs: November 30, 2007

Compass index portends slowing economic growth

The Compass Bank Colorado Business Leaders Confidence Index dipped from 55.6 to 47.9 for the fourth quarter of 2007.

National economic performance, along with pessimism about hiring and capital expenditures, drove the index to a record low.

Although BLCI panelists believe the state economy will outperform the national economy, it is important to note that Colorado's performance is closely linked to the national outlook and is expected to expand at a slower rate than during recent months.

On a positive note, Colorado appears to have pushed its way through the housing slump and should continue to see improvement through the second half of 2008.

"Our panelists' cautious outlook seems to reflect the economic uncertainty currently at play throughout the nation," said Rafael Bustillo, president of Compass Bank in Denver.

Compass Bank is a Sunbelt-based financial institution and operates 33 full-service banking centers in Colorado.

Mobile banking in time for the holidays

FirstBank clients have a new tool, Mobile Banking, to help them manage their money during the holidays.

The service gives FirstBank's Internet banking customers the ability to check account balances and transfer money using their mobile phones.

Currently, Mobile Banking is available only to AT&T Wireless customers. However, Verizon customers will be able to gain access to the service by the end of the year.

A six-digit personal identification number is required to access account information, which is secure even if a phone is lost or stolen, because only the last account balance and a truncated account number are stored in the phone -- similar to the information found on an automated teller machine receipt.

Rob Chaney, executive vice president of FirstBank Data Corp. said that even when mobile users are out of cell phone range, they can still make the transaction, which will transmit later.

"We think Mobile Banking will immediately appeal to the younger demographic -- the 16- to 24-year-olds who text message and carry cell phones but not check books -- and to early adopters of technology," Chaney said.

To register for Mobile Banking, FirstBank customers must log into their Internet Banking accounts, and from the Customer Service tab, select Mobile Banking and then Enroll.

For more information about the program, visit www.efirstbank.com/ mobile, call (800) 964-3444 or stop by one of the nine offices in El Paso County.

FirstBank is Colorado's largest locally owned bank and has $8.6 billion in assets.

FINRA offers online credit management to troops

The FINRA Investor Education Foundation is offering BrightScore, an online credit management tool, free to active duty military personnel and their spouses.

BrightScore provides a detailed analysis about which aspects of a user's credit history positively or negatively affect his or her credit score, and what impact the credit score has on interest rates for loans and credit cards.

BrightScore also provides a personalized action plan to improve a user's credit rating -- including access to financial counselors.

Service members can obtain access by visiting their military installation personal financial manager or visiting www.saveandinvest.org/military.

BKD offers free Webcast for nonprofits

BKD is offering a free, one-hour Webcast for nonprofit organizations and government agencies from 6 to 9 a.m. Dec. 6 at www.bkd.com/industry.

The registration deadline is Dec. 5.

The Webcast will include information about Internal Revenue Service initiatives and areas of audit focus, and implications of the new draft Form 990 and how to prepare for the change. For more information about Form 990 changes, see page 12.

Allstate opens new branch

Allstate Insurance Co. has opened a new branch at 6775 Rangewood Drive, Suite 20.

Office hours at the Gisi Insurance Agency, operated by James Gisi, are 9 a.m. to 6 p.m., Monday through Friday, and by appointment Saturdays and evenings.

Rebecca Tonn covers banking and finance for the Colorado Springs Business Journal.

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