Mortgage Blog
Restructuring at Northwest Bank leads to big leap in net income
The decision to simplify business operations appears to be working in the favor of Northwest Bancshares Inc.
The parent company of Northwest Bank (NASDAQ: NWBI) reported first-quarter net income of nearly $25 million – up 40.8 percent compared to the year-ago period when net income totaled $17.7 million. Earnings per share rose to 24 cents from 17 cents a year ago.
In a release, chairman and CEO William Wagner said the bank is “pleased that the strategies employed over the past two years to…
Wells Fargo exec was committed to community
Friends and family of Jennifer Riordan are honoring the Wells Fargo executive who died Tuesday when a Southwest Airlines jet's engine exploded midair.
The aircraft was en route from New York LaGuardia to Dallas Love Field, according to Southwest, when one of its engines exploded, shooting shrapnel and debris into the fuselage.
Riordan, vice president of community relations, was a widely-known leader in the New Mexico business community with deep philanthropic roots there.
Riordan's family…
Longtime Raymond James executive plans a new career chapter
Dennis Zank, chief operating officer at Raymond James Financial Inc., will retire as an officer of the company on Sept. 30.
But Zank, who was 63 years old when the company issued its annual report in November and has worked for Raymond James (NYSE: RJF) for 40 years, is not ready to give up working. He will continue to be affiliated with the St. Petersburg-based financial services firm as a financial advisor in a local branch, following a transition of duties, the company said in a press release.
Zank…
Founder steps down from Houston’s biggest health care PE firm
Currently, the firm has more than $3 billion in assets across three funds.
L.A. fintech startup Tala raises $65 million to expand mobile micro loans
Ten dollars doesn’t sound like a lot of money in the U.S. You might lend 10 bucks to a friend for lunch and not bat an eye.
But it can make a world of difference to small-business owners in markets such as Kenya.
Fintech startup Tala launched its mobile lending app in that African country in 2014 and, with expansions to Tanzania, the Philippines and Mexico, has delivered more than 6 million loans to nearly 1.3 million customers totaling $300 million.
Now the Silicon Beach company has raised…
Chicago investment advisor gets 12 years in prison for defrauding elderly
A Chicago investment advisor will spend more than 12 years in prison for stealing $5.2 million from clients, including his own in-laws.
Daniel Glick, 65, was found guilty of stealing from clients and financial institutions from 2011 to 2017, according to the U.S. Attorney’s Office of the Northern District of Illinois.
The Orland Park, Illinois-based advisor used some of the ill-gotten cash on a mortgage and a luxury car, prosecutors said.
U.S. District Judge Robert W. Gettleman sentenced Glick…
Bank on Buffalo picks downtown landmark for HQ
Less than two years after its launch Bank on Buffalo has announced it will place its regional headquarters at the Electric Tower on Washington Street.
Company officials confirmed plans to settle into the landmark structure with plans to renovate space on the seventh floor to accommodate executive offices, a boardroom, and space for staff and other operations. The bank will use some 15,000 square feet and expects it to be ready by fall.
The bank opened its first office at the Electric Tower with…
UBS expanding private wealth capabilities in Pittsburgh
“This is us putting our stake in the ground.”
Local lender’s request for regulatory relief draws sharp criticism
Appraisers are punching back after a local lender asked regulators for a one-year waiver of mandated appraiser requirements, citing a lack of available appraisers.
In November, Dickson-based TriStar Bank began the waiver process, with CEO Ted Williams telling regulators the region’s boom had impacted the bank’s ability to get appraisals done in a reasonable amount of time, which was negatively impacting its clients. Banks are required to have properties appraised before doing any real estate-related…
CBJ Morning Buzz: Charlotte among nation’s best cities for high salaries, low costs; New bank coming to town
In local news:
Once again, the Queen City has earned high marks for the quality of life it offers, landing at No. 10 on a recent ranking by GOBankingRates.com of the best places to live nationwide. The study highlights 12 cities — out of 270 locales analyzed — that boast high salaries and low costs of living, with necessities such as rental rates, grocery prices and utilities taken into consideration. Raleigh also made the list, trailing Charlotte at No. 12, while Durham came in at No. 5.
Charlotte…