Sacramento Blogs

Folsom Lake Bank announced that it has joined the MoneyPass ATM nationwide network. Customers now have surcharge free access to cash from over 12,000 ATMs nationwide. Within a 10 mile radius customers will find 19 ATM locations to obtain cash without paying a surcharge. It’s the small things that make a big difference in life like access to an ever growing network of ATMs in thousands of locations coast to coast.
MoneyPass is a network of Elan Financial Services, one of the nation’s leading providers of complete outsourced solutions for payments, ATM and debit card processing for financial institutions. MoneyPass provides nearly 12,000 surcharge-free ATMs across the United States.

Folsom Lake Bank is a locally owned and locally operated, full service commercial banking organization focusing on small business owners, professionals and individuals in the communities surrounding Folsom Lake.

The California Bankers Association has a new chief executive, Rodney Brown, who spent the last 12 years as president and chief executive of Montecito Bank & Trust in Santa Barbara.

The California Bankers Association was founded in 1891 and is one of the largest state banking trade associations in the nation. Its membership is comprised of more than 300 institutions.

A number of River City Bank customers have complained about the level of customer service received from River City Bank, espicially at the Natomas office. Complaints range from inept service from their private banker to excessive minor service fees in the online banking department.

The complaints come from long time customers of the bank.

Folsom Lake Bank completed its first quarter of operations with a loss of $481,598, which was anticipated.

The new Folsom Lake Bank opened April 2 on Folsom’s historic Sutter Street. The bank ended the quarter with assets of $19.6 million. The loss was attributed to start up costs.

Bank of America is increasing its automated teller machine fees at its banks to non-customers from $2.00 to $3.00.

The increase also doesn’t apply to ATMs at off-site locations, such as convenience stores, airports and malls.

Mortgage rates dropped slightly this week on lower bond yields, Freddie Mac said Thursday.

The mortgage lender said 30-year fixed-rate mortgages averaged 6.68 percent this week, down from 6.69 last week. Last year, 30-year FRMs averaged 6.63 percent. One-year adjustable rate mortgages averaged 5.59 percent this week, down from 5.69 percent last week. Last year, 1-year ARMs averaged 5.69 percent.

Lower interest rates could help stimulate the Sacramento real estate market.

Genworth Financial is buying local Sacramento reverse mortgage company Liberty Reverse Mortgage Inc. for $50 million in cash.

Liberty Reverse Mortgage, a 2003 startup in Rancho Cordova, is now one of the largest originators of reverse mortgages in the United States. It also has a division that buys reverse mortgages from other mortgage companies.

A reverse mortgage allows homeowners age 62 and over to borrow against their home equity. The loan is insured to guarantee payment, and it doesn’t end until the homeowner sells the house, moves or dies.

The company was started by Scott Hanson and Pat McClain, who also own Hanson McClain Retirement Planning. They are the majority owners of Liberty, which they spun off as a separate company.

Genworth Financial will merge Liberty into its subsidiary Senior Financial.

Genworth Financial is a financial security company that offers retirement, mortgage insurance and other products to its 15 million customers.

Stockmans Bank saw profits decline in the first half of the year, falling 21 percent from earnings of $5.8 million at June 30, 2006 to $4.6 million at the same time this year.

Stockmans recently launched a new branch in North Natomas, which came with immediate expenses and hasn’t yet built up assets and deposits to be profitable. Like most Sacramento community banks, it is operating in an financial environment where there is fierce competition for both deposits and loans.Stockmans has offices in Elk Grove, Folsom, Rocklin, Galt and North Natomas.