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National City CEO sees mortgage banking profitable
NEW YORK, April 30 (Reuters) - National City Corp. (NCC.N: Quote, Profile, Research Chief Executive David Daberko on Monday said he expects mortgage banking at the eighth-largest U.S. bank to be "in the black" in coming quarters, excluding the impact of hedging, as problems afflicting the subprime mortgage begin to abate. Earlier Monday, the Cleveland-based bank said first-quarter profit fell 30 percent to $319.2 million, or 50 cents per share, less than analysts on average had forecast. It attributed some of the shortfall to charges from mortgages it kept after selling its First Franklin Financial Corp. subprime lending unit late last year to Merrill Lynch & Co. (MER.N: Quote, Profile, Research. "We would expect to be in the black in future quarters" in mortgage banking, Daberko said in an interview.
Misplaced trust costs $100000
TAMPA - The two men stood on a front lawn they both thought was theirs. They avoided eye contact and did not speak. A sheriff's deputy took the house key from one man and told him he risked a trespassing charge if he returned. "I understand," the man said, before driving away. The other man walked into the home he had once made beautiful and found it in disrepair. "He was my best friend," he said of the man who had left. Now he felt like killing him. * * * Merrill Roberts, 65, lost his 2,277-square-foot Dana Shores home in 1997 to Nicholas Drossos, the man he called his best friend. He spent much of the past decade battling to get it back. On March 9, Circuit Judge Claudia Isom determined that Drossos had obtained Roberts' home through "willful and deliberate fraud." She ordered Drossos out.
Wales emerges as property hotspot
Wales has emerged as a boom region in the buy-to-let market, according to experts in the industry surveying trends in the market.Wales has emerged as a boom region in the buy-to-let market, according to experts in the industry surveying trends in the market.In news that may be of interest to those looking to expand their buy-to-let property portfolios, figures have emerged showing how the Welsh market is growing.Paragon Mortgage's buy-to-let index indicates that rent yields in Wales are up 33 per cent in the last quarter and buy-to-let property prices have risen 18 per cent, reports easier.com.This contrasts with the rest of the UK, where no other region has seen yields rise more than seven per cent.Paragon's managing director John Heron said: "Investors have been enjoying steady rises in rental yields over the past few months, up from 6.3 per cent to 7.1 per cent in one quarter.""With a positive economic backdrop underpinning growth in tenant demand, it is not surprising that Wales is the country's top performer in terms of yield," he added.One example of a growing property market is the city of Swansea, according to local estate agent John Francis.Its managing director Terry Carr said there was "strong investor business" on the rapidly developing waterfront, with much of this being in the buy-to-let sector.
National City to acquire MidAmerica Bank's parent company
National City Corp. has reached a definitive agreement to acquire MAF Bancorp Inc., which had acquired St. Francis Capital Corp., the former parent company of St. Francis Bank, in 2003. Clarendon Hills, Ill.-based MAF has $11.1 billion in total assets and is the holding company for MidAmerica Bank, which operates 82 branches throughout the Chicago and Milwaukee markets. MidAmerica Bank is the 11th largest banking institution in the Chicago market with $5.7 billion in deposits and 58 branches. The transaction also marks Cleveland, Ohio-based National City's entrance into Wisconsin. With 24 branches and $1.3 billion in deposits in Milwaukee, MidAmerica currently is the fifth-largest bank in this market. "The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years.
4-H'ers participate in Outdoor O'Rama
Baxter County 4-H members recently participated in Baxter County Outdoor O'Rama where they were tested in bicycle, bait casting and BB gun shooting skills. The three activities were accompanied by a written safety and identification test. Winners included: .
Community Central Bank Corporation Announces Q1 Earnings
MOUNT CLEMENS, Mich., May 3 /PRNewswire-FirstCall/ -- Community Central Bank Corporation CCBD, the holding company for Community Central Bank, today reported earnings for the quarter ended March 31, 2007. Net income for the first quarter of 2007 was $658,000, or $0.16 per diluted share, down 6.4% from $703,000, or $0.17 per diluted share for the first quarter ended 2006. David A. Widlak, President and CEO commented, "Despite the challenging banking environment we have faced, we are pleased with our progress in executing our business plan initiatives. The banking industry as a whole continues to be challenged by a difficult interest rate environment and we continue to see signs of economic stress in our marketplace. We are encouraged that one of our key initiatives, diversification of our revenue base, has continued to progress through our continued growth in our trust and wealth management divisions." In connection with reporting its first quarter earnings, Community Central Bank Corporation announces its early adoption of the financial accounting fair value standards, SFAS 159 and concurrent adoption of SFAS 157.
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