September 3, 2015 · Small Business Loans · (No comments)

A number of research firms have changed their ratings and price targets for On Deck Capital (NASDAQ: ONDK):

  • 8/18/2015 On Deck Capital was upgraded by analysts at Zacks from a hold rating to a buy rating. They now have a $11.00 price target on the stock. According to Zacks, On Deck Capital, Inc. is an on-line platform that uses a big data, analytic model to source, underwrite, and fund loans to small businesses. The Company offers online tools and resources including data aggregation and electronic payment technology, and to evaluate the health of small businesses. Its small business loans include dental loans, restaurant loans, medical financing, restaurant financing, fast small business loans, fast small business financing, online small business loans, online applications for small business loans, small business loans online, retail capital, fast small business financing, short-term business loans, business equipment financing, small business equipment financing and merchant cash advance. On Deck Capital Inc. is based in United States.
  • 8/17/2015 On Deck Capital was downgraded by analysts at Zacks from a buy rating to a hold rating. According to Zacks, On Deck Capital, Inc. is an on-line platform that uses a big data, analytic model to source, underwrite, and fund loans to small businesses. The Company offers online tools and resources including data aggregation and electronic payment technology, and to evaluate the health of small businesses. Its small business loans include dental loans, restaurant loans, medical financing, restaurant financing, fast small business loans, fast small business financing, online small business loans, online applications for small business loans, small business loans online, retail capital, fast small business financing, short-term business loans, business equipment financing, small business equipment financing and merchant cash advance. On Deck Capital Inc. is based in United States.
  • 8/12/2015 On Deck Capital is now covered by analysts at Keefe, Bruyette Woods. They set a market perform rating and a $14.00 price target on the stock.
  • 8/5/2015 On Deck Capital had its price target lowered by analysts at Bank of America from $27.00 to $23.00. They now have a buy rating on the stock.
  • 8/5/2015 On Deck Capital had its price target lowered by analysts at Pacific Crest from $28.00 to $18.00. They now have an overweight rating on the stock.
  • 8/5/2015 On Deck Capital had its price target lowered by analysts at Stifel Nicolaus from $24.00 to $17.00. They now have a buy rating on the stock.
  • 8/4/2015 On Deck Capital had its price target lowered by analysts at Bank of America from $27.00 to $23.00. They now have a buy rating on the stock.
  • 8/4/2015 On Deck Capital had its price target lowered by analysts at Needham Company LLC from $28.00 to $19.00. They now have a buy rating on the stock.
  • 8/4/2015 On Deck Capital had its buy rating reaffirmed by analysts at BTIG Research.
  • 8/4/2015 On Deck Capital had its sell rating reaffirmed by analysts at Compass Point. They now have a $10.00 price target on the stock, down previously from $12.00.
  • 8/4/2015 On Deck Capital had its buy rating reaffirmed by analysts at Pacific Crest. They now have a $18.00 price target on the stock, down previously from $28.00.
  • 8/4/2015 On Deck Capital was downgraded by analysts at Deutsche Bank from a buy rating to a hold rating. They now have a $14.00 price target on the stock.
  • 8/4/2015 On Deck Capital had its price target lowered by analysts at Stifel Nicolaus from $24.00 to $17.00. They now have a buy rating on the stock.
  • 7/31/2015 On Deck Capital is now covered by analysts at Canaccord Genuity. They set a buy rating and a $22.00 price target on the stock.
  • 7/28/2015 On Deck Capital had its buy rating reaffirmed by analysts at BTIG Research. They now have a $25.00 price target on the stock.
  • 7/20/2015 On Deck Capital was upgraded by analysts at Zacks from a hold rating to a buy rating. They now have a $14.00 price target on the stock. According to Zacks, On Deck Capital, Inc. is an on-line platform that uses a big data, analytic model to source, underwrite, and fund loans to small businesses. The Company offers online tools and resources including data aggregation and electronic payment technology, and to evaluate the health of small businesses. Its small business loans include dental loans, restaurant loans, medical financing, restaurant financing, fast small business loans, fast small business financing, online small business loans, online applications for small business loans, small business loans online, retail capital, fast small business financing, short-term business loans, business equipment financing, small business equipment financing and merchant cash advance. On Deck Capital Inc. is based in United States.
  • 7/18/2015 On Deck Capital had its price target lowered by analysts at Deutsche Bank from $25.00 to $18.00. They now have a buy rating on the stock.
  • 7/16/2015 On Deck Capital had its buy rating reaffirmed by analysts at BTIG Research. They now have a $25.00 price target on the stock.
  • 7/16/2015 On Deck Capital had its buy rating reaffirmed by analysts at Deutsche Bank. They now have a $18.00 price target on the stock, down previously from $25.00.
  • 7/14/2015 On Deck Capital had its price target lowered by analysts at Stifel Nicolaus from $28.00 to $22.00. They now have a buy rating on the stock.
  • 7/2/2015 On Deck Capital had its sell rating reaffirmed by analysts at Rafferty Capital Markets.

Shares of On Deck Capital Inc (NASDAQ:ONDK) opened at 8.69 on Wednesday. The stocks market capitalization is $604.71 million. On Deck Capital Inc has a 52 week low of $8.63 and a 52 week high of $28.98. The stock has a 50 day moving average of $11.23 and a 200-day moving average of $15.80.

On Deck Capital (NASDAQ:ONDK) last released its earnings results on Monday, August 3rd. The company reported $0.10 EPS for the quarter, topping the analysts consensus estimate of $0.06 by $0.04. The company earned $63.31 million during the quarter, compared to analyst estimates of $59.92 million. The firms revenue for the quarter was up 78.3% on a year-over-year basis. During the same quarter last year, the business earned $0.29 earnings per share. On average, equities research analysts expect that On Deck Capital Inc will post $0.02 EPS for the current year.

On Deck Capital, Inc. is an online platform for small business lending. The Company aggregates and analyzes data points from disparate data sources to assess the creditworthiness of small businesses. Small businesses apply for a term loan or line of credit on the Companys Website and, using its OnDeck Score, the Company makes a funding decision and transfers the funds. The Company offers two products to small businesses to access capital: term loans and lines of credit. The Companys end-to-end integrated platform includes the Companys Website, which allows small businesses to apply for a loan in minutes, around the clock; data and analytics engine, analyzes thousands of data attributes from disparate sources to assess the real-time creditworthiness of a small business; the technology, which offers seamless funding of loans, and daily and weekly collections and ongoing servicing system.

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September 3, 2015 · Small Business Loans · (No comments)

The Washington Co. Industrial Development Authority (WashCo IDA) has granted $250K to the Southeast Economic Development Fund, Inc. (SEED$) to be used for loans to small businesses in Washington County. These small businesses may include start-ups, existing and expanding small businesses.

“We want to get the word out to as many residents of Washington County as possible and to those who may live outside the county but own small businesses in Washington Co. Our mutual goal is to grow strong businesses that create new jobs, states Janey Radford, Business Development Coach, SEED$. “This is just a start, for what our plans are for Washington Co.”

Radford says there is also a business competition in the works, and efforts to engage the whole community to create a culture of innovation where new businesses are more apt to form.

The Washington County IDA has dedicated their efforts to promote the economic prosperity of the county by working through public and private sectors for the overall benefit of its citizens. Providing a range of services and products which support local economic development and providing technical assistance and policies promoting expansion and retention of businesses and industries is just a part of work in the county.

SEED$ provides technical assistance, business services and small business loans to entrepreneurs and small businesses. SEED$ is a subsidiary of East Missouri Action Agency.

September 2, 2015 · Financial Partners · (No comments)

University of Memphis Lambuth, Collierville Campuses Set Records

Two University of Memphis satellite campuses have set enrollment records for the fall semester.

The schools Lambuth campus in Jackson, Tenn., has 913 students taking classes this fall, up about 11 percent from 829 in fall 2014.

Lambuth campus enrollment has grown steadily since the U of M acquired Lambuth University in 2011. That year, enrollment was 250. It rose to 581 in fall 2012 and 695 in fall 2013.

Niles Reddick, vice provost of the Lambuth campus, said the schools marketing and recruiting efforts are paying off, and it will tailor an effort this year to grow its out-of-state student population.

In Collierville, the U of M has 670 students taking classes this fall, an increase of 18 percent compared to fall 2014. The number of course sections offered there has grown about 35 percent, from 63 last fall to 85 this year.

The campus is located at Poplar Avenue and Peterson Lake. The university moved into its 27,000-square-foot facility there in January.

Learn more about Richard Irwin

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Watch Service>Richard Irwin, academic innovation and support services vice provost, said the goal of the campus is to significantly reduce, if not eliminate, the need to visit the main campus for students choosing to fulfill degree requirements at the U of M Collierville Center.

Daily News staff

Raw Girls Food Truck Parking At Eclectic Eye This Weekend

The Raw Girls food truck has changed the location of where it will be parked this weekend.

Instead of Muddys Grind House in Cooper-Young, the truck will be parked nearby in the neighborhood, at Eclectic Eye, 242 S. Cooper.

The trucks hours there will be 8 am to 4 pm on Friday and Saturday.

The relocation is a result of the truck being asked to vacate Overton Square, where it had been a fixture of late, and find an alternative spot to operate.

Andy Meek

First South Financial Enhances Mobile Offerings

Bartlett-based First South Financial Credit Union has enhanced its mobile banking app with a package of services that includes the mobile bill payment solution Picture Pay.

With it, members can pay a bill by taking a photo of it with their mobile device. First South handles the back-end work of confirming the billers information and processing the payment.

First Souths mobile features also include using a consumers fingerprint for authentication instead of their mobile banking password, as well as remote check deposit.

In other First South news, the credit union recently was named one of the Top 200 Healthiest Credit Unions in America by online banking publication DepositAccounts.

First South was joined on the list by another Memphis-area institution, Memphis City Employees Credit Union.

Andy Meek

Celtic Crossing Names New Head Chef

Celtic Crossing Irish Pub and Restaurant has a new head chef.

Hes Will Renick, whose first initiative was the expansion of Celtics brunch to Saturdays. That kicked off Aug. 8 to coincide with the start of the English Premier League soccer season.

Renick joined the Celtic team in 2012 as sous chef.

Weve heard from customers for years that our brunch is among the best in the city, so Wills idea to expand to Saturday was an easy decision to make, Celtic Crossing owner DJ Naylor said in a release about the news. Now that we are smoke-free, we want families to enjoy our brunch all weekend long.

Celtic is open Monday through Friday from 11 am to 3 am and on Saturdays and Sundays from 10:30 am to 3 am

Andy Meek

Banks with Memphis Ties On List of lsquo;Best to Work For

Financial industry publication American Banker has named Pinnacle Financial Partners the No. 3 best bank to work for in the country.

Nashville-based Pinnacle is set to close in the third quarter on its merger with Memphis-based Learn more about Magna Bank

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Watch Service>Magna Bank. This is the third year in a row Pinnacle has earned a spot in the magazines top three.

Pinnacle earned the No. 1 spot in 2013 and No. 2 spot in 2014.

Memphis-based Learn more about First Horizon National Corp

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Watch Service>First Horizon National Corp. also made the list, coming in at No. 24. First Horizon is the parent company of Learn more about First Tennessee Bank

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Watch Service>First Tennessee Bank.

To be considered for participation, firms had to have at least 50 employees working in the US and be a commercial bank, thrift, mutual association, mutual savings bank, savings and loan association or a savings bank.

Determining which institutions make the list is a two-step process. The first consists of evaluating each participating banks workplace policies, practices and demographics. That part of the process is worth about 25 percent of the total evaluation.

The second part is based on employee surveys aimed at assessing the experiences and attitudes of individual employees with respect to their workplace. Thats worth about 75 percent of the total evaluation.

The combined scores determined the top banks and final ranking.

Andy Meek

Breast Cancer Screening Program Launches in Memphis

A new program launching this weekend in Memphis seeks to make breast cancer screening a priority in the African-American community.

SisterPact is a community education program that will work to make African-American women commit to get a mammogram and encourage a close friend or family member to do the same.

It also will provide a directory of more than 70 local and national screening resources.

A group of local, statewide and national health care and community leaders will launch SisterPact Saturday, Aug. 29. The health care event will be at the Kroc Center, Learn more about 800 East Parkway

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Watch Service>800 East Parkway S., from 11 am to 2 pm Visit sisterpact.com for more information.

Daily News staff

Former TV Judge Joe Brown Turns Self in for Jail Sentence

Former TV judge Joe Brown has surrendered to Tennessee deputies to begin serving a five-day jail term for contempt of court.

The Commercial Appeal reports Brown turned himself in Thursday to Shelby County deputies.

Brown was charged with contempt after an outburst in Juvenile Court in March 2014. In a ruling issued Aug. 14, the Tennessee Supreme Court denied Browns application to appeal a Court of Appeals ruling that had upheld the sentence handed down by Magistrate Judge Learn more about Harold Horne

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Watch Service>Harold Horne following a verbal exchange with Brown.

The Associated Press

Judge Upholds Tennessee Lethal Injection Method

A Tennessee judge on Wednesday upheld the states lethal injection process for executing inmates.

Davidson County Chancery Judge Claudia Bonnyman said from the bench that the plaintiffs, 33 death row inmates, didnt prove that the one-drug method led to a painful and lingering death. She also said the plaintiffs didnt show during a lengthy trial that there have been problems in states where the method has been used.

Plaintiffs attorney Learn more about Kelley Henry

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Watch Service>Kelley Henry said they plan to appeal.

Attorney General Herbert Slatery said in a statement he hoped the families of victims would be comforted by the ruling.

The State of Tennessee has worked very hard to make sure the protocol used is reliable and humane, today the Court recognized that, the statement said.

Tennessees protocol calls for the use of pentobarbital mixed to order by a pharmacist, because the only commercial producer of the drug has placed restrictions on its distribution to prevent it from being used in executions. Tennessee has not executed an inmate for more than five years because of legal challenges and problems in obtaining lethal injection drugs.

Lawmakers moved from a three-drug lethal injection method to a one-drug method and to reinstate the electric chair as a backup. Both changes brought challenges, and all previously scheduled executions have been put on hold.

Although Tennessee has yet to carry out an execution using compounded pentobarbital, state attorney Learn more about Scott Sutherland

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Watch Service>Scott Sutherland has said that Texas, Ohio and Georgia have had more than 30 successful and painless executions with that drug.

The Associated Press

September 2, 2015 · Financial Partners · Comments Off on Dividend Stock Focus: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Dividend Stock Focus: Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

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September 2, 2015 · Getting A Mortgage · Comments Off on For military veteran, a mortgage-free home – and a shout-out from Tim McGraw

Tim Wall will remember Thursday’s Tim McGraw concert in Jacksonville as more than the chance to see one of the biggest names in country music perform.

It was also the night that Wall’s personal good fortune was recognized in a very public way.

Concert Review: Tim McGraw turns up the intensity with mama in the house

The 32-year-old Army veteran and his family are getting a mortgage-free home that they expect to move into in a couple of months.

To note the occasion, McGraw gave Wall a shout-out during Thursday’s show — thanking military veterans for their service and congratulating Wall on his new home.

The home giveaway was the result of program launched in 2011 by Operation Homefront and Chase to help veterans.

McGraw teamed up with the groups in 2012, and he’s been a very visible partner since then. Over their three years working together, they have awarded 108 homes to veterans in 30 states in front of more 2,000,000 fans.

This year, McGraw is giving away homes at each of his Shotgun Rider Tour stops — 36 between June and September — therefore putting Wall in the spotlight briefly on Thursday at Jacksonville Veterans Memorial Arena.

“This opportunity is amazing for me and my family,” Wall said, a few days before the concert. “It’s not just the home. It’s a life they’re providing,

“They’re giving us an opportunity to move into a home we can call ours, and they’re educating us as a whole on finances, how to manage a budget and save money. The program as a whole is unbelievable.”

Wall, who grew up in the Midwest, joined the Army in 2005 and served in Iraq in 2007 and 2008. He medically retired in 2010. He and his wife and their two young children settled in Omaha, Neb. Wall said there have been periods when he has struggled to make the transition back to civilian life.

He was aware of Operation Homefront, a nonprofit that assists military families, and had previously directed other veterans to the group.

Because of a bad credit record, Wall wasn’t able to buy a home. He decided to apply for one through Operation Homefront a few months ago after being offered a position with the Wounded Warrior Project Track Program in Jacksonville.

He is also taking classes at Florida State College at Jacksonville. He is working to complete his associate’s degree with the hope of becoming a VA patient advocate in Jacksonville.

Operation Homefront has awarded more than 460 homes to veterans since the program’s inception, said Jason Moody, housing programs communications manager at the group’s headquarters in San Antonio, Texas.

The homes that are donated to Operation Homefront are bank-owned. After being awarded a home, the recipient agrees to live there between one and two years and meet a list of requirements in order to receive the deed to the home.

Recipients are required to pay property taxes, insurance and any homeowner’s association fees. They also work with financial counselors, and must save enough money to show they can maintain the property on a long-term basis.

“I can’t say thank you enough,” Wall said. “The program as whole is unbelievable. It’s hard to find the words.”

In addition to Wall, McGraw invited another Jacksonville military veteran to Thursday’s show: James Stone IV, a former Army specialist who received the deed to his home through Operation Homefront this spring. Stone and his family moved into their new home in Jacksonville in January 2014; they had been honored during a special Veterans Day concert with Tim McGraw at Naval Station Mayport in November 2013.

“The return to civilian life can be a challenging transition,” McGraw said in a news release earlier this year before starting his concert tour. “We want to welcome veterans home to the community they sacrificed to protect. A mortgage-free home provides stability for their families and also allows them to start this new chapter of their life with one less worry.

“It’s an amazing feeling to see them receive something they so deeply deserve — and to be able to share that experience with thousands of fans each night makes me proud to be a part of this program.”

David Crumpler: (904) 359-4164

September 2, 2015 · Small Business Loans · Comments Off on Small-Business Loans for Emergencies: Fast Cash Just One Option

As small-business owners know, stuff happens. Emergencies arise — whether it’s a breakdown in your IT network, busted plumbing in the office or the loss of a major customer.

Sometimes, it’s even an unexpected business opportunity that you’d be able to pounce on, if only you had the cash.

Be it crisis or possible good fortune, you’ll need to find financing. Keep the following tips in mind as you compare:

1. Shop around

Small-business owners are notorious for latching on to the first lender they come across, as a recent report from online lending platform Lending Tree found.

A primary reason is time. As an entrepreneur, you’re busy trying to keep a  company afloat and growing. Plus, an unexpected event could prompt you to take the first financing option available in hopes of dealing quickly with your small-business dilemma.

But taking the time to check out your options could save you substantial money and headaches down the road. NerdWallet curated a list of small-business loans best for business owners. All of our recommendations are based on the lender’s market scope and track record, business owners’ needs as well as rates and other factors so you can make the right financing decision.

2. Be careful about fast cash

An emergency is just the right time to go for a merchant cash advance, right? An MCA, in which you sell a portion of your future credit card receivables, is widely used and usually fast and easy. But it’s also very expensive, with APRs ranging from 70% to 350%.

Ethan Senturia, CEO of alternative lender Dealstruck, says small businesses should turn to this type of financing option “as a last resort.”

Some online alternative lenders offer the speed of an MCA with, comparatively, less expense.

You can get approved for some small-business loans within minutes nowadays and get the money you need in a day or two. This makes short-term loans from alternative lenders an attractive option, especially for a small business dealing with a setback or an unexpected opportunity.

Kabbage, for example, can approve your loan within minutes if you give the lender access to your business data and bank accounts, according to the company. Its business lines of credit range from $2,000 to $100,000. Each loan has a term of six months, and there is no early-payment penalty.

“It’s up to you how much you want to use and when you want to use it,” Jon Parise, director of customer marketing at alternative lender Kabbage, tells NerdWallet. “Plus, you only pay fees on money you take.”

Parise says the loan helped the owner of a fitness studio deal with a sudden boost in business — one of those golden opportunities that requires an outlay of green — that meant “a lot of upfront expenses, like purchasing additional equipment, getting more insurance and taking on greater payroll demand.”

Kabbage charges a monthly loan fee based on the amount of the loan. For example, if you borrow $50,000 from a line of credit, you’d pay $6,000 in fees. “Every month, you pay back one-sixth of the total loan plus the monthly fee,” Parise says.

Note: Based on a NerdWallet analysis, the APR for a Kabbage loan could range from 20% to 113%, which makes this type of financing far more expensive than a regular bank loan, which would typically have an APR of 6% to 7%.

3. Explore getting a term loan

It typically takes longer to apply and be approved for a small-business term loan — which a borrower pays back in predetermined amounts over a set period of time,  usually a year or more — especially those guaranteed by the SBA that have lower APRs.

But a common mistake of small-business owners looking for emergency financing is to assume term loans are out of the question and their only option is a short-term product like an MCA, says Sam Hodges, founder of alternative lender Lending Circle.

“In many cases, with a business that is doing well, even if there is a dip in revenue, you may be able to get a term loan,” he tells NerdWallet.

Dealstruck in general  avoids borrowers who are “trying to keep the lights on,” Senturia tells NerdWallet. “However, many of our customers have encountered catastrophic events but were strong businesses when the catastrophe occurred.”

In these situations, he says, Dealstruck could step in with a term loan “to allow them to spread their cost of recovery out over a period of years.”

“The business would still need to generate enough in cash flow to cover the cost of the financing,” Senturia says. But a Dealstruck small-business loan would certainly be a way to deal with “a catastrophic event,” he adds.

The minimum loan amount for this type of financing is $50,000, Senturia says. And a small-business owner could get the funds fairly quickly — in as few as five business days “with pertinent documentation,” he says.

Check out your small business financing options on the NerdWallet small-business loans page.

Benjamin Pimentel is a staff writer at NerdWallet, a personal finance website. Email: bpimentel@nerdwallet.com. Twitter: @benpimentel

To get more information about funding options and compare them for your small business, visit NerdWallet’s small business loans page. For free, personalized answers to questions about financing your business, visit the Small Business section of NerdWallet’s Ask an Advisor page.

Image via iStock.

September 2, 2015 · Small Business Loans · Comments Off on Personal Touch Makes Big Difference in Small-Business Loans

Want to ensure a small-business loan gets paid off? The personal touch makes a big difference.

Over the past decade, my colleagues Peter Nigro, Dennis Glennon, Scott Frame, Ken Spong and I have been looking into what makes loans backed by the Small Business Administration’s flagship 7(a) program succeed or fail. We’ve found two critical factors that both have to do with how close the lender is to the borrower.

First, when a lender does not have a personal relationship with the borrower, and instead relies strictly on credit data, the loan is more likely to end in default. Second, SBA-guaranteed loans between rural banks and rural firms in the same town are less likely to default than SBA loans between urban banks and urban firms in the same city.

Traditionally, small businesses rely on hometown lenders for credit, and for good reason: A local banker already knows many of the applicant’s colleagues, customers and associates and can more easily gather “soft information” about the applicant–details about character that don’t show up in a financial statement–and can have confidence in this information.

Right around the corner

It’s easiest to build these types of relationships in places where people are tightly knit to begin with. And that means mostly small, rural towns.

September 1, 2015 · Small Business Loans · Comments Off on SBA lending up 52% in the South Florida

South Florida saw a greater increase in small business lending than across the entire Southeast, according to data released by the US Small Business Administration.

The number of small business loans is up in South Florida almost 52 percent as of July 31 over the same time last year, compared to 45 percent across the Southeast.

September 1, 2015 · Financial Partners · Comments Off on Women in Banking: Shih’s UBS Success Story; Banking’s Power Couples

Financial and Emotional Wealth: Kathryn Shih, CEO of UBS Wealth Management Asia Pacific, attributes her success in part to understanding that wealth is an emotional topic; she is trusted to help plan clients lives, those of their children and for generations. Each has gotten to where they are with a remarkable story, she tells Barrons. Shihs story is remarkable too. Assets under management have more than quintupled at her unit of Switzerlands largest bank since shebecame CEO in 2002. This year, she plans to increase that figure another 20%. At the end of 2014, UBS was the leading private bank in the Asia Pacific with $272 billion in assets under management, up 10% from a year earlier. By the end of this years second quarter, Shihs unit had more than 1,100 relationship managers, more than double the number employed by competitors Credit Suisse and Citi Private Bank at the end of 2014.

Risky Business: Many studies have determined that women are more risk-averse based on their likelihood to engage in activities like gambling. Does this mean risk aversion is a gender trait? Whatever business journals and executives gather from these studies, Nasdaq president Adena Friedman says a conservative approach should be celebrated and replicated among business leaders. Couldnt the interpretation of the statistics indicate that women calculate risk more carefully and more judiciously, and isnt that a good thing? she wrote in a Fortune opinion piece. Nevertheless, innovating and risk-taking are essential to any business and Friedman stresses the need to fight the tendency to focus all of the attention on the risk associated with a new initiative.

#TheNew10: Plans to replace Alexander Hamilton on the new $10 bill are drawing further criticism from women in the economics and finance communities. To name a couple, Abby Joseph Cohen, president of Goldman Sachs Groups Global Markets Institute, and Carmen Reinhart, a Harvard University professor of international finance, said it would be more apt to put a woman on the (more widely circulated) $20 bill. The financial structures [Hamilton] put in place, which were inappropriately denigrated by Andrew Jackson, have stood the test of time, Cohen said. One cannot say the same for Jacksons legacy, which includes the horrific treatment of Native Americans. The $10 bill is due for a redesign and further counterfeiting protections. The Treasury plans to release it in 2020 to celebrate the 100th anniversary of the passing of the 19th amendment, which extended voting rights to women. Many, including Cohen, have voiced their preference to put Eleanor Roosevelt on the new bill.

Trouble with TARP: Cecil Bancorps chief executive, Terrie Spiro, who was brought in to lead the struggling Elkton, Md., company in 2013, spoke optimistically about its future in a recent interview with American Banker, saying the company is putting the finishing touches on a plan to exit the Troubled Asset Relief Program. But the $323 million-asset Cecil has been ordered by federal regulators to raise more capital or sell itself. The Federal Reserve Board issued a prompt corrective action on Aug. 7.

Partners in Life, and Banking: American Banker highlights five husband-and-wife power couples running consistently high-performing banks together, including Georgia Derrico, chairman and CEO of McLean, Va.-based Sonabank and wife of president and COO Roderick Porter; Katherine Taylor, co-chairwoman of Oakland, Calif.-based Beneficial State Bancorp and wife of co-chairman Tom Steyer; Cynthia Blankenship, vice chairman and COO of Bank of the West in Grapevine, Texas and wife of CEO Gary Blankenship; Pamela Morrison, senior vice president and chief administrative officer of New Hampshires Optima Bank and wife of chairman and CEO Daniel Morrison; and Judy Guttau, secretary to the board and director of community reinvestment at Treynor State Bank in Treynor, Iowa and wife of president and chairman Michael Guttau.

Role Call

Fifth Third Bancorp in Cincinnati has hired Heather Russell Koenig, a Bank of New York Mellon executive, as its chief legal officer. She will join Fifth Third on Sept. 28 to oversee legal affairs, government affairs and regulatory matters.

Regions Financial in Birmingham, Ala., has hired Julz Burgess, also a former BNY Mellon exec, as head of its corporate trust group, which is organized under the institutional services division of Regions wealth management business.

CVB Financial in Ontario, Calif., has appointed Kristina Leslie, an entertainment industry vet, to its board. Before her retirement in 2007, she was CFO of DreamWorks Animation (and led the company through its $840 million IPO in 2004). She also worked in financial and strategic planning for Viacom.

Algonquin State Bank in Illinois has promoted Karen Villaflor to president and chief operating officer. She was previously executive vice president.

New York Community Bancorp in Westbury has named Leslie Dunn, a Federal Home Loan Bank director, to its board. She previously served on the advisory board of New York Communitys Ohio Savings Bank division.

First Financial Northwest in Renton, Wash., appointed Kathleen Smythe to its board on Friday. Smythe was previously a managing director at Sandler ONeill, where she advised banks and other financial services companies.

Eagle Bancorp Montana in Helena has named Tanya Chemodurow and Shavon Cape directors of the holding company and its bank subsidiary, Opportunity Bank of Montana. Chemodurow owns a contracting company, Abatement Contractors of Montana. Cape is a co-founder of JWT Capital, a holding company that specializes in real estate and hotel development.

United Bancshares in Columbus Grove, Ohio, has found a replacement for its departing CFO Diana Englehardt. Anthony Eramo will begin Sept. 5 as CFO of the $629 million-asset company and its subsidiary, Union Bank Co. Engelhardt recently announced plans to step down after three years in the job.

MW Bancorp in Cincinnati is looking for a new chief financial officer as Jill Ulrich plans to resign on Sept. 30. She became MWs CFO in April. Previously, she was the controller for the National Bank Trust in Wilmington, Ohio.

Beyond Banking

Baby Benefits Bonanza: Accenture is the latest company to announce more generous family leave benefits, striving to be even more accommodating to new parents and primary caregivers. The firm now allows them to work locally for the year after their return instead of having to fly off for business engagements. The move follows IBM, KKR Co., Adobe Systems, Microsoft and Netflix in the competition to attract and retain female talent, but as Bloomberg News Sheelah Kolhatkar points out, the ability to be both a parent and an employee is largely dependent on the benevolence of whichever private corporation one happens to work for. Further, Anne Weisberg, senior vice president at the Families and Work Institute, says the trend in family leave policies demonstrates a workplace culture that stresses total availability and ignores the impact that work has on womens roles at home.

A Female Mosque Isnt Built in a Day: In the English town of Bradford, Bana Gora is endeavoring to open the countrys first female-run and managed mosque within the next three years. Gora, the co-founder and chief executive of the Muslim Womans Council, said she is planning bed spaces for women, refugees and asylum seekers, as well as counseling, support services and an open forum for issues like domestic violence. Further, she wants to have female scholar training because all the female scholars coming through the Islamic boarding schools are either getting married or not furthering their education. While she expects mostly women to fill the mosque, it will be open to everyone, as the aim is not to be divisive or controversial, but conflict is inevitable and shes already faced resistance from one female Muslim Member of Parliament who doesnt want even more gender segregation. Because of the parochial, patriarchal views that are held by our elders, they seem pretty determined not to have female representation on their executive boards, Gora said.

September 1, 2015 · Getting A Mortgage · Comments Off on Brokers’ market share hits new high as they prove their worth

The figures are significantly up on Q3 2009 when brokers had a market share of 46.7 per cent. This was advisers’ lowest-ever market share.

The previous high was in Q4 2007 when brokers had a 68.5 per cent share of the market.

Intermediaries say the extended time it takes to see a bank adviser and the fact it is now more difficult to obtain a mortgage are the key factors in brokers’ recent dominance.

Perception Finance managing director David Sheppard says: “It is so much tougher to get a mortgage these days so anyone trying to do it on their own will generally come up against too many barriers. 

“The other thing is, over the past few years all we have heard about is bank misselling, so I don’t think people will trust that they are going to get the right advice.”

In February, Mortgage Strategy revealed that lenders were beefing up their digital mortgage sales platforms to drive more business through their direct channels.

However, Middleton Finance managing director Daniel Bailey believes brokers’ share of the market will continue to grow.

He says: “The processing time is quicker through brokers and I think advice is so crucial at the moment. Getting a mortgage is much more difficult than it was pre-MMR. 

“And brokers offer support. It is not just advice and a recommendation; it is guiding buyers through the process and explaining it all to customers.

“I would say [brokers’ market share] will keep on growing.”