financialEDGE eNewsletter March 2010
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Are All "Banks" the Same?
Today we live in a world where information travels faster than we can keep up with and our lifestyles have become so frantic that we oftentimes rely on the media or Washington, D.C., to provide us with insight, knowledge, and expertise that will help us better understand the issues and the world we live in. Over the past 24 months, I’ve learned just how persuasive the media can be and how political rhetoric and posturing are used in shaping public opinion.
I take you back to the Spring of 2008 when the first signs of a financial crisis started to appear. It began with the failure of Indy Mac Bank, one of the country’s largest mortgage banking originators in the country, then we heard about problems at Washington Mutual, A.I.G., Lehman Brothers, Bear Stearns, G.M.A.C. and the list goes on and on. Look at the list of those institutions that caused the near collapse of our financial and credit markets and ask yourself the question, “What did they have in common?” The answer; none of them were traditional commercial community banks. They were mortgage banks, investment banks or insurance companies who engaged non-traditional banking activities such as sub-prime mortgages and derivatives. Some examples include: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products by these institutions expanded dramatically in the years leading up to the crisis with very little if any regulatory scrutiny or control.
So what impacts have these “non-traditional” banking activities had on our economy and our society? There are many but to name just a few, the worst recession since the Great Depression; frozen credit markets with seemingly little access to capital, even for the most credit worthy borrowers; increasing government intervention in our businesses and personal lives, threatening capitalism and our free market system; tremendous loss of public wealth; declines in personal and business consumption and a banking system in trouble. The impacts are global and they are long-lasting. Our attitudes and behaviors have dramatically changed creating a generational paradigm that focuses on increased savings and from a more positive perspective, de-leveraging our balance sheets
Unfortunately another impact is the apparent distrust of banks and bankers. We hear it over an over again in the media and from our political leaders. “Bankers are the enemy. They created this mess”. I’d ask “Where was the regulatory oversight of these institutions over the past 15-20 years?” It’s important to remember that 95% of the commercial banks in this country, including United Republic Bank, never engaged in the types of financial activities that put their clients or their banks at risk. Community banks have been, and will continue to be, the strength of our financial system. We are active in our communities; we know our clients and we are well capitalized. We are part of the solution.
I encourage you to view our Vision, Mission, and Values to learn more about us and what we stand for. I personally invite you to contact us and experience what a true community bank can mean for you or your business. You won’t be disappointed.
Michael Pate
President and CEO
Remote Deposit Capture
Utilizing the latest in innovative technology can save your organization both time and money. Remote Deposit Capture offered by United Republic Bank provides 24/7/365 convenience, reduced processing costs and accelerated availability of your deposited funds. Using a desktop scanner, deposits are simply scanned and electronically deposited.
With Remote Deposit Capture you will save several hours per week by preparing and submitting deposits right from your own computer any time of day, allowing you the flexibility to stay on schedule and focused on your business. You no longer need to worry about weather or traffic delaying your trip to the bank to make deposits. We’re as accessible as your laptop or desktop computer.
Additionally, your business benefits from expedited funds availability and improved cash flow. Your customer’s checks will clear faster, resulting in faster collection of your deposited funds. And we’ve simplified bookkeeping too! Because Remote Deposit capture integrates into Quickbooks, account balances can be automatically updated.
And with Web Based Training, getting started with Remote Deposit Capture is easy, so contact us today to learn more!
View Demo Now
Mortgage Division Expansion
Financing a home is one of the largest financial decisions you will ever make. It’s important to find an experienced professional lender you can trust who puts their client’s needs first. Whether purchasing, refinancing or building, United Republic Bank works as a consultant, helping clients weigh their mortgage options making the mortgage loan process a smooth and simple one.
To continue the tradition of high-level customer service, United Republic Bank recently expanded its Mortgage Banking Division and welcomes the newest members of our team. Gabe Wilcox has been added as Residential Mortgage Manager and Lisa Miers and Brett Boyer join Katie Henry as Residential Mortgage Loan Officers. In addition, an on-staff Underwriter has been added to the team allowing us to process your mortgage loan application much quicker thereby expediting the loan closing.
United Republic Bank offers a variety of mortgage loan programs including FHA, VA, Conventional and Construction financing. Our team of mortgage professionals will take the time to understand your objectives and suggest the mortgage program that would be best for you. And the best news of all; our interest rates are some of the best around which can save you thousands of dollars over the life of your loan. View Mortgage Rates
If you or someone you know is ready to purchase or refinance, we have made applying for a mortgage easy. The process can begin with a phone call to one of our mortgage professionals at 505-8500 or apply online at www.urbmortgage.com.
Begin the Application Process Now
Our Vision, Mission and Values
VISION
To be the premier community bank in the region by providing our clients with superior financial products and services personalized to meet their needs and providing our shareholders with a return on their investment that exceeds industry peer group standards.
MISSION
To profitably deliver high quality customer services that meet the financial needs of our community, its businesses, and its citizens. No line of financial services is beyond our charter. Our mission has three components:
Customer Service
The bank's most important asset is its clients. Our products are designed, our technologies are relevant, and our employees are hired to meet the needs of clients.
Employees
An equally important asset of the bank is its employees. Without motivated, dedicated, and responsible employees, it would be impossible for the bank to deliver high quality service.
Profits
The bank is in business to make a profit for its shareholders. This means that we must operate the bank as efficiently as we can. Motivated employees, efficient operations and quality services are the three cornerstones of a pyramid’s base. Upon this base we will build profits sufficient to meet the expectations of our shareholders.
VALUES
As an organization and as individuals we value honesty, integrity, personal and professional development, community and mutual respect. We hold ourselves accountable to our shareholders and clients and will operate within an environment that is professional, trustworthy, accurate, knowledgeable, innovative, and responsive.
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