Martin J. Gruenberg and Thomas M. Hoenig were officially designated this week by the President as the Chairman and Vice Chairman of the FDIC. On November 15, 2012, the Senate confirmed both for their respective positions. President Obama recently signed the orders making the confirmations official. Both were confirmed by the Senate for six-year terms as Members of the FDIC Board of Directors on March 29, 2012.
Chairman Gruenberg said, “I am deeply appreciative of the President’s action to designate Tom Hoenig as Vice Chairman and me as Chairman of the FDIC. The FDIC’s mission of maintaining public confidence in the financial system has never been more important. It is a privilege to have the opportunity to lead this great public institution.”
Vice Chairman Hoenig said, “I am honored to serve as the Vice Chairman of the FDIC at such a pivotal time for our country’s banking system and look forward to working with my colleagues at the FDIC and other banking agencies.”
Mr. Gruenberg has served on the FDIC Board of Directors since August 22, 2005, and has served as the Acting Chairman since July 8, 2011. He previously served as Acting Chairman from November 15, 2005 to June 26, 2006. Prior to joining the FDIC Board, Mr. Gruenberg served as Senior Counsel to Senator Paul S. Sarbanes (D-MD) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs from 1993 to 2005. Mr. Gruenberg advised the Senator on issues of domestic and international financial regulation, monetary policy, and trade. He also served as Staff Director of the Banking Committee’s Subcommittee on International Finance and Monetary Policy from 1987 to 1992.
Mr. Gruenberg holds a J.D. from Case Western Reserve Law School and an A.B. from Princeton University, Woodrow Wilson School of Public and International Affairs.
Prior to serving on the FDIC Board, Mr. Hoenig was the President of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve System’s Federal Open Market Committee from 1991 to 2011.
Mr. Hoenig was with the Federal Reserve for 38 years, beginning as an economist and then as a senior officer in banking supervision during the U.S. banking crisis of the 1980s. In 1986, he led the Kansas City Federal Reserve Bank’s Division of Bank Supervision and Structure, directing the oversight of more than 1,000 banks and bank holding companies with assets ranging from less than $100 million to $20 billion. He became President of the Kansas City Federal Reserve Bank on October 1, 1991.
Mr. Hoenig joined the Federal Reserve Bank in 1973. A native of Fort Madison, Iowa, Mr. Hoenig received a doctorate in economics from Iowa State University.
Posted in Global-Banking, Government & Politics by TheFutureWay Digital Media with .
Bank of the Cascades Reports Continued Profitability – BEND, Ore., Nov. 15, 2012 /PRNewswire/ — Cascade Bancorp (NASDAQ: CACB). On November 14, 2012, Cascade Bancorp filed its September 30, 2012 quarterly report on Form 10-Q with the Securities and Exchange Commission. For the third quarter of 2012 Cascade Bancorp recorded net income of $1.8 million. The Company reported comparable earnings for the quarter ended June 30, 2012.
Total gross loan balances outstanding at September 30, 2012 were $862.7 million as compared to $845.5 million at June 30, 2012. The increase is a result of targeted portfolio growth in commercial lending as well as higher origination production from the Bank’s consumer and mortgage channels. Total deposits at September 30, 2012 were $1.07 billion as compared to $1.05 billion at June 30, 2012. The increase in deposits reflects seasonal deposit flows for the Company’s customers. The net interest margin for the September 30, 2012 quarter was a solid 4.07%. Credit quality trends continued to improve with non-performing assets at 1.51% of total assets as compared to the prior quarter level of 1.70%. The annualized rate of net charge-offs to loans for the third quarter was 1.21% as compared to the prior quarter of 2.70%. The reserve for loan losses as of September 30, 2012 was $35.6 million or 4.13% of gross loans. A portion of the Company’s charge offs as well as its lower reserve levels relate to the Company’s proactive efforts to remediate loans classified as substandard in its portfolio.
Terry Zink, President and CEO of Cascade Bancorp commented, “We are pleased with the results for the third quarter including the stability of year-to-date earnings. The results suggest that our focus on putting local deposits to work by making loans to our local business, mortgage, and consumer customers is building toward sustainable growth and positive earnings trends for the future. Importantly, our improving credit quality may be a positive indicator of improving economic health of the communities we serve.”
About Cascade Bancorp and Bank of the Cascades
Cascade Bancorp (NASDAQ: CACB), headquartered in Bend, Oregon, and its wholly owned subsidiary, Bank of the Cascades, operate in Oregon and Idaho markets. Founded in 1977, Bank of the Cascades offers full-service community banking through 32 branches in Central Oregon, Southern Oregon, Portland/Salem, and Boise/Treasure Valley. The Bank has a business strategy that focuses on delivering the best in community banking for the financial well-being of customers and shareholders. It executes its strategy through the consistent delivery of full relationship banking focused on attracting and retaining value-driven customers. For further information, please visit our website at www.botc.com.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements about Cascade Bancorp’s plans and anticipated results of operations and financial condition. These statements include, but are not limited to, our plans, objectives, expectations, and intentions and are not statements of historical fact. When used in this report, the word “expects,” “believes,” “anticipates,” “could,” “may,” “will,” “should,” “plan,” “predicts,” “projections,” “continue” and other similar expressions constitute forward-looking statements, as do any other statements that expressly or implicitly predict future events, results or performance, and such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain risks and uncertainties and Cascade Bancorp’s success in managing such risks and uncertainties could cause actual results to differ materially from those projected, including among others, the risk factors described in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2011, as well as the following factors: we continue to operate under the regulatory order with the Federal Deposit Insurance Corporation (“FDIC”) and the Oregon Division of Finance and Corporate Securities (“DFCS”), and the written agreement entered into with the Federal Reserve Bank and DFCS, which restricts our ability to take certain actions; local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our results of operations and financial condition; the local housing/real estate market could continue to decline for a longer period than we anticipate; the risks presented by a continued economic recession, which could continue to adversely affect credit quality, collateral values, including real estate collateral and OREO properties, investment values, liquidity and loan originations, reserves for loan losses and charge offs of loans and loan portfolio delinquency rates and may be exacerbated by our concentration of operations in the States of Oregon and Idaho generally, and Central Oregon, Southern and Northwest Oregon, and the greater Boise/Treasure Valley, Idaho area, specifically; interest rate changes could significantly reduce net interest income and negatively affect funding sources; competition among financial institutions could increase significantly; competition or changes in interest rates could negatively affect net interest margin, as could other factors listed from time to time in Cascade Bancorp’s SEC reports; the reputation of the financial services industry could further deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; and existing regulatory requirements, changes in regulatory requirements and legislation and our inability to meet those requirements, including capital requirements and increases in our deposit insurance premium, could adversely affect the businesses in which we are engaged, our results of operations and financial condition. These forward-looking statements speak only as of the date of this release. Cascade Bancorp undertakes no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. Readers should carefully review all disclosures filed by Cascade Bancorp from time to time with the SEC.
SOURCE Cascade Bancorp
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Posted in BusinessSectorIndex by TheFutureWay Digital Media with .
Ferrari Charity Auction to support U.S. superstorm relief – Ferrari has also asked clients and enthusiasts alike all around the world to provide further assistance by making donations directly to the Red Cross by using a dedicated section of the Red Cross web site: https://american.redcross.org/ferrari.
All proceeds will go directly to the American Red Cross to assist the areas affected by the superstorm.
Posted in GivingTheFutureWay.org by TheFutureWay Digital Media with .
Posted in Government & Politics by TheFutureWay Digital Media with .
Getting big money out of politics is a nonpartisan issue—no one is innocent in this fight. But we need elected officials we can work with. Two things need to happen for us to ensure a future where democracy is restored—everyone needs to get out and vote and we need to vote for candidates who will be responsive to our demand to get big money out of our elections.
It can be easy to get frustrated with the current system and feel like the Goliaths we’re fighting are just too powerful. But at the heart of this movement is the belief that our democracy is a truly great system—and we must restore it by fighting to reduce the corrupting influence of money.
Voting is a fundamentally patriotic act, and the best way to make sure everyone makes it to the polls is to reach out to your friends and family directly. On Tuesday, Vote With Friends will help you to keep track of who has voted and allow you to send reminders to those who haven’t.
Posted in Government & Politics by TheFutureWay Digital Media with .