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Mortgage firm suspends mailings in Wisconsin
A West Virginia mortgage company has suspended mailings in Wisconsin because of potential legal issues, which negatively impacted the firm's second quarter net income.
Summit Financial Group Inc.'s mortgage banking group suspended mailings to Wisconsin, Indiana and Illinois during the second quarter so the firm could assess the impact of recent federal court rulings on the Fair Credit Reporting Act. The act addresses requirements the firm's prescreened credit offers must meet.
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First Merchants 2Q Profit Falls
First Merchants Corp., which operates banks in Indiana and Ohio, said Monday its second-quarter earnings decreased 8 percent, due to a decline in mortgage loans sales and rising rates on commercial checking accounts.
Quarterly net income fell to $7.3 million, or 39 cents per share, from $7.9 million, or 43 cents per share during the same period last year. The results include a charge of $290,000, or 1 cent per share, related to the disposition of fixed assets from a branch closing.
Net interest income, or earnings from interest on deposits and loans, fell less than 1 percent to $27.8 million, from $27.9 million in the same period in 2005.
First Merchants blamed the decline on a challenging interest-rate climate.
The Federal Reserve has raised short-term interest rates 17 consecutive times to 5.25 percent, the highest level since April 2001, while long-term rates have remained fairly stagnant.