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Banking and Finance

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Principal Financial signals it will cut some Des Moines positions amid restructuring

Des Moines Register: Principal Financial Group is laying off some Des Moines workers as the company shutters some of its lines of business. Principal issued a notice to the state last week, announcing plans to cut …

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NOTEBOOK – ONE GOOD READ: Good financial advice to your children: Give your money away

Remember when your parents told you to be sensible with your money? Apparently that’s not the most important money advice we should be giving to our kids. Instead, we should be teaching them to give …

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Iowa-chartered banks quarterly net income up 37% from 2020; loans down 1.3%

Iowa-chartered banks recorded a healthy increase in net income in the second quarter, according to bank performance data released last week by the Federal Deposit Insurance Corp. Iowa’s 266 FDIC-insured banks reported net income of $759 million …

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Wells Fargo to pay $250M fine for failure to improve oversight of mortgage business

The Hill: Wells Fargo agreed to pay a $250 million fine after the Office of the Comptroller of the Currency charged the company with failing to improve oversight of its mortgage business and comply with a …

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LenderClose expands West Des Moines HQ space for growth

LenderClose Inc., a real estate and home equity lending technology company, announced it has doubled its workspace square footage at its West Des Moines headquarters to accommodate current and future growth. By increasing the size of the workplace …

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New Iowa Bankers Association headquarters officially opens in Johnston

The Iowa Bankers Association and its affiliates officially opened its new headquarters on Aug. 30 at 8901 Northpark Drive in Johnston.  The new 60,000-square-foot facility provides adequate room for staff and enhanced meeting facilities for …

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El Salvador becomes first country to adopt Bitcoin as national currency

Wall Street Journal:The tiny and impoverished Central American nation became the first country in the world to adopt bitcoin as legal tender on Tuesday, allowing Salvadorans to use the cryptocurrency to buy a cup of …

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SBA backs 11 Central Iowa business loans for $5.7M in August

Eleven Central Iowa businesses received loans in August that were backed by the U.S. Small Business Administration. Those loans totaled $5,691,000.

The entities receiving those loans expect to create 57 new jobs and retain 19 …

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Iowa-based Private Wealth launcheslocal services for ultra-wealthy clients

A group of seasoned wealth advisory professionals has launched Private Wealth Asset Management LLC, a sophisticated wealth management and financial services firm designed to serve ultra-high-wealth individuals and families in Iowa and Nebraska.

The firm, …

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Warning of excessive risk, FDIC orders Iowa’s Luana Savings Bank to drop practices

Des Moines Register: Luana Savings Bank — Iowa’s fifth-largest agricultural lender — is facing financial peril and is accused of committing a massive fraud, according to regulatory and court records. The interrelated allegations against the northeast …

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