1st National Bank Of Omaha

First National weathers 'storm'

First National of Nebraska made it through two difficult years without borrowing from the federal government or selling shares to outside investors, shareholders of the state's largest banking company heard Wednesday.

“I feel like we are strong and we've got a good base from which to grow,” Chairman and CEO Bruce Lauritzen told about 60 stockholders and staff members at their annual meeting at the First National Tower.

“We definitely have moved through the eye of the storm,” said Dan O'Neill, president. Even though the national economy is not growing and unemployment is too high, he said, “our company is going to be OK. We're much stronger than a year ago.”

By building up its capital since 2008, Lauritzen said, the bank meets the rising requirements of federal regulators and stands to increase its business by about 5 percent a year.

First National set a record for net income last year at $207.1 million, swelled by a one-time gain of $174 million from selling the remaining 49 percent of the company division that processes plastic card transactions for merchants. Last year, net income was $31.4 million. Lauritzen said selling the merchant processing division was a sad event for the company but necessary because of increased capital requirements and other changes in regulations.

A shareholder asked Lauritzen about the impact of estate plans for his mother, Elizabeth, who is 96. Lauritzen said majority ownership of the company by his family is set to continue with succeeding generations. He said his mother usually attends the meetings and is in good health but wanted to go to Minnesota early for the summer this year.

A year ago, Lauritzen said First National likely would be forced to sell about $200 million worth of shares to investors to raise capital to meet the regulators' requirement, diluting the value of existing shares in the process. Two years ago, he had put the target for added capital at $350 million.

But through a number of steps since 2008, he said, the company now meets its capital goals without having to sell shares and expects to be able to meet future capital requirements likely to be higher than today.

Steps to meet the requirements included reducing its borrowings by $2.9 billion, or 71 percent, and collecting or writing off problem real estate loans, he said, although some troubled commercial and residential properties in Illinois and Colorado remain.

First National Bank of Omaha Maximum Rewards Visa Review

While the most familiar credit cards come from big-name issuers like Capital One, Chase, American Express, Citi or Bank of America, some of the better offers come from less familiar banks. First National Bank of Omaha (FNBO) is one of the oldest and highly respected banks in the United States, known to Consumerism Commentary readers for their FNBO Direct Savings Account. This bank currently offers a credit card that rewards cardholders with cash back, a low interest rate, and a solid introductory offer. The First National Bank of Omaha Maximum Rewards® Visa is a decent overall credit card, requiring excellent credit for approval.

Consider the First National Bank of Omaha Maximum Rewards® Visa a rewards credit card because it offers cardholders one point for every dollar spent no matter what you spend your money on or how much of it you spend each year. Cardholders can redeem points for a variety of rewards including cash, and there is no limit to the amount of points you can earn. As long as you remain an FNBO cardholder with an account in good standing, your points will never expire.

All cardholders will receive a 0% introductory APR on balance transfers for 12 months and on purchases for six months, which allows for interest free spending and payments. There is a balance transfer fee of 4% during this introductory offer. The standard APR, which will be applied after the introductory period has expired is a variable rate between 11.99% and 19.99%, based on the applicant’s credit history. The standard balance transfer fee is 5%. The APR for cash advances is 25.24%, but cash advances should be avoided.

The First National Bank of Omaha Maximum Rewards® Visa does not have an annual fee, making it attractive to all types of cardholders. This offer might not blow you away in terms of rewards but it’s a straightforward, no nonsense credit card with a standard 1% return for cash back. Consider the First National Bank of Omaha Maximum Rewards® Visa the next time you’re in the market for a new credit card.

If anyone else here is 50 or older, AARP is offering a Chase Credit card which pays 5% rebate on ALL purchases the first six months and 1 % on everything thereafter. I received the offer from AARP directly…it does not seem to appear on the Chase pages with AARP shown.

There is no annual fee, no limit on the 5% during the first six months. Thereafter the 1 % is paid up to $700 per year. We keep all credit card purchases paid in full monthly, so I don’t pay much attention to the interest charged or transfer offers. I realize that is an important issue to many. However, it seems to me that if you are running a balance and paying interest, the rebates are something of a moot point…you’re probably paying more in interest than you’ll ever get in rebates.

Digest of national bank decisions

Cases argued and determined in the Circuit courts of the United States for the Eighth judicial circuit

Annual report of the treasurer of the United States

The Bankers magazine

Reports of cases in the Supreme Court of Nebraska