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News Releases
Harris Lowers Prime Rate To 5.00 Percent
CHICAGO, April 30, 2008 — Harris N.A. and its affiliated banks in Illinois, Indiana, Florida, Arizona, Washington, and Wisconsin announced that they are lowering their prime lending rate to 5.00 percent from 5.25 percent, effective today.
Contact:
Colleen Kroll, Harris (312) 461-7865
Current News Releases
Harris Helpful Hints
Recession-Proof Your Finances
CHICAGO, April 29, 2008 – Grim predictions from economists and
continuing turmoil in equity markets have led many people to ask, “What
can I do to protect my finances?” In these turbulent times, there
are two areas that everyone should examine – their personal finances
and their investment strategy.
Mark Johannessen, managing director of Harris SBSB and president of The
Financial Planning Association, offers these tips in Personal Finance:
- Have a safety fund. A good rule of thumb is to have three months’ worth
of expenses tucked away in case of a sudden job loss or illness.
“With the stimulus checks in the mail, this is the ideal time to
see if that windfall could be best used to help build a small nest egg,
rather than spending it to feather the nest,” says Johannessen.
This also means that if you don’t have a monthly budget, or at
least a good idea of what you typically spend in a month, now is the time
to go through banking and credit card statements and determine what you’ve
been spending so you know how much you need to have in reserve.
- Speaking of credit cards, don’t miss a payment. Paying
off the balance of your credit cards in full each month is a very good
idea. However, if your cash flow has slowed, be sure to pay at least
the minimum amount due on time to protect your credit score. When you
feel more secure in your financial situation, then you can make paying
down debt your first priority.
- Make sure you can stay the course. Once you’ve made an
investment, be sure you can keep your money there and still meet your
bills in the short term. Many individuals find themselves caught short
when a large expense comes due. They are then tempted to make decisions
that will hurt them long term, such as raiding a 401k. If you know that
you will need a new car in the next year, it might make sense to put
the money you’ll need for a down payment into something like a
6-month CD rather than a Roth IRA, for example.
Jack Ablin, chief investment officer of Harris Private Bank, offers the
following hints on investment strategies during a downturn:
- Check that your priorities are in line with your investments. Conditions
in the marketplace are very different today than they were even six
months ago. Chances are your investment strategy was built according
to how you felt about your job, health, family situation, and the market
as they were at that point. Since any of those things could have changed,
your tolerance for risk in your portfolio may also have changed. Growth
is usually achieved through investments that are higher in risk. If
your priority is now to protect what you have, you may need to talk
to your financial advisor about how to reduce risk.
- Diversification takes the sting out of downturns. By having
exposure in your portfolio to many areas of the marketplace you are
more likely to have some that are up, while others are down.
- Look for defensive investments that are relatively cheap by historical
standards. “From an investment perspective, we recommend
investors favor defensive sectors like consumer staples and health
care,” says Ablin. “While consumer discretionary shares
are cheap and beginning to show signs of life, we suggest investors
be wary of consumer products that require debt financing for purchase.”
- Consumer staples, due to the relatively inelastic demand for their
products, present an advantage in an environment where consumers cut
back. The economy has little impact on how much toothpaste and tobacco
are consumed.
- In a downturn, healthcare stocks are a good line of attack. With
healthcare shaping up to be a major election year issue, they may
wobble a bit in the next year, but the aging of America’s population
will continue making this sector an important one to watch.
Harris has been helping its customers and the communities it serves
for over 125 years and has more than 230 full-service locations and more
than 600 ATMs in Illinois and Indiana.
About Harris
Harris is an integrated financial service organization providing more
than 1 million personal, business and corporate clients with banking,
lending, investing and wealth management solutions. The organization is
a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides
corporate and investment banking services in the U.S. under the BMO Capital
Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.
Contact:
Colleen Kroll, Harris (312) 461-7865
Current News Releases
Harris Announces Community Hero of the Game
Paul Hruby of Berwyn, Illinois, Named Harris Community Hero of the Game
CHICAGO, April 15, 2008 –Harris is pleased to congratulate Paul Hruby of Berwyn, Ill., who was recognized as a Harris Community Hero of the Game. Hruby was honored by Harris and the Bulls before the Chicago Bulls – Orlando Magic game at the United Center on April 13.
Hruby is very active in his community, volunteering his time to teach the importance of physical education to area children. He has a special passion for hockey, which he played while attending Michigan State University, and has coached teams and refereed games in the past. In September 2007, the Ridgefield Commons in Oak Park, renamed the ice rink Paul Hruby Ice Arena in honor of all the years Hruby has volunteered for the city's recreation district. He is currently the Director of the House League Hockey program.
The Kiwanis Club of Berwyn is another organization Hruby has volunteered at over the past 30 years. He has been awarded the PAV YMCA Robert W. Teeter Award. Additionally, Hruby has been inducted to the Illinois Hockey Hall of Fame, the Referee Hall of Fame and was the first president of the Illinois Amateur Hockey Association.
As part of the bank's presenting sponsorship agreement with the team, Harris and the Bulls are joining forces to recognize a Community Hero of the Game before every Bulls home game this year. The program recognizes individuals who generously give their time and talents to help our communities thrive. The designated hero receives two tickets to a game and is recognized by Bulls team captains at center court prior to tip-off.
About Harris:
Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.
Contact:
Rocio Lopez, Harris (312) 461-4105
Current News Releases
Harris Announces Community Hero of the Game
Cindie Hagen of Darien, Illinois, Named Harris Community Hero of the Game
CHICAGO, April 15, 2008 –Harris is pleased to congratulate Cindie Hagen of Darien, Ill., who was recognized as a Harris Community Hero of the Game. Hagen was honored by Harris and the Bulls before the Chicago Bulls – Cleveland Cavaliers game at the United Center on April 11.
Hagen's story begins in 1987 after the tragic death of her son Mark who was hit by a car while vacationing in Oregon. At the time Mark was only 9 years old. Upon returning home to Illinois, the Hagen family decided to start the Mark Hagen Memorial Foundation. A year later, Cindie and her family founded Safety Village.
Safety Village is a nonprofit organization solely run by the Hagen family and a Board of Directors. Since 1988, the organization has sought to educate children on how to be safe. The educational programs at Safety Village include workshops on pedestrian and animal safety, and fire safety. Children get to practice these skills in a miniature outdoor site that includes brick buildings, working traffic lights, street signs and a railroad crossing.
Hagen has been recognized with Darien's Citizen of the Year award, as well as the Governor’s Hometown Award for her work with Safety Village.
As part of the bank's presenting sponsorship agreement with the team, Harris and the Bulls are joining forces to recognize a Community Hero of the Game before every Bulls home game this year. The program recognizes individuals who generously give their time and talents to help our communities thrive. The designated hero receives two tickets to a game and is recognized by Bulls team captains at center court prior to tip-off.
About Harris:
Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.
Contact:
Rocio Lopez, Harris (312) 461-4105
Current News Releases
New Harris Branch Opens in St. Charles
CHICAGO, April 1, 2008 – Harris today announced the opening of a new full-service branch to serve St. Charles.
Located at 409 S. 1st Street, near the corner of Prairie and 1st, the branch offers customers convenient access to the full-suite of Harris products and services. The 2,400-square-foot branch will feature three drive-up teller lanes, two ATMs and a drive-up night depository. This new branch replaces the drive-up only facility, which was located at 50 S. 1st Street.
"We are pleased to be expanding our service in St. Charles in order to more conveniently serve the community and help our customers meet their banking needs," said Steve Waeghe, Harris Regional President.
Harris will celebrate the opening of this new branch with Grand Opening Celebrations in the branch on Friday, April 25 and Saturday, April 26. All are encouraged to stop by for food, fun, games and great prizes. For more information, visit or call the new Harris St. Charles branch at (630) 377-4148.
Harris has been helping its customers and the communities it serves for more than 125 years and has more than 230 full-service locations throughout Chicagoland and Indiana, and more than 580 ATMs.
About Harris:
Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.
Contact:
Colleen Kroll, Harris (312) 461-6055
Current News Releases
Harris Introduces Commercial Credit Card Designed Specifically for Middle Market Businesses
CHICAGO, April 1, 2008 – Harris today introduced the Harris Corporate MasterCard® created specifically for U.S.-based middle market organizations. The new card, intended for businesses with $10 million to $250 million in annual revenues, is designed to grow with a business as its revenues – and expenses – change.
"In the past, card products generally fit well for either smaller or larger enterprises," said Ray Whitacre, Senior Vice President at Harris and head of the Commercial Middle Market segment. "The new card offers features that match up with the needs of middle market organizations, including enhanced control over expenses, and better payment and purchasing efficiency. Ultimately, it delivers greater convenience for our customers and their employees who use the card."
The Harris Corporate MasterCard features the cost-saving advantages of a traditional commercial card program combined with a technology platform that facilitates administrative functions. For example, Harris Corporate MasterCard users will be able to integrate travel and entertainment (T&E), purchasing and fleet expenses within a single card solution. Card features are available around the clock through the Web-based Harris details Online service. Accessible from any Internet-connected computer, details Online includes timely account information reporting and a full set of card program management features.
With the addition of the Harris Corporate MasterCard to the bank's family of business credit products, Harris now offers a full roster of business credit cards that serve a wide spectrum of commercial organizations – from micro-sized small businesses to multi-million dollar middle market companies. For more information about the Harris Corporate MasterCard and the complete selection of Harris Small Business credit cards, please call (888) 489-2265 or visit www.harrisbank.com.
About Harris:
Harris is an integrated financial services organization that provides more than one million personal and business customers with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services through a network of more than 230 branches, nearly 600 Harris-branded ATMs and additional wealth management offices in Arizona, California, Florida, Georgia, New Jersey, Virginia and Washington. For more information, please visit www.harrisbank.com.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes more than 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com  .
Contact:
Craig Grabiner, (312) 461-6055
Current News Releases
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