Laredo National Bank plans construction

EDINBURG — A South Texas-based banking company plans to enter Edinburg’s financial market in the next few months with its first branch.

But a locally operated financial entity is solidifying its place in the region with the opening in January of a new corporate facility.

The city planning and zoning commission approved earlier this month a rezoning request from Laredo National Bank changing 2.5 acres at the corner of University Drive and McColl Road from residential to commercial. The City Council is expected to study the new zoning designation at its Dec. 6 meeting, said Juan Lopez, planning and zoning director. The city did not have a construction timeline.

The Laredo National Bank location will be the first in Edinburg. The bank, headquartered in Laredo and founded in 1892, has locations scattered from Brownsville to Dallas.

Bank personnel could not be reached for comment Monday.

Edinburg-based First National Bank is putting the final touches on a new 32,000-square-foot service center at the intersection of Sprague Street and McColl Road. The center will house 160 employees working in support departments for the company’s 47 branches throughout Texas.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.