SouthPoint Bank fills senior management post for lending

SouthPoint Bank has named Gerald E. Giattina, a 34-year banking veteran, executive vice president in charge of real estate lending. A member of the bank's management committee, Giattina will oversee residential lending and income property lending to developers and builders.

Giattina formerly served as senior vice president and manager of the residential construction lending department at First American Bank, formerly known as National Bank of Commerce. A University of Alabama alumnus, Giattina also formerly served as corporate head of the residential construction business at AmSouth Bancorporation.

"Gene brings a reputation of integrity and the highest level of expertise to SouthPoint Bank," said Steve Smith, SouthPoint's president and CEO, in a news release. "He is poised to bring his experience and knowledge to assist Birmingham area builders and developers."

One of Birmingham's recent startups, SouthPoint opened for business in October from offices off U.S. Highway 280 at 3500 Colonnade Parkway.

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.