Citizens Bank helping Katrina relief effort

FLINT - Citizens Bank is scheduled Wednesday to present the American Red Cross Genesee-Lapeer Chapter with more than $86,000 for the Hurricane Katrina relief efforts.

In September, the Flint-based bank said it would donate $50,000 and match staff contributions at its Citizens Bank locations in Michigan and Wisconsin and at F&M Bank offices in Iowa.

Bank employees raised more than $17,200 during the effort and Citizens Bank matched another $2,120 that workers previously contributed to disaster relief.

In all, Citizens Bank will donate $69,325, including employee matches and another $17,205 will come from employee checks, the bank said in a news release.

Citizens Bank also planned to present Red Cross checks totaling $4,946 from the public that were collected at branches.

Citizens Bank and F&M Bank are subsidiaries of Citizens Banking Corp., the second largest bank-holding company based in Michigan.

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.