National City names new Michigan president

National City Corp. has appointed a new president and CEO for its Michigan operations.

Ted M. Parker, who most recently was chairman and chief executive officer of National City subsidiary Allegiant Asset Management Co., has been assigned to oversee statewide banking operations for the Cleveland-based bank holding and financial services company, effective this week.

The bank operates primarily in Michigan, Ohio, Illinois, Indiana, Kentucky, Missouri and Pennsylvania.

``With an aggressive expansion plan in place for our retail branch network, and a new state headquarters building in Troy, National City is well on the way to becoming the leading market share bank in Michigan,'' said NCC Vice Chairman William E. MacDonald III.

Parker has a bachelor's degree in economics from Lake Forest College and a joint juris doctor/master's degree in business administration from Indiana University. His previous titles with NCC include president/CEO of National City Bank in Kentucky, director of National City Equity Partners, and senior managing director for the firm's Debt Capital Markets and Equity Sponsor groups.

John G. Abunassar has been promoted to chief executive officer at Allegiant to fill Parker's old position. Abunassar joined the Natinal City as executive vice president of Institutional Business in 2004 and was appointed president of Allegiant Asset Management Co. in September 2005.

The investment management firm manages more than $25 billion in assets for corporations, public funds and other entities.

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.