Regions names new president

Wilbur R. Smith has been promoted to president and commercial sales manager of Regions Bank in Albertville, Guntersville and Arab.

Smith replaces Lowell Galloway, who retired from the position in November.

“I’ve been here at the bank for 30 years outside of two,” Smith said. “Being here that length of time, you really see how it works. It’s a humbling experience to know they would put that much confidence in me.”

Smith received his bachelor of science degree in banking and finance from the University of Alabama and joined Regions Bank in 1975.

He is a member of the Albertville Chamber of Commerce, Albertville Civitan Club and First Baptist Church of Albertville, where he is a deacon and Sunday School teacher for college and career. He and his wife, Dianne, have three children and four grandchildren.

During the bank’s 101st anniversary this year, Smith becomes only its fifth president.

“It’s a lot of responsibility, but at the same time, there are a lot of people that make it work,” Smith said.

Smith is a former director/treasurer for the Albertville Chamber of Commerce and has served as treasurer of the Albertville Civitans. He has also served as the office school coordinator for the Alabama Young Bankers Association.

Regions Bank was originally established as the Bank of Albertville in 1904 and is the oldest continuous operating business in Albertville.

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.