Smith new president at First American

Joel Smith has been named president of First American Bank and Jim Bobe chairman of the bank's board of directors.

Bobe had previously served as president but has retired from day-to-day management of the bank, which has its main office at 101 N. Third St.

Smith has almost 20 years experience in the banking industry, having served as executive vice president of First American since 2003. Prior to that he worked in Washington.

“I have enjoyed working with Jim Bobe and the other members of the First American leadership team closely these past few years and look forward to this continued teamwork,” Smith said. “Jim is a tremendous community leader and highly devoted to numerous civic and political organizations, making him a wonderful mentor to me and others.

“While retiring from his daily management responsibilities, Jim's counsel and guidance will continue to be invaluable in his new role as chairman of the board,” Smith added. “This management team is fortunate in being able to continue to access his knowledge and experience for years to come.”

Laura Bogard has been named vice president of Retail Banking, Gaven Oexmann vice president of Agriculture Lending, and Michael Morrison vice president of Commercial Lending.

First American Bank which operates three retail banking offices in the local market, offers a full array of financial products and services, including retail and commercial banking, mortgage banking, comprehensive wealth management, full service brokerage and trust administration, title insurance, and a full range of personal and corporate insurance products.

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.