The numbers at Caterpillar Financial Services took a turn for the worse in the second quarter. The lending arm of construction equipment giant Caterpillar still posted a profit of $104 million in the three months ended June 30, but that was down 30 percent from a year earlier. Revenues slipped 6 percent to $683 million but new business fell 20 percent as most of the company's big customer groups cut back on spending.
Brentwood-based Churchill Mortgage has doubled its California footprint with the opening of a branch in San Diego. The lender also plans to add another location in Los Angeles County soon. The San Diego office is Churchill’s 25th overall and will be led by Joe Detmer, a former regional sales manager for U.S. Bank Home Mortgage and chairman of the San Diego Community Housing Corp.’s board.
Churchill first set up shop in California last year with an office in Orange. That location now is home to more than 10 people and is recruiting for various roles with an eye to opening a second Los Angeles County branch.
First-quarter profits at Caterpillar Financial Services came in at $133 million, up a tick from a year ago, as both lower interest rates and a slowdown in its Latin America, Asia and mining businesses cut into growth. The West End-based financing arm of Caterpillar also saw its past-due loans rise to 3.08 percent of its portoflio, up from 2.17 percent at the end of 2014 and 2.56 percent a year ago.
The Tennessee Attorney General's Office and the state Division of Consumer Affairs have reached an agreement with auto dealer Wholesale Inc. that calls on the company to change its advertising. The deal comes after a complaint from a soldier stationed at Fort Campbell led to allegations that the company violated the Tennessee Consumer Protection Act in marketing a fictitious lender and saying it was marketing a limited amount of loans to military personnel. Check out more info here.
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