bizjournals Banking & Financial Services:General headlines

New companies rush in to trade on hot Obama brand

Fri, 05 Dec 2008 10:00:06 GMT

While many local tour companies now are offering visits to the old stomping grounds of President-elect Barack Obama, at least a dozen companies are using the Oahu-born politician’s name in their trademark or trade name.

Prudential to sell stake in Wachovia brokerage

Fri, 05 Dec 2008 03:01:30 GMT

Prudential Financial Inc. said Thursday that it will sell its minority stake in Wachovia Securities to Wells Fargo & Co. (PRU) (WFC) (WB)

Wisconsin Energy to raise 1Q dividend

Thu, 04 Dec 2008 22:47:20 GMT

Wisconsin Energy Corp. said it will increase its quarterly dividend by 6.75 cents, to 33.75 cents per share, on the company’s common stock in the first quarter of 2009. (WEC)

SEC files charges against Del Biaggio

Thu, 04 Dec 2008 22:43:49 GMT

The Securities and Exchange Commission said Thursday it filed a civil complaint against Silicon Valley venture capitalist William J. "Boots" Del Biaggio III alleging that he defrauded investors, banks and private lenders out of $65 million.

Veredus buys back stake held by Fortis

Thu, 04 Dec 2008 22:13:25 GMT

Institutional-asset management firm Veredus Asset Management LLC has repurchased a 50 percent interest in the company held by Fortis Bank S.A./N.V.

SEC files charges against Del Biaggio

Thu, 04 Dec 2008 22:00:20 GMT

APJet closes on $3.5M investment

Thu, 04 Dec 2008 21:52:59 GMT

Affiliated Plasma Jet Technologies (APJeT Inc.) has closed on a $3.5 million investment from Connecticut-based Centripetal Capital Partners.

Prudential to sell stake in Wachovia brokerage

Thu, 04 Dec 2008 21:21:00 GMT

Prudential Financial Inc. said Thursday that it will sell its minority stake in Wachovia Securities to Wells Fargo & Co. (PRU) (WFC) (WB)

Automakers return to Congress for bailout

Thu, 04 Dec 2008 20:53:51 GMT

U.S. automakers returned to Congress Thursday, asking for bridge loans totaling $34 billion to keep them in business while they continue their restructuring efforts.

Automakers return to Congress for bailout

Thu, 04 Dec 2008 20:50:16 GMT

U.S. automakers returned to Congress Thursday, asking for bridge loans totaling $34 billion to keep them in business while they continue their restructuring efforts.

Blockbuster looks for cost-savings

Thu, 04 Dec 2008 20:47:09 GMT

Blockbuster’s chief executive officer said Thursday the company is looking to save money by renegotiating leases at one-third of the company’s 7,000 stores nationwide, according to Reuters news. (BBI)

Broncus Technologies gets $38M

Thu, 04 Dec 2008 20:15:08 GMT

The medical device company Broncus Technologies Inc. has closed a $38 million round of funding.

Countrywide issues $11.5M in N.C. refunds

Thu, 04 Dec 2008 19:58:33 GMT

Countrywide Financial Corp. has agreed to issue $11.5 million in cash refunds to 4,800 borrowers as part of a settlement with the N.C. Office of the Commissioner of Banks. (BAC)

Prudential plans to sell Wachovia Securities stake

Thu, 04 Dec 2008 19:58:13 GMT

Prudential Financial Inc. says it plans to sell its minority stake in Wachovia Securities to Wells Fargo & Co. (WFC) (WB)

Evergreen Energy approves poison pill

Thu, 04 Dec 2008 19:46:29 GMT

Evergreen Energy Inc.’s board of directors has approved a stockholder rights plan, the company said Thursday.

Wall Street, Md. officials assess Constellation Energy bids, job cuts

Thu, 04 Dec 2008 19:38:14 GMT

Dueling offers for Constellation Energy Group and news of job cuts at the Baltimore energy giant prompted jitters on Wall Street and in Maryland Thursday. (CEG)

Automakers return to Congress for bailout

Thu, 04 Dec 2008 19:37:43 GMT

U.S. automakers returned to Congress Thursday, asking for bridge loans totaling $34 billion to keep them in business while they continue their restructuring efforts.

Automakers return to Congress for bailout

Thu, 04 Dec 2008 19:35:07 GMT

U.S. automakers returned to Congress Thursday, asking for bridge loans totaling $34 billion to keep them in business while they continue their restructuring efforts.

Maryland Port Administration's pact with UPM-Kymmene to create 120 jobs

Thu, 04 Dec 2008 19:35:03 GMT

Maryland’s deal with Finnish paper maker UPM-Kymmene will guarantee 3.2 million tons of cargo over 10 years and create 120 new jobs at the Port of Baltimore.

Douglas named president of RECA

Thu, 04 Dec 2008 19:33:21 GMT

The Real Estate Council of Austin has elected new officers for 2009, including Craig Douglas as RECA’s president.

Kimball Hill Homes to cease operations

Thu, 04 Dec 2008 19:19:23 GMT

Kimball Hill Homes, which had been selling homes in the Sacramento area as it tried to reorganize through bankruptcy, has announced it will cease operations and try to sell its business or assets.

WRIT buys 2445 M St. for $181M

Thu, 04 Dec 2008 19:18:32 GMT

Washington Real Estate Investment Trust has acquired 2445 M St. NW, a West End office building that was previously financed in part by a Lehman Brothers entity. (WRE)

Peoples nabs preliminary OK for federal capital infusion

Thu, 04 Dec 2008 19:14:03 GMT

Peoples Bancorp Inc. of Marietta has scheduled a shareholders’ meeting early next year to OK issuing preferred stock after the bank clinched preliminary approval to participate in the government’s capital purchase program. (HBAN) (FITB) (KEY) (PEBO)

D.C restaurateur eyes Phillips Seafood's Annapolis location

Thu, 04 Dec 2008 19:00:25 GMT

A well-known Washington, D.C., restaurant owner wants to take over Phillips Seafood’s downtown Annapolis restaurant and rename it Hell Point Seafood.

Automakers return to Congress for bailout

Thu, 04 Dec 2008 18:56:33 GMT

U.S. automakers returned to Congress Thursday, asking for bridge loans totaling $34 billion to keep them in business while they continue their restructuring efforts.

Countrywide refunds $11.5M to N.C. consumers

Thu, 04 Dec 2008 18:54:39 GMT

Countrywide Financial Corp. has agreed to issue $11.5 million in cash refunds to 4,800 borrowers as part of a settlement with the N.C. Office of the Commissioner of Banks. (BAC)

Survey finds Americans nervous about retirement

Thu, 04 Dec 2008 18:53:59 GMT

An increasing number of Americans are concerned that the current economic crisis will leave them further behind on their retirement plans, according to a new survey. (BAC)

Automakers return to Congress for bailout

Thu, 04 Dec 2008 18:49:43 GMT

U.S. automakers returned to Congress Thursday, asking for bridge loans totaling $34 billion to keep them in business while they continue their restructuring efforts.

Prudential plans to sell Wachovia Securities stake

Thu, 04 Dec 2008 18:37:00 GMT

Prudential Financial Inc. says it plans to sell its minority stake in Wachovia Securities to Wells Fargo & Co. (WFC) (WB)

Fitch downgrades First Horizon's rating

Thu, 04 Dec 2008 18:28:33 GMT

Fitch Ratings has downgraded the individual ratings of First Horizon National Corp. and First Tennessee Bank to 'C' from 'B/C,’ a rating considered non-investment grade. (FHN)

Judge fines, grounds Lee’s Summit helicopter dealer

Thu, 04 Dec 2008 18:16:17 GMT

A federal judge ordered a Lee’s Summit helicopter dealer to pay fines and restitution and liquidate his business for selling defectively repaired helicopter engine components.

Beige Book report isn't pretty for western Pennsylvania region

Thu, 04 Dec 2008 18:09:13 GMT

Business conditions have weakened across Ohio and western Pennsylvania in recent weeks, a new federal report says.

Prudential to sell stake in Wachovia brokerage

Thu, 04 Dec 2008 18:04:28 GMT

Prudential Financial Inc. said Thursday that it will sell its minority stake in Wachovia Securities to Wells Fargo & Co. (PRU) (WFC) (WB)

Edge again delays Chaparral merger vote

Thu, 04 Dec 2008 17:55:06 GMT

Edge Petroleum Corp. has delayed today’s annual company meeting and vote on its proposed merger with Chaparral Energy Inc. (EPEX)

K&L Gates to add Chicago presence via merger with Bell Boyd & Lloyd

Thu, 04 Dec 2008 17:45:23 GMT

K&L Gates LLP, Pittsburgh’s largest law firm, is in merger talks with Chicago-based Bell Boyd & Lloyd LLP, Peter Kalis, K&L Gates' chairman and global managing partner confirmed Thursday.

Countrywide issues $11.5M in N.C. refunds

Thu, 04 Dec 2008 17:27:27 GMT

Countrywide Financial Corp. has agreed to issue $11.5 million in cash refunds to 4,800 borrowers as part of a settlement with the N.C. Office of the Commissioner of Banks. (BAC)

Digital music firm gets $30M investment

Thu, 04 Dec 2008 17:12:14 GMT

PassAlong Networks Inc. is planning to close on a $30 million round of investment funding later this month, according to VentureWire.

Center for Performing Arts names CEO

Thu, 04 Dec 2008 17:04:37 GMT

Mark Nerenhausen has been named chief executive officer of the Dallas Center for the Performing Arts.

N.C.: Credit Suisse to add 175 new jobs in RTP

Thu, 04 Dec 2008 16:53:15 GMT

North Carolina officials announced Thursday that Credit Suisse would add 175 jobs in the Triangle despite the announcement of more than 5,000 cuts across the globe. But the Swiss company will be paying workers here less money than it originally had planned, according to commerce officials.

i2 Technologies: No sale to JDA Software

Thu, 04 Dec 2008 16:49:49 GMT

i2 Technologies Inc. will not be acquired by supply-chain management provider JDA Software Group Inc, according to a press release issued by i2 on Thursday. (ITWO) (JDAS)

Countrywide refunding $11.5M in N.C.

Thu, 04 Dec 2008 16:45:18 GMT

Countrywide Home Loans and Countrywide Mortgage Ventures will send $11.5 million to 4,800 borrowers in North Carolina as part of a settlement with banking regulators, according to an announcement from the Office of the Commissioner of Banks.

Countrywide to pay $13.5M in refunds, grants in North Carolina

Thu, 04 Dec 2008 16:39:12 GMT

Countrywide Financial has agreed to pay $11.5 million to 4,800 North Carolinians, and to fund state foreclosure prevention programs to the tune of $2 million, in a settlement with state regulators. (BAC)

Lancaster lands 300-job facility

Thu, 04 Dec 2008 16:37:18 GMT

A Salt Lake City mortgage consulting company will move a division headquarters and create 300 jobs in the Indian Land area of Lancaster County.

Job cuts and layoffs roundup

Thu, 04 Dec 2008 16:34:25 GMT

Large job cuts were announced Thursday and Wednesday by companies in several industries -- including financial, telecommunications, media.

K&L Gates to add Chicago presence via merger with Bell Boyd & Lloyd

Thu, 04 Dec 2008 16:31:03 GMT

K&L Gates LLP, Pittsburgh’s largest law firm, is in merger talks with Chicago-based Bell Boyd & Lloyd LLP, Peter Kalis, K&L Gates chairman and global managing partner confirmed Thursday.

Job cuts and layoffs roundup

Thu, 04 Dec 2008 16:04:06 GMT

Large job cuts were announced Thursday and Wednesday by companies in several industries -- including financial, telecommunications, media.

Capital One to buy Chevy Chase Bank

Thu, 04 Dec 2008 15:18:00 GMT

Capitial One Financial Corp. will acquire Chevy Chase Bank for $520 million. (COF)

Broncus Technologies gets $38M

Thu, 04 Dec 2008 15:16:40 GMT

Broncus Technologies Inc., a medical device company developing products for emphysema and other lung diseases, said Thursday it closed a new round of funding with $38 million.

Accuray hires new CFO

Thu, 04 Dec 2008 15:04:20 GMT

Accuray Inc. on Thursday named Derek Bertocci chief financial officer. (ARAY) (BFRM)

Capital One to buy Chevy Chase Bank

Thu, 04 Dec 2008 14:25:32 GMT

Capital One Financial Corp. will acquire Chevy Chase Bank for $520 million. (COF)

Dow loses over 200 points at Thursday close

Thu, 04 Dec 2008 13:47:15 GMT

The Dow wobbled up and down throughout Thursday but around 3 p.m. slid steeply to close with a 215.45 point loss to 8,376.24, down 2.51 percent. (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (NCC) (NCX) (PNC) (PPG) (X) (WCC)

Legg Mason managers: It's depressing but probably not a depression

Thu, 04 Dec 2008 13:46:40 GMT

NEW YORK -- With the recession official, some of Legg Mason’s best-known fund managers spent their lunch hour Wednesday debating the next question: Is the economy going into a depression? (LM)

U.S. markets sag before open Thursday

Thu, 04 Dec 2008 13:36:02 GMT

U.S. stock markets were losing steam Thursday ahead of the opening bell after a late session rally extended gains Wednesday.

State Street to cut up to 1,800 jobs

Thu, 04 Dec 2008 12:37:06 GMT

State Street Corp. (NYSE: STT) says it will cut between 1,600 and 1,800 jobs — or about 6 percent of its workforce — over the next four months. (STT)

Capital One to buy Chevy Chase Bank

Thu, 04 Dec 2008 12:32:53 GMT

Capitial One Financial Corp. will acquire Chevy Chase Bank for $520 million. (COF)

Ed Case asks: Governor or Congress?

Wed, 03 Dec 2008 23:24:50 GMT

Ed Case, a former Hawaii congressman and legislator, is asking supporters to tell him whether he should run for governor or the U.S. Congress in 2010.

Injunction issued against Life Partners

Wed, 03 Dec 2008 23:17:49 GMT

Denver District Court Judge Robert McGahey on Wednesday entered a permanent injunction against a company that sold unregistered securities in Colorado in violation of the Colorado Securities Act. (LPHI)

Report: U.S. jobless ranks rise

Wed, 03 Dec 2008 23:11:45 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

Fed: Economic conditions decline in Ohio, surrounding areas

Wed, 03 Dec 2008 22:51:12 GMT

Economic activity in Ohio and some bordering states declined “markedly” in the past six weeks, the Federal Reserve’s Cleveland district bank said in its regular Beige Book analysis.

Carlyle Group to cut 10% of staff, close Menlo Park

Wed, 03 Dec 2008 22:47:23 GMT

Private equity firm Carlyle Group said Wednesday it will cut 10 percent of its staff firmwide, resulting in 100 people losing their jobs. (BPFH)

Miami’s Wind by Neo condo in foreclosure

Wed, 03 Dec 2008 22:41:08 GMT

The developer of Wind by Neo, a 42-story, 498 unit condo along the Miami River is facing a foreclosure lawsuit from Wachovia Bank.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 22:26:32 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

Cintas soars as local stocks surge to second straight big gain

Wed, 03 Dec 2008 22:20:29 GMT

Cintas Corp. skyrocketed Wednesday while Greater Cincinnati stocks surged to follow up on Tuesday’s rally. (CTAS) (M) (AFG) (HI) (HRC) (KNDL) (SSP) (FITB) (CHEV) (PCBI)

Reed Smith cutting some support staff

Wed, 03 Dec 2008 22:18:34 GMT

Citing the continuing economic slowdown and an expected drop in demand for services in 2009, the Reed Smith law firm said Wednesday it would be laying off about 115 support staff across its U.S. offices.

Introgen files Chapter 11

Wed, 03 Dec 2008 22:16:04 GMT

Major questions over the effectiveness of its flagship drug, a dramatic drop in stock price and its pending removal from the Nasdaq exchange marked the steady decline of Introgen Therapeutics Inc. in recent months. Now the Austin-based biopharmaceutical company is filing for Chapter 11 bankruptcy protection and looking to sell its therapeutic product portfolio.

ProLogis' credit ratings downgraded

Wed, 03 Dec 2008 22:15:16 GMT

Fitch Ratings downgraded ProLogis Inc.’s credit ratings on Wednesday because of the company’s weakened earning power during the current global capital crisis. (PLD)

Carlyle to cut 10% of staff

Wed, 03 Dec 2008 22:00:58 GMT

The Carlyle Group will cut 10 percent of its work force, or 100 jobs, according to media reports Wednesday.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 21:59:45 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

M&I completes acquisition of Miami firm

Wed, 03 Dec 2008 21:56:32 GMT

Marshall & Ilsley Corp. has completed its acquisition of a majority interest in Taplin, Canida & Habacht Inc. (MI)

Report: U.S. jobless ranks rise

Wed, 03 Dec 2008 21:40:35 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 21:30:08 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

Carlyle Group to shut Menlo Park office, cut staff firmwide

Wed, 03 Dec 2008 21:27:26 GMT

Carlyle Group, the largest private equity firm with an office in San Francisco, said Wednesday that it will slash 10 percent of its staff firmwide, resulting in 100 people losing their jobs. It will also shrink its San Francisco space and close its Menlo Park office. (BPFH)

Behrman Capital reportedly lays off most S.F. staff

Wed, 03 Dec 2008 21:06:03 GMT

The bleeding continues in San Francisco’s financial district as Behrman Capital reportedly joined the growing roster of firms laying off employees in the city. (BAC) (BNS) (AXA) (MET) (PFE)

Carlyle to cut 10% of staff

Wed, 03 Dec 2008 20:53:14 GMT

The Carlyle Group will cut 10 percent of its work force, or 100 jobs, according to media reports Wednesday.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 20:51:47 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

Greenebaum plans merger with Indy firm

Wed, 03 Dec 2008 20:45:28 GMT

Greenebaum Doll & McDonald PLLC law firm plans to merge with Indianapolis-based Ice Miller LLP on Jan. 1, the Indianapolis Business Journal reported, citing “several sources in the legal community.” (TM) (HUM) (ASH) (CHDN) (CELL) (GABC) (IFC)

U.S. employment levels continue to drop

Wed, 03 Dec 2008 20:44:48 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 20:35:14 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

Behrman Capital reportedly lays off most S.F. staff

Wed, 03 Dec 2008 20:18:22 GMT

The bleeding continues in San Francisco’s financial district as Behrman Capital reportedly joined the growing roster of firms laying off employees in the city. (BAC) (BNS) (AXA) (MET) (PFE)

Provident Bank to aid Route 1 revitalization in Howard County

Wed, 03 Dec 2008 19:50:25 GMT

Provident Bank has signed on to a Howard County loan program aimed at revitalizing Route 1. (PBKS) (BBT) (MTB) (PNC)

Legg Mason managers: It's depressing but probably not a depression

Wed, 03 Dec 2008 19:43:04 GMT

NEW YORK -- With the recession official, some of Legg Mason’s best-known fund managers spent their lunch hour Wednesday debating the next question: Is the economy going into a depression? (LM)

American Capital lays off 110

Wed, 03 Dec 2008 19:38:22 GMT

American Capital Ltd. is the latest investment company to make big cuts in response to shaky economic and market conditions. (ACAS)

United Financial Bancorp unveils stock buyback

Wed, 03 Dec 2008 19:32:37 GMT

West Springfield, Mass.-based United Financial Bancorp Inc. (Nasdaq: UBNK) said it plans to buy back up to 885,379 shares, a move that represents about 5 percent of the holding company’s outstanding shares.

Railyards will create 3,000 jobs in 2009

Wed, 03 Dec 2008 19:31:01 GMT

The developer of the 244-acre Sacramento Railyards project said Wednesday that it will bring approximately 3,000 new jobs to the region in 2009 due to grants from propositions 1B and 1C, housing, infrastructure and transportation bond programs, as well as other local and federal funding.

Beige Book: West Coast economy weakens further

Wed, 03 Dec 2008 19:29:39 GMT

Economic activity on the West Coast and in Hawaii weakened “decidedly” during the survey period of mid-October through late November, according to the latest Beige Book issued by the Federal Reserve Bank of San Francisco.

Neoprobe locks in 3rd piece of $13M investment

Wed, 03 Dec 2008 19:28:27 GMT

Neoprobe Corp. told investors this week that it has reached a point in the testing of its cancer-detecting Lymphoseek drug that puts the company in line for the final piece of a $13 million investment.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 19:20:57 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

TSG sells stake in auto-polish maker

Wed, 03 Dec 2008 19:20:57 GMT

TSG Consumer Partners, a San Francisco private equity firm, recently sold its stake in Meguiar’s, an Irvine-based auto-polish maker. (MMM)

Selig Center: Ga. recession ‘severe’ and ‘prolonged’

Wed, 03 Dec 2008 18:59:53 GMT

The recession in the Peach State will be severe and prolonged, but a slow recovery is coming in the later half of 2009, according to an economic forecast released Wednesday by The University of Georgia’s Selig Center for Economic Growth.

Sheboygan Falls Insurance acquired

Wed, 03 Dec 2008 18:58:56 GMT

Donegal Insurance Group Inc. reported Wednesday that it had completed the acquisition of all of the outstanding capital stock of Sheboygan Falls Insurance Co.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 18:58:44 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

U.S. employment levels continue to drop

Wed, 03 Dec 2008 18:57:52 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

ADP report shows 250,000 in U.S. job losses

Wed, 03 Dec 2008 18:57:28 GMT

The U.S. economy shed 250,000 jobs in the period between mid-October and mid-November, according to a report released Wednesday by payroll company ADP.

Cintas closing two Kentucky plants

Wed, 03 Dec 2008 18:48:28 GMT

Cintas Corp., citing lowered demand, will close two Kentucky manufacturing plants, eliminating almost 300 jobs, the company said. (CTAS)

U.S. employment levels continue to drop

Wed, 03 Dec 2008 18:10:11 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

American Capital lays off 110

Wed, 03 Dec 2008 18:03:55 GMT

American Capital Ltd. is the latest investment company to make big cuts in response to shaky economic and market conditions. (ACAS)

U.S. employment levels continue to drop

Wed, 03 Dec 2008 17:29:13 GMT

The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.

University of Pittsburgh freezes salaries for top officers, Nordenberg

Wed, 03 Dec 2008 17:21:23 GMT

The University of Pittsburgh’s Board of Trustees froze the salaries for school’s top officers, citing the difficult economy.

Cintas closing two Kentucky plants

Wed, 03 Dec 2008 17:21:20 GMT

Cintas Corp., citing lowered demand, will close two Kentucky manufacturing plants, eliminating almost 300 jobs, the company said. (CTAS)

Sykes expands to Brazil

Wed, 03 Dec 2008 17:10:39 GMT

Outsource provider Sykes Enterprises Inc. reported Wednesday it had opened its first customer call center in Brazil. (SYKE)

Gaylord rejects Omni owner's proposal

Wed, 03 Dec 2008 17:10:19 GMT

Gaylord Entertainment’s board of directors has rejected a proposal by TRT Holdings to increase its Gaylord share ownership and obtain board seats.

GM will ‘explore alternatives’ for Saturn

Wed, 03 Dec 2008 16:28:03 GMT

In a plan submitted to Congress on Tuesday, General Motors Corp. said it will focus product development and marketing efforts on its Chevrolet, Cadillac, Buick and GMC brands, and “explore alternatives for the Saturn brand.” (GM)

GM will ‘explore alternatives’ for Saturn

Wed, 03 Dec 2008 16:24:39 GMT

In a plan submitted to Congress on Tuesday, General Motors Corp. says it will focus product development and marketing efforts on its Chevrolet, Cadillac, Buick and GMC brands, and “explore alternatives for the Saturn brand.” (GM)

Argosy in on purchase of Joliet Equipment

Wed, 03 Dec 2008 16:21:05 GMT

A Philadelphia-area private equity fund took part in the acquisition of motor maker Joliet Equipment Corp. for an undisclosed sum. (FITB)

BBVA Compass rebranding bulks up San Antonio branch reach

Wed, 03 Dec 2008 16:16:57 GMT

BBVA Compass has expanded its reach in San Antonio as a result of the recent conversion of LNB (formerly Laredo National Bank) bank branches to the BBVA Compass brand.

GM will ‘explore alternatives’ for Saturn

Wed, 03 Dec 2008 16:04:19 GMT

GM will ‘explore alternatives’ for Saturn

Wed, 03 Dec 2008 14:50:38 GMT

United Bankshares to take Treasury funds

Wed, 03 Dec 2008 14:40:10 GMT

United Bankshares Inc. will accept a capital infusion of up to $197 million from the Treasury Department. (UBSI)

Campbellsville Apparel awarded DoD contract

Wed, 03 Dec 2008 14:36:54 GMT

Campbellsville Apparel Co. LLC has been awarded a $5.7 million contract by the U.S. Defense Logistics Agency to provide men’s navy blue undershirts to the U.S. Navy.

Colonial gets $550 million in TARP funds

Wed, 03 Dec 2008 14:34:23 GMT

Colonial BancGroup Inc. said it has received preliminary approval to take part in the U.S. Treasury Department’s capital purchase program. (CNG)

Park receives initial OK for federal capital infusion

Wed, 03 Dec 2008 13:57:25 GMT

The U.S. Treasury has given preliminary approval to Park National Corp.’s application to participate in the government’s capital purchase program, which would put the bank in line for an injection of up to $100 million. (HBAN) (FITB) (FFBC) (KEY)

GM will ‘explore alternatives’ for Saturn

Wed, 03 Dec 2008 00:00:36 GMT

Smashburger inks expansion deals

Tue, 02 Dec 2008 23:26:48 GMT

Smashburger had a sizzling Tuesday.

Real estate agent gets 7-year sentence

Tue, 02 Dec 2008 23:24:44 GMT

Englewood real estate agent Arvin Weiss was sentenced Tuesday to seven years in federal prison after a federal jury in Denver convicted him of fraud and witness tampering in what authorities called a sophisticated scheme to cheat mortgage companies that fund federally insured loans.

Sprint adds $6.7M to improve Hawaii service

Tue, 02 Dec 2008 23:21:14 GMT

Sprint has invested more than $6.7 million in the first three quarters of 2008 to improve service in Hawaii.

Hawaiian Electric plans stock offering

Tue, 02 Dec 2008 23:18:52 GMT

Hawaiian Electric Industries plans to offer 4.2 million shares of common stock in a public offering, the company announced Tuesday. (HE)

BofA sells $9B in FDIC-backed debt

Tue, 02 Dec 2008 22:42:56 GMT

Bank of America Corp. has sold $9 billion in debt backed by the Federal Deposit Insurance Corp. (MER) (BAC)

Park receives initial OK for federal capital infusion

Tue, 02 Dec 2008 22:34:19 GMT

The U.S. Treasury has given preliminary approval to Park National Corp.’s application to participate in the government’s capital purchase program, which would put the Newark bank in line for an injection of up to $100 million. (HBAN) (FITB) (KEY)

Governors appeal to Obama for aid

Tue, 02 Dec 2008 21:49:43 GMT

Governors from across the country — including Oregon's Ted Kulongoski — gathered in Philadelphia on Tuesday to appeal for federal assistance from President-elect Barack Obama and Vice President-elect Joseph Biden at a National Governors Association meeting.

Fidelity reopens two funds

Tue, 02 Dec 2008 21:28:19 GMT

Fidelity Investments said Tuesday it will reopen two popular funds to new investors, effective Dec. 16.

BofA sells $9B in FDIC-backed debt

Tue, 02 Dec 2008 21:20:27 GMT

Bank of America Corp. has sold $9 billion in debt backed by the Federal Deposit Insurance Corp. (MER) (BAC)

Machinists in contract talks with GKN

Tue, 02 Dec 2008 20:58:15 GMT

The International Association of Machinists and Aerospace Workers said it opened main table contract negotiations with GKN on Tuesday.

Report: Bond investors sue Countrywide

Tue, 02 Dec 2008 20:56:05 GMT

A group of bond investors is demanding that Countrywide Financial Corp. purchase mortgage loans for which it plans to reduce borrowers’ payment terms. (BAC)

Colonial Bank to take $550M in fed funds

Tue, 02 Dec 2008 20:52:15 GMT

Colonial BancGroup will receive a $550 million capital infusion from the government.

St. Louis unemployment 6.9%

Tue, 02 Dec 2008 20:51:34 GMT

The St. Louis-area unemployment rate increased slightly in October to 6.9 percent, up from 6.8 percent in September, new data show.

Target reaches out to American Indian college students

Tue, 02 Dec 2008 20:51:06 GMT

Target Corp. has granted $20,000 to the American Indian College Fund, the scholarship provider announced in a statement released today.

WaMu center to stay open in San Antonio

Tue, 02 Dec 2008 20:40:58 GMT

New York-based JPMorgan Chase has announced that it will keep the Washington Mutual regional operations center open in San Antonio. (JPM)

Hawaii Internet connections among slowest in the U.S.

Tue, 02 Dec 2008 20:31:32 GMT

Hawaii Web surfers have slower Internet service than those in most states, according to PCMag.

Main Street paves way to issue shares

Tue, 02 Dec 2008 20:28:58 GMT

Main Street Capital Corp. has filed a shelf registration to allow the private equity company to issue as much as $300 million in common shares. (MAIN)

Boston Herald owner assuming News Corp. role

Tue, 02 Dec 2008 19:58:46 GMT

Boston Herald owner and Publisher Patrick J. Purcell is taking an executive position under his old boss and mentor, Rupert Murdoch, and will continue to own and run the Herald.

Raymond James warns on auction rate securities

Tue, 02 Dec 2008 19:55:19 GMT

Fallout from the sale of auction rate securities could hurt Raymond James Financial Inc., the company said in a regulatory filing. (RJF) (STI)

Constellation Energy Group warns of dire future if sale vote fails

Tue, 02 Dec 2008 19:19:12 GMT

Constellation Energy Group said Tuesday it will lose $1.4 billion in cash and may struggle to stay in business if shareholders don’t approve its $4.7 billion pending sale later this month. (CEG)

Washington Mutual layoffs not to affect Tampa Bay area

Tue, 02 Dec 2008 18:56:15 GMT

JPMorgan Chase & Co. said Monday it will layoff 9,200 Washington Mutual employees, or roughly 22 percent of WaMu’s 42,000-person work force.

Legg Mason shares up after news on earnings hit, debt breathing room

Tue, 02 Dec 2008 18:39:25 GMT

Legg Mason Inc. shares rose 14 percent in trading Tuesday as investors absorbed the news that the firm will take another big hit to earnings, but now has more breathing room on its debt levels from lenders who provide more than $1 billion worth of financing. (LM)

Local outlook good for IT, financial workers

Tue, 02 Dec 2008 18:05:31 GMT

Demand is expected to be strong in the first quarter for both IT and financial workers in Denver, according to separate survey results released Tuesday by Robert Half International.

Orlando company buys Hermitage Capital

Tue, 02 Dec 2008 18:01:26 GMT

International Assets Advisors LLC of Orlando has acquired principals and independent contractors from Hermitage Capital of New York City.

Ruidoso’s River Crossing faces foreclosure

Tue, 02 Dec 2008 17:55:33 GMT

A foreclosure sale for Ruidoso’s River Crossing is scheduled for Dec. 23 on the front steps of the village’s civic center building on Cree Meadows Drive, according to a report in the Ruidoso News.

Survey: Quiet job market ahead for finance, IT

Tue, 02 Dec 2008 17:36:58 GMT

Financial and information technology executives in the Columbus area paint a mixed picture of staffing projections for next year’s first quarter, but signs from both sectors point to little change in the job markets early next year. (RHI)

ProLogis closes $105.8M refinancing

Tue, 02 Dec 2008 17:35:03 GMT

ProLogis Inc. of Denver has closed on a $105.8 million refinancing of debt with a syndicate of four banks, the company said Monday. (PLD)

Mecklenburg unemployment up slightly

Tue, 02 Dec 2008 17:07:57 GMT

The unemployment rate in Mecklenburg County rose to 6.7 percent in October from 6.6 percent in September.

After GigOptix merger, Lumera’s shares off NASDAQ

Tue, 02 Dec 2008 17:06:09 GMT

After Lumera Corp. completes its merger with GigOptix Inc., shares of the combined company will no longer be traded on the NASDAQ stock market. (LMRA)

Report says Greenebaum plans merger with Indianapolis firm

Tue, 02 Dec 2008 17:05:03 GMT

Greenebaum Doll & McDonald PLLC law firm plans to merge with Indianapolis-based Ice Miller LLP on Jan. 1, the Indianapolis Business Journal reported, citing “several sources in the legal community.” (TM) (HUM) (BFB) (ASH) (CHDN) (CELL) (GABC) (IFC)

Live Nation strikes Blockbuster ticket deal

Tue, 02 Dec 2008 17:02:04 GMT

Blockbuster Inc. will serve as the physical retail outlet for Live Nation’s new ticketing company, under a three-year deal announced Tuesday. (BBI) (LYV)

Atmos appoints VP of corp. development

Tue, 02 Dec 2008 16:48:08 GMT

Natural gas distributor Atmos Energy Corp. has appointed Charles Davis Jr. to the position of vice president of corporate development, to help the company focus on internal and external growth. (ATO)

Reports: BofA sells $9B in FDIC-backed debt

Tue, 02 Dec 2008 16:47:31 GMT

Bank of America Corp. sold $9 billion in debt backed by the Federal Deposit Insurance Corp., media outlets have reported. (BAC) (MER)

BofA sells $9B in FDIC-backed debt

Tue, 02 Dec 2008 16:44:24 GMT

Bank of America Corp. has sold $9 billion in debt backed by the Federal Deposit Insurance Corp. (MER) (BAC)

WPCS says it could buy back 2M shares

Tue, 02 Dec 2008 16:23:48 GMT

WPCS International Inc. said Tuesday its board of directors has authorized it to repurchase up to 2 million shares of its common stock. (WPCS)

BofA sells $9B in FDIC-backed debt

Tue, 02 Dec 2008 16:22:21 GMT

Bank of America Corp. has sold $9 billion in debt backed by the Federal Deposit Insurance Corp. (MER) (BAC)

Blockbuster to sell concert tickets

Tue, 02 Dec 2008 16:16:23 GMT

Movie and game entertainment company Blockbuster Inc. is branching out and aligning itself with Live Nation, one of the largest marketers and providers of live concerts. (BBI)

Pair of credit unions ink merger pact

Tue, 02 Dec 2008 16:03:21 GMT

Texas Transportation Federal Credit Union in San Antonio has merged with Greater TEXAS Federal Credit Union, headquartered in Austin, as of Dec. 1, 2008.

Lunsford appointed as new Anulex Technologies CEO

Tue, 02 Dec 2008 16:02:48 GMT

Anulex Technologies Inc. of Minnetonka has a new top executive.

Blockbuster to sell concert tickets

Tue, 02 Dec 2008 15:35:46 GMT

Movie and game entertainment company Blockbuster Inc. is branching out and aligning itself with Live Nation, one of the largest marketers and providers of live concerts. (BBI)

Black Friday not bleak Friday

Tue, 02 Dec 2008 15:26:38 GMT

The holiday shopping season’s traditional kickoff weekend turned out to be more cheerful than expected, as more people hit the malls and spent more than they did last year.

Poniard CFO leaves for Corcept

Tue, 02 Dec 2008 15:23:18 GMT

Corcept Therapeutics Inc. on Tuesday named Caroline Loewy chief financial officer. (CORT) (PARD)

Irvine's Pension Group bought for $4.7M

Tue, 02 Dec 2008 15:17:10 GMT

National Investment Managers Inc. has made its sixth acquisition this year, picking up Irvine's Pension Group Inc. for $4.7 million.

FDIC cracks down on OneUnited Bank

Tue, 02 Dec 2008 15:00:15 GMT

A federal bank regulator recently accused the management of OneUnited Bank, one of the largest black-owned banks in the country, of running an unsound lending operation and ordered a top-to-bottom review of executive perks that included a 2008 Porsche and a housing allowance for a beach-front home in California.

National Investment acquires California firm for $4.7M

Tue, 02 Dec 2008 14:56:33 GMT

Dublin’s National Investment Managers Inc. has made its sixth acquisition this year, picking up a California firm for $4.7 million.

Industrial properties in San Jose, Milpitas, Fremont fetch $68M

Tue, 02 Dec 2008 14:40:03 GMT

An industrial property portfolio stretching from Fremont to San Jose has been sold for $68 million to Intercontinental Real Estate Corp.

Airgas grows again with acquisitions

Tue, 02 Dec 2008 14:38:17 GMT

Airgas Inc. completed a transaction in which it bought three businesses, adding to its portfolio of a dozen acquisitions since the beginning of its fiscal year in April. (ARG)

Sterling Bancshares approved for federal bailout funds

Tue, 02 Dec 2008 14:38:12 GMT

Sterling Bancshares Inc., the parent company of Sterling Bank in San Antonio, has received preliminary approval to participate in the U.S. Department of Treasury’s voluntary Capital Purchase Program. Under this program, Sterling Bancshares intends to sell to the government approximately $125 million in senior preferred stock and related warrants. (SBIB)

Ashland CEO took pay cut for ’08

Tue, 02 Dec 2008 14:11:19 GMT

Ashland Inc. CEO Jim O’Brien took a 25 percent pay cut, down to $4.8 million in fiscal 2008, as both cash compensation and long-term incentive compensation declined from 2007. (ASH)

Airgas grows again with acquisitions

Tue, 02 Dec 2008 14:09:40 GMT

Airgas Inc. completed a transaction in which it bought three businesses, adding to its portfolio of a dozen acquisitions since the beginning of its fiscal year in April. (ARG)

Feds OK Citizens South request for funds

Tue, 02 Dec 2008 14:09:35 GMT

Citizens South Banking Corp. says the U.S. Treasury Department has approved the bank’s request for funds under the U.S. government’s capital-purchase program. (CSBC)

U.S. markets rebound Tuesday; Dow closes up 270 points

Tue, 02 Dec 2008 13:27:56 GMT

Wall Street resumed its winning ways Tuesday. The Dow gained 270 points to close at 8,419.09, up 3.31 percent. Nasdaq added 51.73 points or 3.7 percent to finish at 1,449.80. (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (NCC) (NCX) (PNC) (PPG) (X) (WCC)

U.S. markets head for rebound Tuesday

Tue, 02 Dec 2008 13:17:39 GMT

U.S. stock markets were pointing to a rebound Tuesday after the Standard & Poor's 500 Index fell nearly 9 percent in the first day of December trading.

Industrial properties in San Jose, Milpitas, Fremont fetch $68M

Tue, 02 Dec 2008 05:55:21 GMT

An industrial property portfolio stretching from Fremont to San Jose has been sold for $68 million to Intercontinental Real Estate Corp.,

FDIC cracks down on OneUnited Bank

Tue, 02 Dec 2008 05:03:08 GMT

Falsified audit leads to guilty plea for Syntrix biotech exec

Tue, 02 Dec 2008 01:14:11 GMT

A biotech executive pleaded guilty Monday in federal court to charges stemming from submitting a fake audit report to the National Institutes of Health (NIH), the U.S. Department of Justice announced.

Feds suspend Skyridge Pharmacy's drug certificate

Mon, 01 Dec 2008 22:51:21 GMT

Skyridge Pharmacy’s certificate to dispense drugs was suspended Monday, after the owner was accused of distributing drugs to customers without valid prescriptions, according to the U.S. Drug Enforcement Administration.

Circle Bancorp names Kit Cole chairman and CEO

Mon, 01 Dec 2008 22:46:21 GMT

Circle Bancorp. which operates Circle Bank, said Monday that Kit Cole was appointed chairman and CEO, effective immediately. (TAMB)

Kansas couple wins verdict against Swift Transportation

Mon, 01 Dec 2008 22:22:49 GMT

A Kansas couple was on the winning side of a $23.5 million verdict awarded by a federal jury in Wichita in a trucking accident dispute.

Worthington Industries taps new CFO

Mon, 01 Dec 2008 22:21:59 GMT

Worthington Industries Inc. has named an executive from private equity investor MCG Capital Corp. as its finance chief, filling a job that sat vacant for four months. (MCGC) (GS) (WOR)

Report: Bond investors sue Countrywide

Mon, 01 Dec 2008 22:10:13 GMT

A group of bond investors is demanding that Countrywide Financial Corp. purchase mortgage loans for which it plans to reduce borrowers’ payment terms. (BAC)

Dow plunges 680 points on Monday

Mon, 01 Dec 2008 22:08:41 GMT

The stock markets plummeted Monday on a slew of bad economic news, not the least of which was the official word that the U.S. has been in a recession since December 2007.

Ashland CEO took pay cut for ’08

Mon, 01 Dec 2008 21:53:31 GMT

Ashland CEO Jim O’Brien’s pay fell by a fourth to $4.8 million for the year ended Sept. 30, his cash and long-term incentive compensation declining together, the company reported to regulators. (ASH)

Report: Bond investors sue Countrywide

Mon, 01 Dec 2008 21:53:16 GMT

A group of bond investors is demanding that Countrywide Financial Corp. purchase mortgage loans for which it plans to reduce borrowers’ payment terms. (BAC)

Dow plunges 680 points on Monday

Mon, 01 Dec 2008 21:52:24 GMT

The stock markets plummeted Monday on a slew of bad economic news, not the least of which was the official word that the U.S. has been in a recession since December 2007. (STI) (SBKC) (LION) (UCBI) (SNV) (HD) (UPS) (KO) (DAL) (SO)

Fitch reaffirms AA+ rating for CPS Energy bonds

Mon, 01 Dec 2008 21:49:36 GMT

Fitch Ratings has confirmed its AA+ rating for San Antonio’s electric and gas systems revenue bonds, Series 2008A, issued on behalf of CPS Energy.

Celtics and Bentley renew deal

Mon, 01 Dec 2008 21:47:48 GMT

The Boston Celtics and Bentley University have extended their relationship for another two years, the team said Monday.

Report: Bond investors sue Countrywide

Mon, 01 Dec 2008 21:42:22 GMT

A group of bond investors is demanding that Countrywide Financial Corp. purchase mortgage loans for which it plans to reduce borrowers’ payment terms. (BAC)

JPMorgan Chase to lay off 9,200 WaMu workers

Mon, 01 Dec 2008 21:15:18 GMT

JPMorgan Chase said Monday it will lay off 9,200 Washington Mutual employees nationally, out of the company’s total work force of about 42,000.

Ashland CEO took pay cut for ’08

Mon, 01 Dec 2008 20:41:41 GMT

Ashland Inc. CEO Jim O’Brien took a 25 percent pay cut, down to $4.8 million in fiscal 2008, as both cash compensation and long-term incentive compensation declined from 2007. (ASH)

Citigroup spends less on ads, Scottrade spends more

Mon, 01 Dec 2008 20:40:39 GMT

The financial services industry, including Citigroup, spent 10 percent less on advertising this year, but online brokerage Scottrade bucked the trend and spent more, a new analysis shows.

Houston architect’s Shanghai building starts construction

Mon, 01 Dec 2008 20:13:35 GMT

Construction began Nov. 29 on what will be China’s tallest building — a structure designed by Houston-based architect Marshall Strabala.

Inn of the Anasazi names new director

Mon, 01 Dec 2008 20:10:51 GMT

Andrea Gates has been named the new managing director of the Inn of the Anasazi in Santa Fe.

Services set for Lofgren family

Mon, 01 Dec 2008 20:04:48 GMT

A memorial service for Parker Lofgren and his family will be held Dec. 5 at Good Shepherd Catholic Church in Denver, according to information posted Monday on the St. Charles Capital website.

Hawaiian Telcom losses top $425M

Mon, 01 Dec 2008 20:03:12 GMT

Hawaiian Telcom’s filing for bankruptcy protection follows years of losses totaling more than $425 million. That includes losses of $105 million so far this year.

Association of the blind names Burke executive director, CEO

Mon, 01 Dec 2008 19:59:24 GMT

The Northeastern Association of the Blind at Albany has named Christopher T. Burke executive director and CEO of the nonprofit organization.

Health Care Foundation of Greater Kansas City awards $7M in grants

Mon, 01 Dec 2008 19:56:24 GMT

The Health Care Foundation of Greater Kansas City today announced nearly $7 million in “safety net health grants” to 51 area organizations.

N.J. bill would ostracize outsourcers

Mon, 01 Dec 2008 19:52:12 GMT

Three New Jersey assemblymen announced the introduction of legislation Monday that would prohibit the state from doing business with companies that move work from the United States to other countries.

Company with 1,300 local employees files for Chapter 11

Mon, 01 Dec 2008 19:17:31 GMT

Pilgrim’s Pride Corp., the chicken processor with a 1,300-worker facility in Sanford, said Monday that it has filed for Chapter 11 bankruptcy. (PPC)

Fla. AG settles with Jacksonville mover

Mon, 01 Dec 2008 19:11:41 GMT

Florida’s Attorney General has settled a case against Father & Son Moving and Storage of Jacksonville Inc.

Pilgrim's Pride files for Chapter 11

Mon, 01 Dec 2008 19:09:25 GMT

Pilgrim’s Pride Corp., the chicken processor with a 1,300-worker facility in Sanford, said Monday that it has filed for Chapter 11 bankruptcy. (PPC)

Crist urges 45-day freeze on foreclosures

Mon, 01 Dec 2008 18:43:32 GMT

Leaders from the Florida Bankers Association and Florida Credit Union League joined Gov. Charlie Crist on Monday in asking their members to provide temporary relief from foreclosure to Floridians who face the prospect of losing their homes.

Capital Financial Group bought by Securian

Mon, 01 Dec 2008 18:12:50 GMT

Securian Financial Group closed on its previously announced purchase of Capital Financial Group Inc. and its broker-dealer H. Beck Inc.

Report: Roche still seeking loan for Genentech bid

Mon, 01 Dec 2008 18:01:07 GMT

A $45 billion syndicated loan for Roche’s buyout of South San Francisco’s Genentech Inc. is becoming tougher to get, and the Swiss drugmaker is seeking alternatives, Reuters reported. (DNA)

Crist urges 45-day freeze on foreclosures

Mon, 01 Dec 2008 17:34:42 GMT

Survey: Weekend sales brisk, Cyber Monday to follow suit

Mon, 01 Dec 2008 17:22:13 GMT

The retail industry’s trade group is still projecting a meager rise in holiday shopping this year, but the season appeared to have started lively with holiday weekend store sales that exceeded projections. (EBAY)

Hawaiian Telcom files for bankruptcy protection

Mon, 01 Dec 2008 17:15:35 GMT

Hawaiian Telcom Communications filed for Chapter 11 bankruptcy protection Monday morning.

TWC announces unemployment benefit extention

Mon, 01 Dec 2008 17:14:10 GMT

Unemployment Insurance benefits have been extended for seven weeks, the Texas Workforce Commission has announced. President Bush recently signed legislation providing up to seven weeks of emergency unemployment benefits to workers who have exhausted their benefits and are still unemployed. The extended benefits are federally funded and employers will not be charged for any claims paid on this extension, the TWC says.

Fannie Mae plans to stay on NYSE

Mon, 01 Dec 2008 16:03:25 GMT

Fannie Mae told the New York Stock Exchange that it intends to meet the continued listing standard. (FNM)

Colombia Air Force getting ETC equipment

Mon, 01 Dec 2008 15:30:23 GMT

Environmental Tectonics Corp. said Monday it has received a $1.8 million contract from the Army to provide a hyperbaric chamber to the Colombia Air Force as part of the Foreign Military Sales Program. The Colombia Air Force will use the chamber, which simulates conditions at high altitudes, for training.

Kforce boost stock buyback

Mon, 01 Dec 2008 15:24:44 GMT

The board of directors of Kforce Inc. agreed to allow the company to repurchase additional shares of common stock. (KFRC)

Achievement Awards - Clint Ballinger

Mon, 01 Dec 2008 15:16:29 GMT

Clint Ballinger has a standard dress code when he’s looking for money. If the pinstripe suit doesn’t give it away, check out the feet.

Markets react to more bad economic news

Mon, 01 Dec 2008 14:51:42 GMT

Stocks were down in Asia and in Europe Monday morning.

Markets plummet Monday on bad economic news

Mon, 01 Dec 2008 14:31:52 GMT

The stock markets plummeted Monday on a slew of bad economic news, not the least of which was the official word that the U.S. has been in a recession since December 2007. (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (NCC) (NCX) (PNC) (PPG) (X) (WCC)

TSYS venture signs 5th-largest China lender

Mon, 01 Dec 2008 14:22:35 GMT

TSYS’ China UnionPay Data Services Co. joint venture has inked a multi-year credit card processing agreement with China Postal Savings Bank. (TSS)

Markets react to more bad economic news

Mon, 01 Dec 2008 14:07:07 GMT

Stocks were down in Asia and in Europe Monday morning.

Fighting the foreclosure crisis

Mon, 01 Dec 2008 05:00:00 GMT

Ron Kalbfleisch is staring foreclosure in the face and he doesn’t know who will blink first. A die maker for the past 23 years, Kalbfleisch is four months behind on payments at his Dayton-area home. He had been working 50 hours a week at his full-time job and an additional 10 hours to 15 hours per week at a part-time job.

Lenders look to avoid foreclosures

Mon, 01 Dec 2008 05:00:00 GMT

Even though homeowners have not received a government bailout, the financial crisis is helping some people deal with mortgages.

Despite slump, banks have dollars to lend

Mon, 01 Dec 2008 05:00:00 GMT

Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.

Comprehensive coverage, client care help Metzler Bros. Insurance grow

Mon, 01 Dec 2008 05:00:00 GMT

As the economy endures a full-on recession, businesses cut back production and unemployment claims rise to their highest levels in decades, Kansas City-based Metzler Bros. Insurance is growing and adding staff.

Bogle’s sage advice provides a port in the storm

Mon, 01 Dec 2008 05:00:00 GMT

Attempting to survive unquestionably the most turbulent stock market I have ever experienced, I turned to one rudder I have relied on for a lot of years.

Small biz slogs through the turmoil; agency reports demand for SBA loans

Mon, 01 Dec 2008 05:00:00 GMT

Alan Hoambrecker has never been in the news before. But in times when the latest corporate layoff announcement often is the business news of the day, Hoambrecker stands out for the 30 jobs his small business is preparing to create.

Ripe or rotten for a deal? Market, performance complicate Sprint’s value

Mon, 01 Dec 2008 05:00:00 GMT

On the surface, Sprint Nextel Corp. looks like a great deal.

For high-tech entrepreneurs, time is right to launch firm

Mon, 01 Dec 2008 05:00:00 GMT

Continuously renewing our regional economy requires the constant development of new companies in high-growth sectors. After all, entrepreneurs are the primary source of innovation and job creation, and they (and the venture capital that propels them) gravitate to regions where success is more likely.

Values abound, but the market makes investors focus on strength

Mon, 01 Dec 2008 05:00:00 GMT

If you’re looking for a bargain in the stock market – and who isn’t – there are plenty out there.

What financial crisis? Banks grow more branches

Mon, 01 Dec 2008 05:00:00 GMT

As Citigroup Inc. and other banking behemoths convulse amid the nation’s financial crisis, a half-dozen smaller banks have opened or announced a flurry of new branches in the Washington area in recent weeks, including a large North Carolina bank doubling its local presence.

Small stretch of 8th Street SE seeks its own identity

Mon, 01 Dec 2008 05:00:00 GMT

The northern side of Eighth Street SE is home to Barracks Row, featuring revitalized restaurants, shops and taverns. On the southern edge, a new neighborhood, The Yards, is planned.

Montgomery County debuts work force housing at King Farm

Mon, 01 Dec 2008 05:00:00 GMT

Montgomery County is ready to sell its first work force housing condominiums, just as the slow residential market begins to yield more affordable housing naturally.

The fans have spoken

Mon, 01 Dec 2008 05:00:00 GMT

Cincinnati sports fans think of the Reds as “professional” and “family-oriented.”

Despite slump, banks have money to lend

Mon, 01 Dec 2008 05:00:00 GMT

Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.

Tax filing offers glimpse into $35B Gates Foundation

Mon, 01 Dec 2008 05:00:00 GMT

Due to a disclosure requirement, the Bill & Melinda Gates Foundation has provided a revealing — though somewhat dated — glimpse of its financial activities.

Pioneer Square wins ShareBuilder’s 18-month space search

Mon, 01 Dec 2008 05:00:00 GMT

After 18 months of looking for new headquarters space — and twice being shouldered aside as Microsoft wolfed down entire buildings — Dan Greenshields has finally found a new home for ShareBuilder Securities Corp. in Seattle’s Pioneer Square.

Questions for John Meisenbach, president, MCM

Mon, 01 Dec 2008 05:00:00 GMT

The nation is on a roller-coaster ride because of turmoil in the financial sector and, now, a global economic crisis. We spoke with John Meisenbach, president of MCM, a financial services and insurance company in Seattle that he founded more than 40 years ago.

Community investment

Mon, 01 Dec 2008 05:00:00 GMT

Your Nov. 14 issue featured an article on banking regulators’ evaluation of Seattle Savings Bank’s performance under the federal Community Reinvestment Act (CRA). Your coverage (“Seattle Savings Bank dinged for low community support”) draws attention to financial institutions’ responsibilities to serve low- and moderate-income communities, but in the case of Seattle Savings Bank, did not fully report on our institution’s lending record.

A catalyst for cleanup, Puget Sound Partnership needs funding

Mon, 01 Dec 2008 05:00:00 GMT

If there were an eye-opener in the Puget Sound Partnership’s recently released draft recommendations, it is that industry alone is not the biggest threat to the Sound. To save Puget Sound, the everyday activities of people — how we live, work and travel on the land — will have to change.

The money factor

Mon, 01 Dec 2008 05:00:00 GMT

For nine years, traditional bank lines of credit had kept a river of cash flowing through Tabitha Tyson’s government contracting company. But this past February, the CEO of Empowerment Technology Inc., a Washington, D.C.-based information technology consulting business, found herself at a financial crossroads.

Move office meetings out the door

Mon, 01 Dec 2008 05:00:00 GMT

Here’s an idea: get out of the office.

East Baltimore biotech, housing development behind schedule

Mon, 01 Dec 2008 05:00:00 GMT

The nationwide credit crisis has ensnared plans to revitalize East Baltimore with new homes and a massive biotechnology park, setting the $1.8 billion project months behind schedule and in search of cash to move forward.

Hot money

Mon, 01 Dec 2008 05:00:00 GMT

For banks in a weak economy, deposits are golden — a solid funding base they can draw on to lend out money.

State might guarantee loans made to minority businesses

Mon, 01 Dec 2008 05:00:00 GMT

The state may step in to take some risk out of a minority business loan program to encourage lending amid the national economic crisis.

Survey: Cash flow big issue for small firms

Mon, 01 Dec 2008 05:00:00 GMT

About 44 percent of small-business owners this month reported they had experienced cash flow issues over the past 90 days, up from 38 percent in October.

Morgan Stanley fined $35K for weak oversight of broker

Mon, 01 Dec 2008 05:00:00 GMT

The Maryland securities commissioner has found that brokerage Morgan Stanley & Co. did not properly supervise a former broker, George Divel III.

Money hungry

Mon, 01 Dec 2008 05:00:00 GMT

Once upon a time, cash was king. In a credit-crunched world, cash is the entire royal family. (UA) (CEG) (GRA) (BDK) (FCN) (FCL) (OHI) (GPX)

Sour mortgage-related investment spoils Slavie earnings

Mon, 01 Dec 2008 05:00:00 GMT

The parent company of Slavie Federal Savings Bank posted a $1.6 million third-quarter loss as one of its investments lost value in the battered mortgage market.

MedImmune to double size of Montgomery Co. HQ

Mon, 01 Dec 2008 05:00:00 GMT

The region’s largest biotech is hitting another growth spurt.

Fed, Treasury inject $200B into sluggish SBA programs

Mon, 01 Dec 2008 05:00:00 GMT

The Federal Reserve Board announced plans for a $200 billion lending facility aimed at unfreezing secondary markets for Small Business Administration loans and consumer loans.

AlphaMark takes on market with new mutual funds

Mon, 01 Dec 2008 05:00:00 GMT

The stock market could be headed for its worst year ever. Investors are fleeing. So why would a local money manager decide now to launch his firm’s first mutual funds?

Treasury should help distressed homeowners

Mon, 01 Dec 2008 05:00:00 GMT

Recently, Congress learned about the progress of the Treasury Department’s implementation of the Emergency Economic Stability Act of 2008 and the usage of the authorized funds.

Bankers: Still ‘actively looking’ for good loans

Mon, 01 Dec 2008 05:00:00 GMT

Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.

Customers losing appetite for big holiday celebration

Mon, 01 Dec 2008 05:00:00 GMT

Catered holiday parties are going on a diet.

Joint plan for power plants

Mon, 01 Dec 2008 05:00:00 GMT

Part of Duke Energy Corp.’s legislative agenda is likely to lay the groundwork for regional planning for big projects such as its proposed $11 billion Lee Nuclear Station near Gaffney, S.C.

Moore & Van Allen cuts hit summer associate program

Mon, 01 Dec 2008 05:00:00 GMT

Moore & Van Allen is freezing its summer associate program in 2009 as part of a larger cost-cutting effort.

Online extra: Pittsburgh 100 fastest-growing companies for 2009- complete responses

Mon, 01 Dec 2008 05:00:00 GMT

The Business Times asked the top officers at Pittsburgh’s 100 fastest-growing companies for their outlook of the first half of 2009. Below are the complete responses we received from more than 60 companies, in alphabetical order. For excerpts of a sampling of the responses, see the Nov. 28 - Dec. 4, 2008 issue of the Pittsburgh Business Times.

Citizens South growing into bigger Meck share

Mon, 01 Dec 2008 05:00:00 GMT

Citizens South Banking Corp. has been quietly moving up in the pecking order of Charlotte’s financial institutions as competitors are gobbled up by larger banks.

Breakup leads to 2 new firms

Mon, 01 Dec 2008 05:00:00 GMT

GrowthFinance has split into two new Charlotte professional-services firms.

Idle Realtors turn to training, new niches, prayer

Mon, 01 Dec 2008 05:00:00 GMT

Realtors’ paychecks and those of their assistants are casualties of the weak housing market.

Federal Reserve’s Kane ready for spring departure

Mon, 01 Dec 2008 05:00:00 GMT

The Federal Reserve’s local point man is stepping down from his post early next year. Jeff Kane, senior vice president in charge of the Charlotte branch of the Federal Reserve Bank of Richmond, said at an event last week that he plans to retire in March. He intends to remain in Charlotte.

Home equity lending tightens as property values shrink

Mon, 01 Dec 2008 05:00:00 GMT

It’s gotten more expensive — or in some cases impossible — for homeowners to tap the equity in their homes to consolidate debt, take a dream vacation, remodel the house or buy a vehicle.

M&I, Associated plan to lend federal funds to businesses

Mon, 01 Dec 2008 05:00:00 GMT

Executives with the two Wisconsin banks that accepted funds as part of the federal bank capital purchase program say they’ll do their best to follow the original directive to use the money for business loans.

It’s flawed and fickle, but don’t give up on your 401(k)

Mon, 01 Dec 2008 05:00:00 GMT

Lately (and finally), it seems people want to talk about their 401(k), that savings vehicle some 60 million of us have and most of the time forget about even as we feed them periodic deferrals and, if we’re lucky, profit-sharing contributions or matches from our employer.

Give thanks there are successes to celebrate

Mon, 01 Dec 2008 05:00:00 GMT

We readily acknowledge that these are not the best of times — around the world, on the Mainland or even here in Hawaii. In the last month, a series of local economic forecasts have each represented a more pessimistic outlook than the preceding report.

Capital levels too low at some credit unions

Mon, 01 Dec 2008 05:00:00 GMT

While many Twin Cities credit unions are in strong financial shape, some of them are struggling to cope with rising levels of bad debt.

Silverman retakes control at VeriChip, tries to revive company

Mon, 01 Dec 2008 05:00:00 GMT

After a few months away, Scott Silverman has returned to his role as CEO of VeriChip (NASDAQ: CHIP), the Delray Beach-based implantable chipmaker, just as the company was near to being dissolved or delisted. (CHIP) (DIGAD)

Plan fails, Georgetown site headed to foreclosure auction

Mon, 01 Dec 2008 05:00:00 GMT

TAMPA — More than 160 waterfront acres, once one of Tampa Bay’s hottest untapped development sites, is now the latest casualty in the housing crash. (BAC)

Detroit 3’s fall would be a Big One in Ohio

Mon, 01 Dec 2008 05:00:00 GMT

The failure of one or more of the Detroit Three automakers won’t send ripples into Ohio – it would send waves.

Loan search prompts cost cuts at Westwood Station

Mon, 01 Dec 2008 05:00:00 GMT

Developer Jay Doherty said he is downgrading aspects of the first phase of his mammoth Westwood Station project to make it more attractive to prospective lenders.

Cheryl Smith: Investment mission

Mon, 01 Dec 2008 05:00:00 GMT

Cheryl Smith’s call to capitalism came from the U.S. Conference of Catholic Bishops, which in the late 1980s urged Catholics to use capital markets to spur social progress. She ultimately found herself knocking on the door of the late Joan Bavaria, a pioneer in socially responsible investing who founded Trillium Asset Management.

Nonprofi ts prep for new IRS fi ling

Mon, 01 Dec 2008 05:00:00 GMT

Many nonprofit organizations say they welcome stringent new Internal Revenue Service reporting requirements that go into effect this year, despite expectations that they will be more time consuming and costly to complete.

Former Marcus & Millichap broker starts Jacksonville company

Mon, 01 Dec 2008 05:00:00 GMT

After several years with commercial real estate investment firm Marcus & Millichap, Brett Chetek is branching out on his own with Flagship Real Estate Services, a full-service commercial brokerage. He spoke recently with Jacksonville Business Journal staff writer Christian Conte, and here are edited excerpts from the interview:

Consumer loans are hurting Jacksonville credit unions

Mon, 01 Dec 2008 05:00:00 GMT

NORTHEAST FLORIDA — Delinquent consumer loans — credit cards and auto loans — are the largest problem facing most credit unions in Jacksonville.

Hurricanes' brand rises in study

Mon, 01 Dec 2008 05:00:00 GMT

RALEIGH – While the team has been lukewarm on the ice since the 2005 Stanley Cup season, the Carolina Hurricanes’ brand is emerging as a winner.

Despite slumping economy, banks have money to lend

Mon, 01 Dec 2008 05:00:00 GMT

Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.

Small banks swoop in with unorthodox ads

Mon, 01 Dec 2008 05:00:00 GMT

3rd Federal Bank of Newtown will post some new signs at its 14 branches in Northeast Philadelphia and Bucks and Mercer counties.

Everyone shares blame for our economic downturn

Mon, 01 Dec 2008 05:00:00 GMT

The blame game for the bad economy and credit meltdown has been endless, particularly during the recent political season (thank goodness it’s over). Is it the “failure of free market capitalism” as the left suggests, or “social engineering gone bad” as some on the right offer?

Cash flow: How to get it, spend it, keep it on hand

Mon, 01 Dec 2008 05:00:00 GMT

In September, we wrote about how to improve operating cash flow at your company. The recent financial market meltdown has meant a lot less cash available for banks to loan and businesses to borrow, and has brought home the importance of having cash available to businesses across the nation.

Trianlge investment funds feeling pain of cash flight

Mon, 01 Dec 2008 05:00:00 GMT

RALEIGH – Triangle money managers are feeling the pinch from Wall Street.

Hurricanes' Staal, wife pay $1.85M for house

Mon, 01 Dec 2008 05:00:00 GMT

Carolina Hurricanes star Eric Staal is getting a new garage where he can park his black Maserati.

Showing them the money

Mon, 01 Dec 2008 05:00:00 GMT

Retired Marine Maj. David Moorefield and business owner Kathy Shoff wanted to start a job placement company late last year, but even with the vision and experience they were missing two main ingredients to put their idea into action — a business plan and financing.

Farmers hang in

Mon, 01 Dec 2008 05:00:00 GMT

Though 2008 was a prosperous year for most farmers and ranchers, economic jitters have Oregon’s $4.9 billion agricultural community worried about tapping credit lines in 2009.

Cash-strapped banks struggle to survive

Mon, 01 Dec 2008 05:00:00 GMT

Three Oregon banks are running low on cash and have enough delinquent loans that federal regulators could consider taking them over.

Leonard wants to simplify the permit process

Mon, 01 Dec 2008 05:00:00 GMT

When ground broke last spring on an affordable St. John’s housing project, its primary architect couldn’t wait to finish the 32-unit project.

Developer disputes default allegations, files suit claiming fraud

Mon, 01 Dec 2008 05:00:00 GMT

Sacramento developer Sotiris Kolokotronis is fighting allegations he defaulted on a $13.9 million loan balance, claiming a bank conspired to defraud him and even posted his personal tax returns on the Internet.

Feds hope to unfreeze SBA, consumer lending programs

Mon, 01 Dec 2008 05:00:00 GMT

The Federal Reserve Board announced plans on Nov. 25 for a $200 billion lending facility aimed at unfreezing secondary markets for Small Business Administration loans and consumer loans.

Citizens’ bad loans surging in 2008

Mon, 01 Dec 2008 05:00:00 GMT

Delinquent loans at Citizens Financial Group Inc. have accelerated over the past year, eating into profits as its parent company, Royal Bank of Scotland Group PLC, prepares to receive a massive government bailout overseas.

Developer caught in banks’ line of credit squeeze

Mon, 01 Dec 2008 05:00:00 GMT

Roy S. MacDowell Jr., a wealthy real estate developer linked to major projects throughout the country, is getting a firsthand look at how ugly the credit crunch has become. (EQR)

Setting new course in stormy market

Mon, 01 Dec 2008 05:00:00 GMT

LandCastle Title Top Local Executive: Jennifer Marler Frank, president of business management

Feds hope to unfreeze SBA, consumer lending

Mon, 01 Dec 2008 05:00:00 GMT

The Federal Reserve Board announced plans Nov. 25 for a $200 billion lending facility aimed at unfreezing secondary markets for Small Business Administration loans and consumer loans.

Translation tech company seeks $1.4M

Mon, 01 Dec 2008 05:00:00 GMT

GeaCom Inc., a firm that’s developed technology to help physicians communicate with patients who speak a different language, is aiming to raise $1.4 million to fund clinical trials.

Downturn slams brakes on new retail centers

Mon, 01 Dec 2008 05:00:00 GMT

It certainly looked like a good idea at the time.

Workers’ comp insurers ask for higher-than-suggested rate hike

Mon, 01 Dec 2008 05:00:00 GMT

A large number of California workers’ compensation insurers have filed for higher Jan. 1 premium rate increases than state insurance regulators recommend.

Gaining Momentum

Mon, 01 Dec 2008 05:00:00 GMT

Unlike recent high-profile banking deals done with the aid of U.S. Treasury funds from the Troubled Asset Relief Program, American Momentum Bank of Tampa, Fla., is using its own capital to buy its way into Texas.

What impact will the current turbulence have on community banks?

Mon, 01 Dec 2008 05:00:00 GMT

This week’s question: What impact will the current turbulence in the national banking industry have on community banks – specifically those in the Birmingham area?

Community banks' time to shine

Mon, 01 Dec 2008 05:00:00 GMT

Wall Street versus Main Street is a phrase that has been bandied about often as the federal government tries to find a solution to the national economic downturn.

RDU fixed-base operator Southern Jet sued over sale

Mon, 01 Dec 2008 05:00:00 GMT

MORRISVILLE – Frustrated in their efforts to cash out their holdings in a firm that has ceased doing business, minority shareholders in Southern Jet Inc. have filed a lawsuit against the company’s majority owner – a case that’s now reached the North Carolina Business Court.

Alon plans $100 million IPO

Mon, 01 Dec 2008 05:00:00 GMT

Gasoline refiner and seller Alon USA Energy Inc. plans to spin off its convenience store operations with an initial public stock offering. (LOPE) (PXD)

A new approach to regulation

Mon, 01 Dec 2008 05:00:00 GMT

The chilling effects of the global financial crisis exposed how flaws in the current regulatory system leave investors out in the cold.