Urban Trust issues fake check alert
Urban Trust Bank in Lake Mary has contacted the Federal Deposit Insurance Corp. to report that counterfeit checks bearing the institution’s name are in circulation.
Sonoma Bank’s parent must raise $650 million
Sonoma Bank’s parent, Sterling Financial Corp., said it must raise at least $650 million as part of a broader recapitalization. (STSA)
Waterstone’s net loss jumps as earnings restated
Waterstone Bank’s holding company said its net loss was $1.3 million larger than previously reported after restating year-end 2009 financial results to account for Federal Deposit Insurance Corp. premiums. (WSBF)
Commerce Construction to build Community Bank branch
Commerce Construction Services Inc. will serve as the general contractor on a new Community Bank of Wichita branch in Haysville.
Synovus names CEO for CB&T East Alabama
Synovus Financial Corp. promoted Wade M. Burford to president and CEO of CB&T of East Alabama. (SNV)
For Gifford, Bank of America is the acquirer that keeps on paying
Chad Gifford, the former FleetBoston Financial CEO who brokered the bank’s sale to Bank of America Corp. in 2003, received $1.8 million in fees, private jet usage and other perks last year as a BofA adviser and board member. (BAC)
World Golf Tour nails $10M Series C
World Golf Tour closed a $10 million Series C financing round led by JAFCO Ventures, the venture capital arm of Japan-based private equity firm JAFCO Co.
USAA achieves record financial results in 2009
Financial services company USAA bucked the downturn in the national economy by achieving its best fiscal year ever in 2009.
CalSTRS promotes Wirth to private equity director
The California State Teachers’ Retirement System on Tuesday named Margot Wirth the director of its $16.8 billion private equity portfolio.
Community Bank Corp.’s CEO Burzinski to retire
Jeff Burzinski, who started Chaska-based Community Bank Corp. in 2000 and has been its CEO since then, is retiring this May.
PremierWest raises $18.7M
PremierWest Bancorp raised $18.7 million through its recently concluded rights offering, the parent of PremierWest Bank announced. (PRWT)
Fidelity Southern trims chairman’s pay package
Fidelity Southern Corp. <a href="http://atlanta.bizjournals.com/atlanta/stories/2010/01/18/daily65.html" target="_blank">trimmed its net loss </a>and its top executive’s total compensation in 2009. (LION)
Lipscomb students win investing contest
Maybe we should just give our money to the kids at Lipscomb University.
Micromet nets $75M from stock offering
Bethesda-based Micromet has completed a secondary stock offering of 11.5 million shares, with underwriters exercising their full option. (MITI)
Tyler named interim MSO president
The Milwaukee Symphony Orchestra has named Donald Tyler, an MSO board member and retired vice president of investment products and services at Northwestern Mutual, as interim president and executive director.
Morgan Keegan combines two divisions to form new investment banking division
Morgan Keegan &amp; Co. Inc. is combining its equity capital markets and fixed income capital markets divisions to form a new investment banking division. (RF)
Ladenburg Thalmann narrows losses
Ladenburg Thalmann Financial Services narrowed its losses in the fourth quarter with a boost from revenue.
Enterprise Financial names Eulich, Tracy to board
The parent company of Enterprise Bank &amp; Trust named John Eulich and John Tracy to its board of directors to fill seats vacated by Kevin Eichner and Bob Saur, who retired from the board last year.
Congress Asset Management acquires Prelude
Boston’s Congress Asset Management said it has acquired Prelude Asset Management in a deal that creates a combined firm with $6.4 billion in assets under management.
Nine firms join Yelp "extortion" lawsuit
Nine small companies, including three in the Bay Area, have joined a proposed class action federal lawsuit that accuses San Francisco-based Yelp Inc. of extorting money in exchange for manipulating user reviews of businesses, attorneys in Miami and California said this morning.
First Niagara sells $300M in debt
First Niagara Financial Group, Inc. has sold $300 million in debt.
APG sues BofA over Merrill deal
Dutch asset manager APG has filed suit against Bank of America Corp., alleging the Charlotte-based bank withheld information from shareholders when it bought Merrill Lynch &amp; Co. (BAC)
Hewlett-Packard taps top India executive
Computer and printer maker Hewlett-Packard Co. hired Rajiv Srivastava as chief operating officer, a new position, in India. (HPQ) (MSFT)
Primerica could raise $290M in IPO
Duluth, Ga.-based insurer Primerica Inc. could raise up to $290 million in a planned initial public offering the company said Wednesday, not including some $230 million in stock that could be purchased by a private equity group. (C)
NGP Capital to restate financials
NGP Capital Resources Co. said Tuesday that its financial statements for all of 2007 and 2008 plus the first three quarters of 2009 will have to be restated. (NGPC)
Jones Lang moves I-banking to Houston
Jones Lang LaSalle Inc. is setting up a Houston office for its Americas Real Estate Investment Banking (REIB) business and has lured away three executives from CB Richard Ellis to handle the local workload.
Financial Engines shares up after IPO
Financial Engines Inc. shares shot up almost 44 percent following the portfolio management and investment service company's initial public offering Tuesday.
Colorado man accused of running investment scheme while prosecuted for an earlier scam
A Colorado man is accused in an indictment of running a multistate investment-fraud scheme while he was being prosecuted in an earlier securities-fraud case — for which he’s now serving time.
Wells Fargo cuts 415 jobs in Sacramento
Wells Fargo said Tuesday that it will eliminate 415 positions as it combines two Sacramento call centers. (WFC)
Sterling hints at private investment
Sterling Financial Corp. on Tuesday said it’s received a nonbinding letter of intent from a private equity firm as part of its efforts to raise $300 million as it struggles to overcome its financial problems. (STSA)
CPB stock jumps before shakeup announced
Shares of Central Pacific Financial Corp. (NYSE: CPF) jumped 17.99 percent to $1.64 on Tuesday, just before it announced it would downsize Central Pacific Bank’s assets in part by selling off $500 million in securities. (CPF) (ALEX) (BOH) (HE) (MLP)
Wells Fargo to cut 415 Sacramento call-center jobs
Wells Fargo Bank said Tuesday it is combining its Sacramento call centers, which will eliminate a total of 415 positions.
Frontier restates earnings, doubt raised about bank’s future
Frontier Financial Corp. Tuesday more than doubled its initially announced fourth-quarter loss, revising its net loss to $70.2 million, or a loss of $14.89 per share, from its <a href="http://seattle.bizjournals.com/seattle/stories/2010/01/25/daily33.html">initially stated loss of $33.9 million, or a loss of $7.19 per share.</a> (FTBK)
Shopping center faces foreclosure
Fort Lauderdale-based Stonegate Bank (OTCBB: SGBK) filed a foreclosure lawsuit March 1 against Weston-based Oakland Park Associates and managing member Paul E. Rosen, according to Broward County Circuit Court records. It concerns a $2.5 million mortgage issued in 2007 for a shopping center.
Sterling Financial hints at private equity investment
Sterling Financial Corp. on Tuesday said it’s received a nonbinding letter of intent from a private equity firm as part of its efforts to raise $300 million as it struggles to overcome its financial problems. (STSA)
Miami-Dade could lose $1M in foreclosure
Miami-Dade County could lose its interest in a $1 million loan to the developer of the Capital Lofts in downtown Miami if the first mortgage holder succeeds in its foreclosure lawsuit.
Home Federal Bank fined by regulators
The Office of Thrift Supervision made Home Federal Bank of Hollywood pay a $3,850 fine for violating federal flood insurance laws.
Central Pacific Bank will reduce assets
Central Pacific Financial Corp. has replaced Chairman Ronald Migita with a bank turnaround specialist and plans to downsize the bank’s assets, the company announced Tuesday. (CPF)
Intersections reports losses
Chantilly-based Intersections Inc., which sells subscription-based credit monitoring services, reported a smaller quarterly loss and higher sales. (INTX)
Wachovia plans to reopen fire-damaged HQ branch soon
A Wachovia Bank spokeswoman said the bank hopes to reopen its local headquarters branch at 123 Broad St. in Philadelphia within two weeks after a Monday evening fire caused smoke and soot damage.
Tri-Valley Bank raises $6 million, posts 2009 loss
San Ramon-based Tri-Valley Bank raised $6 million in a move that could allow the $87 million bank to eventually double in size.
Walmart to expand MoneyCenter stores
Wal-Mart Stores Inc. said Tuesday that it intends to open another 500 Walmart MoneyCenters this year, including 13 in Houston. (WMT)
Gold’s Gym signs deal in Ashburn
Gold’s Gym International Inc. will open a new facility in Loudoun County. (FPO)
Bauer Financial downgrades four credit unions
Some of South Florida’s largest credit unions had a difficult time in the fourth quarter with Bauer Financial downgrading ratings for four of them.
Reports about venture capital investments in life sciences companies are mixed
U.S. life sciences companies secured $1.9 billion in venture capital financing in the fourth quarter, according to a new report from online venture capital database VentureDeal.
Maritime Savings talking to investors
The board of Maritime Savings Bank is holding “meaningful dialog” with several undisclosed parties that would invest in the bank that is short of its regulatory capital requirements.
TECO raises $550 million in public offering
TECO Energy Inc. and subsidiary TECO Finance Inc. completed a $550 million public offering. (TE)
GreenBank names Stephen Rownd CEO
GreenBank announced today that it has tapped a Fifth Third Bank executive to take over as CEO and chairman of its board of directors.
Reuters: Harley buyout rumor fuels stock rise
Speculation has emerged that Harley-Davidson Inc. could be the target of a leveraged buyout by a private equity firm, fueling a surge in trading for the motorcycle manufacturer's shares, according to a Reuters report. (HOG)
BroadSoft plans IPO
Gaithersburg-based software maker BroadSoft Inc. plans an initial public stock offering that could raise as much as $103.5 million.
Select Comfort dismisses KPMG, hires Deloitte
Bed manufacturer and retailer Select Comfort Corp. has dismissed KPMG as its auditor, replacing the firm with Deloitte &amp; Touche.
Milwaukee software services firm acquired
Fort William LLC, a Milwaukee company that provides retirement plan administration software services, has been acquired by Wolters Kluwer Law &amp; Business of Riverwoods, Ill.
Help the Homeless raises $5.8M
Fannie Mae's Help the Homeless program raised $5.8 million in 2009, up from $5.6 million in 2008. (FNM)
Encore Bank divests Florida assets
Encore Bancshares Inc. has executed two separate deals to sell its Florida operations, the company said Tuesday. (EBTX)
FDIC puts City Bank of Lynnwood on notice
The Federal Deposit Insurance Corp. has given City Bank of Lynnwood 30 days to raise more money or find a buyer for the bank. (CTBK)
Lincoln National CFO moving to newly created post
Insurer Lincoln National Corp. said Tuesday that Chief Financial Officer Frederick J. Crawford will transition into the newly created position of executive vice president of corporate development and investments. He will remain CFO until a replacement is named. (LNC)
Scottrade opening Eau Claire office
Scottrade said Tuesday that it is opening an office in Eau Claire March 29, giving the branch-supported online investing firm eight branch offices in Wisconsin.
Fannie, Freddie reps to talk financing at Birmingham workshop
Berkadia Commercial Mortgage said it will host senior representatives from Fannie Mae and Freddie Mac in Birmingham for a multifamily lending summit.
Encore Bank pulls out of Florida
Encore Bank N.A. is leaving the Florida market and plans to sell its Florida operations to HomeBanc N.A. and to National Bank of Southwest Florida, a proposed bank organized by an investor group from Ohio. (EBTX)
BNY Mellon expands local wealth team
BNY Mellon Wealth Management said it hired three new people to expand its business development team for Boston and the surrounding region.
Backupify bucks blue grass for Boston
Back up the moving truck right here: Kentucky software startup Backupify Inc. has raised $1.1 million and is coming to Boston.
Oncap to acquire Sport Supply Group
Sport Supply Group Inc. said late Monday the company has agreed to be acquired by an affiliate of Oncap Management Partners L.P. for $13.55 per share in cash. (RBI)
Financial Engines IPO beats expectations, stock soars
Financial Engines Inc. stock soared more than 40 percent Tuesday on its first day of trading after it raised about $127 million in an initial public offering that exceeded expectations. (FNGN) (FTNT)
Metro Bancorp-Republic First merger off
Metro Bancorp Inc. and Republic First Bancorp Inc. said Monday that their boards of directors had voted to terminate their November 2008 merger agreement because of uncertainties over the regulatory approval process, which, after more than a year, had still not been completed. (METR) (FRBK)
Green Bank, Patriot among FDIC bidders
Two local banks were among those involved in bidding for the failed Millennium State Bank of Texas, according to a document released by the Federal Deposit Insurance Corp.
Spire Capital invests $15M in communications tower builder
Tarpon Towers LLC, a company focused on wireless communications towers has picked up a $15 million equity commitment from Spire Capital Partners.
Piper Jaffray CEO sees compensation drop
Piper Jaffray Cos. CEO Andrew Duff saw a big decline in compensation last year, despite getting a $1.2 million bonus. (PJC)
Ponzi scheme victimizes Hawaii residents
Sixty-four Hawaii residents and businesses were victims of a Ponzi scheme that federal authorities say was run by a Florida man.
Luxury apartment tower advertised for foreclosure
An apartment tower in south Buckhead built by noted Atlanta condo developer Tivoli Properties Inc. is slated for a foreclosure auction next month.
Auditors cite underwriting issues in First Coweta failure
First Coweta Bank grew too fast and depended too heavily on residential real estate development loans, according to a federal audit of how the Newnan, Ga.-based $164 million-in-assets lender failed.
Cascade Bancorp lost $93.1M, plans stock split
Cascade Bancorp lost $93.1 million in 2009, improving on 2008’s $134.6 million loss, the bank holding company announced Monday. (CACB)
United Western Bancorp loses $40M in Q4
United Western Bancorp lost $40 million in the final quarter of 2009, as the bank struggled through a “very difficult” period, officials said on Monday. (UWBK)
Washington state credit unions score big in Olympia
Washington’s credit unions have scored a big political win against rival banks with the passage of a key piece of state legislation that will allow them the opportunity to greatly widen their deposit market share.
Horizon Bank fights Feds and neighboring bank
Horizon Bank intends to appeal a prompt corrective action directive ordering the bank to raise more capital or sell itself.
Equity One nets $87.6M in public offering
Equity One, an owner, developer, and operator of shopping centers, announced the closing of its public offering on 4.83 million shares of its common stock, resulting in about $87.6 million of net proceeds after expenses. (EQY)
BofA eyes expansion in China
Bank of America is pondering expansion in China that could make it easier for the bank to conduct commercial banking in the fast growing nation, the Wall Street Journal reported Monday, citing sources familiar with the situation.
Wells Fargo CEO Stumpf takes root on Target’s board
Target Corp. appointed Wells Fargo Chairman and CEO John Stumpf to its board of directors, effective immediately. (TGT) (WFC)
Baur, Witterschein quit Southwest Bank for Enterprise
Southwest Bank’s president, Andrew Baur, and chief executive, Bob Witterschein, resigned Monday to join Enterprise Bank &amp; Trust.
CalPERS seeks voting uniformity among portfolio firms
The California Public Employees’ Retirement System is ramping up its corporate governance efforts, and it plans to ask some of the top companies in its portfolio to adopt majority vote standards for elections of corporate directors.
Circle Bank purchases new headquarters site in Novato
Circle Bank said Monday that it completed the purchase of the Novato property that will serve as the bank’s headquarters.
CMU team wins McGinnis CleanTech award
A team of Carnegie Mellon University MBA students took home the grand prize in the Cleantech contest for the 2010 McGinnis Venture Competition, a global business plan challenge hosted each year at the Tepper School of Business.
Corker: Change financial reform package
Negotiations between Sen. Bob Corker and the head Democrat steering financial reform haven’t resulted in the bipartisan agreement the Tennessee Republican envisioned, at this point.
Finalists selected for Alabama Launchpad
Nine teams of researchers from universities across Alabama have been selected as finalists to compete for seed money in the 2010 Alabama Launchpad contest.
FBR Capital completes acquisition of AFBA funds
Arlington-based FBR Capital Markets Corp. has completed its acquisition of the mutual fund operations of AFBA 5Star Investment Management Co., expanding the mutual fund business for FBR and expanding fund choices for members of the Armed Forces Benefits Association. (FBCM)
Red McCombs becomes investor in Austin venture capital fund
San Antonio businessman Red McCombs has become the lead investor in a fund established by venture capital firm MPOWER Ventures.
Arvest Bank names first outside director to its local board
Arvest Bank in Kansas City has started setting up a local board of directors, naming Dennis Woolman as its first outside director.
Survey: Younger financial services pros turn to social media
Younger financial services professionals are more avid users of social media Web sites than their older peers, according to a survey released Monday by LederMark Communications.
Pittsburgh third biggest in Pa. banking
The Pittsburgh banking market, with 59 lenders and $71.7 billion in deposits, ranked third in terms of deposits in Pennsylvania in 2009, according to a state profile from the Federal Deposit Insurance Corp. Pittsburgh is, of course, home to the nation's fifth-largest bank, PNC Financial Services Group Inc. (NYSE:PNC). (PNC)
Benjamin F. Edwards & Co. opens Wheaton, Ill., office
Brokerage Benjamin F. Edwards &amp; Co. has opened an office in Wheaton, Ill., a Chicago suburb.
North Carolina picks Credit Suisse to manage $230M ‘innovation fund’
Credit Suisse will manage the $230 million “innovation fund” being set up in the state treasurer’s office to invest in companies with a significant presence in North Carolina, Treasurer Janet Cowell announced Monday. (CS)
Allied Capital cutting 91 jobs in D.C.
Washington-based private equity company Allied Capital Corp. is eliminating 91 local jobs, equivalent to 85 percent of its staff, according to a federal notice the company filed with the District. (ALD)
Study: Texas banks beat national averages
Houston-based banks have stayed mostly healthy throughout the recession compared to the rest of the nation, according to the 2010 Texas Banks Update by financial services firm Keefe, Bruyette &amp; Woods Inc. (EBTX) (IBKC)
Jackson pleads guilty to racketeering
Denver-area financial adviser Mark J. Jackson pleaded guilty in Denver District Court on Monday to racketeering, the top count in a 2009 indictment against him, according to the Denver District Attorney’s Office.
HomeAway closes $8.2M financing
Vacation rental Web site operator HomeAway Inc. closed a $8.2 million round of financing that’s related to one of its recent acquisitions.
Trump International Hotel in Fort Lauderdale faces foreclosure
Even The Donald’s name couldn’t save the Trump International Hotel and Tower – Fort Lauderdale.
Camden Partners invests $10M in Princeton Review
Baltimore private equity firm Camden Partners has gained a seat on the board of The Princeton Review after two of its funds purchased $10 million in the educational company’s stock. (REVU)
Elevar Equity raises $70M for new fund
Elevar Equity, which invests in mid-stage microfinance institutions in emerging countries, said it’s raised $70 million for an equity fund that will invest in growth companies in countries such India, Mexico, the Philippines and Peru.
Analyst: Comerica could use new capital to bid on California bank failures
Comerica Inc.’s plan to exit the TARP program by raising at least $800 million via a stock offering has analysts predicting Comerica will be an active bidder for failed banks in California.
Beacon wants to reduce outstanding warrants
Beacon Enterprise Solutions Group Inc. is seeking to reduce the number of the company’s outstanding stock warrants.
Charge offs down in February at Capital One
McLean-based Capital One Financial Corp. charged off an annualized 10.2 percent of its domestic credit cards in February, down from 10.4 percent <a href="http://washington.bizjournals.com/washington/stories/2010/02/15/daily13.html">in January</a>, the company reported Monday, March 15. (COF)
Rapid7 raises $2M from Bain venture arm
Rapid7 LLC has raised $2 million of a planned $4 million venture round, according to a regulatory filing posted last week.
Greensboro foundation preserves Cone, Dillard funds
Through two of its newly created donor-advised funds, the Community Foundation of Greater Greensboro has been able to keep the resources of two corporate foundations in the city.
Red McCombs joins VC firm as lead investor
Renowned entrepreneur Red McCombs has joined Austin-based venture capital firm MPOWER Ventures II as lead investor.
People on the Move: March 15
The weekly roundup of senior-level executive appointments in the Washington area. For more People on the Move, check out the Washington Business Journal’s print edition each week. Send announcements to washingtonbusinessleads@bizjournals.com.
Life insurance may fund real estate deals
One of the concerns in the commercial real estate market, as with so many industries, has been the lack of available credit. A lesser-known financing option, however — in the form of lending from life insurance companies — is poised to become more prevalent this year, potentially doubling its investments in commercial mortgages this year.
Cautious credit union members add to their savings
Credit unions face a curious challenge as their members get their financial houses in order. When members save more and borrow less, the credit union ends up paying more on savings while taking in less on loans.
Building owners urged to renew leases before seeking a loan
Commercial real estate owners with loans maturing in the next year should seriously consider getting lease extensions from tenants now, bankers say.
Cash or credit? Businesses weigh financing options
CPA firm BST LLC needs 120 computers.
Newsmaker | John Lee
It seems logical that because the economy has delivered such a heavy blow to investors over the past two years, investment firms would also feel the pain.
For First Niagara, it's still about community
The top executive of First Niagara Financial Group Inc. wants to make one thing clear: He still believes in community banking.
Startups touched by angel investors
It’s been said that anything is possible with time and money. Commercializing high-tech ideas can require a lot of both.
Micro angels prepping new fund
A unique Triad organization that has helped get 16 promising young companies off the ground is preparing to launch a second regional investment fund.
A new chapter in bankruptcy
With the U.S. economy experiencing its worst downturn in more than half a century, one would think that personal bankruptcy filings would be through the roof. But that has not been the case. Filings are just beginning to edge upward to levels seen before the enactment of a bankruptcy law in 2005 that made it more onerous for consumers to file.
Fast Facts
While the majority of Americans have maintained their philanthropic mindset despite the economic doldrums, more than one in four have cut their giving, according to a survey conducted by PNC Wealth Management, a subsidiary of PNC Financial Services Group.
FDIC post-mortem cites squabbling directors, executive vacancies and lax oversight at Integrity Bank
A fellow churchgoer approached telecommunications company owner Joseph J. Ernest about investing $1.5 million in a new Florida bank and getting a spot on its board.
$450M mezzanine fund targets Florida businesses
A new investment fund plans to lend exclusively to Florida businesses – including two South Florida companies that already have secured financing from it.
Feds: RRA bankruptcy fees have ‘heavy impact’ on victims’ money
The standoff between the U.S. Attorney’s Office in Miami and the bankruptcy trustee for the defunct law firm of Ponzi schemer Scott W. Rothstein kicked up a notch this week.
Sun American Bank’s failure opens door for First-Citizens
The failure and takeover of Boca Raton-based Sun American Bank on March 5 introduced another large bank into the competitive South Florida market. (FCNCA)
Duncan-Williams ready for takeoff
18 months into the start of his company’s ambitious growth plan, Duncan-Williams, Inc., president Duncan Williams is happy with the results.
Financing a challenge for senior housing
TAMPA — Horizon Bay at Hyde Park, a 136-apartment independent and assisted living retirement community under construction in South Tampa, is slated to bring jobs and business activity when it opens in 2011.
Webster’s Boston move signals sector comeback
Webster Bank’s stock is off the scrap heap and CEO James Smith is ready to pounce in Boston.
Mission possible: Earl 'Bud' Watson III
As a U.S. Navy pilot, Earl “Bud” Watson III used to harass Russian submarines, skimming above the choppy waters of the North Atlantic in a Grumman S-2 Tracker plane. That was the easy part. Then he had to land that plane on a bobbing and rolling aircraft carrier. It was best to do that at night, he says, so you’re not distracted by all of that extra motion. Today, as a veteran of providing wealth management and trust services, Watson is all about completing the mission for clients. His gratification comes from solving client problems or helping them reach a goal, even though sometimes you don’t know if you’ve done a good job until many years later. Watson recently sat down with Boston Business Journal reporter Tim McLaughlin to talk about his aviation and wealth management careers.
Tenant moves may stop Hertz Investment Group's growth in its tracks
The decisions of two civic organizations to negotiate a move to Union Station has the owner of Commerce Tower rethinking its plan to buy more downtown Kansas City office buildings, its president said.
On Topic
Jim Hemphill Chief investment strategist TGS Financial Advisors, Radnor www.tgsfinancial.com People spend way too much time, now and always, trying to figure out where the market is going next week or what the hot investment will be over the next six months. Nobody has consistently useful answers to those questions in the long run. Instead, anyone who wants to get rich and stay rich should focus on the real drivers of financial security — savings rate for those still working, or spending rate for those in retirement. Assuming a sensible investment strategy (Google “John Bogle” for some excellent baseline ideas), the short-term and long-term fluctuations of the market are noise. The signal is what you spend or save. If you are working, and you save a high proportion of your income, you will be just fine — especially if markets decline.
Wealth management firm banking on growth
The founders of the recently launched Covenant Multifamily Offices LLC have set an ambitious goal in a tough economy — to build the firm’s assets under management up to the $1 billion mark before the end of next year.
Facing off with new Lightning owner Jeff Vinik
Jeff Vinik won’t cross his arms for a photo.
Wake will issue bonds offered as part of stimulus
RALEIGH – A little noticed chunk of the federal stimulus package that could save local governments millions of dollars in debt payments is beginning to take wings with city and county financial leaders across the state.
SilverDeer informs investors of its Waterloo
RALEIGH – A company affiliated with troubled Raleigh real estate investment firm SilverDeer LLC has called it quits, according to a March 4 letter sent to investors.
Taking it slow: new type of VC hits Austin
A new type of venture capital is launching in Austin.
Austin banker raising $25M fund to make short-term building loans
A longtime Austin banker is raising a $25 million opportunity fund that would provide short-term loans to builders to fill the lending void created by the credit crisis and tighter restrictions by regulators.
Analyst sees stock sale in Fifth Third Bank’s future
A Fifth Third Bancorp stock sale to pay back $3.4 billion in Troubled Asset Relief Program money could be imminent, one analyst said.
Bank regulators compromise on interest rates
Federal regulators, who have been cracking down on the state’s troubled banks, have eased up in one key area that some have feared could accelerate bank failures.
Wells Fargo throws lifeline to troubled borrowers
Bay Area banks are grappling with how to keep credit card loans to distressed borrowers from going bad.
Fees for Angel Venture Fair called ‘ridiculous’ on blog
The founder of a group for entrepreneurs has criticized a group of the wealthy individual investors known as angels over the fees it charges companies to participate in its annual event.
State Fund interim CEO works to stabilize finances
The State Compensation Insurance Fund is working to build a stable foundation for the future, not an easy task in a California workers’ compensation insurance niche that’s seen premium volume plummet by 61 percent in recent years.
Community banks band together to lure customers
Bay Area community bankers are passing the hat to kick off an advertising campaign to urge people to bank locally.
Federal Reserve veteran elevated in Philadelphia
James M. Nason was recently promoted to vice president and economist of the Federal Reserve Bank of Philadelphia, where he will lead the monetary and macroeconomics section in the bank’s research department.
Osborn Rohs aims to rebuild assets
The old Sena Weller Rohs Williams investment advisory firm took a big hit when Bill Sena left. But it’s already making changes to get growing again.
Robert Beck
Robert Beck might be one of the few local investment advisers who has been in the business since he was a teenager.
Fifth Third plans to add 10 new branches in Pittsburgh area
Fifth Third Bancorp plans to add “at minimum” 10 Pittsburgh-area bank branches over the next 18 months, bringing the total number to 25 and taking employment from 140 to around 250, said Jay Ferguson, president and CEO of the Cincinnati-based bank’s Western Pennsylvania region.
Proposed visa program aims to encourage entrepreneurs to set up shop in U.S.
A move to allow foreign entrepreneurs entrance into the U.S. if they can secure domestic funding to start a company is gaining support in the Pittsburgh area.
Quaker BioVentures scouts space along I-95 corridor in Maryland
Philadelphia investor Quaker BioVentures is looking for Baltimore health-care technology companies to invest in because it expects to see some valuable technology coming out of local research labs.
Ex-BDC exec Grinnell joined contractor months after it won Hollander 95 project
The Baltimore Development Corp.’s former chief operating officer joined the development team for Hollander 95 Business Park three months after the city economic development agency agreed to sell the massive property to the company.
More than half of Baltimore region’s banks profited in 4Q ’09
K Bank made a profit of $816,000 in fourth quarter 2009.
State Supreme Court seeks to relieve foreclosure pressure valve
The Florida Supreme Court has amended procedures for filing foreclosure complaints involving residential property, requiring lenders and lawyers to verify ownership of the note and providing sanctions for false allegations in foreclosure complaints.
Mortgage Bankers Association: Subprime mortgage borrowers staying afloat in Texas — for now
When economists size up how Texas fared compared to other parts of the country during the recession, the Lone Star State usually comes out on top.
Huntington boosts business lending
A number of Dayton-area businesses have already benefitted from Huntington Bank’s new emphasis on lending to small companies.
Lender seeks to foreclose on Fountain Square office
TAMPA — Branch Banking &amp; Trust is seeking to foreclose a $25 million loan secured by Fountain Square II, part of the Independence Parkway office complex west of Tampa International Airport.
Developers rush to take part in HUD program before change
After years of being more a historic footnote than an active funding source in the Pittsburgh area, the rush is on for new apartment developers to apply for 221D4 loans before the U.S. Department of Housing and Urban Development changes the program’s terms.
Rising FDIC premiums bleed lenders
In 2008, First Community Bank paid a $2.3 million premium into the FDIC insurance fund, which insures deposits in the nation’s more than 8,000 banks.
BofA’s watchlist loans a harbinger of more turmoil
When Bank of America Corp. helped craft two commercial real estate bond deals worth more than $6 billion in 2006, one of the largest properties considered for collateral didn’t have the cash flow to meet BofA’s own standards.
Credit unions push to lift ‘artificial’ cap
Massachusetts credit unions ended 2009 with more than $1 billion in business loans to their members, but some officials say an artificial cap on that type of lending is limiting what they can do to spur the economy.
Venture capital investments knock bottom
Venture capital activity nearly ground to a halt in New Mexico last year.
Doverspike of Pittsburgh's U.S. Commercial Service offers top exporting tips
Lyn Doverspike, director of the Pittsburgh office of the U.S. Commercial Service, has a network of resources overseas in 80 countries, in addition to domestic partners that can help a company get started as an exporter.
Bringing Indian Trail builder back from the brink
Lindsey McAlpine is cleaning up a mess, and the process is both frustrating and satisfying.
Lending at St. Louis chartered banks down $2 billion in ’09
Lending at commercial banks chartered in St. Louis plummeted almost $2 billion during the last year.
Lease-accounting changes will alter company books
The Financial Accounting Standards Board (FASB) is working on new lease-accounting rules that could have a significant effect on the amount of debt companies must carry on their books.
Investor confidence shaken by Vaughan’s real estate troubles
Albuquerque real estate veteran Doug Vaughan’s bankruptcy and the subsequent investigations into his dealings with commercial real estate investors are further dampening the already battered local real estate market.
Fifth Third expert: The economy is improving, but …
Fifth Third Bank economist John Augustine has a gift for making complex information easy to understand.
Rainier launches Charlotte office for real estate finance
Adam Martin is ready for an improving spring forecast.
BECO will slash Meridian rates by 40%
The new owners of the Meridian Corporate Center are preparing to chase some new office tenants. Hard.
Private Bank of the Peninsula increases deposits, loan portfolio value
The Private Bank of the Peninsula saw a double-digit rise in deposits and assets last year, and came out of 2009 with much less red ink on the books.
Sale of Nortel Networks Corp.'s patents could bring in more than $1 billion
Nortel Networks Corp. is considering selling or otherwise trying to cash in on its patent portfolio, which one analyst projected could be worth at least $1 billion.
Ohio Capital Fund backers hope life doesn’t end at 40
Jeff Lamb knows well what it takes to bootstrap a company from the idea stage on up – and he prefers getting help.
BB&T Corp.’s Texas president outlines plan for growth
The newest big bank to arrive on the scene in Dallas-Fort Worth values honesty, integrity and building relationships with business clients. (BBT)
Creditors’ curveball may delay Rangers’ sale
The sale of the Texas Rangers stalled last week, sources said, after Major League Baseball informed the team’s creditors that there would be delays in responding to the lenders’ concerns about the deal.
Investor suit dogs restaurant-oil company RTI
A federal judge won’t throw out a lawsuit against Restaurant Technologies Inc. (RTI) alleging executives and directors manipulated the company to devalue the founders’ investments by as much as $39 million.
Big investors take big stake in Huntington
A year spent issuing millions of shares to raise money has left Huntington Bancshares Inc. with the some new – and large – stockholders.
Have North Texas banks overindulged on commercial real estate loans?
Last August, fledgling Access 1st Capital Bank of Denton lined up a deal to acquire the good parts of a nearby struggling bank.
The big-bank defection movement
With big banks battling tarnished reputations and heightened scrutiny from Washington, D.C., you would think that local institutions would be able to capitalize on consumer dissatisfaction and inspire customers to defect on principle.
FDIC looking for a few good (out-of-work) bankers in Charlotte
If you can’t beat ’em, join ’em.
Tsakopoulos Investment lands deal with California Housing and Finance Agency for high-rise tower
One of Sacramento’s longest-running real estate sagas is ending, as the state agency that helps first-time homebuyers has decided to move its offices to Sacramento’s newest high-rise — the Bank of the West Tower.
Q&A with Randall James, former Texas banking commissioner
Randall James, who served as Texas banking commissioner from 1999 to 2008, retired just before the recession took hold that plunged the banking industry into crisis. As commissioner, James was responsible at the time for the regulation and supervision of 330 state-charted banks that controlled about $153 billion in banking assets. Before that, he had worked for the FDIC, Interfirst Bank of Austin and the law firm of Bracewell and Patterson. James, who lives in Austin, now operates his own bank consulting firm, Randall S. James &amp; Associates Inc. Copy editor Debbie Bolles asked James about lessons from the financial meltdown, causes and his forecast for the future of Texas’ banking industry. His responses are edited for length and style.
Investor snaps up Trader Bud’s site
A Grove City investor has added the former Trader Bud’s auto showroom at 4000 W. Broad St. in Columbus to two properties he picked up near the former Delphi Automotive Systems plant that could become the site of a $400 million casino.
Wells Fargo targets area for growth
Wells Fargo is adding bankers in Milwaukee, Madison and Green Bay in a push to double its commercial banking income in Wisconsin over the next five years.
NuYale partners buy River Ridge facility, plan renovations
The partners in NuYale Cleaners have purchased the company’s 54,000-square-foot headquarters in River Ridge Commerce Center and plan to spend about $500,000 in the next two years to upgrade the property.
Bethel House takes on Cole of Office This as investor in $5.7M project
Bethel House LLC has secured the investment backing of developer Max Cole for its $5.7 million project to build four new senior living facilities in east and west Wichita.
M&I wins $53M judgment against Guaranty Financial
The parent company of Guaranty Bank owes $53.1 million to M&amp;I Marshall &amp; Ilsley Bank for defaulting on a loan that funded a real estate investment trust.
Getting to know you, better
Finance may be all about the numbers, but over the last 15 years, more and more financial planners aren’t starting with spreadsheets. Instead, they are delving into their clients’ emotions, values and hidden goals in a process that has become known as “life planning.”
Profiles in Finance: Dion Padilla
When Dion Padilla was a trainee at Merrill Lynch in San Antonio in 2001, Larry Green, a senior financial advisor assigned to be his mentor, gave him a piece of advice he never forgot. “He said, ‘Find a niche and just work the heck out of it,’” Padilla recalls. “‘Become an expert for that market and just keep plugging away. After some time it will pay off.’”
Bank aims to build home mortgage market share
American Savings Bank’s new residential mortgage division recently hired 16 people from MetLife Home Loans as part of its goal of boosting the bank’s share of the mortgage market.
Their two cents on Gold
<em>Editor’s note: You can’t turn on the television or radio without seeing or hearing a commercial recommending that you buy gold. The Business Journal asked four finance professionals to give us their take on this. How much of this is really advice to hedge against inflation and how much of it is hype? Here are their responses: </em>
Five Minutes With — Sara Brouillard - 'Lemonade Day'
Profit, loss, revenues and dividends may be music to your ears, but the terms are downright befuddling to an elementary school kid. Unless, of course, you apply the financial principles to something that really matters to them... like, say, making their own money. That’s what Sara Brouillard, project manager with The CE Group Inc., and her colleagues are hoping to do with San Antonio’s first ever Lemonade Day. The project is part of a nationwide effort to help kids create a lemonade business and sell their thirst-quenching products on May 2.
$450M mezzanine fund targets Florida businesses
Robert Reynolds has big dreams of growing his business and bringing new jobs to Central Florida, but one hurdle always stands in the way: Finding capital.