SF Fed chief seen as nominee for Fed vice chairman
San Francisco Federal Reserve Bank President Janet Yellen will be President Obama’s nominee for vice chairman of the Federal Reserve, several media outlets reported late Thursday night, citing sources familiar with the situation. (JPM) (BAC)
Kruszewski sells 100,000 Stifel shares
Stifel Financial Corp. Chairman and Chief Executive Ronald Kruszewski sold 100,000 shares of Stifel common stock this week. (SF)
Miami judge refuses to toss bank overdraft fee lawsuit
A Miami federal judge on Thursday denied requests from several of the nation’s largest banks to dismiss lawsuits against them alleging that they have abusive and excessive overdraft fee policies.
Vectra Bank’s Small Business Index for Colorado up a 5th month
The Vectra Bank Colorado Small Business Index rose in February for a fifth straight month, to 85.9, its highest level in 16 months.
Sole, Artecity in Corus foreclosures
Five months after acquiring the troubled condominium loans from the failed Corus Bank, a joint venture between the Federal Deposit Insurance Corp. and Starwood Capital Group has filed its first foreclosure lawsuits in South Florida.
Wendy’s considers $1B bid for CKE, owner of Hardee’s
Nelson Peltz, owner of Wendy’s/Arby’s Group Inc. is considering a strategic $1 billion bid for CKE Restaurants Inc., the owner of Hardee’s and Carl’s Jr., <em>The New York Post</em> reports. (CKR)
Exxon plans billions in new investments
Oil giant Exxon Mobil Corp. said Thursday it delivered “industry-leading results” in 2009, despite a tumultuous market, and is well-set for future growth. (XOM)
Stanford award will recognize ex-Fed chair Paul Volcker
The Stanford Institute for Economic Policy Research will recognize Paul Volcker’s contribution to economic policy at an awards presentation on May 18.
U.S. Global Investors will keep paying dividends
U.S. Global Investors has decided to continue paying monthly dividends in the second quarter of 2010. (GROW)
Central TX mobility authority closes $140M financing
The Central Texas Regional Mobility Authority has issued $140 million in bonds to fund a five-mile 183A Toll Road extension.
Feds tell Albina Bank to boost capital levels
Albina Community Bank has been ordered to boost its capital levels and reduce the nonperforming loans on its books.
Investor sues bank over Corazon judgment
The saga of the shuttered Corazon Club &amp; Spa in Dublin has taken yet another twist with the holder of a claim against the property filing a foreclosure lawsuit seeking to recoup $587,616.
Fund to invest $450M in Fla. firms
A new investment fund — created by a joint venture with the Florida Mezzanine Fund, a group of 50 Florida-based investors, and CapitalSouth Partners, a Charlotte, N.C.-based private investment firm — is looking to invest up to $450 million in Florida-based companies.
South Florida companies benefit from new $450M mezz fund
Two South Florida companies are the first receive a financial infusion from a new private venture capital fund created strictly to loan to businesses within the state.
Nstar plans $300 million bond offer
Boston’s Nstar Electric Co. on Thursday said it plans to raise $300 million from selling 30-year bonds. (NST)
FHLBank Atlanta driving job growth
For every $1 million in Affordable Housing Program funds the Federal Home Loan Bank of Atlanta spends, $14.3 million of housing is built or rehabilitated and 158 jobs are created.
Bauer: Half of South Florida banks problematic
Bauer Financial found deteriorating financial conditions at half of South Florida’s banks ranking them problematic or worse. (FUBC) (BOFL) (OPHC) (GFLB) (BBX)
Raleigh man charged in alleged securities scam
State securities regulators charged a Raleigh man Wednesday with allegedly defrauding a victim out of $50,000 in a foreign currency trading scam.
Forbes: Bisciotti remains only Baltimore-area billionaire
Seven Marylanders cracked the latest Forbes list of the world’s billionaires, including Baltimore Ravens owner Steve Bisciotti.
BB&T gives $1.5M to University of Maryland for ethics courses
The University of Maryland's Robert H. Smith School of Business says it will receive $1.5 million from the BB&amp;T Foundation over the next 10 years to promote more business ethics courses.
Wells Fargo’s Stumpf joins Target’s board
Target Corp. has appointed John Stumpf, chairman, president and CEO of Wells Fargo &amp; Co. to its board of dirctors. (WFC) (TGT)
TCF Financial CEO compensation: $1.6M, down from 2008
TCF Financial Corp.’s Chairman and CEO Bill Cooper received $1.66 million in compensation last year, down from $7.36 million in 2008.
Atlanta Fed overseeing NW Services
NW Services Corp. has been put under the oversight of the Federal Reserve Bank of Atlanta and Georgia’s banking commissioner.
Markets finish Thursday on up note
After a woozy start Thursday, the Dow Jones Industrial Average pitched upward during the final hour of trading and finished at 10,611.84, up 44.51 points, or 0.42 percent. Nasdaq rose 9.51 points or 0.40 percent to 2,368.46. (WCC) (AA) (AYE) (ATI) (AEO) (BK) (CNX) (DKS) (FII) (HNZ) (KMT) (KOP) (PNC) (PPG) (X) (WAB)
Amplify Credit Union opening downtown branch
Amplify Federal Credit Union is opening a new downtown branch.
Crescent State Bank hires mortgage vet
Cary-based Crescent State Bank has tapped Mark Fenton to head its mortgage division.
Stifel to return $78,000 to investors, pay $130,000 in penalties
Stifel, Nicolaus and Co. Inc. has agreed to return $78,000 in commissions paid by investors that were taken advantage of by their broker. (SF)
RealtyTrac: Foreclosure filings up a bit in Colorado
Colorado saw 5,154 foreclosure filings in February, up 2.49 percent from January and a 22.16 percent increase from February 2009, according to a monthly state-by-state report from RealtyTrac Inc.
First Data taps Forehand as chairman
First Data Corp. promoted board member Joe Forehand, former chairman and CEO of Accenture, as chairman and interim CEO.
Settlement with IRS may benefit MGIC
Executives with MGIC Investment Corp., beset with 10 consecutive quarters of net losses, may get some relief from the Internal Revenue Service. The company could show a net gain of up to $82 million after resolving income tax issues.
Battery Ventures closes 9th fund with $750M
Battery Ventures said Thursday it closed its ninth fund, BV IX, at its $750 million target.
Mutual fund assets surge despite anxiety
U.S. investors pumped an estimated $30 billion into stock and bond mutual funds during February, but high unemployment and anxiety over the economy continue to weigh on the collective psyche of investors, according to research firm Strategic Insight.
Former SunTrust exec Buell Duncan dies
Buell G. Duncan Jr., former chief executive of SunTrust Banks of Florida, died Wednesday of complications from Alzheimer’s disease.
Panel: Private equity making steady comeback
For private equity deals, the outlook for 2010 and beyond is generally positive, although some stumbling blocks remain on the lending side, according to several panelists speaking Wednesday at the Association for Corporate Growth’s Capital Connection convention at the George R. Brown Convention Center.
Panera names private equity investor to board
Panera Bread Co. said Wednesday that it has appointed Thomas Lynch to its board as an independent director, effective March 5. (PNRA)
First Tech Credit Union to merge with California peer
Oregon’s second-largest credit union announced Wednesday that it plans to merge with a California peer to become one of the 15 largest credit unions in the country.
Frost Bank earns national honors for small business banking
Greenwich Associates presented several national and regional awards to Frost Bank for delivering quality banking services to small businesses and middle-market firms. (CFR)
Fox Chase Bancorp to change structure of company, offer more shares
Fox Chase Bancorp, the holding company for Fox Chase Bank, said its board of directors has adopted a plan to convert from a two-tier mutual holding company structure to a stock holding company structure.
Chase won't bend to PNC plans
Executives with at least one of the banks that PNC Financial Services plans to leapfrog in the Milwaukee market said they have no plans to let their newly emboldened competitor flatten them. (PNC)
Citi to double private bankers over several years
Citigroup plans to double the number of private bankers over the next several years, from 130 to 260, Citi Private Bank’s North America CEO Peter Charrington told Dow Jones Newswires. (C) (WFC) (BAC)
Earthquake authority chief testifies to Congress
California Earthquake Authority chief executive Glenn Pomeroy on Wednesday testified to two congressional subcommittees in support of a bill to reduce the cost of earthquake insurance.
More local banks rated as troubled
Seven banks, or 39 percent of banks based in Northeast Florida, received a “zero star” rating based on fourth quarter financial reports, according to a bank analyst ratings report.
Goodwill, credit union team up on new in-store branch
Generations Federal Credit Union has opened a new financial branch at a retail store operated by Goodwill Industries of San Antonio.
More Kansas City men are indicted under sports betting operation
Four more men and two businesses have been indicted as part of a $3.6 million illegal sports betting operation.
Palm Beach County warehouses in $5M foreclosure
Four warehouses in Palm Beach County could be seized in a $5.4 million foreclosure lawsuit from a commercial mortgage-backed securities fund.
Chase won't bend to PNC plans
Executives with at least one of the banks that PNC Financial Services plans to leapfrog in the Milwaukee market said they have no plans to let their newly emboldened competitor flatten them. (PNC)
Solidus Co. launching microfund for start-ups
Nashville-based venture capital firm Solidus Co. has launched a new microfund aimed at Middle Tennessee start-ups.
Tribune: Associated CEO apologizes in Chicago
Associated Bank’s new CEO Phil Flynn received coverage in the Chicago Tribune’s business section Tuesday for apologizing last week to Chicago-area customers, prospects and employees for Associated’s recent shortcomings. He appeared at a private breakfast where he pledged Associated will grow aggressively in the Chicago area. (ASBC)
Parkinson appoints Cohen to Kansas Technology Enterprise Corp. board
Kansas Gov. Mark Parkinson has appointed an Overland Park banker to the board of Kansas Technology Enterprise Corp.
OTS orders merger or sale for little Ideal Federal Savings Bank
Federal banking regulators have ordered Baltimore-based Ideal Federal Savings Bank to merge or sell its assets to another financial institution by May 1.
Fifth Third Greater Cincinnati adding hours
Fifth Third Bank will add evening and weekend hours at many of its Greater Cincinnati offices in response to customer demand. (FITB)
First-time buyers boost home sales
First-time homebuyers in California have given a boost to the anemic residential real estate market.
PAB Bankshares eyes stock sale
PAB Bankshares Inc., which recently reported <a href="http://atlanta.bizjournals.com/atlanta/stories/2010/02/22/daily52.html" target="_blank">plans to sell five of its branches</a>, will look to a common stock offering worth up to $85 million to boost capital. (PABK)
Psychiatric Solutions may sell to Bain Capital
Psychiatric Solutions Inc. has formed a special committee of its board of directors and retained outside advisors to consider potential offers to take the Franklin-based behavioral health company private.
Kirkland broker Breard charged with fraud
Kirkland broker Rhonda L. Breard, who hawked her investment advice on local radio and TV stations, has been charged by federal prosecutors with mail fraud and accused of stealing from investors.
NCDOT awards $170M in work
The North Carolina Department of Transportation has awarded 30 highway and rail contracts totaling $165.9 million, according to a written statement issued Wednesday by Gov. Beverly Perdue’s office.
Economy gives cause for optimism at Denver Chamber's small-business forum
The economic recovery may finally have started, Federal Reserve executive Mark Snead said at the Denver Metro Chamber of Commerce's annual State of Small Business event Wednesday.
Former chief investment officer pleads guilty in Cuomo’s pension fund probe
The former chief investment officer of New York state’s pension system pleaded guilty on Wednesday to charges he participated in a pay-to-play kickback scheme.
Bridge Housing opens West Oakland project
Bridge Housing Corp.’s latest rental project, the 99-unit Ironhorse in West Oakland, opened its doors Wednesday.
Marketing Alliance swings to Q3 profit
The Marketing Alliance saw a profit of $161,694 in its fiscal third quarter, compared to a loss of $225,320 in the prior year’s quarter.
Texas Hedge Fund Association aligns with national Managed Funds Association
The Texas Hedge Fund Association has formed an alliance with the Managed Funds Association, which is based in Washington, D.C.
Public Health Trust: Jackson in ‘death spiral’
The Public Health Trust of Miami-Dade County, which governs Florida’s largest public hospital, was warned Tuesday that Jackson Health System is losing patients and vendors are threatening to cut off supplies as it faces insolvency unless it takes drastic measures to right its finances.
nFinanSe cuts fees to steer users to Visa, Discover
nFinanSe Inc. said it would reduce its fees to cardholders for ATM withdrawals and for electronic bill pay transactions.
Corserv Solutions debuts with EnCor
Credit card industry veteran Jerry Craft is heading a new Atlanta-based credit card firm -- Corserv Solutions Inc.
Star Tribune names chief revenue officer
The <em>Star Tribune</em> has named Jeff Griffing its chief revenue officer, with responsibility for all advertising and digital revenue.
Fifth Third moving N.C. headquarters
Fifth Third Bancorp announced Wednesday that it is relocating its North Carolina headquarters to the 201 North Tryon Street building in uptown Charlotte. The building will be renamed the Fifth Third Center. (FITB)
Huntington taps new chief for Unified Fund Services
Huntington Bancshares Inc. has promoted the leader of its trust operations to oversee its mutual fund management division. (HBAN)
SACU honored for being a ‘Texas Treasure’
San Antonio Federal Credit Union (SACU) has been named a Texas Business Treasure by state lawmakers.
Fifth Third moving N.C. HQ to uptown Charlotte
Fifth Third Bancorp made it official this morning, announcing it is relocating its North Carolina headquarters to the 201 North Tryon Street building in uptown Charlotte. The building will be renamed the Fifth Third Center. (FITB) (BAC)
Vestcor aid clears JEDC hurdle
The Jacksonville Economic Development Commission unanimously approved Wednesday a recommendation to the Jacksonville City Council to modify the city-held mortgage loans on the 11 E. and The Carling apartment buildings to help the company through the recession.
Courier index gains 2%
The Courier Greater Cincinnati Stock Index tracks the performance of about 35 local stocks. We compare it to the broad stock market using the Dow Jones Wilshire 5000 index.
Touchmark Chairman Thomas Persons resigns
Touchmark Bancshares Inc. Chairman Thomas E. Persons Sr. and board member Daniel B. Cowart have resigned.
First Chester County trying to sell mortgage division as merger with Tower Bancorp approaches
First Chester County Corp. has amended its merger agreement with Tower Bancorp to allow for the sale of First Chester’s recently acquired mortgage division at the merger or before the merger is completed. (TOBC) (FCEC)
LPS wins $3 million incentive vote
The Jacksonville Economic Development Commission Wednesday unanimously approved a request by Lender Processing Services Inc. of nearly $3 million in city and state incentives to add 350 full-time jobs in Jacksonville. The city is being considered along with three other areas in the nation for the jobs. (LPS)
Boston Options Exchange moving operations to Equinix
Equinix Inc. and Boston Options Exchange Group LLC said Wednesday that BOX is moving its operations to within the Equinix data center. (EQIX)
Smith Electric Vehicles U.S. makes offer to buy British counterpart
Smith Electric Vehicles U.S. Corp. has offered to buy its British partner for 37 million pounds ($55.2 million) in cash and a piece of any future public offering.
Apprion raises $8M in 3rd round
Apprion Inc. said Wednesday it closed a third round of funding with $8 million.
BofA ending debit-card overdraft fees
Consumers for years have groaned about bank overdraft fees. Now Bank of America Corp. says it’s listening. (BAC)
UC students, workers protest at Blum Capital meeting
University of California students and workers protested Tuesday at Blum Capital Partners’ investors meeting in Sausalito to voice concern over what they view as conflicts of interest between Dick Blum’s role as a UC regent and his firm’s investment in for-profit education. (CECO)
Public workers target Citibank over cities’ rate-swap costs
About 100 people, including public workers and their union, protested the fees cities are paying to Wall Street banks by rallying Tuesday at Oakland City Hall and marching into a nearby Citibank branch. (GS) (C)
Cowlitz Bancorporation gets another NASDAQ warning
Cowlitz Bancorporation, which enacted a one-for-10 reverse stock split earlier this month in an effort to boost its shares about the NASDAQ stock exchange’s $1-per-share minimum price, now has been warned by the exchange that it doesn’t have enough publicly traded shares to remain on the exchange. (CWLZ)
Former Colonial Bank execs acquire Professional Bank
A group of former executives from Colonial Bank’s Texas operations has signed a deal to acquire Professional Bank, N.A., a Dallas-based community bank.
PNC Financial to spend $50M on area growth
PNC Financial Services plans to spend $50 million on new branches and offices over the next two to three years in the Milwaukee area with the goal of becoming the area’s third-largest bank. (PNC) (PNC)
TIB Financial loss swells as Bank of Venice deal loses luster
TIB Financial Corp. sunk deeper into the red in 2009 after writing off all the goodwill associated with its acquisition of The Bank of Venice and the operations of a failed bank. (TIBB)
Shareholders approve Denbury, Encore merger
Shareholders of oil and gas companies Denbury Resources Inc. and Encore Acquisition Co. both approved Denbury's planned acquisition of Encore on Tuesday. (ENP)
Credit union hits $1B milestone
Raleigh-based Local Government Federal Credit Union paused for a moment Tuesday to announce it had reached $1 billion in total assets, a “major business milestone” for the 27-year-old financial institution.
Van Keppel, Mitchell to head new R.J. O'Brien Houston office
R.J. O’Brien &amp; Associates has hired two brokers to head its new energy brokerage business and Houston office.
Human Capital: People on the move, Mar. 9
A daily roundup of senior-level executive hires and board appointments: Tuesday, March 9
Morgan Keegan pays out $3.6 million in February
Two former investors in bond funds once managed by Morgan Keegan &amp; Co. Inc. have won arbitration hearings and been awarded more than $3.6 million. (RF)
Dana-Farber rises on revenue, investment gains
The Dana-Farber Cancer Institute said positive gains within its investment portfolio and the reclassification of some $39 million in restricted net assets helped propel it into the black in the quarter ended Dec. 31.
Brothers involved in St. Paul shooting were boutique stockbrokers
Two brothers involved in an fatal shooting Saturday in St. Paul were executives at a former boutique investment firm based in St. Paul.
Medicine Shoppe, Medicap franchisees sue Cardinal Health
When Cardinal Health Inc. renegotiated franchise agreements with pharmacies under its Medicine Shoppe and Medicap brand last year, the company said it gave franchisees breathing room to decide what’s best for them. (CAH)
LifeLock settles with FTC, states for $12 million
LifeLock Inc. has settled a lawsuit brought against it by the Federal Trade Commission and 35 states for $12 million, ending a lingering legal battle about what the company promised in its advertising versus what it could deliver in regards to preventing identity theft.
Cogen, Carter seek to be county chair
Multnomah County Commissioner Jeff Cogen, former State Sen. Margaret Carter and Wesley Soderback, a retired Portland resident announced their candidacies Tuesday to replace Ted Wheeler as county chair.
More CFOs expect increased hiring; Tennessee above U.S. average
More chief financial officers in the U.S. anticipate an increase in the hiring of full-time accounting and financial employees in the second quarter, according to a new survey from Robert Half International. (RHI)
Old Florida moves headquarters to Orlando
Old Florida National Bank moved its corporate offices from Longwood to downtown Orlando.
Federal Reserve Bank of Kansas City: Financial stress falls in February
U.S. financial stress declined further in February, reaching more normal levels, according to a study by the Federal Reserve Bank of Kansas City.
Markets up slightly by Tuesday close; a far cry from one year ago
Wall Street edged up Tuesday as the Dow Jones Industrial Average finished at 10,564.38, up 11.86 points or 0.11 percent, Nasdaq was at 2,340, up 8.47 points, or 0.36 percent. (WCC) (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (PNC) (PPG) (X) (WAB) (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (PNC) (PPG) (X) (WAB)
Solar Power nabs $24M in stimulus funds
Solar Power Inc. will receive $24.7 million in federal stimulus funding, and hopes to start manufacturing solar panels in Sacramento County by the end of the year.
Horizon Bank under pressure to raise capital or sell
Federal banking regulators have ordered Horizon Bank to raise more capital or sell itself.
Panther Properties pays $26.5M for Hunters Creek complex
A Massachusetts real estate investment firm bought a 306-unit apartment complex in Hunters Creek for $26.5 million.
NCDOI claims wins for consumers
The North Carolina Department of Insurance, under newly elected Commissioner Wayne Goodwin, is giving itself a pat on the back with a news release outlining what it says were its accomplishments in 2009.
Northside critics to testify in state suit against McKee project
Two St. Louis residents plan to testify Wednesday in Cole County Circuit Court in Jefferson City in their $95 million lawsuit against the state of Missouri over tax credits awarded to developer Paul McKee Jr.’s $8.1 billion Northside redevelopment.
Former Tech Valley Printing shareholder Goldberg sued
A Troy, N.Y., attorney is seeking to recover up to $1.2 million of dividend payments made from the now-defunct Tech Valley Printing Inc. to former First Albany Cos. executive Alan Goldberg.
Lender fined, will refund $2.8M in N.C.
Manufactured home lender, Vanderbilt Mortgage and Finance Inc. has agreed to refund $2.8 million to North Carolina homeowners and pay a civil money penalty of $750,000 in settlement with the North Carolina Office of the Commissioner of Banks, NCCOB.
First Niagara CEO Koelmel’s pay jumps 47% in 2009
John Koelmel, the president and CEO of First Niagara Financial Group, took home 47 percent more in 2009 than he had the year before.
Wheeler named interim treasurer
Gov. Ted Kulongoski has named Multnomah County Chairman Ted Wheeler interim state treasurer.
Apollo Gold to acquire Canadian company, change name
Apollo Gold Corp. said Tuesday it is acquiring Canadian gold producer Linear Gold Corp. Following the merger, Apollo said it will rename itself.
BB&T CEO salary, total comp up in 2009
<a href="http://profiles.portfolio.com/company/us/nc/winston_salem/bb_t_corporation/1519268/"></a>BB&amp;T's profit dipped 42 percent in 2009, but its top executive’s total compensation rose by about $1 million. (BBT)
Jimmy Bradford Jr., who led J.C. Bradford & Co. investment brokerage, dies at 76
Nashville banking icon Jimmy Bradford Jr., who ran for decades the J.C. Bradford &amp; Co. investment brokerage that his father founded in the 1920s, passed away at his home Monday. He was 76.
Harleysville National-First Niagara merger delayed
Harleysville National Corp. said the closing of its planned acquisition by First Niagara Financial Group will be pushed back from the end of this month to sometime in the second quarter. (FNFG) (HNBC)
Sterling Banks restates two quarters of 2009 results
Sterling Banks Inc. said its revised second-quarter 2009 loss was $9 million higher than originally calculated. (STBK)
Hoku Materials gets rest of $50M loan
Hoku Materials Inc. received the second portion — $30 million — of a $50 million loan to pay for its polysilicon plant under construction in Pocatello, Idaho, the company said Monday.
Comerica: Raising equity to pay back TARP
Banking giant Comerica Inc. said Monday that it planned to sell $800 million in common stock to help pay back funds the company borrowed from the government’s Troubled Asset Relief Program. (CMA)
Analyst downgrades Fifth Third stock
A brokerage firm analyst has downgraded its rating on Fifth Third Bancorp. (FITB)
Iowa insurer fined for MN annuities sales
The Minnesota Department of Commerce has fined West Des Moines, Iowa-based American Equity Investment Life Insurance Co. $275,000 for allegedly selling unapproved annuity contracts in the state. (AEL)
Calix Networks hopes to raise up to $53.1M in IPO
Calix Networks Inc. said Monday it now hopes to raise from $42.5 million to $53.1 million in an initial public offering.
Report: Californians need to be better prepared for earthquakes
Californians are aware of major earthquakes and the effect from temblors, but many have not taken necessary steps to make their homes safer and protect their personal finances, according to a just-released report.
Susquehanna Bancshares to raise $350 million
Susquehanna Bancshares said it has initiated a public offering of common stock to raise about $300 million in fresh capital and will raise another approximately $50 million by selling other securities. (SUSQ)
BB&T CEO salary, total comp up in 2009
BB&amp;T Corp.’s profit dipped 42 percent in 2009, but its top executive’s total compensation rose by about $1 million due to a promotion. (BBT)
Phishing scam snares Cascade Bank customers
A telephone scam targeting Bank of the Cascades customers has earned attention from Oregon’s attorney general. (CACB)
Fifth Third donates office space to Cincinnati Police
Fifth Third Bank announced Monday the donation of an 800-square-foot space in its Fountain Square office building to the Cincinnati Police. (FITB)
Rebate offers top list of Colorado consumer complaints
Rebate offers are far and away the most common type of consumer complaint filed with the Colorado attorney general’s office, officials said Monday.
Sandy Spring Bancorp CEO rakes in $637K
Daniel Schrider, president and CEO of Olney-based Sandy Spring Bancorp Inc., made $637,184 in 2009 — his first year as head of the company. (SASR)
Northrop officially bows out of 'tanker war'
Northrop Grumman Corp. will not submit a bid for the controversial KC-X U.S. Air Force refueling tanker contract, the company said Monday while still maintaining that its would-be entry was "the best value for the military and taxpayer."
Vestcor aid vote set for Wednesday
The Jacksonville Economic Development Commission will vote Wednesday on whether or not to recommend to the Jacksonville City Council to modify the city-held mortgage loans on the 11 E. and The Carling apartment buildings to help the owner through the recession.
Ex-TD Bank exec Greenberg goes to Sun Home
Sun Bancorp said Monday that former TD Bank executive Steven J. Greenberg has been hired as president of its mortgage company, Sun Home Loans Inc.. (SNBC)
Ellenbogen to manage T. Rowe Price's New Horizons fund
T. Rowe Price Group Inc.’s $5.6 billion New Horizons fund has a new head after its long-time portfolio manager stepped down March 1 in a planned transition. (TROW)
LPS asks for $3 million to add 350 jobs
Lender Processing Services Inc. is requesting nearly $3 million in city and state incentives to add 350 full-time jobs in Jacksonville. The city is being considered along with three other areas in the nation for the jobs. (LPS) (FIS)
Early Zynga exec is out
Early Zynga executive Andrew Trader, who a month ago had his title downgraded, has left the company, TechCrunch is reporting.
Entertainment Properties Trust closes deal to buy Toronto Dundas Square
Entertainment Properties Trust said Monday that it had completed the acquisition of Toronto Dundas Square, a 13-level entertainment retail center in downtown Toronto, by paying off senior debt of about $120 million Canadian, or $116.7 million U.S. (EPR)
Incentives sought for 175 job expansion
An Orlando company that manages residential mortgage portfolios is looking to bring 175 full-time jobs to Jacksonville in three years.
Human Capital: People on the Move, Mar. 8
A daily roundup of senior-level executive hires and board appointments: Monday, March 8.
Bernstein cuts estimate for Fifth Third
Bernstein Research has cut its 2010 earnings estimate for Fifth Third Bancorp. (FITB)
90 businesses invited to Missouri Trade Initiative
More than 90 businesses will be invited to participate in the Missouri Trade Initiative, a program designed to provide Missouri companies a business plan to increase their export sales.
Markets barely budge by Monday close
Wall Street barely budged Monday. The Dow Jones Industrial Average slumped 13.68 points, or 0.13 percent, finishing trading at 10,552.52. Nasdaq edged up 5.86 points, or 0.25 percent, to 2,332.21. (HFF) (AA) (AYE) (ATI) (AEO) (BK) (CNX) (DKS) (FII) (HNZ) (KMT) (KOP) (PNC) (PPG) (X) (WAB) (WCC)
Huntington to open 41st Pittsburgh-area branch
Huntington Bancshares said Monday it will hold the ribbon-cutting ceremony for its newest Pittsburgh branch, in Wexford, on March 15. Columbus-based Huntington (Nasdaq:HBAN) is Pittsburgh’s seventh-largest bank according to deposits; this marks its 41st Pittsburgh area branch.
Citizens Financial adding 207 ATMs in Pennsylvania
Citizens Financial Group Inc. said Monday it is adding 487 ATMs through a partnership with Philadelphia-based Sunoco Inc. Of those, 207 are in Pennsylvania.
Citizens’ ATMs going into APlus stores
Citizens Financial Group, parent to Citizens Bank of Pennsylvania, said Monday it will be adding ATMs at nearly 500 Sunoco APlus Convenience Stores in 13 states throughout the East Coast.
State returned $22M of unclaimed property in February
The Florida Bureau of Unclaimed Property returned more than $22 million last month, marking the largest amount of unclaimed property returned to owners in state history.
BNY Mellon acquires German company
BNY Mellon said Monday it is buying BHF Asset Servicing GmbH, Frankfurt, Germany, for $343 million. The deal, subject to regulatory approvals, is expected to close in the third quarter. (BK)
H&R Block earnings rise, revenue falls in fiscal third quarter
Despite a reduction in the number of tax returns it prepared, lower expenses and higher average fees helped H&amp;R Block post income growth for the quarter that ended Jan. 31. (HRB)
First Franklin posts ’09 loss; names board members
First Franklin Corp.'s 2009 full-year loss grew to $1.5 million, or 92 cents per basic share, from a loss of $1.4 million, or 84 cents, per share in 2008. (FFHS)
Babson Capital takes over $1.7B in CLOs from Jeffries
Babson Capital Management LLC, a unit of MassMutual, said it has closed a deal to manage five collateralized loan obligations with more than $1.7 billion under management. (JEF)
Neurometrix locks up credit facility
Medical device developer Neurometrix Inc. has secured a $7.5 million line of credit with Comerica Bank.
Falfurrias Capital invests in Commercial Credit Group
Private-equity firm Falfurrias Capital Partners has invested in Commercial Credit Group, a Charlotte-based provider of equipment financing for the construction, fleet transportation and waste industries. (BAC)
Another bank sues Rick Brunsman for loan default
Another Tri-State bank has hit Cincinnati entrepreneur Rick Brunsman with a lawsuit seeking judgment for a debt that’s allegedly in default. The March 1 filing came a week after Hamilton County Common Pleas Court Judge Norbert Nadel, in a separate matter, approved a motion to appoint a receiver for Brunsman affiliate Cincinnati Technology Services LLC.
Economists leery of proposed big bank tax
Earlier this year, President Barack Obama outlined his proposal for what the administration calls a “financial crisis responsibility fee” and what most others have tabbed a “big bank tax.”
2009: Dearth of warm memories
Last year was a year many dealmakers would like to forget, Association for Corporate Growth Chairman Dennis White said.
Milestone Partners locks up First Mariners Bancorp
ST. DAVIDS — Milestone Partners has a third-floor office in a building that features a swank jeweler and posh spa on the ground level.
FDIC might help banks bid on loans
A plan is in the works that could potentially lessen the blow to some community banks from continued fallout from Georgia’s biggest bank failure.
Most local banks’ earnings still bleeding red
Eight of 11 community banks and one thrift based in Shelby County lost a combined $28.1 million in 2009 as they struggled with deteriorating loan portfolios and set aside more cash for future losses.
The best that can be said: Banks in region held steady during ‘09
RALEIGH – On the traditional school grading scale, it was a year in community banking that probably earned a solid C–.
Georgia banks find new ways to raise capital
Georgia banks are getting creative to net the capital they need in a wicked economy.
No recovery for most local banks
The recession clearly didn’t end in the fourth quarter for most South Florida banks, as losses widened and falling real estate values punished their balance sheets.
Banks on the ropes
More than two-dozen South Florida banks ended 2009 in troubled condition or with little margin to absorb losses in the coming year. Some of them appear likely to survive, but most experts predict more local failures.
Tougher regs continue to sink lending activity
Outstanding loans at New Mexico’s 54 commercial banks declined by nearly $1 billion in 2009, one indication that regulators are causing them to keep more reserve capital on hand.
Banks keep struggling
Oregon’s 35 surviving banks lost $537.1 million in 2009, eight times what they lost the prior year, as real estate losses continued to hammer financial institutions.
Colombia’s Banco Davivienda plans to open Miami branch
Banco Davivienda wants to join two of its Colombian banking competitors by opening an international branch in Miami.
Chase slashes corporate philanthropy
One of the state’s most generous corporate citizens is slashing its Oregon philanthropic budget.
Peoples Bank’s CEO wants to share what’s what
When the Federal Reserve Bank put the Peoples Bank, which has six branches in New Mexico, under a public, written regulatory agreement on Jan. 27, bank President and CEO Wint Winter Jr. did what he thought was best for the bank’s customers.
HarVest Bank falls short on capital goal
After six months of raising capital, HarVest Bank of Maryland has sold about $2.5 million in trust preferred securities — a fraction of the $12 million it had wanted to raise by the end of 2009.
For some Austin startups, siphoning VC money has become a way of life
When Motion Computing Inc. quietly raised $5.6 million from venture capitalists at the end of 2009, there wasn’t much fanfare — no news releases or glowing comments from company officials.
Adageo Energy Partners raising $50M
An Austin-based investment firm is raising a $50 million fund to complete energy industry investments.
Randolph-Brooks FCU plans to open more branches
Randolph-Brooks Federal Credit Union is pursuing an aggressive course to increase market share in Austin and San Antonio by expanding its branch network.
Brookline bank spat shows diverging views on value
Brookline Bancorp Inc. may be in play for a takeover, but the bank’s abundance of capital could limit the field.
2009 was low water mark for new Pa. bank branches
Pennsylvania experienced a net gain of just 47 bank branches last year, by far the lowest increase in over a decade. With preserving capital a chief priority, bankers think 2010 could be the first year where the number of branches could decline statewide.
O’Malley: Back loans with TARP cash
To help jump-start small-business lending, Gov. Martin O’Malley is asking the White House to funnel $3 billion from the Troubled Asset Relief Program to the states so they can expand their loan-guarantee programs.
Bay area community banks see 2009 loan balances elevate
A credit crunch that some business owners say has dried up bank loans has yet to hit home among many community banks in the Tampa Bay area.
Bad loans jump at Bay State banks
Bad loans at Massachusetts community banks surged to more than $1 billion at the end of 2009, with a growing number of small lenders finding themselves in risky territory.
Bay Area banks grapple with troubled loans
Bay Area bankers feel their borrowers’ pain.
Former Deutsche Bank managers go small, think big with new firm
Two former Deutsche Bank Alex. Brown financial planners have left the big-firm bustle behind to set up their own investment company in The Woodlands.
FDIC report: Bank failures hit highest level since 1992
A total of 45 banking institutions insured by the Federal Deposit Insurance Corp. failed during the fourth quarter. That brought the total for 2009 to 140, the highest annual number since 1992.
Kansas City-area banks balance out
Kansas City-area banks’ fourth-quarter numbers offered pretty clear results in a murky economy — 52 saw asset growth, and 53 saw a decline, according to the Federal Deposit Insurance Corp.
U.S. Bank bolsters unit to woo wealthy clients
U.S. Bancorp is bulking up its wealth-management unit, recently hiring more than 100 industry veterans nationwide, including nine in the Twin Cities.
St. Louis Startup banks struggle; Champion needs capital
Five of eight banks launched in the St. Louis area in 2005 and 2006 posted losses in 2009, and one of them, Champion Bank in Creve Coeur, badly needs an infusion of capital.
CrossFirst Bank makes deal to acquire Town & Country
The holding company of CrossFirst Bank plans to buy Town &amp; Country Bank for an undisclosed amount.
FDIC, Citizens Union plan addresses losses related to real estate
Federal regulators have cited Citizens Union Bank of Shelbyville Inc. for a multitude of problems, including too much concentration in residential real estate and and insufficient capital.
Banks stronger, but lending still down
The majority of banks in southeast Wisconsin improved their capital ratios in the latest quarter, so they should have had more money to lend. But the reality is that the capacity to make loans hasn’t translated into more lending, new federal data showed.
Stimulus act leads Louisville banks to make larger SBA loans
Great concept, not enough money.
BNY Mellon joins wealth advisory race in Seattle
BNY Mellon Wealth Management is racing to hire workers, joining the growing battle for local money management business.
Charge-offs for Hawaii construction, development loans top $388M
Six Hawaii banks wrote off almost $389 million in construction and development loans in 2009, according to data from federal regulators.
TECH WRECK: Venture capitalists — funding the $2.8 billion D-FW bubble
No commodity can be at the center of a financial mania without a lot of money being pumped into it. And in the technology and telecom bubbles, much of that cash came from venture capitalists.
Cincinnati’s commercial real estate industry is in a crisis
Tom Herskovits rode a wave of rising real estate prices into Cincinnati. When the wave crashed, he became one of dozens of commercial property owners struggling to keep their heads above water.