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Legg Mason to take another earnings hit but gets breather on loans
Legg Mason Inc. will take $316 million in after-tax charges to shore up money-market funds in the quarter that ends Dec. 31. (LM)
Falsified audit leads to guilty plea for Syntrix biotech exec
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
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
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
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
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
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
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
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
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
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
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
The Boston Celtics and Bentley University have extended their relationship for another two years, the team said Monday.
Report: Bond investors sue Countrywide
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
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
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
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
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
Andrea Gates has been named the new managing director of the Inn of the Anasazi in Santa Fe.
Services set for Lofgren family
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
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
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
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
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
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
Florida’s Attorney General has settled a case against Father & Son Moving and Storage of Jacksonville Inc.
Pilgrim's Pride files for Chapter 11
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
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
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
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
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.
Survey: Weekend sales brisk, Cyber Monday to follow suit
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
Hawaiian Telcom Communications filed for Chapter 11 bankruptcy protection Monday morning.
TWC announces unemployment benefit extention
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
Fannie Mae told the New York Stock Exchange that it intends to meet the continued listing standard. (FNM)
Colombia Air Force getting ETC equipment
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
The board of directors of Kforce Inc. agreed to allow the company to repurchase additional shares of common stock. (KFRC)
Achievement Awards - Clint Ballinger
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
Stocks were down in Asia and in Europe Monday morning.
Markets plummet Monday on bad economic news
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
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
Stocks were down in Asia and in Europe Monday morning.
Fighting the foreclosure crisis
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
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
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
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
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
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
On the surface, Sprint Nextel Corp. looks like a great deal.
For high-tech entrepreneurs, time is right to launch firm
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
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
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
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
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
Cincinnati sports fans think of the Reds as “professional” and “family-oriented.”
Despite slump, banks have money to lend
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
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
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
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
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
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
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
Here’s an idea: get out of the office.
East Baltimore biotech, housing development behind schedule
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
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
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
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
The Maryland securities commissioner has found that brokerage Morgan Stanley & Co. did not properly supervise a former broker, George Divel III.
Money hungry
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
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
The region’s largest biotech is hitting another growth spurt.
Fed, Treasury inject $200B into sluggish SBA programs
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
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
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
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
Catered holiday parties are going on a diet.
Joint plan for power plants
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
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
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
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
GrowthFinance has split into two new Charlotte professional-services firms.
Idle Realtors turn to training, new niches, prayer
Realtors’ paychecks and those of their assistants are casualties of the weak housing market.
Federal Reserve???s Kane ready for spring departure
The Federal Reserve’s local point man is stepping down from his post early next year. <strong>Jeff Kane</strong>, 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
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
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)
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
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
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
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
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
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
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
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
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
<em>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:</em>
Consumer loans are hurting Jacksonville credit unions
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
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
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
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
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
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
RALEIGH – Triangle money managers are feeling the pinch from Wall Street.
Hurricanes' Staal, wife pay $1.85M for house
Carolina Hurricanes star Eric Staal is getting a new garage where he can park his black Maserati.
Showing them the money
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
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
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
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
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
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
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
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
LandCastle Title <strong>Top Local Executive: </strong>Jennifer Marler Frank, president of business management
Feds hope to unfreeze SBA, consumer lending
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
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
It certainly looked like a good idea at the time.
Workers??? comp insurers ask for higher-than-suggested rate hike
A large number of California workers’ compensation insurers have filed for higher Jan. 1 premium rate increases than state insurance regulators recommend.
Gaining Momentum
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?
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
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
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
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
The chilling effects of the global financial crisis exposed how flaws in the current regulatory system leave investors out in the cold.
Legislators weighing options for foreclosure relief
Foreclosures continue to outpace efforts to modify mortgages, prompting calls for the federal government to provide more robust relief to struggling homeowners.
Loan volume, value of mortgages in Birmingham up so far in 2008
Despite the credit crunch, falling home sales and a slumping economy, 2008 hasn’t been a terrible year for Birmingham’s largest residential mortgage lenders – at least not in terms of total loans.
Real estate job losses spreading
Many commercial real estate brokerages, architectural firms and construction companies are laying off workers and changing strategic focus as the North Texas commercial real estate market suddenly starts to slow.
'Main Street' banks prepared to weather the current storm
Headlines on the current financial crisis remind me more and more of the movie “A Perfect Storm” and how the captain of the Andrea Gail felt when he found himself trapped with no way out.
Talent, technology serve startups well in hunt for VC
For Follica Inc. the funding climate this year has been hair-raising. Literally (TWX)
Constellation Energy shareholders to vote Dec. 23 on sale of company
Constellation Energy Group Inc. shareholders will have a chance to vote on the company’s $4.7 billion sale to MidAmerican Energy Holdings Co. on Dec. 23. (CEG) (BRK)
Feds hope to unfreeze SBA lending
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.
Despite slump, banks have money to lend to businesses
Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.
BofA???s Lewis: Recession will last until housing gets well
Bank of America CEO Ken Lewis trekked to the nation’s epicenter of economic woes, Detroit, to discuss his outlook.
WNY banks confront capital decision
The landscape of the Western New York banking industry is split three ways.
Local law firms holding their own so far, but worrying
Local law firms have not endured massive layoffs like their counterparts in other cities, but the crippled economy has them limping to the 2008 finish line hoping to hit budget and fretting even more about what lies ahead next year.
Sallie Mae credit office will mean more than 1,000 jobs
Delaware will add 1,100 jobs to its work force, thanks to Sallie Mae’s plan to open a credit operations center in Newark.
Feds hope to unfreeze small business and consumer lending
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.
Raak selling German smart card interface
Software/Software Security Raak Technologies, which develops authentication products for smart cards, has partnered with Germany-based Charismathics.
UTMB employees already on the job hunt following layoffs
Some of the nearly 3,000 employees to be laid off in November by The University of Texas Medical Branch at Galveston in the aftermath of Hurricane Ike are already working to find jobs at other Houston-area hospitals.
Real estate vets examine tough times
It has been a difficult year for Atlanta commercial real estate.
New $200 billion bailout targets small businesses
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.
Bankers tell Congress they have enough cash to lend
Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.
$10M-plus crowd sees opportunity
“The rich have more choices,” says Ed Tiryakian, CEO of financial consulting and wealth planning services provider Argentum Group, and in these choppy economic times, more choices means a better night’s sleep.
Feds hope to unfreeze SBA, consumer lending
The Federal Reserve Board announced plans this week for a $200 billion lending facility aimed at unfreezing secondary markets for U.S. Small Business Administration loans and consumer loans.
Grey Poupon, anyone?
Lamborghini St. Louis and Bentley St. Louis, both owned by J.J. Mills and Graham Hill, hired Communications Technology Inc. to install $50,000 in phone and network services connecting the two dealerships, which are side by side in Chesterfield. President Bob Hymes (pictured) said CTI will post $5 million in revenue this year. Hill and Mills purchased 2.5 acres for $1.75 million in 2006 from Tom and Ed Levinson for the Lamborghini dealership, the 100th worldwide.
Baysider: ???Dubai??? is closer than you think
There’s a new sign on an old fishing pier in Redington Shores. (WLT)
Von Rohr looks to replace himself at Reliance Bank
Jerry Von Rohr, chairman and chief executive of Reliance Bank, has hired an executive search firm to find a possible successor.
For St. Louis banks, hurdles never end
In addition to bad loans, declining profits and heightened competition, St. Louis bankers now have to worry about what additional costs Washington, D.C., will impose on them.
CMA Consulting prospects for health care clients as its state agency roster copes with fiscal pressures
CMA Consulting Services lost its low profile when it hired former state Sen. Joseph Bruno. And now, revenue from key customers is in jeopardy of fading, too.
Jordan Group liquidating assets
The Jordan Group has shut down and is preparing to liquidate its assets in an effort to settle nearly $3 million it owes creditors, according to an attorney for the Webster Groves-based advertising firm.
Tenth annual breast cancer walk breaks records in Tempe
The American Cancer Society held its 10th annual Making Strides Against Breast Cancer walk this month in Tempe, and the event set new records — for the amount of money raised, $650,000, and for the number of participants, 9,000.
Capital to get $41M from feds as other banks get in line
RALEIGH – Capital Bank expects a $41 million cash infusion on or before Dec. 17 – an event that could make Capital the first Triangle-based financial institution to get money as part of the federal bank bailout.
Time is money: Delays can be costly in accounting
A lot of considerations may go into the calculus of choosing the right firm to handle a company’s accounting needs, but in the end, it may come down to a single factor: How long it takes to get answers to your questions.
St. Anthony???s miracle market call
The finance committee at St. Anthony’s Medical Center made a decision this spring that many other people now wish they had made: They pulled out of the stock market.
The godmother and an offer they shouldn???t refuse
My niece and goddaughter was married last weekend. Emily and her new husband are architects who graduated from Columbia and Princeton universities with honors.
Bank turnaround expert launches new firm
Pat Frawley, the noted bank turnaround specialist, has ventured out on his own.
File-sharing firm is investing in research
For the past 12 years, GlobalSCAPE Inc. has striven to be the dominant player in the online file-sharing market. The company develops and markets managed file-transfer products that allow organizations to securely exchange sensitive information over the Internet.
Net income drops as credit unions plan for more write-offs
NORTHEAST FLORIDA — The primary source of capital and money used to cover loan losses at credit unions — net income — dropped in double-digit percentages in the third quarter among most credit unions in the area.
Credit squeeze hammers sales of Tampa Harbour Yacht Club space
TAMPA —The rackominium-dockominium concept is sunk, for now.
No extra credit
Heather McNamara borrowed $70,000 when she opened her children’s-accessory boutique, Sylvie & Bruno LLC in 2007, a sum that included a $10,000 line of credit she uses to cover inventory costs. She said if the economy were sound, she’d go back to the bank for additional credit to pay for advertising, but she’s not sure carrying extra debt is such a good idea today. Besides, she said, she’s not even sure she’d be able to get a loan if she applied.
Packaging pros
In 38 years with Ansel Press, Michael Panzarella grew to love the company so much that he bought it last May.
More deals expected in bank reshuffle
The banking landscape has changed dramatically in the past two quarters.
Melrose area makes strides with revamps
At a time when inner-city “it” spots such as the Gulch are slowing down, an area three miles south of downtown Nashville is seeing new development and steady housing sales.
First Horizon residential mortgage division going strong ??? at least within Tennessee
First Horizon National Corp. got out of the national mortgage business at the end of August, but its focus on mortgage originations in Tennessee has never been stronger despite major downsizings, the Memphis-based company says.
Morgan Keegan finds growth opportunities in Northeast from investment firms??? fallout
The landscape in the world of public finance has taken dramatic turns in the last few months with the demise or departure of several noteworthy investment firms. For Morgan Keegan & Co., Inc., that smells like opportunity.
Finally: A plan to stimulate the economy
If you’re still waiting for an economic upturn, I have a confession to make: The delay may be my fault.
Lew Wolff says Fremont, San Jose stadiums still on
In the face of a housing slump and credit crunch, Oakland A’s owner Lew Wolff has vowed to push ahead with plans to build a baseball stadium in Fremont and soccer stadium in San Jose.
Keiretsu Forum outpaces S&P 500, Nasdaq in investment returns
A comparative analysis of angel investment returns versus those of broader stock indices done by a Keiretsu Forum member shows that the group outpaced the S&P 500 and Nasdaq Composite in six of seven years studied.
Feds hope to unfreeze SBA, consumer lending programs
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.
Eclipse bankruptcy helps some, hurts many others
Eclipse Aviation Corp.’s decision to file for Chapter 11 bankruptcy protection may be very good news for Albuquerque, Eclipse employees, and the executives who want to retain and restructure the firm.
Full speed ahead
Steve Maestas never went to college. Instead, as a rebellious young man, he worked in the silver mines. He rode a Harley and considered himself bulletproof.
New bank means business
One of Galveston County’s best-known banking families is preparing to take its successful act on the road and enter the competitive Houston market.
Mortgage brokers closing doors in wake of credit crunch
The tightened credit market and current housing slump in the Birmingham-Hoover metro area have forced several local mortgage brokers to shutter their businesses.
Letters to the Editor
Rice oversights I was happy to see the Nov. 14 article, “Coffee breaks brew new technology firms” about the collaboration between Rice University and the Houston Technology Center in the “Commercialize It” Program.
$33 million to buy new Mississippi River bridge right-of-way
Missouri and Illinois will soon start extending offers to acquire property and easements to make way for the new $640 million Mississippi River Bridge planned for north of downtown. To build the four-lane cable-stayed bridge, the two states are estimating they’ll pay a combined $33 million to purchase 120 acres.
Burdened banks likely feeling automakers??? pain in shared markets
Asking how many major banks doing business in the Rust Belt are feeling the struggles of the auto industry and its crumbling car sales is like inquiring how many dead bodies are in a graveyard.
Ohio holds out hope for Obama plan
Wrestling with budgets stained by red ink, cash-strapped states such as Ohio are waiting for specifics on what President-elect Barack Obama’s economic stimulus plan has in store for them.
As stocks plummet, foundation chiefs fret
For the Triad’s community foundations, Thanksgiving is typically the time of year when their most affluent donors review their investment portfolios and decide how much wealth they intend to share.
Montgomery Co. company gets FDA clearance for device
A medical device developer based in rural Montgomery County has received FDA clearance to bring a new product, the “Dyn-ALIF intervertebral body spinal fusion device,” to market.
UNC board allows Bowles to amend financial terms
The University of North Carolina System Board of Governors, spooked by turmoil in the capital markets, has given President Erskine Bowles the authority to alter the system’s financial agreements.
Disclosure filings show companies wrestling with challenges
A St. Petersburg medical device manufacturer has been sued by a competitor in a case involving trade secrets. A Pinellas Park bank fell out of compliance with the terms of a lending agreement. A Clearwater residential property company has raised issues about its ability to stay in business. (ANL)
Zaavy's tech vets tout banner idea
What it does: Zaavy Inc. provides consumers and businesses a way to personalize and acquire large-format banners, flags and signs online without a graphic designer or technical expert. The company’s software automates the design, sharing, ordering and fulfillment of these large-format products. Zaavy was recently selected as a “most valued” finalist at Keiretsu Forum’s Silicon Valley Angel Capital Expo.
Bon app??tit
It’s a tough time to be in the restaurant business. During economic downturns like this one, cutting back on luxury spending like eating out is an easy decision.
Last year???s top startups: Ambitious plans for ???09
Chief executives of last year’s top venture-backed startups are displaying something that’s in ever-shorter supply given the seismic activity in the global financial markets: optimism.
Short-term financing available to businesses via factoring
As a small-business man and entrepreneur, Claude Garrett needed money to continue running his maintenance and repair service. His business, Desert Pros, repairs broken flooring, ceiling tiles, bathroom fixtures and similar items in heavily trafficked fast-food restaurants Valleywide.
Despite nervous lenders and borrowers, local small-business lending still seen as healthy
For Phil Cooper, vice president for commercial lending at Louisville’s Commonwealth Bank & Trust Co., the way to encourage banks to make more loans guaranteed by the U.S. Small Business Administration is simple:
Federal bailout may expose weak lenders as it aids stronger ones
Congress’s $700 billion bailout package aimed at helping banks survive may have an unintended consequence: Lenders that apply for funds and are rejected could end up in worse shape than if they had done nothing.
Loan servicer Ocwen buys Texas bank
As the only bank in Kent County, Texas, which has 735 residents in 902 square miles, Kent County State Bank would not seem like a prized acquisition target. Yet, Ocwen Financial Corp., which is among the 40 largest public companies in South Florida, apparently found a juicy deal in cattle country. (OCN)
When everything goes wrong, it???s time for a turnaround team
Slowing sales, defaulting borrowers and rising unemployment are fueling a boom for members of the Turnaround Management Association’s Florida chapter.
Tough times call for return to the basics
It’s back to basics. With the hot wind of serious recession shrinking companies and potential business some of us will be forced to start over while others must jump start what they already have. I began my business 14 years ago at age 50. In hopes of helping you, here’s what worked for me:
Maccecchini back in CEO seat at biotech startup QR Pharma
<strong>Maria Maccecchini</strong> is back in the biotech business.
Despite slump, banks have money to lend
WASHINGTON — Bankers swear they still have money to lend, even as bank profits fell to their second-lowest level in 18 years.
Economic dowturn spurs wealth management firms to lure top talent
Lost among the headlines swirling around the crumbling capital markets is a simple truth playing out in Atlanta: The turmoil among financial institutions is feeding a fight for top talent among wealth managers.
Steady growth strategy
Although many investors’ plans are stymied by problems in the financial markets, Beacon Investment Properties is spending $100 million in the next six months.
Wealth managers work to retain skittish clients
The recent financial crisis has many wealth managers working overtime to prevent their clients from jumping ship.
Firms calm investors amid uncertain economy
As economic uncertainty continues to plague the market, more consumers are turning to financial planning professionals to help them make sense of their investment portfolios.
Wealth advisers urge clients to look long-term
A tiny percentage of Ned Montag’s clients have made the drastic decision to pull out of the stock market as portfolios have plummeted in the past couple of months.