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Report: Investors not seeking control of Charter

Posted: July 29th, 2009, 11:46am EDT

A senior partner at Apollo Management testified Tuesday that Apollo and the other private equity firms that plan to invest $1.6 billion in bankrupt Charter Communications Inc. are not trying to take control of the cable company, Reuters reported.

Study: 40-hour workweek is a thing of the past

Posted: July 29th, 2009, 11:32am EDT

Forget working 9 to 5.

First Hawaiian reports $53.6M Q2 profit

Posted: July 29th, 2009, 11:01am EDT

First Hawaiian Bank reported lower profits for the second quarter, but a strong first quarter helped push income to a record $128.1 million for the first six months of 2009.

NewBridge loses $5.9M

Posted: July 29th, 2009, 10:00am EDT

NewBridge Bancorp suffered a net loss of $5.9 million in the second quarter, down from a profit of $260,000 a year earlier, according to an earnings announcement.

Greene County Bancorp 4th-Q, year-end net income up

Posted: July 29th, 2009, 9:58am EDT

Greene County Bancorp Inc. reported an increase net income for its fourth fiscal quarter and full year.

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State regulators OK purchase of Community Bank of Manatee

Posted: July 29th, 2009, 9:49am EDT

The Florida Office of Financial Regulation approved an application by an investment group seeking control of Community Bank of Manatee.

Considering TARP, CenterState plans stock offering

Posted: July 29th, 2009, 9:39am EDT

CenterState Banks Inc. plans to sell about $65 million in common stock through a public offering. (CSFL)

FBR Capital Markets loses $21.7M

Posted: July 29th, 2009, 9:25am EDT

Losses continued to mount for investment bank FBR Capital Markets Corp. in the second quarter when it posted $21.7 million in losses. (FBCM)

N. Ky. firms win state tech grants

Posted: July 29th, 2009, 9:23am EDT

The Kentucky Science and Technology Corp. has awarded $355,000 to three companies with assistance from the Northern Kentucky Ezone, a division of Northern Kentucky Tri-County Economic Development Corp. (Tri-ED).

Anthem parent lowers outlook on 2Q profit decline

Posted: July 29th, 2009, 9:18am EDT

The parent of Central Ohio’s largest health insurer is lowering its earnings expectations for the year after reporting a decline in second-quarter profit. (WLP)

Sale of American Beverage Corp. put on hold

Posted: July 29th, 2009, 9:16am EDT

The sale of Pittsburgh-based American Beverage Corp. has been “put on hold,” its owner, Royal Wessanen nv said Wednesday. But the Netherlands-based food giant still plans to divest the manufacturer of drink mixers and the popular single-serve juice jugs Hugs, pending resolution of the investigation into ABC’s financial reporting. ABC may have overstated earnings by nearly $19 million, about 33 percent higher than originally estimated, Wessanen said.

Colorado companies boost Q2 cleantech investment

Posted: July 29th, 2009, 8:01am EDT

U.S. venture capital investment in cleantech companies rose 73 percent to $572 million in the second quarter compared with the previous quarter, led by solar and energy efficiency deals, according to an Ernst & Young LLP analysis of data from Dow Jones Venture Source.

Circle Bank posts lower Q2 earnings

Posted: July 28th, 2009, 4:48pm EDT

Circle Bank said its second-quarter earnings were down 38 percent from a year ago largely due to a special assessment for deposit insurance hitting all banks. (BMRC) (SSBI) (WABC)

Dozens charged with mortgage fraud totaling $40M

Posted: July 28th, 2009, 4:07pm EDT

State and federal agents announced that charges have been filed against 41 people in six separate cases totaling more than $40 million in fraudulent mortgages.

FirstMerit profit down after TARP payback

Posted: July 28th, 2009, 3:34pm EDT

FirstMerit Corp. told investors Tuesday that its earnings were down 62 percent in the latest quarter. (FMER)

Supernus Pharmaceuticals raises $35M

Posted: July 28th, 2009, 3:09pm EDT

Supernus Pharmaceuticals Inc. has closed on a more than $35 million financing deal in return for its future royalty payments from an undisclosed partner company.

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Glen Burnie Bancorp’s 2Q earnings dip

Posted: July 28th, 2009, 1:54pm EDT

Glen Burnie Bancorp, the parent company of the Bank of Glen Burnie, said earnings fell in the second quarter as it set aside more money to cover possible losses in its loan portfolio.

Neoprobe unlocks more financing from Platinum Montaur

Posted: July 28th, 2009, 1:50pm EDT

Medical device developer Neoprobe Corp. has locked in millions of dollars in additional financing from a key investor as it moves closer to completing pre-market testing of its cancer-detecting Lymphoseek drug.

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Legg Mason board members defend pay packages at shareholder meeting

Posted: July 28th, 2009, 1:33pm EDT

After a year in which Legg Mason Inc. posted a $1.9 billion loss, it was no surprise that the pay packages awarded to CEO Mark R. Fetting and other top executives was a major topic of discussion at the company’s annual meeting Tuesday. (LM) (LM)

Bank of Choice raises $15 million

Posted: July 28th, 2009, 1:11pm EDT

Bank of Choice has raised $15 million in private capital through a common stock offering, officials said Tuesday.

Entrust's sale to Thoma Bravo approved

Posted: July 28th, 2009, 1:09pm EDT

Data security company Entrust Inc. said Tuesday that the company’s shareholders have approved the company’s planned sale to Thoma Bravo LLC.

Putnam rejiggers fee structure for funds

Posted: July 28th, 2009, 1:04pm EDT

Putnam Investments on Tuesday unveiled a plan to restructure the fees on its family of mutual funds.

FINRA fines Merrill Lynch $150K

Posted: July 28th, 2009, 12:59pm EDT

The Financial Industry Regulatory Authority has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $150,000 for supervisory failures that led to unsuitable short-term sales of closed-end funds. (BAC)

Mount Sinai Credit Union critically undercapitalized

Posted: July 28th, 2009, 12:51pm EDT

Mount Sinai Federal Credit Union has fallen to “critically undercapitalized” status after it suffered a punishing second quarter loss.

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Cascade Financial shares tumble after bank reports $22M Q2 loss

Posted: July 28th, 2009, 12:32pm EDT

Shares in Cascade Financial Corp. tumbled more than 8 percent in Tuesday trading, a day after the Everett bank reported a second-quarter loss of $22 million, or a loss of $1.81 per share. (CASB)

Eola Capital on hunt for distressed properties

Posted: July 28th, 2009, 12:16pm EDT

Eola Capital LLC, one of the larger office landlords in the Tampa Bay area, has formed a new division to buy distressed assets priced between $5 million and $50 million.

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Analyst: Bank of America branch closings reflect economics

Posted: July 28th, 2009, 12:11pm EDT

Economics rather than consumer preferences is behind the possible closing of more than 600 Bank of America branches, according to banking analyst Richard Bove. (BAC)

American River posts first loss in 25 years

Posted: July 28th, 2009, 11:52am EDT

Shares of American River Bankshares fell more than 21 percent in Tuesday trading after the Sacramento holding company reported its first quarterly loss in 25 years.

Report: BofA to cut more than 600 branches

Posted: July 28th, 2009, 11:22am EDT

Bank of America Corp. plans to shrink its more than 6,100-strong branch network by up to 10 percent, according to a Wall Street Journal report. (BAC)

Rent-A-Center denies customer abuse

Posted: July 28th, 2009, 11:00am EDT

Rent-A-Center is facing an investigation by the Washington State Attorney General's office after some of the company's customers in Washington alleged the company harassed them over delinquent payments on rented household items.

Legacy Bank honored by Black Enterprise magazine

Posted: July 28th, 2009, 10:32am EDT

Legacy Bank of Milwaukee has been named “Financial Services Company of the Year” by Black Enterprise magazine.

Study: 40-hour workweek is no more

Posted: July 28th, 2009, 10:21am EDT

Forget working 9 to 5. According to a new survey, the eight-hour workday has been replaced with the 10-hour day, and the 40-hour workweek is quickly disappearing as more senior executives and managers opt to work longer hours.

Hedge fund builds stake in Salary.com

Posted: July 28th, 2009, 9:58am EDT

A hedge fund manager based in Wyoming has upped his ownership stake to 5.8 percent in online benefits and human-resources software developer Salary.com Inc.

Preston Moore takes reins at Encore Bancshares

Posted: July 28th, 2009, 9:39am EDT

Financial holding company Encore Bancshares Inc. has named Preston Moore as president. (EBTX)

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Suncoast Schools partners with Credit Union Student Choice

Posted: July 28th, 2009, 9:32am EDT

Suncoast Schools Federal Credit Union has partnered with Credit Union Student Choice to provide turn-key private student lending services.

Heartland profit falls on loan-loss reserves, FDIC fees

Posted: July 28th, 2009, 9:18am EDT

A spike in loan-loss provisions and deposit insurance costs pushed Heartland BancCorp’s second-quarter profit down 30 percent.

Beneficial swings to slight 2Q loss

Posted: July 28th, 2009, 9:14am EDT

Beneficial Mutual Bancorp, Inc. said Monday night that it suffered a slight loss in the second-quarter primarily because of increased credit costs and increased Federal Deposit Insurance Corp. insurance expenses. (BNCL)

CapitalSource extends bank facility

Posted: July 28th, 2009, 9:13am EDT

CapitalSource has paid down and extended the last of its credit facilities, which was set to mature in March 2010. (CSE)

BofA shuts 30 branches this year

Posted: July 28th, 2009, 8:59am EDT

Bank of America Corp. has closed 259 ATM machines and shuttered 30 bank branches since the end of 2008, according to the Charlotte-based bank’s latest earnings report. (BAC)

Report: BofA to cut over 600 branches

Posted: July 28th, 2009, 8:52am EDT

Bank of America Corp. has closed 259 ATM machines and shuttered 30 bank branches since the end of 2008, according to the bank’s latest earnings report. (BAC)

TSYS boasts of growth in China

Posted: July 28th, 2009, 8:46am EDT

TSYS’ China UnionPay Data Services Co. Ltd. (CUP Data) joint venture landed five new long-term bankcard processing agreements during the last six months. (TSS)

State Auto stays in loss column for 2Q

Posted: July 28th, 2009, 8:37am EDT

Continued catastrophe losses kept State Auto Financial Corp. in the red during the second quarter despite a boost in revenue, the company told investors Tuesday. (STFC)

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Oakland’s Cinder Block Inc. sold

Posted: July 28th, 2009, 8:28am EDT

Cinder Block Inc., an Oakland entertainment industry merchandising business, has been sold to private equity firm Transom Capital Group.

Report: BofA to cut over 600 branches

Posted: July 28th, 2009, 8:08am EDT

Bank of America Corp. is reportedly planning to cut more than 600 branches. (BAC)

NBT Bancorp 2nd-Q profit down 24%

Posted: July 28th, 2009, 7:56am EDT

NBT Bancorp Inc. reported a 24 percent decline in second quarter earnings, just missing analyst estimates.

Visa president to leave in management shuffle

Posted: July 27th, 2009, 7:11pm EDT

Visa Inc. said Monday that President John Morris will leave the company at year-end. (V)

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River City Bank's parent reaches $1B in assets, slim Q2 profit

Posted: July 27th, 2009, 7:08pm EDT

RCB Corp. reached $1 billion in assets during the second quarter, a first for the 36-year-old parent of River City Bank.

Human Genome Sciences plans stock offering

Posted: July 27th, 2009, 5:05pm EDT

Human Genome Sciences Inc., whose stock more than tripled last week, plans to sell more shares to the public to fund clinical trials and make potential acquisitions. (HGSI)

Damage from Denver area's July 20 storm estimated at $350M

Posted: July 27th, 2009, 4:44pm EDT

Damage from the July 20 storm that brought large hail and high winds to Denver’s suburbs is estimated at $350 million, the Rocky Mountain Insurance Information Association said Monday.

Solutia posts profit

Posted: July 27th, 2009, 4:32pm EDT

Solutia Inc. posted net income of $10 million for the second quarter, compared to a loss of $16 million a year ago. The company also announced the adoption of a shareholder rights plan. (SOA)

Greater Sacramento Bancorp turns profit

Posted: July 27th, 2009, 4:17pm EDT

Greater Sacramento Bancorp enjoyed a second-quarter profit of $173,000, a much-improved performance compared to its $197,000 loss a year ago.

Old Line Bank 2Q earnings rise

Posted: July 27th, 2009, 4:11pm EDT

Old Line Bancshares, Inc., the holding company for Old Line Bank, reported an 11 percent increase in second quarter net income Monday.

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Law firms challenge First Niagara’s acquisition plan

Posted: July 27th, 2009, 3:43pm EDT

A pair of law firms are challenging First Niagara Financial Group’s $237 million purchase of a Philadelphia-area bank.

Century Bank, feds award business grants

Posted: July 27th, 2009, 3:38pm EDT

Century Bank and the Federal Home Loan Bank of Dallas awarded $61,250 in economic development grants to four Santa Fe businesses under the “EDP Plus” program.

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Harleysville CEO Geraghty: Sale was alternative to private equity infusion

Posted: July 27th, 2009, 3:36pm EDT

The CEO of Harleysville National Corp., which agreed Monday to be sold to First Niagara Financial Group, spent the past few months trying to raise money in order to ease regulators’ concerns about the bank’s capital ratios. (HNBC) (FNFG)

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Problem loans, higher FDIC payment push down First Citizens profit

Posted: July 27th, 2009, 3:35pm EDT

First Citizens Bancshares’ second quarter profit plunged 76 percent, as the parent of First Citizens Bank upped its provision for potentially problem loans and absorbed a $16 million hike in deposit insurance costs, the Raleigh-based company announced Monday.

Gabelli buys more Journal stock

Posted: July 27th, 2009, 2:58pm EDT

Mario Gabelli’s Gamco Investors Inc. and affiliated investment funds now hold 18.45 percent of the common stock in Journal Communications Inc., having added nearly 900,000 shares in the second quarter. (JRN)

Feds issue cease and desist order to Colonial

Posted: July 27th, 2009, 2:50pm EDT

Colonial BancGroup said it has consented to an order to cease and desist by the Board of Governors of the Federal Reserve System and the Alabama State Banking Department. (CNB)

Pulaski names new director

Posted: July 27th, 2009, 2:38pm EDT

Pulaski Financial Corp. has appointed Kathryn Bader to its board of directors.

Schumer wants to ban flash trading

Posted: July 27th, 2009, 2:34pm EDT

U.S. Sen. Charles Schumer, D-N.Y., has requested that the Securities and Exchange Commission ban the practice of flash trading, which is offered by electronic trading exchanges such as Kansas City’s BATS Exchange Inc.

MSD to raise up to $150 million in bond sale

Posted: July 27th, 2009, 2:18pm EDT

The Metropolitan Sewer District of Greater Cincinnati can expect an interest rate between 4.25 percent and 4.75 percent when it brings more than $150 million in municipal bonds to the market next month, an underwriter told Hamilton County commissioners Monday morning.

East West increases equity by $249M

Posted: July 27th, 2009, 2:14pm EDT

East West Bancorp Inc. has completed its comprehensive capital plan, and has increased its common equity by $249 million. (EWBC)

Countrywide to dispense $7.46M to Texans

Posted: July 27th, 2009, 2:02pm EDT

Mortgage lender Countrywide Financial Corp. is preparing to mail out $7.46 million in restitution to Texans who the Texas Attorney General has determined were encouraged to take on home mortgages they could not afford. (BAC)

Noxilizer lands $5M in VC

Posted: July 27th, 2009, 1:55pm EDT

A Bethesda medical device technology company has garnered $5 million in third-round financing at a time when investment coffers have run bare for most in the biotech community.

Terraces at Forest Springs sold for $22.9M

Posted: July 27th, 2009, 1:55pm EDT

Columbus, Ga.-based Flournay Development has sold the Terraces at Forest Springs apartment complex for $22.9 million.

Webster Bank gets $115M from PE firm

Posted: July 27th, 2009, 1:28pm EDT

Webster Financial Corp. (NYSE: WBS), which plans to open an office in Boston later this year, said it will receive a $115 million investment from private-equity firm Warburg Pincus. (WBS)

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Carrollton Bancorp's 2Q profit swoons but deposit, loans show growth

Posted: July 27th, 2009, 1:22pm EDT

Carrollton Bancorp’s second-quarter profit dropped by 69 percent as the Baltimore bank set aside more money to cover loan losses. (CRRB)

PharmAthene secures $19M to help with debt

Posted: July 27th, 2009, 1:19pm EDT

Biodefense company PharmAthene Inc. said it has received $19.3 million in private funds that will help it eliminate its short-term debt.

D.C. area contains job-seeking startups

Posted: July 27th, 2009, 1:17pm EDT

The D.C. area is home to some of the fastest-growing venture-backed startups in the U.S., according to job search engine StartUpHire.

U.S. Bank names new Milwaukee executive

Posted: July 27th, 2009, 1:16pm EDT

Jayne Hladio has been appointed senior vice president and Milwaukee metropolitan region executive for U.S. Bank. (USB)

Superior reports 2Q net loss, plans to close 7 branches

Posted: July 27th, 2009, 12:55pm EDT

Superior Bancorp. announced a second-quarter loss Monday and said it plans to close seven branches across its two-state footprint to cope with ongoing struggles in the banking industry.

Yadkin Valley bank adds to TARP funds

Posted: July 27th, 2009, 12:10pm EDT

Yadkin Valley Financial Corp., which bought American Community Bancshares of Charlotte this spring, has added $13 million to the $36 million it had received from the federal government’s Troubled Asset Relief Program. (YAVY) (BAC) (WFC) (BBT)

Bay Area has most VC-backed jobs

Posted: July 27th, 2009, 12:04pm EDT

The Bay Area led the nation with jobs at VC-backed companies during the second quarter, according to a report released Monday.

Real Estate Roundup

Posted: July 27th, 2009, 11:52am EDT

Office leases • Stoutt Executive Services extended its lease of 15,945 square feet at Kruse Way Plaza 1 at 4500 S.W. Kruse Way, Lake Oswego, from Shorenstein Realty Services. David Squire of Grubb & Ellis and Chad V. Ward of Chad V. Ward Real Estate Co. represented the tenant; the property was self-represented.

Superior Bancorp spares Tampa area in branch closures

Posted: July 27th, 2009, 11:51am EDT

Superior Bancorp plans to close seven smaller branches over the next quarter, but closings are not expected in the Tampa Bay area. (SUPR)

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U.S. Foodservice counsel Eberhardt returns to Miles & Stockbridge

Posted: July 27th, 2009, 11:29am EDT

David B. Eberhardt, executive vice president and general counsel of U.S. Foodservice Inc., has joined Baltimore law firm Miles & Stockbridge P.C. as a principal in the corporate practice group.

DiNapoli meets with SEC chairwoman

Posted: July 27th, 2009, 11:19am EDT

State Comptroller Thomas DiNapoli discussed restrictions on public pension funds with the chairwoman of the U.S. Securities and Exchange Commission on July 24.

Washington Savings Bank reports $41,000 loss

Posted: July 27th, 2009, 10:04am EDT

WSB Holdings Inc., parent company for Washington Savings Bank, swung to a loss in the second quarter. (WSB)

Old National 2Q profit cut in half

Posted: July 27th, 2009, 9:24am EDT

Old National Bancorp’s second-quarter net income fell by 50 percent as the bank’s loan charge offs increased and the value of its investment portfolio declined. (ONB)

First Niagara to buy Pa. bank for $237M

Posted: July 27th, 2009, 8:48am EDT

First Niagara Financial Group has agreed to purchase a Pennsylvania bank for $237 million.

FDIC, Evans work on Waterford deal

Posted: July 27th, 2009, 8:44am EDT

The Federal Deposit Insurance Corp. is working with Evans Bank N.A. on a "purchase and assumption" agreement to assume all deposits of Waterford Village Bank.

Ohio health-care VC investments up

Posted: July 27th, 2009, 8:27am EDT

A report from a Cleveland bioscience organization shows health-care startup companies in Ohio saw a boost in venture-capital infusions in the first half of the year, unlike the Midwest at large.

First Franklin reverses year-ago loss

Posted: July 27th, 2009, 8:26am EDT

First Franklin Corp. turned a profit in its second quarter compared to a net loss in its year-ago quarter. (FFHS)

First Niagara to acquire Harleysville National

Posted: July 27th, 2009, 8:13am EDT

First Niagara Financial Corp., Lockport, N.Y., will have more arrows in its quiver a few months after it enters Pittsburgh in early September — pending ownership of the largest bank based in Philadelphia which has a large and sophisticated wealth management presence.

Suniva may go public

Posted: July 27th, 2009, 8:05am EDT

Norcross, Ga.-based Suniva Inc. has raised $75 million and could be prepping to go public.

FNFG acquires another Pa. bank

Posted: July 27th, 2009, 8:00am EDT

First Niagara Financial Group Inc. is expanding its push into Pennsylvania.

Lorillard earnings rise 32 percent

Posted: July 27th, 2009, 7:54am EDT

Lorillard Inc. on Monday reported second-quarter earnings of $286 million, or $1.71 per share, a 32 percent increase from the same period last year, when the Greensboro-based tobacco company had earnings of $217 million, or $1.25 per share.

People on the Move: July 27

Posted: July 27th, 2009, 7:54am EDT

The weekly roundup of senior-level executive appointments in Greater Washington. For more People on the Move, check out the Washington Business Journal's print edition each week. Send announcements to washingtonbusinessleads@bizjournals.

First Commonwealth posts Q2 loss

Posted: July 27th, 2009, 7:51am EDT

First Commonwealth Financial Corp., Pittsburgh’s fifth largest bank, Monday said it took a second quarter net loss of $18.6 million or 22 cents per diluted share. A year ago, First Commonwealth (NYSE:FCF) earned $12.9 million or 18 cents. (FCF)

Middleburg Financial starts stock sale with goal of $20M

Posted: July 27th, 2009, 7:46am EDT

Middleburg Financial Corp. has begun a previously announced stock sale in hopes of raising $20 million. (MBRG)

Avila Therapeutics raises $30 million

Posted: July 27th, 2009, 7:45am EDT

Avila Therapeutics, Inc. has raised $30 million in venture funding, led by the Novartis Option Fund.

Community banks need capital, too

Posted: July 26th, 2009, 11:00pm EDT

Community banks could use a little help. Reaching out to lend some cash to local banks in the 10 most-stressed states would likely cost about $1 billion. But not helping them could cost taxpayers even more.

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Financial tools can be called upon for estate planning, tax purposes and other goals

Posted: July 26th, 2009, 11:00pm EDT

A dentist in his 40s who owns his own practice wanted to create a financial plan that would provide for his family and business in the event of his death.

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Companies may set minimum amounts for trusts, charge management fees

Posted: July 26th, 2009, 11:00pm EDT

When setting up a trust, how much money do you need and how much will it cost to maintain the trust?

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Humana founder David A. Jones Sr. shares methods of investing

Posted: July 26th, 2009, 11:00pm EDT

At age 77, David A. Jones Sr. doesn’t think about his personal finances and the effect the nation’s financial crisis has had on his personal wealth.

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Report reveals relationships are changing among advisers, clients after crisis

Posted: July 26th, 2009, 11:00pm EDT

Spectrem Group, a Chicago-based research and consulting firm specializing in affluent and retirement markets, has tracked the attitudes and behavior of this segment of investors in its Affluent Market Insights 2009 report

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Advisers find financial environment calls for being proactive with clients

Posted: July 26th, 2009, 11:00pm EDT

Robert Wright Jr. finds himself mollifying many clients as they weather an unprecedented economic recession together.

Foreclosure study targets lenders

Posted: July 26th, 2009, 11:00pm EDT

Don’t call Tom Liolos a predatory lender.

M&T not worried about earnings decline

Posted: July 26th, 2009, 11:00pm EDT

M&T Bank Corp. is upbeat about its future, despite a plunge in second-quarter net income.

Sour securities heightening property risks

Posted: July 26th, 2009, 11:00pm EDT

More pressure is now on properties financed by commercial mortgage-backed securities (CMBS) loans in South Florida, as nearly $500 million worth of them went delinquent.

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Fraud still rampant in housing transactions, task force members say

Posted: July 26th, 2009, 11:00pm EDT

As authorities crack down on rampant mortgage fraud, new forms of housing market fraud are surfacing.

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Texas bank expanding in Northern Virginia through Wal-Mart

Posted: July 26th, 2009, 11:00pm EDT

Woodforest National Bank is expanding its reach into Northern Virginia. The Woodlands, Texas-based bank has applied to regulators for approval to open branches at Wal-Mart stores in Sterling and Manassas.

Kansas City finance chief will urge city to pay up TIF

Posted: July 26th, 2009, 11:00pm EDT

Kansas City’s finance department plans to whittle away at $32.27 million it owes to the Economic Development Corp. of Kansas City to repay developers for certain costs in tax increment financing districts.

Banking briefs

Posted: July 26th, 2009, 11:00pm EDT

Adolfo Henriques to chair Gibraltar Private Bank Coral Gables-based Gibraltar Private Bank will name Adolfo Henriques, one of Miami’s most prominent businessmen, as its new chairman. (BPFH) (BK) (OPHC)

On the Lookout for inflation

Posted: July 26th, 2009, 11:00pm EDT

An economic recovery may still be a while in coming, but when it does, it could bring inflation with it.

BB&T files lawsuit over investment loss

Posted: July 26th, 2009, 11:00pm EDT

BB&T has filed suit against Massachusetts Mutual Life Insurance Co. and a consultant over losses in a $55 million hedge fund account that the bank says should have been prevented.

On Topic

Posted: July 26th, 2009, 11:00pm EDT

Greg Sarian Merrill Lynch Wealth management adviser and first vice president of investments (Wayne)

Security Bank gets $300M rescue offer

Posted: July 26th, 2009, 11:00pm EDT

A group of local bank investors, backed by $300 million in private equity, is in discussions with regulators to buy ailing Macon-based Security Bank Corp. and infuse it with new capital in the coming weeks.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Argolyn%e2%80%99s_Final_Failure'

Argolyn’s Final Failure

Posted: July 26th, 2009, 11:00pm EDT

DURHAM – Just six months ago and two years after attracting enough investor interest to gain a commitment of $15.8 million in venture financing, Argolyn Bioscience was preparing for clinical trials of its first product.

Mid-America in acquisition mode

Posted: July 26th, 2009, 11:00pm EDT

Mid-America Apartment Communities, Inc., has formed a joint venture with a Dallas-based real estate investment firm to start a new acquisition fund targeting older or financially distressed properties.

Economy provides a rare window to pass on assets to heirs

Posted: July 26th, 2009, 11:00pm EDT

Reduced asset values and low interest rates combined with the specter of pending changes in the tax code have created a favorable window of opportunity for baby boomer business owners to transfer all or portions of their companies to their heirs.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Victims_of_fraud_overlooked_free_state_background_checks'

Victims of fraud overlooked free state background checks

Posted: July 26th, 2009, 11:00pm EDT

Surveying the financial mess left behind by Joseph Forte is still painful for Dr. Michael Weiss, even six months later.

Independent Bank still happily 'independent'

Posted: July 26th, 2009, 11:00pm EDT

Independent Bank recently raised $10 million from existing shareholders to create what co-chairman and CEO Chip Dudley calls a “war chest” to take advantage of future market opportunities.

Reform could help 401(k) plans steer clear of trouble

Posted: July 26th, 2009, 11:00pm EDT

After the worst stock market performance since the Great Depression, 401(k) plans have come under intense scrutiny from their sponsors, participants and Congress. The question is why weren’t the losses avoided or minimized, especially for workers close to retirement, whose accounts won’t have time to recover.

Stimulus likely to require new investment strategies

Posted: July 26th, 2009, 11:00pm EDT

Portfolio managers, security analysts, investment advisers and just about any other financial professional will agree these are challenging times for the investment industry. Questionable lending practices, increasingly leveraged balance sheets, bank failures, congressional hearings and government bailouts have dominated the headlines. The financial crisis battered portfolios and revealed investment schemes that damaged the collective psyche of investors.

D.C.-areas banks' retained earnings suffer

Posted: July 26th, 2009, 11:00pm EDT

Nearly every year, groups of bankers and investors form new banks in the Washington area, and over the past decade 20 banks have been set up.

A lesson in crisis management

Posted: July 26th, 2009, 11:00pm EDT

Bad news is best delivered in person, and few of us have had more heart-to-hearts lately than money managers.

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Banks continue to tighten credit to comply with regulations

Posted: July 26th, 2009, 11:00pm EDT

Just when a line of credit or a loan would help a business owner breathe easier, many banks are tightening their fists. Rather than renew under the old terms, they are lowering limits or shutting the door altogether.

Local leaders take studied stance on stimulus bonds

Posted: July 26th, 2009, 11:00pm EDT

RALEIGH – A July 31 deadline is fast approaching for Triangle and other North Carolina counties to take advantage of zero-interest school construction bonds authorized under the federal stimulus package.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Access_National_Bank__Capital_Bank_and_SonaBank_boast_positive_retained_earnings'

Access National Bank, Capital Bank and SonaBank boast positive retained earnings

Posted: July 26th, 2009, 11:00pm EDT

Startup banks typically need two to three years to become profitable. For banks that started in the last decade, profitability is an elusive target few have hit.

RDU faces another shake-up in bond debt due to turmoil

Posted: July 26th, 2009, 11:00pm EDT

MORRISVILLE – Raleigh-Durham International Airport officials may have to issue another set of bonds due to the financial turmoil that’s rocked the economy over the past year.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/What_challenges_have_you_had_in_getting_financing_in_the_past_year_'

What challenges have you had in getting financing in the past year?

Posted: July 26th, 2009, 11:00pm EDT

“Financing continues to be challenging for our industry. While we saw a huge pullback during the last quarter of 2008 and in the first quarter of 2009, we are beginning to see cash come back into the market. The financing that is currently being offered and the terms at which we are being provided funds still need to come a long way to get back to the levels we saw in late 2007.”

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Carolina Premier readying for move to new HQ in Ballantyne

Posted: July 26th, 2009, 11:00pm EDT

John Kreighbaum is building an old-fashioned bank with 21st-century technology. And he believes the next step will be the opening of a new headquarters in Ballantyne Corporate Park this fall.

Newsmaker | William Haraf

Posted: July 26th, 2009, 11:00pm EDT

Hear the words “financial institutions” these days and it’s likely that unpleasant thoughts come into your head. But not into William Haraf’s head.

Fund spawned to buy distressed commercial properties

Posted: July 26th, 2009, 11:00pm EDT

A group of investors has put together a $100 million fund to take advantage of what is expected to be a glut of distressed commercial real estate across the region.

Foreclosures hit range of Charlotte projects

Posted: July 26th, 2009, 11:00pm EDT

Earlier this month, Childress Klein Properties found itself in a place it hadn’t been in 15 years.

Bay Area bankers seeing upturn in SBA loans

Posted: July 26th, 2009, 11:00pm EDT

More Bay Area small business owners are being forced to seek loans guaranteed by the Small Business Administration as the only way to finance their operations amid the historic credit crunch.

Bay Area finance firms lure talent from Wall Street

Posted: July 26th, 2009, 11:00pm EDT

Bay Area money managers and investment banks are picking up talent from their larger brethren still grappling with Wall Street’s woes.

Economic Opportunities Fund is a hot commodity

Posted: July 26th, 2009, 11:00pm EDT

In getting Tierra Mia Organic Nail Spa off the ground the owners did everything themselves — the Web site, graphic design, logos, you name it.

RBC Bank reorganizes operations in Atlanta

Posted: July 26th, 2009, 11:00pm EDT

RBC Bank’s Atlanta operations have undergone a reshuffling, with some familiar faces returning to the city.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Charlotte_private_equity_groups_on_the_hunt_for_small_banks'

Charlotte private-equity groups on the hunt for small banks

Posted: July 26th, 2009, 11:00pm EDT

Two local groups are assembling millions of dollars in private equity to acquire or invest in community banks. And more such groups may be lurking in the shadows.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Black_Diamond_Energy_owners_struggle_as_their_bank_seeks_to_write_off_its_loss'

Black Diamond Energy owners struggle as their bank seeks to write off its loss

Posted: July 26th, 2009, 11:00pm EDT

The owners of Black Diamond Energy Inc., a natural gas producer that last year ranked as one of the fastest-growing private companies in the Pittsburgh region, are fighting to keep their homes and bank accounts.

San Antonio banking veteran tapped to lead The Trust Co.

Posted: July 26th, 2009, 11:00pm EDT

Stephen “Steve” Dufilho is once again taking on a leading role in the banking business — this time as the CEO of The Trust Co., a locally based full-service commercial and private bank.

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Great American Bank thrives, grows in first year with new parent

Posted: July 26th, 2009, 11:00pm EDT

A year after it was acquired by First Financial Bancshares Inc., Great American Bank has increased its loan portfolio sevenfold.

Falling values hurt Northeast Florida loans

Posted: July 26th, 2009, 11:00pm EDT

Property reappraisals on commercial real estate are falling an average 20 percent below loan value, leaving commercial property owners underwater if their loan renews this year. (CBG)

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Trident_Equity_Partners_will_use_first_fund_to_close_industrial_deals_in_Texas'

Trident Equity Partners will use first fund to close industrial deals in Texas

Posted: July 26th, 2009, 11:00pm EDT

Three well-known Houston real estate professionals have formed a new company to acquire industrial buildings that are expected to become available when owners are unable to secure additional financing on maturing debt.

Houston venture capital falls behind

Posted: July 26th, 2009, 11:00pm EDT

Going counter to a national trend toward recovery, Houston took a step backward after suffering a sluggish second quarter in venture capital activity, according to a pair of national surveys tracking VC investments.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Creative_finance_structure_helps_LGI_Homes_enter_new_market'

Creative finance structure helps LGI Homes enter new market

Posted: July 26th, 2009, 11:00pm EDT

A local builder has forged a unique financing deal to propel it into the Dallas-Fort Worth housing market.

First Community lands $21M TARP funding, plans expansion

Posted: July 26th, 2009, 11:00pm EDT

A community bank that is building out its Houston footprint has tapped into federal government funding to fuel that growth.

FCCB will soon service all SBA loans for Synovus

Posted: July 26th, 2009, 11:00pm EDT

More than seven years ago, First Coast Community Bank bought an unprofitable small-business loan servicing operation from an affiliate of its parent, Synovus Financial Corp. (SNV)

Needham Bank hits turbulence in suburbs

Posted: July 26th, 2009, 11:00pm EDT

Needham Bank’s second-quarter financial report suggests Boston’s western wealthy suburbs are showing pockmarks of distress.

Protect your nest egg

Posted: July 26th, 2009, 11:00pm EDT

The stock market has been as uncertain and damaging as hurricane season in Florida, leaving generations of investors concerned about rebuilding their investments for retirement.

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Payout paradise Sullivan is Boston’s $57M man but comp for most CEOs slides

Posted: July 26th, 2009, 11:00pm EDT

Patrick J. Sullivan came up just short of becoming Boston’s $60 million man in 2008. (AMT) (ADI) (AMG)

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Pittsburgh_venture_capital_funding_more_than_doubles_in_2Q'

Pittsburgh venture capital funding more than doubles in 2Q

Posted: July 26th, 2009, 11:00pm EDT

A whopping 21 Pittsburgh companies received a combined $18.7 million in venture capital funding during the second quarter. That more than doubles the region’s first quarter deals and dollars, and is slightly above the second quarters of both 2008 and 2007.

Economy brings new troubles for small banks

Posted: July 26th, 2009, 11:00pm EDT

As second-quarter earnings reports begin to appear before investors, the early outlook for small banks might be a story of the good, bad and the ugly.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Huntington_steps_up_financial_advisory_business_in_market_aftermath'

Huntington steps up financial advisory business in market aftermath

Posted: July 26th, 2009, 11:00pm EDT

Huntington Bancshares Inc. has put on a hiring push based on expectations that more financial advisers are willing to jump ship amid industry turbulence.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Unique_approach_buys_NMSO_time_to_reach_financial_harmony'

Unique approach buys NMSO time to reach financial harmony

Posted: July 26th, 2009, 11:00pm EDT

Eric Meyer has a blunt assessment of the recession’s impact on his industry.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Recession_and_stock_market_collapse_is_giving_new_credence_to_active_investing'

Recession and stock market collapse is giving new credence to active investing

Posted: July 26th, 2009, 11:00pm EDT

From the most conventional investment advisers to the most radical, there’s a post-recession mantra:

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/PNC_leads_nation_in_banks%e2%80%99_loans_to_midsize_businesses'

PNC leads nation in banks’ loans to midsize businesses

Posted: July 26th, 2009, 11:00pm EDT

PNC Financial Services Group Inc. put together more business loans to midsize companies across the country than any other bank during the second quarter 2009.

Creditors for Wall feel angst

Posted: July 26th, 2009, 11:00pm EDT

The sale of the assets of former home building company Wall Homes has closed, and former CEO Steve Wall has moved on to create a new home building venture.

Failed bank, FDIC sue UPS unit

Posted: July 26th, 2009, 11:00pm EDT

Less than two weeks before it failed, Millennium State Bank of Texas sued a small-business lending unit of United Parcel Service, claiming UPS duped the bank into making bad loans and knew about kickbacks to a bank executive.

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Analysts: Recent moves make Colonial an attractive target

Posted: July 26th, 2009, 11:00pm EDT

Colonial BancGroup’s recent deal to shrink its Nevada franchise will make the bank more appetizing to banking giants looking to expand their network, according to industry experts.

Private investment in 2Q rises but still at dismal level

Posted: July 26th, 2009, 11:00pm EDT

Private investments in area businesses rose in the second quarter, thanks mostly to one large transaction, with venture capital still hard to come by.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Five_Minutes_With_%e2%80%94_Derrich_Rodriguez___SBA_Refinancing_'

Five Minutes With — Derrich Rodriguez -'SBA Refinancing'

Posted: July 26th, 2009, 11:00pm EDT

At the end of June, the U.S. Small Business Administration loosened its grip on credit a wee bit when it allowed refinancing as part of the 504 program. The move came as part of the federal stimulus effort and also contains very specific rules for potential borrowers, including those who own commercial properties. Derrich Rodriguez, vice president, Sterling Bank Commercial Banking in San Antonio, checked in with the Business Journal this week to talk about nitty gritty details.

Lazy Days to limit disclosures

Posted: July 26th, 2009, 11:00pm EDT

SEFFNER — After months of publicly airing ongoing negotiations with its debtors, Lazy Days’ R.V. Center Inc. is going behind closed doors to continue the talks.

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Brazilian-led group poised to take control of Manatee bank

Posted: July 26th, 2009, 11:00pm EDT

LAKEWOOD RANCH — Community Bank of Manatee expects to make up to $100 million in new business and home loans with a

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/26/Half_of_state%e2%80%99s_mortgage_brokers_may_lose_licenses'

Half of state’s mortgage brokers may lose licenses

Posted: July 26th, 2009, 11:00pm EDT

About half of Colorado’s 8,729 licensed mortgage brokers have failed to pass a required exam and may lose their licenses on Aug. 31, which could have a tremendous impact on Colorado’s real estate market.

Colorado batting zero with ARC loan program

Posted: July 26th, 2009, 11:00pm EDT

Sean Leman is the kind of small-business owner that seems tailor-made for the U.S. government’s new recovery loan program.

Fabbio, TL Ventures square off in court

Posted: July 26th, 2009, 11:00pm EDT

Serial entrepreneur and investor Robert Fabbio will know soon whether he’ll be able to keep a multimillion dollar dispute with a national venture capital firm in a court as he wants or if it will be pushed into arbitration — a process that could would put him at a tremendous disadvantage. (IBM) (HPQ)

Access National earnings soar

Posted: July 21st, 2009, 1:36pm EDT

Access National Corp., the holding company for Access National Bank, reported record second-quarter earnings partly thanks to strong mortgage originations. (ANCX)

First Wind raises $191M from foreign investors

Posted: July 21st, 2009, 1:18pm EDT

First Wind LLC said Tuesday it has closed loan agreements with two foreign investors worth $191 million to advance its wind farm development projects.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/21/UMB_Financial%e2%80%99s_profit_dips_in_second_quarter'

UMB Financial’s profit dips in second quarter

Posted: July 21st, 2009, 1:07pm EDT

UMB Financial Corp. continues to be profitable despite rising regulatory fees.

Baird opens local public finance office

Posted: July 21st, 2009, 12:33pm EDT

Capital markets firm Robert W. Baird & Co. has opened a public finance office in Winston-Salem, according to an announcement.

Regions reports $188M Q2 loss

Posted: July 21st, 2009, 12:11pm EDT

Regions Financial Corp. swung into a second quarter loss, despite raising a significant amount of capital and selling key assets within the three-month period.

BEO Bancorp. reports Q2 profit

Posted: July 21st, 2009, 11:59am EDT

BEO Bancorp., the holding company for the Bank of Eastern Oregon, held profits steady in the three months ending June 30 compared with the same period a year earlier.

CalPERS portfolio value drops 23 percent

Posted: July 21st, 2009, 11:48am EDT

The most recent fiscal year was brutal for the California Public Employees’ Retirement System, which saw a one-year decline in value of 23.4 percent for the year ended June 30.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/21/Alabama_Securities_Commission_sues_Morgan_Keegan_claiming_fraud'

Alabama Securities Commission sues Morgan Keegan claiming fraud

Posted: July 21st, 2009, 11:46am EDT

The Alabama Securities Commission has filed a lawsuit against Regions Financial Corp.’s brokerage subsidiary alleging the company duped investors about the risks involved in their auction-rate securities.

Hingham bank sees 43% profit surge

Posted: July 21st, 2009, 10:45am EDT

Hingham Institution for Savings said second-quarter net income surged 43 percent, partly helped by the sale of fixed-rate loans that triggered a pre-tax gain of $318,000.

Regions stock falls amid news of 2Q net loss

Posted: July 21st, 2009, 10:38am EDT

Regions Financial Corp.’s share price dove 14 percent during Tuesday trading after announcing a $188 million net loss in the second quarter.

Comerica reports $18M Q2 profit

Posted: July 21st, 2009, 10:38am EDT

Comerica reported net income of $18 million in its second quarter, double what it earned in the first quarter of 2009. (CMA)

Regions reports $188M 2Q loss

Posted: July 21st, 2009, 10:33am EDT

Regions Financial Corp. swung into a second-quarter loss despite raising a significant amount of capital and selling key assets within the three-month period. (RF)

Nardelli named CEO at Cerberus unit

Posted: July 21st, 2009, 10:29am EDT

Former Home Depot and Chrysler chairman and CEO Bob Nardelli has again landed in the C-Suite, this time as CEO of Cerberus Operating and Advisory Company LLC. (HD)

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Western Union posts Q2 profit drop, but tops Wall Street forecasts

Posted: July 21st, 2009, 10:25am EDT

The Western Union Co. Tuesday reported a 4.9 percent decline in profits in the second quarter, but it bested most analysts' expectations. (WU)

FDIC charge drags Enterprise Financial profit down

Posted: July 21st, 2009, 10:12am EDT

Enterprise Financial Services Corp. posted a profit of $386,000 for the second quarter, down 89 percent from $3.5 million in profit a year earlier, reflecting a one-time FDIC charge. (EFSC)

Freddie Mac names new CEO

Posted: July 21st, 2009, 10:02am EDT

Former Putnam Investments chairman Charles "Ed" Haldeman Jr. has been named chief executive of Freddie Mac, the mortgage giant's third CEO this year.

Capital Crossing deal, dividends nixed

Posted: July 21st, 2009, 9:41am EDT

An affiliate of Capital Crossing, a Boston-based investment company, has terminated an asset-exchange agreement with Aurora Bank — formerly Lehman Brothers Bank — after the deal was frowned on by federal bank regulators.

Comerica reports $18M 2Q profit

Posted: July 21st, 2009, 9:31am EDT

Comerica Inc. has reported net income of $18 million in its second quarter, double what it earned in the first quarter of 2009. (CMA)

FNF to buy back 15M shares

Posted: July 21st, 2009, 9:23am EDT

Fidelity National Financial Inc. plans to buy back up to 15 million shares of company stock in the next three years. (FNF)

Report details how banks use TARP funds

Posted: July 21st, 2009, 8:47am EDT

Banks receiving federal bailout funds are using that money to fuel residential mortgage lending but are also holding some of it through the recession, according to a U.S. government regulatory report released Monday. (BAC) (WFC)

Adolfo Henriques to chair Gibraltar Private Bank

Posted: July 21st, 2009, 8:46am EDT

Coral Gables-based Gibraltar Private Bank will name Adolfo Henriques, one of Miami’s most prominent businessmen, as its new chairman. (BPFH)

First Citizens takes over California bank

Posted: July 21st, 2009, 8:46am EDT

First Citizens Bank has agreed to acquire virtually all the assets of a Southern California bank that was closed Friday by state regulators and the Federal Deposit Insurance Corp. (FCNCA)

Source: Spanish bank to purchase Mellon United

Posted: July 21st, 2009, 8:44am EDT

Miami-based Mellon United National Bank is closing in on a deal to be purchased by Spanish bank Banco de Sabadell, according to a source familiar with the matter. (BK)

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/21/Bounceback_in_Phila._area_venture_investing__MoneyTree_says'

Bounceback in Phila.-area venture investing, MoneyTree says

Posted: July 21st, 2009, 8:39am EDT

Venture-capital investment rebounded in the MoneyTree Report’s definition of the Philadelphia area in the second quarter, but the bounceback was because of a few very large deals.

Northwest Bancorp's profit cut in half

Posted: July 21st, 2009, 8:27am EDT

Northwest Bancorp., the parent company of Northwest Savings Bank, posted net income $7.3 million, or 15 cents a share, for the quarter ended June 30. (NWSB)

State Street books $3.3B Q2 loss

Posted: July 21st, 2009, 8:22am EDT

State Street Corp. said declining revenue in virtually all of its business segments and a big one-time charge linked to its special conduit business contributed to a $3.3 billion net loss in the quarter ended June 30. (STT)

Tampa TARP banks pay $1 million in dividends

Posted: July 21st, 2009, 8:21am EDT

Three Tampa Bay area banks that accepted funding from the Troubled Asset Relief Program have paid just over $1 million in dividends to the U.S. Treasury. (CSFL) (FCFL)

Bank of Florida loss swells with Silverton failure

Posted: July 21st, 2009, 8:10am EDT

Bank of Florida Corp. posted a second quarter 2009 net loss of $6.5 million, or 51 cents a share, compared to net income of $4,000, or 0 cents a share, in the second quarter of 2008. (BOFL)

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/21/Etheredge_hearing_centers_on_his_past_investment_practices'

Etheredge hearing centers on his past investment practices

Posted: July 21st, 2009, 8:00am EDT

Witnesses testified Monday during Thomas Etheredge’s preliminary hearing about his past investment practices and prior conviction on securities fraud charges, KAKE News reports.

Virginia Heritage Bank earns $265,000

Posted: July 21st, 2009, 7:47am EDT

Virginia Heritage Bank made it two in a row in the second quarter, reporting a second straight quarterly profit.

Waterford needs cash, investors told

Posted: July 21st, 2009, 6:26am EDT

Waterford Village Bank needs an infusion of cash to shore up massive operating losses it incurred during its first year of operations — and it has spent more than a year trying to secure that cash through discussions with more than 15 “individuals, funds or banks,” according to a letter from bank leaders mailed July 20 to shareholders.

Northwest Bancorp profit cut by half

Posted: July 21st, 2009, 6:20am EDT

Northwest Bancorp Inc.’s net income for the second quarter of 2009 dropped nearly 50 percent compared to the same quarter last year, reflecting the continued decline of the economy.

VC investors put $97M into Minnesota companies

Posted: July 20th, 2009, 11:46pm EDT

Venture capitalists invested $96.9 million in Minnesota companies in the second quarter, down sharply from $157.4 million in the year-ago period, according to a report released Tuesday.

MoneyTree Report: Colorado VC funding up in Q2

Posted: July 20th, 2009, 11:01pm EDT

Venture capitalists invested $211 million in Colorado companies during the second quarter of the year, according to the latest MoneyTree Report, the second upbeat accounting of VC funding in the state in the last few days.

Energy Industries names Hubert Chang CEO

Posted: July 20th, 2009, 7:42pm EDT

Honolulu-based Energy Industries has named a new president and CEO.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/20/Seattle_area_banks_show_interest_in_Mastro%e2%80%99s_financial_woes'

Seattle area banks show interest in Mastro’s financial woes

Posted: July 20th, 2009, 6:39pm EDT

The number of banks interested in a recently filed petition to force Seattle real estate developer Michael Mastro Sr. into bankruptcy has grown to more than a dozen, according to court documents.

Park boosts 2Q earnings

Posted: July 20th, 2009, 5:30pm EDT

Park National Corp. told investors Monday it bested its financial performance in the second quarter from last year, even as it set aside more money to cover bad loans.

Cuban calls Perot Jr. 'desperate'

Posted: July 20th, 2009, 4:57pm EDT

Ross Perot Jr. "must be desperate" from financial losses, Dallas Mavericks owner Mark Cuban said in an e-mail response regarding a lawsuit filed against him by Perot's Hillwood Centers Partners LP.

Dow Jones: Venture capital investment remains low

Posted: July 20th, 2009, 4:35pm EDT

Dow Jones VentureSource released its second-quarter venture-capital statistics over the weekend, and they were about what you’d expect. Venture capitalists did more investing in the second quarter than they did in the first, which was the worst in more than a decade, but not as much as they did in the second quarter of last year. Venture capitalists put $5.27 billion into 595 deals in the quarter, according to the unit of News Corp. (NASDAQ:NWSA). In the same quarter of last year, they invested $8.33 billion in 726 deals, and in the first quarter of this year, they invested $4 billion in 483 deals. Dow Jones VentureSource said investing activity, in both deals and dollars, was at 2005 levels. Its full report on the quarter is available here. The MoneyTree Report, which lists deals in the Philadelphia area, is due out Tuesday. (NWSA)

Loan losses push First Community Bank into the red

Posted: July 20th, 2009, 4:33pm EDT

First Community Bank Corporation of America reported a net loss for the second quarter ended June 30 of $281,000, or 10 cents a share, compared to net earnings of $158,000, or 4 cents a share, in the same period a year ago. (FCFL)

JER defers $1.85M in debt payments

Posted: July 20th, 2009, 4:30pm EDT

One of Joe Robert’s companies is cutting another of his companies some slack.

Citizens South earnings down 94%

Posted: July 20th, 2009, 4:22pm EDT

Citizens South Banking Corp. reports a 93.6 percent drop in second-quarter net income. (CSBC)

Profit climbs at U.S. Century Bank

Posted: July 20th, 2009, 4:08pm EDT

U.S. Century Bank overcame a large increase in problem loans to improve its profit in the second quarter.

Banks use TARP money for lending, security, report says

Posted: July 20th, 2009, 4:08pm EDT

Banks that have received federal money - including 14 in Kansas City - are using it to fuel residential mortgage lending but are also holding on to some of it through the recession, according to a U.S. government regulatory report released Monday. (BAC) (MI) (USB)

Federal report details how banks use TARP funds

Posted: July 20th, 2009, 3:50pm EDT

Banks that have received federal funds are using that money to fuel residential mortgage lending but are also holding onto some of it through the recession, according to a U.S. regulatory report released Monday.

Federal report details how banks use TARP funds

Posted: July 20th, 2009, 3:16pm EDT

Banks that have received federal bailout funds — including four based in Oregon — are using that money to fuel residential mortgage lending but are also holding onto some of it through the recession, according to a U.S. government regulatory report released Monday.

U.S. VC investment picks up in Q2

Posted: July 20th, 2009, 3:13pm EDT

After a sizable decline in the first quarter of 2009, the U.S. venture capital industry showed signs of recovery in the second quarter as venture capitalists invested $5.27 billion in 595 deals, according to a report from Dow Jones VentureSource.

East West Bancorp to offer 11M shares

Posted: July 20th, 2009, 3:10pm EDT

East West Bancorp Inc., the parent of East West Bank, has commenced a public offering of 11 million shares of its common stock. (EWBC)

Morgan Stanley pays fine for Nashville representative

Posted: July 20th, 2009, 2:51pm EDT

The Securities and Exchange Commission has charged Morgan Stanley and a Nashville representative with securities law violations for misleading clients, the SEC reported Monday on its Web site.

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Marin County’s Circle Bank accepting state IOUs in July

Posted: July 20th, 2009, 2:38pm EDT

Novato-based Circle Bank said it’s accepting the state of California’s IOUs until July 31. (C)

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Bank of Marin posts lower Q2 earnings amid loan, deposit growth

Posted: July 20th, 2009, 2:20pm EDT

Bank of Marin Bancorp said Monday that second quarter earnings came in slightly lower from a year ago as it paid a special assessment on deposit insurance and put aside a higher loan-loss provision. (BMRC)

Federal report details how banks use TARP funds

Posted: July 20th, 2009, 1:57pm EDT

Banks that have received federal funds — including 11 in Washington — are using that money to fuel residential mortgage lending but are also holding onto some of it through the recession, according to a U.S. government regulatory report released Monday.

First Citizens takes over failing $1.5B California bank

Posted: July 20th, 2009, 1:28pm EDT

Raleigh-based First Citizens Bank has agreed to acquire virtually all the assets of a Southern California bank closed Friday by state regulators and the Federal Deposit Insurance Corp.

Fifth Third teams with Western Union for money transfers

Posted: July 20th, 2009, 1:09pm EDT

Fifth Third Bancorp has agreed to offer Western Union Co.’s money-transfer service at its more than 1,300 retail banking offices. (FITB) (WU)

Jury rules against Harold Simmons' NL Industries

Posted: July 20th, 2009, 1:08pm EDT

The jury in a lawsuit involving minority shareholders who sued a Harold Simmons-affiliated company ruled against Simmons' company, NL Industries, in a verdict that could bring damages ranging from $28 million to $178 million.

Harold Simmons' attorney reacts to jury verdict

Posted: July 20th, 2009, 1:08pm EDT

The jury in a lawsuit involving minority shareholders who sued a Harold Simmons-affiliated company ruled against Simmons' company, NL Industries, in a verdict that could bring damages ranging from $28 million to $178 million.

Wynnchurch completes Sencorp acquisition

Posted: July 20th, 2009, 12:21pm EDT

The sale of bankrupt Sencorp to a portfolio company of Wynnchurch Capital has been completed, the private equity firm announced Monday.

Fifth Third teams with Western Union for money transfers

Posted: July 20th, 2009, 12:13pm EDT

Fifth Third Bancorp has agreed to offer Western Union Co.’s money-transfer service at its 1,300-plus banking centers. (FITB) (WU)

U.S. venture capital picks up

Posted: July 20th, 2009, 12:11pm EDT

The U.S. venture-capital industry showed signs of recovery in the second quarter as venture capitalists invested $5.27 billion in 595 deals, according to Dow Jones VentureSource.

Grain buyer indicted in $50M Ponzi scheme

Posted: July 20th, 2009, 12:04pm EDT

A Missouri grain buyer allegedly bilked between $27 million and $50 million out of 180 farmers in a Ponzi scheme, prosecutors said Monday.

Securities class actions fell in 2Q

Posted: July 20th, 2009, 10:57am EDT

Federal securities class action activity declined in the first half of 2009, with a particularly significant decline in the second quarter, according a report released Monday.

First Capital renews credit facility

Posted: July 20th, 2009, 10:48am EDT

First Capital, a Boca Raton-based financial services firm, said it has renewed a $175 million senior secured facility with DZ Bank.

GTE FCU a step closer to St. Petersburg Midtown branch

Posted: July 20th, 2009, 10:47am EDT

The St. Petersburg City Council, sitting as the city’s redevelopment agency, approved a contract with GTE Federal Credit Union to establish a branch in Midtown.

More Georgia banks under scrutiny

Posted: July 20th, 2009, 10:43am EDT

Just three days after Georgia suffered its 15th bank failure, the Federal Reserve Bank of Atlanta and banking commissioner of Georgia said North Georgia Bancorp Inc. and PAB Bankshares Inc. are now under their regulatory oversight.

North Shore Bank 2Q earnings up

Posted: July 20th, 2009, 10:24am EDT

North Shore Bank said its net income increased in the second quarter from this year’s first quarter due to new deposits and an increase in mortgage refinancing.

71% of NYers angry with state Senate

Posted: July 20th, 2009, 10:04am EDT

More than seven of every 10 New York voters are angry with state senators for their recent five-week fight, according to a new poll from the Siena Research Institute.

East Boston Savings acquiring Mt. Washington Coop

Posted: July 20th, 2009, 9:56am EDT

The holding company for East Boston Savings Bank said Monday it signed a deal to absorb the deposits and assets of South Boston’s Mt. Washington Cooperative bank.

Carnahan presents investor threats, tips

Posted: July 20th, 2009, 9:52am EDT

Missouri Secretary of State Robin Carnahan visited St. Louis today to present her top five threats and tips for investors for 2009.

Local companies received 33% less VC funding in Q2

Posted: July 20th, 2009, 9:45am EDT

Investments in local venture capital-backed companies declined 33 percent during the second quarter compared with the same period last year, according to Dow Jones VentureSource

Kohlberg Kravis Roberts to merge with European arm

Posted: July 20th, 2009, 9:34am EDT

Private equity firm Kohlberg Kravis Roberts and Co. LP, which has an office in Houston, on Monday said it plans to merge with its European arm, KKR Private Equity Investors LP.

M&T reports 68% net income drop in 2Q

Posted: July 20th, 2009, 9:32am EDT

M&T Bank Corp. reported a 68 percent drop in net income for the second quarter. (MTB)

S&T posts $10M 2Q loss

Posted: July 20th, 2009, 9:13am EDT

S&T Bancorp Inc., Pittsburgh’s eighth largest bank, Monday said it lost $10.2 million, or 37 cents per diluted share, during the second quarter, well below the average of 16 cents estimated by analysts surveyed by Thomson Reuters. A year ago, S&T (NYSE:STBA) had net income of $13.9 million, or 54 cents per diluted share. (STBA)

M&T Bank's profit plummets

Posted: July 20th, 2009, 9:07am EDT

M&T Bank Corp. reported Monday net income dropped 75 percent during the second quarter.

U.S. VC investment picks up in Q2

Posted: July 20th, 2009, 8:58am EDT

After a sizable decline in the first quarter of 2009, the U.S. venture capital industry showed signs of recovery in the second quarter as venture capitalists invested $5.27 billion in 595 deals, according to a report from Dow Jones VentureSource.

Securities class actions fell in 2nd quarter

Posted: July 20th, 2009, 8:41am EDT

Federal securities class action activity declined in the first half of 2009, with a particularly significant decline in the second quarter, according a report released Monday.

Brookline Bank profit rises 27 percent

Posted: July 20th, 2009, 8:29am EDT

Net income at Brookline Bancorp Inc. rose 27 percent in the second quarter as the bank set aside less money for anticipated loan losses, turning the corner on problems inside an auto lending business that weighed down results in 2008.

Intelligent Systems rights offering done

Posted: July 20th, 2009, 8:23am EDT

Intelligent Systems Corp. pulled in $3.1 million from a common stock rights offering, the Norcross, Ga.-based early-stage technology company incubator said Monday.

Net income plummets at M&T

Posted: July 20th, 2009, 7:51am EDT

Net income at M&T Bank Corp. dropped by more than a dollar a share during the second quarter, according to a quarterly filing on Monday.

Human Genome Sciences wins positive results

Posted: July 20th, 2009, 7:45am EDT

Human Genome Sciences Inc.’s stock has more than tripled as investors react to a major, and most unexpected, win: positive late-stage trial results of its experimental lupus treatment, a drug that analysts had largely written off because of the extreme difficulty in healing the disease. (HGSI)

Wells Fargo watchers fret over court ruling

Posted: July 19th, 2009, 11:00pm EDT

Wells Fargo has a bull’s eye on the side of its stagecoach.

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Credit unions see recession as time to take advantage of banks’ problems

Posted: July 19th, 2009, 11:00pm EDT

For the last couple of years, Kentucky Telco Federal Credit Union, the third-largest credit union in the Louisville market ranked by total assets, has run a print-advertising campaign that exhorts consumers to “fire your bank!” It’s complete with an illustration of a banker being shot out of a cannon.

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Fla. suspicious banking activity reports reach new high in 2008

Posted: July 19th, 2009, 11:00pm EDT

Fueled by an ailing economy and growing regulation, more suspicious banking activity was reported in 2008 than ever before in the 12-year history of the federal Suspicious Activity Report (SAR) Program.

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Shareholders seek control of First Bank of the Palm Beaches

Posted: July 19th, 2009, 11:00pm EDT

After one proposed buyer dropped out of the running for First Bank of the Palm Beaches, the bank started negotiations with a pair of minority shareholders about their acquiring a controlling stake.

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Judge grants confidentiality to Ocean Bank in Puig litigation

Posted: July 19th, 2009, 11:00pm EDT

Ocean Bank has been granted confidentiality surrounding much of a trial over bank negligence and breach of fiduciary duty allegations connected to the $100 million implosion of Juan Puig’s condo conversion company.

Startup gets $5M to target ads at online bank customers

Posted: July 19th, 2009, 11:00pm EDT

An Atlanta startup that harnesses online banking to deliver targeted retail ads has rung up more than $5 million from West Coast and Atlanta venture firms.

Private equity firms may pour billions into banks

Posted: July 19th, 2009, 11:00pm EDT

The widely expected increase in Georgia bank failures through the next year is going to bring a new investor to the industry: private equity.

Bankers: TARP effort needed at time started

Posted: July 19th, 2009, 11:00pm EDT

Local bank leaders have mixed feelings about the U.S. Treasury Department’s Troubled Asset Relief Program, or TARP. The one thing they all agree on is that something needed to be done last fall to get the credit markets flowing.

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Novant’s bond rating drops; growth plans still on track

Posted: July 19th, 2009, 11:00pm EDT

Moody’s Investors Services has downgraded Novant Health Inc.’s bond rating. But the health care system says that won’t hamper its strategy for expanding its footprint.

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Decline in jumbo real estate loans looms as negative housing indicator

Posted: July 19th, 2009, 11:00pm EDT

The jumbo real estate market for residences costing more than $400,000 is all but dead around the country, a development that bankers and real estate professionals say will have a significant impact on the entire housing industry and overall economy.

Real estate forecast: Gloom, touch of doom

Posted: July 19th, 2009, 11:00pm EDT

Mortgage banker John Parker fears the commercial real estate market is a long way from hitting bottom.

Eddie Bauer chain reports $22.8M pension shortfall

Posted: July 19th, 2009, 11:00pm EDT

On top of Eddie Bauer’s other troubles, the retailer’s pension plans are underfunded by nearly $23 million, and may have to be bailed out by a federal program that’s already billions of dollars in the hole.

Bank leadership changing amid real estate crash

Posted: July 19th, 2009, 11:00pm EDT

As Meridian Bank continues to search for a local banker to take over its Arizona operations, a new crop of executives is facing a slew of challenges in a real estate-dependent market gone belly-up.

Mid-Year Economic Outlook: Banking

Posted: July 19th, 2009, 11:00pm EDT

Upheaval in the real estate market and the recession left the financial industry reeling. The first six months has seen continued high rates of business and personal foreclosures and bankruptcies and the banking industry has borne the brunt of that. Loan volumes are low and the rates for charge-offs and nonperforming loans are still rising. Concerns about the health of the commercial sector are increasing. Banks that have been profitable for the most part are doing so by cutting costs and finding other sources of fee revenue. Bankers are cautiously or guardedly optimistic about the rest of 2009.

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Trust Co.’s parent plans to buy Austin, Calvert & Flavin

Posted: July 19th, 2009, 11:00pm EDT

TTC Holdings Inc. is in the process of finalizing a deal to acquire locally based investment advisory firm Austin, Calvert & Flavin, officials at both companies confirm.

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PNC leads nation’s banks in number of loans to midsize firms

Posted: July 19th, 2009, 11:00pm EDT

PNC Financial Services Group Inc. put together more business loans to midsize companies across the country than any other bank during the second quarter of 2009.

Long-failed Bank of New England still pays dividends

Posted: July 19th, 2009, 11:00pm EDT

More than 18 years after being forced into bankruptcy liquidation, Bank of New England Corp. — the bank whose epic-scale failure came to epitomize the crumbling of the “Massachusetts Miracle” — is flush with cash and refuses to die.

Banks shuffling client portfolios briskly

Posted: July 19th, 2009, 11:00pm EDT

Eastern Bank’s $2 billion wealth management division has cut its stakes in General Electric Co. and Google Inc. over the past year while loading up on shares of Microsoft Inc. and Hewlett-Packard Co., in an example of how even the conservative investment portfolios of Boston-area community banks are being recast to calm jittery clients and to preserve fee revenue.

Midwest Trust banks on going nationwide with new network

Posted: July 19th, 2009, 11:00pm EDT

Recently beefing up its investment arm, Midwest Trust Co. continues to flex its muscles on a nationwide scale by developing a network that can bring a complete range of outsourcing services to trust departments at community banks.

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Venture capitalist is bullish on biotech, and here’s why

Posted: July 19th, 2009, 11:00pm EDT

Bruce Robertson, managing director of HIG BioVentures, has been working the venture capital circuit long enough to see the ups and downs in biotechnology investment — and observant enough to learn from them. He talked recently about the lessons of the worst period he has seen.

Bank interest rates on CDs, other accounts still falling

Posted: July 19th, 2009, 11:00pm EDT

Here’s the latest bad news for investors hoping to recover from a disastrous 2008: interest rates on bank certificates of deposit and money market accounts have tumbled by about a third this year.

RBC revamps management structure for Charlotte area

Posted: July 19th, 2009, 11:00pm EDT

RBC Bank has reorganized its leadership in the Charlotte region as it tries to streamline its management after expanding its footprint.

CIT trouble hits Oregon

Posted: July 19th, 2009, 11:00pm EDT

Small businesses, already struggling with possibly the tightest credit conditions in a generation, could soon take another major hit.

JPMorgan amps up local efforts

Posted: July 19th, 2009, 11:00pm EDT

Twenty months in, JPMorgan Chase & Co.’s Minneapolis private-client-services office is looking less like an outpost and more like the hub company officials are trying to establish here.

Fewer firms may receive money under federal plan

Posted: July 19th, 2009, 11:00pm EDT

Fewer small businesses would receive Small Business Innovation Research awards under legislation passed by the House.

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VC-backed Silicon Valley biotechs may be in line for federal grants

Posted: July 19th, 2009, 11:00pm EDT

Silicon Valley biotech startups are eyeing potential legislation that would allow venture-backed companies to compete for federal grants in the life science industry.

FDIC will start suing bank executives, local experts say

Posted: July 19th, 2009, 11:00pm EDT

The Federal Deposit Insurance Corp. is expected to start taking civil and criminal legal actions against bank directors and other business executives involved in the real estate meltdown and soured deals that have dragged down the financial sector.

VCs hope to capitalize on a reversal of grant rules

Posted: July 19th, 2009, 11:00pm EDT

After six years of being frozen out of grant money allocated to small business innovation and research, venture investors hope the startups they back will finally be eligible again for federal funding.

Central Trust adds Hesse, Silvey from U.S. Bank

Posted: July 19th, 2009, 11:00pm EDT

Central Trust & Investment Co. in Clayton has added two top executives in hires from U.S. Bank, as it expands and invests despite a 20 percent drop in assets under management.

Venture firms want to tap SBIR grants

Posted: July 19th, 2009, 11:00pm EDT

Businesses that are majority owned by venture capital companies moved a step closer to restoring their ability to compete for federal Small Business Innovative Research grants, known as SBIR funds.

House bill could bring larger SBIR awards

Posted: July 19th, 2009, 11:00pm EDT

Fewer small businesses would receive Small Business Innovation Research awards under legislation passed by the U.S. House.

CIT slashes SBA lending

Posted: July 19th, 2009, 11:00pm EDT

CIT Group Inc. made 12 Small Business Administration loans in the St. Louis region last year for a total of $7.15 million. So far this year, it has yet to make one, according to Dennis Melton, the local SBA district director.

Dearth of restructurings baffles area attorneys

Posted: July 19th, 2009, 11:00pm EDT

In the wake of high profile loan defaults such as the Broadway Partners’ loss at auction of the John Hancock Tower, you would think there would be a rush on the part of lenders and developers to work out refinancing deals to minimize defaults and reduce losses.

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Banks give up on Santer projects in Grandview, Harrison West

Posted: July 19th, 2009, 11:00pm EDT

Continued troubles in the housing market claimed two Santer Communities LLC condominium projects after the developer failed to get lender permission to convert the properties into apartments.

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Texas Community Bank, Tradition Bancshares ordered to comply with agreements

Posted: July 19th, 2009, 11:00pm EDT

Federal and state regulators are clamping down on banks with higher ratios of bad loans on the books.

State regulators monitor rising signs of trouble

Posted: July 19th, 2009, 11:00pm EDT

Only one Texas bank has failed so far in 2009, but more potentially troubled institutions are appearing on the state’s radar screen.

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SBA expects ‘ramp-up period’ for car-dealer loans

Posted: July 19th, 2009, 11:00pm EDT

The Small Business Administration began accepting applications from automobile dealers July 1 for loans that will enable them to finance their vehicle inventory.

The Golden 1 will get shot at Bay Area deposits

Posted: July 19th, 2009, 11:00pm EDT

The Golden 1 Credit Union will absorb a small San Francisco-area credit union later this year in a merger that will give it community charters in some of the state’s wealthiest counties.

Four Oaks Bank board pitching in for $12M fundraising

Posted: July 19th, 2009, 11:00pm EDT

RALEIGH – Its application for U.S. Treasury Department rescue funds hung up in a backlog, Johnston County-based Four Oaks Bank has turned to members of its board and to other investors to raise $12 million in new capital.

CapitalSouth Bank downsizes, closes Florida branch

Posted: July 19th, 2009, 11:00pm EDT

CapitalSouth Bank downsized its branch operations in the Florida market.

Vacant Washington Mutual Bank offices take market toll

Posted: July 19th, 2009, 11:00pm EDT

Fallout from Washington Mutual Bank’s collapse last year continues to spread nationwide as about 800 of its leases on office space and bank branches are canceled amid a glutted commercial real estate market. (JPM)

VC funding rebounds in Colorado

Posted: July 19th, 2009, 11:00pm EDT

A half-dozen Colorado companies received a total of $206.5 million in venture capital funding in the second quarter, almost double the amount received a year earlier, according to data obtained in advance of two national reports due out in the weeks of July 13 and 20.

Ter Beek: Borrowers will need more equity to get loans

Posted: July 19th, 2009, 11:00pm EDT

Thomas A. Ter Beek loves to lend people money.

Restructure me

Posted: July 19th, 2009, 11:00pm EDT

A rapidly growing number of businesses and homeowners, faced with less income during the slow economy, are renegotiating loans to avoid foreclosure.

No pie in the sky plan

Posted: July 19th, 2009, 11:00pm EDT

A challenging start to 2009 hasn’t stopped Papa Murphy’s CEO John Barr from pushing forward with an ambitious expansion plan.

RecoverCare, Medastat USA to merge

Posted: July 13th, 2009, 9:20am EDT

RecoverCare and Medastat USA signed a definitive agreement Monday under which the two health-care companies will combine in a merger-of-equals.

NetStreams nets $2.2M

Posted: July 13th, 2009, 8:43am EDT

Network entertainment systems company NetStreams Inc. has raised an additional $2.2 million in financing.

Cincinnati Financial sees lower 2Q catastrophe losses

Posted: July 13th, 2009, 8:29am EDT

Cincinnati Financial Corp. expects second-quarter catastrophe losses to total about $106 million, a result severe storms that impacted policyholders. (CINF)

Recovery Act boosts venture capital

Posted: July 13th, 2009, 8:22am EDT

Small businesses having difficulty securing private-equity or venture capital may find it easier to get funding because of changes made to the American Recovery and Reinvestment Act.

Global Payments closes $300M loan

Posted: July 13th, 2009, 8:15am EDT

Global Payments Inc. landed a $300 million, three-year unsecured term loan with a group of financial institutions. (GPN)

People on the Move: July 13

Posted: July 13th, 2009, 8:15am EDT

A weekly roundup of senior-level executive appointments in Greater Washington. For more People on the Move, check out the Washington Business Journal's print edition each week. Send announcements to washingtonbusinessleads@bizjournals.

CapitalSource selling 17.5 million shares

Posted: July 13th, 2009, 7:36am EDT

Commercial lender CapitalSource Inc. is raising funds with a new offering of common stock. (CSE)

Second quarter suffers as banks write off more debt

Posted: July 12th, 2009, 11:00pm EDT

Banks reporting second-quarter earnings later this month may issue Wall Street a painful reality check.

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Employees don’t panic even as chaotic markets maul 401(k) plans

Posted: July 12th, 2009, 11:00pm EDT

About a year ago, Legacy Bancorp Inc. made the decision to automatically enroll employees in a 401(k) plan, with 3 percent of their earnings going toward retirement.

Banks still wary of lending for commercial deals

Posted: July 12th, 2009, 11:00pm EDT

Is $12 million too much to ask? “Forget it,” is the answer Dale Tweedy, of commercial real estate development firm CentDev, gets from every banker he’s asked lately.

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Numbers show mixed bag for state commercial real estate lending

Posted: July 12th, 2009, 11:00pm EDT

The lending standards facing commercial property developers are tight, but there is money being lent in North Carolina, according to recent reports.

Bank execs misled investors, suit says

Posted: July 12th, 2009, 11:00pm EDT

An amended legal complaint points to three former BankUnited Financial Corp. executives for the biggest bank failure in Florida history.

Kislak Organization seeks charter to buy a failed bank

Posted: July 12th, 2009, 11:00pm EDT

Four years after they sold a bank they founded, executives at the Miami Lakes-based Kislak Organization want to get back into banking – this time as a vulture looking for a failed institution.

Banks have tighter lending standards

Posted: July 12th, 2009, 11:00pm EDT

Banks have tightened lending as a result of the mortgage crisis. But for customers looking to buy a new home or use a home equity line of credit to renovate, there is money to lend.

Lending to businesses slowing

Posted: July 12th, 2009, 11:00pm EDT

Businesses need money to survive, but it’s not just dollar bills in the cash register they are after. Every business needs a constant stream of working capital to pay the bills, its employees and suppliers and keep the operation running smoothly.

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Navigating a $15M investment in local online marketing firm

Posted: July 12th, 2009, 11:00pm EDT

Navigation Capital Partners has invested $15 million in an Atlanta-area online marketing firm with designs of going national.

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Tennessee lenders so far steering clear of ARC loan program for small businesses

Posted: July 12th, 2009, 11:00pm EDT

Less than a month ago the U.S. Small Business Administration rolled out America’s Recovery Capital program that promised $35,000 loans to “viable” businesses to cover business debt.

Small-business sales, prices slip

Posted: July 12th, 2009, 11:00pm EDT

The number of small businesses listed for sale in metro Atlanta in the second quarter was down nearly 17 percent, but much better than the 50 percent nosedive at the national level, according to new data from online business listing service BizBuySell.

Ex-Sovereign CEO Sidhu takes over New Century Bank

Posted: July 12th, 2009, 11:00pm EDT

Former Sovereign Bancorp Chairman and CEO Jay Sidhu has taken on those same roles at struggling New Century Bank.

Venture capital stagnates in second quarter

Posted: July 12th, 2009, 11:00pm EDT

After just a handful of local companies secured venture capital investments in the first quarter, one could be forgiven for imagining that a better second quarter would have been an easy feat. After all, many venture capitalists did.

Veteran banker takes reins at Georgian Bank

Posted: July 12th, 2009, 11:00pm EDT

For the first time in six years, Gordon Teel isn’t at the head of Georgian Bank.

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Credit Union group seeks to take bite out of predatory lending

Posted: July 12th, 2009, 11:00pm EDT

The Texas Credit Union League (TCUL) plans to launch a new lending program that will provide credit union members with an alternative to payday lending.

Permalink for 'bizjournals.com_Banking___Financial_Services___Venture_Capital/2009/07/12/Regulator_to_InterBank__Boost_capital_%e2%80%94_or_else'

Regulator to InterBank: Boost capital — or else

Posted: July 12th, 2009, 11:00pm EDT

InterBank, the troubled savings and loan association that lost more money than any Minnesota-chartered bank or S&L last year, could be forced to merge or liquidate if it doesn’t improve its capital position by this fall.

Stone Arch Capital raises $175M fund, invests locally

Posted: July 12th, 2009, 11:00pm EDT

Private-equity firms have struggled in this recession to close on new funds and get deals done. But Stone Arch Capital has managed to do both in recent months, raising a $175 million fund and wrapping up a deal for a controlling stake in a Twin Cities company, Asset Marketing Services Inc.

HSBC closing 11 branches in MN

Posted: July 12th, 2009, 11:00pm EDT

HSBC Bank USA has closed its 11 Minnesota branches as part of a previously announced nationwide cost-cutting move.

UBS restructuring brings cuts here

Posted: July 12th, 2009, 11:00pm EDT

UBS Financial Services Inc. has laid off about 20 employees in the Twin Cities as part of the company’s global restructuring announced in April.

Sellers owe balances after short sales

Posted: July 12th, 2009, 11:00pm EDT

Realtor Alejandro Lopez thought he had spared a client the pain of foreclosure when he recently got a short-sale offer on the client’s San Bruno home.

New Boathouse will get its flow with mezzanine fund

Posted: July 12th, 2009, 11:00pm EDT

WAYNE — Four former members of American Capital Ltd.’s now-defunct Philadelphia office have started their own private-equity firm and raised money for a mezzanine debt fund.

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SBA’s new small loans getting off to slow start in Washington state

Posted: July 12th, 2009, 11:00pm EDT

Home builder Bill Hughes has been calling the local Small Business Administration office since February, when he first heard about a new kind of stimulus loan for struggling small businesses.

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Novant Health's bond rating drops; growth plans still on track

Posted: July 12th, 2009, 11:00pm EDT

Moody’s Investors Services has downgraded Novant Health Inc.’s bond rating. But the health-care system says that won’t hamper its strategy for expanding its footprint.

Small businesses sell for less

Posted: July 12th, 2009, 11:00pm EDT

Small businesses for sale in the St. Louis area — restaurants, gas stations, dry cleaners and other retailers — have seen their median asking price drop from $275,000 to $249,000 over the past year.

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Tapping into federal funds: Public, private sectors vying for piece of stimulus pie

Posted: July 12th, 2009, 11:00pm EDT

When first talking of stimulus dollars, particularly transportation-related stimulus dollars, two buzz phrases quickly surfaced to dominate the conversation.

Business sales plummet as owners hold on

Posted: July 12th, 2009, 11:00pm EDT

Small business owners are holding off on selling their companies as they wait for a more favorable market when they can make a profit, and have a more qualified pool of buyers with cash in hand.

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Nashville agency gets $2M in stimulus funds for rural businesses

Posted: July 12th, 2009, 11:00pm EDT

Small businesses in rural Tennessee could get some needed cash to boost their business and save jobs from $2 million in stimulus money that’s coming to Southeast Community Capital Corp. in Nashville.

VC turnover on the uptick as investing remains cool

Posted: July 12th, 2009, 11:00pm EDT

The down economy appears to be giving rise to turnover in the local venture capital community.

Insight Equity raises $312.5 million

Posted: July 12th, 2009, 11:00pm EDT

A Southlake private equity shop that buys and tries to turn around poorly performing companies has landed at least $312.5 million in commitments for its second fund, which it has targeted at $500 million, according to Securities and Exchange Commission filings.

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Brentwood, Gateway banks take steps toward growth flexibility

Posted: July 12th, 2009, 11:00pm EDT

Two Pittsburgh-area, privately-held financial institutions have increased options for future growth.

Fidelity fund rises on tide of junk bond investments

Posted: July 12th, 2009, 11:00pm EDT

After enduring its worst stretch ever, the $8.4 billion Fidelity Capital & Income Fund has waded deeper into troubled corporate debt, using an aggressive investment strategy that has been burned by leveraged buyouts while scoring big gains from satellites and rising copper prices.

Progress Energy to pump cash into pension fund

Posted: July 12th, 2009, 11:00pm EDT

RALEIGH – Progress Energy plans to inject $130 million into its employee pension plan to help offset a 35 percent loss suffered by the fund between 2007 and 2008, according to company securities filings.

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Boston bank light on lending, despite Menino’s backing

Posted: July 12th, 2009, 11:00pm EDT

The largest savings bank in Boston’s Hyde Park neighborhood is a lending lightweight.

TX dodges bank failures

Posted: July 12th, 2009, 11:00pm EDT

In an epic year for bank failures, Texas may have already seen the worst.

Forum Capital: Failed banks had 95% of loans in real estate

Posted: July 12th, 2009, 11:00pm EDT

RALEIGH – The 17 Southeastern banks that failed between August and May, including Wilmington’s Cape Fear Bank, had an average of 95 percent of their loans sunk into real estate, with about half of that focused in the areas of construction and land development.

Frontier Capital eyes Baltimore-area investments

Posted: July 12th, 2009, 11:00pm EDT

North Carolina private equity firm Frontier Capital is scouting Greater Baltimore for technology companies to invest in at a time when most venture capitalists are channeling their resources to keep existing investments afloat.

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New Baltimore angels group nears $100K investment in Oculis Labs

Posted: July 12th, 2009, 11:00pm EDT

The Baltimore Angels Network is likely putting $100,000 into Oculis Labs Inc., marking what group organizers hope is a jump-start to local entrepreneurship and investment.

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Guaranty asks feds to absorb potential investment losses

Posted: July 12th, 2009, 11:00pm EDT

Guaranty Bank needs help to survive, and has taken the bold action of asking regulators for assistance, according to a filing last week.

Mutual funds rally in second quarter

Posted: July 12th, 2009, 11:00pm EDT

The second-quarter stock market rally ended months of losses for Milwaukee-based mutual funds as 30 of 36 equity funds posted gains of 15 percent or more.

Community banks hopeful next capital wave is a tsunami

Posted: July 12th, 2009, 11:00pm EDT

Maybe this will be stimulating to a still struggling Tampa Bay economy: Nearly $100 million in new capital is set to flow into community banks in the Tampa Bay area.

Old Florida ready to expand amid downturn

Posted: July 12th, 2009, 11:00pm EDT

Three months after veteran banker Randy Burden took control of Orlando National Bank — now renamed Old Florida National Bank — the institution has raised $50 million through a stock offering and increased deposits by another $50 million.

Denver adviser shuts most of his trading accounts

Posted: July 12th, 2009, 11:00pm EDT

Denver investment adviser Mark J. Jackson has agreed to close most of his securities trading accounts and allow a court-appointed receiver complete access to his family’s financial records, as part of a state investigation into alleged securities violations.

Georgian Bank leadership changes part of strategy shift

Posted: July 3rd, 2009, 10:41am EDT

The new CEO of Atlanta's second largest, locally headquartered bank said his appointment signals a strategic shift in the midst of the worst financial industry crisis in decades.

Report: Bank M&A activity declines

Posted: July 3rd, 2009, 10:15am EDT

The Texas banking merger and acquisition market that slowed to a crawl in 2008 has virtually come to halt.

Georgian Bank founder and CEO Teel replaced

Posted: July 2nd, 2009, 5:41pm EDT

The founder and driving force behind the Atlanta’s second largest, locally headquartered bank has been replaced as chairman and CEO of the $2 billion institution and its holding company, in a move effective late Thursday.

Millennium State Bank of Texas fails

Posted: July 2nd, 2009, 5:21pm EDT

The Texas Department of Banking on Thursday closed Dallas-based Millennium State Bank of Texas, the first bank failure in Texas this year and the first in the Dallas area in more than a decade.

AuburnBank added to national stock index

Posted: July 2nd, 2009, 4:31pm EDT

The parent company of AuburnBank, Auburn National Bancorp. Inc., is being added to a national stock index in the “small cap” category.

Lawsuit against Regions moved back to JeffCo courts

Posted: July 2nd, 2009, 2:58pm EDT

A lawsuit against Regions Financial Corp. filed by shareholders will be heard in a Jefferson County courthouse – not federal.

Flywheel operator closes in on $43M loan from feds

Posted: July 2nd, 2009, 1:59pm EDT

Beacon Power Corp. said today it expects to receive a $43 million loan guarantee through the U.S. Department of Energy to build a 20-megawatt flywheel plant in Stephentown, Rensselaer County, N.Y.

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Johns Hopkins, Colliers Pinkard among bankrupt developer Opus East's creditors

Posted: July 2nd, 2009, 1:57pm EDT

Johns Hopkins University, Colliers Pinkard and the Greater Baltimore Committee are some of the more high-profile companies listed as creditors in Rockville developer Opus East LLC’s bankuptcy filing. (NOC)

Insurance complaints reap $5.9M

Posted: July 2nd, 2009, 1:51pm EDT

Consumers who filed complaints with the Missouri Department of Insurance received $5.9 million from insurance companies during the first half of 2009.

Developers want part of $33.7M for affordable housing

Posted: July 2nd, 2009, 1:37pm EDT

Developers of 22 affordable housing projects in D.C. are seeking a slice of $33.7 million the city will receive in federal stimulus money from the Treasury Department.

Razorsight lands $3M in financing

Posted: July 2nd, 2009, 12:36pm EDT

Razorsight Corp. has secured a $3 million venture loan from MMV Financial Inc.

Hillman returns to cash disbursements

Posted: July 2nd, 2009, 12:25pm EDT

Hillman Group has resumed paying monthly cash distributions on its American Stock Exchange-listed trust preferred securities (AMEX: HLM-P) and will also pay six months of distributions that had been deferred since January.

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Gastar divests Australian assets, to delist from Toronto Stock Exchange

Posted: July 2nd, 2009, 11:56am EDT

Gastar Exploration Ltd. has agreed to sell its Australian interests to Santos QNT Pty Ltd. and Santos International Holdings Pty Ltd. for $240 million. (GST)

Hecker's finances detailed in court filing

Posted: July 2nd, 2009, 11:04am EDT

Denny Hecker has $766.8 million in liabilities and $18.5 million in assets, according to court documents filed Wednesday in U.S. Bankruptcy Court.

Private investment pumps $1.4 million into Avantair

Posted: July 2nd, 2009, 10:29am EDT

Avantair Inc. received about $1.4 million from a private placement of its stock.

Altamonte Springs site sells for $2.6M

Posted: July 2nd, 2009, 9:31am EDT

A Palm Beach Gardens firm bought a 1-acre site being leased to Fifth Third Bank in Altamonte Springs for $2.6 million.

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First Financial Bancorp to buy three Indy branches from Irwin Financial

Posted: July 2nd, 2009, 9:30am EDT

First Financial Bancorp said it and Irwin Union Bank and Trust Co. have signed branch purchase and loan acquisition agreements. (FFBC) (IFC)

VSR Financial Services names Radford as CEO

Posted: July 2nd, 2009, 9:29am EDT

VSR Financial Services Inc. has named Christopher Radford as CEO. Radford succeeds J. Michael Stanfield, who now is chief investment officer, a new position at the firm.

CapitalSource adjusts 3 years of financials

Posted: July 2nd, 2009, 9:24am EDT

Commercial lender CapitalSource Inc. has restated portions of its consolidated financial statements for 2006, 2007 and 2008 to retroactively comply with various accounting rules, according to a securities filing released Thursday. (CSE)

FCStone Group, International Assets agree to merge

Posted: July 2nd, 2009, 9:10am EDT

FCStone Group Inc. said Thursday that it will merge with International Assets Holding Corp. through a stock swap.

Bling Nation raises $8M in first round

Posted: July 2nd, 2009, 8:25am EDT

Mobile payments provider Bling Nation Ltd. said Thursday it raised $8 million in a first round of funding.

BofA, Wells to accept California IOUs

Posted: July 2nd, 2009, 8:16am EDT

Bank of America Corp. and Wells Fargo & Co. says they will accept warrants issued by California’s state government through July 10. (BAC) (WFC)

Investor questions Waterford deal

Posted: July 2nd, 2009, 6:08am EDT

At least one Waterford Village Bank shareholder has concerns about the bank’s proposed acquisition by a New York City-based investor.

Lawyer to chair Boston Foundation board

Posted: July 2nd, 2009, 5:49am EDT

Michael B. Keating, Foley Hoag Partner and Chair of the Litigation Department, has been elected Chair of the Board of Directors of the Boston Foundation, succeeding the Rev. Dr. Ray Hammond.

Big banks to take California IOUs until July 10

Posted: July 2nd, 2009, 2:01am EDT

If you believe your financial institution will stand behind California-issued IOUs, don’t bank on it for long.

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Florida Central Credit Union names Laida Garcia president, CEO

Posted: July 1st, 2009, 5:02pm EDT

Laida E. Garcia is the new president and chief executive officer of Florida Central Credit Union in Tampa.

Las Olas Riverfront foreclosure sale set

Posted: July 1st, 2009, 4:32pm EDT

The Las Olas Riverfront mall in Fort Lauderdale is set to fall into the hands of a private equity firm after a public auction date was scheduled.

Stanford Financial Group CFO to plead guilty

Posted: July 1st, 2009, 4:15pm EDT

Stanford Financial Group’s chief financial officer, James Davis, will plead guilty to three criminal counts for his part in an alleged $7 billion Ponzi scheme, according to news reports.

Home Loan Bank awards grants

Posted: July 1st, 2009, 4:09pm EDT

The Federal Home Loan Bank has awarded $5.4 million in affordable housing grants in five states.

CUNA Mutual to sell IRA division

Posted: July 1st, 2009, 4:00pm EDT

CUNA Mutual Group of Madison said Wednesday that it has agreed to sell its IRA Services division to Ascensus Inc., a retirement services firm based in Dresher, Pa.

SEC charges former Beazer exec

Posted: July 1st, 2009, 3:25pm EDT

The Securities and Exchange Commission has charged the former chief accounting officer of Beazer Homes USA Inc. with conducting a multiyear fraudulent earnings-management scheme and misleading auditors and accountants to hide it. (BZH)

Regions spent $15B on help for borrowers in '08

Posted: July 1st, 2009, 3:15pm EDT

Regions Financial Corp. provided $15.3 billion in small business, community development and mortgage lending for low- to moderate-income borrowers in 2008, the bank said Wednesday.

Abraxas subsidiaries finalize merger deal

Posted: July 1st, 2009, 2:01pm EDT

Abraxas Petroleum Corp. and Abraxas Energy Partners LP have executed a definitive merger agreement.

Eddie Bauer creditors win a round in court

Posted: July 1st, 2009, 1:59pm EDT

Eddie Bauer’s major creditors have won a concession from a bankruptcy judge that could lead to breaking up the distressed retailer’s assets instead of selling the entire lot to a private equity firm that wants to run the company as a going concern.

Cleantech investment rebounds in Q2

Posted: July 1st, 2009, 1:54pm EDT

Cleantech venture investment rebounded in the second quarter of this year, following two previous consecutive quarters of significant decline. The average round size also increased, and observers say the numbers show initial signs of recovery for the sector.

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Advanta agrees to refund customers up to $35M in FDIC agreements

Posted: July 1st, 2009, 1:44pm EDT

Advanta Corp, the small business credit card lender that recently shut down its accounts for future use, has entered into two agreements with the Federal Deposit Insurance Corp., including one involving alleged “unsafe or unsound” practices that requires it to refund up to $35 million to customers.

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Regions Bank gets control of Treasure Island Tennis & Yacht Club

Posted: July 1st, 2009, 1:33pm EDT

The Treasure Island Tennis & Yacht Club, which at its peak boasted more than 700 members, will now be owned by a bank.

Man convicted in mortgage-fraud scheme

Posted: July 1st, 2009, 1:25pm EDT

Uto Essien faces a possible 36-year prison sentence for his role as the ringleader in a multimillion-dollar mortgage fraud scheme.

Unisys gives up on one debt exchange, proposes another

Posted: July 1st, 2009, 1:13pm EDT

Unisys Corp. has replaced one private debt exchange offer with another. (UIS)

Lingle releases list of bills she plans to veto

Posted: July 1st, 2009, 12:53pm EDT

Gov. Linda Lingle has released her list of 65 bills she plans to veto.

NY awarded $253M through housing tax credit program

Posted: July 1st, 2009, 12:51pm EDT

Omni Housing Development LLC in Albany, N.Y., is one of the companies that will benefit from an infusion of federal stimulus money into a tax credit program that subsidizes construction of affordable housing.

Five Guys plans to raise $15M

Posted: July 1st, 2009, 12:35pm EDT

Five Guys is looking to raise $15 million in private equity, according to a filing with the Securities and Exchange Commission.

U.S. venture-backed liquidity market hits 6-year low

Posted: July 1st, 2009, 11:48am EDT

Even with the end of a nine-month drought in initial public offerings, the second quarter was one of the worst for venture capital-backed liquidity since the doldrums of early 2003, according to a report Dow Jones VentureSource released Wednesday.

SBA loan deadline for April storm damage nears

Posted: July 1st, 2009, 11:37am EDT

Houstonians who have suffered personal and business property damage as a result of the severe storm in late April have until July 14 to apply for a Small Business Administration federal disaster loan.

Another bad quarter for venture capitalists

Posted: July 1st, 2009, 11:19am EDT

Sales of venture-backed businesses brought in 60 percent less in the second quarter compared with a year earlier. (CSCO)

AeroGrow has $7.6M recapitalization

Posted: July 1st, 2009, 10:59am EDT

AeroGrow International Inc. has completed a $7.6 million recapitalization, the company said late Tuesday. (AERO)

Scotiabank opens first U.S. office in Miami

Posted: July 1st, 2009, 10:52am EDT

Scotiabank, the third-largest bank in Canada, made its first entry onto U.S. soil with an international banking agency office in Miami.

Howrey absorbs IP litigation firm Day Casebeer

Posted: July 1st, 2009, 10:36am EDT

Rumors that litigation powerhouse Howrey LLP was in talks to absorb intellectual property litigation boutique Day Casebeer Madrid and Batchelder LLP were confirmed Wednesday morning.

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Despite end of IPO drought, U.S. venture-backed liquidity market at 6-year low

Posted: July 1st, 2009, 8:56am EDT

Even with the end of a nine-month drought in initial public offerings, the second quarter was one of the worst for venture capital-backed liquidity since the doldrums of early 2003, according to a report released Wednesday by Dow Jones VentureSource. (CSCO)

Harleysville National misses OCC deadline

Posted: July 1st, 2009, 8:43am EDT

Harleysville National Corp., parent company of Harleysville National Bank, said Wednesday that it failed to meet the June 30 deadline imposed by federal bank regulators to improve capital ratios. (HNBC)

CombinatoRx to merge with Canadian firm

Posted: July 1st, 2009, 7:38am EDT

Drug developer CombinatoRx Inc. said Wednesday it has agreed to merge with Canada’s Neuromed Pharmaceuticals Ltd.

NB&T agrees to buy Community National

Posted: July 1st, 2009, 4:00am EDT

NB&T Financial Group Inc. has agreed to acquire Franklin-based Community National Corp. for $7 million. (NBTF)