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Stone & Youngberg expands Bay Area bank coverage

Posted: January 31st, 2010, 11:00pm EST

Embracing the spirit that less is more, Stone & Youngberg has narrowed its research universe on California community banks to 65 banks from 75, but expanded coverage of Bay Area banks.

Bay Area projects ready to go

Posted: January 31st, 2010, 11:00pm EST

Commercial development is dead. New retail construction is not even on the horizon. And San Francisco may not see dirt move on another new hotel for five years. But for all the grim news, the Bay Area construction industry is starting to see cause for hope.

Business booms at Beacon Square

Posted: January 31st, 2010, 11:00pm EST

In a sign that businesses might be a bit more optimistic about the economy, office condos are selling again at the Beacon Square Professional Campus in Boca Raton.

DEAL OF THE WEEK: 4 Forty Flagler Village mortgage

Posted: January 31st, 2010, 11:00pm EST

Wells Fargo Bank granted a $26 million mortgage covering the 218-unit 4 Forty Flagler Village apartment complex in downtown Fort Lauderdale in late December.

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Finance: Cash or credit? Businesses weigh options as they jockey for the recovery

Posted: January 31st, 2010, 11:00pm EST

The Albany CPA firm BST LLC needs 120 computers.

Rothstein investor Levin hit with default notice

Posted: January 31st, 2010, 11:00pm EST

George Levin, the biggest investor and feeder for Scott W. Rothstein’s Ponzi scheme, is being pursued for millions of dollars in unpaid loans.

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Finance: For businesses, pressure is on to convince banks they’re a good bet

Posted: January 31st, 2010, 11:00pm EST

Next month, Carl Restivo and Rick Stickles will bring their stuffed monsters to the Toy Fair, a major industry trade show in New York City.

LNR struggles as part of CMBS sector

Posted: January 31st, 2010, 11:00pm EST

Miami Beach-based LNR Property Corp. was one of the early pioneers of commercial mortgage-backed securities (CMBS), but now it is struggling with the most risky part of those securities. (LEN)

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Homestead’s 1st National Bank seeks $12M, new ownership

Posted: January 31st, 2010, 11:00pm EST

Homestead-based 1st National Bank of South Florida has filed an application with regulators that may allow it to it raise up to $12 million and hand its control over to two shareholders.

ICABA helps local black business leaders build relationships

Posted: January 31st, 2010, 11:00pm EST

South Florida’s black business leaders are not only an untapped resource for many local companies and civic groups in general, but also among themselves. Jerome Hutchinson Jr. hopes to change that.

$400M still available for private projects

Posted: January 31st, 2010, 11:00pm EST

Developers have until Feb. 15 to take advantage of nearly $400 million in low-interest financing still available from the federal stimulus act to help get private projects off the ground.

Banking roundup

Posted: January 31st, 2010, 11:00pm EST

First Southern Bank seeks $40M from mutual fund investors While its proposal last year to raise $450 million from private equity firms hasn’t delivered, Boca Raton-based First Southern Bank might get a nice consolation prize: a $40.4 million investment from a group of mutual funds. (BEN)

D.C. launches Bank On to get residents top open accounts

Posted: January 31st, 2010, 11:00pm EST

In 37,000 D.C. households, income arrives via a check-cashing outlet, prepaid debit card or wad of cash.

The 2009 leasing market: Renew. Extend. Repeat.

Posted: January 31st, 2010, 11:00pm EST

Broker Mark Larsen was certain Network Solutions LLC would move out of its digs in Presidents Park One in Herndon.

CeNeRx takes $3.5M in debt, scouts partners

Posted: January 31st, 2010, 11:00pm EST

CARY – With a fresh infusion of $3.5 million in debt financing, CeNeRx BioPharma is in partnership talks with several pharmaceutical companies about taking its lead product through clinical development.

Hanesbrands sells warehouse for $23.5M, will lease it back

Posted: January 31st, 2010, 11:00pm EST

A Pennsylvania investment firm has bought a Hanesbrands Inc. distribution center for $23.5 million and will lease it back to the apparel maker.

Giuffre bids on Park Lafayette

Posted: January 31st, 2010, 11:00pm EST

Milwaukee real estate investor Frank Giuffre is making an offer to acquire the $102 million Park Lafayette condominium building on the city’s east side for an estimated $50 million.

$400M fund formed to buy real estate

Posted: January 31st, 2010, 11:00pm EST

In another sign that commercial real estate investors are positioning themselves for bargain hunting not seen since the early 1990s, Regent Partners LLC plans to spend up to $400 million to acquire primarily distressed office buildings, hotels and high-rise residential towers during the next two years.

John Imlay ending two hot decades of tech dealmaking

Posted: January 31st, 2010, 11:00pm EST

After nearly two decades of financing Atlanta startups, one of the city’s most prolific technology investors will turn off the spending spigot.

Both sides of foreclosure debate seek common cause

Posted: January 31st, 2010, 11:00pm EST

Local housing activists and the bankers they say do too little to prevent foreclosures are coming to the table next month. The mission: to come up with solutions for families losing their homes, a problem being further fueled by rising unemployment numbers.

Chandler revives university plan

Posted: January 31st, 2010, 11:00pm EST

The city of Chandler is reviving plans to create a university — an idea that was scrapped more than 80 years ago.

Survey: Verdict is optimism for managing partners

Posted: January 31st, 2010, 11:00pm EST

More law firm leaders are looking on the brighter side of the business landscape these days, according to a new survey about the prevailing sentiment among managing partners.

Bank tax could cost Cincinnati's Fifth Third $30M per year

Posted: January 31st, 2010, 11:00pm EST

Fifth Third Bancorp could owe $30 million a year if a proposed tax on the largest U.S. banks goes through.

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Still mired down: Economist: Up to half of construction firms won’t survive

Posted: January 31st, 2010, 11:00pm EST

While some segments of the economy are starting to improve, the worst is yet to come for commercial construction, industry experts say.

Dawson Co. projects in jeopardy

Posted: January 31st, 2010, 11:00pm EST

The commercial real estate crisis has put Atlanta developer The Dawson Co. in jeopardy of seeing three signature projects go back to lenders.

Kenwood Towne Place project in talks

Posted: January 31st, 2010, 11:00pm EST

The new year has brought a new wave of settlement talks in the Kenwood Towne Place case, increasing hopes among local contractors that the months-old legal quagmire might soon be resolved.

Developer Donald E. Phillips wins bout with bank in roundabout way

Posted: January 31st, 2010, 11:00pm EST

TAMPA — Donald E. Phillips kept his April promise to fight the lender that was demanding full payment of a $2.9 million loan secured by Phillips Development and Realty LLC. (BAC)

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Banks will be conservative when it comes to lending for a while. So ... what are your options?

Posted: January 31st, 2010, 11:00pm EST

The Small Business Administration recently reported some interesting figures about 2009 lending activity, with the SBA approving $13.6 billion in loans last year and more than 1,000 lenders making new loans for the first time since at least 2007.

Community banks to remain on relatively solid footing

Posted: January 31st, 2010, 11:00pm EST

Community banks in Massachusetts stand to gain from the Obama administration’s crackdown on the nation’s largest financial institutions. In January the president proposed taxing the big banks and keeping a tighter leash on the risks they can take.

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M&A outlook: There’s really nowhere to go but up

Posted: January 31st, 2010, 11:00pm EST

Mergers and acquisitions should come at a faster pace this year, but only because 2009 was so poor, say dealmakers.

Investors, agents getting first dibs on short sales

Posted: January 31st, 2010, 11:00pm EST

Investors and real estate agents who want to buy and then flip houses are getting a head start over other buyers when it comes to short sales, and that’s raising red flags among consumers and banks.

Novare buys more time to pay off debt

Posted: January 31st, 2010, 11:00pm EST

Novare Group Holdings LLC has been granted a nearly three-year extension from private investors on the payback of some $26 million of its debt.

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Wyeth’s Malvern buildings put on the block by Pfizer

Posted: January 31st, 2010, 11:00pm EST

Pfizer Inc. has decided to put up for sale Wyeth’s former office buildings in Malvern, creating a real estate play for not only the region’s largest landlords but other companies who may see the property as a ready-made campus.

Pearl District building earns LEED gold certification

Posted: January 31st, 2010, 11:00pm EST

The Lovejoy, a new office, retail and parking structure, has earned the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) for Core & Shell gold certification.

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The heart of the deal: A look at notable ’09 M&As

Posted: January 31st, 2010, 11:00pm EST

EMC Corp. and Data Domain Inc.

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Sale could end family’s reign over Sea Island

Posted: January 31st, 2010, 11:00pm EST

The Jones family’s eight-decade sole control of the posh Sea Island resort could soon come to an end.

Private equity pools are potential bank buyers

Posted: January 31st, 2010, 11:00pm EST

A private equity buy of a failed bank in Florida is raising hopes that a similar deal might be in store for Georgia, and soon.

President of the Financial Planning Association ends an eventful year

Posted: January 31st, 2010, 11:00pm EST

As president of the national Financial Planning Association in 2009, Richard Salmen worked to turn one of the most tumultuous years in the organization’s history into an opportunity.

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Congress' inaction on inheritance taxes is killing KC-area estate planners

Posted: January 31st, 2010, 11:00pm EST

For the past nine years, estate planners thought Congress would pass new laws before various inheritance taxes expired in 2010 — and reappeared the next year. It didn’t.

Synovus creates microsite to speak to public

Posted: January 31st, 2010, 11:00pm EST

Synovus Financial Corp., the Columbus, Ga.-based parent of 30 Southeastern community banks, has taken a beating the past few years in the media and from bank analysts. (SNV)

How Southern, Turner teamed up on energy

Posted: January 31st, 2010, 11:00pm EST

The opportunity to make money has brought two friendly adversaries together.

U.S. Bank likely moving St. Paul site to Richfield

Posted: January 31st, 2010, 11:00pm EST

U.S. Bancorp is nearing a deal to lease roughly 300,000-square-feet at Meridian Crossings in Richfield, where it will relocate employees who now work in a building on Shepard Road in St. Paul.

Clorox moves closer to a big deal with IDI

Posted: January 31st, 2010, 11:00pm EST

The Clorox Co. is close to pulling off a giant deal in Fulton County with Industrial Developments International Inc. (CLX) (CBG)

VC investment down in Q4; funding difficult to land, execs say

Posted: January 31st, 2010, 11:00pm EST

Medical-device firms, green-chemistry startup Segetis Inc. and a maker of thin-film batteries, Cymbet Corp., were among Minnesota’s biggest winners of venture capital in fourth quarter 2009. But for many entrepreneurs leading those companies, landing venture investment wasn’t easy.

MoneyTree: VC funding tumbles 27% in Atlanta

Posted: January 31st, 2010, 11:00pm EST

Venture capital invested in metro Atlanta firms tumbled 27.5 percent last year, while the number of deals that got done cratered 50 percent, according to MoneyTree Report data provided exclusively to Atlanta Business Chronicle.

Fewer bad loans make credit unions healthier than banks

Posted: January 31st, 2010, 11:00pm EST

Most area credit unions have far fewer loan delinquencies compared with banks, and many returned to profitability late last year.

Better Place charges ahead

Posted: January 31st, 2010, 11:00pm EST

Better Place is plugging away at its plan to transform whole regions — and sometimes countries — into electric vehicle havens.

Despite ruling, corporate political ads unlikely

Posted: January 31st, 2010, 11:00pm EST

WASHINGTON -- The U.S. Supreme Court has removed limits on political advocacy by corporations, but it’s not clear how many businesses will exercise their free-speech rights as a result of this decision.

Small business bridge loans gain traction

Posted: January 31st, 2010, 11:00pm EST

After a slow start, the Small Business Administration has approved more than 5,580 emergency bridge loans for small businesses since the economic stimulus bill was enacted last February.

Angel investors seeing attractive deals

Posted: January 31st, 2010, 11:00pm EST

It’s a good time to be an angel: With venture capital in the dumps, Bay Area angel investing groups say the quantity and quality of potential deals coming through the door is up as entrepreneurs are forced to look for alternatives.

Saints Captial raises secondary funds

Posted: January 31st, 2010, 11:00pm EST

Saints Capital expanded staff in Europe and promoted two in San Francisco as it takes advantage of venture capitalists selling stakes in their portfolio companies in the secondary market.

Nationstar on a house hunt

Posted: January 31st, 2010, 11:00pm EST

Allen and Farmers Branch are among the North Texas cities contending for a new mortgage servicing and processing center for Nationstar Mortgage LLC that could employ up to 900 people after its first year of operation, according to sources familiar with the matter.

First National Bank CEO has sights set on growth and San Antonio

Posted: January 31st, 2010, 11:00pm EST

The First National Bank of Sonora recently appointed Bob Malone to serve as president and CEO of the bank.

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Seeing a positive ROI this year is possible, but will take some strategizing

Posted: January 31st, 2010, 11:00pm EST

Investing in 2009 proved to be a challenge like none before. The year started off bleak and went downhill from there, with stocks bottoming out in March. After that, the markets rebounded, but failed to return to anywhere near the levels they were at before the crash in late 2008. It was an era of uncertainty, when investors struggled to predict what was going to happen next.

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Bank tax ‘strictly political,’ but it’s popular with voters

Posted: January 31st, 2010, 11:00pm EST

President Obama’s proposed new tax on large financial institutions has a good chance of passing Congress, despite objections that it is unfair and could make credit even harder to get.

Many investors taking greater responsibility for their portfolios

Posted: January 31st, 2010, 11:00pm EST

The stock market roller coaster ride that took the Dow Jones Industrial Average from above 13,000 in 2008 to a low of 6,440 in March 2009 and back up to 10,428 by the last day of that year — with plenty of steep drops and surges along the way — have investors apprehensive over what 2010 will bring.

Maryland homeowners benefit from mortgage programs

Posted: January 31st, 2010, 11:00pm EST

Tiavonde Jones is waiting to hear back from Wells Fargo about a change that would lower the $3,400 monthly payment on her Catonsville home by about $1,000.

Homes held back? The shadow market knows

Posted: January 31st, 2010, 11:00pm EST

Denver-area residential real estate brokers fear a flood of foreclosed homes still held by lenders — the “shadow market” — will be put up for sale in 2010, depressing home prices and values even more than they already have been in the recession. (WFC) (BAC) (JPM) (C)

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Wells Fargo’s profit formula may provide an edge

Posted: January 31st, 2010, 11:00pm EST

Wells Fargo’s stagecoach may already be pulling ahead.

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There’s a new breed of real estate investors

Posted: January 31st, 2010, 11:00pm EST

What do you think of when you hear about real estate investors? For many people, those words may conjure up an image that’s less than positive. Maybe they picture a vulture ready to pounce on a foreclosed home or someone with a get-rich-quick scheme hoping to make a killing at someone else’s expense.

Southlake private equity firm to invest $500 million

Posted: January 31st, 2010, 11:00pm EST

A Southlake private equity firm has raised more than $500 million to buy and turn around poorly performing, middle-market companies.

Freeman finds $11 million in home bargains

Posted: January 31st, 2010, 11:00pm EST

Five years after Novus Cos.’ failed attempt to build a retail center in Sunset Hills, Freeman Homes is setting its sights on the same neighborhood with plans for nearly 60 new homes.

Edward Jones, Stifel, Moneta Group nab talent bailing from larger firms

Posted: January 31st, 2010, 11:00pm EST

Ed Scott was a broker at Edward Jones from 1994 to 2005 but left to join a bigger firm, Smith Barney. He reversed field in June, returning to Jones because he preferred a more independent environment.

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Buckingham, Moneta see assets grow again in ‘09

Posted: January 31st, 2010, 11:00pm EST

In April 2008, Buckingham Asset Management in Clayton was getting ready to celebrate. They were about to cross $10 billion in total assets under management. “We were figuring out where to hold the party,” said Stuart Zimmerman, a founding partner at the firm.

Legislators' battle rages on

Posted: January 31st, 2010, 11:00pm EST

When legislators arrive in St. Paul for the start of the 2010 legislative session, they’ll have a relatively short but daunting to-do list waiting for them. They need to erase a $1.2 billion budget deficit, pass a bill authorizing hundreds of million of dollars in general obligation bonds and try to boost — or at least not hurt — the state’s economy in the process.

Huntington adds international fund

Posted: January 31st, 2010, 11:00pm EST

Huntington Asset Advisors has launched a second international equity mutual fund.

Nate Bishop

Posted: January 31st, 2010, 11:00pm EST

It should be a strong first half of 2010 for investors. Then, you might want to head for the exits.

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Deals aren’t impossible, just much harder to close

Posted: January 31st, 2010, 11:00pm EST

A tough economy hasn’t completely killed commercial real estate deals, but has made them much harder to close. Longtime Oakland developer John Protopappas of Madison Park Financial Corp. was able to secure a loan to buy 901 Jefferson St. in Oakland, a 75-unit building in Oakland, but efforts to land construction loans for new projects have hit roadblocks.

Goodmortgage.com taps into new online revenue source

Posted: January 31st, 2010, 11:00pm EST

Online lender Goodmortgage.com is one of the nation’s first companies to participate in a new Web site seeking to pair borrowers with mortgage lenders. And Chief Executive Keith Luedeman says the move has already delivered positive results.

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Klett replaces ‘pretzels’ with more straightforward stocks

Posted: January 31st, 2010, 11:00pm EST

Edwin Klett admits he’s more of a conservative investor in the wake of the recession, but not by much.

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David Irmer’s Innisfree keeps up construction pace

Posted: January 31st, 2010, 11:00pm EST

When developer David Irmer set out to find a $22 million construction loan for an office building in San Leandro, some banks gave him a flat-out “no.” Some suggested he wait for the market to improve. Others said they could make a loan, but for less money than he requested.

Stanford building goes on block

Posted: January 31st, 2010, 11:00pm EST

The swanky Stanford Financial Group office building is up for sale to anyone interested in acquiring high-end Galleria-area real estate with a little bit of controversy served up on the side.

Prosperity hunts for more deals after scooping up U.S. Bank branches

Posted: January 31st, 2010, 11:00pm EST

Although the ink is barely dry on its agreement to buy three small Texas banks, Prosperity Bancshares Inc. is still searching for other acquisitions.

Local bank shifts heritage by adopting state charter

Posted: January 31st, 2010, 11:00pm EST

Heritage Bank NA has dropped its national charter, instead opting to be covered by Texas banking regulators.

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‘Strictly political,’ but popular describes debate over bank tax

Posted: January 31st, 2010, 11:00pm EST

President Barack Obama’s proposed new tax on large financial institutions has a good chance of passing Congress, despite objections that it is unfair and could make credit even harder to get.

Ugly picture will get uglier before improvement sets in

Posted: January 31st, 2010, 11:00pm EST

Three or four times a week, I meet with office tenants to talk about their business, macroeconomics and how they relate to the Houston office market.

Distressed commercial property sales expected to rise

Posted: January 31st, 2010, 11:00pm EST

As the housing market careened off course with record foreclosures last year, many viewed commercial real estate as the next shoe to drop.

Wesley Yang stays ahead of market, shifting from cash to equities to TIPS

Posted: January 31st, 2010, 11:00pm EST

There are those who expect the stock market to rise this year, others who are sure it will fall.

Expert Advice: What's the best way to counter a downturn?

Posted: January 31st, 2010, 11:00pm EST

Gregory J. Sorce managing principal, HBK Sorce Financial:

Lawyers crafting a specialty out of government incentives for business

Posted: January 31st, 2010, 11:00pm EST

Brad Lambert’s an Ohioan, and when his employer decided to take on an expansion project last summer, he wanted it to go forward in his home state.

Energy stimulus funds taking time to cash out

Posted: January 31st, 2010, 11:00pm EST

The flood of stimulus dollars earmarked for energy projects in Massachusetts is more like a trickle, yet the state is faring better than many of its neighbors in turning earmarks into real cash.

Ally Bank a rising player in Web world

Posted: January 31st, 2010, 11:00pm EST

Uptown Charlotte’s newest bank is raising its profile with the same bravado that made the Queen City a financial hub.

Charter seizure changes loan origination landscape in state

Posted: January 31st, 2010, 11:00pm EST

The reopened Charter Bank of Albuquerque will not be continuing its home loan origination and servicing business with the New Mexico Mortgage Finance Authority, the director of that agency said.

LANB front-runner for top NM-based mortgage lender role

Posted: January 31st, 2010, 11:00pm EST

With the seizure last week of Charter Bank, Santa Fe, by the Office of Thrift Supervision, Los Alamos National Bank appears to be the front-runner to become the biggest in-state mortgage lender in New Mexico.

Local VCs under pressure to fundraise

Posted: January 31st, 2010, 11:00pm EST

In the months ahead, a fundraising backlog will send a rush of venture capital firms to the doorsteps of their financial backers seeking new funds. The resulting bottleneck is setting up a shakeout that jeopardizes the futures of dozens of local firms — even those with good track records.

Buyers see new standards for mortgage estimates

Posted: January 31st, 2010, 11:00pm EST

Part of the regulatory backlash resulting from the collapse of the housing market is a new federal regulation called good faith estimate standardization that requires all lenders to detail in writing the costs associated with a mortgage.

Community banks enjoying moment in sun

Posted: January 31st, 2010, 11:00pm EST

Some top community bankers describe the Massachusetts economy as “fragile” and “running in place.” But they expect a continued surge in cheap deposits while bracing for big banks to come off the sidelines to reclaim lost market share on commercial lending from smaller banks.

In a year of rotten, roiled markets, schools find solace in small drops

Posted: January 31st, 2010, 11:00pm EST

Double-digit percentage declines in endowment values were the norm for Ohio’s four-year colleges and universities last year, but the state largely escaped the type of investment troubles that stripped Ivy League schools down to the bricks.

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Obama’s small business focus resonates with local leaders

Posted: January 31st, 2010, 11:00pm EST

Small businesses played a prominent role in President Obama’s State of the Union speech, an emphasis that struck a chord with many in the Pittsburgh community. Obama said jobs “must be our No. 1 focus in 2010.”

TriState bank celebrates first profitable quarter

Posted: January 31st, 2010, 11:00pm EST

TriState Capital Bank earned $2.5 million during the final three months of 2009, the first profitable quarter in its three-year history.

Palo Alto venture firm was ahead of 2009 storm

Posted: January 31st, 2010, 11:00pm EST

Venture debt provider Hercules Technology Growth Capital Inc. had the vision to rein in its operations before the economy soured, and now it’s paying off.

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N.C. Bank & Trust’s ambition: to be a top-five bank in Charlotte

Posted: January 31st, 2010, 11:00pm EST

Two projector screens in the dining room of the Charlotte Country Club displayed a large map of North Carolina with big, red circles over Charlotte, Asheville, Greensboro, Raleigh and Wilmington.

No clear answer on costs to BofA of trading limits

Posted: January 31st, 2010, 11:00pm EST

There are still more questions than answers about how Bank of America Corp. will be impacted by President Obama’s proposed “Volcker Rule.”

Cash-hungry businesses

Posted: January 31st, 2010, 11:00pm EST

Tami Rockholt has always relied on high-interest loans from non-bank lenders for her low-margin, cash-hungry business.

Proposed finance protection agency draws barbs, praise

Posted: January 31st, 2010, 11:00pm EST

Legislation creating the Consumer Financial Protection Agency could make credit more expensive and harder to get, opponents of the bill contend.

What lending niches does your bank emphasize?

Posted: January 31st, 2010, 11:00pm EST

Mark Stevenson President and CEO Capital Pacific Bank, Portland As a local business bank, we’re just not seeing demand for loans from any industry sector. Businesses are not investing in equipment, working capital or real estate. Even with record levels of cash on hand, banks have difficulty lending it because the demand isn’t there.

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Bank deal adds work for Columbia’s Mark Brandon

Posted: January 31st, 2010, 11:00pm EST

Mark Brandon’s job just got harder.

Investors, managers should learn basics of private equity

Posted: January 31st, 2010, 11:00pm EST

For the last few years, the word “distressed” or “troubled” has been used to modify lots of business terms — distressed real estate, distressed financial institutions, distressed workouts and so on.

Washington state seeks to tweak bank laws

Posted: January 31st, 2010, 11:00pm EST

As banks are shuttered at a rapid pace across Washington, the state’s regulators are pushing legislation that would increase their oversight powers and tighten the lid on disclosing information about banks that are in financial trouble.

Soho 321 foreclosed

Posted: January 31st, 2010, 11:00pm EST

A prominent building just east of the Pearl District has been forced into foreclosure.

How to evaluate a good franchise opportunity

Posted: January 31st, 2010, 11:00pm EST

Although the 2010 outlook calls for minimal industry growth, franchising remains popular. Experts say, however, that numerous factors must be considered in picking the right franchise to buy.

Bank losses rise, defaults might be slowing

Posted: January 31st, 2010, 11:00pm EST

As the region’s banks begin to report their 2009 fiscal results, a grim picture is emerging.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/31/Expert_Advice__Are_there_legislative_or_regulatory_changes_in_2010_that_investors_need_to_be_aware_of_'

Expert Advice: Are there legislative or regulatory changes in 2010 that investors need to be aware of?

Posted: January 31st, 2010, 11:00pm EST

Malcolm Polley, president and chief investment officer, Stewart Capital Advisors LLC

Newlywed John Carpenter beefs up portfolio with IMAX, EZCORP

Posted: January 31st, 2010, 11:00pm EST

John Carpenter and Christina French are partners in business, life and home ownership. But the couple, who wed in 2008, have kept their investment portfolios separate — at least for the time being.

New financing could save bankrupt Bend golf resort

Posted: January 31st, 2010, 11:00pm EST

A bankrupt 2,000-acre golf resort in central Oregon may have found a path back to solvency.

After deal, Umpqua looks ahead to more acquisitions

Posted: January 31st, 2010, 11:00pm EST

There’s no fast talk or heated bidding when a bank goes on the auction block. It’s a quiet, anonymous process, managed in secret by the Federal Deposit Insurance Corp.

Short legislative session to focus on jobs, economy

Posted: January 31st, 2010, 11:00pm EST

With this week’s often-testy tax measure campaign out of the way, Oregon lawmakers are finally ready to get down to business.

During recession, Aiellos add to their family and their portfolio

Posted: January 31st, 2010, 11:00pm EST

In June, a month before Tara Aiello gave birth to her second child, she and her husband, Brian, sat down with their financial adviser, Donald Kremer, to discuss strategies for the Aiellos’ recession-ravaged portfolio.

Harnett adopts hands-on investing strategy with private equity

Posted: January 31st, 2010, 11:00pm EST

Pre-recession, Matthew Harnett had about two-thirds of his holdings in stocks and bonds, and the remainder in private companies.

Expert Advice: What's your economic outlook for 2010?

Posted: January 31st, 2010, 11:00pm EST

Andre Weisbrod president and CEO, STAAR Financial Advisors Inc.

City's stimulus loan program running low

Posted: January 31st, 2010, 11:00pm EST

Birmingham’s Economic Stimulus Loan Program is nearly out of money, barely a year after it was established.

Vulcan Value Partners to start new mutual fund

Posted: January 31st, 2010, 11:00pm EST

Vulcan Value Partners, a local financial investment firm, plans to launch a new mutual fund. Next month, the Birmingham-based company will open its new fund – The Vulcan Value Partners Fund (NYSE: VVPSX) – to the public, the second mutual fund to set sail out of the Magic City in the past few months. (VVPSX) (VVPLX)

Obama proposes new limits on size, trading for largest banks

Posted: January 31st, 2010, 11:00pm EST

President Barack Obama escalated his war on Wall Street Thursday, proposing new limits on the size of banks and their trading activities.

Abolishing Washington state commissions may cut input, some fear

Posted: January 31st, 2010, 11:00pm EST

It was probably more fun to be on the Mortgage Broker Commission a couple of years ago.

McHugh headed to Cincinnati to lead Fifth Third operation

Posted: January 31st, 2010, 11:00pm EST

Louisville’s banking community is losing another high-profile executive to top corporate ranks.

Venture capital investing in Austin down 63%

Posted: January 31st, 2010, 11:00pm EST

Venture capital invested in Austin-area companies during 2009 declined more than double the national rate.

Wells Fargo closing 10 Wachovia branches, renaming 22 others

Posted: January 31st, 2010, 11:00pm EST

Austin’s banking landscape is due for a major change this summer. (WFC)

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Virtual Bridge’s mission: virtual Windows

Posted: January 31st, 2010, 11:00pm EST

When Virtual Bridges Inc. closed on a $4 million round of investment in January, it became the latest Austin company to capitalize on the growing virtualization approach to computing. (IBM) (VMW)

High-profile bank waits on regulators to move in downtown

Posted: January 31st, 2010, 11:00pm EST

Golden Pacific Bancorp, an effort started in fall 2008 to organize a bank, is still around — and awaiting approvals before it can open in downtown Sacramento.

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Divorce lawyers grapple with recession’s challenges

Posted: January 31st, 2010, 11:00pm EST

Imagine going through a painful divorce — then having to deal with your ex regularly to figure out what to do with the dream home that’s lost a third of its value.

Despite ruling, some see corporate political ads as unlikely

Posted: January 31st, 2010, 11:00pm EST

The U.S. Supreme Court has removed limits on political advocacy by corporations, but it’s not clear how many businesses will exercise their free-speech rights as a result of this decision.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/31/Hensley_a_%e2%80%98good_fit%e2%80%99_for_family_owned_bank'

Hensley a ‘good fit’ for family-owned bank

Posted: January 31st, 2010, 11:00pm EST

After the death of InvestorsBank’s founder and owner George Schonath, the family-owned bank needed more than just a new father figure.

Challenges await Quad in going public

Posted: January 31st, 2010, 11:00pm EST

After operating as a private company for nearly 40 years, Quad/Graphics Inc.’s pending acquisition of what once was the world’s largest commercial printing company will transform Quad into a publicly held entity for the first time.

Group to push for financial hub

Posted: January 31st, 2010, 11:00pm EST

Milwaukee is a long way from Wall Street, but a group of Milwaukee-area financial services executives is considering launching a strategy similar to the Milwaukee Water Council to promote and grow their industry in the region.

Slow economy causes big drop in MEDC loans

Posted: January 31st, 2010, 11:00pm EST

The current economic recession was the main cause of a 53.7 percent decline in loans for small-business capital projects and start-up businesses in 2009 at the Milwaukee Economic Development Corp., officials with the organization said.

Credit unions pump up business loans

Posted: January 31st, 2010, 11:00pm EST

Ron Legler recently asked two banks for a loan for the Florida Theatrical Association to buy and renovate a downtown Orlando building for its headquarters and a community theater.

Bargain investments ahead

Posted: January 31st, 2010, 11:00pm EST

Jon Wood is keeping a close watch on local commercial properties that are delinquent on loan payments or with loans coming due.

Expert Advice: What lesson did you take away from the recent recession?

Posted: January 31st, 2010, 11:00pm EST

Gil Davis managing director, CSD Financial “The recent recession reinforces our belief that asset allocation and long-range financial planning are keys to an individual’s financial success. Market timing and sexy get-rich strategies are seductive and dangerous.”

Birmingham's stimulus loan program running low

Posted: January 31st, 2010, 11:00pm EST

Birmingham’s Economic Stimulus Loan Program is nearly out of money, barely a year after it was established.

TIAA-CREF plans offshore move for some jobs

Posted: January 30th, 2010, 9:52am EST

Financial-services giant TIAA-CREF said it plans to relocate some processing functions overseas in a move that could affect some positions at its Denver offices, where it employs about 1,400.

PV Mayor Vernon Parker announcing bid for Congress

Posted: January 29th, 2010, 9:00pm EST

Paradise Valley Mayor Vernon Parker will announce his run for Congress Saturday with support from Maricopa County Sheriff Joe Arpaio.

American Marine Bank closed, sold to Columbia

Posted: January 29th, 2010, 8:25pm EST

Washington state regulators closed American Marine Bank Friday evening, ending the tenure of the 61-year-old institution based on Bainbridge Island.

Earnings jump for Stonegate Bank

Posted: January 29th, 2010, 7:17pm EST

Stonegate Bank (OTCBB: SGBK) of Fort Lauderdale, fresh on the heels of three acquisitions, reported a profit of $6.13 million for the fourth quarter, or $1.12 a share, up from $175,000 or 4.3 cents a share a year earlier.

Premier American gets quick growth

Posted: January 29th, 2010, 6:59pm EST

Premier American Bank N.A. of Miami was just born a week ago from the failure of a similarly named bank, but it isn’t wasting any time in growing.

Failed bank brings dose of good news for Georgia

Posted: January 29th, 2010, 6:43pm EST

Two more Georgia banks were shut down by regulators Friday, the first two failures of a new year expected to bring dozens more.

Community Bank & Trust of Cornelia fails

Posted: January 29th, 2010, 6:12pm EST

Regulators seized and sold Cornelia, Ga.-based Community Bank & Trust Friday, the second Georgia bank failure of 2010. The bank will reopen under its current name and under the operation of a South Carolina bank.

City Bank cuts Q4 loss to $38.3M

Posted: January 29th, 2010, 5:27pm EST

City Bank said it cut its fourth-quarter net loss go $38.3 million, or a loss of $2.43 per share, from $64.9 million, or a loss of $4.12 a share a year earlier. (CTBK)

First National Bank of Ga. fails, first of '10

Posted: January 29th, 2010, 5:17pm EST

The Office of the Comptroller of the Currency on Friday shut down First National Bank of Georgia, the first Peach State bank to fail in 2010.

First Banks narrows loss

Posted: January 29th, 2010, 4:58pm EST

First Banks Inc., the holding company of First Bank, narrowed its loss in the fourth quarter. (FBSP)

California Bank of Commerce posts Q4 loss

Posted: January 29th, 2010, 4:55pm EST

California Bank of Commerce, a Lafayette-based business bank, posted a fourth quarter loss as it made a “substantial” addition to its loan-loss reserves and narrowed start-up related costs.

Prospect Capital moves to block Allied Capital merger with Ares Capital

Posted: January 29th, 2010, 4:51pm EST

After its second overture to buy D.C.-based Allied Capital Corp. was rejected, Prospect Capital Corp. is appealing directly to Allied’s shareholders to block Allied’s pending acquisition by Ares Capital Corp. (ALD)

Losses to curb U.S. Century Bank's growth

Posted: January 29th, 2010, 4:45pm EST

Since getting a $50 million capital infusion from the federal TARP program in August, U.S. Century Bank has gone through 88 percent of that amount.

CenterState Banks 2009 net loss tops $8 million

Posted: January 29th, 2010, 4:26pm EST

With a net loss of more than $4 million in the fourth quarter of 2009, CenterState Banks Inc.’s loss for the full year was $8.3 million, or 39 cents a share. (CSFL)

Fredonia bank faces penalty from FDIC

Posted: January 29th, 2010, 4:18pm EST

The State Bank of Kansas in Fredonia has been issued a civil money penalty by the Federal Deposit Insurance Corp.

Tesla plans to raise up to $100M in IPO

Posted: January 29th, 2010, 4:17pm EST

Tesla Motors Inc. filed papers Friday for an initial public offering to raise as much as $100 million.

Tesla plans IPO to raise up to $100M

Posted: January 29th, 2010, 4:14pm EST

Electric car maker Tesla said Friday that it plans an initial public stock offering to raise up to $100 million.

Markets down despite economic growth news

Posted: January 29th, 2010, 3:40pm EST

The U.S. economy grew by 5.7 percent in the fourth quarter but that wasn’t enough to keep markets up on Friday.

Court OKs partial Atmel suit settlement

Posted: January 29th, 2010, 3:07pm EST

Atmel Corp. said Friday that U.S. District Court for the Northern District of California has preliminarily approved an agreement to settle litigation related to the company's stock option grant practices. (ATML)

Nashville Bank and Trust's balance sheet grows

Posted: January 29th, 2010, 2:36pm EST

Nashville Bank and Trust Company’ net income grew to $633,000 in 2009, up from $187,000 the year before, according to unaudited results announced today by its holding company, NBT Holdings Inc. The company also reported that the bank’s total assets on Dec. 31 were $183 million, up 17.1 percent from the year before, that deposits grew 19.8 percent to $155 million and total loans increased 6.8 percent to $136 million. Perhaps most impressive, given the atmosphere for banks, is that the 6-year-old bank reported no non-performing assets as of Dec. 31.

Falbo named CEO of Nebraska bank group

Posted: January 29th, 2010, 2:34pm EST

Former Associated Bank and State Financial Services executive Michael Falbo has been named chairman and CEO of TierOne Corp. in Lincoln, Neb. (TONE) (ASBC)

FirstBank profits up 15% in Q4, full-year 2009

Posted: January 29th, 2010, 2:24pm EST

FirstBank Holding Co.’s net income rose 15 percent in 2009 from the previous year, to $146.5 million, the banking company said Friday.

Jeffri Northcut named managing partner at Hyland, Block & Hyland

Posted: January 29th, 2010, 1:56pm EST

Jeffri Northcut has been named managing partner of Hyland, Block & Hyland insurance agency.

Central Pacific ends year with huge loss

Posted: January 29th, 2010, 1:36pm EST

Central Pacific Financial Corp. wrapped up the worst year in its 56-year history by losing $78 million in the fourth quarter, contributing to a staggering $292.8 million loss for 2009.

Business activity in Md. flat in January, Federal Reserve report says

Posted: January 29th, 2010, 1:28pm EST

Maryland’s business activity in January was virtually unchanged, but expectations for the next six months remain strong.

Regulators order review of Meramec Valley Bank

Posted: January 29th, 2010, 1:27pm EST

Meramec Valley Bank in Valley Park, Mo., must assess its management, examine its loan review process and work to reduce its exposure to risk, according to a consent order made public Friday by the Federal Deposit Insurance Corp.

Danvers Bancorp caps '09 with solid Q4

Posted: January 29th, 2010, 1:24pm EST

Danvers Bancorp Inc. capped 2009 with net income of $2.6 million in the fourth quarter, reversing a small loss in the year-ago period, as the bank expanded its loan portfolio through an acquisition and by taking business from larger competitors.

Tora Holdings Inc. nabs $36.4M

Posted: January 29th, 2010, 1:17pm EST

Tora Holdings Inc., a provider of trading technology and financial services focused on Asia, has raised $36.4 million in equity capital, according to a filing with the U.S. Securities and Exchange Commission.

U.S. to release more stimulus data

Posted: January 29th, 2010, 1:16pm EST

The federal government will release the latest stimulus data Saturday and will debut new features on the data tracing web site Recovery.gov including search functions for stimulus-funded jobs available and grants and loans awarded.

McHugh to head Fifth Third's investment advisors unit

Posted: January 29th, 2010, 12:58pm EST

Phil McHugh, president and CEO of Fifth Third Bank’s Louisville operation, will return to Cincinnati as head of the bank’s Investment Advisors unit. (FITB)

ESB reports record results for full-year 2009

Posted: January 29th, 2010, 12:49pm EST

ESB Financial Corp. reported record earnings for full-year 2009.

Growing area health-care VC infusions buck regional trend

Posted: January 29th, 2010, 12:38pm EST

While venture-capital investments in health-care startups in the Midwest dropped more than 25 percent last year, infusions in Central Ohio companies headed the opposite direction, according to a new report from BioEnterprise of Cleveland.

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Rivermist residents file lawsuit against Pulte and Centex over retaining-wall collapse

Posted: January 29th, 2010, 12:36pm EST

Less than a week after the retaining wall collapse at a Northwest Side community, a couple living in the Hills at Rivermist community have filed a lawsuit against the builders associated with that subdivision.

Franklin Synergy Bank makes profit in second year

Posted: January 29th, 2010, 12:32pm EST

Franklin Synergy Bank earned $116,000 in the fourth quarter, the company announced today, giving the 2-year-old bank a 2009 profit of $482,000 following its $1.8 million loss in 2008.

Ernst & Young: IPO activity jumps in Q4

Posted: January 29th, 2010, 12:26pm EST

Activity in the IPO pipeline reached a two-year record in the fourth quarter of 2009, meeting pre-recession levels with 53 companies entering into registration, 30 IPOs launched and the overall pipeline increasing to 54 registrants seeking to raise $10.3 billion, according to a study released Friday.

Frontier Financial loses $33.9M in Q4; shares fall

Posted: January 29th, 2010, 12:19pm EST

The bad news is that Frontier Financial Corp. reported a fourth-quarter loss of $33.9 million, or a loss of $7.19 per diluted share. The good news is that’s better than the fourth quarter of 2008, when the bank lost $89.5 million, or a loss of $19.03 per share. (FTBK)

Federal Deposit Insurance Corp. bans Mission Bank employee from banking

Posted: January 29th, 2010, 12:04pm EST

An employee who worked for The Mission Bank and pleaded guilty to embezzlement last year has been banned from banking by the Federal Deposit Insurance Corp.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/29/President_Obama_visits_Baltimore__A_transcript_of_his_speech_at_Chesapeake_Machine_Co.'

President Obama visits Baltimore: A transcript of his speech at Chesapeake Machine Co.

Posted: January 29th, 2010, 11:59am EST

The following is the transcript of President Barack Obama’s speech in downtown Baltimore Friday. During his trip, he toured Chesapeake Machine Co., a Baltimore company that manufacturers and repairs equipment and provides contract manufacturing. Terry Sims is the company’s owner; Joe Sedlak is operations manager.

First Marblehead cut Q2 costs, cash-burn

Posted: January 29th, 2010, 11:45am EST

First Marblehead Corp., whose student loan business has dried up over the past year, said it narrowed its loss in the fiscal second quarter and cut its cash-burn rate. (FMD)

IberiaBank posts $106M profit

Posted: January 29th, 2010, 11:37am EST

IberiaBank Corp., the company that owns the failed assets of CapitalSouth Bancorp., reported a large increase in profits in the fourth quarter.

Reports: PNC close to selling Global Investment Servicing to BNY Mellon

Posted: January 29th, 2010, 11:24am EST

Shares of PNC Financial Services Group Inc., surged 3.88 percent to $56.24 by noon Friday as several publications including the New York Times, Bloomberg News and the Wall Street Journal reported that the Pittsburgh-based bank is close to selling its Global Investment Servicing unit to New York City-based BNY Mellon, for $2.5 billion. (PNC)

Five Ga. banks slapped with regulatory orders

Posted: January 29th, 2010, 11:22am EST

The ranks of Georgia banks under some form of regulatory intervention swelled again in December, according to enforcement actions made public Friday by the Federal Deposit Insurance Corp.

Cadence Bank back in the black for fourth quarter

Posted: January 29th, 2010, 11:21am EST

Cadence Financial Corp. reported a profitable quarter for the first time in 2009 as charge-offs fell and the company's loan loss provision shrank.

OptimumBank loses third director

Posted: January 29th, 2010, 11:02am EST

Fort Lauderdale-based OptimumBank Holdings lost its third director in as many months with the resignation of Michael Bedzow. (OPHC)

Park National offering raises $17M

Posted: January 29th, 2010, 10:28am EST

Park National Corp. has closed the books on a recent stock offering that raised nearly $17 million in capital for the Newark bank.

Senate votes to give Bernanke a second term as Fed chairman

Posted: January 29th, 2010, 10:25am EST

The Senate confirmed Ben Bernanke for another four-year term as Federal Reserve chairman on Thursday, ending speculation that anger about Wall Street bailouts could cost Bernanke his job.

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Sun American Bank’s capital shortfall widens

Posted: January 29th, 2010, 10:22am EST

Just one week before a deadline from federal regulators to improve its capital or sell the bank, Sun American Bank disclosed that its capital shortfall grew even wider by the end of 2009.

NewBridge reports 4Q profit

Posted: January 29th, 2010, 10:13am EST

NewBridge Bancorp saw net income in the fourth quarter of 2009 of $51,000 and a net loss for the full year of $15.1 million, according to an earnings announcement.

Yarmuth, Beshear promote free tax preparation

Posted: January 29th, 2010, 10:13am EST

Congressman John Yarmuth, D-Ky., and Kentucky Gov. Steve Beshear joined representatives of the Louisville Asset Building Coalition and the Computer & Communications Industry Association Friday to announce nearly 200 free tax-preparation sites across Kentucky.

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Moynihan: BofA isn’t too big

Posted: January 29th, 2010, 10:11am EST

Bank of America Corp. Chief Executive Brian Moynihan is defending the bank’s size and business model from criticism and proposed regulations on Capitol Hill. (BAC)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/29/Travis_County_bond_rating_elevated__Fitch_cites_Austin_s__resilient_economy_'

Travis County bond rating elevated, Fitch cites Austin's 'resilient economy'

Posted: January 29th, 2010, 10:01am EST

Fitch Ratings elevated Travis County Emergency Services' District 1 bond rating to "BBB+" from "BBB" Thursday, citing Austin's "resilient area economy."

United Community narrows 4Q loss

Posted: January 29th, 2010, 9:47am EST

United Community Banks Inc. narrowed its loss in the fourth quarter, showing modest signs of improvement in non-performing assets from the prior quarter, though credit losses continue to challenge the state’s third largest banking company. (UCBI)

First Southern Bank loses $1.4M as loans stay flat

Posted: January 29th, 2010, 9:42am EST

Nearly a year after receiving a financial boost from the U.S. Department of the Treasury, First Southern Bank had little loan growth in the fourth quarter, although it did narrow its losses.

Wait receives Outstanding Business Leader award

Posted: January 29th, 2010, 9:15am EST

Northwood University has honored Charles Wait, president, chairman and CEO of The Adirondack Trust Co., with a 2010 Outstanding Business Leader Award.

Synovus consolidates charters, cuts St. Pete bank as stand-alone

Posted: January 29th, 2010, 8:56am EST

Synovus Financial Corp. plans to consolidate all its 30 of its separately chartered banks into a single bank by mid-2010. (SNV)

Harleysville National logs $2.8M 4Q profit

Posted: January 29th, 2010, 8:55am EST

Harleysville National Corp., scheduled to be sold to First Niagara Financial Corp. later this year, ended a difficult year on a positive note by getting back in the black. The bank earned $2.8 million, or 7 cents per share, in the fourth quarter, compared to $3.8 million, or 11 cents per share, in the same period of 2008. (FNFG) (HNBC)

State levies $5.5M in fines against Wall Street giants

Posted: January 29th, 2010, 8:47am EST

Secretary of the Commonwealth William F. Galvin announced Thursday that Massachusetts plans to collect $5.5 million in administrative fines from four securities firms.

Access National's earnings up 68%

Posted: January 29th, 2010, 8:33am EST

Reston-based Access National Corp. posted a 68 percent bump in earnings in the fourth quarter and a 103 percent gain in profits for the year, thanks to strong mortgage originations. (ANCX)

Berkshire Hills reports $24M net loss in 4Q

Posted: January 29th, 2010, 8:27am EST

Berkshire Hills Bancorp Inc. reported a net loss of $24 million for the fourth quarter, after taking aggressive action to address problems in its commercial loan portfolio.

Lathrop & Gage to pay $7.4M to settle malpractice suit

Posted: January 28th, 2010, 5:04pm EST

Lathrop & Gage has agreed to pay $7.4 million to settle a legal malpractice lawsuit.

Netflix soars on earnings, takeover rumors

Posted: January 28th, 2010, 4:48pm EST

Netflix Inc. stock soared about 24 percent Thursday after a strong earnings prompted a wave of analyst upgrades and renewed speculation of a possible sale to Amazon.com. (AMZN)

First Community loss swells on higher provision for bad loans

Posted: January 28th, 2010, 4:03pm EST

First Community Bank Corporation of America lost $5.5 million, or $1.33 a share, in 2009, compared with a net loss of $3.6 million, or 88 cents a share, in 2008. (FCFL)

Citigroup to buy $61.6M in auction rate securities from KV Pharmaceutical

Posted: January 28th, 2010, 3:54pm EST

Citigroup Global Markets Inc. has agreed to buy KV Pharmaceutical Co.’s remaining auction rate securities for $61.6 million, according to a KV regulatory filing Thursday.

Gowalla closes $8.4M financing round

Posted: January 28th, 2010, 3:46pm EST

Gowalla Inc. completed its $8.4 million Series B financing round, adding five more investors to the mix.

Capital Pacific returns to profitability

Posted: January 28th, 2010, 3:34pm EST

Capital Pacific Bancorp returned to profitability in the fourth quarter of 2009, but still lost $1.7 million for the year because of its third-quarter hangover.

Federated Investors 4Q profit lower

Posted: January 28th, 2010, 3:32pm EST

Federated Investors Inc., Pittsburgh, said it earned $51.9 million or 51 cents per diluted share during the fourth quarter of 2009, down almost 5 percent from $54.3 million or 53 cents a year ago. Federated (NYSE:FII) announced financials Thursday after the markets closed. (FII) (FII)

Synovus trims 4Q loss, cutting charters

Posted: January 28th, 2010, 3:16pm EST

Synovus Financial Corp. ended a 2009 it would like to forget, announcing Thursday it had pared its fourth quarter loss and that it could return to profitability late in 2010. (SNV) (SNV)

CalPERS urges banks to adopt reforms

Posted: January 28th, 2010, 3:07pm EST

The California Public Employees’ Retirement System joined about 30 other institutional investors Thursday to urge banks and other financial companies to implement shareholder advisory votes on executive compensation.

North State Bank to buy Affiliated Mortgage

Posted: January 28th, 2010, 3:02pm EST

North State Bank has signed an agreement to acquire the mortgage operations of Raleigh-based Affiliated Mortgage LLC, North State CEO Larry Barbour announced Thursday.

Fort Lauderdale waterfront apartments face foreclosure

Posted: January 28th, 2010, 2:49pm EST

Two apartment buildings along the water in Fort Lauderdale are the target of a foreclosure action by Biscayne Bank.

Regions Bank names Nivet new South Florida president

Posted: January 28th, 2010, 2:36pm EST

Regions Financial Corp. named Steve Nivet the South Florida area president for its Regions Bank subsidiary. (RF)

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Moody’s, S&P assign strong ratings to NADBank

Posted: January 28th, 2010, 2:27pm EST

The North American Development Bank (NADBank) has earned strong credit ratings from Moody’s Investor Service and Standard & Poor’s.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/28/Obama%e2%80%99s_small_business_proposals_get_mixed_reviews'

Obama’s small business proposals get mixed reviews

Posted: January 28th, 2010, 2:25pm EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

Obama’s small-business proposals get mixed reviews

Posted: January 28th, 2010, 2:07pm EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

Greater Baltimore businesses encouraged by Obama's economic focus

Posted: January 28th, 2010, 1:47pm EST

Greater Baltimore business advocates were encouraged by President Barack Obama’s focus on the economy in his State of the Union speech Wednesday night but still concerned about what the path to recovery will be.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/28/Cautious_optimism_in_Philadelphia_for_Obama%e2%80%99s_plan_to_fund_community_banks'

Cautious optimism in Philadelphia for Obama’s plan to fund community banks

Posted: January 28th, 2010, 1:35pm EST

Philadelphia-area economists and business owners expressed cautious optimism Thursday that President Obama’s plan to use TARP funding for community banks will help spark lending — and help small businesses weary from the recession.

Murfreesboro launching microloan program

Posted: January 28th, 2010, 1:20pm EST

Murfreesboro, Middle Tennessee State University and the the Tennessee Small Business Development Center are teaming up to create a microloan program for small businesses.

River Bank rebounds with loan, deposit growth

Posted: January 28th, 2010, 1:19pm EST

LSB Corp., the parent of River Bank in North Andover, said it swung to a full-year profit in 2009, recovering from turmoil on some soured investments as the lender posted double-digit loan and deposit growth and used increased capital to boost its quarterly cash dividend by 40 percent.

Banner Corp. pares Q4, 2009 losses

Posted: January 28th, 2010, 12:52pm EST

Banner Corp. reported a fourth-quarter loss attributable to shareholders of $5.5 million, or a loss of 27 cents per share, which compares with a loss of $79.4 million, or a loss of $4.72 per share a year earlier. (BANR)

Umpqua Bank parent posts $166M loss

Posted: January 28th, 2010, 12:43pm EST

Hefty provisions for reserves against loan losses caused Umpqua Holdings Corp. to post a $166.3 million loss in 2009, down from earnings of $49.3 million in 2008.

Heritage Financial reports Q4 net income of $772K

Posted: January 28th, 2010, 12:42pm EST

Heritage Financial Corp. said fourth-quarter income attributable to shareholders rose to $441,000, or 4 cents a share, from a loss of $337,00, or a loss of 5 cents per diluted share a year earlier. (HFWA)

Sandy Spring Bancorp posts 4Q loss

Posted: January 28th, 2010, 12:41pm EST

Loan losses of $21 million drove Sandy Spring Bancorp to a $4.4 million fourth-quarter loss. (SASR)

Columbia Banking Q4 income drops

Posted: January 28th, 2010, 12:21pm EST

Columbia Banking System Inc. said fourth-quarter income attributable to shareholders fell to $447,000, or 2 cents a share, from $1.3 million, or 7 cents a share a year earlier. (COLB)

Janus Q4 earnings soar

Posted: January 28th, 2010, 12:12pm EST

Janus Capital Group Inc. Thursday reported a nearly five-fold increase in fourth-quarter profit, citing a rise in assets under management. (JNS)

Losses deepen at Sandy Spring Bancorp in Q4

Posted: January 28th, 2010, 12:12pm EST

Continued credit problems pushed Olney-based Sandy Spring Bancorp Inc. deeper into the red in the fourth quarter, the company announced Thursday. (SASR)

Umpqua reports $153.4 million loss in 2009

Posted: January 28th, 2010, 12:01pm EST

A fourth-quarter loss of $26.7 million pulled Umpqua Holdings Corp. even further into the red last year, the Portland-based parent of Umqpua Bank and Umpqua Investments announced Thursday. (UMPQ)

Boston Medical Center's credit rating, outlook get slashed

Posted: January 28th, 2010, 11:54am EST

Standard & Poor’s Ratings Services has lowered its credit rating and levied a “negative outlook” for Boston Medical Center over concerns the hospital’s recent financial troubles are poised to worsen.

4Q profitable for Financial Institutions

Posted: January 28th, 2010, 11:51am EST

Financial Institutions Inc. turned a profit in the fourth quarter of 2009, earning $5.4 million in net income, according to its latest earnings report.

Guaranty Bancorp signs Fed agreement to strengthen oversight

Posted: January 28th, 2010, 11:34am EST

Guaranty Bancorp has signed an agreement with the Federal Reserve and state banking regulators to strengthen management oversight and credit-risk management, among other issues, the Fed and the company said on Thursday. (GBNK)

Report: Venture capitalists more confident

Posted: January 28th, 2010, 11:22am EST

Venture capitalists are growing ever more confident, continuing a rise in optimism throughout 2009, according to a University of San Francisco report.

Candidate withdraws from Analogic board vote

Posted: January 28th, 2010, 11:21am EST

Analogic Corp., a developer of medical imaging and security technologies, said health care executive Burton P. Drayer has withdrawn his name for consideration as a company director, according to a regulatory filing posted Thursday.

Dow skids 115 points by Thursday close

Posted: January 28th, 2010, 11:15am EST

Wall Street tripped again Thursday. The Dow Jones Industrial Average fell 115.70 points or 1.13 percent to 10,120.46. Nasdaq slid 42.41 points or 1.91 percent to 2,179.00. (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (EQT) (FII) (HNZ) (KMT) (KOP) (PNC) (PPG) (X) (WAB) (WCC)

PGT unveils $30 million rights offering

Posted: January 28th, 2010, 11:15am EST

PGT Inc. stockholders will receive a special dividend consisting of rights to purchase shares of the company’s common stock with an aggregate value of nearly $30 million. (PGTI)

Regulators OK United Insurance rate hike

Posted: January 28th, 2010, 11:12am EST

United Insurance Holdings Corp. said it received approval from the Florida Office of Insurance Regulation for rate increases on its homeowner and fire products.

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Hungrier investors fatten Waddell & Reed’s bottom line

Posted: January 28th, 2010, 11:04am EST

Growing investor appetites from a recovery in the stock market led Waddell & Reed Inc. to post increases in assets and income throughout all business segments in the fourth quarter of 2009. (WDR)

Obama’s small business proposals get mixed reviews

Posted: January 28th, 2010, 10:56am EST

Small businesses played a prominent role in President Obama’s State of the Union speech, but some business groups doubt that his proposals would lead many small firms to hire more workers.

SCBT earnings down in 4Q, year

Posted: January 28th, 2010, 10:31am EST

SCBT Financial Corp., parent of North Carolina Bank & Trust, reports fourth-quarter net income of $1.5 million, or 12 cents per diluted share. In 2008’s last quarter, SCBT earned $3.5 million, or 32 cents per diluted share. (SCBT)

Northwestern Mutual boosts dividends in 'rotten economy'

Posted: January 28th, 2010, 9:59am EST

Northwestern Mutual said it will pay about $4.7 billion in dividends in 2010 and strengthened its surplus and financial position during 2009.

First Trust 4Q earnings drop

Posted: January 28th, 2010, 9:54am EST

First Trust Bank reports reduced earnings for the fourth quarter and 2009.

Earnings up at Eagle Bancorp

Posted: January 28th, 2010, 9:41am EST

Bethesda-based Eagle Bancorp Inc. posted strong fourth quarter earnings Thursday. (EGBN)

Fidelity Bancorp 1Q earnings down

Posted: January 28th, 2010, 9:33am EST

Fidelity Bancorp Inc., Pittsburgh, said it earned $232,000 or 4 cents per diluted share for the quarter ended Dec. 31, the first of its fiscal year. Earnings were down 86 percent from $1.7 million or 53 cents a year ago. Results were announced after the markets closed Wednesday.

Invesco posts $322.5 million annual profit

Posted: January 28th, 2010, 9:29am EST

Invesco Ltd. reported its profit was down 33 percent in 2009, but its big fourth-quarter performance mirrored the rebound of the stock market. (IVZ)

HarQen raises $2.7 million in financing

Posted: January 28th, 2010, 9:29am EST

HarQen LLC, a Milwaukee developer of voice applications for business, has completed a financing round of $2.7 million led by Phenomenelle Angels Fund of Madison.

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Obama’s small biz ideas get mixed reviews

Posted: January 28th, 2010, 9:28am EST

Small business played a prominent role in President Barack Obama’s State of the Union speech Wednesday night, but some trade groups doubt his proposals will lead many small firms to add employees.

Obama’s small business proposals get mixed reviews

Posted: January 28th, 2010, 9:23am EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers. Obama said jobs “must be our No. 1 focus in 2010.”

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Mixed reviews for Obama’s small biz plans

Posted: January 28th, 2010, 9:22am EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

What they're saying in Colorado about Obama's State of the Union address

Posted: January 28th, 2010, 9:22am EST

President Barack Obama delivered his State of the Union address to Congress Wednesday night, saying that jobs “must be our No. 1 focus in 2010.” (Kent Hoover's report.)

Obama’s small business proposals get mixed reviews

Posted: January 28th, 2010, 9:10am EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

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National Penn Bancshares announces new CEO, enforcement agreement with regulators

Posted: January 28th, 2010, 9:10am EST

National Penn Bancshares said Thursday that Scott Fainor replaced Glenn Moyer as CEO and that the company lost $283 million in the fourth quarter and entered into an enforcement agreement with federal regulators. (NPBC)

Obama’s small-business proposals get mixed reviews

Posted: January 28th, 2010, 9:00am EST

Small business played a prominent role in President Barack Obama’s State of the Union speech Wednesday night, but some trade groups doubt his proposals will lead many small firms to add employees.

Obama’s small business proposals get mixed reviews

Posted: January 28th, 2010, 8:51am EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

Callaway Black adding Atlanta jobs

Posted: January 28th, 2010, 8:45am EST

The Callaway Black Group, an affiliate of Northwestern Mutual that provides financial services, plans to hire for 45 positions in Atlanta.

Obama’s small-business proposals get mixed reviews

Posted: January 28th, 2010, 8:44am EST

Small businesses played a prominent role in President Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

First Commonwealth 4Q earnings down 62 percent

Posted: January 28th, 2010, 8:44am EST

First Commonwealth Financial Corp., Pittsburgh’s fifth largest bank, Thursday said it earned $3.3 million or 4 cents per diluted share for the fourth quarter of 2009, down 62 percent from $8.9 million or 11 cents a year ago. (FCF)

Obama small biz plans get mixed reviews

Posted: January 28th, 2010, 8:41am EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers.

First Commonwealth names Rout from S&T Bancorp CFO

Posted: January 28th, 2010, 8:34am EST

Pittsburgh’s fifth-largest financial institution has hired the chief financial officer of the region’s sixth biggest bank. First Commonwealth Financial Corp. Thursday said it has appointed Robert Rout CFO and executive vice president. Rout previously was CFO, chief administrative officer and corporate secretary at S&T Bancorp. Both banks are based in Indiana, Pa., about 45 miles east of Pittsburgh. (STBA) (FCF)

Obama’s small business proposals get mixed reviews

Posted: January 28th, 2010, 8:29am EST

Small businesses played a prominent role in President Barack Obama’s State of the Union speech, but some business groups doubt his proposals would lead many small firms to hire more workers. Obama said jobs “must be our No. 1 focus in 2010.”

BankAtlantic Bancorp loses $48M

Posted: January 28th, 2010, 8:08am EST

BankAtlantic Bancorp lost $48 million, or 97 cents a share, in the fourth quarter as credit woes continued plaguing the company’s bank operations. (BBX)

Legacy Bancorp reports $3.8M net loss in 4Q

Posted: January 28th, 2010, 8:00am EST

Legacy Bancorp Inc. reported a net loss of $3.8 million, or 48 cents a share, for the fourth quarter.

First Hawaiian posts record '09 profit

Posted: January 28th, 2010, 4:01am EST

First Hawaiian Bank finished 2009 with a 3.6 percent increase in profits, a record.

Solutia posts profit in Q4

Posted: January 27th, 2010, 5:50pm EST

Solutia Inc. posted a profit and reported a 10 percent jump in sales in the fourth quarter. (SOA)

StanCorp Financial bounces back

Posted: January 27th, 2010, 4:59pm EST

StanCorp Financial Group’s profits rebounded to $208.9 million in 2009, or $4.27 per share, the Portland-based parent of Standard Insurance announced Wednesday. (SFG)

Cardinal Financial Q4 profits soar 92%

Posted: January 27th, 2010, 4:33pm EST

McLean-based Cardinal Financial Corp. posted a 91.6 percent gain in fourth quarter profits Wednesday.

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Developer O’Neill sues Citizens Bank of Pa. for $4B

Posted: January 27th, 2010, 4:26pm EST

Developer Brian O’Neill has sued Citizens Bank of Pennsylvania, seeking about $4 billion in damages, alleging that the bank wrongly demanded the return of a portion of millions it lent O’Neill before the money was due and reneged on long-promised construction financing.

Cullen/Frost ends 2009 on a profitable note

Posted: January 27th, 2010, 4:20pm EST

Cullen/Frost Bankers Inc. reported a slight dip in earnings in the fourth quarter as the financial services company worked to navigate the challenging economy. (CFR)

Tigard accountant guilty of mortgage fraud

Posted: January 27th, 2010, 4:20pm EST

A Tigard certified public accountant pleaded guilty to federal bank fraud and money laundering charges.

Community Valley Bancorp names Coger CEO

Posted: January 27th, 2010, 4:14pm EST

John Coger was named president and chief executive officer of Community Valley Bancorp, following the retirement of Keith Robbins, who had held the post since 1990.

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East West Bank CEO says ‘worst is behind us’ as bank posts Q4 profit

Posted: January 27th, 2010, 3:50pm EST

East West Bank, which acquired San Francisco-based United Commercial Bank last November, said it earned a fourth quarter profit after registering a gain from the FDIC-assisted acquisition and taking charges for investment and loan losses. (EWBC)

UCSF says laptop with 4,400 patient records stolen, then recovered

Posted: January 27th, 2010, 3:39pm EST

UC San Francisco said Wednesday that a laptop containing files with information on 4,400 patients was stolen from a UCSF School of Medicine employee on or about November 30.

Wells Fargo to rebrand its Texas Wachovia branches in July

Posted: January 27th, 2010, 3:38pm EST

Wells Fargo & Co. said it plans to convert its Wachovia Corp. branches in Texas to the Wells Fargo name in July, and will add 161 rebranded retail locations to its network in the process.

Fair Isaac profit rises in Q1

Posted: January 27th, 2010, 3:35pm EST

Fair Isaac Corp. reported Wednesday that its profit rose in the first quarter of 2010, even as revenue across its business units slid compared to the year-ago period. (FICO)

Symetra closes IPO, raises $282M

Posted: January 27th, 2010, 3:31pm EST

Symetra Financial Corp. said it’s closed its initial public offering of its stock at $12 a share. (SYA)

State grants to target life sciences firms

Posted: January 27th, 2010, 3:30pm EST

The Massachusetts Life Sciences Center, which administers the 10-year, $1 billion life sciences act, has announced it has set aside $3 million to launch a matching grant program for small companies.

Wells Fargo to phase out Wachovia brand in Texas

Posted: January 27th, 2010, 3:02pm EST

Wells Fargo & Co. is set to add 161 former Wachovia branches to its retail branch network in Texas this summer. (WFC)

NCB, FSB sees residential loan activity jump 38%

Posted: January 27th, 2010, 3:01pm EST

NCB, FSB, a D.C.-based federally chartered savings bank, said its residential loan activity across the U.S. rose by 38 percent last year.

Fed's Hoenig dissents on keeping interest rates near zero

Posted: January 27th, 2010, 2:56pm EST

Tom Hoenig, president of the Federal Reserve Bank of Kansas City, was the sole dissenting vote Wednesday when the Federal Open Market Committee decided to keep short-term interest rates near zero.

Dozens of GM, Chrysler dealers in Missouri and Kansas fight closure

Posted: January 27th, 2010, 2:52pm EST

Dozens of GM and Chrysler dealers in Missouri and Kansas that were marked for closure by the two auto giants are pursuing reinstatement.

NM banks, thrifts swing to loss in 3Q

Posted: January 27th, 2010, 2:48pm EST

New Mexico’s banks and thrifts swung to a loss in the third quarter of 2009, according to the Federal Deposit Insurance Corp.

IBM credit union narrows losses

Posted: January 27th, 2010, 2:42pm EST

Boca Raton-based IBM Southeast Employees Federal Credit Union narrowed its net loss to $3.3 million in 2009 from a loss of $5.3 million in 2008.

Space Coast Credit Union loses $20M

Posted: January 27th, 2010, 2:39pm EST

Space Coast Credit Union’s losses deepened to $20 million in the fourth quarter from a $2.3 million loss in the third quarter.

Tri Counties earnings fall 40%, reserves up

Posted: January 27th, 2010, 2:37pm EST

TriCo Bancshares, the Chico-based holding company for Tri Counties Bank, earned $10 million in 2009, down 40.7 percent from earnings of $16.8 million in 2008.

El Dorado Savings earns $10.7M in 2009

Posted: January 27th, 2010, 2:33pm EST

El Dorado Savings Bank earned $10.7 million in 2009, up 12 percent from earnings of $9.5 million in 2008.

State sues principals at bankrupt investment shop

Posted: January 27th, 2010, 2:10pm EST

The state is suing the two principals at a now-bankrupt commercial lending operation for allegedly sidestepping Massachusetts laws in selling $9.4 million in unregistered securities to local investors.

Two tax professionals sue H&R Block, alleging labor standards violations

Posted: January 27th, 2010, 2:10pm EST

Two tax professionals from Columbia, Mo., are suing H&R Block Inc., alleging violations of the Fair Labor Standards Act. (HRB)

Yelp gets $25 million investment

Posted: January 27th, 2010, 2:04pm EST

Elevation Partners will invest $25 million in restaurant and business review site Yelp.

Independent analysts like Xerox, ACS merger

Posted: January 27th, 2010, 2:03pm EST

Three independent voting advisory firms have released a statement to shareholders of Xerox Corp. and Affiliated Computer Services saying they agree with the merger of the two companies.

Ten Austin Wachovia branches closing

Posted: January 27th, 2010, 2:02pm EST

Austin’s banking landscape is due for a major change this summer. (WFC)

Collins out of governor's race

Posted: January 27th, 2010, 1:58pm EST

Erie County Executive Chris Collins said he is comfortable with his decision not to run in this year’s New York state gubernatorial race, even though there were many urging him to officially seek the office.

Wachovia branches get a name change

Posted: January 27th, 2010, 1:57pm EST

Wells Fargo & Co. is making plans to convert the Texas locations of Wachovia Corp. it had acquired in its 2008 acquisition of the bank into Wells Fargo branches. (WFC)

Peoples Bancorp earnings down

Posted: January 27th, 2010, 1:44pm EST

Peoples Bancorp of North Carolina Inc., parent company of Peoples Bank, reports fourth-quarter earnings of $283,000, or 5 cents per diluted share. In the same period in 2008, the Newton-based company earned $397,000 or 7 cents per diluted share. (PEBK)

Hawker names Asian-Pacific sales leader

Posted: January 27th, 2010, 1:40pm EST

Hawker Beechcraft Corp. announced Wednesday the appointment of Justin Firestone to the position of president in its Asian-Pacific sales division.

Village Shoppes at Pine Plaza in default

Posted: January 27th, 2010, 1:13pm EST

An affiliate of Stiles Capital Partners, an investment group managed by Fort Lauderdale-based Stiles Corp., has been hit with a $17.3 million foreclosure lawsuit targeting the Village Shoppes at Pine Plaza in Sunrise.

Enterprise Bank closes '09 with red-hot Q4

Posted: January 27th, 2010, 12:56pm EST

Enterprise Bancorp Inc. said net income surged 43 percent in 2009 as the Lowell, Mass.-based bank saw double-digit increases in assets, loans and deposits.

UF survey: Real estate gloom and doom remains

Posted: January 27th, 2010, 12:45pm EST

Just yesterday, a University of Florida survey found Floridians’ confidence in the economy had reached its highest level in two years.

Mercantil Commercebank flips to profit

Posted: January 27th, 2010, 12:33pm EST

Mercantil Commercebank flipped to a $6.2 million profit in the fourth quarter, following an $18 million third quarter loss.

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Circle Bank’s Q4 earnings up 41 percent as bank plans expansion

Posted: January 27th, 2010, 12:24pm EST

Circle Bancorp posted a 41 percent jump in fourth quarter profit and said it’s looking to relocate its Novato headquarters within that city and explore future branch sites along the 101 Freeway.

American River earnings fall as it boosts reserves

Posted: January 27th, 2010, 12:04pm EST

American River Bankshares earned $1.59 million in 2009, down 71 percent from earning $7.6 million in 2008.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/27/BATS_Exchange_gets_Securities_and_Exchange_Commission_approval_to_launch_options_trading'

BATS Exchange gets Securities and Exchange Commission approval to launch options trading

Posted: January 27th, 2010, 12:00pm EST

The Securities and Exchange Commission has given BATS Exchange the go-ahead to launch a U.S. equity options trading platform, the exchange said Wednesday.

Wells Fargo to rebrand its Texas Wachovia branches in July

Posted: January 27th, 2010, 11:59am EST

Wells Fargo & Co. said it plans to convert its Wachovia Corp. branches in Texas to the Wells Fargo name in July, and will add 161 rebranded retail locations to its network in the process.

Bremer profits down 9.5% in 2009

Posted: January 27th, 2010, 11:24am EST

Bremer Financial Corp. profits were down 9.5 percent in 2009, as the St. Paul-based banking company set aside more money to cover bad loans.

WesBanco Inc. 4Q net income up 33 percent

Posted: January 27th, 2010, 11:20am EST

WesBanco Inc., Wheeling. W.Va., said fourth-quarter net income available to common shareholders was $7.3 million or 27 cents per diluted share, up 33 percent from $5.5 million or 21 cents last year. WesBanco (Nasdaq:WSBC) has two branches in the Pittsburgh region.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/27/Greene_County_Bancorp%e2%80%99s_2Q_net_income_up'

Greene County Bancorp’s 2Q net income up

Posted: January 27th, 2010, 11:11am EST

Greene County Bancorp Inc. reported higher net income for both the quarter and six months ended Dec. 31.

Frost Bank parent annual/quarterly profits slide

Posted: January 27th, 2010, 11:06am EST

San Antonio-based Cullen/Frost Bankers Inc., the parent for Frost Bank, experienced continued income drops in the fourth quarter and made less in 2009 than the year before, the company reported today.

LCNB profits inch up for 4Q, full year

Posted: January 27th, 2010, 10:59am EST

LCNB Corp. grew its revenues and earnings for the fourth quarter and year, despite higher loan losses and charge-offs.

Sea Island Co. to hire investment banker, could be prelude to possible sale

Posted: January 27th, 2010, 10:22am EST

Embattled Sea Island Co. said Wednesday it will hire an investment bank to review its “strategic options,” which could include new ownership for the exclusive Georgia coastal resort and community. (SNV)

Heartware seeks around $50M via stock sale

Posted: January 27th, 2010, 9:59am EST

Cardiac-device maker HeartWare International Inc. is looking to raise roughly $50 million through a public stock offering, the company disclosed in a regulatory filing Wednesday.

CNA Financial Corp. adds Austin business development exec

Posted: January 27th, 2010, 9:51am EST

One of the nation's largest insurers CNA Financial Corp. (NYSE: CNA) today added a position to develop business in Austin and other large Texas metros. (CNA)

Piedmont Investment Advisors hires 3 vice presidents

Posted: January 27th, 2010, 9:40am EST

Piedmont Investment Advisors has beefed up its team with the hiring of three new vice presidents, the Durham-based, asset-management firm says.

Piper Jaffray beats Q4 expectations

Posted: January 27th, 2010, 9:32am EST

Piper Jaffray Cos.’s fourth-quarter profits beat analysts’ expectations as the Minneapolis-based investment bank enjoyed soaring investment banking and institutional brokerage income. (PJC)

Kentucky joins online effort to vet mortgage lenders

Posted: January 27th, 2010, 9:28am EST

State government is offering consumers an online resource to make sure mortgage lenders are licensed.

RBC holding home-buying class in ATL

Posted: January 27th, 2010, 9:12am EST

RBC Bank will hold a workshop Jan. 30 in Atlanta to help first-time homebuyers.

Mercantile Bank parent South Financial posts $737M loss for 2009

Posted: January 27th, 2010, 9:04am EST

The South Financial Group reported a net loss of $736.9 million, or $5.22 a share, for 2009, compared with a net loss of $568.8 million, or $7.78 a share, in 2008. (TSFG)

Udall will vote to reconfirm Fed's Bernanke

Posted: January 27th, 2010, 8:50am EST

U.S. Sen. Mark Udall of Colorado said Wednesday that he will vote to reconfirm Ben Bernanke for a second term, despite what Udall called the Federal Reserve chairman's "past mistakes."

ReachForce shakes up management, gets financing

Posted: January 27th, 2010, 8:30am EST

Software maker ReachForce Inc. shuffled its management and grabbed a another round of financing, this time from New York-based Greenhill SAVP.

Regions Financial Corp. posts $606M net loss

Posted: January 27th, 2010, 8:26am EST

Regions Financial Corp.’s struggles continued in the fourth quarter as the bank’s earnings results were hit by rising bad loans and a ballooning loan loss provision.

First Financial boosts profits, announces public offering

Posted: January 27th, 2010, 4:15am EST

First Financial Bancorp, helped by acquisitions, beat Wall Street’s outlook for its fourth quarter, and boosted profits for the quarter and full year. (FFBC)

Cheviot's 4Q earnings fall

Posted: January 27th, 2010, 4:10am EST

Cheviot Financial Corp.’s fourth-quarter profits declined 19 percent after net interest income slumped. (CHEV)

Weisel Partners posts Q4 loss

Posted: January 26th, 2010, 4:37pm EST

San Francisco investment bank Thomas Weisel Partners Group said Tuesday that losses continued but that the firm is at an “inflection point,” given the improving capital markets and more active IPO calendar. (TWPG)

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Cascade Financial reports profitable Q4 but loses $25.8M in ’09

Posted: January 26th, 2010, 4:01pm EST

Cascade Financial Corp. reported fourth-quarter net income attributable to shareholders of $521,000, or 4 cents per diluted share, which compares with earnings of $2.2 million, or 18 cents per share a year earlier. (CASB)

Xiha Life raises $1 million

Posted: January 26th, 2010, 2:51pm EST

Social network Xiha Life raised $1 million in seed funding. (GOOG)

Central Valley Fund invests $3M into records company

Posted: January 26th, 2010, 2:47pm EST

The Central Valley Fund announced Tuesday it invested $3.75 million into Quest Discovery Services, a San Jose-based company that gets, provides and duplicates legal documents for medical and public records for law firms and insurance companies.

Enterprise Financial cuts loss in Q4

Posted: January 26th, 2010, 2:43pm EST

Enterprise Financial Services Corp., parent of Enterprise Bank & Trust in Clayton, Mo., cut its loss in the fourth quarter to $1.5 million, compared with a loss of $5.4 million a year earlier.

Bob Herz of FASB: Transparency needed to avoid another crash

Posted: January 26th, 2010, 2:36pm EST

A leading financial regulator considers greater transparency the key to preventing the “exploding markets” he and other experts say spurred the recession.

Dallas Logistics Hub developer files Ch. 11

Posted: January 26th, 2010, 2:32pm EST

The developer behind the Dallas Logistics Hub has filed for Chapter 11 bankruptcy and plans to reorganize its debts.

IRS agents arrest Minnesota man over alleged mortgage fraud scheme

Posted: January 26th, 2010, 2:31pm EST

Federal authorities say they’ve caught up with Michael Prieskorn, a Minnesota man missing for months after being connected to an alleged multimillion-dollar mortgage fraud scheme.

SWBC acquires Florida technology firm

Posted: January 26th, 2010, 2:29pm EST

SWBC has bought a high-tech company that specializes in the field of artificial intelligence based software.

EARNINGS REPORT: Regions Financial Corp.

Posted: January 26th, 2010, 2:17pm EST

Regions Financial Corp. (RF)

UMB profit rises 18% in Q4

Posted: January 26th, 2010, 2:11pm EST

UMB Financial Corp., the holding company for UMB Bank, faced increasing expenses and shrinking interest margins in 2009, but remained solidly in the black, boosted by a strong fourth quarter.

Wells Fargo expands ExpressSend service in Latin America

Posted: January 26th, 2010, 1:49pm EST

Wells Fargo said Tuesday that it more than doubled the number of countries that can receive its ExpressSend remittance service. (WFC)

UMB Financial earnings drop in 2009, rise in fourth quarter

Posted: January 26th, 2010, 1:42pm EST

UMB Financial Inc. faced increasing expenses and shrinking interest margins in 2009, but remained solidly in the black, boosted by a strong fourth quarter.

FirstMerit profit drops in 4Q

Posted: January 26th, 2010, 1:25pm EST

Akron’s FirstMerit Corp. finished 2009 with a drop in quarterly and full-year earnings but told investors Tuesday it’s well-poised in the new year as its deposits and branch network grow. (FMER)

Waltham's financing plan clouded by low cash reserves

Posted: January 26th, 2010, 12:58pm EST

The City of Waltham’s planned $6.8 million municipal bond offering has received a top rating from Moody’s Investors Service, but the rating agency says a key cash balance for the city has dropped to its lowest level in more than a decade.

BNY Mellon's local units help drive strong Q4

Posted: January 26th, 2010, 12:39pm EST

Bank of New York Mellon Corp. swung into the black in the fourth quarter on strong earnings growth within its Boston-based wealth and asset management divisions. (BK)

Strickland touts job creation efforts in State of State speech

Posted: January 26th, 2010, 12:33pm EST

Criticized by political foes for doing too little to revive Ohio’s sagging economy, Gov. Ted Strickland on Tuesday rolled out a number of ideas aimed at helping businesses grow and create jobs.

Folsom Lake Bank posts $1.7M loss

Posted: January 26th, 2010, 12:21pm EST

Folsom Lake Bank, a 2007 startup, ended 2009 with $103 million in assets, an increase of 70 percent from the year earlier.

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Prospect Capital raises bid for Allied Capital, threatens hostile takeover

Posted: January 26th, 2010, 12:14pm EST

A week after D.C.-based private equity company Allied Capital Corp. rejected a takeover bid from Prospect Capital Corp. in favor of its pending deal to be bought by Ares Capital Corp., Prospect has come back with a higher offer. (ALD)

Timberland Bancorp reports Q1 loss

Posted: January 26th, 2010, 11:49am EST

Timberland Bancorp Inc. reported a first-quarter loss to shareholders of $35,000, or a loss of 1 cent per share, which compares with net income of $343,000, or earnings of 5 cents per share a year earlier. (TSBK)

Fed puts Community Resource Bank on short leash

Posted: January 26th, 2010, 11:36am EST

The Federal Reserve has increased its oversight of Community Resource Bank, placing restrictions on how it grants loans and requiring it to submit written plans on how the Northfield-based bank will get its financial house in order.

Cardtronics cruises to a new ATM deal with Carnival

Posted: January 26th, 2010, 11:06am EST

Cardtronics Inc. has reached an agreement with Carnival Corp. to provide ATM services on five Carnival ships. (CCL) (CATM)

Loan losses continue to hurt Regions

Posted: January 26th, 2010, 11:03am EST

The losses narrowed for Regions Financial Corp. in the fourth quarter, but the company is still feeling the effects of bad loans and poor investments. (RF)

Virginia Heritage swings to profits

Posted: January 26th, 2010, 11:02am EST

Virginia Heritage Bank reported profits for its fourth quarter and full year after the Fairfax bank's assets, deposits and loans swelled in 2009.

Emdeon buys FutureVision, expects electronic billing boost

Posted: January 26th, 2010, 10:39am EST

Nashville-based medical billing company Emdeon Inc. has purchased a Salt Lake City company in a move that it hopes will free itself from a major chore — handling the vast reams of paper bills that still dominate the health care industry. (EM)

Siuslaw Financial Group earns less in 2009

Posted: January 26th, 2010, 10:38am EST

Siuslaw Financial Group reported lower earnings for 2009.

Regions Financial Corp. posts $606M net loss

Posted: January 26th, 2010, 10:37am EST

Regions Financial Corp.’s struggles continued in the fourth quarter as the bank’s earnings results were hit by rising bad loans and a ballooning loan loss provision.

JER Investors gets another loan extension

Posted: January 26th, 2010, 10:32am EST

A subsidiary of McLean-based JER Investors Trust Inc. has received a second extension to repay an $8.6 million debt to J.P. Morgan Securities Inc., the company reported in a securities filing.

Virginia Commerce Bank earns $2.9 million in fourth quarter

Posted: January 26th, 2010, 10:23am EST

Arlington-based Virginia Commerce Bancorp Inc. posted a profit in the fourth quarter after three straight quarters in the red. (VCBI)

Tampa market takes toll on Whitney

Posted: January 26th, 2010, 10:21am EST

Whitney Holding Corp. reported a net loss of $78.4 million, or $1.08 a share, for the year ended Dec. 31, compared with net income of $58 million, or 88 cents a share, in 2008. (WTNY)

Travelers reports record profits for 4Q

Posted: January 26th, 2010, 9:52am EST

The Travelers Cos. on Tuesday reported its highest quarterly profit since going public in 2002, as the New York-based insurer benefitted from rebounding investments. (TRV)

Former Guaranty Bank executive Stephen Raffaele joins F&M Bank

Posted: January 26th, 2010, 9:48am EST

F&M Bank Corp. in Tulsa has named a former executive of Dallas-based Guaranty Bank to a senior executive post.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/26/Park_National_4Q_profit_up_to_close_%e2%80%9909'

Park National 4Q profit up to close ’09

Posted: January 26th, 2010, 9:47am EST

Lower loan-loss provisions helped Park National Corp. to an increase in its fourth-quarter net income as the Newark banking company closed out a profitable year.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/26/Area_CEOs_have_mixed_opinions_on_whether_business_conditions_will_improve_in_2010'

Area CEOs have mixed opinions on whether business conditions will improve in 2010

Posted: January 26th, 2010, 9:30am EST

Some 45 percent of western Pennsylvania CEOs expect business conditions for the state economy to improve in 2010, though 29 percent believe it won’t. That was slightly below the state as a whole, according to a first-time survey by First Niagara Financial Group Inc., Buffalo, which entered the Pittsburgh region last September and is expected to close an acquisition in the Philadelphia area this quarter.

Quad/Graphics to acquire rival printer

Posted: January 26th, 2010, 9:00am EST

Quad/Graphics Inc., the largest privately held printer in the United States, plans to acquire Canadian rival World Color Press Inc. in a deal announced Tuesday.

SBA loans up 28% in NE Florida

Posted: January 26th, 2010, 8:53am EST

The U.S. Small Business Administration increased the number of loans it guaranteed in Northeast Florida by 28 percent in the first quarter of fiscal 2010, and 41 percent by dollar volume.

Githens made president, CEO of Risk Management Association

Posted: January 26th, 2010, 8:53am EST

Former banking executive William F. Githens has been appointed president and CEO of the Risk Management Association.

Walter Investment hires board member Denmar Dixon as EVP

Posted: January 26th, 2010, 8:49am EST

Walter Investment Management Corp. said Denmar Dixon was appointed vice chairman and executive vice president. (BAC) (WLT)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/26/Regulators_taking_more_time_to_consider_Churchill_Downs__Youbet.com_merger'

Regulators taking more time to consider Churchill Downs, Youbet.com merger

Posted: January 26th, 2010, 8:41am EST

Federal regulators have asked Churchill Downs Inc. and advance-deposit wagering company Youbet.com Inc. to submit more information regarding their proposed merger, and they have extended the amount of time to consider the merger under antitrust laws. (CHDN) (UBET)

MGIC reports $280 million fourth quarter loss

Posted: January 26th, 2010, 8:38am EST

MGIC Investment Corp. said its fourth quarter net loss was $280.1 million, which was slightly higher than the net loss a year earlier. (MTG)

TSYS lengthens deal with U.S. Bank

Posted: January 26th, 2010, 8:32am EST

TSYS said Tuesday it inked a new long-term commercial card payment services agreement with Minneapolis-based U.S. Bank. (TSS) (USB)

S.Y. Bancorp 4Q profit rises 10 percent

Posted: January 26th, 2010, 8:02am EST

S.Y. Bancorp Inc. reported improved profit for the fourth quarter 2009 but still posted a decline in profit for all of 2009, a year that S.Y. Bancorp chairman and CEO David Heintzman called “one of the most challenging for the banking industry since the Great Depression.” (SYBT)

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NBT’s 4Q earnings drop to $13.8M

Posted: January 26th, 2010, 7:49am EST

NBT Bancorp Inc. saw a decline in fourth quarter earnings, but still came in just ahead of analyst estimates.

Western & Southern senior VP Heenan dies

Posted: January 26th, 2010, 7:41am EST

Western & Southern Financial Group executive Edward Heenan died Jan. 22 after a battle with cancer.

Cintas, Hayneedle, U.S. Bank win tax credits for Cincinnati-area projects

Posted: January 26th, 2010, 4:15am EST

Three Greater Cincinnati projects, for Cintas Corp., Hayneedle Inc. and U.S. Bank, have won Job Creation Tax Credits, the Ohio Department of Development said Monday. (CTAS) (USB)

Bank tax 'strictly political,' but popular

Posted: January 25th, 2010, 11:01pm EST

President Barack Obama's proposed new tax on large financial institutions has a good chance of passing Congress, despite objections that it is unfair and could make credit even harder to get.

FDIC chief expects 2010 bank failures to exceed 2009

Posted: January 25th, 2010, 7:32pm EST

Reacting to President Barack Obama’s recent proposal to impose limits on the size and scope of banks, Federal Deposit Insurance Corp. Chairwoman Sheila Bair said during a visit to Miami on Monday that institutions should wall off their non-bank financial activities from their insured deposits.

TransEnterix CFO experienced in IPOs

Posted: January 25th, 2010, 4:41pm EST

Durham medical device company TransEnterix has named a medical device industry veteran chief financial officer.

Enterprise Financial raises $15 million

Posted: January 25th, 2010, 4:35pm EST

Enterprise Financial Services Corp., parent of of Enterprise Bank & Trust in Clayton, Mo., said Monday it met its goal and raised $15 million from 40 investors in a private offering.

Versa Capital Management opens Chicago, L.A. offices

Posted: January 25th, 2010, 3:59pm EST

Versa Capital Management Inc., a special-situation private-equity fund based in Philadelphia, said Monday it has opened offices in Chicago and Los Angeles.

CoMet closes on $2 million in venture funding

Posted: January 25th, 2010, 3:57pm EST

Albuquerque-based CoMet Solutions Inc. has closed on a $2 million series B round of funding to expand sales, marketing and customer support.

Highline Wealth Management opens office in Plymouth Meeting

Posted: January 25th, 2010, 3:55pm EST

Highline Wealth Management said Monday that it has opened an office in Plymouth Meeting, Pa.

Hylant to acquire W Group

Posted: January 25th, 2010, 3:54pm EST

One of the largest independent insurance brokerages in Central Ohio is acquiring the W Group of Cincinnati.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/25/Capital_Bank_receives_%e2%80%98outstanding%e2%80%99_rating'

Capital Bank receives ‘outstanding’ rating

Posted: January 25th, 2010, 3:45pm EST

Capital Bank & Trust Co. received a Community Reinvestment Act rating of “Outstanding” in an evaluation performed by the New York State Banking Department.

CORAID gets $10 million, names execs

Posted: January 25th, 2010, 3:38pm EST

CORAID Inc., a digital storage technology vendor that claims to save customers money, has closed a $10 million Series A venture round with Allegis Capital and Azure Capital Partners and made several top executive appointments.

Scottrade to employ 285 at Westminster site

Posted: January 25th, 2010, 3:10pm EST

Online investing firm Scottrade Inc. has bought a 204,000-square-foot office building in Westminster for a corporate office that’s expected to house roughly 285 employees in the next five years. (JLL)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/25/Kimberly_Clark_warns_shareholders_of_stock_purchase_offer_from_TRC_Capital'

Kimberly-Clark warns shareholders of stock purchase offer from TRC Capital

Posted: January 25th, 2010, 2:58pm EST

Diaper and tissue maker Kimberly-Clark Corp. is advising shareholders to be wary of an unsolicited “mini-tender offer” by TRC Capital Corp. to acquire up to 2 million shares of Kimberly-Clark common stock. (KMB)

Gibson Guitar, others accused of price-fixing

Posted: January 25th, 2010, 2:55pm EST

Gibson Guitar Corp. is embroiled in a series of lawsuits accusing the Nashville manufacturer and various other organizations of rigging prices across the country.

Credit Union of Johnson County becomes Mainstreet Credit Union

Posted: January 25th, 2010, 2:27pm EST

Credit Union of Johnson County is changing its name to Mainstreet Credit Union to reflect its growing presence throughout the Kansas City area.

Plug touts 2009 progress, sets 2010 goals

Posted: January 25th, 2010, 1:55pm EST

Fuel-cell developer Plug Power Inc. says it had 786 total orders last year, down from the milestone it set of 1,000.

S. Fla. SBA lending up 86 percent in Q1

Posted: January 25th, 2010, 1:46pm EST

The U.S. Small Business Administration reported lending in South Florida shot up 86 percent to $148.5 million in the first fiscal quarter ended Dec. 31. The total number of SBA loans increased 69 percent to 389 year over year.

VideoIQ closes $6 million venture round

Posted: January 25th, 2010, 1:40pm EST

VideoIQ Inc. has raised $6 million in a third round of equity financing, the company reported in a regulatory filing posted Monday by the Securities and Exchange Commission. (GE)

Earnings tumble at Northwest Bancshares

Posted: January 25th, 2010, 1:36pm EST

Northwest Bancshares Inc. posted fourth-quarter earnings of $1 million Monday, down 91 percent from a year ago. (NWBI)

Bank of Marin reports flat earnings in Q4

Posted: January 25th, 2010, 1:35pm EST

Bank of Marin said Monday that fourth quarter earnings were essentially flat as bad loans rose due to residential development lending in Sonoma County. (BMRC) (TAMB)

Bank of Hawaii earns $144M, lower than '08

Posted: January 25th, 2010, 1:21pm EST

Bank of Hawaii boosted fourth-quarter earnings by selling nearly $26 million in securities, but ended the year seeing its profits fall by nearly 25 percent on significantly lower interest income. (BOH)

Live Nation/Ticketmaster merger approved by Justice Department

Posted: January 25th, 2010, 1:21pm EST

Live Nation and Ticketmaster Entertainment Inc. finally cleared the last hurdle to their much-discussed merger on Monday as they garnered approval from the U.S. Department of Justice and the Canadian Bureau of Competition, once several concessions are met.

Ambient to issue shares, retire debt

Posted: January 25th, 2010, 1:20pm EST

Ambient Corp., a provider of networking services over broadband, has issued roughly 666 million shares of common stock to its largest shareholder, Vicis Capital LLC, in order to retire roughly $10 million long-term debt.

Dana-Farber posts strong '09 on revenue gains

Posted: January 25th, 2010, 1:00pm EST

Dana-Farber Cancer Institute Inc. reported a strong uptick in operating income in fiscal 2009 amid a double-digit increase in patient-service revenue.

Lankford joins Fidelity Southern board

Posted: January 25th, 2010, 12:50pm EST

Fidelity Southern Corp. has added William C. Lankford Jr. to its board of directors, and to the board of Fidelity Bank. (LION)

WealthTouch reports $11M in new capital

Posted: January 25th, 2010, 12:15pm EST

WealthTouch Inc., a company that assists wealthy families with financial reporting, expense management and bill paying, said Monday it has received $11 million in capital from unnamed “international private investors.”

Access National Bank hires Blue Water Capital founder Henry Barratt

Posted: January 25th, 2010, 11:59am EST

Reston-based Access National Bank has hired Blue Water Capital co-founder Henry Barratt as a senior vice president of commercial lending. (ANCX)

Scottrade to add 285 jobs in Colorado

Posted: January 25th, 2010, 11:48am EST

Online brokerage Scottrade is expanding in Colorado with a new office building and plans to add 285 jobs there over five years.

Dallas Fed appoints Kinetic Concepts CEO to San Antonio board

Posted: January 25th, 2010, 11:39am EST

Kinetic Concepts Inc. President and CEO Cathy Burzik has been named a director of the San Antonio Branch of the Federal Reserve Bank of Dallas. (KCI)

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Cornerstone Bancshares reaches agreement with bank regulators to strengthen performance

Posted: January 25th, 2010, 11:32am EST

Cornerstone Bancshares Inc. has worked out an agreement with federal and state regulators designed to improve its performance, which declined because of a rising number of problem loans.

Baylake reports a 4Q profit

Posted: January 25th, 2010, 11:19am EST

Baylake Corp. said Jan. 22 that it posted a profit of $678,000 for the fourth quarter of 2009, a turnaround from its net loss of $9.9 million the year before.

West Coast Bancorp reports large loss

Posted: January 25th, 2010, 10:43am EST

West Coast Bancorp lost $94.2 million in 2009, a tumultuous year in which the institution found itself under enforcement orders from both the Federal Deposit Insurance Corp. and the Federal Reserve. (WCBO)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/25/USAA_posts_decade%e2%80%99s_best_mutual_fund_performance'

USAA posts decade’s best mutual fund performance

Posted: January 25th, 2010, 10:36am EST

A USAA-managed mutual fund has been named the top-performing fund of the decade.

ViaNovo partner joins Compass Bank board

Posted: January 25th, 2010, 10:00am EST

Antonio Garza, partner with Austin-based international management and consulting firm ViaNovo, was appointed to the Compass Bank board of directors, BBVA Compass officials said today. (BBVA)

DCB Financial idles dividend

Posted: January 25th, 2010, 9:36am EST

On the heels of more than $2 million in losses for the first three quarters of 2009, the parent of Delaware County Bank and Trust Co. told investors it won’t pay a dividend for the final three months of the year.

Harleysville shareholders approve merger with First Niagara

Posted: January 25th, 2010, 9:33am EST

Shareholders of Harleysville National Corp. have approved the Pennsylvania company’s merger with First Niagara Financial Group, Inc.

People on the Move: Jan. 25

Posted: January 25th, 2010, 9:08am EST

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.com.

Convio Inc. to make initial public offering up to $57.5M

Posted: January 25th, 2010, 9:03am EST

Austin-based Convio Inc. will make a second initial public offering attempt, filing forms with the U.S. Securities and Exchange Commission to raise up to $57.5 million.

Fiserv vice chairman Kight to resign

Posted: January 25th, 2010, 9:03am EST

Peter Kight, who is the founder and former CEO of CheckFree Corp., will resign as vice chairman of Fiserv Inc. at the end of Fiserv’s first quarter March 31. (FISV)

Sunflower Bank buys failed Missouri bank

Posted: January 25th, 2010, 8:59am EST

Salina-based Sunflower Bank has purchased the assets of the failed Bank of Leeton in Leeton, Mo.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/25/Loan_charge_offs_nip_Bank_of_Ky.%e2%80%99s_4Q_results'

Loan charge-offs nip Bank of Ky.’s 4Q results

Posted: January 25th, 2010, 8:44am EST

The Bank of Kentucky Financial Corp. improved its net interest income for the fourth quarter and year, but higher provisions for loan losses sapped profits. (BKYF)

First Niagara-Harleysville deal advances

Posted: January 25th, 2010, 8:43am EST

Shareholders of Harleysville National Corp. have voted overwhelmingly to approve the merger with First Niagara Financial Group Inc. (FNFG)

Navigant Consulting acquires Empiris

Posted: January 25th, 2010, 8:18am EST

Navigant Consulting Inc. has acquired District-based Empiris LLC, an economics consulting firm.

Electric car charging company Better Place raises $350M

Posted: January 25th, 2010, 7:56am EST

Better Place said Monday it has raised $350 million to help fund its plans to build networks of electric car battery swapping stations.

Late payments rise in Triangle

Posted: January 24th, 2010, 11:00pm EST

RALEIGH – New data reveal that 3.4 percent of commercial mortgage borrowers in the Triangle were 30 days or more behind in their loan payments in December, but the local market is still outperforming national averages.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/A_BBJ_roundtable__As_the_economy_turns__so_will_the_fortunes_of_Baltimore_banks'

A BBJ roundtable: As the economy turns, so will the fortunes of Baltimore banks

Posted: January 24th, 2010, 11:00pm EST

A wave of unprecedented challenges hit the banking industry in Maryland and beyond in 2009. Federal regulators closed about 140 banks around the country, including two in Maryland. Other banks are struggling to raise capital and deal with problem loans. After last year’s carnage, we asked a panel of local banking experts to look into their crystal ball and tell us if better times are ahead in 2010.

Wells Fargo staffing up to phase out Wachovia name

Posted: January 24th, 2010, 11:00pm EST

Do the best things come to those who wait? Wachovia customers sure hope so.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Maryland_SunTrust_executive_sees_%e2%80%98a_new_norm%e2%80%99_for_banking'

Maryland SunTrust executive sees ‘a new norm’ for banking

Posted: January 24th, 2010, 11:00pm EST

Like many of the nation’s large banks, SunTrust Banks Inc. had a rough 2009, losing $1.3 billion in the third quarter alone.
The Atlanta-based bank accepted a $4.9 billion infusion from the Troubled Asset Relief Program, and as part of that deal agreed to freeze the salaries and bonuses of virtually all its top executives. SunTrust’s Greater Washington/Maryland CEO, Scott Wilfong, who has been in the banking business for 38 years, has seen the bulls and the bears on the run before. He sees glimmers of recovery but says the days of excess are over.
Before joining a SunTrust predecessor in 1997, Wilfong, a Baltimore native, worked as senior vice president at First National Bank of Maryland. He began his banking career with Equitable Trust Co. in 1972.

Take it to the bank

Posted: January 24th, 2010, 11:00pm EST

Most of the banking industry — at least those outside Wall Street and a few large national financial companies — should have nothing to fear nor hide from U.S. Rep. Barney Frank, the self-appointed banking compensation committee on Capitol Hill.

State examining Bar management, finance problems

Posted: January 24th, 2010, 11:00pm EST

Its future threatened when the governor vetoed its dues bill in October, the State Bar of California appears poised for a reprieve.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Community_banks%e2%80%99_CRE_loans_are_starting_to_show_cracks'

Community banks’ CRE loans are starting to show cracks

Posted: January 24th, 2010, 11:00pm EST

Problems with commercial real estate (CRE) loans bubbled to the surface for community banks in the third quarter and are expected to continue to plague them through much of the year, bankers and analysts say.

State wants Venezuelan bank closed

Posted: January 24th, 2010, 11:00pm EST

As political tensions between the U.S. and Venezuela boil over, Florida banking regulators are seeking to close the Miami agency of Banco Industrial de Venezuela for an alleged shortfall of capital.

Building sales show some strength, below the $10M level

Posted: January 24th, 2010, 11:00pm EST

Sales of commercial real estate properties were off last year — in number and size and in every category whether office, industrial or retail.

New retailers see opportunity in vacated mall locations

Posted: January 24th, 2010, 11:00pm EST

The closing of stores by Circuit City and other retailers since the start of the recession has opened the door for other chains to expand in the area.

M&A limped out just as it came in; eyes turn to 2010

Posted: January 24th, 2010, 11:00pm EST

The decade closed on another quarter of anemic dealmaking in the world of mergers and acquisitions as buyers, sellers and lenders collectively rung out the New Year on a long, shaky exhalation.

Ponzi schemer Healy faces civil lawsuit

Posted: January 24th, 2010, 11:00pm EST

Sean N. Healy, the so-called “King of Ponzi Bling,” now faces punitive damages in a civil lawsuit in South Florida.

Florida Shores Bancorp plans to grow through acquisitions

Posted: January 24th, 2010, 11:00pm EST

Pompano Beach-based Florida Shores Bancorp has a whirlwind of deals going on with two bank acquisitions.

Tibor Hollo buys loan on his own office building

Posted: January 24th, 2010, 11:00pm EST

At a time when many developers have difficulty negotiating with their banks, veteran developer Tibor Hollo took matters into his own hands by purchasing $39 million in mortgages covering his 2020 Ponce building from his lender.

Sun Capital buys Arch Aluminum & Glass Co. for $53.8 million

Posted: January 24th, 2010, 11:00pm EST

A $53.8 million cash deal for Arch Aluminum & Glass Co. is the latest vulture buy for Boca Raton-based Sun Capital Partners.

Village Bank shuts leased site

Posted: January 24th, 2010, 11:00pm EST

Village Bank in Anoka County has closed one its five branches.

Valuation firm expands into Calif.

Posted: January 24th, 2010, 11:00pm EST

Chartwell Capital Solutions has tapped a 25-year veteran of the San Francisco business-valuation industry to lead the company’s first expansion outside of Minneapolis.

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Central Star Credit Union closing its branch inside Dillons at 21st & Amidon

Posted: January 24th, 2010, 11:00pm EST

Central Star Credit Union will close its branch inside Dillons at 1910 W. 21st St. North January 30.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/As_bank_crisis_grows__examiners%e2%80%99_jobs_stay_empty'

As bank crisis grows, examiners’ jobs stay empty

Posted: January 24th, 2010, 11:00pm EST

Despite Georgia being the epicenter of the nation’s banking crisis, Gov. Sonny Perdue’s proposed state budget would not fund unfilled bank regulator positions that insiders say are desperately needed as the state’s banking woes worsen.

Partners default on $86 million development loan

Posted: January 24th, 2010, 11:00pm EST

Prominent Phoenix businessman and philanthropist Ron Barness and his business partner, Alex Papakyriakou, have defaulted on an $86 million loan they secured for development and acquisition of neighbhorhood shopping centers throughout the Valley.

Fifth Third Bank hiring, expanding in Atlanta

Posted: January 24th, 2010, 11:00pm EST

The banking turmoil in Atlanta hasn’t scared off Fifth Third Bank. If anything, the bank’s Georgia chief says, it’s the best climate in which to grow.

New rules force community banks to raise reserves

Posted: January 24th, 2010, 11:00pm EST

Regulators have raised the bar on capital requirements for community banks, creating opportunities for investors.

Perdue plan to sell loans draws fire

Posted: January 24th, 2010, 11:00pm EST

Local governments are worried that Gov. Sonny Perdue’s plan to sell part of an environmental loan fund to investors to help balance the state budget would threaten water and sewer projects across Georgia.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Scott_McSween__How_a_church_organist_became_president_at_Burke___Herbert_Bank'

Scott McSween: How a church organist became president at Burke & Herbert Bank

Posted: January 24th, 2010, 11:00pm EST

Few things are more “Old Town Alexandria” than Burke & Herbert Bank & Trust Co.

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Sacred Power’s robustness = larger space

Posted: January 24th, 2010, 11:00pm EST

Sacred Power Corp. is moving into a 47,000-square-foot facility it purchased this month for $1.9 million.

Investors to consider financing emerging companies at forum

Posted: January 24th, 2010, 11:00pm EST

Accredited Phoenix investors will have an opportunity next month to meet a dozen promising companies looking for capital.

Regions Financial to close six Memphis-area branches

Posted: January 24th, 2010, 11:00pm EST

Later this month, Regions Financial Corp. will shutter a half dozen branches in the Memphis market as part of a company-wide closure of 121 branches system-wide.

Private equity investments expected to gain momentum in 2010

Posted: January 24th, 2010, 11:00pm EST

Private investments in area businesses ended a relatively strong 2009 on an optimistic note, with wealthy individuals and private equity investors kicking in needed cash in the fourth quarter as the economy began to show signs of life. Venture capital investments remained flat when compared to recent quarters.

Bank tax likely to pass despite credit concerns

Posted: January 24th, 2010, 11:00pm EST

President Barack Obama’s proposed new tax on large financial institutions has a good chance of passing Congress, despite objections that it is unfair and could make credit even harder to get.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Harford%e2%80%99s_Madison_Bank_moves_to_swap_federal_charter_with_Maryland'

Harford’s Madison Bank moves to swap federal charter with Maryland

Posted: January 24th, 2010, 11:00pm EST

Madison Bank of Maryland has applied to the Federal Deposit Insurance Corp. to convert from a federally chartered savings bank to a state-chartered savings bank.

Shady brokers finding it harder to hide

Posted: January 24th, 2010, 11:00pm EST

A federally mandated system for monitoring mortgage brokers could make it easier for consumers and regulators to identify those with a checkered past.

Is the fervor around the income of bank executives appropriate?

Posted: January 24th, 2010, 11:00pm EST

Anne Davenport
Executive vice president
Magna Bank

P&G, financials popular contest picks

Posted: January 24th, 2010, 11:00pm EST

Procter & Gamble Co. is the top pick and the defending champion loves financials. The Business Courier’s stock-picking contest is once again under way.

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Summit Accommodators case draws Umpqua’s ire

Posted: January 24th, 2010, 11:00pm EST

Umpqua Bank is striking back against claims that it bears financial liabilities linked to the bankruptcy of a real estate investment company.

Keith Wirtz

Posted: January 24th, 2010, 11:00pm EST

It’s a new year that will feature new market leadership.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/JKMilne_closing_Pittsburgh_office_to_head_to_Florida__will_maintain_area_presence'

JKMilne closing Pittsburgh office to head to Florida; will maintain area presence

Posted: January 24th, 2010, 11:00pm EST

JKMilne Asset Management is closing its Pittsburgh office Jan. 22 and relocating to Fort Myers, Fla., where it has maintained an office since its 2004 inception.

Tech, life sciences VC funding takes hit in 2009

Posted: January 24th, 2010, 11:00pm EST

Just $7.06 million was invested in Pittsburgh tech and life sciences companies during the final three months of 2009, the seventh-lowest quarterly totals in 15 years.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Bank_tax_called_%e2%80%98strictly_political_%e2%80%99_but_the_measure_is_popular'

Bank tax called ‘strictly political,’ but the measure is popular

Posted: January 24th, 2010, 11:00pm EST

President Obama’s proposed tax on large financial institutions has a good chance of passing Congress, despite objections that it is unfair and could make credit even harder to get.

Legal settlements seen as ripe business for Huntington

Posted: January 24th, 2010, 11:00pm EST

Huntington Bancshares Inc. is looking to tap into the hundreds of millions of dollars in legal settlement payments that change hands every year.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Area%e2%80%99s_wealthy_retirees_fret_over_inflation__health_costs'

Area’s wealthy retirees fret over inflation, health costs

Posted: January 24th, 2010, 11:00pm EST

Health care costs and inflation fears are the dominant concerns for the Bay Area’s affluent retirees, according to Bank of America’s latest retirement survey.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Returns_stellar_in_%e2%80%9809__but_VC_took_a_pass_on_raising_more'

Returns stellar in ‘09, but VC took a pass on raising more

Posted: January 24th, 2010, 11:00pm EST

DURHAM – Like clockwork over the years, Intersouth Partners could be counted on to raise a new stash of cash every three years, refilling its war chest for another round of investments.

Tech Center money-transfer service growing fast

Posted: January 24th, 2010, 11:00pm EST

A year and a half after the launch of Tempo Financial Holdings Corp.’s i-transfer service, the company — based in the Denver Tech Center — has grown from “just three of us” to 250 employees in seven countries, said CEO Jon Ness.

Shifting credit strategies

Posted: January 24th, 2010, 11:00pm EST

Fewer businesses in the current downturn are qualifying for standard loans even as executives at the nation’s biggest banks say they haven’t raised their lending criteria.

Growing source of business financing: CDFIs

Posted: January 24th, 2010, 11:00pm EST

Fledgling entrepreneurs and small business owners are turning to a unique type of financial institution as it becomes increasingly difficult to tap credit cards for start-up cash.

Playing cards right has become a much tougher game

Posted: January 24th, 2010, 11:00pm EST

Credit cards are no longer the source of liquidity for many smaller businesses that they once were. And those businesses that are using cards, are paying more and getting less.

Q&A: Bond attorney explains recovery zone financing tool

Posted: January 24th, 2010, 11:00pm EST

Like several aspects of the federal stimulus act, special bonds to help private developers obtain low-interest financing have come with compressed deadlines to give the greatest jolt to the economy when it’s needed most. But it’s also meant that programs have begun before every answer is available when unique circumstances arise.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Maschhoffs%e2%80%99_pork_produces__355_million'

Maschhoffs’ pork produces $355 million

Posted: January 24th, 2010, 11:00pm EST

Julie Maschhoff feared the worst when news of H1N1 hit last May.

Pa. treasurer encourages investors to think carbonless

Posted: January 24th, 2010, 11:00pm EST

On Jan. 14, Pennsylvania Treasurer Rob McCord joined about 500 global investors, who manage $13 trillion of the world’s assets, at the United Nations conference in New York to ask for more regulation.

What's next for Regions?

Posted: January 24th, 2010, 11:00pm EST

Regions Financial Corp.’s struggles during the national banking crisis and its “historically mediocre” performance may – ironically – make it even more attractive to potential suitors, banking experts say.

Credit unions increased business loans by 44% in 2009

Posted: January 24th, 2010, 11:00pm EST

While many banks are looking for cash to lend, some credit unions have been dishing it out during business owners’ most dire hour.

FDIC: Superior Bancorp made bid for Florida bank's deposits

Posted: January 24th, 2010, 11:00pm EST

Superior Bancorp tried to expand its franchise by attempting to buy the failed assets of a Florida bank, according to data released this week by SNL Financial.

Growing ServisFirst resumes search for second Dothan site

Posted: January 24th, 2010, 11:00pm EST

ServisFirst Bank recently withdrew its plans to open a second bank branch in the burgeoning Dothan market, according to public records and the company’s top executive.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/An_interview_with_a_newsmaker__David_Oakley__President_and_Managing_Broker__Oakley_Group_Inc.'

An interview with a newsmaker: David Oakley, President and Managing Broker, Oakley Group Inc.

Posted: January 24th, 2010, 11:00pm EST

David Oakley is president and managing broker of the Oakley Group Inc., a Birmingham-based commercial real estate firm that focuses on multifamily properties.

Turning a corner? Midwest Regional and Enterprise raise millions

Posted: January 24th, 2010, 11:00pm EST

A year ago capital was so hard to come by that many St. Louis banks took millions of dollars in federal bailout money. But signs are emerging that capital is loosening a bit.

California firm finds a deal with Bank of America Plaza

Posted: January 24th, 2010, 11:00pm EST

Bank of America Plaza downtown was acquired last month by a California buyer for $47.85 million, a nearly 60 percent price reduction from when it last changed hands seven years ago.

Paragon raises local profile, connects with Wesley Walls

Posted: January 24th, 2010, 11:00pm EST

Former Carolina Panthers great Wesley Walls has joined the Charlotte advisory board of Paragon Commercial Bank.

Bank of Granite's Forlines, 92, gets his birthday wish

Posted: January 24th, 2010, 11:00pm EST

Analysts and investors remain puzzled by Bank of Granite Corp.’s unexpected stock surge in recent weeks. But the bank’s patriarch cites this coincidence: The rally began on his birthday.

Consultant who helped burst dot.com bubble opens hedge fund

Posted: January 24th, 2010, 11:00pm EST

On Wall Street, Jeffrey A. Sexton, 43, is something of a legend — the guy whose skepticism about dot.com investment advice helped lead to the downfall of Henry Blodget, the Merrill Lynch Internet investment wunderkind.

Mutual of Omaha eyes River Oaks slot

Posted: January 24th, 2010, 11:00pm EST

A bank backed by a well-funded insurance giant is rolling out the first of several proposed retail branches in the Houston area.

Iberiabank set to roll out four offices

Posted: January 24th, 2010, 11:00pm EST

As expected, a century-old Louisiana bank is making its way west and is set to establish the first of four branches in the Houston area while taking on additional management to spearhead the effort.

Lost in space: Economy, financing stall major projects

Posted: January 24th, 2010, 11:00pm EST

If wishes were easily financed development deals, then Milwaukee and several suburbs would have much different landscapes today.

Loan woes likely to continue at BofA, analysts say

Posted: January 24th, 2010, 11:00pm EST

Analysts say Bank of America Corp. isn’t out of the woods yet after reporting its first annual loss in more than two decades this week.

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Federal Home Loan Bank seeks to recoup securities investment; $3.9 billion in mortgage suits filed

Posted: January 24th, 2010, 11:00pm EST

The Federal Home Loan Bank of Seattle has filed lawsuits against 11 global financial institutions that sold it nearly $3.9 billion in mortgage-backed securities during the height of the housing market bubble, saying those institutions made false or misleading statements about the quality of the securities.

Krejci tries to ramp up Strattec Security

Posted: January 24th, 2010, 11:00pm EST

When Frank Krejci, newly appointed president and chief operating officer at Strattec Security Corp., bought a Jefferson County custom furniture manufacturer in 1996, he immediately faced disaster when the company’s plant flooded after he took over the business.

Vietnam Town in San Jose on pause again, in talks with bank

Posted: January 24th, 2010, 11:00pm EST

Vietnam Town — the star-crossed retail development in East San Jose — has shut down again as its developer negotiates with his lender to put the massive project back on track.

By the numbers

Posted: January 24th, 2010, 11:00pm EST

Bank deposits continued to climb in 2009 despite low interest rates.

Five key trends that will shape business finance in 2010

Posted: January 24th, 2010, 11:00pm EST

Karl Kaiser’s Orlando firm, which provides temporary automobile licenses to car dealers nationwide, is optimistic about 2010. In fact, he’s ready to grow his eight-person work force. But he fears the tight credit market might hold him back.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/24/Harris__%e2%80%98Analyzing_expenses_is_a_year_round_task%e2%80%99'

Harris: ‘Analyzing expenses is a year-round task’

Posted: January 24th, 2010, 11:00pm EST

A key part of business finance for any firm includes making the most of its revenue, including looking for ways to cut costs. So a company’s decision to review its expenses shouldn’t be triggered by economic conditions.

Generations Bank awaits its fate; owner, future still unclear

Posted: January 24th, 2010, 11:00pm EST

The future of Generations Bank is uncertain. Its current ownership is unclear, even to the bank’s top officer, and a potential buyer has backed out.

Federal regulators take over Charter Bank

Posted: January 23rd, 2010, 11:54am EST

Federal regulators closed down Charter Bank, Santa Fe and its eight branches in Santa Fe, Rio Rancho and Albuquerque on Friday and all will reopen Monday, Jan. 25, under new supervision. The bank takeover is the first in New Mexico since 1999.

Two more Northwest banks fail

Posted: January 22nd, 2010, 8:30pm EST

Two Pacific Northwest banks were shuttered by regulators late Friday, and will reopen Monday as branches of two of the region’s fastest-growing financial institutions.

Columbia State Bank buys closed Oregon bank

Posted: January 22nd, 2010, 8:19pm EST

In a busy evening for Pacific Northwest banks and their regulators, Tacoma-based Columbia State Bank bought Columbia River Bank on Friday after the Oregon institution was shuttered by regulators.

Seattle's Evergreen Bank seized, sold to Umpqua, of Oregon

Posted: January 22nd, 2010, 8:04pm EST

Washington state and federal regulators seized Evergreen Bank on Friday evening and sold it to Umpqua Bank, of Oregon, marking the first bank seizure in downtown Seattle since Washington Mutual was closed in September of 2008.

Regulators take over Premier American Bank

Posted: January 22nd, 2010, 5:47pm EST

State regulators closed Miami’s Premier American Bank on Friday, which suffered from a troubled commercial real estate portfolio.

One Main Place to sell for $57 million

Posted: January 22nd, 2010, 4:29pm EST

One Main Place is being sold in a deal valued at around $57 million, or $182 per square foot.

Top investor balks at Cedar Fair sale

Posted: January 22nd, 2010, 4:11pm EST

A month after the operator of the Cedar Point and King’s Island amusement parks in Ohio revealed plans to be acquired for $2 billion, the company’s largest shareholder says it plans to cast a “no” vote on the purchase. (FUN)

Venture capitalist investing dives in Missouri and Kansas in 2009

Posted: January 22nd, 2010, 4:03pm EST

Venture capital investing in Missouri and Kansas continued to plummet in 2009, according to a PricewaterhouseCoopers/National Venture Capital Association study released Friday.

Ex-Citizens exec Connolly dies

Posted: January 22nd, 2010, 3:56pm EST

James G. Connolly, a former top executive at Citizens Financial Group Inc. who recently raised $1.1 billion for a bank buyout fund, has died, according to published reports. He was 49.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/22/Manpower%e2%80%99s_Joerres_named_to_Chicago_Fed'

Manpower’s Joerres named to Chicago Fed

Posted: January 22nd, 2010, 3:38pm EST

Manpower Inc. chairman, president and CEO Jeff Joerres has been appointed by the Board of Governors of the Federal Reserve System to the board of the Federal Reserve Bank of Chicago. (MAN)

Stocks slide as week ends

Posted: January 22nd, 2010, 3:32pm EST

Markets took a drubbing Friday as technology earnings failed to meet expectations. That continued a slide in bank stocks on Thursday after President Obama proposed limiting big banks’ ability to participate in speculative investing.

Hawaii saw only 4 VC deals in '09

Posted: January 22nd, 2010, 3:27pm EST

Hawaii venture capitalists invested $10.3 million in four deals in 2009, the lowest amount in five years, according to a new report by Dow Jones VentureSource.

VentureSource: Venture funding down 31% in 2009, but Q4 saw uptick

Posted: January 22nd, 2010, 3:07pm EST

Although U.S. venture capital investing dropped 31 percent in 2009, an uptick in activity in the fourth quarter at least ended the year on a high note, according to a report released Friday by Dow Jones VentureSource.

CalPERS to buy real estate this year

Posted: January 22nd, 2010, 3:06pm EST

CalPERS will be a real estate buyer in 2010, despite seeing the value of its real estate holdings savaged by the downturn.

Howard Bancorp loses $2.2M in 2009

Posted: January 22nd, 2010, 3:06pm EST

Howard Bancorp Inc. swung to a loss in the fourth quarter after setting aside more money to cover possible losses in its loan portfolio.

Obama: Set size cap for banks

Posted: January 22nd, 2010, 2:56pm EST

President Obama escalated his war on Wall Street on Thursday, proposing new limits on the size of banks and their trading activities.

Rixty gets $1.24 million

Posted: January 22nd, 2010, 2:50pm EST

Rixty, a payment platform that allows people without credit cards or bank accounts to pay for online entertainment using cash, has raised $1.24 million in seed capital.

Potential Carothers Crossing buyer sues GreenBank

Posted: January 22nd, 2010, 2:42pm EST

A real estate investment company that was in negotiations to buy Carothers Crossing, a troubled traditional neighborhood development in Nolensville, has filed suit against the project's developers for breach of contract and against GreenBank for breach of trust and interfering with purchase negotiations.

H&R Block's free mobile phone app will answer tax questions

Posted: January 22nd, 2010, 2:26pm EST

H&R Block Inc. is going mobile, offering personalized answers to tax-related questions through a free application for the iPhone and iPod touch. (HRB)

ING donating expertise to local nonprofits

Posted: January 22nd, 2010, 2:22pm EST

ING Group is trying out a pilot program in the Twin Cities in which its local financial experts will provide free advice to area nonprofits.

First National Bank walks away from First State acquisition

Posted: January 22nd, 2010, 2:03pm EST

First Waterloo Bancshares Inc., the holding company for First National Bank of Waterloo, Ill., has withdrawn its application to buy Red Bud Bancorp Inc., parent of First State Bank of Red Bud, Ill.

Severn Bancorp posts $2.7M loss in 4Q

Posted: January 22nd, 2010, 1:51pm EST

Severn Bancorp Inc. lost $2.7 million, or 31 cents a share, for the fourth quarter, the Annapolis-based parent of Severn Savings Bank reported Friday. (SVBI)

Sterling Banks restating 2nd and 3rd quarter results

Posted: January 22nd, 2010, 1:43pm EST

Sterling Banks Inc. said it would restate its second and third quarter earnings following a Federal Reserve Bank of Philadelphia examination of subsidiary Sterling Bank. (STBK)

Santa Clara County meetings to be Webcast

Posted: January 22nd, 2010, 12:34pm EST

The County of Santa Clara said it will officially launch a Webcast program that lets residents watch live meetings of the Board of Supervisors online.

Bank stocks take hit amid Obama proposals

Posted: January 22nd, 2010, 12:21pm EST

President Obama’s plans for tighter size and scope restrictions on the financial sector, announced Thursday, sent bank stocks tumbling. The president asked Congress to limit how big banks can grow and how they invest their own money. For more on the proposals, click here. (PNC)

Prosperity hits 52-week-high on earnings report

Posted: January 22nd, 2010, 12:18pm EST

Prosperity Bancshares Inc. posted better than expected earnings for the fourth quarter 2009 on Friday, with net income increasing 35 percent over the previous year. (PRSP)

VC investing lowest in decade

Posted: January 22nd, 2010, 12:18pm EST

Venture capitalists invested $17.7 billion in 2,795 deals in 2009, the lowest level of dollar investment since 1997, according to the latest MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association using data from Thomson Reuters.

Feingold opposes second term for Bernanke

Posted: January 22nd, 2010, 12:04pm EST

U.S. Sen. Russ Feingold (D-Wis.) said Friday that he will vote against Ben Bernanke's nomination for another term as Federal Reserve chairman, saying the Fed "permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression" under Bernanke's watch.

JPMorgan Chase to hire 600 in Florida

Posted: January 22nd, 2010, 11:59am EST

JPMorgan Chase & Co. plans to hire 600 people this year in Florida, some of whom will be in Jacksonville. (JPM)

BankAtlantic offers to repurchase $285M in debt at discount

Posted: January 22nd, 2010, 11:35am EST

BankAtlantic Bancorp could boost its capital if it can execute a plan to buy its corporate debt for 20 cents on the dollar. (BBX)

Bankruptcy court OKs Latham International's reorganization plan

Posted: January 22nd, 2010, 11:25am EST

A federal judge in U.S. Bankruptcy Court in Delaware has approved Latham International’s reorganization plan that will allow the company to emerge from Chapter 11.

Superior makes exchange to raise capital

Posted: January 22nd, 2010, 11:21am EST

Superior Bancorp recently raised capital by exchanging $7.5 million worth of trust preferred securities for recently issued common stock, the bank said Friday.

BB&T net income fell 41.5% in 2009

Posted: January 22nd, 2010, 11:19am EST

BB&T Corp. reported a 37 percent drop in net income in the fourth quarter of 2009 compared with a year earlier, and an overall decrease of 41.5 percent in net income for 2009. (BBT)

Tortoise Energy Infrastructure prices $83.88M offering

Posted: January 22nd, 2010, 11:11am EST

Tortoise Energy Infrastructure Corp. has set a $30.50-a-share price for its sale of 2.75 million shares of common stock. (TYG)

Report: Employee confidence on the mend

Posted: January 22nd, 2010, 10:50am EST

Florida workers are optimistic about the availability of jobs and reported the highest levels of confidence in a year. (SFN)

Banks form $1M small-biz pool

Posted: January 22nd, 2010, 10:14am EST

Seven Western New York lenders are setting aside $1 million to provide loans to local small businesses seeking capital.

Local startups continue venture-funding streak

Posted: January 22nd, 2010, 10:05am EST

Massachusetts startups pulled in more than $87 million in equity and debt financing this week, according to regulatory filings and company announcements covered by the Boston Business Journal.

SunTrust posts $316M Q4 loss

Posted: January 22nd, 2010, 9:58am EST

SunTrust Banks trimmed its loss for the fourth quarter, and said its credit issues, while still troublesome, showed signs of improvement. (STI)

West Virginia sues Capital One for deceptive collection practices

Posted: January 22nd, 2010, 9:47am EST

West Virginia Attorney General Darrell McGraw has sued McLean-based Capital One Bank and four other companies for unfair, deceptive and “unconscionable conduct in connection with their credit card lending and collection practices,” McGraw’s office announced. (COF)

GE 4Q profit down 19 percent

Posted: January 22nd, 2010, 9:37am EST

General Electric Co.’s fourth-quarter profit dipped 19 percent despite signs that sales in the company’s key health care, energy and industrial markets appear to be stabilizing. (GE)

BATS Europe sets trading record

Posted: January 22nd, 2010, 9:35am EST

BATS Global Markets says its European arm set a new trading record on Thursday, hitting 2.1 billion Euros ($2.8 billion U.S.) notional value.

Bank Mutual income drops 76%

Posted: January 22nd, 2010, 9:17am EST

Bank Mutual Corp. said its net income for the quarter ending Dec. 31, 2009 was $1.5 million, or 3 cents per share, compared with $6.2 million, or 13 cents, in the same quarter of 2008. (BKMU)

BB&T annual profit dips to $877M

Posted: January 22nd, 2010, 9:07am EST

BB&T Corp., the fourth-largest bank in metro Atlanta, saw its profit dip 42 percent in 2009. (BBT)

More VC for Minnesota companies in Q4

Posted: January 22nd, 2010, 9:07am EST

Venture capital investment in Minnesota startups rebounded in the fourth quarter, with the state’s companies bagging $90.7 million in financing, up from $26 million in the third quarter, according to a report released Friday.

Royal Gold arranges $100M loan for International Royalty takeover bid

Posted: January 22nd, 2010, 8:58am EST

Royal Gold Inc. said it has arranged for a $100 million loan to help finance its takeover bid for International Royalty Corp. (RGLD)

Colony Bankcorp plunges into red

Posted: January 22nd, 2010, 8:47am EST

Colony Bankcorp Inc. fell into the red in 2009, due mostly to increased loan loss provisions and credit related charges.

Venture capital investing spikes in Q4

Posted: January 22nd, 2010, 8:36am EST

Venture capital investors loosened purse strings slightly during the last quarter of 2009, increasing funding to $6.3 billion from $6.1 billion the same time the previous year, Dow Jones VentureSource reported today.

TotalBank wins $5M foreclosure on market

Posted: January 22nd, 2010, 8:35am EST

TotalBank won a $4.8 million foreclosure judgment against the owner of Gennaro’s Farmers Market in North Lauderdale.

GE earnings fall 19% in Q4; GE Energy profits up 9%

Posted: January 22nd, 2010, 8:24am EST

Earnings for General Electric Co. fell 19 percent in the fourth quarter, with the biggest drop coming in its financial services operation.

SunTrust posts $316M 4Q loss

Posted: January 22nd, 2010, 8:18am EST

SunTrust Banks Inc. trimmed its loss for the fourth quarter, and said its credit issues, while still troublesome, showed signs of improvement. (STI) (BBT)

Huntington Bank red ink mounts in 4Q

Posted: January 22nd, 2010, 8:08am EST

Continued building of reserves against troubled loans pushed Huntington Bancshares Inc. to another loss in the fourth quarter, but the bank told investors Friday it could post a quarterly profit this year if economic conditions don’t deteriorate. (HBAN)

Prosperity Bank nets $30M in Q4, up 35%

Posted: January 22nd, 2010, 8:05am EST

Prosperity Bank increased income 34.8 percent in the fourth quarter of last year compared with 2008, its parent company Prosperity Bancshares Inc. (NASDAQ:PRSP) reported today. (PRSP)

VC investing hit 12-year low in 2009

Posted: January 22nd, 2010, 7:57am EST

U.S. venture investment activity in 2009 was as low as it has been since 1997, according to a report from the National Venture Capital Association and PricewaterhouseCoopers.

Independent Bank reports strong Q4

Posted: January 22nd, 2010, 7:43am EST

Independent Bank Corp., the parent of Rockland Trust Co., said net income in the fourth quarter increased 33 percent to $9.1 million from the previous three months as the bank saw a strong upswing in wealth-management revenue.

VC investments plunge 37 percent in 2009

Posted: January 21st, 2010, 11:01pm EST

Venture capital investments nationwide plunged 37 percent to $17.7 billion last year, compared to $28 billion in 2008, the lowest in 13 years. Transactions dropped 30 percent from 3,985 in 2008 to 2,795 in 2009.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/MoneyTree__Colorado_venture_funding_%e2%80%98surprisingly_strong%e2%80%99_in_Q4'

MoneyTree: Colorado venture funding ‘surprisingly strong’ in Q4

Posted: January 21st, 2010, 11:00pm EST

Despite a slump in the middle two quarters of 2009, Colorado companies took in about $529 million in venture capital dollars in 2009, nearly as much as in 2007, according to the latest MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association.

Symetra IPO will start at $12 per share

Posted: January 21st, 2010, 7:17pm EST

Symetra Financial Corp. announced details Thursday of its planned initial public offering.

JPMorgan Chase plans Florida growth

Posted: January 21st, 2010, 6:22pm EST

JPMorgan Chase & Co. plans to hire 600 people this year in Florida, with 250 of them in South Florida alone. (JPM)

Goldman Sachs to help evaluate Sacramento arena proposals

Posted: January 21st, 2010, 4:52pm EST

Goldman Sachs is the latest company to volunteer to help with efforts to get a new arena built in Sacramento.

New CMA chief resigns; returns to Colorado

Posted: January 21st, 2010, 4:48pm EST

Alfred Gilchrist, new CEO at the California Medical Association, will resign Friday after less than three months at the helm.

Sterling Financial lawsuit dropped

Posted: January 21st, 2010, 4:45pm EST

An employee lawsuit filed against Spokane-based Sterling Financial has been dropped because the plaintiff in the case said he never agreed to any involvement and did not give permission for his name to be used by attorneys.

Enterprise Financial sells life insurance subsidiary for $4M

Posted: January 21st, 2010, 4:38pm EST

Enterprise Financial Services Corp. said Thursday it sold its Millennium Brokerage Group (MGB) to an investor group led by MBG managers for $4 million in cash. (EFSC)

Renasant, BancorpSouth report 4Q performance

Posted: January 21st, 2010, 4:37pm EST

Mississippi financial holding companies BancorpSouth Inc. and Renasant Corp. have announced fourth quarter results. (BXS)

McDonnell to give State of the Union response

Posted: January 21st, 2010, 4:13pm EST

Virginia Gov. Bob McDonnell will continue a Virginia tradition next week by delivering the opposition party’s response to the president’s State of the Union address.

100 Spire buyers expected to close in February

Posted: January 21st, 2010, 3:53pm EST

Roughly 100 buyers who have made down payments on units at downtown Denver’s new Spire condo tower are expected to close on those purchases in February.

Dow closes down 213 points

Posted: January 21st, 2010, 3:53pm EST

The stock market took a step back Thursday, with the largest one-day loss of the year, erasing all of 2010’s gains. (AKS) (RSC) (RBN) (TDC) (DPL) (SR) (THO) (KEY) (USB) (JPM) (PNC)

Baltimore County Savings posts 1Q earnings boost

Posted: January 21st, 2010, 3:43pm EST

BCSB Bancorp Inc., the parent company of Baltimore County Savings Bank, saw its earnings more than double in the first quarter.

Schwab could raise $553M in stock offering

Posted: January 21st, 2010, 3:36pm EST

Charles Schwab said Thursday that it priced a $481 million stock offering at $19 per share. (SCHW)

Endwave buys stock back from Oak for $36M

Posted: January 21st, 2010, 3:35pm EST

Endwave Corp. said Thursday it has repurchased all shares of its stock held by Oak Investment Partners XI for $36 million in cash. (ENWV)

More banks under state scrutiny

Posted: January 21st, 2010, 3:19pm EST

Reflecting the difficult banking climate in Florida, nearly 46 percent of the state chartered banks in Florida are under a regulatory order or in a pending one, according to the latest quarterly report released by the state regulator.

Tamalpais Bank enters agreement with Federal Reserve

Posted: January 21st, 2010, 3:15pm EST

Tamalpais Bank said Thursday that it entered into an agreement with the Federal Reserve Bank of San Francisco, effective Jan. 14, that ensures compliance with a previously disclosed cease-and-desist from state and federal regulators. (TAMB)

Regions to repay feds $43.8M

Posted: January 21st, 2010, 2:36pm EST

Regions Financial Corp. plans to make its quarterly dividend payment to the government next month. (RF)

Regions to pay feds $43.8M

Posted: January 21st, 2010, 2:36pm EST

Regions Financial Corp. plans to make its quarterly dividend payment to the government next month. (RF)

Agents compete to sell mansion linked to alleged Ponzi scheme

Posted: January 21st, 2010, 2:28pm EST

Want to live in an old Minneapolis mansion? There will soon be a real-estate agent to contact.

TD Bank expanding into Rhode Island

Posted: January 21st, 2010, 2:27pm EST

TD Bank said Thursday that it will expand its 1,000-plus branch network into the state of Rhode Island.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/U.S._Bank_helps_The_Alexander_Co._move_ahead_with_Kansas_City_Courthouse_project'

U.S. Bank helps The Alexander Co. move ahead with Kansas City Courthouse project

Posted: January 21st, 2010, 2:15pm EST

U.S. Bank has helped a Wisconsin developer put together the necessary financing to move forward with a $40 million project to convert the former U.S. Courthouse building in downtown Kansas City into 176 apartments.

First Niagara's Koelmel says bank looks to expand in Pittsburgh

Posted: January 21st, 2010, 1:56pm EST

First Niagara Financial Group Inc. is looking to expand its Pittsburgh-area presence in 2010. President and CEO John Koelmel said he met with top officers of First Niagara’s (Nasdaq:FNFG) Pittsburgh region in late December about sites.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/Obama%e2%80%99s_new_rules_threaten_BofA'

Obama’s new rules threaten BofA

Posted: January 21st, 2010, 1:45pm EST

New rules proposed by President Obama for the banking industry on Thursday will threaten to alter a portion of Bank of America Corp.’s business. (BAC)

Obama wants to limit bank size, trading

Posted: January 21st, 2010, 1:43pm EST

President Barack Obama escalated his war on Wall Street Thursday, proposing new limits on the size of banks and their trading activities.

TD Bank expanding to Rhode Island

Posted: January 21st, 2010, 1:20pm EST

TD Bank said it will open its first branch in Rhode Island later this year, with plans to expand throughout the state.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/Dow%e2%80%99s_dive_redux__How_Phila._companies_are_faring_Thursday'

Dow’s dive redux: How Phila. companies are faring Thursday

Posted: January 21st, 2010, 12:59pm EST

Wall Street tanked Thursday for the second day in a row, as President Obama announced plans for a regulatory crackdown on banks, even though several companies in the financial sector announced strong earnings. (ABC) (CPB) (CMCSA)

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Dow’s dive redux: How Phila. companies fared Thursday

Posted: January 21st, 2010, 12:59pm EST

Wall Street tanked Thursday for the second day in a row, as President Obama announced plans for a regulatory crackdown on banks, even though several companies in the financial sector announced strong earnings. (ABC) (CPB) (CMCSA)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/Fidelity_Southern_ends_%e2%80%9809_with__3.9M_loss'

Fidelity Southern ends ‘09 with $3.9M loss

Posted: January 21st, 2010, 12:47pm EST

Fidelity Southern Corp. trimmed its losses in 2009 and sees slow improvement in the economy in 2010. (LION)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/TD_Bank_looking_for_new_exec_after_Rob_Worley%e2%80%99s_departure'

TD Bank looking for new exec after Rob Worley’s departure

Posted: January 21st, 2010, 12:27pm EST

TD Bank is looking for a new Washington-area market president after Rob Worley quietly left the post at the end of last year.

Elevation Pharmaceuticals raises $30M

Posted: January 21st, 2010, 12:13pm EST

Elevation Pharmaceuticals Inc. raised $30 million in its first round of venture funding. (AXP)

Proposed bill to require mortgage company registration

Posted: January 21st, 2010, 12:03pm EST

Speaker of the House Terrance Carroll has introduced a bill that would require Colorado mortgage companies, rather than just individuals, to register with the Colorado Division of Real Estate.

Proposed bill to require mortgage company registration in Colorado

Posted: January 21st, 2010, 12:03pm EST

Colorado House Speaker Terrance Carroll has introduced a bill that would require the state’s mortgage companies, rather than just individuals, to register with the Colorado Division of Real Estate.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/Tortoise_Energy_Infrastructure_will_sell_2.5M_shares_so_it_can_invest_in_energy_infrastructure_firms'

Tortoise Energy Infrastructure will sell 2.5M shares so it can invest in energy infrastructure firms

Posted: January 21st, 2010, 11:58am EST

Tortoise Energy Infrastructure Corp. said Thursday that it will offer 2.5 million shares of common stock. (TYG)

Main Street closes public offering

Posted: January 21st, 2010, 11:58am EST

Principal investment firm Main Street Capital Corp. has closed its underwritten public offering of 2.5 million shares at $14.75 per share. (MAIN)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/Raymond_James%e2%80%99_income_down__but_conditions_%e2%80%98improving%e2%80%99'

Raymond James’ income down, but conditions ‘improving’

Posted: January 21st, 2010, 11:54am EST

Raymond James Financial Inc. reported net income of $49 million, or 39 cents a share, in Q1 ended Dec. 31, down from $61.1 million, or 50 cents a share in the same period, a year earlier.

ServisFirst's profits rise 27 percent

Posted: January 21st, 2010, 11:42am EST

ServisFirst Bancshares Inc.'s net income climbed 27 percent in the fourth quarter of 2009.

Charles Cook named chairman of Nashville Bank & Trust

Posted: January 21st, 2010, 11:39am EST

Nashville Bank & Trust has named Charles W. Cook Jr. as chairman of its board of directors.

Markets tank by noon Thursday ahead of Obama bank announcement

Posted: January 21st, 2010, 11:16am EST

Wall Street tanked Thursday, as President Barack Obama announced plans for a regulatory crackdown on banks, even though several companies in the financial sector announced strong earnings. (PNC) (PPG) (AA) (ATI) (AEO) (CNX) (DKS) (HNZ) (KMT) (KOP) (X) (WAB) (WCC)

Markets plunge by Thursday close

Posted: January 21st, 2010, 11:16am EST

Wall Street was whammied Thursday by mixed earnings reports and President Obama’s proposed rules to rein in banks’ investments. The Dow Jones Industrial Average plummeted 213.27 points or 2.01 percent to 10,389.88 and Nasdaq skidded 25.55 points or 1.12 percent to 2,265.70. (PNC) (PPG) (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KMT) (KOP) (X) (WAB) (WCC)

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Fifth Third names Jose Peña head of retail for Tampa Bay

Posted: January 21st, 2010, 11:10am EST

Fifth Third Bank has named José Peña head of retail for the Tampa Bay market. (FITB)

QD Vision raises another $3M in VC

Posted: January 21st, 2010, 11:07am EST

QD Vision Inc. says it has taken in $3 million from DTE Energy Ventures to help expand the market for its LED lighting and displays products.

AMAG Pharma prices, expands stock offering

Posted: January 21st, 2010, 11:02am EST

AMAG Pharmaceuticals Inc. has priced its newly expanded public stock offering, positioning the Lexington, Mass.-based drug maker to potentially raise $173.7 million.

NewBridge kicking off downtown site

Posted: January 21st, 2010, 11:00am EST

NewBridge Bank will cut the ribbon on its new downtown branch this afternoon, according to an announcement.

Pulaski profit doubles

Posted: January 21st, 2010, 10:58am EST

Pulaski Financial Corp. more than doubled its profit in the first quarter thanks to growth in mortgage revenue.

FHLBank Atlanta sets $7.9M for Georgia

Posted: January 21st, 2010, 10:57am EST

Federal Home Loan Bank of Atlanta will use $40 million to fund 78 affordable housing projects in 10 states as part of its 2009 Affordable Housing Program.

Thompson Street Capital unit completes merger

Posted: January 21st, 2010, 10:33am EST

Iron Data Solutions, a portfolio company of Thompson Street Capital Partners, one of St. Louis’ largest private equity firms, said it has completed a merger with Versa Systems.

Comerica posts 4Q net loss of $29M

Posted: January 21st, 2010, 10:23am EST

Banking giant Comerica posted a net loss of $29 million in the fourth quarter of 2009.

KeyCorp cuts 4Q loss

Posted: January 21st, 2010, 10:22am EST

KeyCorp told investors Thursday morning it trimmed its fourth-quarter loss but fell deeper into the red ink for the year as bad loans mounted. (KEY)

Fifth Third has 4Q loss, 2009 profit

Posted: January 21st, 2010, 10:16am EST

FifthThird Bancorp posted a fourth-quarter net loss of $160 million, or 20 cents per diluted share, improving on a net loss of $2.1 billion, or $3.78 per diluted share, in the year-ago quarter. (FITB)

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First Niagara’s quarterly earnings up 34%

Posted: January 21st, 2010, 9:54am EST

First Niagara Financial Group reported a 34 percent increase in fourth quarter earnings.

Loan woes slash Wake Forest Bancshares profit

Posted: January 21st, 2010, 9:50am EST

Wake Forest Bancshares, the parent company of Wake Forest Federal Savings and Loan, says charge-offs, higher loan loss provisions and other costs cut profit by 60 percent during the fourth quarter of 2009 as compared with the same period a year earlier.

KeyCorp cuts 4Q losses

Posted: January 21st, 2010, 9:44am EST

KeyCorp posted a fourth-quarter net loss of $258 million, about 50 percent less than the $524 million net loss reported a year ago.

ALI Solutions posts 28% revenue growth

Posted: January 21st, 2010, 9:28am EST

Analytical software company ALI Solutions increased revenues 28 percent in 2009, the company reported today.

First Niagara 4Q net income rises

Posted: January 21st, 2010, 9:25am EST

First Niagara Financial Group Inc., Buffalo, on Thursday said its fourth-quarter net income applicable to common shareholders was $28.9 million or 16 cents per share, compared to $22.8 million or 19 cents a year ago. Net income increased 27 percent.

BlackRock gain spurs $1B 4Q profit for PNC

Posted: January 21st, 2010, 9:10am EST

National City Corp. owner PNC Financial Services Group Inc.'s stake in investment group BlackRock Inc. helped the bank to a more than $1 billion profit in the fourth quarter, finishing 2009 with a boost in earnings. (PNC)

First Niagara: Bigger footprint, profits

Posted: January 21st, 2010, 8:57am EST

Acquisition activity in Pennsylvania and a pair of stock offerings drove up First Niagara Financial Group Inc.’s net income for the fourth quarter, according to an earnings report issued Thursday. (FNFG)

TCF Financial 4Q profits down, but beat expectations

Posted: January 21st, 2010, 8:48am EST

TCF Financial Corp. took a hit to its fourth-quarter profits as it continues to work its way through bad loans, but the Wayzata-based bank still beat analysts’ expectations. (TCB)

TSYS, Caterpillar agree to services deal

Posted: January 21st, 2010, 8:47am EST

TSYS will process commercial credit accounts for Caterpillar Financial Services Corp., the financial arm of Caterpillar Inc. (NYSE: CAT). (CAT) (TSS)

W. Chester financial adviser Siddons sentenced in fraud

Posted: January 21st, 2010, 8:38am EST

Financial adviser Daniel R. Siddons was sentenced to 15 years in prison late Wednesday by a federal judge in Philadelphia for a $1.3 million investment scheme.

Legg Mason posts $45M quarterly profit

Posted: January 21st, 2010, 8:12am EST

Legg Mason Inc. reported its third straight quarterly profit Thursday, but the company’s assets under management dropped 3 percent since September. (LM)

Thrivent names CEO, new gov. structure

Posted: January 21st, 2010, 8:09am EST

Nonprofit money management firm Thrivent Financial for Lutherans added CEO to Chief Operating Officer Brad Hewitt's title Wednesday.

KeyCorp reports $265M net loss in 4Q

Posted: January 21st, 2010, 8:01am EST

KeyCorp reported a net loss of $265 million, or 30 cents a share, for the fourth quarter. (KEY)

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/21/Fifth_Third_stock_up_on_profitable_%e2%80%9909'

Fifth Third stock up on profitable ’09

Posted: January 21st, 2010, 7:59am EST

Loan charge-offs moderated for FifthThird Bancorp in the fourth quarter, helping to produce a lower-than-expected loss and a profit for the full year. (FITB)

Fifth Third 4Q loss narrows

Posted: January 21st, 2010, 7:32am EST

Cincinnati-based Fifth Third Bancorp (NYSE:FITB) reported Thursday it saw a fourth-quarter net loss attributable to common shareholders of $160 million, or 20 cents per share, compared to a net loss of $2.2 billion, or $3.78 per share, in the year-ago quarter. (FITB)

Mercantile Bank doubles profit

Posted: January 21st, 2010, 7:17am EST

Mercantile Bank and Trust Company, a small Boston bank that received $3.5 million in TARP money from the U.S. Treasury, said net income nearly doubled in 2009 on expanded lending to businesses.

PNC reports 4Q profit of $1.01 billion

Posted: January 21st, 2010, 6:44am EST

PNC Financial Services Group Inc. Chairman and CEO Jim Rohr called 2009 “probably the most difficult year I’ve seen in my 37 years in banking.” (PNC) (BLK)

West Coast Bancorp gets OK to sell stock

Posted: January 20th, 2010, 6:25pm EST

West Coast Bancorp shareholders have approved steps linked to the previously announced plan to raise $155 million through private placements, the parent of Lake Oswego-based West Coast Bank announced Wednesday. (WCBO)

Mariner Holdings forms Ascent Investment Partners

Posted: January 20th, 2010, 5:08pm EST

Mariner Holdings, an investment firm in Leawood, Kan., said Wednesday that it had formed Ascent Investment Partners in St. Louis.

Pacific Continental loses $4.9M in 2009

Posted: January 20th, 2010, 4:42pm EST

Pacific Continental Corp. ended 2009 with a loss of $4.9 million, or 35 cents per share, down from profits of $12.9 million in 2008, or $1.08 per share. (PCBK)

CalPERS reports 11.8 percent returns in 2009

Posted: January 20th, 2010, 4:38pm EST

The California Public Employees’ Retirement System on Wednesday reported an overall return on investments of 11.8 percent for 2009.

Sabadell closes purchase of Mellon United

Posted: January 20th, 2010, 4:37pm EST

Banco Sabadell announced the finalization of its purchase of Miami-based Mellon United National Bank, effective Jan. 15. It has been renamed Sabadell United Bank.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/20/FDIC%e2%80%99s_WaMu_role_under_investigation_by_Senate_subcommittee'

FDIC’s WaMu role under investigation by Senate subcommittee

Posted: January 20th, 2010, 4:16pm EST

A congressional subcommittee is investigating the Federal Deposit Insurance Corp.’s role in the seizure and sale of Seattle-based Washington Mutual Bank in September 2008, a court document shows. (JPM)

EntreMed aims to prevent stock delisting

Posted: January 20th, 2010, 4:13pm EST

EntreMed Inc. said it will appeal a federal regulatory agency’s decision, which could delist the Rockville biotech’s stock from a Nasdaq exchange in a matter of days. (ENMD)

Unilens completes stock buyback

Posted: January 20th, 2010, 4:07pm EST

Unilens Visions Inc. said it has wrapped up the repurchase of 2.2 million shares of its common stock from Uniinvest Holding AG.

TSYS profit dips to $219M in 2009

Posted: January 20th, 2010, 4:00pm EST

TSYS’ profit decreased about 13 percent in 2009 and it plans layoffs in 2010. (TSS)

BofA reports $5.2 billion loss in Q4

Posted: January 20th, 2010, 3:53pm EST

Bank of America’s broad exposure to the troubled consumer contributed to a fourth-quarter loss of $5.2 billion, or 60 cents per share, compared to a loss of $2.4 billion, or 48 cents per share, a year ago. (BAC)

Bradbury proposes Bank of Oregon

Posted: January 20th, 2010, 3:47pm EST

An Oregon gubernatorial candidate has called for the creation of a state bank that would do nothing but serve residents and fund Oregon businesses.

Re/Max CEO Kelly named a regional Fed director

Posted: January 20th, 2010, 3:30pm EST

Margaret Kelly, CEO of Re/Max International Inc., has been named a director of the Denver branch of the Federal Reserve Bank of Kansas City. (TWTC)

EA taking stake in venture fund

Posted: January 20th, 2010, 3:25pm EST

Electronic Arts will be among six limited partners in a new Canadian venture fund that is expected to close a $100 million round later this month, according to peHUB.

Dow tumbles 122 points, banks report in

Posted: January 20th, 2010, 3:21pm EST

Easy come, easy go. That’s seems to be the way of the Dow Jones Industrial Average the past few days. Wednesday trading erased Tuesday’s gains and then some. (WFC) (BAC) (MI) (USB)

EARNINGS REPORT: Pinnacle Financial

Posted: January 20th, 2010, 3:03pm EST

Pinnacle Financial Partners Inc.

Wells Fargo earns $394 million in Q4

Posted: January 20th, 2010, 3:02pm EST

Wells Fargo said Wednesday that it generated fourth-quarter profit of $394 million, or 8 cents per share, amid continuing signs of improving credit quality. (WFC)

New FHA rules will make borrowing tougher

Posted: January 20th, 2010, 2:57pm EST

It will be harder for some borrowers to qualify for a Federal Housing Administration-backed mortgage, and it will cost all FHA borrowers more, according to new guidelines designed to minimize the agency’s exposure to unqualified borrowers.

Mariner Holdings forms Ascent Investment Partners

Posted: January 20th, 2010, 2:54pm EST

Mariner Holdings LLC said Wednesday that it had formed Ascent Investment Partners LLC in St. Louis.

FirstMerit gets regulatory OK for First Bank branch acquisition

Posted: January 20th, 2010, 2:52pm EST

FirstMerit Corp. in Akron, Ohio, said Wednesday it received approval from regulators to acquire 24 Chicago-area branches and $1.2 billion of deposits from St. Louis-based First Bank. (FBSP)

Sterne Agee opens Kentucky office

Posted: January 20th, 2010, 2:19pm EST

Sterne Agee’s Public Finance Group has launched a new office in Lexington, Kentucky.

Thrivent Financial COO Hewitt to become CEO

Posted: January 20th, 2010, 2:11pm EST

Thrivent Financial for Lutherans will promote from inside to replace retiring CEO Bruce Nicholson.

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Momentive’s Q4 revenue up 10%

Posted: January 20th, 2010, 1:57pm EST

Momentive Performance Materials Inc., a manufacturer based in Colonie, N.Y., said Wednesday that revenue and operating income grew over the final three months of 2009.

Auction planned for stakes in Intrawest ski resorts

Posted: January 20th, 2010, 1:53pm EST

An equity stake in a unit of Intrawest ULC — the Canadian company that operates Colorado’s Winter Park and Steamboat ski resorts — is to be auctioned off by creditors after the company’s parent failed to make a key debt payment, according to news reports.

Stock offering nets Inuvo $4.2M for product platform development

Posted: January 20th, 2010, 1:51pm EST

Inuvo Inc. will use a $4.2 million over-subscribed stock offering as a way to incorporate decision science technology into its existing affiliate and search marketing platforms.

Baird Capital buys auto auction businesses

Posted: January 20th, 2010, 1:51pm EST

Baird Capital Partners said it has established American Auto Auction Group LLC to acquire car-auction firms and started by buying two auction businesses.

Deutsche Bank Securities to buy back auction-rate notes

Posted: January 20th, 2010, 1:49pm EST

Deutsche Bank Securities Inc. will buy back $21.4 million worth of auction-rate securities from Colorado investors as a result of a settlement with the Colorado Division of Securities, state Securities Commissioner Fred Joseph said on Wednesday.

Arrow Financial reports slight income increase

Posted: January 20th, 2010, 1:48pm EST

Arrow Financial Corp. reported higher earnings for both the fourth quarter and all of 2009.

First Commons Bank sees assets rise

Posted: January 20th, 2010, 1:46pm EST

First Commons Bank, a start-up lender whose backers include Putnam Investments CEO Robert Reynolds, said assets have grown to $64 million during its second quarter of operations.

Switch and Data settles lawsuits seeking to block Equinix merger

Posted: January 20th, 2010, 1:40pm EST

Switch and Data Facilities Co. can move forward with its sale to Equinix Inc. now that it has settled three class action lawsuits that attempted to block the merger. (EQIX) (IBM) (T) (VZ) (GOOG) (S) (SDXC) (AKAM) (CMCSA) (DTV)

Grove City eyeing biz loan fund

Posted: January 20th, 2010, 1:11pm EST

Grove City is sweetening an incentive package designed to spruce up its downtown area and attract new businesses.

EARNINGS REPORT: Green Bancshares

Posted: January 20th, 2010, 1:07pm EST

Green Bankshares Inc. (Nasdaq: GRNB)

Stocks down big on Wall Street in mid-day trading

Posted: January 20th, 2010, 12:41pm EST

Stocks were posting declines during mid-day trading on Wednesday because of concerns of tighter lending standards in China and disappointing earnings results by some companies. (AKS) (RSC) (RBN) (DPL) (SR) (TDC) (USB) (KEY) (PNC)

Capitol City Bank & Trust under oversight

Posted: January 20th, 2010, 12:21pm EST

The Federal Deposit Insurance Corp. and the Georgia Department of Banking and Finance have put Capitol City Bank & Trust Co. under oversight through a “consent order.”

BofA losses widen on bailout payment

Posted: January 20th, 2010, 12:11pm EST

Still buffeted by a weak economy and high levels of troubled loans, Bank of America Corp. reports a fourth-quarter loss of $5.2 billion, or 60 cents per diluted share, failing to meet analysts’ expectations. (BAC)

Wells Fargo posts $3B profit in Q4

Posted: January 20th, 2010, 12:01pm EST

Wells Fargo & Co. swung to a profit of $2.82 billion in the fourth quarter of 2009, beating Wall Street expectations. (WFC)

T.G.I. Friday's USA names Lee Sanders president of franchising

Posted: January 20th, 2010, 11:24am EST

T.G.I. Friday’s USA has named Lee Sanders as president of franchising for the restaurant chain.

Wells Fargo posts $394M profit

Posted: January 20th, 2010, 11:13am EST

Wells Fargo & Co. reported fourth-quarter net income of $394 million compared with a loss of $3 billion a year earlier, beating expectations from analysts, who predicted a loss. (WFC)

ERHC Energy applies to London exchange

Posted: January 20th, 2010, 11:01am EST

Oil and gas exploration and production company ERHC Energy Inc. has applied to be listed on the AIM Market of the London Stock Exchange.

Wells Fargo posts $3B profit in Q4

Posted: January 20th, 2010, 10:59am EST

Wells Fargo & Co. swung to a profit of $2.82 billion in the fourth quarter of 2009, beating Wall Street expectations. (WFC)

Earnings down 5% at National Capital Bank of Washington

Posted: January 20th, 2010, 10:47am EST

The National Capital Bank of Washington posted a 5.15 percent drop in earnings in 2009, due to increased regulatory fees, the D.C. company reported Wednesday.

TCF Bank execs join Community Bank Partners

Posted: January 20th, 2010, 10:21am EST

Wayne Marty, the Colorado president of TCF Bank for the past 11 years, has joined Community Bank Partners Inc. as president of bank operations, the company said Wednesday.

Profit, charge-offs double for U.S. Bancorp in 4Q

Posted: January 20th, 2010, 9:56am EST

U.S. Bancorp told investors Wednesday it doubled fourth-quarter profit on growth in mortgage banking revenue, but write-offs for bad loans spiked as well. (USB)

Infinity Capital to grow transportation holdings

Posted: January 20th, 2010, 9:56am EST

New York-based Perella Weinberg Partners and Atlanta-based Infinity Capital Partners LLC have formed joint venture to invest up to $100 million in rail, trucking and other transportation related assets.

M&I reports $259M loss, improving asset quality

Posted: January 20th, 2010, 9:40am EST

Marshall & Ilsley Corp. reported a net loss of $259.5 million for the fourth quarter and a loss for the year of $858.8 million, as the Milwaukee-based bank continued to work through its credit quality issues. (MI)

Bham firm launches new mutual fund

Posted: January 20th, 2010, 9:39am EST

Cook & Bynum Capital Management, a Birmingham-based investment advisor that manages more than $100 million in assets, recently launched a new mutual fund.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/20/George_Weiss_gives_another__20M_to_his_alma_mater__the_University_of_Pennsylvania'

George Weiss gives another $20M to his alma mater, the University of Pennsylvania

Posted: January 20th, 2010, 9:37am EST

The University of Pennsylvania said Tuesday it has received a $20 million gift for faculty support from money manager George A. Weiss, the Penn alumnus and trustee who chairs Penn’s capital campaign.

Convicted fraudster held in contempt, ordered jailed

Posted: January 20th, 2010, 9:32am EST

A Miami federal judge has found Jamie Solow, 48, of Fort Lauderdale, in contempt for refusing to pay more than $3.4 million in a securities and fraud case brought against him by the Securities and Exchange Commission.

Arthrocare headed back to Nasdaq

Posted: January 20th, 2010, 9:25am EST

Austin-based ArthroCare Corp. will resume trading Friday with the ticker ARTC.

Liberty Savings Bank selling off 2 more Denver-area branches

Posted: January 20th, 2010, 9:23am EST

Liberty Savings Bank said Wednesday it is selling off two more of its Denver-area branches.

U.S. Bancorp profits double in Q4; bad loans also jump

Posted: January 20th, 2010, 9:22am EST

U.S. Bancorp on Wednesday reported a doubling of fourth-quarter profits as the Minneapolis-based regional banking giant enjoyed growth in mortgage banking revenue. But write-offs for bad loans almost doubled from their year-ago point, as well. (USB)

NCR hits milestone for SelfServ ATM

Posted: January 20th, 2010, 8:43am EST

NCR Corp. said Wednesday it sold its 50,000th NCR SelfServ ATM. (NCR)

Sauce Labs raises $3.1 million

Posted: January 20th, 2010, 8:28am EST

Software business Sauce Labs raised $3.1 million in its first round of venture funding.

State Street's Q4 net jumps as asset values rise

Posted: January 20th, 2010, 8:13am EST

State Street Corp. said fourth-quarter net income surged 95 percent as the financial custodian and asset manager avoided the big-ticket charges that hurt performance in the year-ago period. (STT)

Wells Fargo earns $394M in 4Q, $8B in 2009

Posted: January 20th, 2010, 7:50am EST

Wells Fargo & Co. reports fourth-quarter net income of $394 million, or 8 cents per diluted share. In the same period in 2008, the bank lost $3 billion, or 84 cents per diluted share. (WFC)

M&T net income up 34% in 4Q

Posted: January 20th, 2010, 7:48am EST

M&T Bank Corp. reported a 34 percent increase in fourth quarter earnings, but profits dropped for the full year. (MTB)

Allied Capital rejects Prospect Capital takeover bid

Posted: January 20th, 2010, 7:39am EST

Private equity firm Allied Capital Corp.’s board of directors unanimously rejected an unsolicited takeover bid by Prospect Capital Corp. and urged shareholders to vote to sell the company to Ares Capital Corp., the D.C. company said in a Tuesday securities filing. (ALD)

Prosperity to buy North Houston Bank

Posted: January 20th, 2010, 7:30am EST

Prosperity Bancshares Inc. has announced plans to acquire three Texas branches of U.S. Bank, including one in Houston. (PRSP) (USB)

BofA losses widen on bailout payment

Posted: January 20th, 2010, 7:00am EST

Still buffeted by a weak economy and high levels of troubled loans, Bank of America Corp. reports a fourth-quarter loss of $5.2 billion, or 60 cents per diluted share, failing to meet analysts’ expectations. (BAC)

Earnings Preview: PNC 4Q expected to be better than last year

Posted: January 20th, 2010, 5:00am EST

As earnings reports from the nation’s largest financial institutions run the gamut this week, PNC Financial Services Group Inc., has its turn at bat Thursday. Pittsburgh’s largest bank is scheduled to announce fourth quarter and full year 2009 financials before the markets open. (PNC) (BLK)

NB&T earnings rise

Posted: January 20th, 2010, 4:00am EST

Gains from an acquisition boosted NB&T Financial Group Inc.'s fourth-quarter and 2009 profits, despite rising bad loans. (NBTF)

Pacific National Bank CEO resigns

Posted: January 19th, 2010, 7:40pm EST

Ralph Fernandez resigned as president and CEO of Pacific National Bank, effective Feb. 5.

Schwab posts 47 percent drop in Q4 profit

Posted: January 19th, 2010, 4:47pm EST

Charles Schwab’s quarterly profit plunged 47 percent in the fourth quarter as historically low interest rates and a slump in trading took their toll. (SCHW)

Premier Members, Farmers Union credit unions announce merger plans

Posted: January 19th, 2010, 4:16pm EST

Premier Members Federal Credit Union and Farmers Union Federal Credit Union have agreed to merge operations, the companies said on Tuesday.

Fulton Financial logs annual, 4Q profit

Posted: January 19th, 2010, 4:16pm EST

Fulton Financial Corp. said Tuesday that its fourth-quarter earnings swung back into the black as steep charges from 2008 did not reoccur. (FULT)

Romanoff endorses Hickenlooper; blasts Senate opponents

Posted: January 19th, 2010, 3:58pm EST

Former Colorado House Speaker Andrew Romanoff broke two weeks of silence Tuesday by endorsing John Hickenlooper in the gubernatorial race, then lashed out against U.S. senators who are “sacrificing their constituents for the sake of their contributors.”

Salesforce wraps up $500M private placement

Posted: January 19th, 2010, 3:55pm EST

Software business Salesforce.com Inc. closed on a private debt placement in which it raised $500 million. (CRM)

Arizona State Credit Union offers online applications

Posted: January 19th, 2010, 3:20pm EST

Arizona State Credit Union is offering online account registration for existing and new members.

M&T loan backs Maryland company

Posted: January 19th, 2010, 2:25pm EST

M&T Bank Corp. is lending up to $35 million to an Annapolis, Md. wireless data communication company, according to a news release issued Tuesday.

Deerfield Academy slips as investments dip

Posted: January 19th, 2010, 2:14pm EST

Deerfield Academy, an elite prep school in the northwestern corner of Massachusetts, said it booked a $48.7 million drop in net assets in fiscal 2009 amid heavy losses within its investment portfolio.

Security Savings Bank adds director to comply with regulatory order

Posted: January 19th, 2010, 2:10pm EST

Security Savings Bank said Tuesday that it has appointed Larry V. Bailey to its board, complying with an order from the Office of Thrift Supervision.

Founders advises on new investment fund

Posted: January 19th, 2010, 2:09pm EST

Founders Investment Banking said its real estate practice group recently advised on the formation of a new investment fund, which will acquire distressed residential property.

Trustco reports 4Q income up 19%

Posted: January 19th, 2010, 1:56pm EST

TrustCo Bank Corp NY reported a 19 percent increase in fourth quarter earnings.

Investment group buys Coastal Bank

Posted: January 19th, 2010, 12:55pm EST

A group of Central Florida investors has purchased Coastal Bank, which was founded in 1999, has $160 million in assets, and locations in Cocoa Beach, Merritt Island, Palm Bay and Port St. John.

U.S. Bancorp closes BB&T branch buy

Posted: January 19th, 2010, 12:52pm EST

U.S. Bancorp has completed the purchase of $850 million in deposits and certain branch operations in Nevada from BB&T, according to an announcement.

NCR to upgrade Westpac ATMs

Posted: January 19th, 2010, 12:50pm EST

NCR Corp. inked a multimillion dollar deal with Westpac New Zealand to upgrade the bank’s ATM network. (NCR)

Paciugo planning 100 new shops

Posted: January 19th, 2010, 12:38pm EST

Italian gelato maker Paciugo Gelato & Caffè has plans to open 100 new franchise shops within the course of the next year, the company said Tuesday.

Nonprofit consortium wins $50 million in recovery grants

Posted: January 19th, 2010, 12:16pm EST

A consortium will receive $50 million to buy and rehab or demolish foreclosed and abandoned homes in neighborhoods throughout Pasco and Pinellas counties.

SBA loans for Washington up in Q1, down for 2009

Posted: January 19th, 2010, 12:07pm EST

The number of small-business loans in Washington state and northern Idaho increased 37 percent in the first federal quarter of 2010 compared with a year earlier, according to Small Business Administration (SBA) officials in Seattle. But yearly loan totals fell by a third, they added.

2010 outlook: NorthMarq, UnitedHealth, M&I Bank execs weigh in

Posted: January 19th, 2010, 11:54am EST

Watch for an industry-by-industry breakdown, featuring interviews with more top business leaders, in the Jan. 22 issue of the Business Journal.

U.S. Bancorp closes deal to buy BB&T banks

Posted: January 19th, 2010, 11:39am EST

U.S. Bancorp announced Tuesday it has completed its purchase of roughly $850 million in deposits and 14 branch locations from BB&T Corp.’s Nevada banking operations. (BBT) (USB)

First Horizon revenues, income fall in 4Q

Posted: January 19th, 2010, 11:36am EST

First Horizon National Corp. saw total revenues plunge 17 percent as the company continues to contract its size and saw net interest and interest income fall a combined 32 percent in the quarter. (FHN)

Sunwest reaches deal with Blackstone

Posted: January 19th, 2010, 11:29am EST

A venture led by Blackstone Real Estate Advisors VI LP will serve as a stalking-horse bidder for 134 senior living centers currently operated by Sunwest Management when the bankrupt company’s assets are auctioned later this year.

Gila Group offers new on-site service

Posted: January 19th, 2010, 10:53am EST

Austin-based business management provider Gila Corp. launched a new service line today, offering on-site credit union consulting for the first time.

Excelsior Jobs program capped at $250M a year

Posted: January 19th, 2010, 10:45am EST

Gov. David Paterson’s budget proposal, released Tuesday, replaces the state’s signature business tax incentives with a program half as lucrative.

Washington Federal earnings drop 61 percent

Posted: January 19th, 2010, 10:36am EST

Washington Federal Inc. reported first-quarter earnings of $7.9 million, or 7 cents per share; down from $20.2 million, or earnings of 23 cents per share, a year earlier. (WSFL)

Atlas Venture consolidates operations

Posted: January 19th, 2010, 10:21am EST

Atlas Venture is trimming its headcount and consolidating operations around a new Boston-area headquarters, bringing partner Fred Destin home from Europe in the process, the company announced Tuesday.

Community Financial under oversight

Posted: January 19th, 2010, 10:15am EST

Community Financial Holding Company Inc. is under a written agreement and now under the oversight of the Federal Reserve Bank of Atlanta and banking commissioner of Georgia.

MoneyGram announces partnership in China

Posted: January 19th, 2010, 10:10am EST

MoneyGram International Inc., based in St. Louis Park, (NYSE: MGI), and Bank of China have announced a deal to bring MoneyGram money transfer services to Bank of China’s 10,000 domestic branches in the mainland in the coming years. The agreement, which more than triples MoneyGram’s presence in China, follows the successful completion of a six-month pilot that ran in 240 Bank of China branch locations in Beijing. (MGI)

U.S. Genomics raises $1M in funding

Posted: January 19th, 2010, 9:56am EST

U.S Genomics Inc., a developer of pathogen-diagnostic technologies for government agencies, has secured $1 million in equity and debt financing.

Fifth Third loans unchanged at $5.4 billion in November

Posted: January 19th, 2010, 9:36am EST

Fifth Third Bancorp said it made $5.4 billion in loans across its markets in November, unchanged from October. (FITB)

H&R Block subsidiary gets $2.5B credit line for refund anticipation loans

Posted: January 19th, 2010, 9:24am EST

H&R Block Inc. subsidiary Block Financial LLC has signed a $2.5 billion credit agreement with HSBC Bank USA related to its refund anticipation loan program. (HRB)

Elavon, Citizens National Bank in deal

Posted: January 19th, 2010, 8:44am EST

Elavon bought the merchant processing portfolio of Sevierville, Tenn.-based Citizens National Bank for an undisclosed amount. (USB)

Allied Defense to be acquired by Chemring Group for $59.2M

Posted: January 19th, 2010, 7:58am EST

Defense contractor Allied Defense Group, based in Vienna, will be acquired by Chemring Group PLC for $59.2 million. (ADG)

Sonic signs new credit pacts

Posted: January 19th, 2010, 7:38am EST

Sonic Automotive Inc. has secured new credit facilities, as well as floor-plan financing arrangements for new and used vehicles. (SAH)

Mutual of Omaha Bank flagship branch to open

Posted: January 18th, 2010, 3:58pm EST

Mutual of Omaha Bank plans to open its first full-service branch in the Tampa Bay area in March near the intersection of Kennedy Boulevard and North Dale Mabry Highway.

Duke Energy to cut workers, move corporate jobs

Posted: January 18th, 2010, 3:32pm EST

Duke Energy Corp. will offer voluntary buyouts to employees and reorganize its corporate staff to save up to $200 million per year in personnel, travel, real estate expenses, among other costs. (DUK)

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Lonza, supplier of chemicals to drug companies, closing Conshohocken site

Posted: January 18th, 2010, 2:49pm EST

Lonza Group Ltd., a chemical supplier for pharmaceutical and other life sciences companies, is closing its Conshohocken, Pa., plant and two other facilities later this year in a move that will eliminate 175 jobs.

First Financial sells Orange County, Calif., loans

Posted: January 18th, 2010, 1:13pm EST

First Financial Bancorp has taken the first step in getting out of some scattered lending operations it acquired last year. (FFBC)

MediaNews parent plans Chapter 11

Posted: January 18th, 2010, 1:09pm EST

Affiliated Media Inc., the holding company that owns newspaper business MediaNews Group, plans to restructure and reduce its debts through a “prepackaged” Chapter 11 bankruptcy.

Allied Business Group doubles office space

Posted: January 18th, 2010, 1:04pm EST

Taking advantage of a favorable leasing environment, Allied Business Group Inc. has doubled its office space to make room for long-term growth plans.

Krispy Kreme adopts poison pill

Posted: January 18th, 2010, 12:49pm EST

Krispy Kreme Doughnuts Inc. has approved a shareholder-rights agreement it hopes will prevent “abusive takeover tactics.” (KKD)

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Philadelphia Insurance Cos., CBS add to area’s Haiti-relief efforts

Posted: January 18th, 2010, 10:32am EST

Philadelphia Insurance Cos. has presented the American Red Cross with a $50,000 donation for Haiti earthquake relief.

BofA accepts donations for Haiti relief

Posted: January 18th, 2010, 10:18am EST

Bank of America Corp. will accept donations at its more than 6,000 U.S. branches to support the American Red Cross’ Haitian Relief and Development Fund. (BAC)

Southwest Research Institute concludes 2009 on a strong note

Posted: January 18th, 2010, 10:13am EST

Southwest Research Institute reported the highest revenues in the organization’s history. This is despite the unstable economy.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/18/Nolan_Ryan__Chuck_Greenberg_close_to_agreement_with_Tom_Hicks_to_buy_Texas_Rangers'

Nolan Ryan, Chuck Greenberg close to agreement with Tom Hicks to buy Texas Rangers

Posted: January 18th, 2010, 9:45am EST

Texas Rangers President and former player Nolan Ryan released a statement with Pittsburgh sports attorney Chuck Greenberg on Monday indicating that their partnership, which is in talks to acquire the Texas Rangers, is on “the verge of an agreement with owner Tom Hicks.”

OBA Financial extends stock offering to Jan. 21

Posted: January 18th, 2010, 9:13am EST

OBA Financial Services Inc., the proposed holding company for OBA Bank, has pushed back the expected date for the completion of its stock offering to Jan. 21.

People on the Move: Jan. 18

Posted: January 18th, 2010, 8:52am EST

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.com.

Associated closes nearly $500M stock sale

Posted: January 18th, 2010, 8:37am EST

Associated Banc-Corp said it boosted its total proceeds from its stock offering to a net $478.3 million with the sale of shares to its underwriters. (ASBC)

DSA profits drop on loan losses

Posted: January 18th, 2010, 8:31am EST

DSA Financial Corp., the parent of Dearborn Savings Bank, continued to feel the impact of loan losses in its fiscal second quarter.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/17/Prosper_taps_into_Capital_One%e2%80%99s_successful_%e2%80%98brain_trust%e2%80%99'

Prosper taps into Capital One’s successful ‘brain trust’

Posted: January 17th, 2010, 11:00pm EST

Prosper continues to strengthen its executive ranks as it builds out its person-to-person lending marketplace.

Broomfield hotel project lands $10.8 million loan

Posted: January 17th, 2010, 11:00pm EST

A $10.8 million loan obtained by Oxford Development Co. for a new Broomfield hotel suggests that construction lending nationally may be starting to loosen up — for the right project. (COP)

Wells Fargo staffs up, converts former Wachovia branches

Posted: January 17th, 2010, 11:00pm EST

Do the best things come to those who wait? Wachovia customers sure hope so.

Investors holding $410M for bargain building buying

Posted: January 17th, 2010, 11:00pm EST

An Atlanta real estate investment firm has raised $410 million to purchase office buildings across the South, as investors buy into the chance to scoop up trophy towers for a bargain.

Easton Bank CEO worried about new regulations

Posted: January 17th, 2010, 11:00pm EST

R. Michael Menzies relishes his role as the voice of America’s community banks — and, lately, he has been raising it quite a bit. Menzies, chairman of the Independent Community Bankers of America (ICBA) and CEO of Easton Bank & Trust Co., in Easton, Md., recently testified before Congress on pending regulatory reforms he believes would penalize smaller banks for the financial crisis caused by, in his words, “MegaBank USA.”

Observers expect healthy demand for hotel bonds

Posted: January 17th, 2010, 11:00pm EST

With the Greensboro City Council planning to review a hotel developer’s request for federal stimulus bonds Jan. 19, bond attorneys in the state say investors are likely to have a healthy appetite for the tax-exempt notes.

Program aims to get more residents to count on banks

Posted: January 17th, 2010, 11:00pm EST

Joined by a host of local banks and credit unions, San Antonio is assembling a citywide program to reach its “unbanked” residents.

Coastal Federal pulling back to fix bottom line

Posted: January 17th, 2010, 11:00pm EST

RALEIGH – Smarting from a string of losses and a spike in delinquent loans, Coastal Federal Credit Union is looking to mend its wounds and stop the bleeding.

BankUnited terminates law firm of failed bank CEO

Posted: January 17th, 2010, 11:00pm EST

A week after BankUnited terminated Coral Gables-based Camner Lipsitz, P.A. as its counsel, the bank filed a lawsuit, seeking an injunction against the law firm, where the former chairman and CEO of the failed BankUnited FSB is a main partner.

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Raleigh hedge firm’s returns tickle triple digits

Posted: January 17th, 2010, 11:00pm EST

RALEIGH – Triangle-based hedge funds generally shared in the 2009 market recovery, but Raleigh’s Shah Capital Management and its portfolio of global stocks lapped the field.

Turnberry Bank short on capital, expects to report Q4 loss

Posted: January 17th, 2010, 11:00pm EST

A restatement of its third quarter earnings showed that Turnberry Bank was short of “well-capitalized” requirements.

Online investment bank eyes IPO market

Posted: January 17th, 2010, 11:00pm EST

A Phoenix-based online investment bank hopes to make it easier for individuals to invest in initial public offerings.

Enterprise Bank planning to open 2 new branches

Posted: January 17th, 2010, 11:00pm EST

Enterprise Bank & Trust is expanding in the Valley with new branches in Goodyear and the Camelback Corridor.

BBVA Compass set to add high-tech touch to its banking service

Posted: January 17th, 2010, 11:00pm EST

BBVA Compass is preparing to roll out an innovative tech product that may soon be available in San Antonio. (BBVA)

Attorneys hope pent-up demand will unlock M&A

Posted: January 17th, 2010, 11:00pm EST

Local merger and acquisition activity was slow for the past year largely because banks tightened up on loans. But attorneys involved in the deals hope pent-up demand will bring more deals this year.

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Banks show caution in retail growth plans; Patriot moving slow on Collierville branch

Posted: January 17th, 2010, 11:00pm EST

Millington-based Patriot Bank plans to build a 7,000-square-foot, stand-alone branch in Collierville, but CEO Charles Ennis is cautious about saying exactly when construction will begin.

New biz helps banks sort out property values

Posted: January 17th, 2010, 11:00pm EST

A Marietta real estate agent has formed a new company around the increasingly popular task of working with banks and counties on trying to strike a balance on the property values and taxes of foreclosed homes.

Main Street crisis impacts insurance rates

Posted: January 17th, 2010, 11:00pm EST

The financial crisis among Main Street banks is causing liability insurance rates for bank directors and officers to skyrocket across the board, industry insiders say.

While many peers hold pat, Bank of Ky. moves to grow

Posted: January 17th, 2010, 11:00pm EST

Bob Zapp will tell you he’s afraid to take big risks with huge acquisitions.

Bank lending declines $648 million

Posted: January 17th, 2010, 11:00pm EST

Total lending is down $648 million, or 2.2 percent, year over year at 78 commercial banks chartered in the St. Louis region, reflecting lower demand, tighter credit standards and increased regulatory scrutiny.

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Despite 2009’s challenges, Pa. credit unions gain ground

Posted: January 17th, 2010, 11:00pm EST

While 2009 was a dicey year for most financial institutions, the 556 credit unions across the commonwealth saw strong growth within several key categories.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/17/Fidelity_gift_fund_sees_increase_with_late_%e2%80%9909_surge'

Fidelity gift fund sees increase with late ’09 surge

Posted: January 17th, 2010, 11:00pm EST

Defying the notion that the recession has completely chilled donors’ philanthropic sense, the Fidelity Charitable Gift Fund is reporting an increase in incoming contributions in 2009 — $1.1 billion in 2009 compared with $1.05 billion the previous year.

Eagle, Raymond James, Manning in mutual funds cluster

Posted: January 17th, 2010, 11:00pm EST

From offices in Carillon, downtown St. Petersburg and Largo, mutual fund managers oversee billions of dollars of wealth from all over the world. (RJF) (AEG) (BEN)

Credit unions: Lift lending cap

Posted: January 17th, 2010, 11:00pm EST

North Carolina’s credit unions are trying to ride the wave of economic reform to a more favorable environment for making commercial loans.

Mass. biotechs eye opening IPO window

Posted: January 17th, 2010, 11:00pm EST

Private biotechnology companies are beginning to wade back into the IPO waters. The second half of 2009 saw four successful initial biotech public offerings nationwide, and two Cambridge-based companies — Ironwood Pharmaceuticals and Aveo Pharmaceuticals Inc. — have registered for initial public offerings in the past six weeks. Ironwood wants to raise $172 million and Aveo wants to raise $86.3 million.

DesignLine goes public, faces deadline on debt

Posted: January 17th, 2010, 11:00pm EST

Charlotte-based DesignLine International Corp. has become a public company through a reverse merger with a Nevada company.

Hale almost filed for bankruptcy

Posted: January 17th, 2010, 11:00pm EST

Ed Hale came close to plunging his real estate holdings into Chapter 11 bankruptcy protection last year when a French bank moved to foreclose on his 17-story Canton Crossing tower.

Nexity capital ratios low, but CEO remains confident

Posted: January 17th, 2010, 11:00pm EST

Nexity Financial Corp.’s key capital ratios are teetering on the edge of bank regulators’ capital requirements, but bank officials are confident that they can turn around the company’s troubled finances.

Union Bank & Trust locates base in Kansas City area for expansion

Posted: January 17th, 2010, 11:00pm EST

A new regional headquarters was one of the last pieces Union Bank & Trust Co. needed to launch an expansion plan in the Kansas City area.

Kansas City looks to find new backing for Power & Light District bond debt

Posted: January 17th, 2010, 11:00pm EST

Kansas City again is trying to get a large investment bank to support the city’s debt for the Power & Light District.

Washington Federal finds itself on top, with prospects

Posted: January 17th, 2010, 11:00pm EST

At his company’s annual meeting on Jan. 20, chief executive Roy Whitehead is expected to stand up in front of shareholders at the Sheraton Seattle to make this unusual statement: Washington Federal is facing an unprecedented opportunity for growth.

Banking on your community

Posted: January 17th, 2010, 11:00pm EST

The 33-year-old Community Reinvestment Act — still a subject of controversy among political factions — may be changing again. And local bankers are watching closely to see how they might be affected.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/17/FDIC_downgrades_Jefferson_Bank%e2%80%99s_rating'

FDIC downgrades Jefferson Bank’s rating

Posted: January 17th, 2010, 11:00pm EST

A bank can have high marks for lending to and investing in its community. Many of its officers can be involved in various community programs. But when regulators examine it for compliance with the Community Reinvestment Act, all those efforts could be derailed by a “technical,” or “statistical” issue.

HUD rule could slow down Hawaii loan process

Posted: January 17th, 2010, 11:00pm EST

The mortgage industry was handed a new federal regulation this month that has the potential to slow down the process of writing residential loans, but Hawaii banks say they’re up to the challenge, even if it costs them more money.

Pennsylvania sells $900M bond at record low interest rate

Posted: January 16th, 2010, 3:06pm EST

Pennsylvania has sold $900 million in bonds at a record low rate of 3.13 percent, the state announced yesterday.

Credit card firms cut back on processing fees as Haiti donations surge

Posted: January 16th, 2010, 2:26pm EST

Credit card companies are being urged not to charge processing and transaction fees to credit card contributions made to Haiti earthquake relief and charity efforts.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/15/MediaNews_Group_parent_to_file_for_Chapter_11___has_debt_for_equity_deal_with_lenders'

MediaNews Group parent to file for Chapter 11, has debt-for-equity deal with lenders

Posted: January 15th, 2010, 8:11pm EST

A holding company for MediaNews Group Inc. -- the financially strained publisher of The Denver Post, Boulder's Camera and dozens of other newspapers nationwide -- late Friday announced plans to file for Chapter 11 bankruptcy, but with a pre-packaged financial restructuring plan already approved by lenders that will greatly reduce the company's nearly $1 billion in debt.

BofA to lay off 50 workers in Bellevue

Posted: January 15th, 2010, 6:53pm EST

Bank of America will lay off 50 employees in Bellevue as part of a larger, nationwide job cut it announced at the end of 2008.

Appeals court squashes suit against Wachovia in $1B land deal

Posted: January 15th, 2010, 4:30pm EST

The 8th U.S. Circuit Court of Appeals on Friday turned down an appeal from a Chillicothe, Mo., man who tried to sue Wachovia Bank NA in connection with a nearly $1 billion land deal.

Capital Bank pulls $55M stock offering

Posted: January 15th, 2010, 4:23pm EST

Unfavorable market conditions have convinced Capital Bank Corp. to shelve its offering to sell up to $55 million worth of common stock, the Raleigh-based bank announced.

Chase profit quadruples, but investors rattled

Posted: January 15th, 2010, 4:10pm EST

J.P. Morgan Chase said fourth-quarter profit quadrupled from a year ago, but consumer woes hurt the company’s results and sent bank stocks and the market lower. (WFC) (BAC) (JPM)

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Bankruptcy court OKs Generation Brands’ reorganization

Posted: January 15th, 2010, 3:58pm EST

Cary-based Generation Brands said Friday that a bankruptcy court has confirmed the company’s “pre-packaged” Chapter 11 plan of reorganization.

American Capital extends deadline to restructure debt

Posted: January 15th, 2010, 3:50pm EST

Bethesda private equity firm American Capital Ltd. has gotten a 15-day deadline extension on a debt exchange agreement with creditors, putting off a potential Chapter 11 bankruptcy filing, according to a Friday securities filing.

Tracey Warson joins Citi Private Bank in S.F.

Posted: January 15th, 2010, 3:23pm EST

Tracey Warson will join Citi Private Bank next month as managing director and West Coast regional executive, based in San Francisco. (WFC) (BAC) (C)

$260 million in notes sold for Colorado schools

Posted: January 15th, 2010, 3:14pm EST

A sale of $260 million in education tax and revenue anticipation notes (E-TRANs) has closed, Colorado State Treasurer Cary Kennedy said Friday.

Invesco Mortgage offering gets $171M

Posted: January 15th, 2010, 3:09pm EST

Invesco Mortgage Capital Inc. (NYSE: IVR) completed its previously reported public offering of common stock and raised about $171 million. (IVR) (IVZ)

Doyle joins governors urging Treasury moves to free up credit

Posted: January 15th, 2010, 2:58pm EST

Wisconsin Gov. Jim Doyle on Friday joined governors from five other states in sending a letter to U.S. Treasury Secretary Timothy Geithner urging quick federal action to help manufacturers and small businesses get access to much needed credit, stabilizing their businesses and protecting jobs.

Kleiner Perkins joins $115.3M Fisker funding

Posted: January 15th, 2010, 2:56pm EST

Plug-in hybrid car maker Fisker Automotive said Friday it raised $115.3 million in new private equity funding.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/15/Health__reform__is_just_an_expansion_for_now__analysts_tell_crowd_at_Nashville_Health_Council_event'

Health "reform" is just an expansion for now, analysts tell crowd at Nashville Health Council event

Posted: January 15th, 2010, 2:49pm EST

Health care reform has analysts bullish on businesses that cater to the sector, especially hospital companies that are the backbone of Nashville’s health care industry.

BBVA Compass pledges $100,000 for Haiti relief

Posted: January 15th, 2010, 2:41pm EST

Birmingham’s BBVA Compass’ foundation pledged a $100,000 donation to help with the recovery efforts for Haiti, which was hit by a 7.0 magnitude earthquake earlier this week.

Mancini acquires four gas stations

Posted: January 15th, 2010, 2:40pm EST

Duke City Fueling President John Mancini has acquired four former ConocoPhillips gas stations. He has been leasing the stations for nearly a decade and offering some of the city’s lowest gas prices through his Duke City Fueling convenience stores.

Mariner Quantitative Solutions launches first open-end mutual fund

Posted: January 15th, 2010, 2:27pm EST

Mariner Quantitative Solutions LLC said Friday that it had launched its first open-end mutual fund.

Fitch withdraws MGIC ratings

Posted: January 15th, 2010, 2:13pm EST

Fitch Ratings has withdrawn the ‘BB-’ insurer financial strength rating of Mortgage Guaranty Investment Corp. and the ‘B-’ long-term issuer rating of its parent company MGIC Investment Corp. (MTG)

Kleiner Perkins takes spin in Fisker

Posted: January 15th, 2010, 2:12pm EST

Silicon Valley venture capital kingpins Kleiner Perkins Caufield & Byers participated in a $115.3 million funding round for electric car maker Fisker Automotive.

BBVA Compass creates matching fund program benefiting Haiti

Posted: January 15th, 2010, 2:03pm EST

BBVA Compass said Friday that its foundation has pledged a donation of up to $100,000 to the American Red Cross Disaster Relief Fund to assist in the recovery efforts of those impacted by the recent earthquake in Haiti. (BBVA)

InsBank names James H. Rieniets Jr. new CEO

Posted: January 15th, 2010, 1:46pm EST

InsBank, one of Nashville’s top small business lenders, has named president James H. Rieniets Jr. its new CEO, replacing founding CEO Michael A. Qualls, who remains chairman of the board of directors.

Swiss Post Solutions opens D.C. office

Posted: January 15th, 2010, 1:21pm EST

Swiss Post Solutions Inc. has opened a D.C. office at 1875 Eye St. NW to support its client roster in the mid-Atlantic region.

BofA names Broward president

Posted: January 15th, 2010, 1:05pm EST

Bank of America promoted Lori Chevy to president of its Broward County market. She replaces Mark Muller, who has held the position since 2002. (BAC)

Mountain 1st taps Mayer as CEO

Posted: January 15th, 2010, 1:02pm EST

Mountain 1st Bank & Trust Co. has hired longtime Charlotte banker Michael Mayer as its chief executive. (BAC)

Grand Canyon University, others work to help Haiti earthquake victims

Posted: January 15th, 2010, 11:53am EST

Grand Canyon University and other Valley businesses are reaching out to help victims of Tuesday’s catastrophic earthquake in Haiti. (AXP)

North Boca Village Center hit with $28M foreclosure suit

Posted: January 15th, 2010, 11:47am EST

North Boca Village Center has been hit with a $28.3 million foreclosure lawsuit, putting plans to build a Mizner Park-inspired mixed-use center there in danger. (FITB)

Southern Community warns of loan losses

Posted: January 15th, 2010, 11:36am EST

Southern Community Bank and Trust said it expects to set aside $18 million as a provision for loan losses for the fourth quarter of 2009, up from $6 million in the third quarter, when it reports its quarterly earnings.

Collins Financial rebrands as Precision Recovery Analytics

Posted: January 15th, 2010, 11:27am EST

Collins Financial Services Inc. Ltd. rebranded itself today as Precision Recovery Analytics Inc. to better reflect its business model.

Repurchase program at Abington Bancorp

Posted: January 15th, 2010, 11:11am EST

Abington Bancorp said late Thursday that it was starting a repurchase program for up to 5 percent of its outstanding shares. It will begin no sooner than two business days after the bank reports its fourth-quarter earnings. (ABBC)

Regions, Compass stock slide in early trading

Posted: January 15th, 2010, 11:02am EST

Birmingham banks’ stocks slid during early morning trading on Friday after bellwether JPMorgan Chase & Co. reported rising loan losses in its portfolio for the fourth quarter. (RF) (BBT) (BBVA)

Sacramento economy facing 'significant headwinds'

Posted: January 15th, 2010, 10:53am EST

Sacramento’s battered economy will continue to stagger for the next couple of quarters, with little hope of a quick recovery, according to economic experts.

Fifth Third sues over $1.9M loan for unbuilt Antioch shopping center

Posted: January 15th, 2010, 10:50am EST

Fifth Third Bank has filed suit against a local builder for nonpayment on a $1.9 million loan, issued in 2003, for land in Antioch that was to one day include a shopping center.

Versata acquires NJ-based virtual finance firm

Posted: January 15th, 2010, 10:34am EST

Austin-based software developer Versata Enterprises Inc. acquired virtual financial management firm PurchasingNet Inc. for an undisclosed amount.

RAI foundation pledges help for Haiti

Posted: January 15th, 2010, 9:43am EST

Winston-Salem tobacco company Reynolds American Inc. said Friday that its Reynolds American Foundation will donate $100,000 to the American Red Cross for relief efforts following a devastating earthquake in Haiti.

JPMorgan 4Q earnings spike

Posted: January 15th, 2010, 9:39am EST

Fourth-quarter earnings for JPMorgan Chase & Co. more than quadrupled from a year earlier, helping it finish 2009 with a profit of nearly $12 billion. (JPM)

2010 CFO of the Year finalists named

Posted: January 15th, 2010, 9:33am EST

An independent panel of judges has selected 20 finalists for the Tampa Bay Business Journal’s 2010 CFO of the Year Awards.

SBA designates Mercantile Bank as preferred lender

Posted: January 15th, 2010, 9:28am EST

Carolina First Bank, which does business in Florida as Mercantile Bank, was approved as a preferred lender under the U.S. Small Business Administration preferred lender program. (TSFG)

Geron announces warrant exchange

Posted: January 15th, 2010, 9:19am EST

Biopharmaceutical company Geron Corp. said Friday it will exchange outstanding warrants held by certain institutional investors for shares of its common stock. (GERN)

JPMorgan Chase pledges $1M to Haiti

Posted: January 15th, 2010, 8:49am EST

JPMorgan Chase & Co. will donate $1 million for relief and recovery efforts in earthquake-stricken Haiti, the Chase bank parent announced Friday.

JPMorgan Chase ups profit, misses on revenue

Posted: January 15th, 2010, 8:47am EST

JPMorgan Chase boosted its fourth-quarter earnings more than tenfold year over year, beating analysts earnings estimate, but the bank fell short on revenue. (JPM)

JPMorgan 4Q earnings spike

Posted: January 15th, 2010, 8:45am EST

Fourth-quarter earnings for JPMorgan Chase & Co. more than quadrupled from a year earlier, helping Central Ohio’s largest private employer finish 2009 with a profit of nearly $12 billion. (JPM)

Corbett files suit against shuttered computer school

Posted: January 15th, 2010, 8:24am EST

Pennsylvania Attorney General Tom Corbett is suing the Maryland-based computer training school, ComputerTraining.com, under his office’s consumer protection bureau after the school closed its facilities, including a Pittsburgh campus, in December.

Local VC investing hits $62M for week, maintains torrid pace

Posted: January 15th, 2010, 3:55am EST

Local technology and life sciences startups continued their torrid fundraising pace this week, announcing roughly $62 million in venture capital deals through Thursday.

Shiseido to buy Bare Escentuals for $1.7B

Posted: January 14th, 2010, 8:34pm EST

Shiseido has entered into an agreement to buy Bare Escentuals for $1.7 billion in an all-cash deal.

Lending limit bill introduced in Ga. House

Posted: January 14th, 2010, 5:25pm EST

A bill has been introduced in the Georgia House of Representatives to bring state laws regarding lending limits to a single borrower into alignment with federal code.

2 men indicted in Commerce Bank bribe scheme

Posted: January 14th, 2010, 5:01pm EST

Two St. Louis-area men have been indicted on charges of conspiracy to give and accept bribes over bank loans.

Deutsche Bank, N.C. reach $7.8M settlement

Posted: January 14th, 2010, 4:21pm EST

Deutsche Bank has agreed to buy back $7.8 million of now illiquid bonds from North Carolina investors who lost out in the collapse of the auction rate securities market in 2008, state Secretary of State Elaine Marshall announced Thursday. (DB)

SBA guarantees more loans in first quarter

Posted: January 14th, 2010, 3:42pm EST

Money provided to Oregon and Southwest Washington small businesses via the Small Business Administration’s guaranty loan programs during the first quarter of 2010 surpassed the same period a year ago in both number of loans and loan dollars.

First Financial Northwest increases 4Q loan loss provision

Posted: January 14th, 2010, 2:55pm EST

First Financial Northwest Inc. said it’s increasing its loan loss provision for the fourth quarter to about $24 million to $26 million. (FFNW)

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Univita buys Davie’s Atenda Healthcare

Posted: January 14th, 2010, 2:52pm EST

Davie-based Atenda Healthcare Solutions, a 300-employee firm that coordinates home health care, was sold to Scottsdale, Ariz.-based Univita Health.

Ross not buying United Guaranty

Posted: January 14th, 2010, 2:24pm EST

The long-rumored interest of billionaire investor Wilbur Ross in buying Greensboro-based mortgage insurer United Guaranty from AIG will not end in a deal, according to a report from Reuters.

Failed Omni National Bank executive guilty

Posted: January 14th, 2010, 2:16pm EST

A former Omni National Bank executive from Atlanta pleaded guilty on Thursday to cooking the bank’s books to overvalue bank assets and hide mortgage fraud.

Vectra Bank Colorado index improves in December

Posted: January 14th, 2010, 2:14pm EST

The Vectra Bank Colorado Small Business Index for Colorado rose to 75.4 in December from a revised 73.1 in November, as the state continued to climb out of recession.

2 regional banks noted on list

Posted: January 14th, 2010, 2:03pm EST

Two community banks with branches in Western New York rank well on Forbes magazine’s 2010 ranking of American’s Best and Worst Banks among the largest 100 financial institutions in the nation.

Protective Products files Chapter 11

Posted: January 14th, 2010, 1:47pm EST

Protective Products of America, a Sunrise-based body armor manufacturer, has filed for Chapter 11 bankruptcy with a plan to sell most of its assets to Boca Raton-based Sun Capital Partners.

Price Busters declares bankruptcy

Posted: January 14th, 2010, 1:31pm EST

The parent company of Price Busters, one of the most successful Hawaii retail startups of the past decade, has filed for bankruptcy.

RBC: Consumer confidence in the Southeast is weak

Posted: January 14th, 2010, 12:58pm EST

Consumer confidence in the Southeast is not recovering quickly following the “Great Recession,” according to RBC CASH’s (Consumer Attitudes and Spending by Household) Index for the region.

Interactive Data acquires Dubai firm

Posted: January 14th, 2010, 12:47pm EST

Interactive Data Corp. announced Thursday it has acquired a Dubai, United Arab Emirates-based distributor of its financial market data services for roughly $600,000. (IDC)

OneForty Inc. raises $1.85M venture round

Posted: January 14th, 2010, 12:42pm EST

Oneforty Inc., a developer of social-media software that supports Twitter users, has taken in $1.85 million in a Series A round of funding.

$50 million in California IOUs remain unclaimed

Posted: January 14th, 2010, 12:11pm EST

The state of California will begin mailing letters this week to people who have not yet cashed their California registered warrants, the IOUs the state used to fund its way through last year’s cash crisis and budget debacle.

Kayne Anderson selling shares

Posted: January 14th, 2010, 12:10pm EST

Kayne Anderson MLP Investment Co. has priced a public offering of 5.5 million shares at $23.61 per share. (KYN)

Front Bank attorney to lead state bank association

Posted: January 14th, 2010, 12:04pm EST

The Austin-based Texas Association of Bank Counsel elected Frost Bank Secretary Stan McCormick president of the organization today.

Hexion mulling $700M debt offering

Posted: January 14th, 2010, 12:00pm EST

Hexion Specialty Chemicals Inc. said it’s looking to sell $700 million in senior notes, proceeds of which would be used in part to pay down other debt.

Eaton Vance assets closed '09 on high note

Posted: January 14th, 2010, 11:13am EST

Boston mutual fund company Eaton Vance Corp. said assets under management rose 5 percent to $163.1 billion during the two months ended Dec. 31. (EV)

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Latham Int’l secures $30M loan

Posted: January 14th, 2010, 11:08am EST

Latham International Inc., a Latham-based company that makes pools, has secured essential financing -- a $30 million revolving loan -- to fund operations after it emerges from bankruptcy protection.

Ainsley gets $1.4M package upon Globe exit

Posted: January 14th, 2010, 11:07am EST

The New York Times Co. said retired Boston Globe publisher P. Steven Ainsley stands to receive roughly $1.4 million in payments and vested stock compensation as well as a handful of tax and financial planning benefits as part of his Dec. 31 separation from the company. (NYT)

Milwaukee gets $25M in neighborhood aid

Posted: January 14th, 2010, 11:00am EST

The city of Milwaukee on Thursday was awarded $25 million in federal stimulus funding aimed at rehabilitating foreclosed and abandoned homes and demolishing blighted properties.

Fed gives Old Southern ultimatum

Posted: January 14th, 2010, 10:56am EST

The Federal Reserve has given Old Southern Bank 30 days to raise capital or sell itself to another financial institution.

Florida TaxWatch issues job creation guidance

Posted: January 14th, 2010, 10:48am EST

Florida TaxWatch makes recommendations to improve Florida’s economy in its new report, “Recommendations for Boosting Investment, Economic Growth, and Job Creation in Florida.”

Republic Bank parent Republic Bancorp posts 25% gain for 2009

Posted: January 14th, 2010, 10:47am EST

Republic Bancorp Inc. said net income for the year ended Dec. 31 was $42.1 million, or $2.02 a share, a 25 percent increase over net income of $33.7 million, or $1.62 a share, in 2008.

Wells Fargo merges funds division

Posted: January 14th, 2010, 10:46am EST

Wells Fargo & Co.’s money-management operation will reduce the number of mutual funds and merge the division with its Evergreen Investment Management Co. Boston-based Evergreen was part of Wells’ acquisition of Wachovia Corp. of Charlotte. (WFC)

Emerald Creek Townhomes face foreclosure

Posted: January 14th, 2010, 10:42am EST

Metro Bank of Dade County filed a foreclosure lawsuit targeting the partially developed Emerald Creek Townhomes project in Plantation.

Commerce earnings fall for year, rise for fourth quarter

Posted: January 14th, 2010, 10:35am EST

Commerce Bancshares Inc. suffered a 10 percent decline in 2009 income compared with a year ago but showed strong fourth-quarter results boosted by higher fees. (CBSH)

Commerce Bancshares earnings fall for year, rise for fourth quarter

Posted: January 14th, 2010, 10:27am EST

Commerce Bancshares Inc. suffered a 10.4 percent decline in 2009 income compared with a year ago but showed strong fourth-quarter results boosted by higher fees.

Republic boosts earnings for quarter, year

Posted: January 14th, 2010, 10:17am EST

Republic Bancorp Inc. reported substantially higher profit for the fourth quarter and 2009 as its income from traditional banking and mortgage operations recovered from the economic downturn. (RBCAA)

Weston seeks $32M to buy Harvard land

Posted: January 14th, 2010, 9:31am EST

The wealthy Boston suburb of Weston plans to issue about $32 million in bonds to finance plans that include buying land from Harvard University that needs remediation for soil contamination, according to Moody’s Investors Service.

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Former TARP COO Schweitzer joins Cozen O’Connor

Posted: January 14th, 2010, 9:00am EST

Howard Schweitzer, who played a key role in the federal government’s financial crisis response as chief operating officer of the $700 billion Troubled Asset Relief Program (TARP), has joined Cozen O’Connor in Washington as a partner, the firm said Thursday.

SunTrust converts debit cards to MasterCard

Posted: January 14th, 2010, 8:58am EST

SunTrust Banks Inc. signed a deal to convert its debit cards from Visa to MasterCard by the end of the year. (MA) (STI)

Hercules Technology Growth names 1st COO

Posted: January 14th, 2010, 8:44am EST

Specialty finance company Hercules Technology Growth Capital Inc. on Thursday named Scott T.K. Gable its first chief operating officer. (HTGC)

Carlyle Group grants 33 senior promotions

Posted: January 14th, 2010, 8:17am EST

Private equity firm The Carlyle Group has promoted 33 professionals to senior positions, including eight in the firm’s D.C. headquarters, the company reported Thursday.

Feds to levy fees on bailed-out financial firms

Posted: January 14th, 2010, 5:00am EST

Senior administration officials Wednesday evening laid out the framework for levying fees against financial firms, insurance providers, broker-dealers and holding companies that benefited from federal policies and assistance aimed to stem the financial crises.

International co. invests $35M in CSIdentity

Posted: January 14th, 2010, 5:00am EST

International investment firm Investcorp Technology Partners today acquired an equity stake in Austin-based CSIdentity Corp., extending the company’s services globally for the first time.

Jacksonville foreclosures up 56% in 2009

Posted: January 13th, 2010, 11:01pm EST

Florida registered the nation’s third highest foreclosure rate in 2009, with 5.93 percent of its housing units receiving at least one foreclosure filing during the year, according to data just released by online foreclosure tracker RealtyTrac Inc. — an increase of 34.1 percent from 2008 and 212.6 percent from 2007.

Wells Fargo cutting 26 more employees

Posted: January 13th, 2010, 5:30pm EST

Wells Fargo & Co. has informed state of Wisconsin officials that it is doubling the size of the planned layoffs from its Menomonee Falls real estate resource center. (WFC)

ComStar Media raising $50M programming, acquisitions fund

Posted: January 13th, 2010, 5:28pm EST

ComStar Media, a Dallas company that owns and operates family-friendly television and radio networks, has hired veteran asset manager and investment banker Ryland Reed.

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Former NFL QB’s failed condo project sold at 55 cents on dollar

Posted: January 13th, 2010, 5:17pm EST

Hyde Park Apartments LLC is the new owner of Oakmont Apartments, a 30-unit community located at 3215 W. Swann Ave. in Tampa, for $1.8 million.

Oceanside Bank agrees to FDIC order

Posted: January 13th, 2010, 4:45pm EST

Oceanside Bank announced Wednesday that it entered into a consent order with bank regulators effective Jan. 7 to improve certain areas of the bank’s operations.

Triangle Capital invests $8M in ZoomSystems

Posted: January 13th, 2010, 4:36pm EST

Triangle Capital (Nasdaq: TCAP) said Wednesday it has made an $8 million subordinated debt investment in ZoomSystems, marking the first investment from the Raleigh company’s second fund.

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S&P lowers California’s bond rating

Posted: January 13th, 2010, 4:32pm EST

Standard & Poor’s Wednesday downgraded California’s general-obligation bonds one notch, to A-minus from A.

Cascade Financial CFO steps down

Posted: January 13th, 2010, 4:27pm EST

Lars Johnson, chief financial officer for Cascade Financial Corp., has stepped down. (CASB)

Elevations Credit Union names CFO

Posted: January 13th, 2010, 3:59pm EST

Colorado’s Elevations Credit Union has hired Michael Calcote as its new CFO. (GBNK)

Boston Private to repay $154M to feds

Posted: January 13th, 2010, 3:55pm EST

Boston Private Financial Holdings Inc. said it has received approval from the U.S. Treasury to begin repayment on $154 million in government aid through the Capital Purchase Program.

Hoenig: Economy might improve 3 to 3.5%

Posted: January 13th, 2010, 3:28pm EST

The U.S. economy could grow by 3 to 3.5 percent in 2010 Thomas Hoenig, chairman of the Federal Reserve Bank of Kansas City, said today.

Wells Fargo donates $100K for Haiti

Posted: January 13th, 2010, 3:21pm EST

Wells Fargo & Co. is contributing $100,000 to the American Red Cross to assist earthquake- recovery efforts in Haiti. (WFC)

BofA, Wells Fargo, Lowe's donate funds for Haiti

Posted: January 13th, 2010, 3:21pm EST

Bank of America Corp., Lowe's Cos. Inc. and Wells Fargo & Co. are contributing funds to earthquake relief efforts in Haiti. (WFC) (BAC)

Banks brace for bailout fee

Posted: January 13th, 2010, 3:01pm EST

The Obama administration, hoping to soothe the public's anger at financial firms, is aiming to hit big banks with a fee to recoup losses associated with the government's bailout of financial firms and the auto industry, The Wall Street Journal reported. (STI)

The Foundry raises $3M for new company

Posted: January 13th, 2010, 2:58pm EST

The Foundry LLC, a medical device company incubator, announced Wednesday that it has completed a $3 million first round of financing for its 12th new company.

Four Seasons Resort and Club listed in foreclosure filings

Posted: January 13th, 2010, 2:54pm EST

A foreclosure filing has been filed against the Four Seasons Resort and Club in Irving for the upcoming February foreclosure auction, according to Foreclosure Listing Service Inc.

Atlanta Fed trims 55 jobs

Posted: January 13th, 2010, 2:41pm EST

The Federal Reserve Bank of Atlanta cut 55 jobs as part of a previously announced plan to stop processing paper checks.

Dallas Fed Beige Book: Economy firms up a bit

Posted: January 13th, 2010, 2:38pm EST

The North Texas economy showed signs of improvement during the past six weeks, according to the latest Beige Book published by the Federal Reserve Bank of Dallas.

Private equity fund raising closes worst year since 2003

Posted: January 13th, 2010, 2:31pm EST

U.S. private equity fund raising closed out its worst year since 2003 with 331 funds raising $95.8 billion, down 68 percent from the $299.9 billion raised by 508 funds in 2008, according to a report released Tuesday.

Artisan setting new global equity strategy

Posted: January 13th, 2010, 2:25pm EST

Artisan Partners said it will launch a new global equity strategy early this year.

Fauquier Bank adds two branches

Posted: January 13th, 2010, 1:51pm EST

Fauquier Bankshares Inc. expands its presence in Prince William and Fauquier counties, with two new branches. (FBSS)

New program reduces penalites on overdue unpaid tax bills

Posted: January 13th, 2010, 1:36pm EST

New York taxpayers with overdue, unpaid tax bills can have their penalty and interest charges cut under a new state program, state officials said Wednesday.

Fla. Opportunity Fund gives $4M to VC firm

Posted: January 13th, 2010, 1:27pm EST

The Florida Opportunity Fund has committed $4 million to Harbert Venture Partners — a regional venture capital firm with offices in Gainesville, Birmingham and Richmond, Va. — to focus on startup opportunities in the state.

Beige Book: Southeast economy improving

Posted: January 13th, 2010, 1:26pm EST

Good news -- The Southeast’s economy actually improved from late November through December with better-than-expected consumer spending over the holidays and a drop in reported layoffs, according to the Federal Reserve's Beige Book report released on Jan. 13.

Central Parking restructures debt payments

Posted: January 13th, 2010, 12:52pm EST

Central Parking System Inc. has finalized an amended debt agreement that will give the firm the financial flexibility to continue to invest and grow the business, the company announced today.

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First Mariner Bancorp’s Hale sees ’09 compensation trimmed 8 percent

Posted: January 13th, 2010, 12:17pm EST

First Mariner Bancorp CEO Edwin F. Hale Sr. was paid about $50,000 less last year than what he earned in 2008, the company said in a Securities and Exchange Commission filing Wednesday.

American Biltrite terminates financing deals

Posted: January 13th, 2010, 12:14pm EST

American Biltrite Inc., a provider of adhesive coatings and related supplies, has terminated a series of financing arrangements with New York-based commercial financier Faunus Group International.

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M&I Bank plans to name Kansas City head in first quarter, appoints wealth management regional manager

Posted: January 13th, 2010, 12:10pm EST

M&I Bank expects to name a new regional president in Kansas City sometime during the first quarter, M&I spokeswoman Renee Robinson said Wednesday. (MI)

Atlantic Trust expands Austin presence

Posted: January 13th, 2010, 11:49am EST

Wealth management firm Atlantic Trust expanded its Texas footprint today, adding a new senior professional to its Austin office. (IVZ)

Morgan Stanley to boost Charlotte presence

Posted: January 13th, 2010, 11:17am EST

Morgan Stanley plans to form a private-banking operation for wealthy brokerage clients that will be based in Charlotte and New York. (MS)

Main Street prices public offering

Posted: January 13th, 2010, 11:16am EST

Main Street Capital Corp. has priced a public offering of 2.5 million shares at $14.75 per share. (MAIN)

First Tennessee Bank mortgage loan records subpoenaed

Posted: January 13th, 2010, 10:30am EST

First Tennessee Bank, one of the largest banks in the state, was one of 15 subpoenaed this week by federal housing officials investigating high default rates of loans backed by the Federal Housing Administration.

Gates Foundation gives $38M for savings accounts program

Posted: January 13th, 2010, 10:22am EST

The Bill & Melinda Gates Foundation has awarded $38 million in grants to microfinance institutions that will encourage savings by poor people in 12 countries in Asia, Africa and Latin America.

Old National expects $12M 4Q loss

Posted: January 13th, 2010, 9:56am EST

Old National Bancorp plans to post a $12 million loss for the fourth quarter as a non-real estate loan “experienced significant deterioration,” the Old National Bank parent company reported Wednesday. (ONB)

Florida Venture Forum invites trio of local companies

Posted: January 13th, 2010, 9:53am EST

Three Tampa Bay area companies are among 18 invited to make presentations at the 2010 Florida Venture Capital Conference.

Bank of Florida shakes up management

Posted: January 13th, 2010, 9:44am EST

Bank of Florida Corp. has realigned the duties of some of its executive officers. (BOFL)

New CEO shuffles BofA executives

Posted: January 13th, 2010, 9:01am EST

The new CEO of the No. 5 bank in Triangle market share is wasting no time making his mark. (BAC)

Virginia Commerce Bank opens Dumfries branch

Posted: January 13th, 2010, 7:53am EST

Virginia Commerce Bank has opened a new location in Dumfries, its 28th branch. (VCBI)

Folsom money manager indicted for fraud

Posted: January 12th, 2010, 7:11pm EST

A federal grand jury on Monday returned an indictment on Folsom money manager Luis Fernandez charging him with money laundering and wire fraud.

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Federal housing authorities investigate loans made by American Sterling Bank

Posted: January 12th, 2010, 5:50pm EST

Federal authorities are investigating Federal Housing Administration loans originated by the former American Sterling Bank.

Pacific Office plans $400M offering

Posted: January 12th, 2010, 5:49pm EST

Pacific Office Properties Trust wants to raise $400 million through a stock offering and plans to use the money to invest in more office buildings on the West Coast and in Hawaii.

Bank of Florida shakes up management

Posted: January 12th, 2010, 5:35pm EST

Bank of Florida Corp. has realigned the duties of some of its executive officers. (BOFL)

Alacrity Lending Co., Americare Investment Group Inc. named in HUD probe

Posted: January 12th, 2010, 4:40pm EST

Two North Texas mortgage companies are being investigated by the U.S. Department of Housing and Urban Development. HUD's Inspector General is taking a closer look at firms that have shown significant increases in claims on failed loans, HUD said in a statement Tuesday.

3 charged with embezzling from First Keystone Bank

Posted: January 12th, 2010, 4:24pm EST

Three employees of First Keystone Bank were arrested Monday and charged with embezzling more than $100,000 from the bank’s Swarthmore, Pa., branch.

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BofA’s new CEO names management team

Posted: January 12th, 2010, 4:22pm EST

Bank of America’s new President and CEO Brian Moynihan named his senior management team Tuesday. (BAC)

Baltimore County Savings Bank sells branches to American Bank

Posted: January 12th, 2010, 4:06pm EST

Baltimore County Savings Bank is selling four of its branches to Rockville-based American Bank, marking American’s entry into the Greater Baltimore banking market.

Moynihan shuffles BofA executive team

Posted: January 12th, 2010, 4:00pm EST

Bank of America Corp. Chief Executive Brian Moynihan has announced a management shakeup at the bank, less than two weeks after succeeding former CEO Kenneth Lewis. (BAC)

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Denver Metro Chamber to lawmakers: Be careful with tax incentives, workers’ comp

Posted: January 12th, 2010, 3:45pm EST

Colorado legislators need to be cautious about cutting business-retention tax incentives or making major changes to the state’s workers’ compensation system, Denver Metro Chamber of Commerce leaders told a crowd of business executives and elected officials in the Capitol Tuesday.

Cowlitz warned by NASDAQ; ponders reverse stock split

Posted: January 12th, 2010, 3:36pm EST

Cowlitz Bancorporation said it received a warning notice from the NASDAQ stock exchange last week, warning that its shares will be delisted from the exchange for not meeting the minimum $1-per-share requirement for 30 straight days. (CWLZ)

Wichita approves loans for Airbus

Posted: January 12th, 2010, 3:26pm EST

The Wichita City Council unanimously approved Tuesday a $200,000 forgivable loan to Airbus North American Engineering Inc. for the company’s planned expansion into the former Kansas Sports Hall of Fame building in Old Town.

Great Florida Bank warned by NASDAQ

Posted: January 12th, 2010, 3:14pm EST

The NASDAQ Stock Market has sent Great Florida Bank a letter telling the company that it no longer meets the $1 minimum bid price requirement to remain listed. (GFLB)

U.S. Global Investors earns accolades for four funds

Posted: January 12th, 2010, 2:54pm EST

Four mutual funds managed by U.S. Global Investors Inc. have earned top-performance ratings from Lipper Inc. and the Wall Street Journal. (GROW)

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WaMu challenges new shareholders’ panel

Posted: January 12th, 2010, 2:52pm EST

Shareholders of Washington Mutual won a hard-fought battle Monday with the appointment of a committee that will represent them in court, but now the bankrupt holding company of the Seattle bank is trying to disband that group of shareholders. (JPM)

Angel Medina to resign from Regions Bank

Posted: January 12th, 2010, 1:29pm EST

Angel Medina Jr. confirmed he plans to resign as the South Florida group president for Regions Bank in the next few weeks. (RF)

World Financial Group names CEO

Posted: January 12th, 2010, 1:26pm EST

World Financial Group has made some changes to its C-Suite.

Sandy Spring opens Leesburg bank

Posted: January 12th, 2010, 1:25pm EST

Sandy Spring Bancorp, which entered the Northern Virginia market with its 2004 acquisition of Potomac Bank of Virginia, has opened its latest branch in Leesburg. (SASR)

Maryland Automobile Insurance Fund names new chair

Posted: January 12th, 2010, 1:08pm EST

Derrick L. Davis has been elevated to chairman of the board of trustees of the Maryland Automobile Insurance Fund, the quasi-public agency that insures about 65,000 Maryland drivers unable to obtain insurance from private carriers.

Wells Fargo, other lenders give Nicholas Financial more credit

Posted: January 12th, 2010, 1:05pm EST

Nicholas Financial Inc. executed a new agreement with its consortium of lenders that increases the size of its credit line from $115 million to $140 million. (WFC) (NICK)

Grow Financial FCU CEO Bob Fisher joins Credit Union 24 board

Posted: January 12th, 2010, 12:59pm EST

Bob Fisher, chief executive officer of Grow Financial Credit Union in Tampa, has returned to Credit Union 24 board of directors as its newest member. Fisher took the seat left vacant by the retiring of Ray Cromer, who was the board’s original chairman in 1997.

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MetLife/NCB Capital Impact provide $5M loan to state's community health centers

Posted: January 12th, 2010, 12:53pm EST

MetLife and NCB Capital Impact said Tuesday they’ve provided $5 million in capital via a “social investment loan” to California community health centers. (MET)

Fowler takes over for Piscopo as Glenmede CEO

Posted: January 12th, 2010, 12:37pm EST

Investment firm Glenmede said Tuesday that Gordon Fowler assumed the role of CEO on Jan. 1, making him the sixth person to lead the firm in its 53-year history.

Apartments sold in Winston-Salem

Posted: January 12th, 2010, 12:36pm EST

The 137-unit Cedar Woods Apartments complex at 1618 W. First St. in Winston-Salem has been sold, according to an announcement from Coldwell Banker Commercial Triad.

Templeton to move to Stiles' building

Posted: January 12th, 2010, 12:29pm EST

In a deal valued at more than $30 million, Franklin Templeton Investments is moving its 350 employees from Broward Financial Centre to 80,500 square feet at 300 Las Olas Place in the middle of next year.

Ratings agencies act on First Niagara

Posted: January 12th, 2010, 12:14pm EST

Two top credit-rating agencies say First Niagara Financial Group Inc.’s stock carries a medium credit risk to investors.

H&R Block flagship location will be blueprint for office remodels

Posted: January 12th, 2010, 12:13pm EST

H&R Block Inc. will hold a grand opening on Thursday for its new flagship office on Times Square in New York. (HRB)

ReputationDefender raises $8.65 million

Posted: January 12th, 2010, 11:35am EST

ReputationDefender Inc. raised $8.65 million in its second round of venture funding.

Terri Dial leaves Citigroup

Posted: January 12th, 2010, 11:26am EST

Terri Dial left Citigroup, where she headed the New York bank’s U.S. retail banking operations. (WFC) (C) (JPM) (BAC)

BB&T names Kay St. John regional president for Texas

Posted: January 12th, 2010, 10:51am EST

Banking giant BB&T, which recently made headlines by buying the failed Colonial Bank, has named Kay St.John regional president for Texas.

IPI names director of fixed income

Posted: January 12th, 2010, 10:46am EST

Investment Professionals Inc. appointed a new director to managed fixed-income investments at the company.

Report: BofA to oust Chief Risk Officer Curl

Posted: January 12th, 2010, 10:27am EST

Gregory Curl, chief risk officer at Bank of America Corp., will likely lose his post in a management shuffle, individuals close to him tell The Wall Street Journal. (BAC)

Ladenburg completed 11 offerings in 2009

Posted: January 12th, 2010, 10:13am EST

Ladenburg Thalmann Financial Services said its subsidiary, Ladenburg Thalmann & Co., placed 11 registered direct and private investment in public equity (PIPE) offerings last year, raising about $124 million for clients in the health care, biotechnology, energy and other industries. (RPTP)

Waddell & Reed sets up succession road with executive changes

Posted: January 12th, 2010, 9:50am EST

Henry Herrmann became chairman of Waddell & Reed Financial Inc. on Jan. 1, one of several executive management changes made as part of the firm’s succession planning. (WDR)

Duke stands to gain from Interstate Hotels sale

Posted: January 12th, 2010, 9:38am EST

The pending sale of Arlington, Va.-based hotel management company Interstate Hotels & Resorts has the undivided attention of one Triangle investor — the Duke University Management Co. (IHR)

Carlyle inks deal for Beijing fund that uses Chinese currency

Posted: January 12th, 2010, 9:35am EST

Private equity firm The Carlyle Group signed a memorandum of understanding with the Beijing Municipal Bureau of Financial Work on the formation of a renminbi-denominated fund in Beijing, the company announced Tuesday.

First Data: Transactions up in December

Posted: January 12th, 2010, 9:21am EST

Consumer spending transactions rose 8 percent in December, according to First Data Corp.’s First Data SpendTrend report.

CardiAQ Valve raises $6.5M in funding

Posted: January 12th, 2010, 9:11am EST

Medical technology developer CardiAQ Valve Technologies Inc. has closed a $6.5 million investment round.

Innovation Advisors expands into Palo Alto

Posted: January 12th, 2010, 9:09am EST

Innovation Advisors, a provider of technology-focused investment banking and advisory services in the United States and Europe, has expanded into the Silicon Valley.

Bank of Commerce posts 4Q gain

Posted: January 12th, 2010, 9:00am EST

Bank of Commerce reports fourth-quarter net income of $124,000. In the same period in 2008, the Charlotte-based bank earned $74,000.

Invesco Mortgage offering worth $149M

Posted: January 12th, 2010, 8:43am EST

Invesco Mortgage Capital Inc. (NYSE: IVR) said Tuesday its public offering of common stock will be worth about $149 million. (IVR) (IVZ)

Report: BofA to oust Chief Risk Officer Curl

Posted: January 12th, 2010, 8:31am EST

Gregory Curl, chief risk officer at Bank of America Corp., will likely lose his post in a management shuffle, individuals close to him tell The Wall Street Journal. (BAC)

Bankrupt small business lender Advanta to liquidate assets

Posted: January 12th, 2010, 8:30am EST

Advanta Corp. said Monday night that its board of directors has authorized liquidating the company’s assets with the expectation that nothing will be left for preferred or common stockholders.

Associated prices stock offering

Posted: January 12th, 2010, 8:29am EST

Associated Banc-Corp said it priced its new stock offering at $11.15 per share, which was a discount to the stock’s closing price on Monday. (ASBC)

TA Associates invests in India's Micromax

Posted: January 12th, 2010, 8:20am EST

Boston private equity firm TA Associates said it has made a $45 million minority investment in Micromax Informatics Limited, a mobile handset provider based in India.

Colorado NFIB to seek changes in health-reform measure

Posted: January 11th, 2010, 10:15pm EST

Colorado's division of the National Federation of Independent Business plans to ask members of the state's congressional delegation to remove provisions from the health-reform legislation before Congress that the group says unfairly target the construction industry.

Sterling Financial hit with employee suit

Posted: January 11th, 2010, 7:11pm EST

An employee of Sterling Savings Bank has filed a lawsuit intended to be a class action against the bank’s Spokane-based holding company in federal court, alleging that it failed to protect employees’ investments in company stock through their 401(k) plans. (STSA)

Adams Dairy Bank will buy out majority shareholder

Posted: January 11th, 2010, 6:04pm EST

Adams Dairy Bank has agreed to buy out Capitol Bancorp Ltd.’s 51 percent interest in the bank for an undisclosed amount. (CBC)

Hawaii lab: Pot, meth use spiked in '09

Posted: January 11th, 2010, 5:44pm EST

Use of marijuana and methamphetamine by Hawaii workers spiked in 2009, according to Diagnostic Laboratory Services, Inc.

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Mid South Eye Bank relocates to UT’s campus

Posted: January 11th, 2010, 4:43pm EST

Mid South Eye Bank for Sight Restoration Inc. has moved its offices to the campus of the University of Tennessee Health Science Center, where it will occupy 3,500 square feet.

DaVita leases interim site for Denver HQ

Posted: January 11th, 2010, 4:43pm EST

Dialysis treatment provider DaVita Inc. said Monday it has signed a short-term lease for interim headquarters space at the Gates Corp. building at 1551 Wewatta St. in downtown Denver. (DVA)

Centura Health to unveil plans for Castle Rock project

Posted: January 11th, 2010, 4:38pm EST

Centura Health, Colorado largest hospital system, says it will unveil details and a timeline Wednesday for a proposed $26.3 million project in Castle Rock that’s scheduled to become a full-service hospital at some point.

Investment advisors Neil Moody, Chris Moody face fraud charges

Posted: January 11th, 2010, 4:24pm EST

In fallout from the an alleged Ponzi scheme operated by Arthur Nadel, the Securities and Exchange Commission has charged a father-son investment advisor team in Sarasota with securities fraud.

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SEC won’t file civil charges against BofA execs

Posted: January 11th, 2010, 4:17pm EST

The Securities and Exchange Commission said Monday that it won’t file civil charges against Bank of America’s former CEO Ken Lewis or the bank’s executives and directors. (BAC)

Goddard doctor sentenced to prison

Posted: January 11th, 2010, 4:09pm EST

Goddard physician Lawrence Simons was sentenced Monday to two years in prison for unlawfully prescribing a controlled substance.

USDA buys Fluidigm test for cattle

Posted: January 11th, 2010, 4:06pm EST

The U.S. Department of Agriculture has bought a testing system from Fluidigm Corp. to help manage America's dairy and beef cattle.

Wash Federal shares fall after acquisition

Posted: January 11th, 2010, 3:54pm EST

Shares of Washington Federal Inc. dropped nearly 6 percent on Monday following the company's acquisition of Horizon Bank, which was seized and sold by regulators Friday. (WFSL)

Plexxikon cancer trial nets Roche payment

Posted: January 11th, 2010, 3:51pm EST

Plexxikon Inc. received a milestone payment from Swiss drugmaker Roche for the enrollment of the first patient in a Phase III trial of its potential metastatic melanoma treatment.

Charles River Labs to cut 300, suspends Shrewsbury operations

Posted: January 11th, 2010, 3:38pm EST

Charles River Laboratories International Inc. announced plans Monday to indefinitely suspend operations at its facility in Shrewsbury, Mass., and lay off 300 people. (CRL)

Oraya enrolls eye radiation therapy trial

Posted: January 11th, 2010, 3:38pm EST

Oraya Therapeutics Inc. is enrolling patients in a study to demonstrate the safety and effectiveness of radiation therapy for the treatment of wet age-related macular degeneration.

SEC seeks further charges against BofA

Posted: January 11th, 2010, 3:36pm EST

The Securities and Exchange Commission is seeking to charge Bank of America for not disclosing “extraordinary losses” at Merrill Lynch before asking bank shareholders to approve the deal. (BAC)

Fitchburg among obesity-grant recipients

Posted: January 11th, 2010, 3:31pm EST

The Robert Wood Johnson Foundation has awarded $33 million in grants to 41 communities — including the city of Fitchburg, Mass. — to help fight child obesity.

Inverness sues Arm & Hammer owner over pregancy-test patent

Posted: January 11th, 2010, 3:09pm EST

Inverness Medical Innovations Inc. is suing the New Jersey-based owner of the Arm & Hammer brand, alleging the company’s First Response Gold home-pregnancy test infringes an existing patent. (IMA) (CHD)

Children's Hospital names physician affairs director

Posted: January 11th, 2010, 3:08pm EST

Dr. Marylyn Ranta, has been named director of physician affairs at Children’s Hospital of Wisconsin.

SEC pursues lawsuit vs. BofA

Posted: January 11th, 2010, 3:04pm EST

The Securities and Exchange Commission has filed a new lawsuit against Bank of America Corp. for failing to disclose extraordinary financial losses at Merrill Lynch & Co. before BofA shareholders voted to approve the deal, The Wall Street Journal reports. (BAC)

St. Jude revenue exceeds analysts estimates

Posted: January 11th, 2010, 2:58pm EST

St. Jude Medical Inc. is sticking to its earnings projections for the fourth quarter, after recording a 6.2 revenue jump over the year-ago period. (STJ)

Aurora adds business leaders to board

Posted: January 11th, 2010, 2:56pm EST

Aurora Health Care has appointed the head of the state investment board and two prominent business men to its board of directors.

Baird Ventures takes minority stake in Fellon-McCord

Posted: January 11th, 2010, 2:54pm EST

A Chicago-based private equity firm has acquired part of Fellon-McCord Associates LLC.

Apthera names Schwartz president and CEO

Posted: January 11th, 2010, 2:50pm EST

Apthera Inc., a Scottsdale-based biotech company, has named Mark Schwartz president and CEO. He replaces Charles Morgan, who resigned in September.

Bind Biosciences raises $11M venture round

Posted: January 11th, 2010, 2:48pm EST

Drug developer Bind Biosciences Inc. has raised $11 million in a third round of financing, according to a company spokeswoman. The company also announced it has appointed Scott Minick as president and CEO.

NovaBay lands $3.75M milestone

Posted: January 11th, 2010, 2:46pm EST

NovaBay Pharmaceuticals Inc. won a $3.75 million milestone payment from Galderma S.A.

Mastro agrees to state securities consent order

Posted: January 11th, 2010, 2:34pm EST

Bankrupt Seattle developer Michael R. Mastro Sr. has agreed to refrain from violating state securities laws under a consent order with the Washington state Department of Financial Institutions, the agency said Monday in a press release.

KaloBios, Sanofi strike potential $290M deal

Posted: January 11th, 2010, 2:32pm EST

KaloBios Pharmaceuticals Inc. and Sanofi Pasteur will work together on a new biologic treatment of bacterial infections.

South St. Louis Orthopedic to pay $200,000 to settle fraud charges

Posted: January 11th, 2010, 2:19pm EST

South St. Louis Orthopedic Group Inc., led by President Mitchell Mirbaha, has agreed to pay $200,000 to settle charges of Medicare and Medicaid fraud involving podiatry services provided by Dr. Denise Hardy.

FDA approves Genentech's Actemra

Posted: January 11th, 2010, 2:07pm EST

The Food and Drug Administration approved Genentech Inc.'s rheumatoid arthritis drug, Actemra, for adult patients with moderate to severe active forms of the disease.

Greensboro credit union joins Self-Help

Posted: January 11th, 2010, 2:06pm EST

Choice Federal Credit Union has merged with Self-Help Credit Union in Durham, according to an announcement.

Mylan, Cephalon in dispute over sleep drug Nuvigil

Posted: January 11th, 2010, 1:59pm EST

Generic drug maker Mylan Inc. is facing a lawsuit from Cephalon Inc. and Cephalon France, which want to stop a Food and Drug Administration application for a generic version of Cephalon's Nuvigil sleep drug, Mylan announced Monday. (MYL)

Venture fund raising plummets in 2009

Posted: January 11th, 2010, 1:56pm EST

Venture capital fund raising nationwide hit its lowest rate in at least five years in 2009, according to a Thomson Reuters/National Venture Capital Association study released Monday.

Federal panel expected to question JPMorgan CEO

Posted: January 11th, 2010, 1:53pm EST

Jamie Dimon, the chief executive of JPMorgan Chase, will be among the first officials to testify Wednesday at the two-day hearings of the Financial Crisis Inquiry Commission, a Congress-appointed panel designated to examine the financial events of the past several years. (JPM)

AG Cuomo quizzes banks on bonuses

Posted: January 11th, 2010, 1:36pm EST

State Attorney General Andrew Cuomo asked eight of the nation’s largest banks for details on Monday about the size and scope of year-end bonuses to employees. (BAC) (BK) (C) (GS) (JPM) (MS) (SST) (WFC)

Dual citizen Amirnazmi sentenced to 4 years for doing business with Iran

Posted: January 11th, 2010, 1:33pm EST

A Berwyn, Pa., man was sentenced to four years in prison for violating U.S. sanctions against Iran by conducting business with the country.

SEC sues former Indevus exec over insider trading allegations

Posted: January 11th, 2010, 1:31pm EST

The U.S. Securities and Exchange Commission has filed an insider trading lawsuit in Massachusetts District Court against a former senior executive at Indevus Pharmaceuticals.

SEC sues former Indevus exec over insider trading allegations

Posted: January 11th, 2010, 1:31pm EST

The U.S. Securities and Exchange Commission has filed an insider trading lawsuit in Massachusetts District Court against a former senior executive at Indevus Pharmaceuticals.

Cuomo seeks info on BofA, Wells bonuses

Posted: January 11th, 2010, 1:29pm EST

New York Attorney General Andrew Cuomo is seeking information on employee bonuses for 2009 from eight U.S. banks, including Bank of America Corp. and Wells Fargo & Co. (BAC) (WFC)

HealthSouth: earnings between $1.45-$1.50

Posted: January 11th, 2010, 1:09pm EST

HealthSouth Corp. projected 2009 per-share earnings of $1.45-$1.50 in a Monday Securities and Exchange Commission filing. Wall Street analysts had predicted earnings of $1.52.

KV Pharmaceutical, Hologic amend Gestiva deal

Posted: January 11th, 2010, 12:57pm EST

KV Pharmaceutical Co. said Monday it amended its agreement with Hologic Inc. for the rights to a drug aimed at preventing premature births.

UC wins $5M stimulus grant for lab renovations

Posted: January 11th, 2010, 12:56pm EST

The University of Cincinnati College of Medicine’s Department of Environmental Health has received a $5 million grant from the National Institutes of Health (NIH) to fund laboratory renovations.

Novo Nordisk buys ZymoGenetics shares

Posted: January 11th, 2010, 12:52pm EST

Novo Nordisk has become a bigger shareholder in Seattle biotechnology company ZymoGenetics Inc. (ZGEN)

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Fidelity’s venture capital arm breaks off

Posted: January 11th, 2010, 12:45pm EST

The staff of Fidelity Investments’ venture arm has broken off from the Boston mutual fund giant to form an independent venture capital firm called Volition Capital, partners at the new firm announced in an e-mail Monday.

U.S. Bank opens branch at Reuters offices

Posted: January 11th, 2010, 12:36pm EST

U.S. Bank on Monday said it recently opened a branch at Thomson Reuters’ Eagan office campus. (USB)

Human Genome Sciences gives 2010 forecasts

Posted: January 11th, 2010, 12:31pm EST

Human Genome Sciences Inc. expects to end this year with two new federally approved drugs for the market. (HGSI)

ViroPharma expands licensing deal for angioedema drug Cinryze

Posted: January 11th, 2010, 12:18pm EST

ViroPharma Inc. said Monday it has expanded it global licensing deal for Cinryze with Sanquin Blood Supply Foundation in the Netherlands. (VPHM)

Genentech to build South S.F. office building

Posted: January 11th, 2010, 12:16pm EST

Genentech Inc. will build a third office building on its South San Francisco campus.

Equity Estates teams with Hideaways Club

Posted: January 11th, 2010, 12:01pm EST

An Atlanta-based luxury vacation home fund company has formed an alliance with a similar firm in Europe.

Lockhart: Economy on the mend

Posted: January 11th, 2010, 11:58am EST

Federal Reserve Bank of Atlanta President and Chief Executive Officer Dennis P. Lockhart told the Rotary Club of Atlanta on Monday that the economy “is on the mend, but it’s not free of drags or risk.”

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Investment Management Consultants Association names new executive director

Posted: January 11th, 2010, 11:42am EST

Sean Walters has been hired as the new executive director of the Investment Management Consultants Association, officials said Monday.

SonoSite to buy back $100M in stock

Posted: January 11th, 2010, 11:31am EST

Ultrasound device maker SonoSite Inc. said it will purchase up to $100 million of its common stock. (SONO)

Dow up slightly Monday, Alcoa stock rises before earnings announcement

Posted: January 11th, 2010, 11:27am EST

Alcoa Inc.’s stock price was up slightly by end of trading Monday as the company prepares to release its fourth quarter and fiscal 2009 financials after close of market, kicking off the earnings season. (AA) (AEO) (BK) (CNX) (DKS) (FII) (KMT) (KOP) (PNC) (PPG) (X) (WAB) (WCC)

White House views sought on Janus lawsuit

Posted: January 11th, 2010, 11:18am EST

The U.S. Supreme Court on Monday invited the White House to weigh in on whether justices should hear Janus Capital Group’s appeal in a class-action lawsuit dating to 2003. (JNS)

Javelin merger hit by class-action flurry

Posted: January 11th, 2010, 11:02am EST

Javelin Pharmaceuticals Inc. said it has been hit by a flurry of class-action lawsuits and pending legal filings linked to its planned $95 million merger with Myriad Pharmaceuticals Inc.

UTSA works to protect students, faculty against H1N1

Posted: January 11th, 2010, 10:56am EST

The University of Texas at San Antonio is helping its students get vaccinated against the H1N1 virus.

KPMG exec named CFO of Community Bank Partners

Posted: January 11th, 2010, 10:12am EST

Tensie Homan will become the chief financial officer and a founding partner of Colorado's Community Bank Partners, effective Jan. 18, the company said Monday.

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JPMorgan Chase & Co. to open 24 more homeownership centers, including one in Dallas

Posted: January 11th, 2010, 10:04am EST

Banking giant JPMorgan Chase said Monday the company is opening 24 more Chase Homeownership Centers across the nation, including one in Dallas, to counsel struggling homeowners.

AcadiaSoft raises $4M in venture backing

Posted: January 11th, 2010, 10:04am EST

Financial software maker AcadiaSoft Inc. has landed $4 million in venture backing from a handful of major banking and investment firms.

Pfizer sending layoff notices to 680 in Collegeville, Great Valley

Posted: January 11th, 2010, 9:56am EST

Pfizer Inc. said it began sending notices Monday to the 680 workers at two former Wyeth facilities whose jobs are being eliminated. (PFE)

Vertex 2009 loss 'less' than $650 million

Posted: January 11th, 2010, 9:51am EST

Drug developer Vertex Pharmaceuticals Inc. said its net loss for 2009 will be slightly better than the negative $650 million it predicted in October.

AIC Ventures partner steps down

Posted: January 11th, 2010, 9:38am EST

AIC Ventures Managing Partner David Steinwedell, who closed more than $375 million during his tenure, resigned from the company Friday.

Baird Venture Partners invests in Louisville firm

Posted: January 11th, 2010, 9:30am EST

Baird Venture Partners, a unit of Milwaukee-based Robert W. Baird & Co., acquired “a significant minority interest” in Fellon-McCord, a Louisville, Ky., energy consulting and management company.

Hillenbrand to buy K-Tron of Pitman for $435M

Posted: January 11th, 2010, 9:28am EST

Hillenbrand Inc., a holding company, has agreed to buy K-Tron International Inc. for roughly $435 million, or $150 per share in cash. (KTII) (HI)

Survey: M&A to pick up in Florida in first half

Posted: January 11th, 2010, 9:25am EST

Merger and acquisition activity in Florida remains stagnant but market experts predicted it will pick up in the first half of 2010, according to a survey released Dec. 8.

NetApp, Stanford build gastric cancer registry

Posted: January 11th, 2010, 9:08am EST

NetApp Inc. and the Stanford Genome Technology Center are building the country's first comprehensive gastric cancer registry, the company said Monday. (NTAP)

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All Children’s Hospital completes move

Posted: January 11th, 2010, 9:07am EST

More than 800 staff members moved 169 patients to the new All Children’s Hospital.

Associated sets stock offer, posts 4Q loss

Posted: January 11th, 2010, 9:02am EST

Associated Banc-Corp simultaneously announced Monday morning a $400 million stock offering and a $180.6 million fourth-quarter net loss. (ASBC)

TVA Medical garners $2.6M investment

Posted: January 11th, 2010, 9:00am EST

Austin-based biomed startup TVA Medical Inc. wrangled $2.6 million Series A funding to spur its minimally-invasive Renal Disease treatment.

GlaxoSmithKline pays $35M in licensing deal with ChemoCentryx

Posted: January 11th, 2010, 8:57am EST

London-based GlaxoSmithKline, which has its North American headquarters in Research Triangle Park, has exercised its option for exclusive licensing and development of ChemoCentryx Inc.’s Traficet-EN. (GSK)

Austin research center testing Phase II drug

Posted: January 11th, 2010, 8:38am EST

Austin-based Premier Research center is testing new menstrual cramp therapy with UK-based Vantia Therapeutics, officials announced today.

Inverness Medical Innovations makes $286M bid for Korean firm

Posted: January 11th, 2010, 8:38am EST

Less than a week after making a $255 million play for a Canadian firm, Inverness Medical Innovations Inc. is looking even farther afield, offering $286 million for a majority stake in Korea’s Standard Diagnostics Inc. (IMA)

Acetylon Pharma lands $2M in financing

Posted: January 11th, 2010, 8:19am EST

Drug developer Acetylon Pharmaceuticals Inc. has pulled in $2 million in venture funding, bringing the total investment in the company to $9.25 million.

Director focuses on rebuild at S.F. General foundation

Posted: January 10th, 2010, 11:00pm EST

The San Francisco General Hospital Foundation has named Stephanie Bray as its executive director, effective Jan. 11.

Policy Studies ventures into new revenue stream

Posted: January 10th, 2010, 11:00pm EST

Policy Studies Inc. (PSI) stands to benefit financially as more people turn to the government for health care assistance because of the economic downturn.

Hospitals want Obama administration to slow push for electronic files

Posted: January 10th, 2010, 11:00pm EST

Hospitals and doctors contend the Obama administration is moving too fast in its efforts to promote the use of electronic health records.

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Shortfall in millionaire’s tax reignites debate

Posted: January 10th, 2010, 11:00pm EST

A year ago, facing a record-high deficit, state legislators followed the desires of labor unions and enacted the largest income tax hike in state history.

Health-Chem to add to facilities

Posted: January 10th, 2010, 11:00pm EST

Health-Chem Diagnostics is expanding its Pompano Beach headquarters and building a $33 million manufacturing center near Port St. Lucie.

Shuttered Fuquay nursing home may receive a $7.6M infusion

Posted: January 10th, 2010, 11:00pm EST

FUQUAY-VARINA – The owners of the shuttered Brighton Manor nursing home in Fuquay-Varina are planning a $7.6 million replacement to help fill the need for nursing care services in southern Wake County.

Hospice charts local expansion

Posted: January 10th, 2010, 11:00pm EST

RALEIGH – Hospice of Wake County, the second largest provider of hospice care in North Carolina, is planning to expand its freestanding care center even though the new facility won’t be dedicated until Jan. 9.

Infinity and beyond: Adelene Perkins

Posted: January 10th, 2010, 11:00pm EST

This month Adelene Perkins became chief executive officer of Infinity Pharmaceuticals. She’s following founder Steve Holzman, who will remain executive chairman of the board. Perkins came up through the ranks at Infinity, arriving in 2001 as chief business officer before adding president to her title in 2008. In November, Perkins beat out more than 1,000 nominees to win a Stevie award, which is awarded annually to women for excellence in business. Infinity is in the midst of two Phase 2 clinical trials for potential cancer therapies and plans to launch a third Phase 2 trial this year. Perkins talked with BBJ reporter Julie M. Donnelly about partnerships, porcini mushrooms, and why succession plans aren’t just for Fortune 500 companies anymore.

Greensboro Imaging buys Southeastern Radiology

Posted: January 10th, 2010, 11:00pm EST

Greensboro Imaging, a radiology practice that is a joint venture between Greensboro Radiology and Moses Cone Health System, has acquired another practice in Greensboro.

Giving biotech startups a hand

Posted: January 10th, 2010, 11:00pm EST

When the Milken Institute released its report on the life sciences industry last year, the region scored high in categories measuring employment level, industry growth and economic impact.

Technical Vision sets its sights on laser cane

Posted: January 10th, 2010, 11:00pm EST

UPPER SOUTHAMPTON — Sergey Naumovsky, CEO of Technical Vision Inc., stumbled upon virtual incubator BioStrategy Partners by accident in 2007.

Scientist developing new way to diagnose, treat cancer

Posted: January 10th, 2010, 11:00pm EST

Ira S. Ayene is working on a new way to fight cancer.

Immunome takes on infections by replicating antibodies

Posted: January 10th, 2010, 11:00pm EST

Dr. Scott Dessain doesn’t like to remember his early meetings with potential investors when he was trying to get his biotechnology company Immunome Inc. started.

Azaya Therapeutics awaits results of cancer-drug study

Posted: January 10th, 2010, 11:00pm EST

The first patient in the Phase I clinical study for Azaya Therapeutics’ new cancer therapy drug was treated last week in Dallas. Now the San Antonio-based pharmaceutical company is waiting to see the results before proceeding with a second patient and/or a second dosage.

Health care community pushes ahead with electronic medical records

Posted: January 10th, 2010, 11:00pm EST

Health care in Colorado and nationwide will take a deeper plunge into the information age in the coming years.

Colorado seen as leader in health care information technology

Posted: January 10th, 2010, 11:00pm EST

Colorado’s medical community is getting national recognition as a pioneer in the rapidly growing field of health care information technology.

Getting down to the nuts and bolts of managing health care data

Posted: January 10th, 2010, 11:00pm EST

Patient demand and government mandates are forcing health care companies to automate how they handle electronic information — creating a potential boom area for information technology businesses.

The digital doctor: Embracing electronic records

Posted: January 10th, 2010, 11:00pm EST

I am struck by how technology has replaced people with machines. Now, I check myself out at the grocery store, book travel online and use an ATM.

Athenahealth Inc.

Posted: January 10th, 2010, 11:00pm EST

The idea for athenahealth Inc. dates back to 1997, when the notion was hatched in the living room of one of its founders. Since then it has grown by leaps and bounds from a small private outfit to a $47 million company with a singular mission: handling accounts receivables for doctors. The company aggressively tracks money owed to physicians with a seemingly recession-proof approach that has created revenue growth for 36 consecutive quarters. The company, which went public in 2007 (Nasdaq: ATHN), reported revenue of $48.7 million for the three months ending Sept. 30, compared with $35.4 million for the same period the year before. Since it went public, its stock value has grown more than 30 percent and now trades at $46.54.

Charles River Laboratories Inc.

Posted: January 10th, 2010, 11:00pm EST

Charles River Laboratories International Inc. started the last decade off with a bang, executing on its IPO in June 2000. The Wilmington company has since grown organically and through acquisition to about 8,500 employees and approximately 70 facilities around the globe.

Genzyme Corp.

Posted: January 10th, 2010, 11:00pm EST

Last year might well go down as annus horribilis for Genzyme Corp.

Bio events build on J.P. Morgan

Posted: January 10th, 2010, 11:00pm EST

Inspired by a who’s-who list of executives and investors in San Francisco next week for biopharma’s premier annual shindig — the J.P. Morgan Healthcare Conference — two spinoff conferences look to make their mark on Union Square.

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Judge weighing state’s appeal of ex-CareFirst CEO’s pay package

Posted: January 10th, 2010, 11:00pm EST

The Maryland Insurance Administration is still fighting to limit the $18 million severance package former CareFirst BlueCross BlueShield CEO William L. Jews can receive.

New trend shows Jacksonville private practices, hospitals teaming up

Posted: January 10th, 2010, 11:00pm EST

Faced with economic uncertainty and financial woes, doctors in private practice are increasingly turning to hospitals for employment.

CalRHIO closes, but board to help state on IT

Posted: January 10th, 2010, 11:00pm EST

CalRHIO, which once hoped to be the conduit for much of California’s health care data, is defunct, and Sacramento is moving in a different direction on developing a statewide health information exchange that ultimately could receive billions in federal stimulus dollars.

Newark nursing home fulfills forecast of trouble

Posted: January 10th, 2010, 11:00pm EST

Despite the infusion of more than $1 million in family money, a Newark nursing home has entered Chapter 11 bankruptcy protection while the mother-son tandem heading it considers whether to reorganize or sell.

Startup Osteosphere formed to develop laboratory discovery

Posted: January 10th, 2010, 11:00pm EST

A University of Houston professor has discovered a method for growing real human bone in a laboratory.

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Memorial Hermann Southwest delivers Asian unit on advice of internal doctors

Posted: January 10th, 2010, 11:00pm EST

Memorial Hermann Southwest Hospital has created a dedicated center to serve the city’s Asian community.

Baylor recruits game kids for Wii study

Posted: January 10th, 2010, 11:00pm EST

The Children’s Nutrition Research Center at Baylor College of Medicine is looking for a few good kids ... to play video games.

Spencer Berthelsen

Posted: January 10th, 2010, 11:00pm EST

Spencer Berthelsen joined the Kelsey-Seybold Clinic 29 years ago after completing his residency in internal medicine at the University of California at San Diego. He currently is the managing director and chairman of the board at the Kelsey-Seybold Clinic in Houston. Kelsey-Seybold is a multispecialty group practice comprised of 350 physicians in 18 locations throughout the greater Houston area. Berthelsen has served in various leadership capacities within Kelsey-Seybold including chairman of the department of internal medicine, medical director for primary care and medical director for managed care. His responsibilities have included medical liaison with affiliated health plans, utilization management, clinical practice guideline development and physician education regarding managed care. Berthelsen also maintains a general internal medicine practice at a Kelsey-Seybold branch office. He is a graduate of Rice University with a Bachelor of Arts degree in biology. He received his medical degree from Southwestern Medical School in Dallas. He has served on the board and as secretary/treasurer of the Texas Society of Internal Medicine. He is a past president of Texas Academy of Internal Medicine Services, the advocacy arm of the academy. Berthelsen has also served as the secretary/treasurer and president for the Texas Club of Internists. In addition, he has served as chairman of the Texas Medical Association’s Council on Legislation. He is also a clinical professor of medicine at Baylor College of Medicine and The University of Texas Health Science Center at Houston. Berthelsen was interviewed by Christine Hall.

Diagnostic Devices wins in court

Posted: January 10th, 2010, 11:00pm EST

A U.S. Bankruptcy Court judge in Miami has set aside a 2008 judgment that ordered Diagnostic Devices Inc. of Charlotte to pay $2.4 million in a bankruptcy settlement.

Reata inks deal with Japanese drug company

Posted: January 10th, 2010, 11:00pm EST

Reata Pharmaceuticals Inc. has signed a $272 million licensing agreement that provides exclusive rights to develop and sell its lead product for the treatment of chronic kidney disease to Japanese bio-pharmaceutical company Kyowa Hakko Kirin, both companies announced this week.

Hospital Authority seeks long-term savings with pension switch

Posted: January 10th, 2010, 11:00pm EST

Cash-strapped Metropolitan Nashville Hospital Authority will seek Metro Council’s permission to switch from a traditional pension plan to one that shares the financial burden with authority employees.

Acquisitions uptick expected in medical, biotech industries

Posted: January 10th, 2010, 11:00pm EST

Investment bankers and attorneys are predicting a merger and acquisition boom this year in the biotech, pharmaceutical and medical device sectors. The increased activity will be driven by the need for new partnerships to fund research and development and defray the high cost of bringing products to market.

Hospitals criticize Obama e-records rule

Posted: January 10th, 2010, 11:00pm EST

Hospitals and doctors contend the Obama administration is moving too fast in its efforts to promote the use of electronic health records.

Harmony Labs to add 40 jobs, expand in Kannapolis

Posted: January 10th, 2010, 11:00pm EST

Harmony Labs Inc. plans to add 40 jobs this year as it expands its headquarters in Kannapolis.

Accentia makes post-bankruptcy plans

Posted: January 10th, 2010, 11:00pm EST

TAMPA — More than a year after filing a voluntary petition to reorganize its debts, Accentia Biopharmaceuticals Inc. appears set to exit bankruptcy.

TransWorld starts fund to invest in medical devices

Posted: January 10th, 2010, 11:00pm EST

A Ballantyne company is raising money for a $25 million medical-technology fund to support its growing portfolio of medical devices.

Banks regard franchise operators as good loan prospects

Posted: January 10th, 2010, 11:00pm EST

Many bankers say that associating with a strong franchise gives new businesses a leg up on other customers seeking loans, but lenders are still taking close looks at these borrowers before they put ink to paper.

Are banks too big to tame?

Posted: January 10th, 2010, 11:00pm EST

Robin Lyle isn’t afraid of new rules about overdraft fees.

Keeping FDIC in the black has bankers seeing red

Posted: January 10th, 2010, 11:00pm EST

Ever since the banking crisis started, a debate has ensued behind the scenes about how to make sure the Federal Deposit Insurance Corp. has enough cash to fund the losses caused by failing banks. Most people know deposits in U.S. banks are insured by the federal government through the FDIC, but they don’t think about where the funds come from to pay for that insurance. Even though deposits are backed by the full faith and credit of the U.S. government, losses from failed banks are actually covered by a deposit-insurance fund maintained by the FDIC. The cash in that fund is obtained from premiums paid by the banking industry.

New CEO takes the reins at Technology Credit Union

Posted: January 10th, 2010, 11:00pm EST

One of the Bay Area’s largest credit unions has turned to an executive who was once in Silicon Valley Bank’s senior ranks for new leadership.

Colorado M&A deals rise in 2009 fourth quarter

Posted: January 10th, 2010, 11:00pm EST

Colorado mergers-and-acquisitions activity accelerated noticeably in the fourth quarter of 2009, buoying hopes for a stronger 2010.

Parish eyes $1.1B for two new funds

Posted: January 10th, 2010, 11:00pm EST

CHAPEL HILL – Private equity investor Parish Capital Advisors is seeking to raise two new investment funds totaling a combined $1.1 billion.

Litigation wave may hit failed banks

Posted: January 10th, 2010, 11:00pm EST

The nation’s bank failures could soon lead to a wave of legal action against some officers and directors of some failed lenders. And Georgia, with its nation-leading tally of seized banks, could be ground zero.

Private equity firm starting $200M health-care fund

Posted: January 10th, 2010, 11:00pm EST

Private equity firm EDG Partners LLC could raise an up to $200 million health-care-focused investment fund.

WashingtonFirst recruits Kevin Curtis to lead Virginia market

Posted: January 10th, 2010, 11:00pm EST

Kevin Curtis, CEO of defunct would-be startup First Financial Bank, has landed a new gig at WashingtonFirst Bank as president of the Virginia market, a newly created position.

CompuCredit to spin off short-term loan unit

Posted: January 10th, 2010, 11:00pm EST

CompuCredit Holdings Corp. plans to spin off its micro-loan operations in the United States and United Kingdom into a new publicly traded company, in a move that could help the struggling subprime lender attract outside capital. (SNV) (STI)

Sapient Financial launches career development program

Posted: January 10th, 2010, 11:00pm EST

Sapient Financial Group has launched a new three-year career development program designed to groom future financial professionals called GET THERE.

Melnuk, Hillman buy WestBridge Bank

Posted: January 10th, 2010, 11:00pm EST

WestBridge Bank & Trust Co. is planning to sell itself for $480,246 to a new corporation owned by Paul Melnuk and Tom Hillman, owners of FTL Finance. The bank was launched in 2006 with about 225 investors who provided $12.5 million in capital.

Bio events build on J.P. Morgan

Posted: January 10th, 2010, 11:00pm EST

Inspired by a who’s-who list of executives and investors in San Francisco next week for biopharma’s premier annual shindig — the J.P. Morgan Healthcare Conference — two spinoff conferences look to make their mark on Union Square.

DynaVox offering sign that IPO market is starting to rebound

Posted: January 10th, 2010, 11:00pm EST

With the announcement this week that South Side technology company DynaVox Inc. is planning an initial public offering, local investors are expressing some optimism that this move might signal a more robust IPO market for 2010.

Truman raises $13 million from investors, bank sales

Posted: January 10th, 2010, 11:00pm EST

Truman Bank, which has been under regulatory orders to restructure, has raised $8 million in new capital from about 10 investors since June and is projecting a profit of $2.4 million in 2010 after a loss of $7.1 million in 2009.

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Recession boosts investors’ interest in tax certificates

Posted: January 10th, 2010, 11:00pm EST

Steve Sjuggerud points to a check for $2,257, the first return on property tax-related investments he made several months ago.

Jacksonville small-business owners struggling to get surety bonds

Posted: January 10th, 2010, 11:00pm EST

General contractor Joseph Hutchinson can’t break the surety bond ceiling.

Short sellers put BofA in the crosshairs

Posted: January 10th, 2010, 11:00pm EST

Short sellers were piling into Bank of America last month even as California’s largest bank was announcing its exit from the government’s bailout program.

Yadkin Valley Financial balks at detailing source of $4.3 million theft

Posted: January 10th, 2010, 11:00pm EST

Two unidentified former employees at Charlotte’s American Community Bank are believed to be responsible for $4.3 million in missing cash at the bank, a company official says.

SNL data: Two local CUs are among weakest

Posted: January 10th, 2010, 11:00pm EST

Two Dallas-area credit unions rank among the weakest in the nation, according to new data from SNL Financial LLC.

Consumer Financial Protection Agency could further tighten credit

Posted: January 10th, 2010, 11:00pm EST

Legislation creating the Consumer Financial Protection Agency could make credit more expensive and harder to get, opponents of the bill contend.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/10/Who_knew__BofA%e2%80%99s_stock_turns_out_a_winner_in_%e2%80%9909'

Who knew? BofA’s stock turns out a winner in ’09

Posted: January 10th, 2010, 11:00pm EST

Only one Charlotte-area bank stock increased in value in 2009. No surprise there — it was a bad year for banks. (BAC) (WFC) (BBT) (YAVY) (GRAN)

Commerce boss pledges profitability

Posted: January 10th, 2010, 11:00pm EST

When Commerce Bank of Oregon opened its doors on the 12th floor of downtown Portland’s Pacwest Center, its goals were as lofty as its high-rise offices.

Cauble duo joins Consolidated Planning as it starts expansion

Posted: January 10th, 2010, 11:00pm EST

Consolidated Planning is preparing for a major expansion by hiring former city lobbyist Boyd Cauble as an adviser.

Washington state bank execs depart en masse

Posted: January 10th, 2010, 11:00pm EST

These are dangerous days to be a banker.

Ex-Wachovia foursome starts investment firm

Posted: January 10th, 2010, 11:00pm EST

Four former Wachovia Corp. bankers are launching a boutique investment bank here, hoping to capitalize on the changing commercial real estate environment.

A third of New Mexico households shun banks

Posted: January 10th, 2010, 11:00pm EST

A new national survey by the Federal Deposit Insurance Corp. shows that New Mexico has one of the highest rates of unbanked and underbanked populations in the U.S.

Federal boost helps ramp up lending in Washington state

Posted: January 10th, 2010, 11:00pm EST

Redhawk Drywall Service has rented its office space during its 13 years in business.

Banks, credit unions reach out to underserved populations

Posted: January 10th, 2010, 11:00pm EST

Alejandra Seluja, manager of Santa Fe-based Guadalupe Credit Union’s branch on the city’s south side, knows firsthand why Spanish-speaking immigrants often shun financial institutions.

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Investment houses vie for talent in ‘unprecedented’ jockeying

Posted: January 10th, 2010, 11:00pm EST

As the investment world emerges from 2009, our collective annus horribilis, there are increasing signs of optimism.

Ponzi suit again tags Regal Financial, Tam

Posted: January 10th, 2010, 11:00pm EST

Regal Financial Bank is again facing allegations in a federal lawsuit that claims the bank and its former chief executive were involved in a multimillion-dollar Ponzi scheme that bilked Indonesian investors out of millions of dollars.

Permalink for 'bizjournals.com___Health_Care___Health_Insurance/2010/01/10/Quality_over_quantity__National_venture_capital_expert_Mark_Heesen__Chrysalis_Ventures%e2%80%99_David_Jones_Jr._discuss_how_Louisville_fits_in_competitive_VC_world'

Quality over quantity: National venture-capital expert Mark Heesen, Chrysalis Ventures’ David Jones Jr. discuss how Louisville fits in competitive VC world

Posted: January 10th, 2010, 11:00pm EST

National venture-capital expert Mark Heesen put a sharp spin on his talk Wednesday to the Venture Club of Louisville.

Mutual funds make comeback in 2009

Posted: January 10th, 2010, 11:00pm EST

The investment market, which shrunk the assets of Milwaukee-based mutual funds in 2008 and early 2009, fed a strong rebound by the end of 2009.

Kansas City-area banks push to improve key figures

Posted: January 10th, 2010, 11:00pm EST

Some of the same issues that plagued five area banks closed by regulators in 2009 continue to haunt other local banks.

New federal rule will require banks to keep more loans on books

Posted: January 10th, 2010, 11:00pm EST

Banks involved in loan participations or securitizing loans now are subject to a new accounting rule that requires them to recognize more of those assets.

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Credit worthy: Higher returns, cheaper loans prompt customers to transfer deposits to credit unions

Posted: January 10th, 2010, 11:00pm EST

Credit unions remain a comforting presence amidst the financial crisis, giving them advantages during a period when consumers are diving for cover.

Mergers help Credit Union of Johnson County offer members more services

Posted: January 10th, 2010, 11:00pm EST

On Feb. 1, Credit Union of Johnson County officially will become Mainstreet Credit Union.

Proposed new rules would test corporate credit unions

Posted: January 10th, 2010, 11:00pm EST

Area credit union leaders are concerned about how proposed rules to tighten the safety and security of the corporate credit unions will affect them.

Sentinel credit union opens membership to Darden

Posted: January 10th, 2010, 11:00pm EST

Multi-Media Federal Credit Union changed its name to Darden Federal Credit Union and expanded its turf in late December as it shifted its primary corporate affiliation from Orlando Sentinel Communications to Darden Restaurants Inc.

City asks to be part of Health Alliance mediation

Posted: January 9th, 2010, 7:18pm EST

The city of Cincinnati has asked to be included in mediation involving the University of Cincinnati and the Jewish Foundation of Cincinnati regarding the sale of Jewish Hospital to Mercy Health Partners and the future of the Health Alliance, which Jewish will be leaving and which could be dissolved.

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Arizonaâ€™s AG backs governor in opposing Nebraskaâ€™s perks in Senate health care bill

Posted: January 9th, 2010, 4:09pm EST

Arizona Attorney General Terry Goddard turned down Gov. Jan Brewer's request to consider suing the federal government if special treatment for Nebraska ends up in the federal health care reforms. But on Friday evening, Goddard said he would join Brewer in opposing special treatment for Nebraska.

Centene reaffirms flat profit in 2010

Posted: January 8th, 2010, 4:41pm EST

Health insurer Centene Corp. said Friday that it expects its profit to remain flat in 2010. (CNC)

Group: Seattle institute has high impact

Posted: January 8th, 2010, 4:34pm EST

A research group in Spain says its survey of more than 2,100 research organizations shows that Seattle’s Institute for Systems Biology has had a greater scientific “impact” than any other U.S. research body — and the third greatest impact in the world.

RS Medical has new leader

Posted: January 8th, 2010, 4:13pm EST

RS Medical’s founder has retired, and the Vancouver, Wash., device maker has appointed John Konsin as president and CEO.

Lower Bucks Hospital CEO Cleveland resigns

Posted: January 8th, 2010, 4:09pm EST

Austin Cleveland resigned Thursday as president and CEO of the financially struggling Lower Bucks Hospital.

Visiting Nurse Association moves to Creve Coeur

Posted: January 8th, 2010, 4:01pm EST

The Visiting Nurse Association said Friday it moved from 9450 Manchester Road in Rock Hill to 11440 Olive Street Road in Creve Coeur.

Emergent BioSolutions lowers its debt payments

Posted: January 8th, 2010, 3:49pm EST

Rockville-based Emergent BioSolutions Inc. has refinanced a more than 2-year-old loan to reduce its monthly payments by half. (EBS)

Children's Hospital partners with Wheeling Hospital

Posted: January 8th, 2010, 3:12pm EST

Children's Hospital of Pittsburgh has partnered with Wheeling Hospital to provide expanded pediatric care to the upper Ohio Valley, the hospitals announced on Friday.

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Melani: Proposed health insurer tax could cost Highmark up to $150 million annually

Posted: January 8th, 2010, 2:23pm EST

A proposed federal tax could cost health insurance giant Highmark Inc. $125 million to $150 million annually, which ultimately would be passed along to consumers in the form of higher premiums, President and CEO Dr. Ken Melani said on Friday.

Mylan prepays $196M in bank loans

Posted: January 8th, 2010, 2:20pm EST

Generic drug giant Mylan Inc. (Nasdaq:MYL) announced on Friday that it had prepaid $196 million in bank loans, eliminating term-loan obligations for the Canonsburg-based company until 2012.

Texas Health Presbyterian Hospital Dallas sets birth record

Posted: January 8th, 2010, 2:00pm EST

Texas Health Presbyterian Hospital Dallas beat its record in 2009 for the number of babies delivered in a year, hospital officials announced Friday.

Kansas wins $200K in prescription drug settlement with Abbott

Posted: January 8th, 2010, 1:52pm EST

The state of Kansas will receive about $200,000 in damages from a multi-state, class action lawsuit against drug maker Abbott Laboratories (NYSE: ABT). (ABT)

Report: Teva USA to put HQ, distribution center in Warrington

Posted: January 8th, 2010, 1:52pm EST

Generic drug maker Teva Pharmaceuticals USA has decided to put a new headquarters and a massive distribution center in Warrington, Pa., ending year-long speculation about where the company will land.

UT medical professor named AAAS fellow

Posted: January 8th, 2010, 1:38pm EST

Success continues to pour in for Mauro Ferrari, who was elected a fellow in the American Association for the Advancement of Science.

Eyegate Pharma has $23M round in focus

Posted: January 8th, 2010, 1:35pm EST

Drug developer Eyegate Pharmaceuticals Inc. has secured a $22.6 million round of venture capital.

Genzyme shares rise on quality-control hire

Posted: January 8th, 2010, 1:29pm EST

Genzyme Corp., under pressure to end months of uncertainty and negative publicity stemming from contamination issues at a local manufacturing plant, has hired life sciences industry veteran Ron Branning as its new senior vice president of global product quality. (JNJ)

BioCryst drug enters Korean approval process

Posted: January 8th, 2010, 1:22pm EST

BioCryst Pharmaceuticals Inc.’s Korean partner has filed for regulatory approval to get the Birmingham-based firm’s flu drug on the market in South Korea.

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UCF discovery may help prevent Alzheimer’s

Posted: January 8th, 2010, 1:05pm EST

New findings by University of Central Florida researchers, which could lead to preventative treatment for Alzheimer’s disease, were published Jan. 8 in the peer-reviewed science and medicine journal PLoS ONE.

VF, Wrangler sponsor MS event

Posted: January 8th, 2010, 12:52pm EST

Apparel company VF Corp., along with its Wrangler brand, are the 2010 title sponsor for the 25th annual Bike MS: Tour to Tanglewood.

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Levermann to head St. Luke’s Sugar Land

Posted: January 8th, 2010, 12:10pm EST

James Levermann has been appointed chief executive officer of St. Luke’s Sugar Land Hospital, effective Jan. 11.

Synta slated to sell up to $29M in stock

Posted: January 8th, 2010, 11:48am EST

Synta Pharmaceuticals Corp., a drug development firm focused on cancer and chronic inflammatory disease treatments, has registered to sell up to $29 million in stock.

JDP Therapeutics hires Tarnoff to be CEO

Posted: January 8th, 2010, 11:48am EST

JDP Therapeutics has made Joshua M. Tarnoff CEO and executive director to its board of directors.

Stem-cell conference coming to St. Louis

Posted: January 8th, 2010, 11:25am EST

A stem-cell conference will be held Jan. 23 in downtown St. Louis.

Dario Franchitti to keynote Wheels of Wellness

Posted: January 8th, 2010, 11:00am EST

Indycar Series star Dario Franchitti will be on deck for the Wheels of Wellness vintage race car showcase Jan. 17.

Roche leaving Cephalon, established sales and marketing organization

Posted: January 8th, 2010, 9:57am EST

Cephalon Inc. said Friday Robert P. Roche Jr., the company’s executive vice president of worldwide pharmaceutical operations, is resigning effective Feb. 5 to “pursue other long-standing interests.” (CEPH)

BMP Sunstone president and COO resigns for personal reasons

Posted: January 8th, 2010, 9:56am EST

Zhiqiang Han resigned Friday as president and chief operating officer of BMP Sunstone for personal reasons. (BJGP)

Biovest vaccine gets FDA exclusivity designation

Posted: January 8th, 2010, 9:47am EST

The U.S. Food and Drug Administration has granted orphan drug designation to BiovaxID, a cancer vaccine being developed by Biovest International Inc.

Cempra hires Johnson & Johnson exec Olsen to find partnerships

Posted: January 8th, 2010, 8:34am EST

Cempra Pharmaceuticals Inc., seeking partners to help bring its pipeline of antibiotics to market, has hired Johnson & Johnson executive Donald C. Olsen to head up that effort, the Chapel Hill company announced Friday. (JNJ)

St. Louis doctor indicted for health-care fraud

Posted: January 8th, 2010, 8:32am EST

A St. Louis ear, nose and throat doctor has been indicted for health-care fraud.

Celsion CFO leaves

Posted: January 8th, 2010, 7:31am EST

Celsion Corp., entering Phase III clinical trials for its lead cancer drug, says its chief financial officer has left the company to pursue other professional opportunities. (CLSN)

Brown & Toland CEO Gloria Austin to announce retirement as IPA splinters

Posted: January 8th, 2010, 12:03am EST

Gloria Austin, the controversial longtime CEO of San Francisco’s Brown & Toland Medical Group, will officially announce on Friday her plans to retire by year-end, after opponents within the IPA won a board of directors election last month.

CEO Brucker leaves Rural/Metro

Posted: January 7th, 2010, 6:08pm EST

Rural/Metro Corp. CEO Jack Brucker has left the Scottsdale company and isn’t expected to receive his $2.8 million severance package.

PhaseBio raises $25M from NEA, J&J, Hatteras

Posted: January 7th, 2010, 4:54pm EST

Durham-based PhaseBio Pharmaceuticals has raised $25 million in a series B round of financing, the company announced Thursday.

Private equity group HIG buys Surgery Partners

Posted: January 7th, 2010, 4:30pm EST

An affiliate of HIG Capital LLC has completed a majority investment in Surgery Partners Holdings LLC.

Court OKs Vermillion reorganization

Posted: January 7th, 2010, 4:26pm EST

A U.S. bankruptcy court approved Vermillion Inc.’s plan to emerge from Chapter 11 bankruptcy protection.

H1N1 vaccination clinic set

Posted: January 7th, 2010, 3:20pm EST

Public Health Dayton and Montgomery County will have an H1N1 vaccination clinic designated for youth next week in honor of National Influenza Vaccination Week, officials said.

HealthSouth sells Baton Rouge hospital

Posted: January 7th, 2010, 2:59pm EST

HealthSouth Corp. signed an agreement to sell HealthSouth Rehabilitation of Baton Rouge, La., to Baton Rouge Rehabilitation Hospital LLC on Thursday.

Mo. to get $1.2M in Abbott settlement

Posted: January 7th, 2010, 2:53pm EST

Missouri will receive $1.2 million from a $22.5 million multistate antitrust settlement with pharmaceutical companies Abbott Laboratories and Fournier.

St. David's expands Round Rock trauma center

Posted: January 7th, 2010, 2:33pm EST

St. David’s Round Rock Medical Center expanded its trauma care offerings to serve Level II Trauma patients this week.

UH Cancer Center picks designers, architects

Posted: January 7th, 2010, 2:22pm EST

The Research Corporation of the University of Hawaii has selected Shimokawa Nakamura Inc., a Honolulu architectural firm, to design the long-awaited Kakaako research facility for the Cancer Research Center of Hawaii.

Medtronic invests $15M in GI Dynamics

Posted: January 7th, 2010, 2:03pm EST

Fridley-based medical device firm Medtronic Inc. has made a $15 million investment in Lexington, Mass.-based GI Dynamics Inc.

Gingrich to Obama: Open health talks

Posted: January 7th, 2010, 1:55pm EST

Former U.S. House Speaker Newt Gingrich of Georgia called on President Barack Obama Thursday to fulfill a campaign commitment by allowing televised coverage of final negotiations on his health-care reform bill.

AZ announces $22.5M TriCor settlement

Posted: January 7th, 2010, 1:54pm EST

Attorney General Terry Goddard announced a $22.5 million settlement Thursday over a cholesterol drug called TriCor.

Predictive Biosciences acquires Ohio firm

Posted: January 7th, 2010, 1:47pm EST

Predictive Biosciences Inc. has acquired privately-held OncoDiagnostic Laboratory to grow the company from a research and development firm into a commercial enterprise.

Bruker rises on flurry of stimulus orders

Posted: January 7th, 2010, 1:39pm EST

Shares in Bruker Corp., a developer of life sciences technologies, rose steadily Thursday on news the company received over 100 systems orders funded by government stimulus money in the U.S. and abroad.

AstraZeneca, Teva settle patent litigation over Nexium and Prilosec

Posted: January 7th, 2010, 1:38pm EST

Pharmaceutical Industries Ltd. agreed Thursday to settle patent litigation regarding Teva’s U.S. generic versions of AstraZeneca’s Prilosec and Nexium products for heartburn and acid reflux. (TEVA) (AZN)

West Penn Allegheny Health System announces 213 furloughs

Posted: January 7th, 2010, 1:35pm EST

West Penn Allegheny Health System is trimming its workforce by 213 full-time equivalent positions, the second furlough at the Pittsburgh region’s second-largest hospital network in six months.

Hernando assisted living facility targeted in fraud investigation

Posted: January 7th, 2010, 1:35pm EST

A Hernando County couple was arrested on charges they were operating an assisted living facility without a license and neglecting the residents at the facility.

Fla. recoups $287M for Medicaid

Posted: January 7th, 2010, 1:35pm EST

A task force of Florida agencies said Thursday that it recovered $287 million in Medicaid overpayments and prevented more than $18.9 million in improper payments in the fiscal year that ended in June. (LLY) (BMY) (WCG)

States reach settlement with Abbott

Posted: January 7th, 2010, 1:33pm EST

Florida is part of a $22.5 million multistate settlement with Abbott Laboratories and two related companies resolving antitrust allegations about TriCor cholesterol drug, Attorney General Bill McCollum said. (ABT)

Abbott Lab settlement brings $1.5 million to Florida

Posted: January 7th, 2010, 1:26pm EST

Abbott Laboratories and two related French companies agreed to a $22.5 million settlement to resolve antitrust allegations involving the cholesterol drug TriCor. (ABT)

Two Lifebridge Health hospitals lift swine flu visitor restrictions

Posted: January 7th, 2010, 1:12pm EST

Two Greater Baltimore hospitals have lifted their visitor restrictions that took effect in the fall when the swine flu reached its peak.

AIG subsidiary must pay $500M to liquidated Superior National

Posted: January 7th, 2010, 1:04pm EST

A reinsurer must pay more than $500 million to the liquidated insurance companies of Superior National Insurance Cos., a federal appellate court has ruled.

Unibased sells system to Oregon hospitals

Posted: January 7th, 2010, 12:54pm EST

Unibased Systems Architecture Inc. sold a surgery management system to the Bay Area Health District in Coos Bay, Ore.

St. Louis nursing homes admit fraud, to pay $1.6M

Posted: January 7th, 2010, 12:52pm EST

Five St. Louis nursing homes operated by Cathedral Rock of Texas pleaded guilty to felony health-care fraud and agreed to pay $1.6 million.

NYS part of generic drug settlement suit

Posted: January 7th, 2010, 12:52pm EST

New York state will receive $4.5 million from the settlement of an antitrust lawsuit against pharmaceutical manufacturers accused of conspiring to block generic competition to the cholesterol medication TriCor.

Survey: Ohio tops in Midwest for small businesses

Posted: January 7th, 2010, 12:32pm EST

Ohio moved up several slots to just outside the top 10 in an annual Small Business & Entrepreneurship Council survey of the best states for entrepreneurship.

UMBI licenses antibody technology to Prolias

Posted: January 7th, 2010, 12:27pm EST

The University of Maryland Biotechnology Institute has licensed technology that generates infection-fighting proteins to to Prolias, a biotech startup.

LifeWise and Legacy spar over health care costs

Posted: January 7th, 2010, 12:09pm EST

Negotiations between LifeWise Health Plan of Oregon and one of the state’s largest hospital chains have stalled, spurring LifeWise to accuse Legacy Health Systems of unfairly jacking up rates.

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State of the State: Paterson highlights ‘insurance exchange’

Posted: January 7th, 2010, 11:33am EST

New York Gov. David Paterson wants to create an “insurance exchange” that could bring in at least $7 billion in premiums and create thousands of jobs upstate.

MIchigan drug firm Lycera moves HQ to Massachusetts

Posted: January 7th, 2010, 11:23am EST

Lycera Corp., a drug-development company founded in Michigan, has moved its headquarters to Massachusetts and tapped local life sciences veteran William Sibold as president and CEO.

Scott & White Healthcare adds military mental health services

Posted: January 7th, 2010, 11:20am EST

Scott & White Healthcare expanded its mental health program to help more military men and women deal with trauma and stress.

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Vidacare names new CFO to help lead company’s growth

Posted: January 7th, 2010, 11:02am EST

Vidacare Corp. has hired a seasoned finance and accounting executive with experience with several San Antonio-based companies to serve as its chief financial officer. (RAX) (GENZ)

Bioheart modifies loan to give lender leverage

Posted: January 7th, 2010, 10:42am EST

Bioheart modified a $2.9 million loan to give its lender more leverage.

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Bartell’s cuts back Medicaid-filling prescription locations

Posted: January 7th, 2010, 10:40am EST

The Bartell Drug Co., which operates 57 pharmacies in the Puget Sound area, said it will stop filling Medicaid prescriptions at 15 of its stores, beginning Feb. 1.

GI Dynamics raises $15M, gets Medtronic backing

Posted: January 7th, 2010, 9:47am EST

Medical device maker GI Dynamics Inc. has landed $15 million in venture capital from an unidentified investor, according to a regulatory filing.

Genzyme strikes deal with Relational Investors, Whitworth

Posted: January 7th, 2010, 9:07am EST

Drug developer Genzyme Corp. has agreed to appoint activist investor Ralph Whitworth to its board in November in return for his investment firm’s support in advancing the company’s own slate of directors and proposals to shareholders.

Business Courier names 24 Health Care Heroes finalists

Posted: January 7th, 2010, 8:11am EST

Twenty-four Cincinnati-area finalists will be honored as Health Care Heroes in March, the Business Courier announced Thursday.

Greisch tapped to head Hill-Rom

Posted: January 7th, 2010, 7:34am EST

Hill-Rom Holdings announced Thursday that John Greisch will take over as president and CEO, effective Jan. 8. He also has been appointed to Hill-Rom's board of directors. (BAX)

CEO Selberg, other execs out at Exempla as Sisters of Charity take over

Posted: January 6th, 2010, 7:35pm EST

Jeff Selberg, CEO of Exempla Healthcare, and several other executives are leaving as the Denver hospital operator transitions to control by a Roman Catholic organization, the Sisters of Charity of Leavenworth Health System, Exempla announced late Wednesday.

Nektar names first chief science officer

Posted: January 6th, 2010, 6:01pm EST

Biopharmaceutical company Nektar Therapeutics Inc. late Wednesday named Stephen K. Doberstein chief scientific officer. (NKTR)

Rex Healthcare to launch cardiovascular practice

Posted: January 6th, 2010, 4:43pm EST

Rex Healthcare is creating a new cardiovascular physicians’ group.

Biogen discloses more PML cases

Posted: January 6th, 2010, 4:29pm EST

Biogen Idec says that four more cases of the rare and serious neurological infection known as PML have been detected in patients taking its drug for multiple sclerosis, Tysabri.

Foundation wins contract to assist in fight against bioterrorism

Posted: January 6th, 2010, 3:54pm EST

Southwest Foundation for Biomedical Research has won a significant contract with the Dutch pharmaceutical firm Crucell to test a new vaccine against the Ebola and Marburg viruses — which could be used as potential bioterror weapons.

ZymoGenetics selling 12M shares of stock to raise $80M

Posted: January 6th, 2010, 3:26pm EST

ZymoGenetics Inc. said it has begun a public offering of 12 million shares of its stock in an effort that could raise more than $80 million. (ZGEN)

Ambulance safety tops agenda for EMS group

Posted: January 6th, 2010, 3:20pm EST

A group of 60 national experts on ambulance safety are in Phoenix this week, looking for ways to mitigate the risks of common injuries and deaths to patients and medics.

Easter Seals merge with advocacy group

Posted: January 6th, 2010, 2:28pm EST

Easter Seals Central Texas merged with the United Cerebral Palsy of Texas Inc.

Chuck Sowers exits Health Net for Mercy

Posted: January 6th, 2010, 2:16pm EST

Chuck Sowers has left his post as president and CEO of Health Net of Arizona Inc. to take a CFO position at Mercy Care Plan, a health plan that provides care to Medicaid patients.

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NLRB finds unfair practice at Lee’s Summit Medical Center

Posted: January 6th, 2010, 1:46pm EST

Lee’s Summit Medical Center was wrong to withdraw recognition of its nurses’ union before the results of a decertification vote were certified, according to a finding by the regional office of the National Labor Relations Board.

Philips Healthcare recalls fetal-heart monitors

Posted: January 6th, 2010, 1:37pm EST

Philips Healthcare is voluntarily recalling its Avalon Fetal Monitors because of complaints concerning inaccurate fetal heart-rate readings during ultrasound procedures.

Gilead says HIV drug combo tests well

Posted: January 6th, 2010, 1:11pm EST

Gilead Sciences Inc. said a combination treatment for HIV infection was doing well halfway through a mid-stage clinical test. (GILD)

Kremchek to head orthopedics at West Chester Medical Center

Posted: January 6th, 2010, 12:58pm EST

Dr. Timothy Kremchek has been named medical director for orthopedics at West Chester Medical Center, the hospital said Wednesday.

Alamo Scientific will sell new heart monitoring device

Posted: January 6th, 2010, 12:54pm EST

Bioheart Inc. inked a distribution agreement with Alamo Scientific Inc. to sell the company’s home heart failure monitoring system in San Antonio and throughout Texas, Louisiana and Arkansas.

Haven Senior Horizons names director

Posted: January 6th, 2010, 12:40pm EST

Haven Senior Horizons has hired Kathy Shaw as executive director of the outpatient-inpatient behavioral health center for the elderly.

General Assembly session starts

Posted: January 6th, 2010, 12:36pm EST

Missouri’s General Assembly kicked off its 2010 legislative session Wednesday.

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Watson Pharmaceuticals seeking OK to sell generic version of Cephalon’s Nuvigil

Posted: January 6th, 2010, 12:08pm EST

Watson Pharmaceuticals Inc. said Wednesday its subsidiary, Watson Laboratories Inc., is seeking Food And Drug Administration approval to market a generic version of Cephalon Inc.’s drug Nuvigil. (CEPH) (WPI)

Health spending in U.S. grows at slowest rate ever in 2008

Posted: January 6th, 2010, 11:59am EST

Health spending in the United States in 2008 grew at the slowest rate ever recorded since the Centers for Medicare & Medicaid Services started officially tracking expenditures in 1960.

Brookdale Senior Living execs sell $2 million worth of stock

Posted: January 6th, 2010, 11:18am EST

Brookdale Senior Living CEO Bill Sheriff cashed in nearly $1 million in stock on Monday and was joined by five members of the company’s management team, who collectively cashed in another million. (BKD)

Interleukin, cash strapped, eyes $75M offering

Posted: January 6th, 2010, 11:18am EST

Interleukin Genetics Inc., a developer of genetics-based tests for the consumer market, has filed paperwork to sell up to $75 million in stock and debt.

Blood bank appoints new president/CEO to replace Kalmin

Posted: January 6th, 2010, 10:40am EST

South Texas Blood & Tissue Center President and CEO Norman Kalmin will step down to transition into a new role as president, CEO and medical director of QualTex Laboratories.

Acton Pharma closes on $15M in financing

Posted: January 6th, 2010, 10:37am EST

Drug developer Acton Pharmaceuticals Inc. has closed a $15 million round of venture capital.

CombinatoRx reassigns new CEO, COO steps down

Posted: January 6th, 2010, 10:27am EST

Drug developer CombinatoRx Inc., which completed its merger last month with Canada’s Neuromed Pharmaceuticals Inc., has already reshuffled its senior executive ranks.

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American Board of Internal Medicine sues Arora Board Review in trade secrets case

Posted: January 6th, 2010, 10:15am EST

The American Board of Internal Medicine filed a lawsuit Tuesday alleging copyright infringement and theft of trade secrets by the Arora Board Review and two of its principals.

St. Clair Hospital plans outpatient facility in Peters Township

Posted: January 6th, 2010, 10:02am EST

St. Clair Hospital plans to break ground later this year on a medical office and outpatient building in fast-growing Peters Township.

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Bredesen, Cooper: Let's see final health reform bill before pursuing legal challenges

Posted: January 6th, 2010, 9:41am EST

Despite calls from Republican officials to legally investigate the constitutionality of federal heath care reform legislation pending in Washington, Gov. Phil Bredesen and Attorney General Robert E. Cooper Jr. said Tuesday that such a move is premature.

Genzyme continues Allston-plant overhaul

Posted: January 6th, 2010, 9:16am EST

Genzyme Corp. continues to recast the manufacturing operations once housed at the troubled Allston, Mass., plant that was temporarily shuttered over the summer due to contamination issues that resulted in shortages of drugs to treat life-threatening rare diseases.

Hearing aid maker InSound sold

Posted: January 6th, 2010, 9:00am EST

InSound Medical Inc., a Newark hearing aid maker, has been sold to Swiss company Sonova Holding AG.

Versar acquires Professional Protection Systems Ltd.

Posted: January 6th, 2010, 8:54am EST

Professional services contractor Versar Inc., which specializes in environmental health and safety infrastructure services, has acquired U.K.-based Professional Protection Systems Ltd.

InSound Medical bought by Swiss company Sonova

Posted: January 6th, 2010, 8:47am EST

InSound Medical Inc., which created and markets Lyric, an invisible, extended wear hearing aid, said Wednesday it was acquired by Sonova Holding AG.

Vermillion creditors bless reorganization plan

Posted: January 6th, 2010, 8:44am EST

Vermillion Inc.’s unsecured creditors approved its plan of reorganization, which will be presented in U.S. Bankruptcy Court on Thursday.

Bionovo adds to medical advice board

Posted: January 6th, 2010, 8:33am EST

Bionovo Inc. added Marco Gambacciani, M.D. to its medical advisory board. (BNVI)

Eckerd Youth Alternatives names Cynthia Allen Smith CDO

Posted: January 6th, 2010, 8:31am EST

Eckerd Youth Alternatives has a new top-level executive.

UCSF Medical Group, Hill Physicians complete affiliation

Posted: January 5th, 2010, 6:42pm EST

Hill Physicians Medical Group said late Tuesday that UCSF Medical Group's physicians are now affiliated with Hill, following the successful completion of a transition plan announced last August. The affiliation took effect Jan. 1, and added more than 500 doctors to Hill’s previous roster of 300 primary care doctors in San Francisco.

Architect named for Anschutz Inpatient Pavilion in Aurora

Posted: January 5th, 2010, 6:28pm EST

Cannon Design, one of St. Louis’ largest architecture firms, has been hired as architect and engineer for the University of Colorado's planned $300 million new Anschutz Inpatient Pavilion in Aurora.

Global On-Line Computers approved to sell electronic medical records

Posted: January 5th, 2010, 4:18pm EST

Global On-Line Computers Inc. has been certified as a gloStream Solutions Partner.

OncoMed, Fluidigm in strategic partnership

Posted: January 5th, 2010, 3:55pm EST

OncoMed Pharmaceuticals Inc. and Fluidigm Corp. on Tuesday announced a strategic collaboration that will apply Fluidigm's microfluidic tools to the analysis of tumor cells, including cancer stem cells.

Regulators OK Florida Peninsula purchase

Posted: January 5th, 2010, 3:43pm EST

State insurance regulators have approved Boca Raton-based Florida Peninsula Insurance Co.’s plan to buy St. Petersburg-based Edison Insurance Group and pick up its 25,000 policyholders.

AngioDynamics: good 2nd-Q, upbeat forecast

Posted: January 5th, 2010, 3:42pm EST

AngioDynamics Inc. reported higher earnings and revenue for the second quarter, and said the rest of its fiscal year should be better than it previously expected.

Richardson releases budget recommendations

Posted: January 5th, 2010, 3:20pm EST

Gov. Bill Richardson has released budget recommendations that oppose tax increases on business and call for a three percent cut in spending across state government.

Gordian Health Solutions changes name to Onlife Health

Posted: January 5th, 2010, 2:51pm EST

Gordian Health Solutions, a Nashville company that provides corporate wellness programs, has changed its name to OnLife Health, Inc.

Lucile Packard/Stanford doctor to head U.S. cancer society for 1-year term

Posted: January 5th, 2010, 2:32pm EST

Michael Link, M.D., an oncologist who treats children with cancer at the Bass Center for Childhood Cancer and Blood Diseases at Lucile Packard Children’s Hospital at Stanford, has been elected president of the American Society of Clinical Oncology for a one-year term, the hospital said Tuesday.

McDonnell Foundation gives $14M in grants

Posted: January 5th, 2010, 2:23pm EST

The James S. McDonnell Foundation announced more than $14 million in grants Tuesday through its 21st Century Science Initiative to 22 projects worldwide. (BA)

Mount Sinai partners with Columbia University

Posted: January 5th, 2010, 1:25pm EST

Mount Sinai Medical Center’s cardiovascular program has entered into a collaborative partnership with New York’s Columbia University Medical Center.

SLU to test H1N1 vaccine on HIV-positive adults

Posted: January 5th, 2010, 1:05pm EST

Saint Louis University said Tuesday it is recruiting HIV-infected adults to participate in a clinical trial of the H1N1 influenza vaccine.

Feds extend COBRA subsidies

Posted: January 5th, 2010, 1:00pm EST

Federal subsidies for COBRA insurance coverage have been extended to 15 months — a move hailed by North Carolina’s insurance commissioner.

Sheppard Pratt lands funds for work force training

Posted: January 5th, 2010, 12:52pm EST

The Sheppard Pratt Health System will receive $725,000 in federal funding to run a work force training program to benefit Maryland’s mentally ill.

Kennedy Krieger Institute wins $1.5M for brain cancer research

Posted: January 5th, 2010, 12:48pm EST

The Kennedy Krieger Institute has won a $1.5 million grant from a science foundation to perform brain cancer research.

Insulet inks $100M distribution deal

Posted: January 5th, 2010, 12:45pm EST

Insulet Corp., a developer of medical devices targeting diabetes, has inked a five-year distribution agreement worth at least $100 million with Switzerland’s Ypsomed Distribution AG.

Solantic names new chairman

Posted: January 5th, 2010, 12:36pm EST

Solantic walk-in urgent care on Tuesday said it appointed Charles R. Evans as chairman of the company’s board of directors.

Boston Medical Center hires new CEO

Posted: January 5th, 2010, 12:08pm EST

Boston Medical Center has tapped Brigham and Women’s Hospital executive Kate Walsh to be its new president and CEO.

Aryx gets FDA guidance on blood clot drug that failed trial

Posted: January 5th, 2010, 11:48am EST

Aryx Therapeutics Inc. got guidance from the Food and Drug Administration on the continued development of tecarfarin, an anticoagulant that failed a clinical trial last year. (ARYX)

David Whitt named CFO of Passport Health Communications

Posted: January 5th, 2010, 11:14am EST

David Whitt has been named chief financial officer for fast-growing Passport Health Communications, a Franklin company that saw its revenue grow 74 percent in 2009.

Feds extend COBRA subsidies

Posted: January 5th, 2010, 10:55am EST

Federal subsidies for COBRA insurance coverage for involuntary terminated workers have been extended to 15 months – a move hailed by North Carolina’s insurance commissioner.

32% of St. Louis hospital claims past due

Posted: January 5th, 2010, 10:39am EST

More than 32 percent of claims filed by St. Louis hospitals to insurance companies are past due by 90 days or more, a new report shows.

CBS4: Denver medical-marijuana rules get initial OK

Posted: January 5th, 2010, 10:37am EST

The Denver City Council late Monday gave initial approval to new regulations on medical-marijuana sellers in the city, CBS4 News reports.

Merck, AstraZeneca pick START to test anticancer compound

Posted: January 5th, 2010, 10:19am EST

South Texas Accelerated Research Therapeutics (START) has enrolled its first patient in a phase 1 clinical trial of a combination anticancer regimen made up of two investigational compounds.

NW Hospital now officially part of UW Medicine

Posted: January 5th, 2010, 10:16am EST

Northwest Hospital & Medical Center has officially joined UW Medicine, in a deal that was announced in September.

RTI's Wiener joins distinguished group

Posted: January 5th, 2010, 10:09am EST

RTI International said Tuesday that Joshua Wiener, the director of the nonprofit’s Aging, Disability, and Long-Term Care Program, has been promoted to distinguished fellow from senior fellow by President and CEO Victoria Haynes.

S&P affirms A+ rating on Rex Hospital

Posted: January 5th, 2010, 9:54am EST

Standard & Poor’s affirmed Rex Healthcare’s A+ credit rating, a sign that the ratings agency is confident in the hospital’s ability to remain profitable, the hospital announced Tuesday.

Inverness Medical to buy Epocal, strikes distribution deal

Posted: January 5th, 2010, 9:44am EST

Inverness Medical Innovations Inc. has agreed to pay up to $255 million to acquire blood-diagnostics developer Epocal Inc. as part of a five-year distribution agreement between the two companies. (IMA)

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Missouri ‘prompt pay’ study finds hospitals still face slow claims payment

Posted: January 5th, 2010, 9:43am EST

About 20 percent of the claims that Kansas City-area hospitals had submitted to insurers were at least 90 days past due in the middle of last year, according to a report the Missouri Department of Insurance issued Tuesday.

Humana division Humana Cares to hire 50 for St. Petersburg center

Posted: January 5th, 2010, 9:31am EST

Humana Cares plans to hire more than 50 additional workers for its national care center in St. Petersburg in the first quarter of 2010. (HUM)

Cerner signs software deals with Tenet, Universal Health

Posted: January 5th, 2010, 9:29am EST

Cerner Corp. announced deals Tuesday with two large health systems: Tenet Healthcare Corp. and Universal Health Services Inc. (THC)

NAACP concerned about Mercy projects

Posted: January 5th, 2010, 9:09am EST

The Cincinnati chapter of the NAACP continued its criticism Monday of Mercy Health System’s plan to purchase Jewish Hospital and build a new Mercy Hospital in Green Township.

LCA-Vision: 4Q procedure volume fell

Posted: January 5th, 2010, 9:04am EST

LCA-Vision’s procedure volume continued to declined in the fourth quarter of 2009, the company reported Tuesday. (LCAV)

Intuity Medical raises $64 million

Posted: January 5th, 2010, 8:29am EST

Diabetes test maker Intuity Medical Inc. raised $64 million in its fourth round of venture funding.

$100 million recapitalization puts PathGroup Inc. in buy mode

Posted: January 5th, 2010, 8:01am EST

Brentwood-based PathGroup Inc. sent a clear message today that it is in acquisition mode, announcing a leveraged recapitalization that raised more than $100 million in new capital for the pathology services company.

New heart device decreases stroke risk

Posted: January 4th, 2010, 5:47pm EST

Dr. Vijay Swarup, a cardiac electrophysiologist at the Arizona Heart Hospital, is implanting a new device in patients to reduce the risk of stroke and the need for prescription blood thinners.

Genzyme inks deal to outsource manufacturing services

Posted: January 4th, 2010, 4:05pm EST

Genzyme Corp. is contracting with an outside company to provide manufacturing services in the wake of ongoing problems at its plant in Allston, Mass.

A.D.A.M. promotes Adams to CEO

Posted: January 4th, 2010, 3:25pm EST

A.D.A.M. Inc. on Monday promoted Chief Financial Officer Mark Adams to president and CEO. (ADAM)

City leaders to discuss Carraway future

Posted: January 4th, 2010, 2:59pm EST

Birmingham City Councilor Maxine Herring Parker will host a meeting to discuss new possibilities for Physicians Medical Center Carraway at 8 a.m. Tuesday. The meeting will take place at the Birmingham Museum of Art in the Members' Room.

Gov. Phil Bredesen blasts health reform's unbalanced treatment of states

Posted: January 4th, 2010, 2:24pm EST

Gov. Phil Bredesen said today that he is “very distraught and concerned” about the direction health care reform is moving at the federal level and “moderately outraged” at the inconsistent treatment states could receive.

SF General Hospital Foundation names new executive director

Posted: January 4th, 2010, 2:14pm EST

The San Francisco General Hospital Foundation has named Stephanie Bray as its executive director, effective Jan. 11, the foundation said Monday. Bray will be responsible for fund raising to support San Francisco General Hospital’s massive rebuild project.

Athenahealth inks deal with Caritas Christi

Posted: January 4th, 2010, 1:55pm EST

Athenahealth Inc., a provider of Internet-based business services to physician practices, has landed Caritas Christi Health Care, which runs one of the largest doctors networks in Massachusetts, as a customer for its electronic health record service. The terms of the deal were not disclosed.

BioElectronics sets sights on China

Posted: January 4th, 2010, 1:46pm EST

BioElectronics Corp. is entering the Chinese market with its menstrual pain-relieving patch.

Abiomed completes heart-device recall

Posted: January 4th, 2010, 1:43pm EST

Medical-technology developer Abiomed Inc. has completed a recall of the iPulse Circulatory Support System eight months after it alerted regulators of a known defect in the device.

FDA OKs quick review for Intermune drug

Posted: January 4th, 2010, 1:22pm EST

The Food and Drug Administration will review Intermune Inc.’s application for a pulmonary fibrosis treatment in just six months instead of the usual 10 months. (ITMN)

Sibley dispels takeover rumors

Posted: January 4th, 2010, 1:16pm EST

Sibley Memorial Hospital is squashing rumors that say MedStar Health bought the Northwest hospital on Dec. 24.

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Community Health System buys Rockwood Clinic, deepens entry into Spokane market

Posted: January 4th, 2010, 12:26pm EST

Franklin-based Community Health System Inc. announced today that it has closed on the purchase of Rockwood Clinic P.S., a multi-speciality clinic with 32 locations in Washington state.

Cambridge Heart sheds two board seats

Posted: January 4th, 2010, 12:12pm EST

Cambridge Heart Inc., a developer of non-invasive diagnostic sensors for cardiac disease, has reduced its board of directors by two members to save money.

Associated Industries: Floridians want expanded cigarette fees

Posted: January 4th, 2010, 11:59am EST

Sixty-five percent of Floridians support imposing a fee on cigarette manufacturers that did not sign the 1997 Tobacco Settlement Agreement, according to poll results released Monday by Associated Industries of Florida.

Dynavax wraps up Symphony Dynamo deal

Posted: January 4th, 2010, 11:25am EST

Dynavax Technologies Corp. finished buying Symphony Dynamo Inc. in a stock deal. (DVAX)

Wake Forest med school earns national honor

Posted: January 4th, 2010, 11:24am EST

A Web-based lesson developed by faculty at Wake Forest University School of Medicine was voted recently as “Educational Product of the Year” among products developed by 40 academic geriatrics programs around the country.

SSM St. Joseph to open $4.6M ICU

Posted: January 4th, 2010, 10:58am EST

A $4.6 million Intensive Care Unit will open at SSM St. Joseph Health Center in St. Charles, Mo.

San Antonio working to place stray pets in temporary homes

Posted: January 4th, 2010, 10:51am EST

San Antonio’s Animal Care Services Department has launched a new program aimed at finding temporary homes for homeless pets waiting for adoption.

Tennessee hospital company completes E. Washington clinic purchase

Posted: January 4th, 2010, 10:33am EST

Community Health Systems Inc. said it’s closed on its deal to acquire Rockwood Clinic P.S. and its 1,100 employees in Eastern Washington for an undisclosed price. (CYH)

Novartis AG exercises option to purchase Alcon Inc.

Posted: January 4th, 2010, 10:26am EST

Alcon Inc., which has its U.S. headquarters based in Fort Worth, said Monday that Novartis AG has exercised an option to buy the remaining shares of Alcon Inc., which is currently owned by Nestle S.A.

CareFirst BlueCross BlueShield reserve decision delayed

Posted: January 4th, 2010, 10:23am EST

There’s another delay in determining whether a CareFirst BlueCross BlueShield Inc. subsidiary’s reserves are excessive and should be used to fund health initiatives in D.C.

Sharps gets pilot program in full gear

Posted: January 4th, 2010, 10:08am EST

Sharps Compliance Corp. is kicking off a medical waste pilot program with the U.S. Department of Veterans Affairs. (SMED)

BioForm Medical being acquired by German firm

Posted: January 4th, 2010, 9:31am EST

BioForm Medical Inc., a San Mateo, Calif., biotech company that has a production facility in Franksville in Racine County, has agreed to be purchased by German pharmaceutical company Merz Pharma Group in a transaction valued at $253 million.

Dicerna inks R&D deal with Japanese firm

Posted: January 4th, 2010, 9:26am EST

Dicerna Pharmaceuticals Inc., an RNA-interference platform development company, has entered into a research collaboration and licensing deal with Japanese biopharmaceutical firm Kyowa Hakko Kirin Co. Ltd. valued at up to $124 million.

ArthoCare names sales VP

Posted: January 4th, 2010, 9:14am EST

Austin-based medical device developer and manufacturer ArthroCare Corp. (Pink Sheets: ARTC) today named Scott Schaffner senior vice president and general manager to its sports medicine division.

Premier inks supply contracts

Posted: January 4th, 2010, 8:59am EST

Premier Purchasing Partners has signed supply contracts with Arrow International Inc. of Pennsylvania, New Jersey-based Becton Dickinson and Co. and Smiths Medical of Massachusetts.

Merz to pay $253M for BioForm Medical

Posted: January 4th, 2010, 7:04am EST

Merz Pharma Group said Monday that it has agreed to acquire BioForm Medical Inc. for $253 million. (BFRM)

Paul Fischer: Seeking a breakthrough for GenVec

Posted: January 3rd, 2010, 11:00pm EST

Paul Fischer needs both hands to list the barriers that stubbornly stand between his biotech company, GenVec Inc., and guaranteed success in 2010.

Health care 2010: Wringing out waste

Posted: January 3rd, 2010, 11:00pm EST

If the past year has revealed anything about health care, it’s that the system is too inefficient and too expensive. That is why 2010 will be the year when health care cost controls will be front and center, according to a report from PricewaterhouseCoopers.

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Greater Cincinnati hospitals continue search for partners in ’10

Posted: January 3rd, 2010, 11:00pm EST

Hospital mergers and acquisitions are likely to dominate Greater Cincinnati health care news in 2010 just as thoroughly as they have in the last few years.

Biotech consultant in growth mode

Posted: January 3rd, 2010, 11:00pm EST

Biotech companies are more skittish than ever about the astronomical cost of clinical trials, versus the relatively low chances — about 1-in-10 — of FDA approval. Companies are increasingly relying on regulatory consultants who advise firms on how to design clinical trials. It’s a trend that has boosted the fortunes of Halloran Consulting Group, which has doubled in size to 29 consultants. CEO Laurie Halloran says she plans to hire three more.

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ImmunoGen plans hires in ‘real time’

Posted: January 3rd, 2010, 11:00pm EST

When it comes to hiring, Dan Junius, CEO of ImmunoGen, did what a lot of biotechnology executives did a year ago — nothing.

Kansas City area's push for cancer designation moves along

Posted: January 3rd, 2010, 11:00pm EST

The region’s cancer-fighting corps is savoring 2009 as a year to remember in the drive to become a top-flight treatment and research center.

SSM revives $587 million in stalled hospital projects

Posted: January 3rd, 2010, 11:00pm EST

An improved balance sheet has SSM Health Care moving forward with two hospital projects previously put on hold.

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C2N nabs $1 million grant to fight Alzheimer’s

Posted: January 3rd, 2010, 11:00pm EST

A two-year-old company commercializing research developed at Washington University has landed a nearly $1 million grant.

Family ties anchor Boatwright

Posted: January 3rd, 2010, 11:00pm EST

Long before ascending to his position as CEO of Lee’s Summit Medical Center, Damond Boatwright was a scholarship football player ready to surrender in the face of the first-year rigors at The Citadel military college in Charleston, S.C.

Providers fear Medicaid cuts will take toll on health care

Posted: January 3rd, 2010, 11:00pm EST

The state budget crunch in Topeka could come home to roost in the Kansas City-area health care system.

Employers brace for burden of COBRA extension

Posted: January 3rd, 2010, 11:00pm EST

Unemployed workers got a holiday gift of extended subsidies for health care benefits — but employers have to front the money and spread the news.

Carlton sees Sacramento as senior center hub

Posted: January 3rd, 2010, 11:00pm EST

An upscale assisted-living company with two centers in Sacramento is poised to expand into Davis and Elk Grove.

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Health care: City’s largest industry branches into new disciplines

Posted: January 3rd, 2010, 11:00pm EST

When LifePoint Hospitals Inc. was founded in 1999, it was in many respects typical of Nashville’s established health care industry of the day.

Immediate effects of health care reform bill may be muted

Posted: January 3rd, 2010, 11:00pm EST

The coming months may produce an overhaul of the nation’s medical system, but calling it health care reform might be a stretch.

Biotech investors challenge outdated traditions

Posted: January 3rd, 2010, 11:00pm EST

If the biotech industry hopes to feel better in 2010, it needs a new drug. And a new way to develop it.

Seismic rebuilds, health alliances take shape

Posted: January 3rd, 2010, 11:00pm EST

Talk and delay dominated 2009 on many points, from health reform in Washington, D.C., to seismic projects in the Bay Area. But 2010 could reset the clock, since reform has to either flourish or flounder.

Economic Forecast 2010: Biotechnology

Posted: January 3rd, 2010, 11:00pm EST

Birmingham’s technology sector is expected to thrive in 2010 thanks to federal research funds, industry experts said.

Bioactive Surgical Inc.

Posted: January 3rd, 2010, 11:00pm EST

Rick Spedden’s surgery to fix his ruptured Achilles tendon left him in some pain.

Health care

Posted: January 3rd, 2010, 11:00pm EST

The health care industry is on edge, rattled by uncertainty about national health care reform and fear that another state budget deficit will mean even bigger cuts in 2010.

Health-care reform not finished yet

Posted: January 3rd, 2010, 11:00pm EST

Diagnosing how health-care reform will reshape the health-care industry in the years ahead is no easy task, given how legislation changed so often through amendments, deletions and revisions.

Diagnostic test could save costs and lives

Posted: January 3rd, 2010, 11:00pm EST

In the not-so-distant future, there may be a simple urine test that can detect whether a child is having an acute bout of appendicitis.

More health care proposals expected in 2010 session

Posted: January 3rd, 2010, 11:00pm EST

Colorado legislators plan to introduce new health care proposals in the 2010 session despite — and in some cases, because of — sweeping reforms, as Congress and President Barack Obama work out differences between health care bills in the House and Senate.

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Total impact: Sectors hit differently by health bill’s passage

Posted: January 3rd, 2010, 11:00pm EST

The Senate passed historic legislation Dec. 24, 2009, that will overhaul the nation’s health care system.

Health care industry faces huge cuts in Medicare, Medicaid funding

Posted: January 3rd, 2010, 11:00pm EST

New Mexico’s health care industry will face some big challenges in 2010.

Orlando Health moving forward on $250M project

Posted: January 3rd, 2010, 11:00pm EST

Orlando Health could begin work this year on a $250 million expansion and renovation of Orlando Regional Medical Center, one of the first detailed projects to be unveiled as part of the hospital system’s $750 million, five-year capital plan.