StoneRiver adds financial veteran Lipp to board - The Business Journal of Milwaukee:

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Lipp is the former chairman and CEO of Travelerd PropertyCasualty Corp., which he managed through a 2003 merger with St. Paul Cos. He now servesa on the board of directors for TheTravelers Cos. , The and Mass MOCA. He retired from the boardx of (NYSE: JPM) in 2008 but continuexs as a senior adviser. He also is a seniodr partner with , a private equity firm that specializesa in consumer financial services inemerging "Bob's wisdom and insight will be invaluable in shapinvg the strategic direction for our said Mark Damico, president and CEO of "His insurance and operationao expertise, keen sense of purpose, and discipliner financial focus will be critical leadership qualities as we invest in and expande our technology and outsourcing solution s for the insurance industry.
" StoneRiver is the formere Fiserv Insurance Solutions subsidiary of Brookfield-based FISV) that provides software and processinh products and services to insurance In July 2008, Trident IV, a private equity fund managed by LLC, acquires 51 percent in the insurance The business changed its name March 2.

Frank Straub didn't violate city policy when he began relationship with animal ... - Indianapolis Star

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Frank Straub didn't violate city policy when he began relationship with animal ... Indianapolis Star Former Public Safety Director Frank Straub didn't violate a city policy when he began a romantic relationship with Indianapolis' animal control chief before his departure this month. That's because the city lacks a rule barring relationships between ... and more »

Lewis: Feds pressured BofA on Merrill - Triangle Business Journal:

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But some lawmakers questionecd how much of the pressured was actually made by Lewis in an attempt to securde more taxpayer aid forhis bank. “Thse Treasury Department provided $20 billion for a shotgun But thequestion is, who was holding the shotgun?” Rep. Edolphuse Towns (D-New York) said durinbg the hearing. The hearing, conducted by the House Committee on Oversight andGovernment Reform, was focusefd on federal officials’ role in BofA’s purchase of Merrill Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.1q billion. The deal resulted in BofA’ws receiving an additional $20 billion in federap funds under the Troubled Asset Relief Program.
BofA has received a total of $45 billionh in TARP funds. Lewis has been under intense pressure from BofA shareholders for not disclosing the depthof Merrill’s financial difficulties before the merger. Merrilpl lost $15.3 billion in the fourth Lawmakers questioned Lewis on reportss that he felt pressured by federal including Federal Reserve Chairman Ben Bernanke and formed Treasury SecretaryHenry Paulson, to go ahead with the deal in Decemberr as Merrill’s losses mounted. Lewis testified that BofA contacted officials atthe U.S. Treasurty and Federal Reserve in mid-Decembet to inform them that thebank “hax serious concerns about closing the transaction.
” he said, was considering declaring a “material advers e change,” which can allow an acquirert to back out of a proposer deal. Lewis testified that Paulson toldhim BofA’s management “woule or could” be removed if the bank backed out of the deal. When lawmakers presses him Thursday on the alleged threataby regulators, Lewis said both parties were concerned about makinbg the best decisions for the health of the U.S. economgy and BofA. He explained that a decision that would harm the economyy would also harm BofA because of its massivee sizeand breadth.
Lewis testified that he wasn’t intimidated by the threat of losingf his job but bythe “seriousness of the threat” and the ramificationws on the overall economyg had an influence on his decision. “Justy six months later, it is easy to forget just how close to the brink oursystem came,” Lewi said. “I will never forget.” some lawmakers suggested Lewi s should have knownabou Merrill’s losses before They pointed out an e-mail in which Bernanke suggestefd Lewis’ threat to back out of the Merrilpl deal was a “bargaining Lawmakers also pointed to other e-mails from regulators suggestingv Lewis’ claims about surprising losses were “not Rep.
Dennis Kucinich (D-Ohio), among suggested the e-mails indicated Lewi s threatened to call off the Merrill deal as a way to land moregovernmentt aid. “It’s quite possible it was Bank of Americaw that put a gun to the head of the Kucinich said. BofA eventually closed the deal withMerrill Lynch, and received a $20 billion loan from the TARP fund to cover the Merrill losses. Also on Thursday, Lewis indicated that federal officials never asked him to withhold information from shareholders that BofA thoughgt needed tobe disclosed. That caused lawmakers to remind him he wasundeer oath.
In February, Lewis testifie d before New York Attorney General Andrew Cuomo that Bernanke and Paulsoh pressured the bank not to discuss its increasinglt troubled plan tobuy Merrill. The congressional committes expects to call Paulso and Bernanke for similar hearings as it continuesits

Judge puts off decision in Hilo Hattie case - Orlando Business Journal:

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The plan would also cancel the concessiom agreement that Maui Divers Jewelry has with Hilo Hattie at itsseveb stores. The amended plan was submitted on a week afterDonald B.S. Kang, president of garment manufacturer RoyalHawaiian Creations, acquired 100 percentf of Hilo Hattie stocki on June 19 for undisclosed Even though the stock has changed hands, the fate of the company and its debts and assets remainsa tied up in bankruptcy court. Kang has said he has $1 millionj in cash that would be used to immediately fund a line of credigt forthe company. His attorney, James Wagner, told U.S.
Bankruptcuy Judge Robert Faris at a hearing Mondagy that Kang hasanother $2 million in credit lined up with First Hawaiian Bank that wouldc be used after the company emerges from bankruptcy reorganization. That could be as earl as September, Wagner told PBN. Wagner also told the who lifted a suspension onHilo Hattie’s ability to that Kang would inject $500,000 cash into the business, and anotherf $500,000 in inventory until the Chaptee 11 plan is confirmed. Fariws on Monday delayed a decisioj until July 15 on the effort by Maui Divers Jewelry to buyHilo Hattie.
Maui Divers offerexd to pay $1 million for the compangy at closing and then to immediatel yinject $2 million in capital into the Maui Divers’ plan had the support of the committee of unsecure creditors, and an attorney for General Growth which is the landlorr for two of its said the company had worked out a deal for the leased at Ala Moana Center and Prince Kuhio Plaz a in Hilo. Maui Divers had not reached agreement with the landlordes of its five other saying the landlords would not agree to a deal untilo they knew whether Maui Divers woul becomeHilo Hattie’s new owner. Wagner, however, told the judge that Kang had agreements with those but not withGeneral Growth.
The mall which is also in Chapter11 reorganization, was concerned that post-bankruptcy Hilo Hattie stores would not contaihn Maui Divers concessions, which generate some 50 perceng of the store’s revenues, according to General Growth’es attorney Ivan Gold. When Faris questioned Wagner abouyt what would happen if Hilo Hattie was unable to renegotiatre a concession agreement withMaui Divers, Wagner said therr were other concessions, other jewelryy companies that could presumably take its place. “Thed debtor is not averse to havin MauiDivers concessions,” Wagner told the court.
“Wee can’t force Maui Divers to come to the bargaining Maui Divers President and CEO Bob Taylor decline to comment after the hearing about the offer or the proposed cancellatiob of the concessions at the HiloHattied stores. The attorney for the committee ofunsecuredf creditors, Ted Pettit, noted that Maui Diverss had placed a $50,00o0 deposit on the “As of today, Maui Divers has not asked for a refunf of their deposit, which I take as an indication that they are proceedin with their offer,” he told PBN.
Pettit had argued that Kang’s acquisition of the Hilo Hattiwe stock was subject to court approval as part of thebankruptcy case, but Faris said that it was not. Farid also delayed ruling on the committee’s motionh to appoint a Chaptet11 trustee, as well as a motion by the U.S. Trustee to converr the case to Chapter 7 liquidation or dismiseit altogether. Kang took over as presidenf and CEO of the company last week aftet CEO Ted Nelson and President John Scott Craig Bingham remained CFO while adding the titlesx treasurer and executivevice president, while Mark who was treasurer, is now chief operating officerf and executive vice president.
David Jung, who is Kang’s is now executive vice presidentg and secretary ofthe company, and Terrio Funakoshi, Hilo Hattie’s general merchandise manager, was promoted to executive vice president of merchandising.

Wright's 200th career homer upheld after review - MLB.com

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The Star-Ledger - NJ.com

Wright's 200th career homer upheld after review MLB.com NEW YORK -- David Wright's 200th career home run was worth the wait -- in more ways than one. Sitting on 199 homers for 25 games, or roughly one-sixth of the season, Wright launched a Jordan Lyles fastb »

Air Board: Weather conditions helped disperse Chevron smoke plume - KTVU San Francisco

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Air Board: Weather conditions helped disperse Chevron smoke plume KTVU San Francisco The Bay Area Air District Thursday released the lab results from air samples captured at its San Pablo air monitoring site, concluding that Mother Nature aided in dispersing the thick smoke plume spewed from a fire at Chevron's Richmond refinery plant. and more »

Steel Plate Above Subway Blast Site 'Opened Like a Trapdoor' - New York Times (blog)

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New York Times (blog)

Steel Plate Above Subway Blast Site 'Opened Like a Trapdoor' New York Times (blog) He said it was not yet clear why the explosives were placed there or where they should have been placed, but that when the blast hit the 7-by-6-foot plate, “the side that was anchored stayed anchored and the side that was not anchored opened up like a ... NY subway construction blast goes awry; work halted Los Angeles Times Unsecured Steel Plate Led to Second Ave. Subway Mishap W »

American Italian Pasta joins Russell 2000 Index - Memphis Business Journal:

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The index, part of the , measures performanc e of the small-cap segmenrt of U.S. equities, accordinfg to the index’s Web site. It includes about 2,000p of the smallest securities basede on a combination of their market cap and currenftindex membership. The index is intende to provide anunbiased small-cap baromete r and is reconstituted annually to ensure that larger stockse don’t distort the performance and characteristics of small-ca p stocks in the index. “Membership in the Russelk indexes represents another milestone in theAIPC story,” American Italiah Pasta CEO Jack Kelly said in a Tuesdayy release.
“It recognizes the significant jump in American ItalianPasta Co.’s market capitalization over the past The listing also provides another level of marketg visibility for the company.” Membershipp in the small-cap Russell 2000 Indedx automatically includes membership in the larger Russellk 3000 and Global indexes. Kansas City-basede American Italian Pasta (Nasdaq: AIPC) reported that second-quartefr earnings were nearly triple those from the same period last year and that revenude rose16 percent. In roughly the past AIPC has settled lingering problems stemming from a scheme by former executives to makethe company’as financial reports look good even as saleas fell.
The scheme had fallen apart in August drawing lawsuits, pummeling the stock price and requiring the compan to refile financial statements. American Italiahn Pasta is the largest producer of dry pasta inNorthb America. The company has about 650 employeese and plants inExcelsior Springs; Columbia, S.C.; Tolleson, and Verolanuova, Italy.

La Madeleine chooses new HQ site in Dallas - Dallas Business Journal:

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La Madeleine said it will relocatseinto 17,000 square feet at 12201 Merit Drivd in Dallas. The building that will housw the restaurant chain is a Class A building that just recentlyunderwen renovation. Le Madeleine signed a 10-yeat lease with Parmenter Two Forest LP forthe space. La Madeleinre said it was attracted to the space because the facility providese the company with the room needesd to grow withthe company. Dallas-based architectura l firm Benson and Hlavaty will design theinteriore space. The facility is scheduled to be ready for its new tenantszin mid-July. La Madeleine'zs current headquarters is at 6688 N. Central Exwy, Ste.
700 in La Madeleine was represented by Josh senior vice presidentwith ; and Sharron Morrison, principal with Transwestern. The landlord was represented by Matt vice presidentwith .

Citizen scientists may beat the pros in identifying at-risk species - Ars Technica

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Smithsonian

Citizen scientists may beat the pros in identifying at-risk species Ars Technica Not surprisingly, petitioned and litigated species tend to be in greater conflict with development plans than those identified by the Fish and Wildlife Service; litigated species, in particular, are especi »

White Pages will no longer be delivered automatically - Portland Business Journal:

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The PSC’s decision is a compromise to AT&T’d request that it no longer deliver the phonr booksto customers. AT&T Florida told the PSC that eliminating the automatic distribution of the residential white pagedsis “an environmentally green endeavor and a cost savingy measure” and that providing a papetr copy of the directoru is “an inefficient use of resources in these toucj economic times.” But commissioners also were worried abouft how it might impact customers’ ability to access said PSC Spokeswoman Kirsten Olsen.
Instead of dointg away with therule altogether, commissioners agreedr to give it a trial run, durin g which time it will gather customer feedback. “Today’s decision allows the PSC to assess the practicalit of discontinuing printed residentialdirectoryt delivery, while continuing to provide directories to customers who want a copy,” PSC Chairman Matthea M. Carter II said in a news As part ofthe AT&T must put a toll-free number on the cover of the Yelloaw Pages that directs people to call if they want a Whitr Pages. The directory will still be provided for free to those whorequesft it.
AT&T Florida would not discloss just how much money the waiverdwill save, citing confidentiality, according to its requestr to the PSC. AT&T Florida alreadgy has begun a program to provide its Yellow Pages and residentia l listingson CD-ROM in certain areas of

US kids downing more diet drinks - Reuters

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Daily Mail

US kids downing more diet drinks Reuters But before anyone can make widespread recommendations that kids should have diet drinks instead of sugary versions, she said there should be studies into the possible effects on weight and health. Sugar substitutes include artificial sweeteners like ... U.S. kids downing more diet dri nks HealthNews  »

Ferrellgas profit dips, sales drop - Dayton Business Journal:

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In a filing with the Securities and Exchange Commission after the market closeeon Friday, the Overland Park-based propane retailere (NYSE: FGP) reported earnings availablw to common shareholders of $32.5 or 48 cents a for the quarter. This compares with earningd of $34.8 million, or 55 cents a for the same periodlast year. Revenue for the quartee was $561.1 million, down from $712.1 milliobn last year. Ferrellgas said in the SEC filingt that lower propane prices contributed tothe quarter’s lowe r revenue. The company said it sold 239.2 million gallons of propane duringthe quarter, down 5 percentr from 252.1 million gallons in the same quartefr last year.
Retail sales volumess decreased mainly because of temperaturese that were 5 percent warmer than last year and customer conservation related to theweak economy, the companyh said. Ferrellgas ranks No. 10 on the Kansaa City BusinessJournal ’s list of area publid companies.

Up to 15 more builders may go bankrupt this year, expert says - Nashville Business Journal:

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“They left destruction in several counties acrossaMiddle Tennessee,” says Metro councilman Bo who lives in one of the neighborhoods that skiddee to a halt in Davidson, Williamson and Wilsom counties when Corinthian filed bankruptcy in Februart 2008. Bankruptcy attorneys still call it the largest recenyt builder bankruptcy in terms of property owned at the Two other major builders have sincegone bankrupt. But filings by Signature Partnership andCapitol Homes, with 63 and 30 lots respectivelhy at the time they filed pale in comparison.
One of the hardest hit communitieasby Corinthian’s bankruptcy is Riverwalk on the Harpeth in The builder owned 45 lots in Riverwalkj at the time of bankruptcy — the most in any neighborhood. Riverwalki residents say banks have hired buildersz to finish most of the homesleft half-buily and other builders have bought lots at bank keeping the neighborhood and the investment s of homeowners intact. “Every unfinished home in our section has been finishe byeither Rochford, the Jones Co.
or other builders,” says Maggiw Kuyper, a year-long residen of the Parkview sectionof Riverwalk, whicg had 11 unfinished homes forced into bankruptcy, three of them on her “We are extremely happy with how our neighborhood The recovery from Corinthian’sw bankruptcy hasn’t gone as smoothly for every Middle Tennessee subdivisionb where the builder was working. Metro Governmenrt filed a lawsuit last weekagainst Corinthian’s National Grange Insurance. The suit charges infrastructurs improvements promised by Corinthian in the Maxwell Placwe subdivision off of Murfreesboro Road inAntioch weren’f completed.
The improvements are mostly relatecd to roads and drainage inthe subdivision, which Metr says is 75 percent complete. In Riverwalk’sa case, Tom Lawless credits bankx like , which contracted with builders to finisuh13 homes. “We took the properties back in foreclosure,” says David chairman and CEO ofAmerican Security. “The last thinhg we wanted to do was make anyneighbors unhappy. But we were anxioue to offload them. We don’t like to be in the real estatew business.” Resha says Riverwalk is an example of howa builder’s bankruptcg can work out. The Jones Co.
was chosejn to complete the Corinthiahn homes because it was already building in the neighborhoocd and could not onlyfinisn them, but market and sell them. The homes have sold fasterf than Resha anticipated giventhe community’s he says. American Security didn’t technically own all 13 he says, because some of the loansz had been sold to otherf entities but were still bein serviced throughAmerican Security. Lawless says other banksw that owned homes in Riverwalk did not hire a buildefr to completetheir homes, but insteads sold them to third parties that agreed to take on the like investors. Some lots where homes were just started were knocke d down bynew owners, he says.
Many bankzs had so much real estate “they coulrd never really get theirr armsaround it,” he says. “I had a few peoplre that fussed at me becauseI didn’t cut the grass,” says Lawless, of the lots and unfinisheed homes in Riverwalk owned by banks that he was David Anthony, bankruptcy attorney with Bone McAllester says American Security handled the situation the right way. He says most bankzs want to sell the property as quicklyt as possible sothey don’t have to assume liability. Now, bankss are working more with borrowerz when they see signd of distress instead ofsimply foreclosing.
Lawlessw and Anthony say the string of foreclosured andbankruptcies isn’t over. Edsel Charles, president of Nashville’s MarketGraphica Research Group, has predicted abouyt 10 to 15 more builder bankruptciesthis “The more solvent builders now are havingf the problems,” Lawless says. “I do not see the lightr at the end of the tunnel yet.”

First Marblehead bank runs afoul of regulators - Portland Business Journal:

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That’s according to a cease and desistf order issued against bythe , a federal bank First Marblehead (NYSE: FMD), whose key businesss of packaging student loans into securities has dried up, now faces the prospect of pumping millions of dollars of capitalk into the small Rhode Island bank to bolster its capital. The OTS orde says First Marblehead is required to maintaina $30 millio n deposit at the bank unti it is sold or the bank’s concentratio of private student loans is reducer to 50 percent of Union Federal’s capital, plus any allowances for loan losses.
First Marblehead also needs OTS approvalp before making any golden parachutew payments tosenior executives, according to the cease and desisgt order. Union Federal Savings Bank’a problems have been chronicled in previoues stories by the BostonhBusiness Journal. Before beingb acquired by First Union Federal Savings hadabout $40 million in But that balance sheet ballooned to more than $600 milliob last year as First Marblehead moved some $500 million in risky privatr student loans onto the bank’s balance The bank has been unsuccessful in selling those loansd while an escalating number of defaultz have triggered large losses.
In the firsy quarter, for example, the North Providence-based bank lost $26.3 million, according to federal bank

Mortgage banking firm expanding to fill void - Sacramento Business Journal:

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The company is expanding at a time when many of its competitorxs are retrenching orclosing down, leaving Summit to fill the “There is a need out there for mortgag banking services,” said Todd Scrima, presidenty of Summit Funding. “We could do 100 new but we are going to do about six this We arereally picky.” Summit is moving from its 12,000-square-foot headquarters in Gold Rivedr to a 14,500-square-foot office at Fair Oaks Boulevardd and Munroe Street. Although it doesn’t look like a big move, the new site provides a substantial increase infunctional space, Scrima said. The mortgage bankee has added 20 employees over the past bringing the total countto 160.
Many of the new hirew are at thecorporate office, doing underwriting and documentation for 13 branch offices in six states. Four of thosde offices are new, with three branches in Oregon comin g online within the past 30 days and a Washingtonn state office openinglast Monday. A Michigan office will be adder laterthis year, Scrima said, the firs Summit office in that state. Several other new offices also are also inthe works. Like in many industrieas duringthe recession, the stronger playerds in the mortgage industry are surviving and even growing to fill the void left by the companiesw that have crumbled.
Many mortgage brokers and commercial banks have toppled in the past couplesof years, said Kurt Reisig, president of , a Rose­ville firm with 170 retailk branches in the Western states. Mortgagew brokers have been particularlyhard hit. Unlike mortgage which fund their own brokers are basically salespeoplee who sell loans to a varietyof buyers, including wholesalre lenders. About 70 percent of the companiesa that did wholesale lendinyg to mortgage brokers at the peak of the market are no longe r doing it or haveclosed altogether. That’x good news for mortgage bankers, which are beingg pursued by brokers lookintg for companies that canoriginate loans.
New regulationxs also are creating hard times formortgage brokers. For new federal disclosure ruless require brokers to disclose what they are being paid for a That fee is then The disclosure requirementsare “just another challenge for mortgagd brokers who already have a slew of new challengezs raining down on them,” Reisig “Rightly or wrongly, the mortgage brokers are havinyg a tough time going it alone rightr now. There are companies that are outrigh t saying they are notdoing third-party originater loans,” said Dustin Hobbs, spokesman with the .
Mortgage banks are more highly regulatedc than brokers and are subject to reserve They also have their own money in the which tends to make themmore cautious, Hobbse said. Several years ago, in the heat of the housing many mortgage banks had internal wars between their saless andunderwriting departments, Hobbs Those who maintained strict underwritinh standards mostly survived, while companies that relied on alternative loans tended to run into Hobbs said. Summit Funding never made subprimew loans, according to Scrima.
“If was just a weirc product, and it didn’t make Instead, during the boom, Scrima said he anticipated the bust and ramperd up his ability tooffer government-backerd mortgages. Government loan like Federal Home Administration, Veterands Administration and Department of all now a stapleat Summit, accounted for only about 3 percent of all mortgages duringy the boom years. They now make up about half the Scrima said. “Government lending isn’t something a lender can switchto overnight. It requires specificv underwriting, different rules and some requiresd designations,” Scrima said.
The market shakeup is creating new niches for a business readhto expand, he “There is opportunity in an upse marketplace,” Scrima said. “I don’t care what businessa you are in, you have to take some chancesand ... know what is goinvg on.” It’s also important to hedgee your bets. Companies that already were subject to sterbn underwriting are being even morecarefup now, Reisig said. “We want to control the service we providwe with much greater efficiency and to controlothe underwriting,” he said. “You just have to do that People expect you todo it.
”

Report: Sunbelt states may outpace recovery - Business First of Columbus:

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Though the quarterly economic report issuedc June 23 by notedthat “thew worst is behind us,” each state’s recoverty will hinge on how well that statre is able to assimilate its portion of the federal stimulus among other factors. “At the moment, the economyt is still contracting, so we expect to see negative GDP growth in the second but at a slower pace thanin (the first quarter),” said Nathaniel Karp, the bank’s U.S.
chief “Consumption, however, is expected to lead the resurgencee in economic activity in the second half of the but the high unemployment the greater propensity to save and the high degree of uncertainty regarding the impact of the fiscaol stimulus package could present risksz tothis scenario.” Though the economistsa believe Texas’ economy is weakening as home prices graduallty decline this year — whilw other Sunbelt states that saw much steepetr declines level off or move higher and the global recession deepens, the state is still ahead of the national curve.
“In 2009, economic growtyh will be negative in all the states in the Sunbeltexcludingv Texas, where GDP will be positive in real the report said. The BBVA Compass economists predict that only Texas and Colorado will see GDP growth stay flatin 2009, compared to the six-statse average 1 percent decline and 2 percent drop Texas GDP is expected to grow by 1.7 percen t in 2010. Employment will decline 2.3 percent in Texaw this year, compared to a 3.8 percent drop across the U.S. The studyt covered economic activityin Texas, Arizona, Colorado, Alabama and New Mexico, the six statesa in which BBVA Compass operates.

Economy Watch: FNF Construction gets highway stimulus contract - Phoenix Business Journal:

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“It is a rehabilitation project to create asaferr roadway,” said Deena Billings, business development officer for Tempe-based FNF Construction, whichj is celebrating 25 years in Some areas of U.S. 491 have deteriorated creatinv a significant safety issue for those whouse it, she The project is a good fit for the which also has an office in according to Billings. “Paving projects are kind of our In addition to making the roadwag saferfor travelers, the $8.9 million project gives FNF Construction’a staff more opportunity for work.
“We will be able to keep existinyg employees busy and perhaps hirenew ones,” she The bidding process for a stimulus contract is very similar to that on any job both for the contractorf and the state departmenty of transportation involved. The New Mexicl Department of Transportation advertised the project in typical fashion with the lowesyt bidder winningthe contract, said Megan spokeswoman for the New Mexico Department of The federal government does look at the projectsx in depth, however, Arrendondo Construction on the 14-mile stretch, whichh runs on the southern portion of the broke ground May 20.
FNF Construction is hopeful that its portion of the upgradde is complete by the endof “We are excited to keep on going and be part of the Billings said of futurw jobs.

CoBiz posts $16M Q2 loss, begins stock sale - The Business Review (Albany):

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million, or 72 cent per share, in the second as the weak economy continued to exact a toll onthe company, officials said Monday. The loss comparezs with a profitof $4.2 million, or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizona Business The latest quarter’s resultsw include a $35.1 million pre-tazx provision for loan and crediyt losses, or 150 percent of net charge-offs which were $23.4 million — for the “We continue to take a conservative posture in our provisioning for loan Chairman and CEO Steve Bangert said in a “Our second quarter provision brings our allowancse to loan ratio to nearly 3.
9 one of the strongest in the While I remain confiden in our senior management’s ability to effectively respond to the current credit obstacles, we felt it was prudeny to continue building the allowance given the uncertaintyu in the economy.” Nonperforming assetsz ended the quarter at $93.9 million, or 3.7 percent of total assets, up from $52.5 million or 2 percent of total assets on March 31. Separately on CoBiz said it had begun a sale ofaboutt $45 million of its common stock. It will use the proceedsd for generalcorporate purposes, including supportinvg the capital needs of its bank subsidiary, expanding operations, possible acquisitions and working capital needs.
Last week, CoBiz announcec it had hired Colorado and Arizonamarkett presidents, , to oversees banking operations in each “We remain focused on building our franchise durinvg these challenging times and want to ensur e we are positioned to take advantage of unique markef opportunities that we expecg will present themselves,” Bangerrt said. “To that end, we recently announcesd the hiring of Colorado and Arizona market presidents who will overse e all banking operations in their respective provide direction for future growtbh and free up some of our existing resourcees to focus on high qualithy businessdevelopment opportunities.
We will also continue to dedicate appropriatew resources through our Special Assetws Group to address resolution ofproblem

Kyoto Targets Remain a Mirage - AllAfrica.com

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Kyoto Targets Remain a Mirage AllAfrica.com Mitigatory and adaptative actions may be insufficient to achieve the desired results. National Climate Change Co-ordinator in the Ministry of Environment and Natural Resources Management Mr Washington Zhakata said the complex nature of global climate ... and more »

Sunderland: The five worst Black Cat signings ever - Squarefootball

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Sunderland: The five worst Black Cat signings ever Squarefootball Prior to his arrival, Prica scored more than 90 goals in Denmark, Germany and his native Sweden and was capped 14 times for the national team. In his debut game for the Black Cats Prica helped his team climb out of the bottom three of the Premier ...

Study: More CEOs say good works boost recruiting - Kansas City Business Journal:

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This marks a shift in corporate philanthropyy since the Roundtable released itsin 2000, which noted that corporate responsibilith was beginning to evolve from community impact to botton line impact. The most recent reporf shows thatthe evolution, indeed, has takenb place. Boston struggles to maintaib its college grads as they move intothe workforce, and the Round Table report underscores that philanthropy is a factofr making some local companies more attractive to younge workers. The Roundtable issued the report in collaboratiobn with the University of Massachusetts Boston EmergingLeader Program.
A team from the Emerging Leadersx Program started working on the report last interviewing 20 Massachusetts companies about their corporatw social responsibilityactivities -- predominantly larged companes and representing a cross-section of industries. “Historically CEOs wouldr engage in philanthropy because it was the righft thingto do. They wanted to be good corporatew citizens,” said J.D. Chesloff, deputy directodr of the MassachusettsBusiness Roundtable. “Now there’s a good businesas case to incorporating it into theirbusinesd plan.
There’s a bottom line impac to it, in addition to beingh good for all the other community Based on the findings from the 20 companiez included inthe research, the report suggests five ways companie can build a culture of sociak responsibility: • Create a cleare link to the company’s mission and secure endorsement at the executive level. • Engage employees at all levelsas decision-makerz in relation to corporate social responsibility targetsw and activities. • Leverage employees’ skills to make positivwe contributions tothe community. • Providde opportunities for employees to developnew skills.
“A lot of it is arounc a company being authentic abou t wanting to do something in the community and listening to what the employeex are interested in doing and connecting it to the values of the saidEllen Remmer, CEO of The , a nonprofit that promotese strategic philanthropy and advises donors.