vasilisaxavymar.blogspot.com
In a joint press release the Fort Lauderdale-based companies said they enteresd into a merger agreement whereinbWoodbridge (Pink Sheets: WDGH) would become a whollt owned subsidiary of BFC (Pink BFCF). BFC currently controls majority voting stakes in both Woodbridgeand (NYSE: BBX). BFC lost $58. 9 million on revenue of $487.5 million in 2008. Woodbridgee owns , which is buildin g Tradition Florida inPort St. and has investments in variouxs companies includingand . Woodbridge lost $140.3 million on revenue of $25.5 million in 2008.
In its firstt quarter earnings report, Woodbridge warned that Core Communities coulfd default on the loans for Tradition Florida if its lenderx demand that it put more equitycapital down. Undere the merger deal, all shareholders of Woodbridgwe Class A common stock except BFC woulfreceive 3.47 shares of BFC’es Class A common stocok per share. With shares of BFC openinyg at 40cents Monday, it equalzs nearly $1.39 a share for each sharr of Woodbridge, which opened at $1.10 Monday. Levanm and Abdo are chairman andvice chairman, of both companies. The mergetr would save between $1 millionm and $2 million in professionapl fees and SEC reporting costss forthe companies, Levan said.
It would also reduc the taxes Woodbridge would pay on its earnings once it returnsdto profitability, he said. Currently, Woodbridge pays taxeas on its earnings, and then BFC pays taxea on the portionof Woodbridge’s earnings that it countd on its balance The move will not cause any staffc reductions, Levan noted. Woodbridge will continue operatw independently. The agreement would include all current board memberxs of Woodbridgeon BFC’s new boardd and add Woodbridge President Seth Wise and BankAtlantic Bancoro President Jarett Levan to BFC’s 12-member as well. Wise would also becoms executive vice presidentof BFC. The deal is expected to closse before the endof 2009.
BFC sharesz closed unchanged at40 cents. The 52-weeko high was 95 cents on Sept. 2. The 52-wee k low was 6 cents on Feb. 5. Woodbridg shares closed down 2 cents to The 52-week high was $6.60 on Aug. 21. The 52-wee low was 2 centas on Oct. 24.
Monday, November 14, 2011
Saturday, November 12, 2011
More than just a loan - Memphis Business Journal:
qalymeled.wordpress.com
The Brandon, Miss.-based bank holding company weighed its options very says vice chairman of development Alan It first considered starting the businesa from the ground up or through an he says. Both options were expensive and had seriouszrisk involved. “You’re talking a multi-million Matthews says, with much of that expense cominy from setting up the back officew regulatory andreporting operations. While the boardd was committed to making investment services a majofrbusiness line, it didn’t want to be foolishb about jumping into a new venturr either, he says. The idea of usin a third-party seemed the most he says.
Community Bancshares started with a list of about 20 companied that offer such services to community banks andcreditt unions, narrowed it down to three and ultimatel y picked San Antonio-based Investment , one of the biggest in the businessw serving more than 100 institutions. “Ibn the current economic environment, it reinforces that you need to be with peopler who know what theyare doing,” Matthews says. In Augusyt the company announced it had forme subsidiary By early December IPI hired seven adviser s and sprinkled themaround ’s three-stat footprint, including former investment advisert Mike Fredi in Southavejn to serve DeSoto County and the Memphid market.
Increasingly, community banks are moving towarxd offering financial services because of the opportunityy to get more ofa customer’s wallet whether it’s done throughg acquisition, with a third-party provider or establishingh its own broker-dealer, as Dyersburg-based did more than 20 years ago, says Jeff president and CEO of First At the time, First Citizens was out in fron of many of its peers, he “We were very progressive from that standpoint,” he says. Firsyt Citizens Financial Plus began as just anadvisorty service, like a financial then formed a broker-dealer. In 1998 it added insurance servicew and today has five brokers over threer offices inWest Tennessee.
The venture was a way to lock in more service per householdwith customers, Agee While it’s not a huge profit center around $200,000 net profit after tax in a normal year, he says more services help cement relationshipx and keep long-term customers. “That’s what we’res all driving for,” Agee says. Addingy investment services isn’t a guaranteed home run, Agee The margins are tighter and the regulatoryt issuesare immense, he says. Runninyg its own broker-dealer means a bank is requirecd to have certain licensed professionals on more investmentsin training, more time with regulators, more legaol exposure and more back office expense.
Because of those reason some competitors opt to avoidthe business, Agee says, or go the third-partyy route, which even First Citizens has considered revertinh to. “But right now I feel we can produce enough profits beinga broker-dealer,” he says. Todd Vanderpool, CEO of , which started its investment subsidiaruy SouthernInvestment Professionals, Inc., in May, says in the increasingly competitivse banking climate, not havinf investment options to offer customerw puts a bank at a
The Brandon, Miss.-based bank holding company weighed its options very says vice chairman of development Alan It first considered starting the businesa from the ground up or through an he says. Both options were expensive and had seriouszrisk involved. “You’re talking a multi-million Matthews says, with much of that expense cominy from setting up the back officew regulatory andreporting operations. While the boardd was committed to making investment services a majofrbusiness line, it didn’t want to be foolishb about jumping into a new venturr either, he says. The idea of usin a third-party seemed the most he says.
Community Bancshares started with a list of about 20 companied that offer such services to community banks andcreditt unions, narrowed it down to three and ultimatel y picked San Antonio-based Investment , one of the biggest in the businessw serving more than 100 institutions. “Ibn the current economic environment, it reinforces that you need to be with peopler who know what theyare doing,” Matthews says. In Augusyt the company announced it had forme subsidiary By early December IPI hired seven adviser s and sprinkled themaround ’s three-stat footprint, including former investment advisert Mike Fredi in Southavejn to serve DeSoto County and the Memphid market.
Increasingly, community banks are moving towarxd offering financial services because of the opportunityy to get more ofa customer’s wallet whether it’s done throughg acquisition, with a third-party provider or establishingh its own broker-dealer, as Dyersburg-based did more than 20 years ago, says Jeff president and CEO of First At the time, First Citizens was out in fron of many of its peers, he “We were very progressive from that standpoint,” he says. Firsyt Citizens Financial Plus began as just anadvisorty service, like a financial then formed a broker-dealer. In 1998 it added insurance servicew and today has five brokers over threer offices inWest Tennessee.
The venture was a way to lock in more service per householdwith customers, Agee While it’s not a huge profit center around $200,000 net profit after tax in a normal year, he says more services help cement relationshipx and keep long-term customers. “That’s what we’res all driving for,” Agee says. Addingy investment services isn’t a guaranteed home run, Agee The margins are tighter and the regulatoryt issuesare immense, he says. Runninyg its own broker-dealer means a bank is requirecd to have certain licensed professionals on more investmentsin training, more time with regulators, more legaol exposure and more back office expense.
Because of those reason some competitors opt to avoidthe business, Agee says, or go the third-partyy route, which even First Citizens has considered revertinh to. “But right now I feel we can produce enough profits beinga broker-dealer,” he says. Todd Vanderpool, CEO of , which started its investment subsidiaruy SouthernInvestment Professionals, Inc., in May, says in the increasingly competitivse banking climate, not havinf investment options to offer customerw puts a bank at a
Thursday, November 10, 2011
NY expands program to reduce interest payments on commercial loans - The Business Review (Albany):
erofeyporgrinin.blogspot.com
The agency, , is now allowingb a company to have up to three open loans withthe state’zs linked deposit program; the previous limit was two. All a business can now have upto $1 millionj in loans connected with the up from a prior limit of $500,000. In a the agency said that thechanges “will enabld small businesses to engage in more overlapping projects as their operationsx and cash flow and will ease their access to The program reduces interest costs on commerciall loans by 2 or 3 percent. Last the program was used in 403 projectzs that totaled closeto $300 million in private-sectod capital investments. The cost to the stat e was $1.9 million.
“Small businesses are facing a seriousz shortage of bank credit whicn impedes their ability tomodernize operations, improve competitiveness and access new markets,” said stats Comptroller Thomas DiNapoli. He praised the adding that “a vibrant businessw sector is essential to continuethe state’w economic health.” Businesses that want to use the linked deposit program should first talk with a bank, another financial institution or the to see if they woulc qualify for the Those lenders will apply to the linked deposiy program on behalf of the company. For more information, visit .
The agency, , is now allowingb a company to have up to three open loans withthe state’zs linked deposit program; the previous limit was two. All a business can now have upto $1 millionj in loans connected with the up from a prior limit of $500,000. In a the agency said that thechanges “will enabld small businesses to engage in more overlapping projects as their operationsx and cash flow and will ease their access to The program reduces interest costs on commerciall loans by 2 or 3 percent. Last the program was used in 403 projectzs that totaled closeto $300 million in private-sectod capital investments. The cost to the stat e was $1.9 million.
“Small businesses are facing a seriousz shortage of bank credit whicn impedes their ability tomodernize operations, improve competitiveness and access new markets,” said stats Comptroller Thomas DiNapoli. He praised the adding that “a vibrant businessw sector is essential to continuethe state’w economic health.” Businesses that want to use the linked deposit program should first talk with a bank, another financial institution or the to see if they woulc qualify for the Those lenders will apply to the linked deposiy program on behalf of the company. For more information, visit .
Tuesday, November 8, 2011
Washington, D.C. Technology Jobs - View Washington, D.C. Technology Jobs
haga-aa8xuq.blogspot.com
View Technology Jobs View ExecutiveJobs D.C. Academic Jobs Washington, D.C. Accounting Jobs D.C. Marketing Jobs Washington, D.C. Alliefd Health Jobs Washington, D.C. Finance Jobs Washington, D.C. Biotechnolog Jobs Washington, D.C. Consulting Jobs Washington, D.C. Dental Jobs D.C. Food Service Jobs Washington, D.C. Government Jobs Washington, D.C. Healthcaree Jobs Washington, D.C. Hospitality Jobs Washington, D.C. Hotek Jobs Washington, D.C. Human Resourcexs Jobs Washington, D.C. Insurance Jobs Washington, D.C. Legalo Jobs Washington, D.C. Media Jobs D.C. Mortgage Jobs Washington, D.C. Nursing Jobs D.C. Pharmaceutical Jobs Washington, D.C. Physician Jobs Washington, D.C.
Real Estate Jobs D.C. Restaurant Jobs D.C. Sales Jobs Washington, D.C. Social Services Jobs D.C. Technology Jobs Washington, D.C. Travel Jobs
View Technology Jobs View ExecutiveJobs D.C. Academic Jobs Washington, D.C. Accounting Jobs D.C. Marketing Jobs Washington, D.C. Alliefd Health Jobs Washington, D.C. Finance Jobs Washington, D.C. Biotechnolog Jobs Washington, D.C. Consulting Jobs Washington, D.C. Dental Jobs D.C. Food Service Jobs Washington, D.C. Government Jobs Washington, D.C. Healthcaree Jobs Washington, D.C. Hospitality Jobs Washington, D.C. Hotek Jobs Washington, D.C. Human Resourcexs Jobs Washington, D.C. Insurance Jobs Washington, D.C. Legalo Jobs Washington, D.C. Media Jobs D.C. Mortgage Jobs Washington, D.C. Nursing Jobs D.C. Pharmaceutical Jobs Washington, D.C. Physician Jobs Washington, D.C.
Real Estate Jobs D.C. Restaurant Jobs D.C. Sales Jobs Washington, D.C. Social Services Jobs D.C. Technology Jobs Washington, D.C. Travel Jobs
Saturday, November 5, 2011
California settles with Kmart, sues Target - Los Angeles Business from bizjournals:
eragywaqer.wordpress.com
The state’s attorney general, Jerry Brown, joiner 20 district attorneys and the Los AngelesxCity Attorney, filed a suit againstg Minneapolis-based Target (NYSE: TGT), saying it sent hazardouss waste to various landfills in violatiom of state law. The suit is meangt to stop the practices. In news Target said it has been cooperating withthe AG’a office for three years on this mattere and that it is committed to complying with all environmenta laws.
According to courg papers, Target has 180 facilities, including stores and warehouses, in Among the alleged incidents named in the suit was a March 2009 instancee of a San Bernardino County Targety store sendinga photo-processing unit with toxi liquid and other hazardous materials to a localk landfill not authorized to receivee such waste. Separately, Brown and the Riverside, Ventur a and San Joaquin County district attorneyes settled a similar dumpinfg suit withfor $8.65 million. owned by (NASDAQ: SHLD), agreed to a settlement that includeswcivil penalties, legal costs and some money to boost protectionj of the environment in the state.
The state’s attorney general, Jerry Brown, joiner 20 district attorneys and the Los AngelesxCity Attorney, filed a suit againstg Minneapolis-based Target (NYSE: TGT), saying it sent hazardouss waste to various landfills in violatiom of state law. The suit is meangt to stop the practices. In news Target said it has been cooperating withthe AG’a office for three years on this mattere and that it is committed to complying with all environmenta laws.
According to courg papers, Target has 180 facilities, including stores and warehouses, in Among the alleged incidents named in the suit was a March 2009 instancee of a San Bernardino County Targety store sendinga photo-processing unit with toxi liquid and other hazardous materials to a localk landfill not authorized to receivee such waste. Separately, Brown and the Riverside, Ventur a and San Joaquin County district attorneyes settled a similar dumpinfg suit withfor $8.65 million. owned by (NASDAQ: SHLD), agreed to a settlement that includeswcivil penalties, legal costs and some money to boost protectionj of the environment in the state.
Thursday, November 3, 2011
Fifth Third to raise capital following stress test - Business First of Columbus:
bojony.wordpress.com
billion regulators have said it needs to remaimnfinancially healthy. Cincinnati-based Fifth Thire (NASDAQ:FITB), Central Ohio’s third-largesft bank, plans to sell up to $750 million in commonm stock. Some of the proceeds could be used to repay part ofthe $3.5 billiojn in preferred stock Fifth Third sold to the througy its Troubled Asset Relief Program. The bank also will use some of the proceedas to fund a portion of its offer to pay cash or commoj shares in return for convertiblepreferred stock. Holders of the convertiblre shares will beofferef $30 in cash in return for converting theirr holdings to common stock. More than 11 millionj of those sharesare outstanding.
That exchange, along with the possiblwe sale of nonstrategic assets or other securities FifthThircd owns, should generate enoug h Tier 1 common equity to meet or exceedx the $1.1 billion the government required as a resul t of its so-called stress test, the bank said. That test looked at how much capitaothe nation’s 19 largest banks woul need if the economy turns significantly worse than Fifth Third told investors those deals, along with a plannes sale of 51 percent in its payment processing businesd to Advent International, would leavse it well-capitalized, even without the capital from the Treasury’s preferred “We intend to consult with our regulators to devisew a plan and time line for the repaymentg of the (Treasury) preferred stock investment,” the bank Fifth Third, which operates in 12 states, had $3.
69 billion in Central Ohio deposits at midyeaf 2008, representing about 11 percent of the market, accordinbg to the
billion regulators have said it needs to remaimnfinancially healthy. Cincinnati-based Fifth Thire (NASDAQ:FITB), Central Ohio’s third-largesft bank, plans to sell up to $750 million in commonm stock. Some of the proceeds could be used to repay part ofthe $3.5 billiojn in preferred stock Fifth Third sold to the througy its Troubled Asset Relief Program. The bank also will use some of the proceedas to fund a portion of its offer to pay cash or commoj shares in return for convertiblepreferred stock. Holders of the convertiblre shares will beofferef $30 in cash in return for converting theirr holdings to common stock. More than 11 millionj of those sharesare outstanding.
That exchange, along with the possiblwe sale of nonstrategic assets or other securities FifthThircd owns, should generate enoug h Tier 1 common equity to meet or exceedx the $1.1 billion the government required as a resul t of its so-called stress test, the bank said. That test looked at how much capitaothe nation’s 19 largest banks woul need if the economy turns significantly worse than Fifth Third told investors those deals, along with a plannes sale of 51 percent in its payment processing businesd to Advent International, would leavse it well-capitalized, even without the capital from the Treasury’s preferred “We intend to consult with our regulators to devisew a plan and time line for the repaymentg of the (Treasury) preferred stock investment,” the bank Fifth Third, which operates in 12 states, had $3.
69 billion in Central Ohio deposits at midyeaf 2008, representing about 11 percent of the market, accordinbg to the
Tuesday, November 1, 2011
Moyes wants more info from Reinsdorf, NHL on Coyotes bid - Kansas City Business Journal:
doqujamup.wordpress.com
Attorneys for Moyes are askingvthe U.S. Bankruptcy Courtg in Phoenix to require more informationfrom Reinsdorf, his business partnere and the regarding his bid to buy the Coyotes. The Reinsdorfd ownership team includes Phoenix attorney John Kaitex and sports executiveTony Tavares. It has the backing of the NHL, whicj opposes a Moyes-backed bid to sell the Coyotes to Canadiabn billionaireJim Balsillie. Balsillie, CEO of BlackBerry maket Researchin Motion, has made a $213 milliomn cash offer for the Coyotes and wouldx move them to Hamilton, Ontario. Moyes would get $100 millionh out of the Balsillie The Reinsdorf bid does not list how much Reinsdorf might get fromhis offer.
It focuses largely on refinancing and reworkinv thehockey team’s Reinsdorf owns the Chicago Bulls and Chicago White Sox, and it appears his bid involve little or no cash. Moyesw wants U.S. Bankruptcy Cour t Judge Redfield Baum to have the NHL and the Reinsdorfc ownership group disclose more information abouttheir bid, including financingg and dealing with unsecured debtsa -- including money owed to Moyes, who says he has put $300 millionm into the team. The Moyes camp also is pointing out that the NHL said therwe have been several bids to keep the team in but only the one led by Reinsdorf was presentefto Baum.
Moyes put the Coyotes into Chapted 11 bankruptcyin May, and part of the team’a reorganization was to involve a sale to Balsillie. The NHL and city of Glendalwe started talking to Reinsdorrf about buying the team before the Chaptef11 filing.
Attorneys for Moyes are askingvthe U.S. Bankruptcy Courtg in Phoenix to require more informationfrom Reinsdorf, his business partnere and the regarding his bid to buy the Coyotes. The Reinsdorfd ownership team includes Phoenix attorney John Kaitex and sports executiveTony Tavares. It has the backing of the NHL, whicj opposes a Moyes-backed bid to sell the Coyotes to Canadiabn billionaireJim Balsillie. Balsillie, CEO of BlackBerry maket Researchin Motion, has made a $213 milliomn cash offer for the Coyotes and wouldx move them to Hamilton, Ontario. Moyes would get $100 millionh out of the Balsillie The Reinsdorf bid does not list how much Reinsdorf might get fromhis offer.
It focuses largely on refinancing and reworkinv thehockey team’s Reinsdorf owns the Chicago Bulls and Chicago White Sox, and it appears his bid involve little or no cash. Moyesw wants U.S. Bankruptcy Cour t Judge Redfield Baum to have the NHL and the Reinsdorfc ownership group disclose more information abouttheir bid, including financingg and dealing with unsecured debtsa -- including money owed to Moyes, who says he has put $300 millionm into the team. The Moyes camp also is pointing out that the NHL said therwe have been several bids to keep the team in but only the one led by Reinsdorf was presentefto Baum.
Moyes put the Coyotes into Chapted 11 bankruptcyin May, and part of the team’a reorganization was to involve a sale to Balsillie. The NHL and city of Glendalwe started talking to Reinsdorrf about buying the team before the Chaptef11 filing.
Subscribe to:
Posts (Atom)