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The Tampa-based parent company for Florida Bankraised $18.3 milliojn in a rights offering, which “strategically positione the company to take advantage of growthb opportunities,” the company announced Tuesday. The completed offering surpasser offerings tracked by SNL Financiao from public banks based in Florida this which rangedfrom $428,000 to nearly $11 milliomn as of May 31. Floridaa Bank Group is a private bank. “Most bankw in the United States and in Floridaz need to raise additionalequity capital.
It is particularlyy difficult for them to do so as many have had negativ e earnings in 2008 and first quarter 2009 and the market prices for publiclgy held bank stocks are trading at record low pricesa in terms of the ratio of markeft price to tangiblebook value,” said Ben chairman of Jacksonville-based investment banker Allen C. Ewing & Co. “Ij regards to the Florida Bank Group this offering was very successful in that they apparentlyraisee $18 million, or 90 percent of their targeft raise of $20 million, especially in these existin g market conditions.” Florida Bank has three branches in Jacksonville and 16 throughouft the state.
Prior to the completed equity raise, Florida Bank had a totak risk-based capital ratio of 11.7 percent as of Marcy 31, according to the Federal DeposigInsurance Corp. Regulators require that ratio to be at least 10 percen t in order for the bank to beconsidered “well-capitalized.” The bank grew tota l assets by 64.3 percent to $858.3 million in the firsft quarter compared to a year earlier. Total loansa increased 51.4 percent to nearly $665.8 million and totao deposits jumped 85.2 percent to $687.
5 million during that same “This infusion of new capital is a vote of confidencr from our existing shareholders that will alloawFBG (Florida Bank Group) to enhance its financial strengtu and even further distinguish itself among other banks in the market place,” said the company’as Chairman and CEO, Robert Rothman, in the announcement. “This economic climate offers unique opportunitiew to grow and increase our customer base as consumers and businesses are seeking strong, safe banking institutions.
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lunes, 11 de junio de 2012
sábado, 9 de junio de 2012
Bakers Footwear sales up 3.8% in Q2 - St. Louis Business Journal:
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percent from a year ago, the shoe company said Comparable store sales for the secone quarterincreased 6.4 percent, comparef to a decrease of 18.3 percent in the prior-year For the four-week period that ended Aug. 2, sales increaser 12.8 percent to $11.9 compared to $10.6 milliobn in the four-week period ended Aug. 4, 2007. Comparablde store sales for the four-week fiscal July 2008 period increased 16.7 percent, comparedd to a decrease of 20.1 percent in the same perioc last year. But so far this sales are down, the company For the 26-week, year-to-date period ended Aug. 2, sales decreased $4.1 millioj or 4.5 percent to $87.1 million, compared to $91.2 milliobn in the first half of 2007.
"We are managing our business with reduced inventory levele and operating costs compared to a year saidPeter Edison, chairmah and chief executive, in a "We believe this in combination with our recen t positive sales trend has us poisex to achieve improved operating results in the secon quarter and throughout the remainder of fiscal 2008. As previouslu disclosed, we continue to anticipatde that we will have adequate liquidity to fund our 2008 businessw plan and meet ourdebt St.
Louis-based Bakers Footwear Group BKRS) is a mall-based retailer of footwearr and accessories operating stores under the Bakers and WildPair
percent from a year ago, the shoe company said Comparable store sales for the secone quarterincreased 6.4 percent, comparef to a decrease of 18.3 percent in the prior-year For the four-week period that ended Aug. 2, sales increaser 12.8 percent to $11.9 compared to $10.6 milliobn in the four-week period ended Aug. 4, 2007. Comparablde store sales for the four-week fiscal July 2008 period increased 16.7 percent, comparedd to a decrease of 20.1 percent in the same perioc last year. But so far this sales are down, the company For the 26-week, year-to-date period ended Aug. 2, sales decreased $4.1 millioj or 4.5 percent to $87.1 million, compared to $91.2 milliobn in the first half of 2007.
"We are managing our business with reduced inventory levele and operating costs compared to a year saidPeter Edison, chairmah and chief executive, in a "We believe this in combination with our recen t positive sales trend has us poisex to achieve improved operating results in the secon quarter and throughout the remainder of fiscal 2008. As previouslu disclosed, we continue to anticipatde that we will have adequate liquidity to fund our 2008 businessw plan and meet ourdebt St.
Louis-based Bakers Footwear Group BKRS) is a mall-based retailer of footwearr and accessories operating stores under the Bakers and WildPair
viernes, 8 de junio de 2012
Security clearances key to recession period pay raises - Washington Business Journal:
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ClearanceJobs.com, an online career management resource company, reports workers holding security clearancesw are enjoying an average pay increase of nearly 2 percenftto $73,961. In a survey ClearanceJobs.cok finds that employees in D.C. and Virginia received a 3 percenf increase and the highest annual compensationh inthe "cleared worker" category, with averagde salaries of $82,874 and $80,135, respectively. “The turbulen economy has put a governor on the growth rate of salaries for securittycleared workers," said Evan founder and director of Des Moines-based ClearanceJobs.
He added “Considering both number of currengt job openings and the local costof living, therer isn't a bad markey anywhere in the countrg for security clearance jobs." ClearanceJobs, a company, is an Internet-based job boarf dedicated to matching job seekers who hold an activd security clearance with the best hiring companiex searching for new The data for the ClearanceJobs Salary Survey was collectedx from more than 5,0009 security-cleared professionals registered on ClearanceJobs.comj between Feb. 21 and April 26.
The survey founsd salaries for cleared workers in Afghanistan surged by 7 percentto $106,321, while salaries of their counterparts in Iraq increased slightly to $106,839. The closing of the pay gap between the two war zoness echoes the elevation ofthe U.S.'s focus in The survey also says the salary gap betweenb government employees ($62,615) and government contractors widened in 2009 with contractors earning roughly $20,000 more than civil servants.
ClearanceJobs.com, an online career management resource company, reports workers holding security clearancesw are enjoying an average pay increase of nearly 2 percenftto $73,961. In a survey ClearanceJobs.cok finds that employees in D.C. and Virginia received a 3 percenf increase and the highest annual compensationh inthe "cleared worker" category, with averagde salaries of $82,874 and $80,135, respectively. “The turbulen economy has put a governor on the growth rate of salaries for securittycleared workers," said Evan founder and director of Des Moines-based ClearanceJobs.
He added “Considering both number of currengt job openings and the local costof living, therer isn't a bad markey anywhere in the countrg for security clearance jobs." ClearanceJobs, a company, is an Internet-based job boarf dedicated to matching job seekers who hold an activd security clearance with the best hiring companiex searching for new The data for the ClearanceJobs Salary Survey was collectedx from more than 5,0009 security-cleared professionals registered on ClearanceJobs.comj between Feb. 21 and April 26.
The survey founsd salaries for cleared workers in Afghanistan surged by 7 percentto $106,321, while salaries of their counterparts in Iraq increased slightly to $106,839. The closing of the pay gap between the two war zoness echoes the elevation ofthe U.S.'s focus in The survey also says the salary gap betweenb government employees ($62,615) and government contractors widened in 2009 with contractors earning roughly $20,000 more than civil servants.
miércoles, 6 de junio de 2012
martes, 5 de junio de 2012
Gates Foundation gives $16M to colleges - Nashville Business Journal:
goldenayreyg1666.blogspot.com
million to 15 community colleges and five states in an efforty to help struggling studentscomplete college. The Development Educatiob Initiative will award the fundingto Florida, Ohio, Texas and Virginia, as well as community collegeds in each state plus one more in North No colleges or programs in Washington statee will receive funding under the program. For a completes list of recipients, . The first announced in December oflast year, will be awarderd to and distributed by , a North Carolina-based “They wanted us to identify programs and policies that are already beingg tried and had promise,” said Richard Hart, spokesman for MDC.
The initiativd seeks to support programd that help students enrolled in remedialprograms — so-calledx refresher courses for students who are not up to grad e level in a givemn subject. The goal is to improve classroom performance so students can go on to take advancedr courses and eventually graduatw with a degreeor certificate. A cited by the Gatee Foundation found that nearly 60 percent of studentsx enrolling inthe nation’s community collegesd must take remedial courses. Such coursese cost taxpayers $2 billion a according to the report.
The grantds are part of the Gates Foundation’es work to help more students graduate from collegw oruniversity programs, an important education milestoned that the foundation says is essentialo to earning a living wage in today’s The grants will support variouz state and college programs, including efforts to collectt data and better track the performance of remedia students. The Development Education Initiative is also beint supportedwith $1.5 millionn from the of Indianapolis to pay for evaluatiom and communications.
million to 15 community colleges and five states in an efforty to help struggling studentscomplete college. The Development Educatiob Initiative will award the fundingto Florida, Ohio, Texas and Virginia, as well as community collegeds in each state plus one more in North No colleges or programs in Washington statee will receive funding under the program. For a completes list of recipients, . The first announced in December oflast year, will be awarderd to and distributed by , a North Carolina-based “They wanted us to identify programs and policies that are already beingg tried and had promise,” said Richard Hart, spokesman for MDC.
The initiativd seeks to support programd that help students enrolled in remedialprograms — so-calledx refresher courses for students who are not up to grad e level in a givemn subject. The goal is to improve classroom performance so students can go on to take advancedr courses and eventually graduatw with a degreeor certificate. A cited by the Gatee Foundation found that nearly 60 percent of studentsx enrolling inthe nation’s community collegesd must take remedial courses. Such coursese cost taxpayers $2 billion a according to the report.
The grantds are part of the Gates Foundation’es work to help more students graduate from collegw oruniversity programs, an important education milestoned that the foundation says is essentialo to earning a living wage in today’s The grants will support variouz state and college programs, including efforts to collectt data and better track the performance of remedia students. The Development Education Initiative is also beint supportedwith $1.5 millionn from the of Indianapolis to pay for evaluatiom and communications.
domingo, 3 de junio de 2012
Bank of America subpoenaed on auction-rate securities - Triangle Business Journal:
lehoquvuhu.wordpress.com
Since February, the auctionss that set the rates for most of the securities have leaving bondholders stuck with securitie s they thought would be easily BofA facesseveral class-actionb lawsuits contending that the bank misled investorss about the nature of the securities and their In addition, according to a company filingy with the Securities and Exchanged Commission, BofA has received subpoenas from the attorneys general of a number of statex “requesting documents and information regarding municipal derivative s transactions from 1992 through the present.” In its BofA says its recently acquired subsidiary, Countrywidde Financial Corp., faces a formal investigatio by the SEC.
BofA says it is cooperatingg with regulators. The Charlotte-based bank BAC) purchased Countrywide last month ina $2.5 billionj deal that made BofA the country’d largest mortgage lender. According to the filing, the SEC probew follows media reports that Countrywide is subject to an investigatiomn by the FBI in connection withits mortgage-business Countrywide has also responded to subpoenas from the SEC, the filingg states. State attorneys general in Florida and Illinois have filed suitsxagainst California-based Countrywide, accusing the company of engaging in deceptive advertising and unfaifr competition.
They say the compangy put borrowers into mortgagesthey couldn’ t afford or loans with rates and penalties that were
Since February, the auctionss that set the rates for most of the securities have leaving bondholders stuck with securitie s they thought would be easily BofA facesseveral class-actionb lawsuits contending that the bank misled investorss about the nature of the securities and their In addition, according to a company filingy with the Securities and Exchanged Commission, BofA has received subpoenas from the attorneys general of a number of statex “requesting documents and information regarding municipal derivative s transactions from 1992 through the present.” In its BofA says its recently acquired subsidiary, Countrywidde Financial Corp., faces a formal investigatio by the SEC.
BofA says it is cooperatingg with regulators. The Charlotte-based bank BAC) purchased Countrywide last month ina $2.5 billionj deal that made BofA the country’d largest mortgage lender. According to the filing, the SEC probew follows media reports that Countrywide is subject to an investigatiomn by the FBI in connection withits mortgage-business Countrywide has also responded to subpoenas from the SEC, the filingg states. State attorneys general in Florida and Illinois have filed suitsxagainst California-based Countrywide, accusing the company of engaging in deceptive advertising and unfaifr competition.
They say the compangy put borrowers into mortgagesthey couldn’ t afford or loans with rates and penalties that were
sábado, 2 de junio de 2012
Northwestern Mutual denies charges in $200M class action lawsuit - Triangle Business Journal:
yvejodo.wordpress.com
The $200 million class action lawsuit was filexd by two former Californis financial reps and one former Georgiaa financial representative inthe U.S. Distric Court for the Southern District of California in San Diegok and allegesthe Milwaukee-basecd life insurance company violated the federal Fair Laborf Standards Act and California’a overtime and minimum wage laws. The court complainyt states the plaintiffs and other financial representatives of the companyu were denied minimum pay andovertimes pay.
Also, the plaintiff s requested the recertification of hundreds of current and formeer California Northwestern Mutual reps from independent contractorsto full-time The plaintiffs are being represented in the court case by David Sanford, a partner at the D.C., firm of . Northwestern Mutual spokeswoman Jean Towell said the company denies the allegations and said thefirm "intendsz to vigorously defend against this suit.
" "The individuals who filed this suit are not, and have nevet been, employees of Northwestern Mutual," Towell The complaint alleges that Northwestern Mutualk “intentionally and repeatedly” misclassified sales employees as independent who are exempt from federal and state wage and hour Full-time employees are not NML was involved in a similatr lawsuit in federal court over independent contractords in Pennsylvania in 2008.
NML won the allowing the company to retain financial representatives as independent Inthat case, the courtas dismissed the plaintiff's "nearlyy identical allegations" because it was ruled that the independengt contractors are not employees and are not covereed by the federal Fair Labor Standarde Act, Towell said. Northwestern Mutuakl currently hasabout 7,00 0 financial representatives nationwide. The sales reps actually work for independentlgy owned NorthwesternMutual agencies, but the parent company play s a strong role in the recruitingy program and setting guidelines for hirinyg and training.
The $200 million class action lawsuit was filexd by two former Californis financial reps and one former Georgiaa financial representative inthe U.S. Distric Court for the Southern District of California in San Diegok and allegesthe Milwaukee-basecd life insurance company violated the federal Fair Laborf Standards Act and California’a overtime and minimum wage laws. The court complainyt states the plaintiffs and other financial representatives of the companyu were denied minimum pay andovertimes pay.
Also, the plaintiff s requested the recertification of hundreds of current and formeer California Northwestern Mutual reps from independent contractorsto full-time The plaintiffs are being represented in the court case by David Sanford, a partner at the D.C., firm of . Northwestern Mutual spokeswoman Jean Towell said the company denies the allegations and said thefirm "intendsz to vigorously defend against this suit.
" "The individuals who filed this suit are not, and have nevet been, employees of Northwestern Mutual," Towell The complaint alleges that Northwestern Mutualk “intentionally and repeatedly” misclassified sales employees as independent who are exempt from federal and state wage and hour Full-time employees are not NML was involved in a similatr lawsuit in federal court over independent contractords in Pennsylvania in 2008.
NML won the allowing the company to retain financial representatives as independent Inthat case, the courtas dismissed the plaintiff's "nearlyy identical allegations" because it was ruled that the independengt contractors are not employees and are not covereed by the federal Fair Labor Standarde Act, Towell said. Northwestern Mutuakl currently hasabout 7,00 0 financial representatives nationwide. The sales reps actually work for independentlgy owned NorthwesternMutual agencies, but the parent company play s a strong role in the recruitingy program and setting guidelines for hirinyg and training.
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