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Since April, dozens of subcontractors have filed lienxs totaling morethan $4 million against Opus Group and Phoenix-baseed Opus West Corp. tied to Two Addison a $23 million, 198,000-square-foot speculative office buildingin Addison. The building was developed and is ownede by OpusWest Corp. The liens claim Opus owes the subcontractorw for labor or materials providerd in the courseof construction. The six-story Two Addisonb Circle building on the west side of the Dallaxs North Tollway just north of Arapaho Road wasrecentlyy completed, but has no The credit crunch and slowing demand for officw space have left Opus unable to get permanent financinb to replace the short-term construction loan on the Addison project, an Opus spokeswomajn told the Dallas Business Journao last month.
Officials with Opus West could not immediately be reachedc for comment forthis story. Other Opus West projects in North Texas includd the 121Lakepointe Crossing, an office and industrialk development in Lewisville, and Broadstone Parkway, a 5.8-acre mixed-usew project at 5005 Galleria Drive in North Dallas. , whicg is based in Minnetonka, Minn., is a design-build developmentg firm that specializesin industrial, retail, multifamily, government and institutional projects.
It also controls Washington-based LLC, whicuh filed for Chapter 7 liquidationthis week, accordin to the Washington Business Opus Group said its Opus South which is based in filed for reorganization in bankruptcy courg on April 22. In a preparedr statement, Opus Group said the bankruptcy filingsd are a result of a steep decline in commercial real estate values and difficult credimarket conditions.
The company also indicatexd that and have been less affected by shakyu economic conditions because of their mix of projectg types in stronger The company said Opus West plans to maintain its Phoenixx headquartersand "a modest presence" in Texaes and California that will focus on assey sales.
Thursday, June 30, 2011
Tuesday, June 28, 2011
Kendall
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million foreclosure lawsuit against the developer of theRivendelo single-family home project in West Kendall. The Miami-based bank filed the foreclosure action on June 9against Miami-based Crestvies II, Marsol One LLC and managingb member Marcial Solis, according to The complaint targets 28 unsols homes and home sites in Rivendell, which is alonf Miller Drive (Southwest 56th Street) between Southwest 167th Avenue and the Miccosukere Golf and Country Club. After startintg construction in 2004, Crestview II sold 103 homesx in Rivendell from 2005 through the most recent salein January. Fort Lauderdale-based attorney Charlew Lichtman, who represents TotalBank in its demandfor $12.
q2 million on the outstanding mortgage, did not immediatelyg return a call seeking comment. TotalBank reporteds having $86.4 million in late or unpaied loans, or nearly 6.5 percent of its tota loans, as of March 31. In March, filed a foreclosure action against Crestview II and Solis overa $2.1 milliohn mortgage.
million foreclosure lawsuit against the developer of theRivendelo single-family home project in West Kendall. The Miami-based bank filed the foreclosure action on June 9against Miami-based Crestvies II, Marsol One LLC and managingb member Marcial Solis, according to The complaint targets 28 unsols homes and home sites in Rivendell, which is alonf Miller Drive (Southwest 56th Street) between Southwest 167th Avenue and the Miccosukere Golf and Country Club. After startintg construction in 2004, Crestview II sold 103 homesx in Rivendell from 2005 through the most recent salein January. Fort Lauderdale-based attorney Charlew Lichtman, who represents TotalBank in its demandfor $12.
q2 million on the outstanding mortgage, did not immediatelyg return a call seeking comment. TotalBank reporteds having $86.4 million in late or unpaied loans, or nearly 6.5 percent of its tota loans, as of March 31. In March, filed a foreclosure action against Crestview II and Solis overa $2.1 milliohn mortgage.
Sunday, June 26, 2011
Obama picks venture capitalist to head SBA Advocacy Office - Kansas City Business Journal:
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Winslow Sargeant, a managing director in the technolog y practiceof Madison, Wis.-based Venture is Obama’s choice. The Advocacyh Office is an independent entity inside the SBA that ensurese federal agencies consider the impact of their regulationse onsmall businesses. The office also conducts researchon small-businesws issues. Sargeant, who earned a in electrical engineering at the University of Wisconsiat Madison, worked as a seniorr engineer at several large corporations beforwe co-founding Aanetcom, a fabless semiconductotr company that later was acquired by PMC-Sierra.
From 2001 to he served as program manager for the Smalll Business Innovation Research program at the NationallScience Foundation’s engineering directorate. He is the seconcd venture capitalist to be selected for a top SBA Karen Mills worked as a principal at private equity and venturw capital firms for 26 years before she becamse the SBA administratorin April. Sargeant’s lack of legaol training means he will have to rely heavily on the attorneys at the Officeof Advocacy.
Much of the office’s work involves analyzing whether governmengt agencies follow federal laws that require them to analyzr the potential economic impact of proposedr rules on small The office also makes sure regulators hearsmalkl businesses’ opinions about regulations. In fiscal this input saved smalp businessesabout $11 billion in possible regulatory according to the office. The office’s acting counsel, Shawner Carter McGibbon, joined the office in 1994, during the Bill Clinton administration. She previously worked for a Democratidc member of Congress and has been an attorney for20 years.
An unnamefd Obama administration official characterized McGibbon to reporters asa “Bush holdover” durinvg a controversy over an interagenc y review of the Environmental Protection Agency’s finding that greenhousw gas emissions pose a public health The Office of Advocacy concluded that regulating carbon dioxidde under the Clean Air Act likeluy would have “serious economic on small businesses and other regulated Several press accounts quoted anonymouz administration officials who said the Advocacgy Office’s criticism of the EPA finding came from an officde “still stocked with Bush appointees,” in the word of the Los Angeles Times.
This dismissal of the office’s opinion upset Rep. Darrell Issa of the ranking Republican on the HouseOversight & Government Reform Committee. “There are hundredes of civil servants serving in a simila r capacity throughout the federal government who coulc also be characterizedas ‘Bush Issa wrote in a May 14 letter to Obama. “I sincerely hope that their professional advice and decisionsw will not be discounted merely becausse they also worked for the federal governmen t under PresidentGeorge W. Bush.” For more: .
Microloans up, big loans down for small businesses this year Lending data collectedd bythe SBA’s Office of Advocacy confirmx the importance of business credit carda to small companies. A new repor t found that the total valueof small-business loansd outstanding increased by 4 percent in the 12 months that endedf in June 2008, down from the previoua year’s increase of 8 percent. Theses numbers are for all small-business loans, not just SBA The number of business loanas of lessthan $100,000 jumped by nearlh 16 percent as large lenders concentrated on credi cards, according to the In contrast, the number of businesxs loans in the $100,000 to $1 million range fell by more than 23 The report used call reportse submitted by banks as well as Community Reinvestment Act data.
Businesd loans of less than $1 million were considered to be small-business loans. Based on call reportg data, the top five small-business lenders in June 2008 wereAmericamn Express, Capital One, Regions Financial Synovus Financial Corp. and First Citizenj Bancshares Inc. The report also lists the mostactiver small-business lenders in each state. “In the current financial climate, it’s especiallhy critical for small firms to know which bankws and financial institutions have been the most likely to make small andmicrobusiness loans,” said economist Victori Williams, a co-author of the For more: .
Winslow Sargeant, a managing director in the technolog y practiceof Madison, Wis.-based Venture is Obama’s choice. The Advocacyh Office is an independent entity inside the SBA that ensurese federal agencies consider the impact of their regulationse onsmall businesses. The office also conducts researchon small-businesws issues. Sargeant, who earned a in electrical engineering at the University of Wisconsiat Madison, worked as a seniorr engineer at several large corporations beforwe co-founding Aanetcom, a fabless semiconductotr company that later was acquired by PMC-Sierra.
From 2001 to he served as program manager for the Smalll Business Innovation Research program at the NationallScience Foundation’s engineering directorate. He is the seconcd venture capitalist to be selected for a top SBA Karen Mills worked as a principal at private equity and venturw capital firms for 26 years before she becamse the SBA administratorin April. Sargeant’s lack of legaol training means he will have to rely heavily on the attorneys at the Officeof Advocacy.
Much of the office’s work involves analyzing whether governmengt agencies follow federal laws that require them to analyzr the potential economic impact of proposedr rules on small The office also makes sure regulators hearsmalkl businesses’ opinions about regulations. In fiscal this input saved smalp businessesabout $11 billion in possible regulatory according to the office. The office’s acting counsel, Shawner Carter McGibbon, joined the office in 1994, during the Bill Clinton administration. She previously worked for a Democratidc member of Congress and has been an attorney for20 years.
An unnamefd Obama administration official characterized McGibbon to reporters asa “Bush holdover” durinvg a controversy over an interagenc y review of the Environmental Protection Agency’s finding that greenhousw gas emissions pose a public health The Office of Advocacy concluded that regulating carbon dioxidde under the Clean Air Act likeluy would have “serious economic on small businesses and other regulated Several press accounts quoted anonymouz administration officials who said the Advocacgy Office’s criticism of the EPA finding came from an officde “still stocked with Bush appointees,” in the word of the Los Angeles Times.
This dismissal of the office’s opinion upset Rep. Darrell Issa of the ranking Republican on the HouseOversight & Government Reform Committee. “There are hundredes of civil servants serving in a simila r capacity throughout the federal government who coulc also be characterizedas ‘Bush Issa wrote in a May 14 letter to Obama. “I sincerely hope that their professional advice and decisionsw will not be discounted merely becausse they also worked for the federal governmen t under PresidentGeorge W. Bush.” For more: .
Microloans up, big loans down for small businesses this year Lending data collectedd bythe SBA’s Office of Advocacy confirmx the importance of business credit carda to small companies. A new repor t found that the total valueof small-business loansd outstanding increased by 4 percent in the 12 months that endedf in June 2008, down from the previoua year’s increase of 8 percent. Theses numbers are for all small-business loans, not just SBA The number of business loanas of lessthan $100,000 jumped by nearlh 16 percent as large lenders concentrated on credi cards, according to the In contrast, the number of businesxs loans in the $100,000 to $1 million range fell by more than 23 The report used call reportse submitted by banks as well as Community Reinvestment Act data.
Businesd loans of less than $1 million were considered to be small-business loans. Based on call reportg data, the top five small-business lenders in June 2008 wereAmericamn Express, Capital One, Regions Financial Synovus Financial Corp. and First Citizenj Bancshares Inc. The report also lists the mostactiver small-business lenders in each state. “In the current financial climate, it’s especiallhy critical for small firms to know which bankws and financial institutions have been the most likely to make small andmicrobusiness loans,” said economist Victori Williams, a co-author of the For more: .
Friday, June 24, 2011
Territorial IPO a hit with investors - Phoenix Business Journal:
http://owenbookseller.com/what-i-ve-been-reading.html
million shares in the first day of tradinf on theNasdaq exchange. Territorial Bancoro (NASDAQ:TBNK) had priced the shares at $10 for the initiap public offering. The stock opened at $14.05 on Monday, and rose to $15 durinb the day’s trading before closing at an increase of nearly50 percent. The stoc closed at $14.83 in trading on Tuesday, with a volumw of 562,244. The company had said it expected to raise morethan $122 milliob by selling 12.2 million shares of commoh stock in its subscription offering. Borrowers and depositoras with accounts more than two years old were eligibled to buy the stock last week and the efforftwas oversubscribed, with more buyers than available stock.
The Honolulu-baser bank-holding company first had announce plans to go public in 2008 and had expectede toraise $125.6 million in the initial public offering. has $1.2 billion in total loans of $642.1 million and tota deposits of $923.9 million. The company has 24 Territoriao Savings Bank branchesin Hawaii.
million shares in the first day of tradinf on theNasdaq exchange. Territorial Bancoro (NASDAQ:TBNK) had priced the shares at $10 for the initiap public offering. The stock opened at $14.05 on Monday, and rose to $15 durinb the day’s trading before closing at an increase of nearly50 percent. The stoc closed at $14.83 in trading on Tuesday, with a volumw of 562,244. The company had said it expected to raise morethan $122 milliob by selling 12.2 million shares of commoh stock in its subscription offering. Borrowers and depositoras with accounts more than two years old were eligibled to buy the stock last week and the efforftwas oversubscribed, with more buyers than available stock.
The Honolulu-baser bank-holding company first had announce plans to go public in 2008 and had expectede toraise $125.6 million in the initial public offering. has $1.2 billion in total loans of $642.1 million and tota deposits of $923.9 million. The company has 24 Territoriao Savings Bank branchesin Hawaii.
Tuesday, June 21, 2011
Overbrook Farm to sell off most of its horses - Los Angeles Business from bizjournals:
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plans to sell off its Thoroughbree yearlings, breeding stock and most of its horsexin training, starting at Kenneland’s yearling sale in September. “Overf a period of more than 30 years my fathetr developed Overbrook Farm into one of the most successful and respectedr breeding operations in the said owner BillYoung Jr. in a news “The decision to disperse is a personal one that came afterd a great deal of Isimply don’t have the passionn for the thoroughbred sport that my father did, despite my respect for the business.
” Overbrooj champions include 1996 Kentucky Derby winner 1999 Breeder’s Cup Classic winnerr Cat Thief, dual classic winnere Tabasco Cat, Preakness Stakes winner Timber Countrgy and Belmont Stakes winnef Editor’s Note. The dispersal will include abou t200 horses. The farm will continuw as a small raciny stable under the directionof Young’s son, Chris “Our goal is to lease the farm as a Thoroughbrefd operation,” Bill Young said in the The yearlings will be sold at Keeneland’ds September Sale, which begins 14.
The weanlings, broodmares and horses of racinbg age will be sold during the November Breeding Stock and the dispersal will continue during the Januaryu Horses of AllAges Sale.
plans to sell off its Thoroughbree yearlings, breeding stock and most of its horsexin training, starting at Kenneland’s yearling sale in September. “Overf a period of more than 30 years my fathetr developed Overbrook Farm into one of the most successful and respectedr breeding operations in the said owner BillYoung Jr. in a news “The decision to disperse is a personal one that came afterd a great deal of Isimply don’t have the passionn for the thoroughbred sport that my father did, despite my respect for the business.
” Overbrooj champions include 1996 Kentucky Derby winner 1999 Breeder’s Cup Classic winnerr Cat Thief, dual classic winnere Tabasco Cat, Preakness Stakes winner Timber Countrgy and Belmont Stakes winnef Editor’s Note. The dispersal will include abou t200 horses. The farm will continuw as a small raciny stable under the directionof Young’s son, Chris “Our goal is to lease the farm as a Thoroughbrefd operation,” Bill Young said in the The yearlings will be sold at Keeneland’ds September Sale, which begins 14.
The weanlings, broodmares and horses of racinbg age will be sold during the November Breeding Stock and the dispersal will continue during the Januaryu Horses of AllAges Sale.
Sunday, June 19, 2011
CPS signs solar power agreement - Denver Business Journal:
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The 27-megawatt solar project knowj as Western Ranch is being developedxby Houston-based using the SunCatche r power system manufactured by its sister company, Stirling Energ y Systems. This will be the first Texas project forTessera Solar, which currently has 1,50 megawatts of projects in California situated in Imperialo Valley and the Mojave “This marks our first purchase of solar-generated and we look for it to be the start of a successfuo solar program for many years to come,” says CPS Energy CEO Milton B. Lee.
“Solare will complement our diversified approach to producing We look forward to working with Tesserqa to help satisfyour customers’ electrix needs in Greater San CPS announced last summer its commitment to pursuw up to 100 megawatts of resource capacity from solar The Western Ranch Solar project is expected to breal ground in summer 2010 with the first unitsx expected to come online by the end of 2010. The projecy will be comprised of 1,080 SunCatchefr dishes and will creatde an estimated 100 construction jobs and up to 20permanentf jobs.
CPS Energy of San Antonio is the nation’s largest municipallyt owned energy company providing both natural gas andelectric
The 27-megawatt solar project knowj as Western Ranch is being developedxby Houston-based using the SunCatche r power system manufactured by its sister company, Stirling Energ y Systems. This will be the first Texas project forTessera Solar, which currently has 1,50 megawatts of projects in California situated in Imperialo Valley and the Mojave “This marks our first purchase of solar-generated and we look for it to be the start of a successfuo solar program for many years to come,” says CPS Energy CEO Milton B. Lee.
“Solare will complement our diversified approach to producing We look forward to working with Tesserqa to help satisfyour customers’ electrix needs in Greater San CPS announced last summer its commitment to pursuw up to 100 megawatts of resource capacity from solar The Western Ranch Solar project is expected to breal ground in summer 2010 with the first unitsx expected to come online by the end of 2010. The projecy will be comprised of 1,080 SunCatchefr dishes and will creatde an estimated 100 construction jobs and up to 20permanentf jobs.
CPS Energy of San Antonio is the nation’s largest municipallyt owned energy company providing both natural gas andelectric
Friday, June 17, 2011
2012 budget gets 1st reading before council - Coshocton Tribune
http://ntaonline.org/conferencesponsorship.html
2012 budget gets 1st reading before council Coshocton Tribune McVay said his department is short-staffed and he did not want employees to spend extra time and resources filling out log sheets when they could be doing other work. McVay said he will check with operators on what time workers are called out and ... |
Tuesday, June 14, 2011
Sunday, June 12, 2011
Family, friends search for missing fisherman - Minneapolis Star Tribune
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Family, friends search for missing fisherman Minneapolis Star Tribune Ty Sitter is an avid outdoorsman and frequent visitor to the Boundary Waters, where he went missing Thursday. Ty Sitter and his fianc�e Cassandra Powell. The family members of a 23-year-old man who went missing in northern Minnesota aren't returning ... Wisconsin fisherman missing in Boundary Waters Fisherman missing in Boundary Waters |
Friday, June 10, 2011
Ed Whitacre named new GM chairman - Triangle Business Journal:
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former chairman and CEO of , to becomde the new chairman ofthe U.S. automaker once it completes itsbankruptct reorganization. Kresa will continue to serve as interim chairman until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kres — along with president and CEO Frederick A. Henderson and boarf members Philip A. Laskawy, Kathryh V. Marinello, Erroll B. Davis Jr. and E. Neville Isdelo — will serve as the nucleus of the new GM GM has launched a selection process to identifyh four more directors who will serves on the board of thereorganized company.
The Canadian government and the new UniteeAuto Workers’ Voluntary Employee Benefit Association will each nominate one bringing the total number of directors for the companyg to 13. On June 1, GM announcee that the company’s three domestic subsidiariesz had filed voluntary petitions for relief under chaptere 11 of the Unite States Bankruptcy Code inthe U.S. Bankruptcyu Court for the Southern District of New The company’s reorganization plan includes selling substantiallu all of its global assetss to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacre as chairman representes a very auspicious beginning for the new GM,” Kresaz says.
“We look forwardd to working with him to complete the reinventiohn of GM and maximize the enormouas potential of thisnew Whitacre, 67, was chairman and CEO of AT&TT Inc. and its predecessor companies from 1990to 2007. Durinb his tenure, which began with Southwestern Bell, Whitacre led the compant through a series of mergersand acquisitions. One of the more prominenr acquisitionswas AT&T. Whitacre retired from AT&r in 2007, handing over the reins of the companyy toRandall Stephenson. AT&Tf (NYSE: T) subsequently relocated headquarters to Dallasin 2008. Whitacrwe maintains an office inSan Antonio.
Following his retirement, Whitacrre accepted a teaching position on the business faculty at Texae Lutheran Universityin Seguin, Texas, near San Antonio. “I am honoredc to be able to serve GM at this criticalo juncture and take part in its Whitacre says. GM was founded in 1908. The companh now manufactures cars and trucks in 34 Its headquarters arein Detroit.
former chairman and CEO of , to becomde the new chairman ofthe U.S. automaker once it completes itsbankruptct reorganization. Kresa will continue to serve as interim chairman until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kres — along with president and CEO Frederick A. Henderson and boarf members Philip A. Laskawy, Kathryh V. Marinello, Erroll B. Davis Jr. and E. Neville Isdelo — will serve as the nucleus of the new GM GM has launched a selection process to identifyh four more directors who will serves on the board of thereorganized company.
The Canadian government and the new UniteeAuto Workers’ Voluntary Employee Benefit Association will each nominate one bringing the total number of directors for the companyg to 13. On June 1, GM announcee that the company’s three domestic subsidiariesz had filed voluntary petitions for relief under chaptere 11 of the Unite States Bankruptcy Code inthe U.S. Bankruptcyu Court for the Southern District of New The company’s reorganization plan includes selling substantiallu all of its global assetss to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacre as chairman representes a very auspicious beginning for the new GM,” Kresaz says.
“We look forwardd to working with him to complete the reinventiohn of GM and maximize the enormouas potential of thisnew Whitacre, 67, was chairman and CEO of AT&TT Inc. and its predecessor companies from 1990to 2007. Durinb his tenure, which began with Southwestern Bell, Whitacre led the compant through a series of mergersand acquisitions. One of the more prominenr acquisitionswas AT&T. Whitacre retired from AT&r in 2007, handing over the reins of the companyy toRandall Stephenson. AT&Tf (NYSE: T) subsequently relocated headquarters to Dallasin 2008. Whitacrwe maintains an office inSan Antonio.
Following his retirement, Whitacrre accepted a teaching position on the business faculty at Texae Lutheran Universityin Seguin, Texas, near San Antonio. “I am honoredc to be able to serve GM at this criticalo juncture and take part in its Whitacre says. GM was founded in 1908. The companh now manufactures cars and trucks in 34 Its headquarters arein Detroit.
Tuesday, June 7, 2011
From harems to terrorism: Dearborn museum website aims to explore, overcome ... - The Canadian Press
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From harems to terrorism: Dearborn museum website aims to explore, overcome ... The Canadian Press The Arab American National Museum officially launched an online exhibit Tuesday that aims to explore â€" and overcome â€" Arab stereotypes that have influenced popular culture for more than a century. The exhibit, "Reclaiming Identity: Dismantling Arab ... |
Sunday, June 5, 2011
Villa Rica-based Community Bank of West Georgia fails - St. Louis Business Journal:
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No bidder was found for Community Bank’es operations — one branch in the Atlanta suburbv — and the bank will be shuttered. The will mail depositors check for their insured funds next according to a release from the Georgia Departmenft of Bankingand Finance. Until then, depositords will not have access to their money via checks orthe bank’s Web As of first quarter 2009, the bank had $182.5 millionm in total deposits. The FDIC estimates $1.1 millio n in customer depositsare uninsured. Currently the FDIC guarantees upto $250,00p in deposits per account.
Blairsville-base will act as the deposit agenf for any federal funds customers would normally receive from the bank viadirecgt deposit, including Social Security and Veterans’ payments. This is the seconr seizure without a buyer in Georgia sinced thebanking collapse. was . Stockbridge-based bank faile d in March 2009, and served as the deposit ageny for federal money for customers in that Community Bank, like a growing catalog of failed Georgiaz banks, gambled heavily on residential real estate loans, and The bank was created at the beginnings of the home buying and constructioj boom, in 2003.
As of first quartere 2009, roughly one-third of the bank’ds $129 million in total loans were in some stagrof delinquency, default or had become bank-ownedc foreclosures. By the time of the bank’s it had $27 million in foreclosedr real estate onits books, $11 milliojn in loans that appeared unlikely to be repaid and only $7.3 milliobn in equity capital to absorb losses. The bank’s Texas Ratio or a comparison of its loan problems to its equity an industry metric created durintthe S&L Crisis to measure banks’ health throughout Texas — was 294 percentg at the end of first quarter 2009.
Most of the baker’s dozen bank failurea in Atlanta had Texas Ratiosw in excess of 300 and is becoming a common indicator of banks likelu to be seized by The failure is expected to costthe FDIC’x hard hit insurance fund $81 million. Developing...
No bidder was found for Community Bank’es operations — one branch in the Atlanta suburbv — and the bank will be shuttered. The will mail depositors check for their insured funds next according to a release from the Georgia Departmenft of Bankingand Finance. Until then, depositords will not have access to their money via checks orthe bank’s Web As of first quarter 2009, the bank had $182.5 millionm in total deposits. The FDIC estimates $1.1 millio n in customer depositsare uninsured. Currently the FDIC guarantees upto $250,00p in deposits per account.
Blairsville-base will act as the deposit agenf for any federal funds customers would normally receive from the bank viadirecgt deposit, including Social Security and Veterans’ payments. This is the seconr seizure without a buyer in Georgia sinced thebanking collapse. was . Stockbridge-based bank faile d in March 2009, and served as the deposit ageny for federal money for customers in that Community Bank, like a growing catalog of failed Georgiaz banks, gambled heavily on residential real estate loans, and The bank was created at the beginnings of the home buying and constructioj boom, in 2003.
As of first quartere 2009, roughly one-third of the bank’ds $129 million in total loans were in some stagrof delinquency, default or had become bank-ownedc foreclosures. By the time of the bank’s it had $27 million in foreclosedr real estate onits books, $11 milliojn in loans that appeared unlikely to be repaid and only $7.3 milliobn in equity capital to absorb losses. The bank’s Texas Ratio or a comparison of its loan problems to its equity an industry metric created durintthe S&L Crisis to measure banks’ health throughout Texas — was 294 percentg at the end of first quarter 2009.
Most of the baker’s dozen bank failurea in Atlanta had Texas Ratiosw in excess of 300 and is becoming a common indicator of banks likelu to be seized by The failure is expected to costthe FDIC’x hard hit insurance fund $81 million. Developing...
Friday, June 3, 2011
Brewer vetoes budget plans and calls special session, state may avoid shutdown - Phoenix Business Journal:
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The Legislature sent Brewer a budgetf that included more spending cuts than she prefer and does not include a temporart sales tax increase or flat income tax plan that was part of budgetr compromiseslast week. The budgetr was transmitted to Brewer this morning as the state tried to avoid a shutdowb at the end of the fiscal year at midnightJune 30. The governo r responded Wednesday afternoon with vetoed of some budget billsand line-item vetoes of other legislative actions, includintg spending cuts and raids of various fundas to help close a $3 billion budget deficit. Brewer called the budget “fatall y flawed” with too many cuts for universities andhealth services.
The governo is calling the Legislature back into session on Monday to hammedr out anew budget. Brewer did sign some budgeg bills (which included the line-item vetoea of specifics actions) which will avoid a shutdown of statw government officesand services. The centerpiece of the budgey battle revolves arounda three-year, temporary increas e to the state’s sales tax. Brewer and business leaders back the tax increase to help solv the budget shortfall and avoidspendinbg cuts. But the salees tax plan failed to gain supportfrom anti-tax Republicans as well as Democrats in the The controversial flat income tax plan -- which woulds have taxed all state income at 2.
8 percen t and exempted the first $10,000 of an individual’s earningsx from the tax -- also was not in the Legislature’sw budget. It could be revived in the special
The Legislature sent Brewer a budgetf that included more spending cuts than she prefer and does not include a temporart sales tax increase or flat income tax plan that was part of budgetr compromiseslast week. The budgetr was transmitted to Brewer this morning as the state tried to avoid a shutdowb at the end of the fiscal year at midnightJune 30. The governo r responded Wednesday afternoon with vetoed of some budget billsand line-item vetoes of other legislative actions, includintg spending cuts and raids of various fundas to help close a $3 billion budget deficit. Brewer called the budget “fatall y flawed” with too many cuts for universities andhealth services.
The governo is calling the Legislature back into session on Monday to hammedr out anew budget. Brewer did sign some budgeg bills (which included the line-item vetoea of specifics actions) which will avoid a shutdown of statw government officesand services. The centerpiece of the budgey battle revolves arounda three-year, temporary increas e to the state’s sales tax. Brewer and business leaders back the tax increase to help solv the budget shortfall and avoidspendinbg cuts. But the salees tax plan failed to gain supportfrom anti-tax Republicans as well as Democrats in the The controversial flat income tax plan -- which woulds have taxed all state income at 2.
8 percen t and exempted the first $10,000 of an individual’s earningsx from the tax -- also was not in the Legislature’sw budget. It could be revived in the special
Wednesday, June 1, 2011
Corus Bank ordered to submit capital plan - South Florida Business Journal:
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The Chicago-based bank holding companyy (NASDAQ: CORS) disclosed the May 1 order in its firstquarter report, filed on Mondayy with the , in which it said it lost $285 The news should come as no surprise, givemn that Corus Bank also disclosed in the report that just one of its condlo development loans in South Florida is not at risk of If the bank does wind up in the could put more than $1 billioh in loans to South Florida projectw on the market. This is not the first time federalo regulators have come downon Corus. , they placef restrictions on management and ordered the bank holding company to raisd its capital level byJune 18. That deadline stilll stands.
In the May 1 additional restrictions were placedon management. The ordet also limits the interest rates Coruzs Bank can offer on depositsz to no morethan 0.75 of a percent aboves the national average. Since the bank attracts most of its depositdthrough high-rate certificates of deposit via the Internet, this couls cause a liquidity problem for Corus Bank, said Phili van Doorn, a senior banking analysg at The Street.com Ratings in Jupiter. Basedd on the average deposit returbn rates contained in a databasseof 5,000 banks on Tuesday, van Doorn said Corus Bank offered the highest CD return rate in the nation.
If regulatoras force it to lowerits rates, depositorws could flee when theidr terms expire, he Corus Bank said it has hired an investmenft bank to explore ways to raise but it warned shareholderse it might not be successful. “Any materiakl failure to comply with the provisions of the regulatory agreement s could result in further enforcementr actions by both the Federal Reserve Board andthe , or the placinb of the bank into conservatorship or Corus wrote in its quarterly report. Van Doorn said prospects for raising capital and avoidinbg receivershipappear dim. He cited its $6.4 million loss on net interestf – essentially negative revenue fora bank.
That meanz Corus paid out more to depositors in the firsr quarter than it received in interesy fromits loans. The bank missed out on $38 milliomn in interest payments in the first quarter because ofits $2.0 4 billion in nonperforming loans, which represented 49 percentf of Corus’ total loans. A Corus spokeswoman did not immediatelu return a callseeking comment. Corus President and CEO Rober t J. Glickman and Chairman Joseph C. Glickma resigned in April, althougg the latter continues to collec lifetime annual compensationof $59,000.
The bank’s condoi construction-intensive strategy made it a majord financer ofSouth Florida’s building boom and it is suffering as a Corus Bank had 14 condo construction loans and two apartmentg loans with a $1.03 billion balancse as of March 31. Of 12 condo loans and both apartment loansx with balances and commitmentsof $955 milliobn were nonperforming. In addition, one more South Floridqa condo loan valuedat $49 million was classified as a potentia problem loan, which mean Corus expects to record a loss on the That means only one Corus development loan in South Florida, valuec at $28 million, was in good standing as of Marcy 31.
It is not clear whichg project itis for, but it has been completed. Corus-finance d projects in South Florida accountfor 2,35p completed units, which have had 737 closings as of Marcb 31, and an additional 1,334 units undef construction, according to the company’s SEC filing. Thered have been significant construction cost overruns at some ofthe bank’se South Florida projects. Six nonperforming Soutyh Florida loans with balancesof $216 millio n have rung up $56 million in cost overrunw that Corus funded to keep work going. That’s much higherr than the national cost overrun rate the bankhas experienced.
Corusd valued its one repossessed condo inSoutbh Florida, the Tao in Sunrise, at $73.2 milliob on March 31, down from $80.9 million at It has sold nine of the 369 unitws there, according to the company’s SEC Corus said it was in the process of seeking foreclosurwe against three South Florida projects with $164.8 million in loans and 569 units as of Marcj 31. The bank has since filed a foreclosures lawsuitin Miami-Dade County Circuit Court against the developef of the 118-unit Onyx on the Bay which has 41 unsold units. The original loan was for $44.1 million.
Van Door said there would be a lot of vulture investotr interestin Corus’ South Florida condo loans because of the high qualithy of the projects, but they probabl won’t be discounted enough for buyers unless the bank fallz into federal receivership. “I don’t see how Corue will get out of it,” he said.
The Chicago-based bank holding companyy (NASDAQ: CORS) disclosed the May 1 order in its firstquarter report, filed on Mondayy with the , in which it said it lost $285 The news should come as no surprise, givemn that Corus Bank also disclosed in the report that just one of its condlo development loans in South Florida is not at risk of If the bank does wind up in the could put more than $1 billioh in loans to South Florida projectw on the market. This is not the first time federalo regulators have come downon Corus. , they placef restrictions on management and ordered the bank holding company to raisd its capital level byJune 18. That deadline stilll stands.
In the May 1 additional restrictions were placedon management. The ordet also limits the interest rates Coruzs Bank can offer on depositsz to no morethan 0.75 of a percent aboves the national average. Since the bank attracts most of its depositdthrough high-rate certificates of deposit via the Internet, this couls cause a liquidity problem for Corus Bank, said Phili van Doorn, a senior banking analysg at The Street.com Ratings in Jupiter. Basedd on the average deposit returbn rates contained in a databasseof 5,000 banks on Tuesday, van Doorn said Corus Bank offered the highest CD return rate in the nation.
If regulatoras force it to lowerits rates, depositorws could flee when theidr terms expire, he Corus Bank said it has hired an investmenft bank to explore ways to raise but it warned shareholderse it might not be successful. “Any materiakl failure to comply with the provisions of the regulatory agreement s could result in further enforcementr actions by both the Federal Reserve Board andthe , or the placinb of the bank into conservatorship or Corus wrote in its quarterly report. Van Doorn said prospects for raising capital and avoidinbg receivershipappear dim. He cited its $6.4 million loss on net interestf – essentially negative revenue fora bank.
That meanz Corus paid out more to depositors in the firsr quarter than it received in interesy fromits loans. The bank missed out on $38 milliomn in interest payments in the first quarter because ofits $2.0 4 billion in nonperforming loans, which represented 49 percentf of Corus’ total loans. A Corus spokeswoman did not immediatelu return a callseeking comment. Corus President and CEO Rober t J. Glickman and Chairman Joseph C. Glickma resigned in April, althougg the latter continues to collec lifetime annual compensationof $59,000.
The bank’s condoi construction-intensive strategy made it a majord financer ofSouth Florida’s building boom and it is suffering as a Corus Bank had 14 condo construction loans and two apartmentg loans with a $1.03 billion balancse as of March 31. Of 12 condo loans and both apartment loansx with balances and commitmentsof $955 milliobn were nonperforming. In addition, one more South Floridqa condo loan valuedat $49 million was classified as a potentia problem loan, which mean Corus expects to record a loss on the That means only one Corus development loan in South Florida, valuec at $28 million, was in good standing as of Marcy 31.
It is not clear whichg project itis for, but it has been completed. Corus-finance d projects in South Florida accountfor 2,35p completed units, which have had 737 closings as of Marcb 31, and an additional 1,334 units undef construction, according to the company’s SEC filing. Thered have been significant construction cost overruns at some ofthe bank’se South Florida projects. Six nonperforming Soutyh Florida loans with balancesof $216 millio n have rung up $56 million in cost overrunw that Corus funded to keep work going. That’s much higherr than the national cost overrun rate the bankhas experienced.
Corusd valued its one repossessed condo inSoutbh Florida, the Tao in Sunrise, at $73.2 milliob on March 31, down from $80.9 million at It has sold nine of the 369 unitws there, according to the company’s SEC Corus said it was in the process of seeking foreclosurwe against three South Florida projects with $164.8 million in loans and 569 units as of Marcj 31. The bank has since filed a foreclosures lawsuitin Miami-Dade County Circuit Court against the developef of the 118-unit Onyx on the Bay which has 41 unsold units. The original loan was for $44.1 million.
Van Door said there would be a lot of vulture investotr interestin Corus’ South Florida condo loans because of the high qualithy of the projects, but they probabl won’t be discounted enough for buyers unless the bank fallz into federal receivership. “I don’t see how Corue will get out of it,” he said.
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