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University of California students and workers protested Tuesday at Blum Capital Partners? investors meeting in Sausalito to voice concern over what they view as conflicts of interest between Dick Blum?s role as a UC regent and his firm?s investment in for-profit education. (CECO)
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About 100 people, including public workers and their union, protested the fees cities are paying to Wall Street banks by rallying Tuesday at Oakland City Hall and marching into a nearby Citibank branch. (GS) (C)
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Cowlitz Bancorporation, which enacted a one-for-10 reverse stock split earlier this month in an effort to boost its shares about the NASDAQ stock exchange?s $1-per-share minimum price, now has been warned by the exchange that it doesn?t have enough publicly traded shares to remain on the exchange. (CWLZ)
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A group of former executives from Colonial Bank?s Texas operations has signed a deal to acquire Professional Bank, N.A., a Dallas-based community bank.
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PNC Financial Services plans to spend $50 million on new branches and offices over the next two to three years in the Milwaukee area with the goal of becoming the area?s third-largest bank. (PNC) (PNC)
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TIB Financial Corp. sunk deeper into the red in 2009 after writing off all the goodwill associated with its acquisition of The Bank of Venice and the operations of a failed bank. (TIBB)
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Shareholders of oil and gas companies Denbury Resources Inc. and Encore Acquisition Co. both approved Denbury's planned acquisition of Encore on Tuesday. (ENP)
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Raleigh-based Local Government Federal Credit Union paused for a moment Tuesday to announce it had reached $1 billion in total assets, a ?major business milestone? for the 27-year-old financial institution.
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R.J. O?Brien & Associates has hired two brokers to head its new energy brokerage business and Houston office.
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A daily roundup of senior-level executive hires and board appointments: Tuesday, March 9
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Two former investors in bond funds once managed by Morgan Keegan & Co. Inc. have won arbitration hearings and been awarded more than $3.6 million. (RF)
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The Dana-Farber Cancer Institute said positive gains within its investment portfolio and the reclassification of some $39 million in restricted net assets helped propel it into the black in the quarter ended Dec. 31.
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Two brothers involved in an fatal shooting Saturday in St. Paul were executives at a former boutique investment firm based in St. Paul.
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When Cardinal Health Inc. renegotiated franchise agreements with pharmacies under its Medicine Shoppe and Medicap brand last year, the company said it gave franchisees breathing room to decide what?s best for them. (CAH)
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LifeLock Inc. has settled a lawsuit brought against it by the Federal Trade Commission and 35 states for $12 million, ending a lingering legal battle about what the company promised in its advertising versus what it could deliver in regards to preventing identity theft.
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Multnomah County Commissioner Jeff Cogen, former State Sen. Margaret Carter and Wesley Soderback, a retired Portland resident announced their candidacies Tuesday to replace Ted Wheeler as county chair.
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More chief financial officers in the U.S. anticipate an increase in the hiring of full-time accounting and financial employees in the second quarter, according to a new survey from Robert Half International. (RHI)
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Old Florida National Bank moved its corporate offices from Longwood to downtown Orlando.
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U.S. financial stress declined further in February, reaching more normal levels, according to a study by the Federal Reserve Bank of Kansas City.
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Wall Street edged up Tuesday as the Dow Jones Industrial Average finished at 10,564.38, up 11.86 points or 0.11 percent, Nasdaq was at 2,340, up 8.47 points, or 0.36 percent. (WCC) (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (PNC) (PPG) (X) (WAB) (AA) (AYE) (ATI) (AEO) (CNX) (DKS) (FII) (HNZ) (KOP) (PNC) (PPG) (X) (WAB)
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Solar Power Inc. will receive $24.7 million in federal stimulus funding, and is exploring opening a manufacturing plant in Sacramento County, the company announced Tuesday.
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Federal banking regulators have ordered Horizon Bank to raise more capital or sell itself.
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A Massachusetts real estate investment firm bought a 306-unit apartment complex in Hunters Creek for $26.5 million.
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The North Carolina Department of Insurance, under newly elected Commissioner Wayne Goodwin, is giving itself a pat on the back with a news release outlining what it says were its accomplishments in 2009.
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Two St. Louis residents plan to testify Wednesday in Cole County Circuit Court in Jefferson City in their $95 million lawsuit against the state of Missouri over tax credits awarded to developer Paul McKee Jr.?s $8.1 billion Northside redevelopment.
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A Troy, N.Y., attorney is seeking to recover up to $1.2 million of dividend payments made from the now-defunct Tech Valley Printing Inc. to former First Albany Cos. executive Alan Goldberg.
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Manufactured home lender, Vanderbilt Mortgage and Finance Inc. has agreed to refund $2.8 million to North Carolina homeowners and pay a civil money penalty of $750,000 in settlement with the North Carolina Office of the Commissioner of Banks, NCCOB.
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John Koelmel, the president and CEO of First Niagara Financial Group, took home 47 percent more in 2009 than he had the year before.
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Gov. Ted Kulongoski has named Multnomah County Chairman Ted Wheeler interim state treasurer.
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Apollo Gold Corp. said Tuesday it is acquiring Canadian gold producer Linear Gold Corp. Following the merger, Apollo said it will rename itself.
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BB&T's profit dipped 42 percent in 2009, but its top executive?s total compensation rose by about $1 million. (BBT)
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Nashville banking icon Jimmy Bradford Jr., who ran for decades the J.C. Bradford & Co. investment brokerage that his father founded in the 1920s, passed away at his home Monday. He was 76.
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Harleysville National Corp. said the closing of its planned acquisition by First Niagara Financial Group will be pushed back from the end of this month to sometime in the second quarter. (FNFG) (HNBC)
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Sterling Banks Inc. said its revised second-quarter 2009 loss was $9 million higher than originally calculated. (STBK)
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Hoku Materials Inc. received the second portion ? $30 million ? of a $50 million loan to pay for its polysilicon plant under construction in Pocatello, Idaho, the company said Monday.
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Banking giant Comerica Inc. said Monday that it planned to sell $800 million in common stock to help pay back funds the company borrowed from the government?s Troubled Asset Relief Program. (CMA)
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A brokerage firm analyst has downgraded its rating on Fifth Third Bancorp. (FITB)
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The Minnesota Department of Commerce has fined West Des Moines, Iowa-based American Equity Investment Life Insurance Co. $275,000 for allegedly selling unapproved annuity contracts in the state. (AEL)
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Calix Networks Inc. said Monday it now hopes to raise from $42.5 million to $53.1 million in an initial public offering.
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Californians are aware of major earthquakes and the effect from temblors, but many have not taken necessary steps to make their homes safer and protect their personal finances, according to a just-released report.
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Susquehanna Bancshares said it has initiated a public offering of common stock to raise about $300 million in fresh capital and will raise another approximately $50 million by selling other securities. (SUSQ)
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BB&T Corp.?s profit dipped 42 percent in 2009, but its top executive?s total compensation rose by about $1 million due to a promotion. (BBT)
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A telephone scam targeting Bank of the Cascades customers has earned attention from Oregon?s attorney general. (CACB)
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Fifth Third Bank announced Monday the donation of an 800-square-foot space in its Fountain Square office building to the Cincinnati Police. (FITB)
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Rebate offers are far and away the most common type of consumer complaint filed with the Colorado attorney general?s office, officials said Monday.
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Daniel Schrider, president and CEO of Olney-based Sandy Spring Bancorp Inc., made $637,184 in 2009, his first year as head of the company. (SASR)
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Northrop Grumman Corp. will not submit a bid for the controversial KC-X U.S. Air Force refueling tanker contract, the company said Monday while still maintaining that its would-be entry was "the best value for the military and taxpayer."
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The Jacksonville Economic Development Commission will vote Wednesday on whether or not to recommend to the Jacksonville City Council to modify the city-held mortgage loans on the 11 E. and The Carling apartment buildings to help the owner through the recession.
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Sun Bancorp said Monday that former TD Bank executive Steven J. Greenberg has been hired as president of its mortgage company, Sun Home Loans Inc.. (SNBC)
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T. Rowe Price Group Inc.?s $5.6 billion New Horizons fund has a new head after its long-time portfolio manager stepped down March 1 in a planned transition. (TROW)
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Lender Processing Services Inc. is requesting nearly $3 million in city and state incentives to add 350 full-time jobs in Jacksonville. The city is being considered along with three other areas in the nation for the jobs. (LPS) (FIS)
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Early Zynga executive Andrew Trader, who a month ago had his title downgraded, has left the company, TechCrunch is reporting.
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Entertainment Properties Trust said Monday that it had completed the acquisition of Toronto Dundas Square, a 13-level entertainment retail center in downtown Toronto, by paying off senior debt of about $120 million Canadian, or $116.7 million U.S. (EPR)
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An Orlando company that manages residential mortgage portfolios is looking to bring 175 full-time jobs to Jacksonville in three years.
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A daily roundup of senior-level executive hires and board appointments: Monday, March 8.
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Bernstein Research has cut its 2010 earnings estimate for Fifth Third Bancorp. (FITB)
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More than 90 businesses will be invited to participate in the Missouri Trade Initiative, a program designed to provide Missouri companies a business plan to increase their export sales.
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Wall Street barely budged Monday. The Dow Jones Industrial Average slumped 13.68 points, or 0.13 percent, finishing trading at 10,552.52. Nasdaq edged up 5.86 points, or 0.25 percent, to 2,332.21. (HFF) (AA) (AYE) (ATI) (AEO) (BK) (CNX) (DKS) (FII) (HNZ) (KMT) (KOP) (PNC) (PPG) (X) (WAB) (WCC)
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Huntington Bancshares said Monday it will hold the ribbon-cutting ceremony for its newest Pittsburgh branch, in Wexford, on March 15. Columbus-based Huntington (Nasdaq:HBAN) is Pittsburgh?s seventh-largest bank according to deposits; this marks its 41st Pittsburgh area branch.
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Citizens Financial Group Inc. said Monday it is adding 487 ATMs through a partnership with Philadelphia-based Sunoco Inc. Of those, 207 are in Pennsylvania.
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Citizens Financial Group, parent to Citizens Bank of Pennsylvania, said Monday it will be adding ATMs at nearly 500 Sunoco APlus Convenience Stores in 13 states throughout the East Coast.
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The Florida Bureau of Unclaimed Property returned more than $22 million last month, marking the largest amount of unclaimed property returned to owners in state history.
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BNY Mellon said Monday it is buying BHF Asset Servicing GmbH, Frankfurt, Germany, for $343 million. The deal, subject to regulatory approvals, is expected to close in the third quarter. (BK)
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Despite a reduction in the number of tax returns it prepared, lower expenses and higher average fees helped H&R Block post income growth for the quarter that ended Jan. 31. (HRB)
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First Franklin Corp.'s 2009 full-year loss grew to $1.5 million, or 92 cents per basic share, from a loss of $1.4 million, or 84 cents, per share in 2008. (FFHS)
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Babson Capital Management LLC, a unit of MassMutual, said it has closed a deal to manage five collateralized loan obligations with more than $1.7 billion under management. (JEF)
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Medical device developer Neurometrix Inc. has secured a $7.5 million line of credit with Comerica Bank.
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Private-equity firm Falfurrias Capital Partners has invested in Commercial Credit Group, a Charlotte-based provider of equipment financing for the construction, fleet transportation and waste industries. (BAC)
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Another Tri-State bank has hit Cincinnati entrepreneur Rick Brunsman with a lawsuit seeking judgment for a debt that?s allegedly in default. The March 1 filing came a week after Hamilton County Common Pleas Court Judge Norbert Nadel, in a separate matter, approved a motion to appoint a receiver for Brunsman affiliate Cincinnati Technology Services LLC.
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Earlier this year, President Barack Obama outlined his proposal for what the administration calls a ?financial crisis responsibility fee? and what most others have tabbed a ?big bank tax.?
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Last year was a year many dealmakers would like to forget, Association for Corporate Growth Chairman Dennis White said.
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ST. DAVIDS ? Milestone Partners has a third-floor office in a building that features a swank jeweler and posh spa on the ground level.
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A plan is in the works that could potentially lessen the blow to some community banks from continued fallout from Georgia?s biggest bank failure.
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Eight of 11 community banks and one thrift based in Shelby County lost a combined $28.1 million in 2009 as they struggled with deteriorating loan portfolios and set aside more cash for future losses.
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RALEIGH ? On the traditional school grading scale, it was a year in community banking that probably earned a solid C?.
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Georgia banks are getting creative to net the capital they need in a wicked economy.
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The recession clearly didn?t end in the fourth quarter for most South Florida banks, as losses widened and falling real estate values punished their balance sheets.
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More than two-dozen South Florida banks ended 2009 in troubled condition or with little margin to absorb losses in the coming year. Some of them appear likely to survive, but most experts predict more local failures.
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Outstanding loans at New Mexico?s 54 commercial banks declined by nearly $1 billion in 2009, one indication that regulators are causing them to keep more reserve capital on hand.
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Oregon?s 35 surviving banks lost $537.1 million in 2009, eight times what they lost the prior year, as real estate losses continued to hammer financial institutions.
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Banco Davivienda wants to join two of its Colombian banking competitors by opening an international branch in Miami.
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One of the state?s most generous corporate citizens is slashing its Oregon philanthropic budget.
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When the Federal Reserve Bank put the Peoples Bank, which has six branches in New Mexico, under a public, written regulatory agreement on Jan. 27, bank President and CEO Wint Winter Jr. did what he thought was best for the bank?s customers.
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After six months of raising capital, HarVest Bank of Maryland has sold about $2.5 million in trust preferred securities ? a fraction of the $12 million it had wanted to raise by the end of 2009.
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When Motion Computing Inc. quietly raised $5.6 million from venture capitalists at the end of 2009, there wasn?t much fanfare ? no news releases or glowing comments from company officials.
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An Austin-based investment firm is raising a $50 million fund to complete energy industry investments.
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Randolph-Brooks Federal Credit Union is pursuing an aggressive course to increase market share in Austin and San Antonio by expanding its branch network.
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Brookline Bancorp Inc. may be in play for a takeover, but the bank?s abundance of capital could limit the field.
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Pennsylvania experienced a net gain of just 47 bank branches last year, by far the lowest increase in over a decade. With preserving capital a chief priority, bankers think 2010 could be the first year where the number of branches could decline statewide.
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To help jump-start small-business lending, Gov. Martin O?Malley is asking the White House to funnel $3 billion from the Troubled Asset Relief Program to the states so they can expand their loan-guarantee programs.
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A credit crunch that some business owners say has dried up bank loans has yet to hit home among many community banks in the Tampa Bay area.
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Bad loans at Massachusetts community banks surged to more than $1 billion at the end of 2009, with a growing number of small lenders finding themselves in risky territory.
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Bay Area bankers feel their borrowers? pain.
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Two former Deutsche Bank Alex. Brown financial planners have left the big-firm bustle behind to set up their own investment company in The Woodlands.
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A total of 45 banking institutions insured by the Federal Deposit Insurance Corp. failed during the fourth quarter. That brought the total for 2009 to 140, the highest annual number since 1992.
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Kansas City-area banks? fourth-quarter numbers offered pretty clear results in a murky economy ? 52 saw asset growth, and 53 saw a decline, according to the Federal Deposit Insurance Corp.
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U.S. Bancorp is bulking up its wealth-management unit, recently hiring more than 100 industry veterans nationwide, including nine in the Twin Cities.
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Five of eight banks launched in the St. Louis area in 2005 and 2006 posted losses in 2009, and one of them, Champion Bank in Creve Coeur, badly needs an infusion of capital.
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The holding company of CrossFirst Bank plans to buy Town & Country Bank for an undisclosed amount.
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Federal regulators have cited Citizens Union Bank of Shelbyville Inc. for a multitude of problems, including too much concentration in residential real estate and and insufficient capital.
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The majority of banks in southeast Wisconsin improved their capital ratios in the latest quarter, so they should have had more money to lend. But the reality is that the capacity to make loans hasn?t translated into more lending, new federal data showed.
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Great concept, not enough money.
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BNY Mellon Wealth Management is racing to hire workers, joining the growing battle for local money management business.
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Six Hawaii banks wrote off almost $389 million in construction and development loans in 2009, according to data from federal regulators.
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No commodity can be at the center of a financial mania without a lot of money being pumped into it. And in the technology and telecom bubbles, much of that cash came from venture capitalists.
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Tom Herskovits rode a wave of rising real estate prices into Cincinnati. When the wave crashed, he became one of dozens of commercial property owners struggling to keep their heads above water.
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