Tuesday, July 31, 2012

Patrick Harr becomes Asankya chairman - Orlando Business Journal:

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Harr recently founded the to work with vendoreon go-to-market strategies in the “Cloud” (virtual storage of software) and with enterprisese on adoption of cloud-based technologies. Asankya said Harr helped pioneerr the emerging cloud storage market as foundert and CEOof , raising $18 million in venture launching the company's worldwide storagew delivery network and securing more than 600 customerxs including GE, the Planet and NASA.
"I look forware to working closely with the company as chairmanh as it introduces its cloud applicatiomnnetwork service," Harr said in a news "Asankya has powerful technology with its parallelp networking algorithms which enable 40-times performance improvement for deliver of applications over the Internet. With the growing adoptiomn by organizations accessing applications over the Internef and theinherent performance, reliability and securituy challenges of doing so, Asankya has a brightf future ahead of it.
"

Monday, July 30, 2012

Jury selection begins in Apple vs. Samsung trial - Los Angeles Times

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The Star-Ledger - NJ.com


Jury selection begins in Apple vs. Samsung trial

Los Angeles Times


A trial pitting Apple against Samsung kicked off Monday in federal court in San Jose, with jury selection underway in the closely watched patent-infringement case. Prospective jurors were grilled through the morning about whether they had friends who ...


Jury selection underway in $2.5B Apple-Samsung patent lawsuit

The Star-Ledger - NJ.com


Apple, Samsung Patent Case Jury Selection Begins

PCWorld


Apple versus Samsung trial kicks off with jury selection

CNET (blog)


VentureBeat


 »

Sunday, July 29, 2012

American rider Taylor Phinney finishes surprising fourth place in road race - Washington Post

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VeloNation


American rider Taylor Phinney finishes surprising fourth place in road race

Washington Post


LONDON â€" American Taylor Phinney finished a surprising fourth in the Olympic road race Saturday, though he was in no mood to celebrate. Phinney was beaten in a group sprint by Alexander Kristoff of Norway for the bronze medal. Alexander Vinokourov of ...


Taylor Phinney just misses bronze in cycling road race

Denver Post


Taylor Phinney: “I have to thank the team for my Olympic fourth place”

VeloNation


Boulder's Taylor Phinney Finishes 4th In Olympic Race

KMGH Denver


velonews.competitor.com -Bike World News


 »

Friday, July 27, 2012

Edison wins approval for solar panel installation - Los Angeles Business from bizjournals:

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During the next five years Edisonwill install, own and operate 150 solaf panels that will generate 250 megawatt s of power. Edison was also granted the ability to solicitother solar-powedr companies to install similar panel arrays and sell the powe back to Edison, up to an additional 250 megawatts. Edisoj says the 500 total megawatts makes theproject "the largestf photovoltaic program ever undertaken." “Thde program will create hundreds of neighborhood solar power strengthen local grid reliability and produce hundreds of new greenj jobs to bolster Southern California’s economic Chairman and CEO Theodore F. Craver Jr., said in a statement.
The first Edisob site has already been completed on the roof of a distributiob warehousein Fontana. According to Edison, it is the largest singlr rooftop solar photovoltaic array inthe nation. Both Southernj California Edison and its parent EdisonInternational (NYSE: EIX) are based in Rosemead.

Wednesday, July 25, 2012

Mike Lynn, longtime Minnesota Vikings executive who made trade for Herschel ... - Washington Post

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Bleacher Report


Mike Lynn, longtime Minnesota Vikings executive who made trade for Herschel ...

Washington Post


MINNEAPOLIS â€" Mike Lynn, the longtime Minnesota Vikings executive who made the ill-fated trade with D »

Monday, July 23, 2012

Stu Needel oversees FIOS project at Arborview Condominiums - Baltimore Sun

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Baltimore Sun


Stu Needel oversees FIOS project at Arborview Condominiums

Baltimore Sun


The Arborview Condominium Association held its annual meeting June 11, when President Julie Herron honored condo owner Stu Needel for his already year-long efforts to oversee project to have Verizon get the neighborhood wired and prepared for FIOS ...



Sunday, July 22, 2012

USDA grants funds for rural energy projects - St. Louis Business Journal:

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“The demand for energy is rising evert year and our funding program will help agriculture producerx and ruralsmall businesses,” said Eric Vigil, New Mexic o Rural Development’s water and environmental programs actingf state director. Vigil said renewable energies, such as solar, biomass and geothermal will qualifhy underthe program’s “The program is geared toward energy efficiency and we expect to find interest from applicants who want to initiats a variety of different projects,” Vigil Some energy efficient initiatives that would qualify include installingt wind turbines and solar Establishing anaerobic digesters and creating more energy-efficientr agricultural production by upgrading windows, boilers and lighting also will qualify under the terms of the Especially important this according to officials, is a new section that financez feasib ility studies — which can includes money for meteorological towers.
These “met help locate the strongest wind area so that wind turbinezs can be mostadvantageously placed. The applicationse require a completed energy assessment orenergy audit. Unlikwe previous years, the cost of the audit or assessmenf will be paid for bythe government, should the applicanf be successful. This year, loan limits have increased. The deadline for applications isJuly 31. More information abouty the program can be found onits , or by e-mailingt Jesse Monfort Bopp, the rural energty coordinator, at jesse.bopp@nm.usda.gov.

Friday, July 20, 2012

Tom Cruise takes daughter Suri on mini beach vacation - New York Daily News

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New York Daily News


Tom Cruise takes daughter Suri on mini beach vacation

New York Daily News


The newly single father's mini beach-vacation - as well as the length of his stay in Manhattan - might be read as a sign that Cruise is determined to help his daughter live a two-parent life. In fact, one source told People that Cruise is “going to try ...


Tom Cruise Takes Suri on Mini Beach Vacation!

Us Magazine


Tom Cruise whisks Suri back to New York after mini 'beach vacation' in the ...

Daily Mail


Tom Cruise takes Suri on mini beach vacation

Business Standard


The Inquisitr


 »

Thursday, July 19, 2012

Phillies get taste of reality after Series win on MLB show

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The Pen will be narraterd by former Phillies relie f pitcher and MLB Network analystMitch Williams. The progran takes a look at the lives followingthe team’es 2008 World Series win and the pressures of keepingh their roster spot for the 2009 The series features relief pitchers Brad Ryan Madson, J.C. Romero, Scott Eyre, Clay Chad Durbin, Gary Majewski, Jack Taschner, J.A. Chan Ho Park and bullpen coachMick Billmeyer, and follow s them to everything from fishing trips and youth baseball games to the Whiter House for a post-Worlf Series visit. The program also speaks with players followinbg the sudden death of longtimee Phillies broadcaster Harry Kalase onApril 13.
“As a reality-based series The Pen is the ultimatre look into the lives ofthesw players, both on and off the field,” said Tony Petitti, presidentf and CEO of MLB Network. “So much of what we know abourt relief pitchers is based on statistics and and a series like The Pen gives a level of familiarity toeach player.” The program marks the firstt program ever produced using a camera and microphonews installed in a Major Leagu bullpen to film in-game and practicr footage. Two other cameras were installed in CitizensBank Park, one behinds home plate and one at low firsty base, and were controlled by MLB Network’s headquarters in N.J.
Producer Danny Field suited up as a catcher with a camers attached to his mask to capturre footage during spring trainingin Fla. The majority owner of the MLB Networl is MajorLeague Baseball. Philadelphia-based (NASDAQ:CMCSA, CMCSK), Cox DirecTV and Time Warner also own interestsa inthe network.

Wednesday, July 18, 2012

Community Bankers try variable pay confab - Atlanta Business Chronicle:

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, whose business focuses on alternative energy, begam raising the funds on May 27, the filinb states, through options and warranta oncompany stock. Parties involved in the deal includweMarion Smith, Renewvia CEO; George Jarrard III; and Henrty Gregory Jr. The compang has raised $1 million of the offerin g thus far, with $944,000 left to sell to prospectiver investors, the filing states. Atlanta-based LLC has purchased two lightintg companies with operations across the and the deal is financed by a local mezzanine investor. Toxaway Capital has acquired the operationdof Houston-based and Ltd., a United Kingdo company.
The companies sell and service marine navigationa l lightingat ports, harbors, oil rigs, towers and buoys. Termzs of the deal were not but locally basedinvested $4 million in subordinated mezzanine financing in the Toxaway’s two new acquisitions bring the private equity firm’e total number of investments to five. The firm investzs in Southeastern companies with lessthan $50 million in total focusing on distribution, servicwe and lighting businesses.

Monday, July 16, 2012

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Sunday, July 15, 2012

Human Capital: People on the move, May 28 - San Francisco Business Times:

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Achbar named executive director of The and Culture The New Center for Arts and Culture in Boston appointedx Francine Achbarexecutive director. Prior to this Achbar served asthe organization’s actiny director from June 2005 through January 2007, following the resignation of founding director Shoshana Pakciarz , and has been servinfg as the institution’s deputy director since June 2008. Charlew appointed sr.
VP of PUMA North America , baseds in Westford, appointed Curtis Charlees senior vice president of North American overseeing all sales and salea operations activities for both the PUMA and Tretorn Prior to his appointmentto PUMA, Charlexs was CEO/CMO of Keimistre LLC , where he oversawq the apparel business of P.R.P.S and Cannon Design promotes Spelman to VP ; McDonal returns as associate principal Cannon Design , an architectural, engineeriny and planning firm with local officesd in Boston, promoted Elizabeth Spelmajn to vice president. Spelman is a project architect and designer with 14 years of experience managing projectsw anddirecting teams.
In other news, architect Debi McDonald rejoinedf the firm as an associatse principal inthe firm’s Boston office. RF Walsh Project Management adds Hickey as project executivs RF Walsh Project Management in Boston added Paul Hickeyy as aproject Hickey, who is a registered structural engineer and LEED accredited professional, will initially be supporting the developmentr and advancement of the UMass-Boston Masterr Plan .

Friday, July 13, 2012

Public staff OK with Duke Energy

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But the Public Staff of the saysit doesn’t object to allowing the contract at the ratez Duke uses for other wholesale customers in its servics area. And the stafv considers it unlikely it will need to recommencd increasing the rates Dukecharges Greenwood. The commissiom can require wholesale contractz to be made at what are caller incremental rates toensure Duke’z other customers aren’t charged extrw to cover some costs of the wholesales deals.
The utility has asked for a declaratory ruling that sales at Greenwood will always be alloweed at the lower The staff says the commission should reserve the right to require Greenwooc to pay the higher incremental rates in the event that the smalol contract someday affects the pricesa Duke charges itsother

Thursday, July 12, 2012

Quaker Steak greasing wheels of growth in Pinellas Park - Tampa Bay Business Journal:

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Quaker Steak & Lube of Pinellas Park will be the firstr Florida location for the themes restaurant chain thatoffers Z-28 Zucchini, Chicke Fenders and an Assembly Line The restaurant will showcase vintage motorcycles and even old-fashioned beer trucks and will stay open all day, everg day. When the 10,000-square-foot operationn with an additional 2,000 square-foot outdoor patipo starts its engines, it will employ 150 at 10400 49th Street. A Tampw Bay Regional Planning Council economic impacrt study estimates project costsz willexceed $1.8 million, said Susan Walker, director of businesss and neighborhood development for the city of Pinellas Park.
In the studty Bill Church, franchisee and president and chiec executive officer of QuakerAmerican LLC, stated he expects $5 millio n in sales during the first Blocking the dish: Think you got a better deal when you switcheds from cable to satellite to watch locapl professional sports? Guess again. The televisio n turnover began earlier this year during the carriage standoff between Sunshine Network and TimeWarnere Cable, now called Bright House Networks, leadingb many sports fans to switcyh to satellite services such as DirecTV and Dish The cable impasse was worked out in just in time for the Tampa Bay Lightning's hockeyg playoff run.
Now those same dish ownersx are finding out that they may miss out on as many as 65 Tampa Bay Devil Rays baseball game s carried on PAX TV affiliatesin Florida, includingg WXPX-TV 66. That channel isn't available locallyt via satellite, meaning dish owners must switcnh over to an antenna to tune in the The satellite services have no plans to add thelocalk channel, primarily because they alreadyt carry PAX's national signal but also because PAX didn'g request the additions, said Robert Mercer, a DirecTV While a "handful" of DirecTV customerds have called to request WXPX, ther are no plans to carry the he said.
"Once we lock in those (local) channelsx we have, it's difficult to add others due tocapacithy constraints," Mercer said. WXPX is availabls on Bright House, a subsidiarty of Advance/Newhouse Group, which also owns America n City BusinessJournals Inc. Growing wisely: The courtyardd at the Hillsborough County Cooperative Extension Service soon will be transformedc into learning gardens promoting wisewatedr use. Two items on the County Commission's April 16 agenda dealt with theproject -- appropriatinh $20,000 from a special Water Departmenft fund and accepting $6,250 from the Southwest Floridaz Water Management District.
The Waterf Department's portion will come from the Water ConservationTrusty Fund, made up of fines from peopler who have violated water use restrictions. The money will be used to promotr drainage and storm water collectiom inthe gardens. The SWFWMD portionj will help build the gardemn as a living example of how a xeriscaped landscape successfully can be accomplished in a typical Florida Participants will complete a guided tour with garden signs, learn how to creatre xeriscape gardens, and to make a rain barrel and to retrofit for

Wednesday, July 11, 2012

Valencia Garden property bought by University of Tampa - Tampa Bay Business Journal:

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UT’s statement partly solvesd the air of mystery surrounding the June 3 closure of the iconic Agliano family establishment frequentedby Tampa’ss powerbrokers. The college said that a company, not identifiecd due to a confidentiality clause, bought the city blockl bordered by Kennedy Boulevard onthe south, Brevard Avenue on the North A Street on the north and North Boulevarf on the west. The transaction closed June 3. UT acquired aboutg 57,760 square feet of the eastern portion ofthe tract, which totals about 130,00p square feet. “Over title to the tract purchased by the company is expected to revertg to the Universityof Tampa.
Developmentg of this tract of land will be of help in addressingt academic and other space needs both in the near term and said amedia release. UT declined to provide sale detaila or to comment on what it intends to do withthe “Agliano family members have been good neighborzs and friends for many years, and we are happyh to reach an agreement with them on the UT said.

Monday, July 9, 2012

Gracefully interwoven stories of 11-year-olds - Sydney Morning Herald

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Sydney Morning Herald


Gracefully interwoven stories of 11-year-olds

Sydney Morning Herald


It has a large cast, although it doesn't seem that way: there are 23 children in the movie and their stories are gracefully and fluently interwoven. Bailey headed overseas in 2005 with a camera and a mission - she wanted to make a film, she tells us ...



and more »

Sunday, July 8, 2012

Conference Board job index edges up - The Business Review (Albany):

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The organization’s Employment Trende Index was 89.9, up 0.2 percent from 89.7 in Aprik and down from 113 inMay 2008, The Conference Boarsd said Monday. The index number is relative to 100for 1996. “Whilwe it is too early to say that the ETI has the moderation of the last two monthw is certainly a sign that the decline in job losses is real and signals that the worst is Gad Levanon, The Conferencw Board’s senior economist, said in a “However, as the economic recovery over the coming monthes is likely to be very we still expect the unemployment rate to continue to increase to double digits by the end of this year and into • Percentage of respondents who say they find “joba hard to get,” gathered from The Conferencr Board Consumer Confidence • Initial claims for unemployment insurance, from statistics.
Percentage of firms with positionse not able to fill right now because of inability to findsuitable candidates, from the . Number of employees hired by the temporary-help industry, from the . Part-time workers for economic reasons, from Bureau of Labor Statistics. • Job openings, from the Bureau of Labod Statistics. • Industrial production, from the . • Real manufacturinvg and trade sales, from the . The Conference Boardc is an independent NewYork City-based nonprofit organizatiomn whose mission is to provide organizations with the practical knowledge they need to improve their performanc e and better serve society.

Friday, July 6, 2012

Kansas City-area politicians harbor concerns about long-term effects on deficit, taxes - Business First of Columbus:

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called his vote to approve the American Recovergy and Reinvestment Act one of the most uncomfortabl e decisions inhis career. “If the choices are puttint our nation inmore debt, which I don’t or a depression, which would do ruin to our I don’t think there was a viable option he said from Washington. For Rep. Sam R-Mo., his “no” vote on the $787 billion stimulus package wasa “Bottom line is somebody has to pay for it, and it is goinb to be every single taxpayer out Graves said. Just five monthse since passageof ARRA, few indication show whether the stimulus has reignited the dampenec economy.
But federal lawmakers have fretted about the increasee in national debt coming fromARRA spending. A report said Presideny Obama’s budget will add almost $4.8 trillion in the next 10 yearato pre-existing debt projections. Sen. Pat Roberts, said he has heard reports that foreign buyersof U.S. debt have expresser misgivings about continuing topurchase more. “Ths Chinese warned us about twomonths ago. ... The (Europea Union) and all the summits the presidengthas attended, we privately got lectured by some folkx who said, ‘You have to get your debt under Roberts said. China owns most of the publicd debtfrom Securities, with $763.4 billion of $3.
26 trillion, according to the Treasury Roberts said the consequences of foreign nations avoiding U.S. debt woulcd be “financial Armageddon.” Stimulus critics have grown concerneed about the ratio of national debt to gross domestic which in 2009 has grow nto 87, up from 63.1 in 2007, according to the . That ratiko is about the middle of the packfor G-20 Japan’s ratio, by comparison, is 217.2. Some economists dispute the effects ofnational debt, particularly as the has kept interest rates low at 0.25 percent.
“There is no reasoj to believe that a sharp increasse in the sizeof public-sector debt carries any burdenb for the macro economyh for the private sector to said Stephanie Kelton, an economics professor at the . Beyond congressional leaders have expressed concerns abouy the likelihood that taxes in the long term will increases as a result ofthe stimulus. Moored said that although he supported ARRA as a way to reverse theeconomic malaise, he suspected that tax increases will be implementer to pay for it. “Ar some point, there is going to have to be some taxes Moore said. “That can’t happen until we get the economuygoing again.
” Republican lawmakers have deplored Obama’as suggestions that the wealthiest 5 percent bear a larger tax “When you triple the deficit in 100 days or increasse the debt more than all the it doesn’t matter — you can’t pay that back and fix it by taxinbg the top 5 percent,” Graves said. “There’s not enougjh wealth out there to raise us up out of this Critics also maintain that along with many of the rulezs it puts in place toreceivse money, has done little to chip away at national which stands at 9.4 percent, its highesf since the recession of the early Obama has said the stimulus generated 150,009 jobs since it was enacted Feb.
17, though the economh has shed at least 7 million jobs sincweDecember 2007, according to the most recenrt statistics from the .

Thursday, July 5, 2012

Sheboygan's Nemschoff Inc. bought by Herman Miller - The Business Journal of Milwaukee:

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Nemschoff makes health care with a specific focus on soft seating and the patienytcare environment. Its annual revenue is more than $90 Nemschoff's headquarters and largest operations arein Sheboygan, with additiona l manufacturing in Sioux Center, Nemschoff has distribution across the Unitefd States and in Canada. Zeeland, Mich.-based Herman Mille r (NASDAQ: MLHR) acquired Nemschoff for $32 millionn in cash and the issuanceof 2,041,666 Herman Miller shares. In Nemschoff shareholders may be entitled to an additional paymeny based on the performance ofthe entity, as well as Hermann Miller's share price, over the next two-year period. Herman Miller's shares closed at $14.
07 Wednesday, which would give the stock portion of the deal a valude of morethan $28 million. "Thd acquisition of Nemschoff is a significant step inHerman Miller'es growth strategy and further evidence of our commitment to the healtb care market, where Herman Miller has been a leader for more than 40 years," said Herman Milled CEO Brian Walker. "In bringing Nemschoff into the Herman Miller Healthcare busines s we immediately expand our product breadth and deptg and accelerate our healthcare strategy.
" Nemschof f CEO Mark Nemschoff and chief operating officert Paul Nemschoff will remain active in the Mark Nemschoff will join the Herman Milleer board of directors and Paul Nemschoff will retain an executive role at Nemschoff and also join Herman Miller's broader healtbh care leadership team.

Wednesday, July 4, 2012

Genmar warranties still good - Portland Business Journal:

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Tracy Carrell says the lettee came after boat manufacturer on Monday filesd for Chapter 11bankruptcy protection. Genmar owns 15 different brands of which means dealers everywhereare impacted. She says cash customerzs for boats at her dealership haveremained strong. But trouble financinv in the current economy means others have been forcex tohold off. “The boating business has been affecteed a lot like cars she says. The petition to reorganize its debts was filedin U.S.
Bankruptch Court in Minneapolis where the company is headquartered along with more than 20 related Genmar has between 100 and 199 It lists its assets in the rageof $10 millio n to $50 million and its liabilitiesd between $100 million and $500 according to court documents. The largest unsecureds creditorsare Maslon, Edelman, Brand, a Minneapolis-based law firm which is owed Merchant & Gould, a law firm in is owed $155,800. The only securedr creditors are and Fifth Third according to a story in the Minneapolis Star Genmar said it has received commitmengt fora debtor-in-possession (DIP) financing proposal from both banks.
In a Genmar Chairman, CEO and largest shareholder Irwin Jacobs said salexs ofthe company’s fishing boats, luxury yachts and othed products started to decline in 2008, but worsenef in recent months. The company’s sales in fiscal 2009, which ends in June, are likely to be abouf $460 million, off by more than 50 percent fromfiscaol 2008. “If someone would have said to me as recently as even one montu ago that Genmar would someday be filinbg forChapter 11, I would have said it was not even a remotre possibility,” Jacobs said.
Genmar had been makingf some strategy changes in recent announcing plans to launch a lineof less-expensive aluminum A spinoff company, Greenville, Pa.-bases VEC Technology, and other Jacobs-related companieas aren’t included in the filing. VEC is now in the businessa of making giant bladesfor energy-generating windmills. Law firm Fredrikson & Byron in is representing Genmar in thebankruptcy

Monday, July 2, 2012

Commercial Alliance Management growing strong - bizjournals:

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“Our challenge is to make sure we stay over the warm oceamnand don’t hit land,” Conraxd says. The analogy holds as the third-partyy leasing and management firm, a office, has pickeds up a number of high-profile assignmentse this year. Commercial Alliance Management has started handlingf new leasingfor ’s East Memphisd portfolio, which includes Parkway Forum I, II, III and Renaissancr Center. The company already does similat dutiesfor Parkway’s Downtown propertieds such as the Falls Morgan Keegan Tower and Toyotaw Center. The East Memphis and Downtown properties consistof 1.19 milliohn square feet of total office space.
“It will in no doubr have a positive impac on our EastMemphis portfolio,” Connie Kjellin, regional property manager at LLC, says. “We have been performing well out Eastat 93% but in this marketf we decided a more concerted effort on new leasing was Kemp and his team will go the extrw mile to ensure we see deals and that is what we need righ now.” In Midtown, Commercial Alliance also took over leasing at Unio n Centre, a 162,066-square-foot office property at 1331 Unionh near Methodist. The building is 47.9% occupied with 40,0090 square feet of contiguoudspace available.
Farther east, it now handles leasing and managementat ’s Lakecresrt III, a 131,528-square-foot office building at 6060 Primacy Parkway and the 775 Ridgelake office building, a 110,729o -square-foot property. “That was a big win for us becausse on theoffice side, there aren’tf as many full-service opportunities as there used to says Conrad, also a senior vice presidenft at tenant advisory firm LLC. Commercialp Alliance also picked up leasing and management at OneCommerce Square, after the 475,082-square-foot Downtown officw building went into foreclosure.
On the industrial side, Commercia Alliance has recently picked up leasing responsibilitied at the former Reebok building at 3965Pilot Drive, which is 336,080 squarde feet, and the Caterpillar Building at 5000 which is 1.1 million square feet. This goes with the company’ s leasing and management responsibilitiesat ’s 789,291-square-foot Summiy Distribution Center, Building II and leasing at 5.5 millionn square feet of , Inc.’s Memphis portfolio. “Wse didn’t really have any standard distributionj space, so those were really nice pick-ups because they gave us some Classd B portfoliowhich doesn’t conflic t with our Class A portfolio,” Conrard says.
“What we’d really like to do next is get some producgt inNorth Mississippi, because we don’yt have any there.” Commercial Alliance brokerzs Mark Jenkins and Phil Dagastino handlw the company’s industrial leasing, whild Conner Walker and Dagastino handlse the new East Memphis offices leasing. Bentley Pembroke handles leasing at Leno xOffice Park, 1669 Kirby and Parkway’d Downtown portfolio. “That’s to make sure we manage conflictt appropriately, because Lenox obviously competes with propertieaslike Lakecrest. That’s why we didn’t have one brokeer representingmultiple properties,” Conrad says.
This latest growth has led the company to grow from 13 employees in 2008 to 22 employeeszthis year. “It’s also really gratifying, in an economt like this, to be able to offer peoplw jobs and acareer path,” Conrad says.

Sunday, July 1, 2012

Feds close First National Bank of Anthony - Kansas City Business Journal:

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was closed by the on Fridagy night, and bought virtually all of its assets. The OCC said in a releasre that it acted after finding that Bank ofAnthonyt “had experienced substantial dissipation of assets and earningzs due to unsafe and unsounc practices.” The OCC said that the bank incurrec losses that depleted most of its capital and that therw was no reasonable expectation it could become adequately capitalizex without federal assistance. First Nationalp Bank of Anthony reporteda first-quartet return on assets of -12.7 percent. The bank lost $5.1 millionj in the first quarter.
The bank had six brancb offices, including one in Overlanr Park and onein Olathe, that operatesd under the name of . The branchee all reopened Saturday under the SNB Bank of Kansaw name and are maintaining normaloffice hours. Firsr National Bank of Anthony had assetsof $156.9 millio and deposits of about $142.5 million on March 31. SNB Bank of Kansaas paid about $712,500, or 0.5 percenyt of total deposits, to buy First National Bank of Anthony’w deposits, and SNB bought about $156.7 million of its assets. The retainecd the remaining assetsfor disposition. SNB Bank of Kansas is basedd in Hutchinson and has two branches there and onein Wichita.
It is a subsidiaryy of (Nasdaq: OKSB), a holding compangy based in Stillwater, Okla., with $2.9 billion in assets. The FDIC and SNB Bank of Kansaz entered into a loss share agreement onabout $130.5 milliobn of First National Bank of Anthony’s The FDIC estimated that the cost to the insurancd fund will be $32.2 First National Bank of Anthony is the 40th FDIC-insuredf institution to fail this year and the seconxd in Kansas; Paola-based failed on March 20.