DAWN.com | Petroplus Shuts 3 Refineries as Credit Freeze Halts Supplies San Francisco Chronicle Petroplus will start shutting its French Petit Couronne refinery, the Antwerp plant in Belgium and Switzerland's Cressier complex in January, the company said today in a statement. The sites have a combined processing capacity of 337300 barrels of ... Petroplus shuts 3 oil refineries as cash runs out Credit crunch prompts Petroplus to shut refineries Oil Refiners Face Alpine Descent |
Saturday, December 31, 2011
Petroplus Shuts 3 Refineries as Credit Freeze Halts Supplies - San Francisco Chronicle
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Thursday, December 29, 2011
BankAtlantic seeks foreclosure on Jupiter site - South Florida Business Journal:
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The Fort Lauderdale-based bank BBX) filed the lawsuit on May 8 in Palm Beacg County Circuit Court against Severnm Jupiter and managing members Patrick McAteet andDouglas J. Wilkins. In Severn Jupiter bought the 2-acrre property, at 1116 Love St. in Jupiter, for $10.54 million. The site is just east of A1A and withi n view ofthe city’s historicalp lighthouse. It includes 2,788 square feet of residential propertyg built in 1955 anda dock, according to countt property records. There is no record of development. Shortly after the purchase, Severn Jupiter obtained a $6.3 milliomn mortgage from BankAtlantic anda $3.7 millionn mortgage from Narberth, Pa.
-based Royal Bank In April 2008, BankAtlantic extended the maturity of the full outstandingt principal of its loan to Marchj 27. The foreclosure also names Royal Bank Wilton Manors-based attorney Richard Zaden, who representzs BankAtlantic in the did not immediately respond to a call seeking comment.
The Fort Lauderdale-based bank BBX) filed the lawsuit on May 8 in Palm Beacg County Circuit Court against Severnm Jupiter and managing members Patrick McAteet andDouglas J. Wilkins. In Severn Jupiter bought the 2-acrre property, at 1116 Love St. in Jupiter, for $10.54 million. The site is just east of A1A and withi n view ofthe city’s historicalp lighthouse. It includes 2,788 square feet of residential propertyg built in 1955 anda dock, according to countt property records. There is no record of development. Shortly after the purchase, Severn Jupiter obtained a $6.3 milliomn mortgage from BankAtlantic anda $3.7 millionn mortgage from Narberth, Pa.
-based Royal Bank In April 2008, BankAtlantic extended the maturity of the full outstandingt principal of its loan to Marchj 27. The foreclosure also names Royal Bank Wilton Manors-based attorney Richard Zaden, who representzs BankAtlantic in the did not immediately respond to a call seeking comment.
Tuesday, December 27, 2011
Price to anchor EyeOpener for WCVB-TV - Boston Business Journal:
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Price is set to start co-anchoring the EyeOpenet newscast with Bianca de la Garza on June 8. He will also contribute to breaking news storiees and major event coverage atthe Needham, Mass.-bases TV station. “Randy is the consummatew journalist — dependable, experienced, and universalluy respected. As a competitor, I have always admirefd him and am thrilled he is returning to the air as a memberf ofNewsCenter 5,” said Channel 5’s presidengt and general manager Bill Fine, in a “Randy is a great fit for WCVB and NewsCenter 5.
Adding him to our alreadyg strong team of journalists will further enhance the qualitu of news we deliver to New England Priceleft /Channel 7, Boston’s locap affiliate, earlier this There, he had been an anchor and reporter. Durin g Price’s 20-plus years in TV he has won multiple awards, including a national Edwarsd R. Murrow award for best “WCVB is the gold standard for localbroadcast news; it is such an honord for me to join the team.
I am ecstativc to become part of one of the most renowned televisioj stations inthe country, not only for news and but for community service, innovation and the abilityt to truly make a difference in people’sa lives,” said Price in a statement. Current Eye-opener anchoe David Brown will serve asa fill-in weathet anchor and reporter at the
Price is set to start co-anchoring the EyeOpenet newscast with Bianca de la Garza on June 8. He will also contribute to breaking news storiees and major event coverage atthe Needham, Mass.-bases TV station. “Randy is the consummatew journalist — dependable, experienced, and universalluy respected. As a competitor, I have always admirefd him and am thrilled he is returning to the air as a memberf ofNewsCenter 5,” said Channel 5’s presidengt and general manager Bill Fine, in a “Randy is a great fit for WCVB and NewsCenter 5.
Adding him to our alreadyg strong team of journalists will further enhance the qualitu of news we deliver to New England Priceleft /Channel 7, Boston’s locap affiliate, earlier this There, he had been an anchor and reporter. Durin g Price’s 20-plus years in TV he has won multiple awards, including a national Edwarsd R. Murrow award for best “WCVB is the gold standard for localbroadcast news; it is such an honord for me to join the team.
I am ecstativc to become part of one of the most renowned televisioj stations inthe country, not only for news and but for community service, innovation and the abilityt to truly make a difference in people’sa lives,” said Price in a statement. Current Eye-opener anchoe David Brown will serve asa fill-in weathet anchor and reporter at the
Sunday, December 25, 2011
Filene
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An auction was to have begun at9 a.m. Friday, a week after the bankrupty discount retailer was sold to an affiliate of Men’s Wearhouse (NYSE:MW) in a biddinh war that lasted several hours. Limite d and formal objections tothat $67 million deal have since been filexd in Delaware bankruptcy court, prompting a judge to send the chain back for auction again. Among thosre objecting to the sale is Crown the company that was first in line tobuy Filene’s The company in a filint this week claimed the Men’ Wearhouse transaction didn’t follow bidding procedures and described the auction itself as “sa travesty.
” Crown claimed that Men’s Wearhouse originallg said it had no interest in buying Filene’sz assets through an outright sale, but as part of a Crown said Men’s Wearhouse later swooped in with a bid that was fileds after a court deadline. The new auctionh was to have begun at9 a.m. Friday. A heariny following the auction is scheduledfor 12:30 according to court documents. Filene’s Basement soughf protection from creditors in May in Delaware bankruptcy months after closingseveral stores. Columbus-based Retail Ventures Inc. (NYSE: RVI), which maintainxs a majority stake in discount shoe retailerrDSW Inc.
(NYSE:DSW), sold the chainb this year to FB IIAcquisitioh Corp., a new entity owned by liquidatiohn and turnaround firm Buxbaum Group.
An auction was to have begun at9 a.m. Friday, a week after the bankrupty discount retailer was sold to an affiliate of Men’s Wearhouse (NYSE:MW) in a biddinh war that lasted several hours. Limite d and formal objections tothat $67 million deal have since been filexd in Delaware bankruptcy court, prompting a judge to send the chain back for auction again. Among thosre objecting to the sale is Crown the company that was first in line tobuy Filene’s The company in a filint this week claimed the Men’ Wearhouse transaction didn’t follow bidding procedures and described the auction itself as “sa travesty.
” Crown claimed that Men’s Wearhouse originallg said it had no interest in buying Filene’sz assets through an outright sale, but as part of a Crown said Men’s Wearhouse later swooped in with a bid that was fileds after a court deadline. The new auctionh was to have begun at9 a.m. Friday. A heariny following the auction is scheduledfor 12:30 according to court documents. Filene’s Basement soughf protection from creditors in May in Delaware bankruptcy months after closingseveral stores. Columbus-based Retail Ventures Inc. (NYSE: RVI), which maintainxs a majority stake in discount shoe retailerrDSW Inc.
(NYSE:DSW), sold the chainb this year to FB IIAcquisitioh Corp., a new entity owned by liquidatiohn and turnaround firm Buxbaum Group.
Friday, December 23, 2011
Abercrombie shutting struggling Ruehl chain - Business Courier of Cincinnati:
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The New Albany-based apparel merchant said Wednesday it willshut Ruehl’ s 29 stores and direct-to-consumer operationw and will be “substantially complete” with the effort by the end of next The decision comes a month afterf Abercrombie (NYSE:ANF) took a deep strategic look at the which targets young adults with clothesd and accessories. Ruehl, whose only Ohio store is at EastomTown Center, generated a pretacx operating loss of $58 million last year. The chain regularly was Abercrombie’s weakesyt sales performer at stores open at least a year. Ruehl’s same-storre sales were off 33 percentin May. Abercrombie earnedc $272.3 million on $3.
534 billion in revenue last year. “It has been a difficult decisionm toclose Ruehl, a brand we continu to believe could have been successfull in different circumstances,” CEO Michael Jeffries said in a statement. given the current economic we believe it is in the best interests of the companty to focus its efforts and resources on the growtb opportunities afforded by ourother brands, particularly internationally.
” The company didn’tr disclose the effects on the chain’sa work force, nor did it indicate the number of jobs tied to The review of Ruehl, which opened in cost the company about $51 millionb in impairment charges in its first Abercrombie expects to book about $65 milliojn in pretax charges through the rest of the fiscak year as it winds down The company Wednesday also said it amended a credit agreement to exclude some Ruehl-related charges from requirementz under its covenant with the lender and reduced its available credit to $350 million from $450 Jeffries said the company is confident is has sufficientr cash on hand but “w e believe it is prudent to make these changes” in light of the recession-battere retail environment and the one-time Ruehl costs.
In additiomn to the 29 Ruehl stores, Abercrombie runs 350 flagship stores and 733 others undethe Abercrombie, Hollister Co. and Gilly Hickd nameplates.
The New Albany-based apparel merchant said Wednesday it willshut Ruehl’ s 29 stores and direct-to-consumer operationw and will be “substantially complete” with the effort by the end of next The decision comes a month afterf Abercrombie (NYSE:ANF) took a deep strategic look at the which targets young adults with clothesd and accessories. Ruehl, whose only Ohio store is at EastomTown Center, generated a pretacx operating loss of $58 million last year. The chain regularly was Abercrombie’s weakesyt sales performer at stores open at least a year. Ruehl’s same-storre sales were off 33 percentin May. Abercrombie earnedc $272.3 million on $3.
534 billion in revenue last year. “It has been a difficult decisionm toclose Ruehl, a brand we continu to believe could have been successfull in different circumstances,” CEO Michael Jeffries said in a statement. given the current economic we believe it is in the best interests of the companty to focus its efforts and resources on the growtb opportunities afforded by ourother brands, particularly internationally.
” The company didn’tr disclose the effects on the chain’sa work force, nor did it indicate the number of jobs tied to The review of Ruehl, which opened in cost the company about $51 millionb in impairment charges in its first Abercrombie expects to book about $65 milliojn in pretax charges through the rest of the fiscak year as it winds down The company Wednesday also said it amended a credit agreement to exclude some Ruehl-related charges from requirementz under its covenant with the lender and reduced its available credit to $350 million from $450 Jeffries said the company is confident is has sufficientr cash on hand but “w e believe it is prudent to make these changes” in light of the recession-battere retail environment and the one-time Ruehl costs.
In additiomn to the 29 Ruehl stores, Abercrombie runs 350 flagship stores and 733 others undethe Abercrombie, Hollister Co. and Gilly Hickd nameplates.
Wednesday, December 21, 2011
Peabody, Shanxi Lu
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The Shaxi Mine, which is under has the potential to expand to 15 million tons or more per year in line with the developmenyt of a new rail project that would serve electricith customers and other industrial users in Centrao andEastern China. In the coming the companies said they plan to conducrt a feasibility study to evaluate technical requirements for next phases of which also includes other coal reserves in the region owned by Lu’an. “China is leading the worldd in industrial growth and fuelin g its progresswith coal,” said Peabody Energy Chairman and Chieft Executive Gregory Boyce in a statement.
“Peabody has a growintg presence in Asia and seeks to partnetin world-class coal projects to fuel long-terj energy needs …” Peabody has an expanding presencs in China and is the only non-Chinese partner in a near-zero emissions power project in Tianjin. The company is pursuingv multiple partnerships in Asia that include a large surfacse mine and downstream coal conversion facilith with the government ofInner Mongolia, Chinz and other partners; and projects in which include the Peabody-Polo Resources joinf venture. China is the fastest-growing coal market in the using coal to fuel 80 percentr ofits electricity.
China is expected to nearlyg double its electricity consumptionby 2015. Lu’aj had $5 billion in revenue in 2008. Peabody Energy (NYSE: BTU) is the world’s largestg private-sector coal company, with revenure of $6.6 billion in 2008. Its coal product s fuel 10 percent ofall U.S. electricityh generation and 2 percent ofworldwide
The Shaxi Mine, which is under has the potential to expand to 15 million tons or more per year in line with the developmenyt of a new rail project that would serve electricith customers and other industrial users in Centrao andEastern China. In the coming the companies said they plan to conducrt a feasibility study to evaluate technical requirements for next phases of which also includes other coal reserves in the region owned by Lu’an. “China is leading the worldd in industrial growth and fuelin g its progresswith coal,” said Peabody Energy Chairman and Chieft Executive Gregory Boyce in a statement.
“Peabody has a growintg presence in Asia and seeks to partnetin world-class coal projects to fuel long-terj energy needs …” Peabody has an expanding presencs in China and is the only non-Chinese partner in a near-zero emissions power project in Tianjin. The company is pursuingv multiple partnerships in Asia that include a large surfacse mine and downstream coal conversion facilith with the government ofInner Mongolia, Chinz and other partners; and projects in which include the Peabody-Polo Resources joinf venture. China is the fastest-growing coal market in the using coal to fuel 80 percentr ofits electricity.
China is expected to nearlyg double its electricity consumptionby 2015. Lu’aj had $5 billion in revenue in 2008. Peabody Energy (NYSE: BTU) is the world’s largestg private-sector coal company, with revenure of $6.6 billion in 2008. Its coal product s fuel 10 percent ofall U.S. electricityh generation and 2 percent ofworldwide
Sunday, December 18, 2011
Jacob's Pillow Announces Its Summer Slate - New York Times
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Jacob's Pillow Announces Its Summer Slate New York Times Jacob's Pillow will put on a weeklong homage to the choreography of its founder, Ted Shawn, as part of an unusual and ambitious lineup for its 80th summer dance festival in Becket, Mass. The rotating cast for the series of performances of Shawn's work ... |
Friday, December 16, 2011
Dance St. Louis wins grant to bring dance to other communities - St. Louis Business Journal:
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Each organization will select a site in each state and dancse companies for touring in the effort to bring dancd toother communities, Dance St. Louisd said Monday. The project will potentially continur into athird year, doublingh the number of new dance presenterws and performance opportunities across the “Much too often, organizations function in a vacuum and are drivebn simply by a passion,” Michael Uthoff, artistivc and executive director of Dance St. Louis, said in a “With this partnership, the three of us already committed to dance are coming togethedr toassist others, removing apprehensions and fearas while expanding the presentiny and viewing of dance attractions.
” The Doris Duke Charitabl Foundation works to improve the qualitu of people’s lives through grants supporting the performing environmental conservation, medical research and the preventioh of child maltreatment.
Each organization will select a site in each state and dancse companies for touring in the effort to bring dancd toother communities, Dance St. Louisd said Monday. The project will potentially continur into athird year, doublingh the number of new dance presenterws and performance opportunities across the “Much too often, organizations function in a vacuum and are drivebn simply by a passion,” Michael Uthoff, artistivc and executive director of Dance St. Louis, said in a “With this partnership, the three of us already committed to dance are coming togethedr toassist others, removing apprehensions and fearas while expanding the presentiny and viewing of dance attractions.
” The Doris Duke Charitabl Foundation works to improve the qualitu of people’s lives through grants supporting the performing environmental conservation, medical research and the preventioh of child maltreatment.
Wednesday, December 14, 2011
WiMAX slated for Houston - Houston Business Journal:
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WiMAX technology allows wireless service at much fastert speeds than3G networks. As part of the Kirkland, Wash.-based Clearwire (NASDAQ: CLWR) said that San Jose, Calif.-baseds Cisco (NASDAQ: CSCO) will provide core infrastructurefor Clearwire’ds national network and build new mobile devices compatiblew with Clearwire’s Clear 4G mobile WiMAXc service. Financial terms of the alliance weren’t disclosed. The two companiew will work to expand WiMAX services throughout theUniteds States. The multiyear network build-outr plan putting Clearwire's Clear 4G mobile service in more than80 U.S. marketsd by the end of 2010.
Cisco aims to introducew its first mobile WiMAX device laterthis year. Clearwire currently providex mobile WiMAX services in Baltimoreand Ore. The company expects to spend $1.5 billionm to $1.9 billion this year of the morethan $3 billioh it received from investors to launch WiMAX this year in citiesz such as Atlanta, Las Chicago, Dallas/Fort Worth, Honolulu, Philadelphi a and Seattle. Launches next year are expected inNew York, Washington, Houston and the San Francisco If it succeeds, WiMAX will reac as many as 120 million people by 2010.
WiMAX technology allows wireless service at much fastert speeds than3G networks. As part of the Kirkland, Wash.-based Clearwire (NASDAQ: CLWR) said that San Jose, Calif.-baseds Cisco (NASDAQ: CSCO) will provide core infrastructurefor Clearwire’ds national network and build new mobile devices compatiblew with Clearwire’s Clear 4G mobile WiMAXc service. Financial terms of the alliance weren’t disclosed. The two companiew will work to expand WiMAX services throughout theUniteds States. The multiyear network build-outr plan putting Clearwire's Clear 4G mobile service in more than80 U.S. marketsd by the end of 2010.
Cisco aims to introducew its first mobile WiMAX device laterthis year. Clearwire currently providex mobile WiMAX services in Baltimoreand Ore. The company expects to spend $1.5 billionm to $1.9 billion this year of the morethan $3 billioh it received from investors to launch WiMAX this year in citiesz such as Atlanta, Las Chicago, Dallas/Fort Worth, Honolulu, Philadelphi a and Seattle. Launches next year are expected inNew York, Washington, Houston and the San Francisco If it succeeds, WiMAX will reac as many as 120 million people by 2010.
Monday, December 12, 2011
He's a good running back. - ESPN
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USA Today | He's a good running back. ESPN "He's a good running back ... He does a good job for them," Urlacher told reporters when asked about Tebow. When asked what he thought of the passing of Tebow, who was 21-of-40 for 236 yards with a touchdown and an interception, Urlacher praised ... Urlacher on Tebow: 'H e's a good running back' Tebow proving good guys do finish first Week 14 thoughts: Blaming Bears' loss on play c » |
Saturday, December 10, 2011
Ten banks allowed to repay TARP funds - Silicon Valley / San Jose Business Journal:
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The Treasury Department did not name the 10 but said they were being approved for early repayment of the federal bailout funds under the Troubled Asset ReliefProgra (TARP) because the so-called stresd tests performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirements for repayment establisheds by federal banking supervisors.
It notedc that many banks recently have raised equityh capital from private investors and haveissuesd long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financial repair, but we stillo have work to do,” Treasuryt Secretary Tim Geithner said. More than 600 banks received a totap ofnearly $200 billion through the department’s Capital Purchases Program. About $2 billion of this moneyt was paidback previously. Under the program, bankes that repay their preferred stoco can repurchase the warrants that the TreasurytDepartment holds. Besides the proceedsd from the sales ofthe warrants, the departmenf also has received $4.
5 billion in dividend paymentas from program participants. Proceeds from the repayments to go theTreasurh Department’s general fund. They can be used to reduce the nationalo debt and can serve as a cushion in case the departmenr needs to respond to financial emergencied inthe future, the department said. The list of 10 bankd was not publicly disclosed, but many of the banks confirmesd separately in press releases that they receivec approval to buy back preferred shares sold to thefederak government, including two bankds with sizable Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chasr (NYSE: JPM). U.S. Bank was cleared to repay $6.
6 billion in TARP funds and Chase was approved to repahyall $25 billion in TARP funds it Locally based banks that received TARP fundd include and of Milwaukee, of Menomonee Falls and in Brookfield. M&I, the Milwaukee-area' s largest bank, was not amonbg the list of 10 banks approved to repay its TARP according tomedia reports. M&I said in May that it begab to sell stock in a sale that could raisr as muchas $350 million in proceeds, part of which the bank said it may use to repay a portion of the $1.7 billion capital infusion it received in November 2008 undedr TARP if approved by regulators.
The Treasury Department did not name the 10 but said they were being approved for early repayment of the federal bailout funds under the Troubled Asset ReliefProgra (TARP) because the so-called stresd tests performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirements for repayment establisheds by federal banking supervisors.
It notedc that many banks recently have raised equityh capital from private investors and haveissuesd long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financial repair, but we stillo have work to do,” Treasuryt Secretary Tim Geithner said. More than 600 banks received a totap ofnearly $200 billion through the department’s Capital Purchases Program. About $2 billion of this moneyt was paidback previously. Under the program, bankes that repay their preferred stoco can repurchase the warrants that the TreasurytDepartment holds. Besides the proceedsd from the sales ofthe warrants, the departmenf also has received $4.
5 billion in dividend paymentas from program participants. Proceeds from the repayments to go theTreasurh Department’s general fund. They can be used to reduce the nationalo debt and can serve as a cushion in case the departmenr needs to respond to financial emergencied inthe future, the department said. The list of 10 bankd was not publicly disclosed, but many of the banks confirmesd separately in press releases that they receivec approval to buy back preferred shares sold to thefederak government, including two bankds with sizable Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chasr (NYSE: JPM). U.S. Bank was cleared to repay $6.
6 billion in TARP funds and Chase was approved to repahyall $25 billion in TARP funds it Locally based banks that received TARP fundd include and of Milwaukee, of Menomonee Falls and in Brookfield. M&I, the Milwaukee-area' s largest bank, was not amonbg the list of 10 banks approved to repay its TARP according tomedia reports. M&I said in May that it begab to sell stock in a sale that could raisr as muchas $350 million in proceeds, part of which the bank said it may use to repay a portion of the $1.7 billion capital infusion it received in November 2008 undedr TARP if approved by regulators.
Thursday, December 8, 2011
Boeing bonuses to give a little boost to local economy - The Seattle Times
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Politico | Boeing bonuses to give a little boost to local economy The Seattle Times The $5000 signing bonuses in the new Boeing contract will make for some extra-nice holidays for the families of Machinists union members, and likely for at least some area retailers. But the payouts probably won't have ... Machinists vote Wednesday on co ntract extension that could give Boeing years ... Boeing workers approve 4-year contract extension Boeing Machinists Face 'Leap of Faith' in Landmark Wage Vote |
Monday, December 5, 2011
CAPITOL BRIEFINGS: Wrangling continues over changes to workers' comp - Crain's Detroit Business
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CAPITOL BRIEFINGS: Wrangling continues over changes to workers' comp Crain's Detroit Business LANSING -- For a couple of months, business and labor, and Democrats and Republicans, have squared off over a wide-ranging workers' compensation bill in the Legislature. And as the business-backed bill heads toward action in the session's final weeks, ... |
Hawaii perfectly placed to watch the December 10th total lunar eclipse Hawaii Health Guide Lunar eclipses have a rich role in history. According to Chinese folklore a dragon ate the moon during a lunar eclipse, and Christopher Columbus used a lunar eclipse in 1504 to scare the Jamaicans into giving him and his men ... |
Thursday, December 1, 2011
CoBiz posts $16M Q2 loss, begins stock sale - The Business Journal of Milwaukee:
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million, or 72 cents per share, in the seconsd quarter, as the weak economy continuedc to exact a toll on the officialssaid Monday. The loss compares with a profitof $4.2 or 18 cents per share, in the same quartedr a year earlier. Denver-based CoBiz (NASDAQ: COBZ) owns and Arizonqa Business Bank. The latest quarter’s results includd a $35.1 million pre-tax provision for loan and credi losses, or 150 percent of net charge-offws — which were $23.4 million for the period.
“We continue to take a conservativs posture in our provisioning forloan losses,” Chairmanh and CEO Steve Bangert said in a “Our second quarter provision brings our allowancew to loan ratio to nearly 3.9 one of the strongest in the industry. While I remainn confident in oursenior management’es ability to effectively respond to the current credigt obstacles, we felt it was prudent to continu building the allowance given the uncertainty in the economy.” Nonperforming assets ended the quarter at $93.9 million, or 3.7 percenty of total assets, up from $52.65 million or 2 percent of totaol assets on March 31.
Separately on Monday, CoBisz said it had begun a sale ofabou $45 million of its common stock. It will use the proceeds for general corporate including supporting the capital needs of itsbank subsidiary, expanding possible acquisitions and working capital needs. Last CoBiz announced it had hired Colorado and Arizonqamarket presidents, , to oversee bankingh operations in each market. “We remain focusecd on building our franchise durinhg these challenging times and want to ensurd we are positioned to take advantagde of unique market opportunities that we expecy willpresent themselves,” Bangert said.
“Too that end, we recentlyt announced the hiring of Coloradpo and Arizona market presidentw who will oversee all banking operationx in theirrespective markets, provide direction for future growth and free up some of our existinf resources to focus on high quality business development opportunities. We will also continue to dedicate appropriate resources througbh our Special Assets Group to address resolution ofproblemj loans.
”
million, or 72 cents per share, in the seconsd quarter, as the weak economy continuedc to exact a toll on the officialssaid Monday. The loss compares with a profitof $4.2 or 18 cents per share, in the same quartedr a year earlier. Denver-based CoBiz (NASDAQ: COBZ) owns and Arizonqa Business Bank. The latest quarter’s results includd a $35.1 million pre-tax provision for loan and credi losses, or 150 percent of net charge-offws — which were $23.4 million for the period.
“We continue to take a conservativs posture in our provisioning forloan losses,” Chairmanh and CEO Steve Bangert said in a “Our second quarter provision brings our allowancew to loan ratio to nearly 3.9 one of the strongest in the industry. While I remainn confident in oursenior management’es ability to effectively respond to the current credigt obstacles, we felt it was prudent to continu building the allowance given the uncertainty in the economy.” Nonperforming assets ended the quarter at $93.9 million, or 3.7 percenty of total assets, up from $52.65 million or 2 percent of totaol assets on March 31.
Separately on Monday, CoBisz said it had begun a sale ofabou $45 million of its common stock. It will use the proceeds for general corporate including supporting the capital needs of itsbank subsidiary, expanding possible acquisitions and working capital needs. Last CoBiz announced it had hired Colorado and Arizonqamarket presidents, , to oversee bankingh operations in each market. “We remain focusecd on building our franchise durinhg these challenging times and want to ensurd we are positioned to take advantagde of unique market opportunities that we expecy willpresent themselves,” Bangert said.
“Too that end, we recentlyt announced the hiring of Coloradpo and Arizona market presidentw who will oversee all banking operationx in theirrespective markets, provide direction for future growth and free up some of our existinf resources to focus on high quality business development opportunities. We will also continue to dedicate appropriate resources througbh our Special Assets Group to address resolution ofproblemj loans.
”
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