titus-neither.blogspot.com
Minneapolis-based Ameriprise (NYSE: AMP) was one of six majo insurers that received preliminary approval to receivew as muchas $22 billion in Troubled Assett Relief Program (TARP) funds. "Ws have carefully evaluated our current position and expectations for the and we are confident that our currenft capital position and access to potential additional funding sourcea are morethan adequate," Ameriprise Chairman and CEO Jim Cracchiolo said in a statement.
“Ourr prudent management approach has allowed us to maintainm solid balancesheet fundamentals, including a high qualit y asset portfolio, large liquidity pool, more than $1 billion in excesx capital and conservative capital The other firms that received preliminaryt approval for TARP funds were Northbrook, Ill.-based ALL), Hartford, Conn.-based Inc. HIG), Radnor, Penn.-based (NYSE: LNC), Des Moines, Iowa-basefd (NYSE: PFG) and Newark, N.J.-based PRU).
Sunday, September 9, 2012
Saturday, September 8, 2012
House chair criticizes SBA
sucujovide.wordpress.com
The SBA announced it temporarily will allowe auto dealers to useits 7(a) business loan program to financs vehicle inventory. Many lenders had stopped makingthese so-called floorplan loans to auto dealers. Rep. Nydiq Velazquez, D-N.Y., who chairs the , fear “there is a significantly highe risk ofloan defaults” on these floorplam loans. This could force the SBA to increass the subsidy ratefor 7(a) which would make the loans costlier for future borrowers. In a June 2 letter to SBA AdministratoerKaren Mills, Velazquez noted the SBA had “longb prohibited the use of its financing programs for the purpose of wholesale lending, and for good reason.
Becaus lenders are limited in their ability to exercisse full control over thefinanced items, the exposurs to loss in floorplan loanx is greater than in other types of financing.”
The SBA announced it temporarily will allowe auto dealers to useits 7(a) business loan program to financs vehicle inventory. Many lenders had stopped makingthese so-called floorplan loans to auto dealers. Rep. Nydiq Velazquez, D-N.Y., who chairs the , fear “there is a significantly highe risk ofloan defaults” on these floorplam loans. This could force the SBA to increass the subsidy ratefor 7(a) which would make the loans costlier for future borrowers. In a June 2 letter to SBA AdministratoerKaren Mills, Velazquez noted the SBA had “longb prohibited the use of its financing programs for the purpose of wholesale lending, and for good reason.
Becaus lenders are limited in their ability to exercisse full control over thefinanced items, the exposurs to loss in floorplan loanx is greater than in other types of financing.”
Friday, September 7, 2012
Bad loans spike nationally in first quarter of
tenamup.wordpress.com
An analysis of FDIC data for 8,228 bankxs by the Investigative Reporting Workshopl atin Washington, D.C., released June 11 showec bad loans for the first quarter increaserd 22 percent over the fourth quarte r of 2008. “The bankinb crisis has been a one-two punch,” said Brian Koble, senior research analyst at Downtown-based investment firm “The first was the residentiao mortgage crisis and the second is the commerciallendinf crisis, and few banks have been able to avoif both. Pittsburgh banks did a better job than most others in avoidinhg the worst of the residentialmortgagde crisis, but the depth and length of the recessionm is starting to take its toll.
” American University included loans 90 days or more past due and loansz in non-accrual status, meaning banks can no longefr claim interest from these and value of foreclosed properties for each bank. That amoun t was then divided bythe bank’ss capital and loan loss reserves to determine the troubled asset ratio.
An analysis of FDIC data for 8,228 bankxs by the Investigative Reporting Workshopl atin Washington, D.C., released June 11 showec bad loans for the first quarter increaserd 22 percent over the fourth quarte r of 2008. “The bankinb crisis has been a one-two punch,” said Brian Koble, senior research analyst at Downtown-based investment firm “The first was the residentiao mortgage crisis and the second is the commerciallendinf crisis, and few banks have been able to avoif both. Pittsburgh banks did a better job than most others in avoidinhg the worst of the residentialmortgagde crisis, but the depth and length of the recessionm is starting to take its toll.
” American University included loans 90 days or more past due and loansz in non-accrual status, meaning banks can no longefr claim interest from these and value of foreclosed properties for each bank. That amoun t was then divided bythe bank’ss capital and loan loss reserves to determine the troubled asset ratio.
Wednesday, September 5, 2012
$47.2M loan secured for apartments - Puget Sound Business Journal (Seattle):
8511ysu.blogspot.com
Village at Secret Lake LP closeds ona $47.2 million construction permaneng loan May 12 to finance the Village at Secret Lake near the Orangre Lake Country Club. Osceola County records show the projectr is being built on a portionb of the property that previouslhy was an RV park on the southh sideof U.S. Highway 192 and the Daniek WebsterWestern Beltway. Carolyn first vice president and senior loan originatoffor ’s Palm Beach office, brokered the -insuredr loan. It is the largest transaction processer through the Jacksonvillethis year, according to a news release.
The $56 milliobn Village at Secret Lake is plannedrfor 12, four-story buildings with elevators, featuring a conservation pond, putting green, tot lot and oversized resort-style The project broke ground two weeks ago and is slatedc for completion November 2010. Malvern, Pa.-based Jamez S. Carr, AIA Associates LLC is the architect andJacksonville Beach-based LLC is the general contractor.
Village at Secret Lake LP closeds ona $47.2 million construction permaneng loan May 12 to finance the Village at Secret Lake near the Orangre Lake Country Club. Osceola County records show the projectr is being built on a portionb of the property that previouslhy was an RV park on the southh sideof U.S. Highway 192 and the Daniek WebsterWestern Beltway. Carolyn first vice president and senior loan originatoffor ’s Palm Beach office, brokered the -insuredr loan. It is the largest transaction processer through the Jacksonvillethis year, according to a news release.
The $56 milliobn Village at Secret Lake is plannedrfor 12, four-story buildings with elevators, featuring a conservation pond, putting green, tot lot and oversized resort-style The project broke ground two weeks ago and is slatedc for completion November 2010. Malvern, Pa.-based Jamez S. Carr, AIA Associates LLC is the architect andJacksonville Beach-based LLC is the general contractor.
Tuesday, September 4, 2012
The Business Journal asked bankers:What will be the impact of the recent mark-to-market changes? - St. Louis Business Journal:
cahijisebi.wordpress.com
Tom Daiber | It would have helped a lot more inOctobee 2008, but it will still have a significant impact. The immediate impact will be on larger banks. Every dollar the big banks write up is a dolla the government does not have to invest in the Incommunity banks, which generally don’tg own toxic assets, there is no proposedx accounting change. We will all benefit from healthied (at least on paper) big banks because when they begihlending again, our smaller business clientxs will have more opportunities. Mike Flavin | For most communit y banks, the mark-to-market changes will have littlew or nodirect impact.
This changw affects community banks through their ownership of stocko andCDO securities. It may be a very smalpl part of therecovery process. The change will provid some transparency to the credift piece of an investment and allos less confusion when credit and illiquidity is combines in amarket valuation. Dale Oberkfell | President, Suspendingv this accounting treatment may provide some stabilization to our industruy as companies will not be forcedx to take the same levelof other-than-temporaru impairment charges on their asset base.
This will provide some balance sheet which may help instill greaterconsumer However, we believe this suspension will not necessarily spur or hinder recovery, but rather that it may only simplu postpone the inevitable. Whether a toxic asser is marked before orat maturity, the end result is the same.
Tom Daiber | It would have helped a lot more inOctobee 2008, but it will still have a significant impact. The immediate impact will be on larger banks. Every dollar the big banks write up is a dolla the government does not have to invest in the Incommunity banks, which generally don’tg own toxic assets, there is no proposedx accounting change. We will all benefit from healthied (at least on paper) big banks because when they begihlending again, our smaller business clientxs will have more opportunities. Mike Flavin | For most communit y banks, the mark-to-market changes will have littlew or nodirect impact.
This changw affects community banks through their ownership of stocko andCDO securities. It may be a very smalpl part of therecovery process. The change will provid some transparency to the credift piece of an investment and allos less confusion when credit and illiquidity is combines in amarket valuation. Dale Oberkfell | President, Suspendingv this accounting treatment may provide some stabilization to our industruy as companies will not be forcedx to take the same levelof other-than-temporaru impairment charges on their asset base.
This will provide some balance sheet which may help instill greaterconsumer However, we believe this suspension will not necessarily spur or hinder recovery, but rather that it may only simplu postpone the inevitable. Whether a toxic asser is marked before orat maturity, the end result is the same.
Sunday, September 2, 2012
Delta looking to sell more tickets via Web site - Atlanta Business Chronicle:
yqyqynesara.blogspot.com
Distribution costs, including credit card processing incentives and fees paid to trave l agenciesand charges, total nearly $1 billion annually, said Susanb Chana Elliott, a spokeswoman for Delta (NYSE: DAL). Distributionh is Delta’s seventh-largest expense, and its second-fastest-growing cost. “As such, distributionh costs represent oneof Delta’ds most significant controllable expenses,” Elliott Online travel agencies, such as and , make up a large percentage of those costs and are the easies to control. Delta’s move to captured more online customers has plentgy of benefits forthe consumer, said Josh the managing director of .
Weiss said the Atlanta-based carriee has steadily added convenience features and new trip plannint options to its Web Inrecent years, Deltwa has added the ability to book rental event tickets, hotels, travel insurance and even carbon offsets. The carriefr also is making it more functionao forinternational audiences, Weiss said. Deltq sees its target audienceas budget-conscious travelers and is promoting its which does not charge booking fees, as the cheapest place to purchasr Delta tickets. Weiss said abouyt one-third of all Delta tickets are sold throughb its Web siteand it’s the airline’ s goal to move the needle beyonfd 35 percent this year.
Condominium Venturee of America Inc. ’sa (CVA) loss appears to be Urbana Realty AdvisorszLLC ’s gain. Atlanta-based real estate investmentg firm Urbana Realty Advisors last month scooped up aFort Fla., condominium-hotel for a quarter of the pricwe CVA and subsidiary 2000 Ocean Driv e LLC paid for the luxury resort less than two yearx ago. Urbana purchased the 159-room beachfront for $22.4 million from Chicago-based broker .
Unti l recently, the hotel had been owned by Atlanta-basedr CVA, which bought the property in December 2006for $80 milliomn and tried to convert it into a condominium Allan Gutierrez, the president of Urbana, said “this asset fits within our investment strategy of acquiring trophhy properties that are under-performing. We have had great success in creatiny value with this formula in the past and the Pelican will beno exception.” Urbana’xs affiliate, Boutique Hospitality Management, will managd the property. The says it is havinvg a banner year with its discount card for Atlantawarea attractions.
Sales of ACVB’s City which offers discount ticket passes to attractionas such asthe , World of and , were up 36 percenft through July over the same period in 2007. Mark ACVB executive vice president, chief salea and marketing officer, said more than 46,0009 cards were sold in the first seve months ofthe year. Stepped-up marketinh efforts in regional markets, high fuel pricese and families sticking closer to home for vacations have helpe generate sales ofthe pass, ACVB officials have The passes, which are $69 for adults and $49 for let patrons enter six Atlanta attractions.
Two Atlanta-based meetingf planners have been named to the top 25 list of largestt independent meeting planning companies inthe U.S. by magazine. USMotivationn and were tapped as two of the top25 most-influential independeny meeting planners focused on corporate meetings. USMotivation booked more than 91,000 room nights in 2007, with 33 percent of its businessdbooked overseas. Meeting Expectations booked morethan 30,000 room nightsd last year, with 10 percenft of its business booked overseas.
Distribution costs, including credit card processing incentives and fees paid to trave l agenciesand charges, total nearly $1 billion annually, said Susanb Chana Elliott, a spokeswoman for Delta (NYSE: DAL). Distributionh is Delta’s seventh-largest expense, and its second-fastest-growing cost. “As such, distributionh costs represent oneof Delta’ds most significant controllable expenses,” Elliott Online travel agencies, such as and , make up a large percentage of those costs and are the easies to control. Delta’s move to captured more online customers has plentgy of benefits forthe consumer, said Josh the managing director of .
Weiss said the Atlanta-based carriee has steadily added convenience features and new trip plannint options to its Web Inrecent years, Deltwa has added the ability to book rental event tickets, hotels, travel insurance and even carbon offsets. The carriefr also is making it more functionao forinternational audiences, Weiss said. Deltq sees its target audienceas budget-conscious travelers and is promoting its which does not charge booking fees, as the cheapest place to purchasr Delta tickets. Weiss said abouyt one-third of all Delta tickets are sold throughb its Web siteand it’s the airline’ s goal to move the needle beyonfd 35 percent this year.
Condominium Venturee of America Inc. ’sa (CVA) loss appears to be Urbana Realty AdvisorszLLC ’s gain. Atlanta-based real estate investmentg firm Urbana Realty Advisors last month scooped up aFort Fla., condominium-hotel for a quarter of the pricwe CVA and subsidiary 2000 Ocean Driv e LLC paid for the luxury resort less than two yearx ago. Urbana purchased the 159-room beachfront for $22.4 million from Chicago-based broker .
Unti l recently, the hotel had been owned by Atlanta-basedr CVA, which bought the property in December 2006for $80 milliomn and tried to convert it into a condominium Allan Gutierrez, the president of Urbana, said “this asset fits within our investment strategy of acquiring trophhy properties that are under-performing. We have had great success in creatiny value with this formula in the past and the Pelican will beno exception.” Urbana’xs affiliate, Boutique Hospitality Management, will managd the property. The says it is havinvg a banner year with its discount card for Atlantawarea attractions.
Sales of ACVB’s City which offers discount ticket passes to attractionas such asthe , World of and , were up 36 percenft through July over the same period in 2007. Mark ACVB executive vice president, chief salea and marketing officer, said more than 46,0009 cards were sold in the first seve months ofthe year. Stepped-up marketinh efforts in regional markets, high fuel pricese and families sticking closer to home for vacations have helpe generate sales ofthe pass, ACVB officials have The passes, which are $69 for adults and $49 for let patrons enter six Atlanta attractions.
Two Atlanta-based meetingf planners have been named to the top 25 list of largestt independent meeting planning companies inthe U.S. by magazine. USMotivationn and were tapped as two of the top25 most-influential independeny meeting planners focused on corporate meetings. USMotivation booked more than 91,000 room nights in 2007, with 33 percent of its businessdbooked overseas. Meeting Expectations booked morethan 30,000 room nightsd last year, with 10 percenft of its business booked overseas.
Saturday, September 1, 2012
Real estate vets opening hardware store - Business First of Buffalo:
hihozeima.blogspot.com
Jeff Pfeil and Deane Pfeil are openiny later this summer at 63Third St., the same addres where they renovated the uppe r four floors into 19 luxury apartments called The The husband-and-wife team -- who own the commercial leasinvg and marketing firm Inc. in Saratoga Springxs -- say a hardware store is neede d downtown to serve local businesses and residents who must now trave l miles away tobuy tools, equipment and other supplies. They know the frustration firsthand after doing two residential renovationh projects inthe city, the Conservatory and Power Park Lofts in north Troy. “Ourt construction staff was running all over to pick up the JeffPfeil said.
“We were spending a lot of time drivinfg to Latham and I was hauling a lot from in We thought, ‘Gee, there’s a void Trojan Hardware on Congress Street recently closed after 94 yearz in business, leaving downtown with no otherd hardware stores. The closest is acrossx the Hudson River in Watervliet or uptown near the town of Pfeil Hardware will be part of inFort Wayne, the nation’s second largest hardware The store will be managed by Stevem Lesnewski of Pittsfield, Mass., who has more than 25 yearsz of experience in the hardwarer industry.
The 8,700-square-foot store will stocik hardware, small appliances, fasteners, electrical and plumbing supplies, Benjaminh Moore paints and other products. It won’yt sell lumber. The Pfeils have been planning the storse fora year. As part of their researc h they visited hardware stores in college towna and large cities to see what kinds of products customers They also searched hard for someone to managethe “The decision wasn’t final until we founc the right person,” Pfeil said. The Pfeilw have been in the commercial real estate and developmentf business for more than20 years, but this will be the firsr time they will own a store.
There’s a reason for “Because of all the years we worked with retailers very closelu we have a pretty thorough understandingof retail, that’ds probably why we never went into it,” Jeff Pfeil said. “It’s sort of a but retail is a lot of hard long hours and all the things that comewith it.” Still, they knew from personalp experience a hardware store is neededd and were encouraged by the results of theirr marketing studies. Finding a seasoned store managerr wasalso critical. Mayor Harry Tutunjian cheered the announcementy aboutthe store.
“Jeff and Deane Pfeil have a recordx of success in Troy and I am sure that this new venture will succeed as Tutunjian said. “The residents of Troy will benefir from having a well stockesd urban hardware store in the heart of the The opening of Pfeil which is tentatively set for will return retailing to a downtown buildingt that had long served as the homeof Stanley’sw department store. The building sat emptu for years before the Pfeils bought it and converted the upper floors into 19 luxury apartmentx they callThe Conservatory. All but two of the apartmentd were occupied as ofJuly 1.
The Pfeilsw declined to say how much they spentin start-up costs for the hardware store. Nor did they want to say how much they coule have received per square foot had they leased the first floore space toanother tenant. Lease rates in downtown Troy were $10 to $20 per squarde foot as of the fourth quarteerof 2008, according to CB Richard Ellis/Albany.
Jeff Pfeil and Deane Pfeil are openiny later this summer at 63Third St., the same addres where they renovated the uppe r four floors into 19 luxury apartments called The The husband-and-wife team -- who own the commercial leasinvg and marketing firm Inc. in Saratoga Springxs -- say a hardware store is neede d downtown to serve local businesses and residents who must now trave l miles away tobuy tools, equipment and other supplies. They know the frustration firsthand after doing two residential renovationh projects inthe city, the Conservatory and Power Park Lofts in north Troy. “Ourt construction staff was running all over to pick up the JeffPfeil said.
“We were spending a lot of time drivinfg to Latham and I was hauling a lot from in We thought, ‘Gee, there’s a void Trojan Hardware on Congress Street recently closed after 94 yearz in business, leaving downtown with no otherd hardware stores. The closest is acrossx the Hudson River in Watervliet or uptown near the town of Pfeil Hardware will be part of inFort Wayne, the nation’s second largest hardware The store will be managed by Stevem Lesnewski of Pittsfield, Mass., who has more than 25 yearsz of experience in the hardwarer industry.
The 8,700-square-foot store will stocik hardware, small appliances, fasteners, electrical and plumbing supplies, Benjaminh Moore paints and other products. It won’yt sell lumber. The Pfeils have been planning the storse fora year. As part of their researc h they visited hardware stores in college towna and large cities to see what kinds of products customers They also searched hard for someone to managethe “The decision wasn’t final until we founc the right person,” Pfeil said. The Pfeilw have been in the commercial real estate and developmentf business for more than20 years, but this will be the firsr time they will own a store.
There’s a reason for “Because of all the years we worked with retailers very closelu we have a pretty thorough understandingof retail, that’ds probably why we never went into it,” Jeff Pfeil said. “It’s sort of a but retail is a lot of hard long hours and all the things that comewith it.” Still, they knew from personalp experience a hardware store is neededd and were encouraged by the results of theirr marketing studies. Finding a seasoned store managerr wasalso critical. Mayor Harry Tutunjian cheered the announcementy aboutthe store.
“Jeff and Deane Pfeil have a recordx of success in Troy and I am sure that this new venture will succeed as Tutunjian said. “The residents of Troy will benefir from having a well stockesd urban hardware store in the heart of the The opening of Pfeil which is tentatively set for will return retailing to a downtown buildingt that had long served as the homeof Stanley’sw department store. The building sat emptu for years before the Pfeils bought it and converted the upper floors into 19 luxury apartmentx they callThe Conservatory. All but two of the apartmentd were occupied as ofJuly 1.
The Pfeilsw declined to say how much they spentin start-up costs for the hardware store. Nor did they want to say how much they coule have received per square foot had they leased the first floore space toanother tenant. Lease rates in downtown Troy were $10 to $20 per squarde foot as of the fourth quarteerof 2008, according to CB Richard Ellis/Albany.
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