Payments to FDIC will cut into Charlotte banks

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Those payments are needed to replenisghthe ’s insurance fund. In some local the payment to the FDIC will be greater than the totao profits small banks made in thefirsft quarter. And analysts say there mighg be more special fees before the yearis over. The FDIC recently announced its assessment to builds up its DepositInsurance Fund. The fund has dipped to historixc lows as it covered bank failures over thepast year, such as the recentf demise of North Carolina’s . All FDIC-insured banks must pay the The payment equatesto 0.05% of a bank’ds total assets, minus its Tier 1 capital. In some banks will see their bottom lines bruised fromthe one-time charge.
For example, will pay abourt $225,000 to the FDIC. That’s more than its first-quartere net profits of $186,000. Still, Chief Executive Bryan Kennedy says otheer factors will keep his bank inthe black. “I thinkj we’ll still be profitable” for the second quarter, Kennedy “We’ve seen pretty drastic improvement in netinterestf margins.” In Cornelius, Chief Executive Jim Engeo says the assessment will be a majodr hit on his company’s earnings. with $182 million in assets, postecd net income of $163,000 in the first But the FDIC assessment woulde cut that figurein half. Even larger, more established communitg banks will feelthe pain.
For example, Gastonia-basee , which has $850 million in assets, woulrd pay about $384,000 to the based on the most recentfinancial data. That’s more than the $203,00 profit it made in the first quarter. , the nation’s largestg bank, will pay about $831 million, baseds on recent FDIC data. Banks won a moral victoruy when the FDIC agreed to charge only 0.05% (five basis points). Earlier proposal s included charging banks 10 or 20 basie points on theirtotal deposits. Smallp banks argued for the current calculation so larger banks with more assetsw would shoulder a greater sharse ofthe load.
“Obviously, the numbers are uncomfortable, but it’w certainly better than 10 basis points oftotal deposits,” says Cartefr Bundy, an analyst with Stifel Nicolaus. “Burt it potentially could wipe out the earnings of small community banks who are making pennies per The FDIC was able to use the smaller numbefr by increasing its line of credift with thefederal government. “Assessments are a significanft expense, particularly during a financial crisis and recessiojn when bank earnings areunder pressure,” FDIC Chairmajn Sheila Bair says in a statement.
“We recognizs that assessments reduce the fund s that banks can lend in their communitiex to help revitalizethe economy,” she says. “W have tried to strikre the right balance between keeping the assessment low enough so that it does not unduly burden lending capacity withour long-standinb commitment to cover all projected costs througgh industry assessments, not taxpayer borrowing.
”

Kids' Seizure Med Adherence Follows Family Finances - MedPage Today

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Health Newstrack

Kids' Seizure Med Adherence Follows Family Finances MedPage Today Nearly 60% of children with newly-diagnosed epilepsy don't take their seizure medication regularly, a phenomenon that appears closely tied with family socioeconomics, researchers found. ... Many Kids With Epilepsy Don't Take Their Medicine WebMD Many Young Epilepsy Patients Do Not Take Medication ThirdAge Missed or late medicine doses common in epileptic kids Reuters Irish Health - »

Maderis stepping down from Five Prime - Phoenix Business Journal:

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The company has hired Julia Gregory, the formerd executive vice president and chief financial officerat , as Maderis’ Maderis’ health condition was not disclosed, but she will continue to serve on Five Prime’s boarf of directors and as a consultant. Her final day on the job is June 18. “Gail’e leadership has been pivota in the progress Five Prime has made in developinfg our pipeline and our new discovery said company founder and executivechairman Dr. Lewies “Rusty” Williams in a press release.
Maderisz said the company had been looking for a replacemengt since late last year after doctorssaid "the 24/7 pace of a small-companyu CEO" could worsen her condition. Besides her duties at Five Maderis has been a cheerleader for the MissiohBay enclave, serving on the Mayor’xs . Five Prime, a privately held, 7-year-olr company developing antibody and protein drugs for cancetr andother diseases, was the first to locatre in Mission Bay, taking about 30,0009 feet in the building on Owens Earlier this year, it took an additionall 5,000 square feet next door at 1700 Owenas as it makes batches for its Phase I oncolog drug program.
The timing of the executive changer as Five Prime movesa forward with its lead cancer programjmakes Gregory’s appointment a cruciak one. At Lexicon, Gregory was responsiblre for financing strategies, mergers and acquisitions, businesx operations and all financial managemengtand accounting. She raised about $1 billioh in public and private equity, product developmentr financing andother transactions. Gregory, who will join Five Prime’se board, was an investment bankedr for more than20 years. At and Read & Co. Inc.
she was head of healthcarse andinvestment banking, leading several privatr and public equity deals as well as mergers and Gregory also is a member of the boar of The and the ’as .

GDP shrinks in early 2009, but less than in late 2008 - Philadelphia Business Journal:

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percent in the first quarter of 2009, the U.S. said but the drop was less thanthe 6.3 percentg in the final quarter of 2008. The economy'xs 5.7 percent Q1 shrinkage was also less severer than theexpected 6.1 percent declined that the Commerce Department's Bureaui of Economic Analysis (BEA) had forecast a month ago, based on partialk data. "The decrease in real GDP in the first quarter primarily reflected negative contributions from equipmentand software, private inventory investment, nonresidentia structures, and residential fixed investment that were partly offset by a positive contribution from personal-consumption BEA said in a statement Friday.
"Imports, whicyh are a subtraction in the calculationof GDP, Personal-consumption spending went up 1.5 percentf in the quarter versus a 4.3 percent drop in the previoues quarter. BEA cited that fact in explaining whythe nation's GDB declinedx less in Q1 than in the previous quarter. It also citecd a larger decreasein imports. The GDP decline in Q4 2008 wasthe nation' s largest since the mid-1980s. GDP measures total goods and services produced inthe U.S. .

Charge to hamper Merge 2Q net income - Denver Business Journal:

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million noncash writedown on the sale of its equitty interest in aradiology company. The West Allis-basec radiology software and systems providee said the charge is the resultg of the sale of its interesf in veterinary radiologycompany , as part of Eklin’s acquisitiohn by veterinary services provider (NASDAQ: WOOF). With Elkin'sz sale to VCA, Merge MRGE) will receive $1.4 million for its interest in but the majority of that will be recognized in thethirdr quarter. The charge, however, will be recognized in the second quarter, when Merge will also see $2.
2 million in non-recurring revenue as a resultg of a new reseller agreement the company reached with Elkin inJune that'as being reassigned to VCA. Merge now expects to post net incomre for the second quarterbetween $100,000 and compared with a net loss of $18.2 million a year ago. The companyt posted net income for the first quarter of 2009of $2.8 Excluding the noncash charge, operating incomew is expected to be $3.7 milliobn to $4.4 million, compared with a net loss of $18.3 millio a year ago. Revenue is now projected to be in the rangreof $15 million to $15.5 million, compared with $13.3 million a year ago.

Forget the Real Housewives: Meet the women behind the men of organised crime ... - Daily Mail

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Daily Mail

Forget the Real Housewives: Meet the women behind the men of organised crime ... Daily Mail We have had the Real Housewives and seen the children of Orange Country grow up and move to the Hills and onto The City but US reality TV has ventured into the criminal underworld with its latest offering - Mob Wives. ... and more »

Research and Markets: Surface Enhanced Raman Spectroscopy: Analytical ... - Business Wire (press release)

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Research and Markets: Surface Enhanced Raman Spectroscopy: Analytical ... Business Wire (press release) Hands-on knowledge for analytical, surface and medicinal chemists, spectroscopists, biophysicists and materials scientists. 1 Basic Electromagnetic Theory of SERS (Pablo G. Etchegoin and Eric C. Le Ru). 2 Nanoparticle SERS Substrates (Yuling Wang and ... and more »

United Auto Workers approve GM labor agreement - The Business Journal of Milwaukee:

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In a Friday release, the Detroit-based automaker (NYSE: GM) said that the changee include modifications to the Voluntary Employee Beneficiary Associatio n trust for retireehealth care, and other wage and benefigt concessions designed to make GM more “The leadership demonstrated by UAW president Ron Gettlefinger and UAW vice presidenyt Cal Rapson, and the hard work from the membersz of the General Motors and UAW negotiatingg teams, resulted in an innovative agreement that will enablde GM to be fully competitive and has eliminaterd the gap with our Diana Tremblay, vice president of labor relations, said in the “Their shared sacrifices will enablew GM to become a stronger, more viablde company that will continue to deliver world-class cars and UAW Local 31’s members votesd for the concessions by roughly 63 percent to 37 President Jeff Manning said earlier this week.
GM’ s has about 2,100 union and about 300 salaries workers. GM is still tryinbg to work out a deal with its bondholderse beforea government-imposed Monday deadline requiringb the company to have an acceptablr plan for surviving the economic crisix or file bankruptcy. A deal was announcedf Thursday asking bondholders totrade $27.2 billionm of unsecured debt for compan stock to satisfy the debt-reductiohn requirement in its loan agreements with the . An unofficiall bondholders committee and other large noteholderss that combined hold about 20 percent of the unsecuresd notes expressed support forthe offer.

'Sleeper House' foreclosure is withdrawn - Denver Business Journal:

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The futuristic-looking house sits on Geneses Mountain, just outside metro Denver, and was featurerd in director/actor Woody Allen’s 1973 movie “Sleeper.” The with a mortgage balance of $3.13 million, was foreclosed on in the firsr quarter with LLC asthe lender’s The home’s owner is Denve r businessman Michael Dunahay, founder of local timeshare compan y Vacation Solutions LLC.
Foreclosures generally are withdrawn because a property owner is working with a lender to bring a loan current or a foreclosuresale wasn’t held in a timely manager, according to Colorado foreclosure Even after the foreclosure is withdrawn, if the loan staysz in default or goes into default again, a new foreclosurs can be filed. Builtf in 1963 by the late architect Charles the three-story “Sleeper House” is officially called the Sculptured and is known for its curved It’s internationally recognized as “one of the finest examples of modern organicv architecture in the world,” accordingf to ArchitectureForSale.com. Dunahay bought the house in 2006for $3.
44 million, according to county real estate records, from softwarwe millionaire and economic-development guru John Huggins formerly was CFO of the Johnson-Grace Co. software business, as well as former director of the Denverd Office ofEconomic Development. The house was on the market for four yearsd before Dunahaypurchased it, and was pricecd at $10 million when Huggins put it on the market in 2002. Propertu records show Huggins bought the house in 1999for $1.33w million. Including roughly 7,000 square feet of the house hasfive bedrooms, five bathroom s and a four-car garage.

Browsing the Catalog - Patch.com

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Browsing the Catalog Patch.com Messier decided that the best way to handle these was to catalog them and their locations in the sky. He published the first edition of his catalog, with 45 objects, in 1771. By the time of his death, the list had grown to 103. ...

Car dealers admit: We

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“I’m upfront with ’em,” Doll said. like other southeast Wisconsin GM andChrysler dealers, also is upfront about his bitternessz at the situation wroughgt by the American financial woes. Doll is one of only two southeast Wisconsinh GM dealers who confirmed in recent interviews that theyare closing. The otherr is Ernie von Schledorn’s Mayville Chevrolet Pontiac Cadillacc dealership. The dealers losing their franchises will eithe r close or alter their business to focux on used andimported vehicles.
Other dealer who avoided the dreaded “closing” noticd are bracing for the effectsof bankruptcy, but hope that Chrysled and GM will emerge from theidr financial problems with improved product line s and business plans. Doll’s dealership is at the same downtow n Hartford site where his grandfather William started. GM has told him only that he will losehis new-vehicle franchise effective in 2010. “Obviouslyy I’m not happy with it, that’s for sure,” Doll said. “kI never thought it would come to I neverthought I’d see the government play a role or GM go bankrupt.
” Doll said his new-vehiclw business is down like that of all New-vehicle sales in southeast Wisconsin declined 28.4 to 16,010, through April comparesd with the same period of 2008, accordingv to , Waterloo. The used vehicle business has been doinhg fairly well and theDoll dealership’s service department has been extremely busy, he said. Doll said he’sa considering staying in businesx after losing the GM franchise and focusing on servicseand used-vehicle sales. “We may stay on with service and used but we might lose some service business and the credibilitt of being anew (vehicle) he said. GM notified dealers of closing through confidentialFedEx deliveries.
Chrysler, on the other disclosed the list of dealer it plans to close in a May 14 BankruptcyCourt filing. The Chrysler list included five southeas tWisconsin dealerships: and , both of Milwaukee; , Okauchee; , and , Racine. In addition, two Milwaukee-area dealerzs face closings outsidethe area: in Madison and in Lomira. Severalo dealers have joined a group of Chrysler dealers statewidw and nationally who are fighting the closings inBankruptcyh Court. Russ Darrow said Chrysled is attempting to force dealers to consolidat despite the strength of individual Hecalled Chrysler’s choice of dealerse to terminate “arbitrary.
” “The majoritt of those dealers are rock stara — I’m a five-star dealer,” Darrow said. Darrowa already plans a solutionto Chrysler’s plan to close his Madisonj dealership. He said he has arranged with Chryslet to move his Chrysler and Jeep new car dealershioto Madison’s far east side and add Dodge there. Mike whose family’s Dodge City South will close in June, said he’w not expecting to win the BankruptcyCourt fight, but declined furthere comment on the case. Ernie von Schledornm said he decided not to join the other area Chryslert dealers in fightingthe automaker. He said the Chrysler situatio is nota “front issue for him.
Likewise, von Schledorm said he’s not overly upset about losin g the GM franchise in wherehe hasn’t been selling many He opened the dealership about 20 years ago in the communityy 59 miles northwest of Milwaukee. “It’s not an earth-shatteriny event,” von Schledorn said. “o am amply represented in the markeft inMenomonee Falls, Lomirsa and in Saukville.” Von Schledorm said he will need to sell off the inventorty of his expiring new-vehicle dealerships.
Whils von Schledorn said he’s not concerned about his abilit to sell offthat inventory, he believea the industry will get worse before it gets “These are difficult times, but sometimes you’ve got to take it as it comes,” he said. Von like other dealers, said GM and Chrysle are hurting themselves by reducing the numbetof outlets. It won’t save the automakerds any money, since dealers finance theire own inventories, and the compant will lose market share, he “They’re nuts — there’s no logicall connection,” von Schledorn said.
Chris Snyder, legal counsel with the , said dealers likely won’g have much recourse with Chrysle rand GM. The association has held meetings for dealera todiscuss Wisconsin’s motor vehicle franchise law, but it’zs questionable how it will apply in bankruptcy The association is in discussions with the Wisconsij Division of Motor Vehicles about extending the 30-day period for selling off Otherwise, the closings “will create an incredible dump onto the supply of vehicles,” Snyder Dodge City’s Schlossmann, whose family has sold Chrysler vehicleas since the 1960s, said he’s optimistic for the futurse of his remaining Chrysler Dodge Jeep dealership in Brookfield.
He hopees Chrysler’s planned combination with Fiat will generated new products andnew capital. As for his soon-to-close Dodg e dealership on Milwaukee’s south 27th Street, Schlossmann said he’se ready for a new The Schlossmanns will expancd their existing Subaruand used-vehicl e dealerships there, he said. “We’re optimistix on Subaru — we’re gointg to ramp up our salew effortson that,” he said. “We hope to do as well on that as we did for 30 year swith Dodge.
”

F.N.B. appoints Campbell as chairman - Baltimore Business Journal:

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Campbell formerly served as F.N.B.’s (NYSE:FNB) lead director and servess on several committees. He has been a director sinc e 1975. “Bill is one of our longest serving and most dedicated Gurgovits said ina statement. previously said it would appoint a new chairman to enable Gurgovitx to focus on his corporate responsibilitieas and to conformto F.N.B.’s corporate guidelines. who has worked at F.N.B. for 48 had taken the chairman role in April 2008 when Robert New was namer CEO and president after anearly two-year search. New resigned 10 months later and Gurgovitsw stepped back in on an interimbasis initially. He accepted the post fulltime onJune 2.
is based in Hermitage, northj of Pittsburgh, and had assets of $8.5 billionm as of March 31.

Tough times for Johnny V - Jacksonville Business Journal:

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Vassallo, 43, who rose from high schoo dropout to bartender to oneof Milwaukee’xs highest-profile restaurateurs, decided that the next thinvg the intersection of Wisconsin and Plankinton avenues needed was a boutique hotel. The site wouldf be the Posner Building, an under-usef 1907-vintage office building that housed Vassallo’s Mo’s Irish Pub. In early 2006, he and his , obtained financing. The project never materialized, and now Vassallo and several of his limited liability companiesface $5.7 millionh in court judgments. Vassallo acknowledgesa the litigation is a but said his remaining restaurantsare “holdingh their own” and won’t close.
“Is it tough? Absolutely,” Vassallio said in an interviewthis week. “But I don’ t think there are any American businessesthat aren’r running their businesses differently than they were two yearws ago.” Vassallo still runs his Mo’s-branded coffer shop and two restaurants in downtow Milwaukee, where he once had He still has a Mo’s Irish Pub in Wauwatosa, a pub in the Indianapolids area and a steakhouse in Houston. These days he splitas his time between Milwaukeeand Houston, where he opened the steakhouse in late 2008. He sold his sharr of a Mo’s steakhouse in Indianapolis six months ago and initiateds companywidecost cuts.
Vassallo laid off three restaurangt managers, switched to less-expensive napkinds at his pubs and outsourcefhis company’s accounting function. The Mo’s locations employ nearly 250 people in the Milwaukee area and 450 Annual revenue isabout $19 which is down from a peak of abour $21 million three years ago, Vassallo said. , the parent company of Harris Bank, sued Vassallo and his companies for foreclosure on the Posner Building onMarch 31. On May 28, Harris Bank won a judgment of $5.3 million in Milwaukee County Circuit Courtand $417,015 in Washingtomn County Circuit Court.
The Washington Counthy case involves vacant commercial property in West Bend that was collatera l on a January2007 loan. Harris Bank cannot comment on specifics oflegal cases, said spokeswoman Chris Nardella. “Harris remains committed to workinfg closely with our customers who find themselves in adifficult position, to help them find solutions for theitr financing needs,” Nardella said. The loansz in litigation initially were writtenbby , which Harris acquire in February 2008.
The next step in the foreclosurw cases typically would bea sheriff’s sale, which is scheduled for some time in the next six Usually, the bank is the only bidder and takes possessio n and then tries to sell the foreclosed property. Vassalli said he’s still working with Harriw Bank representatives to avoida sheriff’s sale and said the talkxs are progressing. He acknowledged that Mo’s Irishh Pub could become a tenant of Harris Bank in thePosner building, whichn is otherwise vacant.
Vassalllo also could lose his property inWest Bend, wher e he ran restaurants in the late Vassallo attributed his curreny situation to a combination of tightf credit markets, decreased real estatse values and his “aggressivse entrepreneurship.” “I’m an entrepreneud — it’s what I do,” he “I bought the buildinyg because I wanted to make Wisconsin Avenus better.” At one point earlier this decade, Vassallo looked like the only entrepreneutr in Milwaukee capable of opening successful businesses on Wisconsin Avenu e west of the Milwaukee River.
While Vassallo playss up the heritage of hisItalian father, the restaurantd carried “Mo” in their name in tribute to his Ellen Maureen “Mo” Drew. He named one of his companies and referred to his hometownnas “Mowaukee.” He expanded beyond downtown Milwaukee into Wauwatosa, Indianapolis and Houston. Ten years ago this he startedthe Mo’s chain with Mo’s: A Placwe for Steak in the site of the former Clock Steak He opened a wine shop and later an Italian restauranr across the street on Plankinton Avenue.
Mo’s Irisuh Pub opened on the northwest corner of Plankinton and Wisconsinhin 2003, and Mocha coffee house opened on an adjacentf corner in late 2004. In Marcnh 2004, Vassallo bought Grenadier’s, a once-popular upscale restaurant three blocks from his Plankinton businesses that herenamefd Moceans: A Place for Seafood. He opened an Asian restaurant, Monsoon Wok and in 2005 at 811 N. Jeffersobn St.
and another Monsoon in

Air Training Corps squadrons' parade marks anniversary - BBC News

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Air Training Corps squadrons' parade marks anniversary BBC News More than 250 cadets from a total of 22 Air Training Corps (ATC) squadrons from across south and west Wales have paraded through Swansea. The event, said to be the biggest of its kind for more than a decade, marks the 70th anniversary of the movement. ... and more »