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CapStar to buy American Security

Fri, 10 Feb 2012 01:50:13 +0000

Nashville's CapStar Bank has plans to purchase a Hendersonville lender in a move that would create an $880 million bank and represent a watershed moment among community institutions in Middle Tennessee. The Nashville bank announced late Thursday that it had signed a definitive agreement to purchase American Security Bank & Trust Co. If shareholders and regulators approve the deal, it would be the first merger among small community banks in the Nashville area since buzz of a need for consolidation picked up in the wake of the recession...

Hawaii part of $25B foreclosure settlement agreement

Fri, 10 Feb 2012 00:42:06 +0000

Hawaii was one of 49 states to agree to a $25 billion settlement with five of the nation’s largest banks to address abuses in mortgage loan servicing and foreclosures, federal officials said Thursday. The deal with Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and Ally Financial Inc. (formerly GMAC) was the largest federal-state civil settlement since the multistate tobacco settlement in 1998. The deal, the result of a year-long federal investigation, will require mortgage servicers to commit more than $20 billion for financial relief for consumers, and commit $25 billion to resolve violations of state and federal laws, U...

Saratoga lawyer sentenced in $1.1M fraud

Thu, 09 Feb 2012 23:34:43 +0000

A South Bay attorney has been sentenced to seven years in prison after he was convicted of defrauding investors of $1.1 million. David B. Prince ran an investment scheme from mid-2005 to early 2007 and defrauded more than 30 victims, prosecutors say. He was arrested in 2010 and, following a three-week trial, a federal jury convicted him last October of five counts of wire fraud. U.S. District Judge Charles R. Breyer sentenced Prince on Wednesday, citing Prince’s status as a lawyer and the “extremely vulnerable nature” of his victims, according to the office of Melinda Haag, U...

Berg in his own words: Humbled yet defiant at sentencing

Thu, 09 Feb 2012 22:57:30 +0000

(image) Frederick Darren Berg arrived for sentencing Thursday in federal court in a bland khaki-greenish prison shirt and pants – a significant contrast to the stylish and expensive clothes he wore in his prior life. Before being convicted of running a $100 million Ponzi scheme, the Mercer Island investment fund manager has been described as outgoing and charismatic. He lived an indulgent life, surrounded by exceptional luxury. The Puget Sound Business Journal ran a three-part series, plus continuing coverage, last year detailing just how he lured investors, and how he spent his money...

Slide show: Shakeup among top bank brands

Thu, 09 Feb 2012 22:11:05 +0000

(image) There was a big shakeup at the top of the banking brand rankings released this past week, which included many of the largest banking companies operating in Arizona. Wells Fargo & Co. jumped ahead of Bank of America for the second spot on Brand Finance's Banking 500, a list of the best global banking brands in 2012, which was released Feb. 1. Bank of America (NYSE: BAC) is the No. 3 banking company in the Phoenix area in terms of local deposits, and employs more than 10,000 people in Maricopa County...

Regulators approve 1st United acquisition of Palm Harbor bank

Thu, 09 Feb 2012 21:55:15 +0000

Both federal and state regulators have approved Boca Raton-based 1st United Bancorp’s application to purchase Palm Harbor-based Anderen Financial. The $37 million deal was announced in October. In a news release on Wednesday, 1st United (NASDAQ: FUBC) said it expects to complete the acquisition early in the second quarter. After earning $3.7 million in 2011, 1st United finished the year with $1.42 billion in assets. Anderen Financial’s Anderen Bank subsidiary held $207 million in assets at year-end...

Anchor Bank posts $15.3 million loss

Thu, 09 Feb 2012 21:42:18 +0000

Anchor BanCorp Wisconsin Inc. said its fiscal third quarter loss was $15.3 million, or 72 cents per share, compared with a net loss of $15.4 million, or 72 cents in the same quarter a year earlier. Madison-based Anchor (otc market: ABCW.PK) said Thursday its total assets decreased by $333.3 million, or 9.8 percent, to $3.1 billion as of the third quarter ending Dec. 31, 2011 compared with the beginning of the bank’s fiscal year March 31, 2011. Anchor’s total non-interest expense increased by $4...

Massive mortgage settlement has winners and losers

Thu, 09 Feb 2012 21:30:37 +0000

(image) The $25 billion federal/state settlement with the nation’s largest mortgage servicers has created some winners and loser among borrowers, especially in South Florida. The deal is supposed to allow for financial relief to homeowners who are underwater – owing more on their mortgages than the value of their homes. According to CoreLogic, about half of the mortgages in South Florida are underwater. However, it seems unlikely that everyone will qualify for relief, said Boca Raton attorney Marlyn Wiener, who represents borrowers in loan modifications and short sales...

House approves STOCK Act barring insider trading by lawmakers

Thu, 09 Feb 2012 21:29:15 +0000

Legislation that clearly states insider trading by members of Congress is illegal sailed through the U.S. House of Representatives in a 417-2 vote Thursday. The only two “no” votes on the Stop Trading on Congressional Knowledge (STOCK) Act were from Reps. John Campbell of California and Rob Woodall of Georgia, both Republicans, The Hill reports. Though the House bill doesn’t contain Senate language on political intelligence gatherers, Republicans stressed that the bill is stronger than the Senate version in different ways...

Glaucoma drug developer Altheos adds $12.5M to Series A round

Thu, 09 Feb 2012 21:26:43 +0000

Altheos Inc. raised an additional $12.5 million — pushing its Series A round to a total of $32.5 million — as the South San Francisco company enters a mid-stage study of a glaucoma drug. Funding has come from Bay City Capital, Novo A/S, Canaan Partners and additional investors, the company said Thursday. The expanded Series A round will allow Altheos to complete the Phase II clinical program for ATS-907, which is designed as an eye drop to reduce elevated intraocular pressure in primary open angle glaucoma and ocular hypertension...

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