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'Netflix for art' startup TurningArt raises $1.5M
by Kyle Alspach
23 May 2012 at 6:00am
Boston startup TurningArt announced Wednesday it's raised a $1.5 million round to expand its service, which provides subscribers with new art for their walls on demand. Founder Jason Gracilieri said TurningArt has thousands of customers and hundreds of artists, and that both categories have been growing fast for the company. "We feel really good about the economics and the early interest and enthusiasm seen for the business," he said. "It's a great time to go out there and get a next round of financing,...
Wells Fargo to hold mortgage assistance event in Dallas
by Lance Murray
23 May 2012 at 5:59am
Wells Fargo & Co. (NYSE: WFC) will hold a free Home Preservation Workshop Thursday to offer assistance to Wells Fargo mortgage customers who might be having financial difficulties. The event will be from 9 a.m. to 7 p.m. at the Hyatt Regency Dallas, 300 Reunion Blvd. The workshop is for customers of Wells Fargo Home Mortgage, Wells Fargo Financial, and Wells Fargo Home Equity who are facing financial hardships. Wells Fargo (NYSE: WFC) said it has has invited more than 6,000 North Texas mortgage...
First Bancorp making management changes
23 May 2012 at 5:49am
First Bancorp said Tuesday that it will separate the offices of First Bancorp chief executive officer and president of First Bank, the company's principal subsidiary. Effective June 11, 2012, Richard H. Moore is being named as the company's president and chief executive officer. Jerry L. Ocheltree will continue to serve as president of First Bank. First Bancorp is a bank holding company headquartered in Troy, with total assets of approximately $3.3 billion.
Bridgeway Capital opens Erie office
23 May 2012 at 5:22am
Pittsburgh-based Bridgeway Capital has opened a new office in Erie. WSEE-TV/WICU-TV in Erie reported on the official ceremony to open Bridgeway Capital's satellite office at the Renaissance Center at 1001 State St. Bridgeway Capital, based in Pittsburgh, offers loans to small businesses and nonprofits as well as business education programs. Bridgeway Capital serves a 16-county area in western Pennsylvania. The company said on its website it could be opening other offices, probably south of Pittsburgh.
Chase suspends stock buyback as it awaits new capital rules
23 May 2012 at 5:13am
JPMorgan Chase & Co. has suspended a stock buyback as it prepares for new international rules forcing banks to hold more capital in preparation for slowdowns in the economy, the Associated Press reports. JPMorgan (NYSE:JPM) plans to continue paying its 30-cents-a-share quarterly dividend, AP reports. The decision to suspend the buyback comes about a week after the bank said it lost $2 billion on bad trades. The new international standards go into effect next year. JPMorgan CEO Jamie Dimon said...
Slideshow: Banks with largest quarterly asset growth
23 May 2012 at 4:57am
Triangle Business Journal recently looked at the success several local banks have had in growing their asset levels in the first quarter. Click below to see how the banks ranked.
Florida takes a portion of mortgage settlement for budget
23 May 2012 at 4:54am
Florida plans to take set aside $33.4 million of the $334 million in payments from a multibillion-dollar mortgage settlement with major banks and put it to use in the state's budget. The Bradenton Herald, citing a story from ProPublica, reports that Attorney General Pam Bondi's office confirmed that 10 percent of the funds were earmarked for the budget "as a penalty" and goes to "general revenue." But Florida's not alone. Many of the other states receiving portions of the $2.5 billion settlement...
Instead of big success, Facebook IPO is big embarrassment
23 May 2012 at 4:38am
Last week's much-heralded Facebook IPO was supposed to be Morgan Stanley's crowning achievement. It's turning out however to be a big embarrassment. What's more, it's raising broader questions from federal regulators about the entire IPO process, the New York Times reported Tuesday.
FDIC sues BofA, others over mortgage debt losses
23 May 2012 at 4:37am
The Federal Deposit Insurance Corp. has filed three lawsuits against several banks ? including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. ? seeking a combined $92 million, Reuters reports. The lawsuits accuse the banks of misrepresenting the risks of residential mortgages, which caused losses for investors once the poor quality and defective underwriting became evident, according to Reuters.
Community Bank cleared to acquire 19 branches
by Allissa Kline
23 May 2012 at 4:36am
Community Bank N.A. has received regulatory approval from the Office of the Comptroller of the Currency to acquire 19 new branches in Western and Central New York. The Syracuse-based financial institution will now move forward with its acquisition of 16 HSBC Bank USA N.A. branches and three First Niagara Bank branches. The former transaction is expected to close July 20. The latter will close Sept. 7, according to CFO Scott Kingsley. The deals won?t be finalized at the same time due to conversion...
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