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Florida sets aside $33.4M of mortgage settlement for budget
23 May 2012 at 6:36am
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...
Starent vets put $450K into Cambridge wine distribution startup Likelii
by Kyle Alspach
23 May 2012 at 6:34am
Likelii, a Cambridge startup with a platform that aims to solve wine distribution problems, has raised a $450,000 seed round from two angel investors that are veterans of Starent Networks. The startup launched in 2011 and is led by Radhika Dutt, Eugenia Perelman and Jennifer Joyce, according to an announcement of the funding. Dutt, the company's CEO, previously co-founded Lobby7 (acquired by Scansoft/Nuance), formerly worked at Starent and Avid, and holds bachelor's and master?s degrees from MIT. Likelii...
New prepaid card rules; How Google shields its own privacy
by Mark Reilly
23 May 2012 at 6:19am
Business news from around the Web: ? Apple leads world's most valuable brands (Portfolio) ? SpaceX cargo rocket blasts off (Cnet) ? Sushi restaurants face yellowfin salmonella outbreak (The Atlantic) ? Indiana's plan to steal tech jobs from coasts (The Atlantic) ? J.P. Morgan lobbying backfires (Bloomberg) ? Inside the fumbled Facebook IPO (WSJ) ? New rules for prepaid credit cards (WSJ) ? How Google shields its own privacy (NYT) ? Japanese retailer Uniqlo seeks to expand...
CIB Marine to deregister stock
23 May 2012 at 6:14am
CIB Marine Bancshares Inc., the holding company that owns Marine Bank, said it will voluntarily deregister its stock, which is traded over-the-counter.
'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.
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