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Bank of America to buy back mortgages from Freddie Mac
24 May 2012 at 5:21am
Bank of America Corp. will buy back $330 million of home loans from McLean-based Freddie Mac after flaws were found in how they were created, the Washington Post reports. Payments on the "vast majority" of the loans are current, according to Dan Frahm, a spokesman for Bank of America.
Dow Jones drops, then recovers most of loss
24 May 2012 at 5:13am
The Dow Jones Industrial Average regained a lot of lost ground Wednesday but couldn't get all the way back into positive territory despite the late rally. The Pittsburgh Business Times reported on the stock market's up and down day, when it had been down as many as 186 points before closing the day down 6.66 points to 12,496.15.
Local bank merger announced
24 May 2012 at 4:46am
First Priority Financial Corp. of Bucks and Montgomery counties said it will merge with Affinity Bancorp. of Berks county, phillyBurbs reports. "When the merger is completed, Affinity shareholders will own 38 percent of the combined company," phillyBurbs said.
Orlando Health issues $184.8 million in bonds
by Abraham Aboraya
24 May 2012 at 4:36am
Orlando Health issued two bonds totaling $184.8 million in new bond debt May 23 to pay off an older construction loan and finance the construction of the new patient tower, the Orlando Business Journal reports. In total, $155.5 million will go to a project fund to help pay for the $297 million patient tower and renovation project at Orlando Regional Medical Center. The remaining $33.27 million will repay the construction loan used to build the Orlando Health Heart Institute. The hospital will pay...
Ex-BofA exec shares advice for banks
24 May 2012 at 4:31am
Ex-Bank of America exec Sallie Krawcheck has some advice for her old bosses: Pay executives with bonds, not just cash and stock. Krawcheck in a Harvard Business Review op-ed suggests four ways that the banking industry can improve. Most of them center on better governance.
D.C. Water can?t rely solely on ratepayers to fund tunnels
24 May 2012 at 4:26am
A new study by the Brookings Institution's Metropolitan Policy Program said D.C. Water's quest to build miles of new tunnels as part of a federally mandated plan to reduce sewage overflows might be at risk if the agency relies solely on ratepayers to pay for it, The Washington Post reported. The study said the cost of the Clean Rivers project has grown from an estimated $2.2 billion in 2005 to $2.6 billion now, and cost increases to retail, business and household ratepayers are expected to foot...
SunTrust named SBA ?Export Lender of the Year?
24 May 2012 at 4:25am
The U.S. Small Business Administration has named SunTrust Banks Inc. an Export Lender of the Year for the third consecutive year, the Atlanta Business Chronicle reports. The award recognizes the Atlanta-based bank's efforts to make the most export working capital loans to U.S. exporters in 2011. SunTrust (NYSE: STI) is the Charlotte market?s fifth-largest bank, based on local deposits of $1.5 billion.
'Nike Hat Bandit' charged with bank robbery in South Florida
24 May 2012 at 4:24am
A man dubbed the "Nike Hat Bandit" has been charged with bank robbery related to three incidents in South Florida. According to a news release from the U.S. Attorney for the Southern District of Florida, Wesley Todd McCracken, 41, of Myrtle Beach, South Carolina allegedly robbed a Wells Fargo Bank in Palm Beach Gardens on Nov. 21 and, on Nov. 30, attempted to rob another Wells Fargo Bank in Dania Beach and robbed a BB&T Bank in Pompano Beach. McCracken wore a Nike baseball hat when he allegedly...
Freedom Bank of America: State complaint is ?regulatory oppression?
by Margie Manning
24 May 2012 at 4:09am
Freedom Bank of America intends to defend itself against a complaint asking a state administrative law judge to issue a cease and desist order against the bank. The bank already has demonstrated that it has improved its position since signing a written agreement with regulators in 2010, said A. George Igler, shareholder at Igler & Dougherty and one of the bank?s attorneys. ?This is nothing more than regulatory oppression,? Igler said. The state complaint, filed May 18 by the Florida Office...
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