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The bank reported a net loss of $168 million for the quartefr endedMarch 31. Its losses equaled 26 cents percommon share. The bank has not reportec a profit in the lastfour quarters. As a its share prices declined to 69cent Tuesday, versus its previous day’w close at 84 cents. Morgan Keegan & Co. banking analyst Robert Patten saidthe bank’ds first quarter report was “worse than after its nonperforming loans jumped 65 percenty within three months and its net interest margin While the bank has a proposed deal to receiv a $300 million capital infusion from an investo r group led by Florida-based , its proliferate loan problemz highlight the “substantial challengesw that face Colonial even if it were to pull-off the TBW capitao injection deal,” Patten said.
The bank was forced to raise the capitao in order to participate inthe government’s Capital Purchaswe Program, a part of In the deal, TBW will buy up 466,609 shares of convertible voting preferre stock and 133,400 shares of convertible preferrede stock, plus it will gain a 75 percent controlling interest in the bank. As a result of the sharwe swap, Colonial’s tangible book value per sharee could decline 66 Patten said. Despite the deal, Coloniakl divulged that its primary subsidiary Colonial Bank failefd to boost its capital or Tier 1capital ratio, to 8 percent, whicb was mandated by the Federa Deposit Insurance Corp. The bank’s Tier 1 rati o was 5.
54 percent at the end of the The bank could face morestringenft regulations. Problems escalating in the beleaguered Florida market continuer to pummel thebank quarter-after-quarter: It registered $1.09 billion in nonperformint assets, which included both loans and repossessec property. Of that amount, $668 million were in Florida by the end of thefirst quarter. Florida’ s soured loans included $306 million in nonperformingf residentialconstruction assets, $178 million in nonperforming commercial constructiobn assets and $79 million in nonperforming existingf commercial real estate.
The bank set asidd $257 million to cover for the loan losseas and tooka $26 million hit against its goodwill. Colonialo BancGroup is a $26 billion compang with operations spreadacross Florida, Georgia, Alabamaa and Texas.
Thursday, September 8, 2011
Tuesday, September 6, 2011
Sunday, September 4, 2011
CEO Ellison says Oracle might make netbooks - Triangle Business Journal:
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His comments came at a Sun conference for userds of Java software which he also said could be used on Oracle (NASDAQ:ORCL) earlier this year agreed to acquirr Sun (NASDAQ:JAVA) for $7 billion. "I don't see why some of thos e devices shouldn't come from Sun," Reuters quoted Ellisonj as saying. "There will be computersw that are fundamentally based on Netbooks are inexpensive laptop computers designed to connecg wirelessly and are used primarilyt for checking email and browsingthe Web. The markeg for them is expected to grow to betweenj 20 million and 30 million unitsethis year, up from the 11.7 million sold last year when theirr sales took off.
Most PC makers now have a netbooki model and if Oracle does get into the markey it will go up againstthe . (NASDAQ:HPQ) and , which either make netbooks or develoop softwarefor them. Acer said Tuesday it will make a laptolp runningon ’s (NASDAQ:GOOG) Android operating system insteacd of Microsoft Windows, which most makers now use.
His comments came at a Sun conference for userds of Java software which he also said could be used on Oracle (NASDAQ:ORCL) earlier this year agreed to acquirr Sun (NASDAQ:JAVA) for $7 billion. "I don't see why some of thos e devices shouldn't come from Sun," Reuters quoted Ellisonj as saying. "There will be computersw that are fundamentally based on Netbooks are inexpensive laptop computers designed to connecg wirelessly and are used primarilyt for checking email and browsingthe Web. The markeg for them is expected to grow to betweenj 20 million and 30 million unitsethis year, up from the 11.7 million sold last year when theirr sales took off.
Most PC makers now have a netbooki model and if Oracle does get into the markey it will go up againstthe . (NASDAQ:HPQ) and , which either make netbooks or develoop softwarefor them. Acer said Tuesday it will make a laptolp runningon ’s (NASDAQ:GOOG) Android operating system insteacd of Microsoft Windows, which most makers now use.
Thursday, September 1, 2011
Doyle signs state budget, kills county sales tax - The Business Journal of Milwaukee:
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Overall, the new state budget cuts overall spendingtby $3 billion, doing so while cutting 1,00 0 state employees, imposing across-the-board budget cuts for state agenciesw and the rolling back of 2 percent pay raisee for state employees that were to take effec this month. State agenciexs also are directed to revie w all service contracts to reducepersonnel costs. Despite the reductions in spending, Doyle's office said the budgeg ensures that state schools will see an increaswof $107 million over the next two years from federapl and state funding. The budget also continuee to invest in the BadgerCare Plus program that provides health coveragefor low-income familiexs and adults.
“Throughout this I have believed that the choices we make will reveakl clearly who we are and whatwe value,” Doyle said. “I knew that if we came worked hard and made therighrt choices, we could pass a budgety that protected priorities like health care and public safety." Doyld vetoed a proposed sales tax that would have funded the creation of a Milwaukee Countgy Transit Authority while keeping a Southeasterh Regional Transit Authority and an $18 car rental fee to fund the regionakl authority. The regional authorith is viewed to be key to the establishmen of a KRM rapids rail systemconnecting Milwaukee, Racinew and Kenosha.
Doyle also used his veto authority to slash a proposed limit on the state film incentivez packagefrom $1.5 million a year to $500,000 a The incentives package will provide refundabled tax credits for in-state spending on film productions. Doylew had proposed killing theprevious program, which provided a 25 percenty tax credit for all dollars spent on production, becaus he claimed the costzs were too high. The $1.5 milliom spending limit was proposed and qualifying expenditures clarifiexd under the newspendinhg bill. In a statement, Milwaukee County Board Chairman Lee Hollowayy calledthe governor's veto of the Milwaukee County Transit Authoritg a "serious setback" for the .
"Our mass transiy system provides the economic infrastructurse for Milwaukee Countyand beyond," said Holloway, adding that withour the tax, the estimates bus servicw will be reduced by 35 percent in less than sevehn months. Holloway called on the governo and the Legislatureto "remedy this loss." “Las November, Milwaukee County voters supported properthy tax relief via a sales tax for parks, culture and emergency medical services," he "While today’s veto was disappointing, I call on the governot and the Legislature to take this as an opportunitg to swiftly enact separate enabling legislation that fulfills the wishexs of these voters.
"
Overall, the new state budget cuts overall spendingtby $3 billion, doing so while cutting 1,00 0 state employees, imposing across-the-board budget cuts for state agenciesw and the rolling back of 2 percent pay raisee for state employees that were to take effec this month. State agenciexs also are directed to revie w all service contracts to reducepersonnel costs. Despite the reductions in spending, Doyle's office said the budgeg ensures that state schools will see an increaswof $107 million over the next two years from federapl and state funding. The budget also continuee to invest in the BadgerCare Plus program that provides health coveragefor low-income familiexs and adults.
“Throughout this I have believed that the choices we make will reveakl clearly who we are and whatwe value,” Doyle said. “I knew that if we came worked hard and made therighrt choices, we could pass a budgety that protected priorities like health care and public safety." Doyld vetoed a proposed sales tax that would have funded the creation of a Milwaukee Countgy Transit Authority while keeping a Southeasterh Regional Transit Authority and an $18 car rental fee to fund the regionakl authority. The regional authorith is viewed to be key to the establishmen of a KRM rapids rail systemconnecting Milwaukee, Racinew and Kenosha.
Doyle also used his veto authority to slash a proposed limit on the state film incentivez packagefrom $1.5 million a year to $500,000 a The incentives package will provide refundabled tax credits for in-state spending on film productions. Doylew had proposed killing theprevious program, which provided a 25 percenty tax credit for all dollars spent on production, becaus he claimed the costzs were too high. The $1.5 milliom spending limit was proposed and qualifying expenditures clarifiexd under the newspendinhg bill. In a statement, Milwaukee County Board Chairman Lee Hollowayy calledthe governor's veto of the Milwaukee County Transit Authoritg a "serious setback" for the .
"Our mass transiy system provides the economic infrastructurse for Milwaukee Countyand beyond," said Holloway, adding that withour the tax, the estimates bus servicw will be reduced by 35 percent in less than sevehn months. Holloway called on the governo and the Legislatureto "remedy this loss." “Las November, Milwaukee County voters supported properthy tax relief via a sales tax for parks, culture and emergency medical services," he "While today’s veto was disappointing, I call on the governot and the Legislature to take this as an opportunitg to swiftly enact separate enabling legislation that fulfills the wishexs of these voters.
"
Tuesday, August 30, 2011
Racing newsmaker: Danica Patrick - Brainerd Daily Dispatch
idozxun.blogspot.com
Globe and Mail | Racing newsmaker: Danica Patrick Brainerd Daily Dispatch By Don Coble At $12 million a year, Danica Patrick already was the third best-paid women athletes in the world, behind tennis stars Maria Sharapova ($25 million) and Carolina Wozniacki ($12.5 million). While her value is certain to expand with her move ... Patrick's NA! SCAR plans prompt more criticism The Nationwide Series Needs Danica Patrick Danica Patrick: 5 Predictions for Her First Full Season in Nationwide Series |
Sunday, August 28, 2011
Habitat for Humanity Needs Volunteers to Help with Clean-Up Effort - Patch.com
ymekovo.wordpress.com
Habitat for Humanity Needs Volunteers to Help with Clean-Up Effort Patch.com Executive director Jim Killoran said the organization needs a large warehouse for its donated supplies. By Satta Sarmah It is a sad day right now for the many homeowners who have been flooded, lost their special items of love, lost their homes. ... |
Friday, August 26, 2011
Buffett's Bank of America warrants soar in value - Reuters
raisavydyexuwowi.blogspot.com
Telegraph.co.uk | Buffett's Bank of America warrants soar in value Reuters The options values "are indeed moving targets," Najarian said, because of recent market volatility and uncertainty about future interest rates. "Just slight moves to either cause rather dramatic pricing differentials," he said. ... Bank of America: V! alue of Buffett Deal About $5.28/Share, Says One Number-Cruncher Bank of America gives Buffett a $3 billion gift THE TRUTH ABOUT BANK OF AMERICA: Here's Another Thing Some Investors Are ... |
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