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Sloan offered his resignation to new board chairmaj Walter Masseylast week, the bank said in a May 29 regulatoru filing. BofA didn’t disclose Sloan’s reason for As the lead independent Sloan has been under intense criticismn in recent months as the bank suffered througy a sharp stock price decline after acquiringh MerrillLynch & Co. BofA also has received $45 billiojn of taxpayer aid. , a Houston-based investment firm that holds 1.1 million BofA shares, was amongf several groups that waged a proxy againsg the country’s largest bank holding company, including callingv for Sloan’s ouster.
Sloanm was narrowly re-elected to the bank’s board at the annuao meeting in April. Meanwhile, shareholders voted to strip BofA Chief Executivwe Kenneth Lewis ofthe bank’s chairmanship, and Massey was electe d to take over board leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for13 years. Durinb his tenure, Sloan served as chairman of both the executive committe and the compensation andbenefits committee. He also was a membedr of the corporategovernance “Temple has been a trusted adviser who has made an invaluablee contribution to the success of our Lewis said in a “We will miss his counse and his leadership.
” BofA (NYSE: BAC) is basec in Charlotte, N.C.
Thursday, February 28, 2013
Saturday, February 23, 2013
Sara Lee will open Kansas City, Kan., plant, employ 250 - Kansas City Business Journal:
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and open a sliced meat manufacturing plant there in 2011 that it expects to employ more than 250 SaraLee (NYSE: based in the Chicago suburn of Downers Grove, Ill., said in a Fridag release that it expects the planrt at 4612 Speaker Road to becomes fully operational by 2011. Brent president of the , said Fridayy that Sara Lee was granteda 10-year, 75 percentf property tax abatement on $31 million of planned improvements at the plant. The abatement’s value is $9.67 million, he said. In return, the company agreed hire 55 percenf ofthe plant’s workers from Wyandott County.
“This industry-leading facilityt will reinforce our competitive advantagwein value-added meats, one of Sara Lee’sa top strategic categories and long-term growth drivers,” CJ executive vice president and CEO of Sara Lee’ds North American Retail & Foodservice said in the release. “It will help us further buildc our Hillshire Farm and SaraLee brands, both leaderz in the fast-growing category of premium Omaha-based ConAgra Foods (NYSE: CAG) that it had agreec to sell its refrigerated meat business, including the Kansas Kan., plant, to (NYSE: SFD) of Smithfield, Va.
, owner of Kansad City-based , for $575 million in cash and Sara Lee’s brands include Ambi Pur, Ball Douwe Egberts, Hillshire Jimmy Dean, Kiwi, Sanex, Sara Lee and Senseo. Combined, the brandsz generate more than $13 billion in annual net salews covering about200 countries. Sara Lee has 44,000 employees worldwide.
and open a sliced meat manufacturing plant there in 2011 that it expects to employ more than 250 SaraLee (NYSE: based in the Chicago suburn of Downers Grove, Ill., said in a Fridag release that it expects the planrt at 4612 Speaker Road to becomes fully operational by 2011. Brent president of the , said Fridayy that Sara Lee was granteda 10-year, 75 percentf property tax abatement on $31 million of planned improvements at the plant. The abatement’s value is $9.67 million, he said. In return, the company agreed hire 55 percenf ofthe plant’s workers from Wyandott County.
“This industry-leading facilityt will reinforce our competitive advantagwein value-added meats, one of Sara Lee’sa top strategic categories and long-term growth drivers,” CJ executive vice president and CEO of Sara Lee’ds North American Retail & Foodservice said in the release. “It will help us further buildc our Hillshire Farm and SaraLee brands, both leaderz in the fast-growing category of premium Omaha-based ConAgra Foods (NYSE: CAG) that it had agreec to sell its refrigerated meat business, including the Kansas Kan., plant, to (NYSE: SFD) of Smithfield, Va.
, owner of Kansad City-based , for $575 million in cash and Sara Lee’s brands include Ambi Pur, Ball Douwe Egberts, Hillshire Jimmy Dean, Kiwi, Sanex, Sara Lee and Senseo. Combined, the brandsz generate more than $13 billion in annual net salews covering about200 countries. Sara Lee has 44,000 employees worldwide.
Sunday, February 17, 2013
Frisco nabs NBA minor league team - Denver Business Journal:
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The team was purchased by LLC and will play its home gamed at the Dr Pepper Arena beginning withthe 2010-2011 basketball season. The team will not play durinhgthe 2009-2010 season. Donni Nelson, president of basketball operationd andgeneral manager, will serve as principa owner and operator of the The ownership group also includesa Evan Wyly, chairman of . The acquisition and subsequentg move to Frisco was officially announced by NBA Developmen League President Dan Reedon Thursday. “We’re very excited to be in an area with deep fan support and a history of successfusports teams,” Reed said.
“We're thrilled to welcom e such a well-respected and experiencexd group to theNBA D-League ownership ranks. Not only are Donniwe Nelson’s basketball credentials terrific, but he has assembled a group with impressiver business credentialsas well. Donnie’sw investment in an NBA D-League team is a great validatio of bothour league’s past success and futurew growth prospects.” The new owners plan to announce the team's new colors and logo, along with the coachinv staff, at a later date. was formed in 2001 and includee 16 minor league teams duringthe 2008-0o season.
The team was purchased by LLC and will play its home gamed at the Dr Pepper Arena beginning withthe 2010-2011 basketball season. The team will not play durinhgthe 2009-2010 season. Donni Nelson, president of basketball operationd andgeneral manager, will serve as principa owner and operator of the The ownership group also includesa Evan Wyly, chairman of . The acquisition and subsequentg move to Frisco was officially announced by NBA Developmen League President Dan Reedon Thursday. “We’re very excited to be in an area with deep fan support and a history of successfusports teams,” Reed said.
“We're thrilled to welcom e such a well-respected and experiencexd group to theNBA D-League ownership ranks. Not only are Donniwe Nelson’s basketball credentials terrific, but he has assembled a group with impressiver business credentialsas well. Donnie’sw investment in an NBA D-League team is a great validatio of bothour league’s past success and futurew growth prospects.” The new owners plan to announce the team's new colors and logo, along with the coachinv staff, at a later date. was formed in 2001 and includee 16 minor league teams duringthe 2008-0o season.
Tuesday, February 12, 2013
Thursday, February 7, 2013
Finra backtracks on plan to end 5% markup rule - InvestmentNews
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Finra backtracks on plan to end 5% markup rule InvestmentNews Majority of comments to proposal back policy, call it effective. Reprints. By Dan Jamieson. February 4, 2013 4:05 pm ET. The Financial Industry Regulatory Authority Inc. is backtracking on a controversial plan to end its 5% markup rule. finra, brokers ... |
Saturday, February 2, 2013
First Marblehead bank runs afoul of regulators - Portland Business Journal:
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That’s according to a cease and desist order issuedd against bythe , a federal bank regulator. First Marbleheaed (NYSE: FMD), whose key business of packaginb student loans into securities hasdried up, now faces the prospec of pumping millions of dollars of capital into the small Rhodes Island bank to bolster its capital. The OTS orde says First Marblehead is required to maintaija $30 million depositg at the bank untikl it is sold or the bank’s concentration of privatre student loans is reduced to 50 percentf of Union Federal’s capital, plus any allowance for loan losses.
First Marbleheasd also needs OTS approval before making any golden parachute paymentsd tosenior executives, according to the cease and desisyt order. Union Federal Savings Bank’s problems have been chroniclec in previous stories by the BostonBusinessx Journal. Before being acquiredr by First Marblehead, Unioj Federal Savings had about $40 million in But that balance sheet ballooned to morethan $600 million last year as First Marblehead moved some $500 million in riskyg private student loans onto the bank’s balance sheet. The bank has been unsuccessfulk in selling those loans while an escalating numbefr of defaults have triggeredlargwe losses.
In the first for example, the Nortnh Providence-based bank lost $26.4 according to federal bank filings.
That’s according to a cease and desist order issuedd against bythe , a federal bank regulator. First Marbleheaed (NYSE: FMD), whose key business of packaginb student loans into securities hasdried up, now faces the prospec of pumping millions of dollars of capital into the small Rhodes Island bank to bolster its capital. The OTS orde says First Marblehead is required to maintaija $30 million depositg at the bank untikl it is sold or the bank’s concentration of privatre student loans is reduced to 50 percentf of Union Federal’s capital, plus any allowance for loan losses.
First Marbleheasd also needs OTS approval before making any golden parachute paymentsd tosenior executives, according to the cease and desisyt order. Union Federal Savings Bank’s problems have been chroniclec in previous stories by the BostonBusinessx Journal. Before being acquiredr by First Marblehead, Unioj Federal Savings had about $40 million in But that balance sheet ballooned to morethan $600 million last year as First Marblehead moved some $500 million in riskyg private student loans onto the bank’s balance sheet. The bank has been unsuccessfulk in selling those loans while an escalating numbefr of defaults have triggeredlargwe losses.
In the first for example, the Nortnh Providence-based bank lost $26.4 according to federal bank filings.
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