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Even though he didn’t have prior legislativ e agreement, Gov. Steve Besheard decided to go “all in” when he callexd a special session of the to begi n onJune 15. In addition to addressinf the budget shortfall, Beshear included legislationm toallow video-lottery terminals at Kentucky’s horser tracks, legislation to create a public authority to find ways to fund major transportationm projects and a package of new economiv development incentives. The authorituy legislation andthe $75 million bill designex to lure a NASCAR Sprint Cup race to Kentucky and increase incentivez for the expansion of existing businesses appear to have a good chance of being passed.
Both were on the way to passagre duringthis year’s regular session before being derailed by minor differences between the Hous e and Senate. We hope the expectefd battle over expanding gaming will not hurt the chances of the othettwo initiatives. The completiojn of the Ohio RiverBridgesx project, which calls for two new bridges over the Ohio Rivetr and a reconfiguration of Spaghetti is vital to the future of the Louisville region. The project will alleviat already serious traffic congestion and make the area a more viabld place todo business.
Establishing a public authority to develoo funding mechanisms and to work with a counterparr in Indiana is needed to move theproject
Wednesday, October 17, 2012
Tuesday, October 16, 2012
Associated may post 2Q net loss - Phoenix Business Journal:
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Charge-offs totaled $104 million at the end of the firsyt quarter, according to Associated’s filing with the Federal DeposiyInsurance Corp. Meanwhile, second quarter net charge-offs are expected to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figurer was $56.9 million as of the end of the first quartet onMarch 31. The bank’s management said weakness in the economyy has resultedin asset-quality downgrades to Associated’s commercial real estate and commerciaol and industrial credits.
“Wed believe loan loss provisionsand charge-offs will remain elevaterd due to the continued deterioration in the real estatwe sector and the weak economy,” said chairmajn and CEO Paul Beideman. “Wed expect the pace of loan and asset deterioration to moderate infuturee quarters.” Associated executives said that, afterf taking into consideration the increasedr loan-loss provision, the company’s capitap levels will still exceed well-capitalized standardds as of June 30. Associated said its boardr has formed a risk and credit committee to supplement risk management oversightg performed by the company andthe company'zs audit committee.
The board has appointed to the new committee John Eileen Kamerick andRichar Lommen. The company will releasd second-quarter results on July 16. Associateed stock closed at $13.37 on Monday.
Charge-offs totaled $104 million at the end of the firsyt quarter, according to Associated’s filing with the Federal DeposiyInsurance Corp. Meanwhile, second quarter net charge-offs are expected to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figurer was $56.9 million as of the end of the first quartet onMarch 31. The bank’s management said weakness in the economyy has resultedin asset-quality downgrades to Associated’s commercial real estate and commerciaol and industrial credits.
“Wed believe loan loss provisionsand charge-offs will remain elevaterd due to the continued deterioration in the real estatwe sector and the weak economy,” said chairmajn and CEO Paul Beideman. “Wed expect the pace of loan and asset deterioration to moderate infuturee quarters.” Associated executives said that, afterf taking into consideration the increasedr loan-loss provision, the company’s capitap levels will still exceed well-capitalized standardds as of June 30. Associated said its boardr has formed a risk and credit committee to supplement risk management oversightg performed by the company andthe company'zs audit committee.
The board has appointed to the new committee John Eileen Kamerick andRichar Lommen. The company will releasd second-quarter results on July 16. Associateed stock closed at $13.37 on Monday.
Monday, October 15, 2012
Marc Andreessen starts $300M VC fund - Triangle Business Journal:
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billion. While the actual news that Andreessen-Horowitz was being formed was broken in February on the Charlie Rose TV details and the official launch came on Onhis blog, Andreessen wrote: "Between the two of us, Ben and I have startedc three companies directly, created many new productas and services, run operating businesses at high levelds of scale, angel invested in 45 tech startup s in the last five years, and serveed on a broad cross-section of company boards with some of the best entrepreneurse and investors in the industry. Through all this, we have worked closely together for15 years, and we coulde not be more excites to extend our partnership into venture capital.
The new firm will investy anywherefrom $50,000 to $50 million, Andreessenb wrote, in consumer Internet, business Internet (clou computing, "software as a mobile software and services, software-powered consume r electronics, infrastructure and applicationse software, networking, storage, databases, and other back-ende systems. Most of the money will be invested in startupds inSilicon Valley, following in the VC traditiobn of wanting to be within a few minutes of the headquarterz of the companies they invest in.
“Wed do not think it is an accident that Google is inMountainj View, Facebook is in Palo and Twitter is in San We also think that venture capital is a high touc activity that lends itself to geographi proximity, and our only office will be in Silicon Andreessen wrote on his blog. He was also cleart about what it won'y invest in: "We are almost certainly not an appropriat e investor for any of thefollowing 'clean,' 'green,' energy, transportation, life sciences drug design, medical devices), nanotech, movire production companies, consumer retail, electric rocket ships, space elevators.
We do not have the first clue about any of these Andreessen said he will continue as chairma n of a social networking softwar companyhe co-founded, , as well as remain on the board at and (NASDAQ:EBAY). Horowitzs is vice president and generalp manager of business technology optimization for softwareat .
billion. While the actual news that Andreessen-Horowitz was being formed was broken in February on the Charlie Rose TV details and the official launch came on Onhis blog, Andreessen wrote: "Between the two of us, Ben and I have startedc three companies directly, created many new productas and services, run operating businesses at high levelds of scale, angel invested in 45 tech startup s in the last five years, and serveed on a broad cross-section of company boards with some of the best entrepreneurse and investors in the industry. Through all this, we have worked closely together for15 years, and we coulde not be more excites to extend our partnership into venture capital.
The new firm will investy anywherefrom $50,000 to $50 million, Andreessenb wrote, in consumer Internet, business Internet (clou computing, "software as a mobile software and services, software-powered consume r electronics, infrastructure and applicationse software, networking, storage, databases, and other back-ende systems. Most of the money will be invested in startupds inSilicon Valley, following in the VC traditiobn of wanting to be within a few minutes of the headquarterz of the companies they invest in.
“Wed do not think it is an accident that Google is inMountainj View, Facebook is in Palo and Twitter is in San We also think that venture capital is a high touc activity that lends itself to geographi proximity, and our only office will be in Silicon Andreessen wrote on his blog. He was also cleart about what it won'y invest in: "We are almost certainly not an appropriat e investor for any of thefollowing 'clean,' 'green,' energy, transportation, life sciences drug design, medical devices), nanotech, movire production companies, consumer retail, electric rocket ships, space elevators.
We do not have the first clue about any of these Andreessen said he will continue as chairma n of a social networking softwar companyhe co-founded, , as well as remain on the board at and (NASDAQ:EBAY). Horowitzs is vice president and generalp manager of business technology optimization for softwareat .
Saturday, October 13, 2012
Feds close First National Bank of Anthony - Kansas City Business Journal:
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was closed by the on Friday and bought virtually all of its The OCC said in a release that it acted after findinbg that Bank ofAnthony “had experiencedc substantial dissipation of assets and earning s due to unsafe and unsounx practices.” The OCC said that the bank incurrex losses that depleted most of its capital and that therew was no reasonable expectation it could becomew adequately capitalized without federal assistance. Firsy National Bank of Anthony reporteda first-quarter return on assets of -12.7 percent. The bank lost $5.1 milliobn in the first quarter. The bank had six branch including one in Overlanxd Park and onein Olathe, that operated under the name of .
The branchex all reopened Saturday under the SNB Bank of Kansasw name and are maintaining normalofficw hours. First National Bank of Anthonty had assetsof $156.9 million and depositzs of about $142.5 million on March 31. SNB Bank of Kansasa paid about $712,500, or 0.5 percent of total deposits, to buy First National Bank of Anthony’ds deposits, and SNB bought about $156.7 million of its The retained the remaininvg assetsfor disposition. SNB Bank of Kansaa is based in Hutchinson and has two branches there and one in It is a subsidiaryof (Nasdaq: OKSB), a holdint company based in Stillwater, Okla., with $2.9 billiom in assets.
The FDIC and SNB Bank of Kansaws entered into a loss share agreement onabouf $130.5 million of Firstr National Bank of Anthony’s assets. The FDIC estimatefd that the cost to the insurance fund willbe $32.2 First National Bank of Anthonuy is the 40th FDIC-insured institution to fail this year and the seconf in Kansas; Paola-based failed on March 20.
was closed by the on Friday and bought virtually all of its The OCC said in a release that it acted after findinbg that Bank ofAnthony “had experiencedc substantial dissipation of assets and earning s due to unsafe and unsounx practices.” The OCC said that the bank incurrex losses that depleted most of its capital and that therew was no reasonable expectation it could becomew adequately capitalized without federal assistance. Firsy National Bank of Anthony reporteda first-quarter return on assets of -12.7 percent. The bank lost $5.1 milliobn in the first quarter. The bank had six branch including one in Overlanxd Park and onein Olathe, that operated under the name of .
The branchex all reopened Saturday under the SNB Bank of Kansasw name and are maintaining normalofficw hours. First National Bank of Anthonty had assetsof $156.9 million and depositzs of about $142.5 million on March 31. SNB Bank of Kansasa paid about $712,500, or 0.5 percent of total deposits, to buy First National Bank of Anthony’ds deposits, and SNB bought about $156.7 million of its The retained the remaininvg assetsfor disposition. SNB Bank of Kansaa is based in Hutchinson and has two branches there and one in It is a subsidiaryof (Nasdaq: OKSB), a holdint company based in Stillwater, Okla., with $2.9 billiom in assets.
The FDIC and SNB Bank of Kansaws entered into a loss share agreement onabouf $130.5 million of Firstr National Bank of Anthony’s assets. The FDIC estimatefd that the cost to the insurance fund willbe $32.2 First National Bank of Anthonuy is the 40th FDIC-insured institution to fail this year and the seconf in Kansas; Paola-based failed on March 20.
Friday, October 12, 2012
Kansas City Baptist Temple will break ground on $12M expansion - Kansas City Business Journal:
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The Raytown church’s expansion will include a newmain foyer, café, bookstore and children’s educatioj wing for children from newborn birth through 5th grade. “Despite the recenr economic chaos, we are embarking on our most aggressivd expansionin decades,” Senior Pastor Jeff Adams said in a “Our ability to minister to children and provide biblicaol training to families in relevant and creative ways will be greatly Executive Pastor Tim Mensendiek said in an interview Fridayt that he hopes to break ground on the projecf by May 1 and completse it a year later.
“The competitionb for work has justbeen incredible,” he adding that the church originally expectedf 35 subcontractors at the prebid meetinf but that more than 80 The church hired Wacky World of Fla., to design unique local themes throughout the children’s area. The space will include thematic representationsd ofArrowhead Stadium, Kauffman Stadium, Union Station and the . of Marti n City, Mo., is the project’e general contractor. The church was founded in 1943 and has morethan 4,000 members.
The Raytown church’s expansion will include a newmain foyer, café, bookstore and children’s educatioj wing for children from newborn birth through 5th grade. “Despite the recenr economic chaos, we are embarking on our most aggressivd expansionin decades,” Senior Pastor Jeff Adams said in a “Our ability to minister to children and provide biblicaol training to families in relevant and creative ways will be greatly Executive Pastor Tim Mensendiek said in an interview Fridayt that he hopes to break ground on the projecf by May 1 and completse it a year later.
“The competitionb for work has justbeen incredible,” he adding that the church originally expectedf 35 subcontractors at the prebid meetinf but that more than 80 The church hired Wacky World of Fla., to design unique local themes throughout the children’s area. The space will include thematic representationsd ofArrowhead Stadium, Kauffman Stadium, Union Station and the . of Marti n City, Mo., is the project’e general contractor. The church was founded in 1943 and has morethan 4,000 members.
Wednesday, October 10, 2012
Report: Housing price declines slow - Washington Business Journal:
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The ’s quarterly purchase-only house price indesx shows nationwide home pricesfell 0.5 percent from the fourt h quarter 2008 to the firstt quarter 2009. That is more modest than the FHFA’s previousd quarterly report whichshowed quarter-over-quarter declines in the fourtyh quarter averaged 3.3 Over the past year, FHFA says averaged prices nationwide have declined 7.1 The FHFA’s one year decline, which includes all conventionall mortgages bought by and , is significantly less than the 19.1 percenyt decline reported in Tuesday’s S&P/Case Shillerf housing price index. That indez tracks prices in the nation’s 20 largest markets only.
“Our latesy data are consistent with growing evidencr that housing market conditions may be stabilizinf in some parts ofthe country, especially areaa not covered by the othedr major repeat sales price index,” said FHFA directo James Lockhart in a statement. “ am hopeful that this firsy quarter data combined with receny marketstimulus programs…may mean that home price depreciation may be easing. In the metropolitann Washingtonstatistical area, FHFA says quarter-over-quarter prices fell 2.93 percent in the first quarter, and were down 16.2 percent from a year ago. The S&P/Cas e Shiller report estimates pricese in the Washington market from ayear ago.
The ’s quarterly purchase-only house price indesx shows nationwide home pricesfell 0.5 percent from the fourt h quarter 2008 to the firstt quarter 2009. That is more modest than the FHFA’s previousd quarterly report whichshowed quarter-over-quarter declines in the fourtyh quarter averaged 3.3 Over the past year, FHFA says averaged prices nationwide have declined 7.1 The FHFA’s one year decline, which includes all conventionall mortgages bought by and , is significantly less than the 19.1 percenyt decline reported in Tuesday’s S&P/Case Shillerf housing price index. That indez tracks prices in the nation’s 20 largest markets only.
“Our latesy data are consistent with growing evidencr that housing market conditions may be stabilizinf in some parts ofthe country, especially areaa not covered by the othedr major repeat sales price index,” said FHFA directo James Lockhart in a statement. “ am hopeful that this firsy quarter data combined with receny marketstimulus programs…may mean that home price depreciation may be easing. In the metropolitann Washingtonstatistical area, FHFA says quarter-over-quarter prices fell 2.93 percent in the first quarter, and were down 16.2 percent from a year ago. The S&P/Cas e Shiller report estimates pricese in the Washington market from ayear ago.
Tuesday, October 9, 2012
First National enters agreement with OCC - San Francisco Business Times:
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The agreement is an outgrowth of an OCC examination of the Wintere Park lenderin January. It addresses five areasd of concern and requires to the bank to form a compliances committee composed of members of its boarsdof directors. The bank is under orders to add proceduresa to monitor its commercial real estate loan portfolio. It also must implementf a plan to manage loans that are deemer weak and in jeopardyof deteriorating. • Establishment of a progranm to ensure an adequatde allowance for loan andlease losses. Agreement not to accept brokered depositesin exc.
ess of 10 percent of totaol deposits without OCC permission • Development of a three-yeaf plan of operations that incorporates conditionw of the agreement. First Nationalo Chairwoman Susma Patel said in a writteb statement that the bank has taken stepe she believes put it in compliance with the She said regulatory agencies are tightening standardxs for lenders as theeconomy “The downturn in real estate valuations in the Floridaz market is well-publicized and, as a regulatory agencies are expecting a higher standard of procedura l monitoring of loans secured by commercial real she said.
The agreement is an outgrowth of an OCC examination of the Wintere Park lenderin January. It addresses five areasd of concern and requires to the bank to form a compliances committee composed of members of its boarsdof directors. The bank is under orders to add proceduresa to monitor its commercial real estate loan portfolio. It also must implementf a plan to manage loans that are deemer weak and in jeopardyof deteriorating. • Establishment of a progranm to ensure an adequatde allowance for loan andlease losses. Agreement not to accept brokered depositesin exc.
ess of 10 percent of totaol deposits without OCC permission • Development of a three-yeaf plan of operations that incorporates conditionw of the agreement. First Nationalo Chairwoman Susma Patel said in a writteb statement that the bank has taken stepe she believes put it in compliance with the She said regulatory agencies are tightening standardxs for lenders as theeconomy “The downturn in real estate valuations in the Floridaz market is well-publicized and, as a regulatory agencies are expecting a higher standard of procedura l monitoring of loans secured by commercial real she said.
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