dawojetos.blogspot.com
This is the finding of The Sycamore Township-basef property owner, which redevelops grocery-anchored shopping centers, took an art-of-war approacy to pre-empting the recession. The firm paid down millions in niched its leasing team to focus on specifixc growthareas – leasing parking lots for Christmass tree sales, for example – and appliec its chief talent to the 40 propertiees with the most growtj potential. The result is more than 1 millionh square feet of lease spacde either signed or in the pipelinethis year, as emergin g discounters – from Dollar Tree to off-price grocers – snap up vacant spaces.
Phillips Edison has reducecd the time it takes to turn around a lease by about30 percent, and it acceleratexd its retention rate by aboutg 18 percent. “Since the last part of 2008 and into we have the biggest pipelineand we’ve done more leasin g than we’ve ever done,” said Mark chief operating officer at Phillips “A lot of these discount merchants are reallyh taking this opportunity.” Within the next two years, Addy expects Phillipz Edison to purchase hundreds of millions of dollar in new properties nationally, especiall out West.
But in Cincinnati there look to be good In 2008, 27 retail structures sold in the Greater Cincinnato area, for an average price of $68.6e per square foot, according to the real estate researcyh firm , in Bethesda, Md. That compared with 56 transactionszin 2007, at an average $99.37 per squarer foot. “Retail sales on an aggregate basiw are 10 percent lowet today than they were ayear ago,” said Davix Brennan, co-director of the Institute for Retailingb Excellence at the in Minnesota. Yet retail square footage from 1990 to 2008 expanderd to 21 square feetper person, from 14 squars feet.
“It’s going to take time to recycle the existing realestate that’s out there,” Brennan “It’s really a buyer’s market.” Phillips Edison, whichn operates 240 shopping centers in 36 handled 735 lease transactionsz in 2008, and it signed about 1.1 million squarde feet of new leased Still, its retail square footage is down almos 4 percent from early thanks to retail bankruptcies, retentiohn issues and fewer new Sixty percent to 70 percent of the tenante whose leases are coming up for renewal are askinyg for some kind of rent relief, Addy These challenges, combined with increased bankruptcies, causede Phillips Edison to launch a series of efforts: • Debt In the past 60 days, Phillips Edison paid down its debt obligationsz by $20 million.
As a result, no significant loan maturities will be due beforeJuly 2011. The idea was to eliminated the pressures of thedebt market, Addy “If you have financing coming due, it’s really going to prohibitf you from doing what you want as a growing • Tailored leasing: Phillip s Edison assigned its two most experienced leasing agents to handle nothing but lease renewald for its roughly 3,200 tenants (15 percengt of whose leases are up each The strategy: The agents start workinhg with tenants a full year in advance. Phillips also assignesd two people to handle all of its100 out-parcels, such as restaurantsz and ATMs.
• Temporary users: Phillips charged its property management group with focusing on tenantws that use parking lots forfireworkas sales, carnivals or car shows, and as a resulgt expects $1 million in added This does not factor in the benefits of the addeed traffic. (The property management group, meanwhile, is operatin at almost 30 percentunder • Mission Possible 20/20: Phillips entrusted its most seniod staff with leasing the 40 propertiesx in its two portfolios with the greatest upside (vacancy). The logicc is that those properties could generate 50 percent of the opportunitiews for thetotal portfolios.
Staff are rewardec by the sound of a cowbell when they makea “jeans Fridays” and a chance to win up to $10,00 for a Rolex watch when the lease year ends in With these efforts, Phillips has since Octobere landed nine new big-box centers, reduced its lease turnaround time to 3.6 days from five days and increasedr retention to 83 percent from 65 percent. The firm expecta to lease 2 million square feetthis year, with 620,00 square feet signed and an additional 500,00 in the 45- to 60-day And it expects to purchase $300 millio n in space the next 18 months to two seeking what Addy describesd as centers with supermarket anchors that are of a littlew higher quality.
In time, Addy does expecgt consumers to come backto spending, though as credit markets ease up incrementally. “I think the recessiobn we’re in right now had an impact on the consumer that frankly none of us has ever he said. “But people do have a short memory, and they can fall back into that pattern. It’s goinh to have to find a senseof equilibrium.”
Thursday, June 30, 2011
Tuesday, June 28, 2011
State sets up authority to attack urban blight - Birmingham Business Journal:
ignatiywulyxura.blogspot.com
The Alabama Land Bank Authority, established through legislationm passed this spring and signed into law onMay 21, will help citiexs reclaim and clean up blighted urban according to a news release. By eliminatingv financial barriers forproperty owners, the Land Bank Authority hopeas to see abandoned or neglected property redevelopede or sold, which will generate tax revenue for locak governments and help boost neighboring propert y values. State Sen. Linda Coleman, who sponsored the bill, said the law can be an economixc development tool forurban communities.
“Municipalities and countied can now work to rebuilc communities because the barrier of clearing title to delinqueny properties will be removed through the Land Bank Coleman said. Only properties with more than three years of delinquengt property taxes willbe eligible. The authorit does not have the power of eminent Owners of eligible properties will have two years to either give away or borrow moneg to rebuild to take advantage of the waiving of the taxewsand liens. The effort could also reducwe local governments’ maintenance expenditures, officials said.
Birminghak Mayor Larry Langford called the initiative the most significant piecew of legislation for addressing urban bligh t in more than50 years. He said the city of Birminghamm spends morethan $17 million a year cuttinfg overgrown lots and demolishing abandoned Officials said the law will be particularly helpfuo to organizations like Habitat for Humanity and Mission Birmingham. Both organizationzs build houses at affordable ratesfor low-incom families. “The No. 1 hurdle for thesre organizations has not been finding volunteers or but locating sites on whichto build,” Alabama Department of Economidc and Community Affairs Director Bill Johnson said.
“If you put a housw on one of these properties, you improvw the neighborhood and people’s lives; property that produced no incomed now provides revenue for the community in the form ofpropertg taxes.” The four members of the board appointex by the governor will serve staggerex terms. The directors or designees of the Alabama Department of Economic andCommunity Affairs, Alabama Developmenty Office and the state Finance Director’ s office also will serve on the
The Alabama Land Bank Authority, established through legislationm passed this spring and signed into law onMay 21, will help citiexs reclaim and clean up blighted urban according to a news release. By eliminatingv financial barriers forproperty owners, the Land Bank Authority hopeas to see abandoned or neglected property redevelopede or sold, which will generate tax revenue for locak governments and help boost neighboring propert y values. State Sen. Linda Coleman, who sponsored the bill, said the law can be an economixc development tool forurban communities.
“Municipalities and countied can now work to rebuilc communities because the barrier of clearing title to delinqueny properties will be removed through the Land Bank Coleman said. Only properties with more than three years of delinquengt property taxes willbe eligible. The authorit does not have the power of eminent Owners of eligible properties will have two years to either give away or borrow moneg to rebuild to take advantage of the waiving of the taxewsand liens. The effort could also reducwe local governments’ maintenance expenditures, officials said.
Birminghak Mayor Larry Langford called the initiative the most significant piecew of legislation for addressing urban bligh t in more than50 years. He said the city of Birminghamm spends morethan $17 million a year cuttinfg overgrown lots and demolishing abandoned Officials said the law will be particularly helpfuo to organizations like Habitat for Humanity and Mission Birmingham. Both organizationzs build houses at affordable ratesfor low-incom families. “The No. 1 hurdle for thesre organizations has not been finding volunteers or but locating sites on whichto build,” Alabama Department of Economidc and Community Affairs Director Bill Johnson said.
“If you put a housw on one of these properties, you improvw the neighborhood and people’s lives; property that produced no incomed now provides revenue for the community in the form ofpropertg taxes.” The four members of the board appointex by the governor will serve staggerex terms. The directors or designees of the Alabama Department of Economic andCommunity Affairs, Alabama Developmenty Office and the state Finance Director’ s office also will serve on the
Saturday, June 25, 2011
Rise Against Announce Canadian Tour - Exclaim! (blog)
cicugaha.wordpress.com
ChartAttack | Rise Against Announce Canadian Tour Exclaim! (blog) By Gregory AdamsIt's been a big year for long-running Chicago punkers Rise Against, with a couple highlights including the release of their most recent politic » |
Thursday, June 23, 2011
Recreation Park to get a new playground - Visalia Times-Delta
balamatovaegede.blogspot.com
Recreation Park to get a new playground Visalia Times-Delta The new Universally Accessible Playground at Recreation Park is within three weeks of being completed and opened to the public. / Juan Villa While his older sister enjoyed one of the many programs offered by the city of Visalia at Recreation Park ... |
Tuesday, June 21, 2011
U of L researcher publishes study indicating drug for HIV prevention - Business First of Louisville:
hihozeima.blogspot.com
The Owensboro Cancer Research Program is a partnership betweenn the Owensboro Medical Health Systek and Uof L’ws James Graham Brown Cancer HIV research is a focus of the program because HIV patientas have a higher risk of gettingh cancer. Palmer was the senior author of the which was published today in the Proceedings ofthe . It indicates that a protein found in a plangcalled “nicotiana benthamiana” could be a low-cosf measure to prevent the which can lead to AIDS. The publishexd study was a collaborative effort between Palmer andothee scientists, including Dr. Barry O’Keefe of the .
Two Kentucky-based biotech companies, LLC and , also participated in the along with researchers at andthe , according to a news Palmer, also an associate professor of pharmacology and toxicology and senior scientisf at the Brown Cancer Center, said durinf a news conference today that researchers have developed a procesws that allows 500,000 potentiaol human doses to be extracted from plants grown in a 5,000-square-foo t greenhouse. The protein could be manufactured into a gel or a Palmer said, and could be comparable in cost to male Such a product would be especially useful in developing countries for women who are not able to condom use with sexual partners, Palmer said.
“Ther e is a big need for an effective, female-controlleed intervention,” he said, adding that the potentiaol demand equatesto “billions of doses.” The plante from which the protei is extracted could be grown in Palmer said, and could represenr opportunity for the agriculture industry. “I think that it coul d be a new way of and I hopeit is,” he said. The next Palmer said, is to formulate the proteinb so that it can be usedin early-stag clinical trials in humans. Researcher s hope to begin a phase one trial sometimeenext year, Palmer said, and the treatment could reach the markett as soon as 2015.
Palmeer estimated that “tens of millions” of dollars woulcd be needed to carry the projec through phase threeclinical testing. Project leaders believed that internationalhealth organizations, such as the Bill Melinda Gates Foundation, will have an interest in helpingt to fund the research, said Dr. Donald Miller, director of the Brownj Cancer Center. Miller called the newly published stud ya “very important piece of “We think this is a validation of our beliecf that this is goingy to be a very viable, cost-effective way to produces new drugs,” Miller said.
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The Owensboro Cancer Research Program is a partnership betweenn the Owensboro Medical Health Systek and Uof L’ws James Graham Brown Cancer HIV research is a focus of the program because HIV patientas have a higher risk of gettingh cancer. Palmer was the senior author of the which was published today in the Proceedings ofthe . It indicates that a protein found in a plangcalled “nicotiana benthamiana” could be a low-cosf measure to prevent the which can lead to AIDS. The publishexd study was a collaborative effort between Palmer andothee scientists, including Dr. Barry O’Keefe of the .
Two Kentucky-based biotech companies, LLC and , also participated in the along with researchers at andthe , according to a news Palmer, also an associate professor of pharmacology and toxicology and senior scientisf at the Brown Cancer Center, said durinf a news conference today that researchers have developed a procesws that allows 500,000 potentiaol human doses to be extracted from plants grown in a 5,000-square-foo t greenhouse. The protein could be manufactured into a gel or a Palmer said, and could be comparable in cost to male Such a product would be especially useful in developing countries for women who are not able to condom use with sexual partners, Palmer said.
“Ther e is a big need for an effective, female-controlleed intervention,” he said, adding that the potentiaol demand equatesto “billions of doses.” The plante from which the protei is extracted could be grown in Palmer said, and could represenr opportunity for the agriculture industry. “I think that it coul d be a new way of and I hopeit is,” he said. The next Palmer said, is to formulate the proteinb so that it can be usedin early-stag clinical trials in humans. Researcher s hope to begin a phase one trial sometimeenext year, Palmer said, and the treatment could reach the markett as soon as 2015.
Palmeer estimated that “tens of millions” of dollars woulcd be needed to carry the projec through phase threeclinical testing. Project leaders believed that internationalhealth organizations, such as the Bill Melinda Gates Foundation, will have an interest in helpingt to fund the research, said Dr. Donald Miller, director of the Brownj Cancer Center. Miller called the newly published stud ya “very important piece of “We think this is a validation of our beliecf that this is goingy to be a very viable, cost-effective way to produces new drugs,” Miller said.
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Saturday, June 18, 2011
Poizner questions selling State Fund assets - San Francisco Business Times:
http://www.theinsyderz.com/2002/italiano/lago-di-garda.html
“I am troubled by the details of the Poizner said in comments released to the San Franciscoo Business Timeson Thursday. “Iyt specifically removes my participatiohn from a transaction that affects a company that writews more than one out of every five compensation policies and is the largest insuranc company inthe state.” Schwarzenegger’xs proposal suggests that a sale of unspecifie assets could raise $1 but there are no indications that the numberf corresponds to any specific tangible interest by would-be buyers.
Poizner, who was pointedlg left out of discussions about the proposed as was state Attorney GeneralJerrh Brown, said a “hasty or ill-considered sale could wreak havoc on the already-volatile compensation market.” The governor has proposec selling assets of San Francisco-based Statew Fund to help fill the state’s loominv $24.3 billion budget deficit. Schwarzenegger’s revised budget, rejiggeres after California voters rejectedd a bevy of ballo propositions last month intended to righrtthe state’s fiscal ship, is now being considererd by the state Legislature.
Rachel Cameron, the governor'sx deputy press secretary, told the San Francisco Business Times on Friday that Schwarzenegger will work with allinterestesd parties, including Poizner and Brown, to make the proposef sale work. She said there's "npo doubt that there are profitable line of business at State Fund that would be enticing toprivatd insurers." She played down the suggestion that the governor is freezing out otherf state officials and voices, saying "We welcome and look forwarxd to a debate with all interestecd parties.
" State Fund, California’sa insurer of last resort in the comp niche, saw its share of the state workers’ comp markey soar above 50 percengt in the early years of the decade, when many private insurer s stopped writing new business here. It still controllec about 23 percent of the market last selling closeto $1.7 billio n in premiums. It covers an estimated 180,000 or so smalol businesses, many of which woulsd have trouble finding affordable comp coverage from other according to Poizner and insuranceindustry sources.
In his statemenr to the San FrancisciBusiness Times, Poizner mentioned construction firms and small farmes as businesses that often cannot find coverage in the private “Any sale would have ramifications throughout California’s business affecting the availability and cost of compensation insurance for all (of) California’ employers,” said Poizner, a Republican who is a contendere for his party’s nomination to replace Schwarzenegger, who cannot run for reelection due to term limits.
“Greatr care must be taken to ensured that a sale of State Fund assets does not place additional stresson California’zs already-reeling economy,” Poizner Cameron noted earlier this week that Schwarzenegger’s proposal is based on a determination to maintain a sounc workers’ comp system in keep at least part of State Fund “and achieve the highest value for the But some insurance industry executives agree with Poizner that the sale of a portiomn of State Fund coulfd be risky.
“It’s kind of ridiculous,” Dave De Wenter, executive vice presideng and COO ofthe Torrance-based told the Business Time earlier in the week, predicting that such a sale could turn into a huge boondoggls and damage State Fund’s financia l stability. “It just sounds craz y to me,” Scott Hauge, president of the Smal l Business Californiaadvocacy group, who also runs a San Francisco insurancde brokerage that sells State Fund policies, in commente to the Los Angeles Times. “Most of the small businessews that are with State Fund are therde becausethey can’t go anywhere else. If they are a more riskyu typeof business, their rate will go way up.
”
“I am troubled by the details of the Poizner said in comments released to the San Franciscoo Business Timeson Thursday. “Iyt specifically removes my participatiohn from a transaction that affects a company that writews more than one out of every five compensation policies and is the largest insuranc company inthe state.” Schwarzenegger’xs proposal suggests that a sale of unspecifie assets could raise $1 but there are no indications that the numberf corresponds to any specific tangible interest by would-be buyers.
Poizner, who was pointedlg left out of discussions about the proposed as was state Attorney GeneralJerrh Brown, said a “hasty or ill-considered sale could wreak havoc on the already-volatile compensation market.” The governor has proposec selling assets of San Francisco-based Statew Fund to help fill the state’s loominv $24.3 billion budget deficit. Schwarzenegger’s revised budget, rejiggeres after California voters rejectedd a bevy of ballo propositions last month intended to righrtthe state’s fiscal ship, is now being considererd by the state Legislature.
Rachel Cameron, the governor'sx deputy press secretary, told the San Francisco Business Times on Friday that Schwarzenegger will work with allinterestesd parties, including Poizner and Brown, to make the proposef sale work. She said there's "npo doubt that there are profitable line of business at State Fund that would be enticing toprivatd insurers." She played down the suggestion that the governor is freezing out otherf state officials and voices, saying "We welcome and look forwarxd to a debate with all interestecd parties.
" State Fund, California’sa insurer of last resort in the comp niche, saw its share of the state workers’ comp markey soar above 50 percengt in the early years of the decade, when many private insurer s stopped writing new business here. It still controllec about 23 percent of the market last selling closeto $1.7 billio n in premiums. It covers an estimated 180,000 or so smalol businesses, many of which woulsd have trouble finding affordable comp coverage from other according to Poizner and insuranceindustry sources.
In his statemenr to the San FrancisciBusiness Times, Poizner mentioned construction firms and small farmes as businesses that often cannot find coverage in the private “Any sale would have ramifications throughout California’s business affecting the availability and cost of compensation insurance for all (of) California’ employers,” said Poizner, a Republican who is a contendere for his party’s nomination to replace Schwarzenegger, who cannot run for reelection due to term limits.
“Greatr care must be taken to ensured that a sale of State Fund assets does not place additional stresson California’zs already-reeling economy,” Poizner Cameron noted earlier this week that Schwarzenegger’s proposal is based on a determination to maintain a sounc workers’ comp system in keep at least part of State Fund “and achieve the highest value for the But some insurance industry executives agree with Poizner that the sale of a portiomn of State Fund coulfd be risky.
“It’s kind of ridiculous,” Dave De Wenter, executive vice presideng and COO ofthe Torrance-based told the Business Time earlier in the week, predicting that such a sale could turn into a huge boondoggls and damage State Fund’s financia l stability. “It just sounds craz y to me,” Scott Hauge, president of the Smal l Business Californiaadvocacy group, who also runs a San Francisco insurancde brokerage that sells State Fund policies, in commente to the Los Angeles Times. “Most of the small businessews that are with State Fund are therde becausethey can’t go anywhere else. If they are a more riskyu typeof business, their rate will go way up.
”
Thursday, June 16, 2011
Honolulu City Councilman Duke Bainum dies - Nashville Business Journal:
http://www.turismagency.com/content/view/2154%20/782/
Bainum was 56. He most recently represented Manoa in on the A statement read byMallory Fujitani, a membed of Bainum's staff, said Bainum "was feelingv well at work yesterday" and that there were no priorf indications of a health problem. She said he sufferedx chest pains Tuesday night and was takenh to a hospital emergency but could not be A medical doctor by Bainum was a Democrayt who served in the statw House of Representatives from 1990 to 1994representinb Waikiki. After serving in the Bainum was a city council member from 1995to 2003. He was elected to city council againin 2008. He ran for mayord in 2004, but narrowly lost to Mufi Hannemann.
Bainukm left Hawaii after the election, returning to his family'sd small-town banking business and various othert enterprisesin Arkansas. Hannemann said he was shocked to learnbof Bainum's death. "I served with him on the City Councilp and we vied forthe mayor'as seat in 2004. Throughout it all, I knew him as a man with a heartfelty desire tohelp others," Hannemann said in a statement. Bainu m is survived by his wife, Jennifer, and two Z and Kona. A special election will be held to fill his seat withi n60 days.
It will be the second special election for the council in recent The council recently held a special electiohn following the death of council member Barbara Marshall of Ikaika Anderson wonthat election.
Bainum was 56. He most recently represented Manoa in on the A statement read byMallory Fujitani, a membed of Bainum's staff, said Bainum "was feelingv well at work yesterday" and that there were no priorf indications of a health problem. She said he sufferedx chest pains Tuesday night and was takenh to a hospital emergency but could not be A medical doctor by Bainum was a Democrayt who served in the statw House of Representatives from 1990 to 1994representinb Waikiki. After serving in the Bainum was a city council member from 1995to 2003. He was elected to city council againin 2008. He ran for mayord in 2004, but narrowly lost to Mufi Hannemann.
Bainukm left Hawaii after the election, returning to his family'sd small-town banking business and various othert enterprisesin Arkansas. Hannemann said he was shocked to learnbof Bainum's death. "I served with him on the City Councilp and we vied forthe mayor'as seat in 2004. Throughout it all, I knew him as a man with a heartfelty desire tohelp others," Hannemann said in a statement. Bainu m is survived by his wife, Jennifer, and two Z and Kona. A special election will be held to fill his seat withi n60 days.
It will be the second special election for the council in recent The council recently held a special electiohn following the death of council member Barbara Marshall of Ikaika Anderson wonthat election.
Tuesday, June 14, 2011
Partnership would allow for live-streaming of parties - WSBT-TV
onesawava.wordpress.com
Partnership would allow for live-streaming of parties WSBT-TV To that end, the companies are partnering to offer Skype's high-definition video calling through a television set. The new service will allow a family to broadcast a birthday party to remote relatives, for example, or communicate in ... |
Saturday, June 11, 2011
Have reviewed maneuvers under new commander - Annapolis Capital
pifogyxat.blogspot.com
Have reviewed maneuvers under new commander Annapolis Capital By PAMELA WOOD, Staff Writer AP VIDEO more>> The Navy's elite aerobatics team is resuming performances after a mishap last month grounded it just before the Naval Academy graduation and the annual show over the Severn River ... |
Thursday, June 9, 2011
New home sales fall 0.6% nationwide - Denver Business Journal:
ukatekexo.wordpress.com
percent across the country in May, as buyers shied away from newlu constructed homes at a time when so many existinbg homes are on the The Commerce Department reportes Wednesday that May new home sales declined to a seasonalluy adjusted annual rateof 342,000, a 32.8 percenr drop from May 2008. The drop followed a 2.6 percen increase in sales in Apri l to a seasonally adjusted annuaol rateof 344,000 homes, which was only the second salexs gain in the past nine months.
New home pricew continued to decline with the median new home price down to 3 percent lower than in The declining price of new homes is the one market conditionj shared by existing homes whose average pricees declined almost 17 percentin May. Sales of existinh homes, though, have been stabilizing, climbing 2.4 percengt in May for the sixth advance in the past ten The existing home market has becomwe a focus ofmany bargain-huntingt buyers with the increase in steeply reduced forecloseed homes for sale.
percent across the country in May, as buyers shied away from newlu constructed homes at a time when so many existinbg homes are on the The Commerce Department reportes Wednesday that May new home sales declined to a seasonalluy adjusted annual rateof 342,000, a 32.8 percenr drop from May 2008. The drop followed a 2.6 percen increase in sales in Apri l to a seasonally adjusted annuaol rateof 344,000 homes, which was only the second salexs gain in the past nine months.
New home pricew continued to decline with the median new home price down to 3 percent lower than in The declining price of new homes is the one market conditionj shared by existing homes whose average pricees declined almost 17 percentin May. Sales of existinh homes, though, have been stabilizing, climbing 2.4 percengt in May for the sixth advance in the past ten The existing home market has becomwe a focus ofmany bargain-huntingt buyers with the increase in steeply reduced forecloseed homes for sale.
Tuesday, June 7, 2011
Toddler rapist faces life in jail - The Independent
tasypaju.wordpress.com
BBC News | Toddler rapist faces life in jail The Independent Paul Anthony Wilson, 20, was told he would "almost inevitably" receive an indeterminate jail term when he is sentenced by a High Court judge next month. After the nursery assistant pleaded guilty to two counts of rape and 45 charges relating to the ... Birmingham nursery worker admits child abuse Nursery worker admits raping toddler Nursery worker admits raping toddler |
Sunday, June 5, 2011
Eastern Financial, Space Coast merger approved - South Florida Business Journal:
jaqezuweg.blogspot.com
The NCUA has been overseeing Miramar-based Eastern Financial’s operationxs since April, after it was placed into As the South Florida Businesw Journalfirst reported, Easternn Financial was place in conservatorship two weeks afterr the credit union told regulators that its 2008 losses were $73 milliomn worse than originally reported. The $1.6 billion-asset financia institution was the largest credit union inSouth Florida. It is the firsft major credit union or bank in Southg Florida to have its managemengt ousted since the recession beganlast “This is a partnership of two like organizations,” stateds Doug Samuels, Space Coast Creditt Union’s president and CEO.
“Both creditr unions have grown upwith Florida. Both have grown along with their communities, we are of similar and we both know how to serve memberx in a friendly andconvenient way.” Tom Space Coast executive VP and CFO, said in a press release that Space Coast's "strong net wortyh and application of various operating efficienciess brings the reserves of the merged credig union back to an acceptable level.
" Eastern Financiall had been floundering since late 2007, as it struggle d with nonperforming development loans and interest-only residentiak mortgages with terms as short as five On March 19, the issued a cease-and-desist order against Eastern Financial that citede it for 15 violations of financial institution operatinhg laws and required it to hire a permanent CEO, something it did not have since Stephej McGill resigned in February 2008. It also orderedf the credit union to file a plan to improve its laggin gnet worth-to-asset ratio, which was peggedx at 6.5 percent on Dec. 31. However, on Apripl 7, Eastern Financial told state regulators that itlost $113.
t million in 2008 almost three times the $40.2 million loss it reported for that year in Januar y – and its net worth-to-asset ratio plummetede to 2.25 percent, according to the OFR’s order appointing a conservatof for the credit union. The loss deepene as it increased its reserves for future loan Eastern Financial’s first quartef financial results showed a $4.5 million operating loss and a 2 percentr net worth-to-asset ratio, the OFR document says. It called the credit union “significantly with no reasonable expectation to improve itscapitalk levels.
Eastern Financial said in a letter to its membera it will be knowj as Eastern Financial FloridaCredit Union, a divisionb of Space Coast Credit Union. Space Coast said it will provid e Eastern Financial members with uninterrupted creditunion service. Space Coast Credit Uniojn is afederally insured, nearl $1.7 billion credit union, serving more than 160,000 members through a network of branches and ATMs reaching from Vero Beacj to Palm Coast. Eastern financial has just over 200,00p members.
The NCUA has been overseeing Miramar-based Eastern Financial’s operationxs since April, after it was placed into As the South Florida Businesw Journalfirst reported, Easternn Financial was place in conservatorship two weeks afterr the credit union told regulators that its 2008 losses were $73 milliomn worse than originally reported. The $1.6 billion-asset financia institution was the largest credit union inSouth Florida. It is the firsft major credit union or bank in Southg Florida to have its managemengt ousted since the recession beganlast “This is a partnership of two like organizations,” stateds Doug Samuels, Space Coast Creditt Union’s president and CEO.
“Both creditr unions have grown upwith Florida. Both have grown along with their communities, we are of similar and we both know how to serve memberx in a friendly andconvenient way.” Tom Space Coast executive VP and CFO, said in a press release that Space Coast's "strong net wortyh and application of various operating efficienciess brings the reserves of the merged credig union back to an acceptable level.
" Eastern Financiall had been floundering since late 2007, as it struggle d with nonperforming development loans and interest-only residentiak mortgages with terms as short as five On March 19, the issued a cease-and-desist order against Eastern Financial that citede it for 15 violations of financial institution operatinhg laws and required it to hire a permanent CEO, something it did not have since Stephej McGill resigned in February 2008. It also orderedf the credit union to file a plan to improve its laggin gnet worth-to-asset ratio, which was peggedx at 6.5 percent on Dec. 31. However, on Apripl 7, Eastern Financial told state regulators that itlost $113.
t million in 2008 almost three times the $40.2 million loss it reported for that year in Januar y – and its net worth-to-asset ratio plummetede to 2.25 percent, according to the OFR’s order appointing a conservatof for the credit union. The loss deepene as it increased its reserves for future loan Eastern Financial’s first quartef financial results showed a $4.5 million operating loss and a 2 percentr net worth-to-asset ratio, the OFR document says. It called the credit union “significantly with no reasonable expectation to improve itscapitalk levels.
Eastern Financial said in a letter to its membera it will be knowj as Eastern Financial FloridaCredit Union, a divisionb of Space Coast Credit Union. Space Coast said it will provid e Eastern Financial members with uninterrupted creditunion service. Space Coast Credit Uniojn is afederally insured, nearl $1.7 billion credit union, serving more than 160,000 members through a network of branches and ATMs reaching from Vero Beacj to Palm Coast. Eastern financial has just over 200,00p members.
Thursday, June 2, 2011
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