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Wachovia NEXT Awards for Opportunity Finance Honor Two Outstanding Community Development Financial Institutions With $8.25 Million. Awards go to the Community Loan Fund and Federation of Appalachian Housing Enterprises.
Charlotte/Douglas International Airport will pay Wells Fargo $3.2 million for three hangars, a fuel farm and another building the bank owns at the airport, as the San Francisco-bank closes down its private jet fleet left over from Wachovia.
Incisive Media's Law.com is the Web's leading legal news and information network for attorneys and other legal professionals.
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Becomes Wells Fargo 1031 Exchange Services and continues to host its annual 1031 Like-kind Exchange Seminar
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SPARTANBURG, S.C., Nov 12, 2009 (BUSINESS WIRE) --
John Windley, president of South Carolina Bank and Trust (SCBT) announced today that four former Wachovia wealth management executives will lead SCBT's entry into Spartanburg.
"Founded in 1933, SCBT has been serving the financial needs of South Carolinians for more than 75 years," said Windley. "Our niche is community banking. We believe in South Carolina and understand the needs of the local markets. This will be our first step into the Spartanburg market, further expanding our commitment to the Upstate and rounding out our presence throughout the state."
"Bill Coker will lead the team of seasoned executives including, Frank Sanders, Charles Williams and Brian Barker in providing a new dimension to our private banking and wealth management capabilities. The Spartanburg based initiative will eventually include banking and credit services to round out a full service offering," said Todd Harward, president, SCBT Wealth Management Group.
"We are fortunate to have the exceptional local leadership to be able to take our wealth management and private banking offering to a new level," said Windley. "Bill, Frank, Charles and Brian add a depth of expertise and style of full service relationship management that we will be able to leverage across the Carolinas."
A native of Spartanburg, Coker has 27 years of banking experience with Wachovia and its predecessors. Previously, he served as senior relationship manager for Wachovia's wealth management clients.
Coker earned an undergraduate degree from the University of Virginia and is a graduate of the Stonier Graduate School of Banking at the University of Delaware. He is a Certified Financial Planner and holds his FINRA Series 7 and Series 63 licenses.
"SCBT is committed to the same vision that is to provide comprehensive, objective advice through a fully integrated platform, serviced locally by a team of professionals," said Coker. "I am looking forward to being part of this entrepreneurial company. There is a great opportunity for a well-capitalized bank to focus on wealth and private banking in Spartanburg and the Upstate market."
Frank Sanders, also a Spartanburg native, has more than 20 years experience with Wachovia and previously NationsBank in the Trust Department. Frank earned his Juris Doctorate from the USC School of Law and his undergraduate degree from Wofford. Sanders also maintains his CTFA (Chartered Trust Financial Advisor) designation.
With more than 20 years experience in the investment business, Charles Williams has been a portfolio manager for Wachovia since 2003. Williams is a graduate of the Asheville School and the University of North Carolina Asheville. He maintains his CFP (Certified Financial Planner) designation.
Brian Barker has over 10 years experience in the investment management business and has been a portfolio manager for Wachovia since 2003. Barker earned his undergraduate degree in Economics from Clemson University and his MBA from the University of South Carolina in Columbia. Barker is the current president of the SC Chapter of the Financial Planning Association, and maintains his professional designations, CFP (Certified Financial Planner), CTFA (Chartered Trust Financial Advisor) and AIF (Accredited Investment Fiduciary).
SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company consists of SCBT, N.A., the third largest bank headquartered in South Carolina and NCBT, a Division of SCBT, N.A. Providing financial services for over 75 years, SCBT Financial Corporation operates 48 financial centers in 16 South Carolina counties and Mecklenburg County in North Carolina. Named in Forbes as one of the 100 Most Trustworthy Companies in America, SCBT Financial Corporation has assets of approximately $2.8 billion and its stock is traded under the symbol SCBT in the NASDAQ Global Select Market. More information can be found at www.SCBTonline.com.
SOURCE: SCBT Financial Corporation
SCBT Financial Corporation Donna Pullen, 803-765-4558
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Companies: SCBT Financial Corp (SCBT)
CHARLOTTE, N.C., Nov 09, 2009 (BUSINESS WIRE) --
North Carolina Bank and Trust (NCBT) announced that Cutter D. Davis, Jr., Andrew B. Griffin and Tasha C. Smith have joined the company.
Davis and Griffin joined NCBT as senior vice presidents in the commercial banking division and will focus mainly on privately held middle market companies in the Charlotte region. Smith is project coordinator responsible for administration for the North Carolina bank.
Cutter Davis
With over 19 years of banking experience, Davis came to NCBT from Wachovia, where he was a senior vice president and senior relationship manager in the commercial banking division. Previously he worked in Wachovia's corporate and investment banking group and in human resources. Prior to joining Wachovia, Davis was with RBC Bank's commercial markets group.
A native of Charlotte, Davis received an undergraduate degree from the University of North Carolina at Chapel Hill, and an MBA from the Babcock School of Wake Forest University.
Andrew Griffin
Griffin, who has over 16 years experience, joins NCBT from Wachovia, where he was a senior vice president and senior relationship manager in its commercial banking division. Prior to that, he was a vice president in Wachovia's corporate and investment banking group. Before joining Wachovia, he was a corporate loan officer with BB&T.
Griffin is a native of Charlotte. He has an undergraduate degree from Wake Forest University, and an MBA from Wake Forest's Babcock School.
Tasha Smith
With 11 years experience in banking, Smith comes to NCBT from RBC Bank, where she was director of administration for its commercial markets group in the United States. Also at RBC, Smith served as the human resources business partner responsible for western North Carolina and South Carolina.
Smith is a native of Hendersonville, and a graduate of Western Carolina University.
North Carolina Bank and Trust (NCBT) focuses on commercial middle market banking, business banking, and private banking, and operates three locations in Mecklenburg County in North Carolina. NCBT is a division of SCBT, N.A., a subsidiary of SCBT Financial Corporation, which was named in Forbes as one of the 100 Most Trustworthy Companies in America. SCBT Financial Corporation has assets of approximately $2.8 billion and its stock is traded under the symbol SCBT in the NASDAQ Global Select Market. More information can be found at www.NCBTonline.com.
SOURCE: SCBT Financial Corporation
North Carolina Bank and Trust Robinson Lyle, 704-526-3627
Tags: bank banking business commercial corporate investment banking market north carolina president south carolina university
Companies: SCBT Financial Corp (SCBT)
Nov 5, 2009 (GlobeNewswire via COMTEX) --
New Facility Extends to October 2013 and Will Allow for
Increased Borrowing Capacity
Company Intends to Redeem Remaining Senior Notes by Year-end
TORONTO, Nov. 5, 2009 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today announced that it has entered into a commitment letter with Wachovia Capital Finance Corporation pursuant to which Wachovia, with the participation of Export Development Canada, has committed to provide a four-year senior secured $75 million credit facility. Upon execution of definitive documents, the credit facility will consist of revolving loans of up to $40 million and a term loan of $35 million. Once completed, the Company intends to use the new facility to finance its future growth and working capital requirements. The proposed credit facility matures on October 31, 2013 and will replace the Company's previous $40 million credit facility which was to mature in October of 2010.
As currently contemplated, borrowings under the credit facility will bear interest at variable rates based on LIBOR or Wachovia's prime rate plus variable margins at the Borrower's option, under which applicable interest rates currently range from 3.03% to 4.03% per annum.
As previously announced on October 2, 2009, the Company called $75 million of its Senior Notes for redemption on December 1, 2009. The Company intends to redeem the remaining $29.4 million of its Senior Notes by year-end.
"This proposed new facility, combined with the redemption of our remaining senior notes, are very important steps toward creating a capital structure that will enable the Company to further realize the growth potential for the IMAX brand," said Richard L. Gelfond, Chief Executive Officer of IMAX Corporation. "We believe our progress throughout this year to strengthen our balance sheet and enhance our financial flexibility is reflective of the early success we have achieved with our new business model and our entry in the digital arena."
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX(R) theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR(R) technology. IMAX DMR is the Company's groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience(R). The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2009, there were 403 IMAX theatres (280 commercial, 123 institutional) operating in 44 countries.
IMAX(R), IMAX(R) 3D, IMAX(R) DMR, Experience It In IMAX(R), The IMAX 3D Experience(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
The IMAX Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6469
This press release contains forward looking statements that are based on management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and ongoing inquiries by the SEC and the OSC. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: IMAX Corporation
CONTACT: IMAX Corporation, New York Media: Sarah Gormley 212-821-0155 sgormley@imax.com Investors: Heather Anthony 212-821-0121 hanthony@imax.com Rogers & Cowan, Los Angeles Entertainment Media: Elliot Fischoff/Jason Magner 310-854-8128 jmagner@rogersandcowan.com Sloane & Company, New York Business Media: Whit Clay 212-446-1864 wclay@sloanepr.com
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Oct 29, 2009 (MarketNewsVideo.com via COMTEX) --
NorthStar Realty Finance (NRF) announced it completed a three year renewal of its credit facility with Wachovia Bank, a subsidiary of Wells Fargo (WFC), for three years. With the renewal, NorthStar agreed to make 15 million dollar semi-annual reductions of the facility over the three year term, and Wachovia agreed to eliminate margin call provisions as well as fixed charge and recourse debt covenants. Wachovia also gets 2 million warrants to purchase shares of NorthStar at exercise prices ranging from 7.50 to 10.50 per share. The interest rate on the credit facility will be LIBOR plus three and a half percent. Shares of NorthStar were up nearly 5% in Thursday trading.
And MCG Capital (MCGC) announced an amendment package for two series of senior unsecured notes. For the 2005-A series, the maturity date was extended by one year to October 11, 2011 and in exchange the interest rate was increased by one percent. The company also agreed to a 5 million dollar prepayment, made on a pro-rata basis, and agreed to a modification of cash sweep provisions. Going forward, for any unencumbered asset monetizations, cash proceeds will first go toward a 7.5% sweep required by the SunTrust (STI) Warehouse facility, and then a second 45% sweep will go to reduce the principal balance of the unsecured notes. The prior sweep to the unsecured notes was 5%. On Thursday, shares of MCGC were trading up over 7 and a half percent.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200910DebtDeals102909&mv=1.
http://www.marketnewsvideo.com/
Tags: bank debt dollar exercise finance prices video
Companies: MCG Capital Corp. (MCGC), NorthStar Realty Finance Corp (NRF), SunTrust Banks, Inc. (STI), Wells Fargo & Co. (WFC)
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Wachovia teamed with IBM to redesign its core payments architecture using SOA technology.
Wachovia's Asset Based Lending Group and Congress Financial have joined to form a stronger Wachovia Capital Finance. As a result, we'll be able to bring you the full array of products and services Wachovia has to offer in your location.
Jan 02 Jan 16 Jan 30 Feb 13 Feb 27 Mar 12 Mar 26 Apr 09 Apr 23 May 07 May 21 Jun 04 Jun 18 Jul 02 Jul 16 Jul 30 Aug 13 Aug 27 Sep 10 Sep 24 Oct 08 billions Source: Federal Reserve Board, http://www.federalreserve.gov/releases/h8/ Bear Stearns fails Lehman Bros fails
Get the latest MFC - Manulife Financial Corporation stock market performance data. TheStreet is the source for financial market news, trading stock, quotes, and personal finance advice.
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Visit Wachovia to learn about personal and business financial services for your needs. Wachovia provides personal finance, small business, corporate and institutional, and wealth ...
Wachovia Corporation. http://firstunion.com/. Retrieved 2007-10-14. ^ First Union Corp. SEC Form 10-K Annual Report for 2000. (Final 10-K prior to announcement of the Wachovia ...
News about the Wachovia Corporation. Commentary and archival information about the Wachovia Corporation from The New York Times.
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Today's financial executive is forced to look at the whole economic picture in order to keep the cash flowing. Areas of consideration include, for example, costs associated with downsizing, stock options, subletting costs, production level of sales, and COBRA.
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New Customers, New Employees, New Users Must be Empowered with Industrial-Strength Analytics Can Your Business Intelligence System Scale as Your Company Grows?
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The official website for Lake County Florida Government. Lake County is located in northwest Central Florida. Gently rolling hills and glimmering lakes peacefully coexist with a high-tech industrial park and growing residential development.
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George Budig, President of George E. Fern, explains the sale with two words: estate planning. At the same time, Budig says he has no plans to retire and plans to stay on with the George E. Fern Co. He will also continue running other businesses jointly owned with his brother, Otto Budig, Jr.