29.04 2010

Who are the unemployed in Oregon? — Data analysis

by Mary Wood
Oregon Employment Department,

The “Great Recession” affected most Oregon business to some extent: a loss of revenues, restricted access to credit, or even bankruptcy. Many employers laid off workers either permanently or temporarily because of the economic conditions. Most of these workers were eligible for unemployment insurance (UI) benefits.

Who is (and Isn’t) a UI Benefit Recipient

The number of people receiving UI benefits are counted from administrative files of those who qualified for unemployment insurance benefits. From July through September 2009, when an estimated 223,900 Oregonians were unemployed on average, 167,500 people received UI benefits, or about 75 percent of the unemployed. Not all of the unemployed are eligible for UI benefits. The U Read more…

Posted by Jeremy Lee
Tags: Oregon, Oregon Data

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28.04 2010

KU, LG&E to be sold to Pennsylvania power giant

Kentucky Utilities Co. and sister company Louisville Gas and Electric will be sold to Pennsylvania power giant PPL Corp.

Germany’s E.ON A.G. has entered into a definitive agreement to sell its Louisville-based E.ON U.S. subsidiary — which owns and operates KU and LG&E — to PPL (formerly Pennsylvania Power and Light) for $7.625 billion, E.ON confirmed in an announcement Wednesday evening.

KU serves thousands of electric customers in portions of Henderson, Union and Webster counties.

“As part of the transaction, PPL is making a series of commitments … ensuring that the (LG&E/KU) headquarters remain in Kentucky for 15 years, the management team remains intact, no jobs will be lost as a result of the transaction, our community investment levels remain unchanged and our support of economic development continues,” E.ON U.S.

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Posted by Laura Hernandez
Tags: Giant, Pennsylvania Power, Pennsylvania Power Giant, Power Giant

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28.04 2010

Loss adds to Bradenton bank’s travails

Still, the loss is another hit to Horizon’s dwindling capital base, raising more doubts about its future without a sizable capital infusion.

But the bank’s chief executive, Charles Conoley, said Thursday the bank and regulators are near final agreement on a capital plan to allow the bank to raise up to $8.5 million.

“We hope to have that done by June 15 or even before that,” he said of the private stock sale.

Just-released first-quarter call reports show that Horizon is not the only Southwest Florida community bank that is continuing to to struggle to earn profits.

Six of the eight banks based in Sarasota, Manatee or Charlotte counties whose numbers were publicly available on Thursday lost money in the period.

None of the region’s 15 community banks that survived 2009 turned a profit last year.

Horizon remains one of the weakest banks in the state.

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Posted by Laura Hernandez
Tags: Loss, Loss Adds

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28.04 2010

Integra intends to sell four branches in Ky., Ohio

Evansville-based

Integra Bank will sell another group of its branch offices in an effort to improve its bottom line.

Integra plans to sell two of its Kentucky branches and two of its Ohio branches to West Virginia-based Citizens Deposit Bank and Trust, the companies announced Thursday.

Citizens will assume about $73.4 million of deposit liabilities and $18.3 million of loans related to the four branches.

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Posted by Laura Hernandez
Tags: Sell, Sell Four

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26.04 2010

Olathe in Johnson County Kansas is making HAMP a Reality – Foreclosure Listings Of Foreclosures

Olathe in Johnson County, Kansas just got itself a new bank to help it get out the local foreclosure mess. Only difference is, this bank didn’t help cause the problem, and it’s also 100% behind HAMP

How does that work, you say? It’s a land bank, its assets are real estate, not other people’s money, and it’s controlled by the Olathe City Council and its salaried Finance Officers.

Using money donated by Washington under the Federal Neighborhood Stabilization Program, the Olathe Land Bank will purchase derelict foreclosed properties from lenders, demolish these, and then sell off the vacant land for redevelopment.

“It’s about economic sustainability in local neighborhoods,” says Assistant City Attorney Ron Shaver. “The City can a

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Posted by Jeremy Lee
Tags: Hamp, Johnson County

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26.04 2010

GAGE given extension on loan

EVANSVILLE Sometime this year, the

Growth Alliance for Greater Evansville plans to repay a loan made by the city last year.

In July, GAGE borrowed $280,000 from the Evansville Department of Metropolitan Development. The money was needed, officials then said, to pay partly for repairs to the building GAGE occupies at 318 Main St. after its roof sprung a leak.

The loan was to come due in November, but GAGE officials obtained an extension until May.

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Posted by Laura Hernandez
Tags: Loan

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26.04 2010

Victims of Sarasota Ponzi scheme waiting for answers

Wiand met with about 60 investors to update his progress in seizing and selling assets that will raise money for those who got burned in the scam.

During several testy exchanges — at one point Wiand cut off attorney Morgan Bentley’s microphone — investors expressed frustration over their losses and why Nadel partners Neil and Christopher Moody have not been criminally charged.

They wanted to know what happened to the $400 million that the Nadel-Moody hedge funds gathered from hundreds of investors, and whether any of that money remains hidden.

Wiand said he still cannot respond to two key questions — when will investors recoup some money, and how much — but he said the receivership continues to work to gather and sell assets to generate cash for them.

Wiand said it may take “a year or two” for all the claims to be paid out to investors, who lost an estimated $168 million.

“At this time, there is no way to know how long this litigation will last or how much will be recovered,” he said.

Claims forms will go out within a month.

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Posted by Laura Hernandez

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