Wednesday, October 28, 2009

plus 4, UPDATE 1-MOVES-State Street, Wilmington Trust, BB&T - Forbes

plus 4, UPDATE 1-MOVES-State Street, Wilmington Trust, BB&T - Forbes

UPDATE 1-MOVES-State Street, Wilmington Trust, BB&T - Forbes

Posted: 28 Oct 2009 08:19 AM PDT


(Adds Wilmington Trust, BB&T, Navigant, Northern Trust)

Oct 28 (Reuters) - The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, e-mail moves@thomsonreuters.com.

STATE STREET CORP

State Street Global Markets, the investment research, trading and securities lending arm of State Street appointed Kevin O'Neill and Samina Vernon to its transition management team in London.

PICTET & CIE

Pictet Funds, the fund distribution arm of the Swiss private bank hired Emma Stenzel as sales manager covering southern England. She was previously at Schroders for ten years as advisory business team manager.

SHORE CAPITAL GROUP

The British boutique investment bank said it appointed Hugh Rogers as business development manager within its asset management division. Rogers joins from Bestinvest.

WILMINGTON TRUST CORP

Wilmington Trust appointed former U.S. Federal Bureau of Investigation Director Louis Freeh to its board. Freeh is the founder and senior managing partner of Freeh Group International Inc, a corporate risk management consultant.

NAVIGANT CONSULTING INC

Navigant, a Chicago-based consulting firm, named Cynthia Glassman to its board, for a term that will expire in 2012. Glassman, a former SEC commissioner, most recently served as the U.S. Department of Commerce's under secretary for economic affairs.

BB&T CORP

BB&T named David Boyer Jr. to its corporate board from its advisory board. Boyer is co-founder and chief executive of GlobalWatch Technologies Inc, a Washington-based technology firm.

NORTHERN TRUST CORP

Northern Trust, a Chicago-based bank, appointed Joanne Stringer as managing director of its Connecticut Personal Financial Services operation. Prior to the new post, Stringer ran Northern Trust's corporate and institutional services group for the Nordic region, based in London.

(Compiled by Amit Kumar in Bangalore and Joe Rauch in Charlotte) Keywords: FINANCIAL/MOVES

(amit.kumar.edit@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 4135 5800; Reuters Messaging: amit.kumar.edit@thomsonreuters.com@reuters.net)

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FCC may play Robin Hood taking form rich broadcasters and giving to ... - DailyTech

Posted: 28 Oct 2009 08:40 AM PDT

Those poor, victimized conservatives.

America has been on a long journey. The slavery of the blacks, the reconstruction era, "the yellow peril", women getting the vote, equal rights for gays - the story of America is one of prejudice overcome by righteousness.

And now we have one festering sore of prejudice left to overcome: the unjust, ubiquitous persecution of conservatives.

Many years from now, we're going to look back at this era, with the persecution of Fox News, Limbaugh and conservatives generally and say to ourselves: "how far we've come!". We'll ask each other: "What did YOU do to stop this injustice?"

Luckily there are a few posters here who will have an answer to that: "I personally advocated for the downtrodden conservatives on the comments section of tech-websites, long a cog in the anti-conservative agenda".

School texts will have a chapter on slavery, a chapter on sexism, and one really long and detailed one on that last bastion of discrimination: the story of the repressed conservatives.

Victims all - just as much as the enslaved blacks.

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The Southern Banc Company, Inc. Announces 2009 Annual Earnings ... - Yahoo Finance

Posted: 28 Oct 2009 08:12 AM PDT

GADSDEN, Ala.--(BUSINESS WIRE)--The Southern Banc Company, Inc. (OTCBB: SRNN - News), the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced net loss of $85,000, or $(0.11) per basic and diluted share, for the year ended June 30, 2009, as compared to net loss of $133,000, or $(0.17) per basic and diluted share, for the year ended June 30, 2008. For the three month period ended June 30, 2009, the Company reported net loss of $1,000, as compared to net loss of $20,000 for the three month period ended June 30, 2008.

In addition to reporting earnings, the Company announced that the annual meeting of stockholders will be held on November 18, 2009 at 5:00 PM at the main office of The Southern Bank Company in Gadsden, Alabama. The voting record date for the purpose of determining stockholders eligible to vote on proposals presented at the annual meeting is September 25, 2009.

The Southern Banc Company, Inc. (OTCBB: SRNN - News) announced that the company's 2009 Annual Report is available at http://www.sobanco.com/investorrelations.shtml.

Gates Little, President and Chief Executive Officer of the Company, stated that the Company's net loss for the fiscal year ended June 30, 2009 was primarily attributable to an increase in total non-interest expense of approximately $85,000, or 3.6%, and an increase in the provision for loan losses of approximately $64,000, or 356%, offset in part by an improvement of the net interest margin of approximately $227,000, or 11.5%. The increase in total non-interest expense was primarily attributable to increases in salaries and employee benefits, data processing expenses, occupancy expenses and the realization of a net loss on sale of securities, offset by a decrease in professional services.

The Company's total assets at June 30, 2009 were $98.8 million, as compared to $102.9 million at June 30, 2008. Total stockholders' equity at June 30, 2009, was $15.5 million, or 15.7% of total assets.

The Bank has four offices located in Gadsden, Albertville, Guntersville, and Centre, Alabama. The stock of The Southern Banc Company, Inc. is listed on the OTC Bulletin Board under the symbol "SRNN."

Certain statements in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "estimate," "anticipate," "believe," "target," "plan," "project," "continue," or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company's financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

THE SOUTHERN BANC COMPANY, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollar Amounts in Thousands)

June 30, June 30,
2009 2008
ASSETS
CASH AND CASH EQUIVALENTS $ 8,971 $ 4,344
SECURITIES AVAILABLE FOR SALE, at fair value 52,569 60,320

SECURITIES HELD TO MATURITY, at amortized cost, fair value of $79 and $100, respectively

73 94
FEDERAL HOME LOAN BANK (FHLB) STOCK 338 328

LOANS RECEIVABLE, net of allowance for loan losses of $219 and $193, respectively

35,416 36,140
PREMISES AND EQUIPMENT, net 908 947
ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 449 508
PREPAID EXPENSES AND OTHER ASSETS 84 207
TOTAL ASSETS $ 98,808 $ 102,889
LIABILITIES
DEPOSITS $ 79,702 $ 84,387
FHLB ADVANCES 3,075 3,075
OTHER LIABILITIES 505 283
TOTAL LIABILITIES 83,282 87,745
STOCKHOLDERS' EQUITY:

Preferred stock, par value $.01 per share 500,000 shares authorized, no shares issued or outstanding

0 0

Common stock, par value $.01 per share, 3,500,000 authorized, 1,454,750 shares issued

15 15
Additional paid-in capital 13,887 13,887

Shares held in trust, at cost, 25,768 shares

(571 ) (571 )
Retained earnings 10,521 10,811

Treasury stock, at cost, 648,664 shares

(8,825 ) (8,825 )

Accumulated other comprehensive income (loss)

499 (173 )

TOTAL STOCKHOLDERS' EQUITY

15,526 15,144

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

98,808 $ 102,889
THE SOUTHERN BANC COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollar Amounts in Thousands)
Three Months Ended Twelve Months Ended
June 30, June 30,
2009 2008 2009 2008
INTEREST INCOME:
Interest and fees on loans $ 502 527 2,116 2,124
Interest and dividends on securities available for sale 593 725 2,471 2,977
Interest and dividends on securities held to maturity 1 2 6 7
Other interest income 4 12 17 118
Total interest income 1,100 1,266 4,610 5,226
INTEREST EXPENSE:
Interest on deposits 501 729 2,323 3,122
Interest on borrowings 21 21 85 129
Total interest expense 522 750 2,408 3,251
Net interest income 578 516 2,202 1,975
Provision for loan losses 30 10 82 18

Net interest income after provision for loan losses

548 506 2,120 1,957
NON-INTEREST INCOME:
Customer service fees 39 44 188 127
Gain on sale of securities 0 0 0 67
Miscellaneous income, net 3 3 18 13
Total non-interest income 42 47 206 207
NON-INTEREST EXPENSE:
Salaries and employee benefits 345 355 1,434 1,364
Office building and equipment expenses 54 52 285 267
Professional service expense 38 43 176 221
Data processing expense 71 68 216 206
Other operating expense 84 67 352 320
Total non-interest expense 592 585 2,463 2,378
Loss before income taxes (2 ) (32 ) (137 ) (214 )
Provision for income tax (benefit) (1 ) (12 )

(52

) (81 )
Net Loss $ (1 ) (20 ) (85 ) (133 )
======== ======== ======== ========
Earnings per share – Basic $ (0.04 )

(0.03

) (0.11 ) (0.17 )
Earnings per share – Diluted $ (0.04 ) (0.03 ) (0.11 ) (0.17 )

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NPB Chamber: Nancy Mobberley 'Woman of the Year' - WPTV

Posted: 28 Oct 2009 08:33 AM PDT

JUPITER, FL -- The Northern Palm Beach County Chamber of Commerce is proud to announce Nancy Mobberley of Financial Investment Network, Inc. as 2009 Woman of the Year through its Women in Business Council.

Mobberley will be honored at the Quarterly Women in Business luncheon Wednesday, October 28th from 12-1pm at Frenchman's Reserve.

The recipient for this award must meet or exceed the following criteria:
• Demonstrates leadership that benefits the North County community by creating or contributing significantly to the success of one or more local organizations
• Demonstrates a commitment to the North County community by inspiring community wide support
• Exemplifies the highest standards of business and community leadership
• Has an impact on the growth of the North County community

"The Chamber is proud to provide Nancy with this distinguished award," said Nicole Christian, president and CEO of the Chamber.

"Her lengthy dedication of leadership and service to the North County business community exemplify the qualities of an individual that is worthy of this award."

Nancy Mobberley has been in the financial services industry for 30 years and opened her own practice, Financial Investment Network, over 10 years ago and has been a Certified Financial Planner for 19 years.

She is an active member of the Northern Palm Beach County Chamber of Commerce and has been for 9 years.

Mobberley is a former Trustee and serves on the Small Business Membership Council and the Women in Business Steering Council.

She is very active in the community and is on the board of directors for the Boys and Girls Club of Palm Beach County and Gulfstream Goodwill Industries. She is also on the Advisory Board for 1st Southern Bank.

Mobberley founded Business to Business for Women, an organization that brings women professionals and business owners together to form relationships for betterment of themselves and for the community.

She is also a member of Professional Women's Network, another organization that brings together women to network.

Mobberley resides in Palm Beach Gardens with her husband David and their two fluffy children, Saylor and Irwin.

For more information on the Women in Business luncheon, please visit www.npbchamber.com.

The Northern Palm Beach County Chamber of Commerce is a not-for-profit organization whose over 1,000 members represent more than 40,000 employees in all aspects of business and industry.

Its continuing mission is to be the unified voice of business driving sustainable growth and prosperity.

The Northern Palm Beach County Chamber of Commerce focuses on the development and retention of businesses, taking an active role in business, providing meaningful member services and improving the quality of life for all residents in their community.

For more information, call 561-746-7111 or visit www.npbchamber.com


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Treasury Talks To GMAC About More Cash - Post Chronicle

Posted: 28 Oct 2009 08:12 AM PDT

The Treasury Department is in talks with GMAC Financial Services Inc about a possible third cash infusion to the company, an Obama administration official confirmed on Tuesday night.

The official declined to say how much additional money was under discussion for GMAC, which already has received $12.5 billion of taxpayer funds. The Wall Street Journal said the government may have to inject another $2.8 billion to $5.6 billion into the Detroit-based lender.

GMAC is the traditional lender to General Motors Co. dealers and customers and is taking over the auto loan business of Chrysler.

With the U.S. auto industry still struggling as key companies like GM come out of bankruptcy, the administration has shown signs of willingness to step in to help them try to get back to stability.

GMAC was one of 19 banks that underwent government "stress tests" earlier this year. The tests aimed to assess whether banks would need more capital if a downturn continued through 2010. Ten of the banks, including GMAC, were found to need capital immediately but others were able to raise it on their own.

"GMAC is the only one of the banks that went through the stress test to need additional government capital," Treasury spokesman Andrew Williams said Tuesday night. "All other institutions were able to raise any necessary capital from investors and several of these firms have already paid back the taxpayer."

Many smaller banks are under pressure, however, and policymakers are concerned that bank failures will continue increasing as commercial real estate loans, in particular, keep going sour.

The stress test results issued in May showed that GMAC needed to raise $11.5 billion of new capital and it was widely speculated at the time that because it had few obvious ways to raise money it on its own, GMAC might have to come back to the government.

GMAC became a bank holding company after its parent, General Motors, declared bankruptcy and went into reorganization.

GMAC provides much of the financing that GM dealers across the country rely on to purchase the cars they sell, which means that if GMAC failed they would be unable to put cars on their lots.

Administration officials said when major banks were undergoing stress tests that some might need additional funds from the $700 billion Troubled Asset Relief Program, or TARP, given the severity of the economic downturn.

(Reporting by Glenn Somerville; Editing by Kazunori Takada)

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