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Banking & Finance

Liberty Bank opens another office

JACKSON — Liberty Bank and Trust Company recently held a grand opening of its new branch at 2325 Livingston Road in Jackson. Liberty Bank and Trust Company, is the only African-American owned bank in the State of Mississippi and the third largest African-American owned bank in the United States. The bank operates 21 branches in six states and nine cities. ...

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The debate and facts of the Healthcare Trust Fund

I have written on the following subject before but with little effect.  I am not naive enough to think the subject I am writing on will change because of me, but I am hopeful that I might spur some intelligent conversation between people with a vested interest (that would be anyone who lives in the State of Mississippi) and influence ...

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President wants SBA loan expansion

WASHINGTON — In an effort to create more jobs, President Barack Obama will ask Congress to temporarily expand two lending programs for the owners of small businesses, an administration official said Friday. Speaking on the condition of anonymity because the president hadn’t yet announced the proposal, a White House official said the plan would temporarily increase the cap on U.S. ...

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Report finds loan delinquencies soaring

JACKSONVILLE, Fla. — The January 2010 Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), showed that home loan delinquency rates in the U.S. have now surpassed 10 percent. Factoring in foreclosures in process, according to the data in LPS’ database, the total non-current rate sits at 13.3 percent. When extrapolated to reflect the entire mortgage industry, this rate ...

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First M&F writes off goodwill

KOSCIUSKO — First M&F Corp. has revised its previously announced preliminary loss for 2009 of $44.048 million attributable to common shareholders, which included $17.047 million in intangible write off, or a negative ($4.86) basic and diluted earnings per share, to a loss of $60.655 million, which includes $33.819 million in intangible write off, or a negative ($6.69) basic and diluted ...

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The First declares special dividend

HATTIESBURG — The First Bancshares Inc., holding company for The First, A National Banking Association, has announced a special dividend of $0.05 per common share as well as a quarterly dividend of $0.025 per common share. The record date of both dividends will be Feb. 11, 2010, with a payable date of February 26, 2010. The First also reports net ...

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Judge rules against Bank of America

WASHINGTON — A protracted case that started with a U.S. Department of Labor Office of Federal Contract Compliance Programs (OFCCP) investigation has resulted in an administrative law judge’s (ALJ’s) recommended ruling that Bank of America discriminated against African-American job applicants for entry level positions in Charlotte, N.C., in 1993 and from 2002 to 2005. “The Labor Department is committed to ...

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NASS adopts resolution, cites Stanford report

JACKSON — The National Association of Secretaries of State (NASS) has adopted a resolution proposed by the secretaries of state in Mississippi and Nevada that calls for the need for securities reform and uses the Stanford Financial Executive Report to supplement its findings. The resolution will be sent to each member of Congress for possible legislative action. “In drafting the ...

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Kemper Update: PSC Resource Hearings on Kemper County Coal Plant

The Public Service Commission’s resource hearings for a proposed $2.4 billion clean coal plant in Kemper County began Monday with questions to utility representatives about plant financing. Mississippi Power Company’s President and CEO Anthony Topazi testified that the Kemper plant is the “least cost overall option for our customers.” The plant would gasify lignite coal and produce more than 500 ...

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CMI moves in positive direction

COLUMBIA, Md. — The latest data is starting to turn in a decidedly positive direction; GDP numbers are the best in over a year and a half, suggesting that the recession is in clear retreat. After a mild recovery in the third quarter, numbers jumped 5.8 percent in the fourth. The bulk of this growth is attributed to manufacturers starting ...

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