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Banking & Finance

Signs, logos change to HOPE

JACKSON — While Hope Community Credit Union (HOPE) and American Savings Credit Union (ASCU) officially merged Jan. 1, 2009, today all ASCU branches in Arkansas, Mississippi and Tennessee will convert their signage to the HOPE name and logo. The two entities said the merger formed a larger, stronger community development financial institution that serves working families throughout the mid-South. The ...

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SBA program sees record response

WASHINGTON — In just two year’s time, the SBA’s Patriot Express Pilot Loan Initiative has supported more than $315 million in loans to more than 3,750 veterans and their spouses who are using the SBA-guaranteed funds to establish and expand their small businesses. As a result of the American  Recovery and Reinvestment Act, which raised loan guarantees to 90 percent, ...

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SBA loan program revised

WASHINGTON — Small businesses seeking to expand will be able to refinance existing loans used to purchase real estate and other fixed assets as a result of permanent changes to the U.S. Small Business Administration’s (SBA’s) 504 Certified Development Company loan program. The changes were authorized in the American Recovery and Reinvestment Act of 2009. The permanent changes will allow ...

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Van Nesses chosen as managing editors

OXFORD — Bonnie and Robert Van Ness, professors of finance at the University of Mississippi, have been selected as managing editors for The Financial Review. “This is going to be something new and unique within our careers,” Robert said. “My wife and I have published over 50 journal articles, and this will give us the opportunity to deal with the ...

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SBA offering new ARC loans

WASHINGTON — The U.S. Small Business Administration (SBA) is now accepting loans for a temporary new program called America’s Recovery Capital (ARC). ARC loans of up to $35,000 are designed to provide a bridge for viable small businesses with immediate financial hardship. ARC loans are deferred-payment loans of up to $35,000, available to established, viable, for-profit small businesses that need ...

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SBA ranks Regions high

BIRMINGHAM, Ala. — For the sixth consecutive year, the U.S. Small Business Administration (SBA) ranked Regions Financial Corporation (NYSE: RF) third among large U.S. banks in an annual study measuring banks’ emphasis on lending to small businesses. And, the bank rates second in the Magnolia State. According to the SBA’s Office of Advocacy report, “Small Business and Micro Business Lending ...

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Banks eligible for CPP repayment

WASHINGTON — The U.S. Department of the Treasury reports that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors. Following consultation with the primary banking supervisor of each institution, Treasury has notified the institutions that they are now eligible to complete the ...

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Capital One gets more NMTC funds

NEW YORK — Capital One Bank has received an award of $90 million in New Markets Tax Credits (NMTC) to support the bank’s lending and encourage investments in underserved communities in a number of states, including Mississippi. The allocation was awarded through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) fund to Capital One Community Renewal Fund, LLC, a ...

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Workshops to focus on credit issues

CLEVELAND — Delta State University’s College of Business, in partnership with the Center for Community and Economic Development’s AmeriCorps VISTA program, will present a two-day workshop titled “Credit Matters” that will address various aspects and issues such as the advantages and disadvantages of using credit. The workshops will be held June 16 and June 18, from 6 p.m.–7:30 p.m. at ...

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Peoples reduces dividend

BILOXI — The board of directors of Peoples Financial Corporation, parent of The Peoples Bank, declared a reduced regular semiannual cash dividend of $0.20 per common share, payable July 15, 2009, to stockholders of record July 8, 2009. “This dividend level is consistent with our long-term goal of returning about 35 percent of our earnings to our shareholders,” said Chevis ...

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