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Banking & Finance

Stanford hearing, report touted

JACKSON — A hearing held in Jackson back in October and a subsequent state report concerning the Stanford Financial scandal are being touted by secretaries of state around the nation as proof there needs to be more securities and investment regulations on the state level. In response to the Stanford Financial scam that affected many states across the nation, Secretaries ...

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Report: State to lead in auto loan problems

TransUnion released its annual auto loan forecast indicating national auto loan delinquencies (the ratio of borrowers 60 or more days past due) will increase approximately 7 percent at the end of 2010 to 0.92 percent from an expected 0.86 percent at the conclusion of 2009. It forecasts that Mississippi will have the highest delinquency rate in the nation at the ...

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Lawmakers petition for Ex-Im Bank office

NEW ORLEANS — U.S. senators Mary Landrieu, chair of the Senate Committee on Small Business and Entrepreneurship, and David Vitter along with congressmen Rodney Alexander, Charlie Melancon, Charles Boustany, Steve Scalise, Ahn “Joseph” Cao, Bill Cassidy and John Fleming, have sent a letter to the chairman of the Export-Import Bank of the United States, Fred P. Hochberg, requesting he open ...

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Trustmark repurchases shares from Treasury

JACKSON — Trustmark Corporation has completed the repurchase of its 215,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, from the U. S. Treasury Department at a purchase price of $215 million plus a final accrued dividend of $716.7 thousand. The preferred stock and a warrant to purchase 1,647,931 shares of common stock were issued to the Treasury ...

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Trustmark wraps up public offering

JACKSON — Trustmark Corporation has closed on its previously announced public offering of 6,216,216 shares of its common stock, including 810,810 shares issued pursuant to the exercise of the underwriters’ over-allotment option, at a price of $18.50 per share. Trustmark received net proceeds of approximately $109.3 million after deducting underwriting discounts, commissions and estimated offering expenses. Richard G. Hickson, Chairman ...

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Credit card delinquency rate to fall

Chicago-based TransUnion has released its annual credit forecasts, which indicate national mortgage loan delinquencies (the ratio of borrowers 60 or more days past due) will drop nearly 3 percent by the end of 2010 to 6.39 percent from an expected 6.56 percent at the conclusion of 2009. The projected decrease in mortgage delinquencies would end a trend that included unprecedented ...

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Toyota denies Blue Springs reports

The Nikkei, the Japanese version of the Wall Street Journal, is reporting that Toyota plans to resume construction of the plant in Blue Springs, with the hopes of opening it in the spring of 2011. The plant will initially produce the compact Corolla cars, and start producing the hybrid Prius later. Details are here. Magnolia Marketplace is burning up the phone ...

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Trustmark prices public offering

JACKSON — Trustmark Corporation has priced its public offering of 5,405,406 shares of common stock at $18.50 per share. Trustmark has also granted the underwriters a 30-day over-allotment option to purchase up to 810,810 additional shares of common stock. The offering will generate gross proceeds to the company of $100 million, without giving effect to the potential exercise of the ...

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Senators want country's aid stopped

WASHINGTON — Sen. Thad Cochran (R-Miss.) and Sen. Roger Wicker (R-Miss.) have joined in introducing a Senate resolution aimed at preventing the government of Antigua and Barbuda from receiving financial aid if it continues to hinder efforts to recover billions lost in the Stanford Financial Group fraud scandal. Despite the country’s continued refusal to cooperate in the Stanford investigation, the ...

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CMI continues to climb

COLUMBIA, Md. — Black Thursday has come and gone and the results are mixed. On the one hand there was much more traffic in the stores than last year, but the average consumer has been spending a bit less and more cautiously. The same pattern seems to have emerged in the business community, as indicated by the shifts in the ...

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