Finance and Commerce Daily Newspaper, MN articles from January 2003

Finance and Commerce Daily Newspaper, MN archives from January 2003

For Minnesota companies, 2002 was a year to forget.
January 2, 2003... Byline: Dave Price Minnesota stocks will begin 2003 worth about 10 percent less than a year ago, with the market value of 10 area companies each plunging by $1 billion or more during 2002. Nearly half of the $31.1 billion drop in the...

Small banks decry privacy proposal.(for sharing customers' personal financial information)
January 2, 2003... Byline: Mark Anderson Richard Kovacevich, chairman of Wells Fargo & Co., took to the front page of the nation's leading banking journal last week to pitch a compromise on the thorny issue of when a bank can share its customers' personal...

The St. Paul Cos. settles Enron claims with J.P. Morgan to the tune of $70 million.
January 3, 2003... Byline: Dave Price The St. Paul Companies will pay $70 million in cash to settle claims by J.P. Morgan & Co. for surety bonds the insurer issued to guarantee energy trades between a Morgan-related entity and Enron Corp. J.P. Morgan...

Buca di Beppo sees declining sales in newly-acquired Vinny Testa restaurants.
January 4, 2003... Byline: Dave Price Vinny Testa keeps putting the squeeze on Buca di Beppo. Sales for the Boston-based restaurant chain Co acquired by Buca early last year for $20.5 million Co continued a steady decline in the now-concluded fourth...

Local exchange carrier execs push for competition compromise.
January 7, 2003... Byline: Dave Price Minneapolis-based Eschelon Telecommunications along with several other upstart telephone service providers are pushing a compromise proposal with federal regulators that would allow for continued cheap access to local...

MakeMusic! aims for profitability with funding deal.
January 7, 2003... Byline: Dave Price MakeMusic! Inc. has commitments for at least $2 million in new equity funding that the Eden Prairie-based software company hopes to use to capture a larger slice of the online music education market. The company,...

Bremer Financial opens new location in Minneapolis.(Brief Article)
January 8, 2003... Byline: F&C Staff Bremer Financial Corp., a St. Paul-based financial services company, has signed a lease to open a new branch on the skyway level of the 225 South Sixth building in Minneapolis. The new branch, scheduled to open Jan....

Northwest retires its Boeing 727 Fleet.(Brief Article)
January 8, 2003... Byline: F&C Staff Northwest Airlines announced Tuesday that it has retired the last of its Boeing 727 aircraft from scheduled service. Northwest began operating the three-engine 727s in 1964 and its 727 fleet eventually grew to 92....

Appliance Recycling Centers of America to open store in Champlin.(Brief Article)
January 8, 2003... Byline: F&C Staff Appliance Recycling Centers of America, Inc., a retail provider of special-buy household appliances, announced Tuesday that it will open a 33,000-square-foot ApplianceSmart factory outlet store at the corner of Highway...

Mortgage delinquencies and foreclosures begin to stabilize.
January 8, 2003... Byline: Dave Price The percentage of Minnesota homeowners who fell behind on their mortgage payments edged up slightly in the third quarter from the previous quarter last year, while the pace of delinquent loans in the state remained far...

Lino Lakes State Bank finds north metro to its liking.(private equity offering)
January 9, 2003... Byline: Mark Anderson Lino Lakes State Bank hopes to catch up with the demands of its fast-growing loan portfolio through a private equity offering it launched in late December. The bank's holding company plans to raise up to $2.6...

Minnesota banker named chair of national association.(Alisha J.R. Johnson joins American Bankers Associaion's Marketing Network Council)
January 9, 2003... Byline: F&C Staff Alisha J. R. Johnson, senior vice president of Highland Bank in Minnesota, has been named chair of the American Bankers Association's Marketing Network Council. The council sets the program agenda for the ABA...

New housing units peak in 2002.
January 10, 2003... Byline: Brian Johnson With a move toward higher-density developments, the Twin Cities metro area reached new heights in residential construction in 2002, according to the Builders Association of the Twin Cities. The group said that...

No easy way out of budget woes, according to state economist.
January 10, 2003... Byline: David Knutson Good news from the February state economic forecast won't make things much easier for lawmakers faced with tough budget decisions this session, according Minnesota's chief economist. Tom Stinson told the Senate...

Cities reap huge savings in refinancing boom.
January 11, 2003... Byline: Mark Anderson Amid widespread economic problems and gloom and doom emanating from state capitols, beleaguered cities and states had at least some good budgetary news in 2002. They were able to borrow money at historically low...

Metro Econ. Development Assn. elects new board member.(Lawrence Stranghoener )(Brief Article)
January 14, 2003... Byline: F&C Staff The Metropolitan Economic Development Association (MEDA) recently elected Lawrence Stranghoener to its board of directors. Stranghoener serves as chief financial officer of Thrivent Financial for Lutherans. He...

Dorsey & Whitney law firm keeps top M&A ranking.
January 14, 2003... Byline: Mark Anderson The Dorsey & Whitney law firm of Minneapolis remained one of the nation's top legal advisers on mergers and acquisitions in 2002, a year when smaller companies propped up an otherwise floundering M&A market. ...

Builders: Housing market to remain strong in 2003.(forecasts from National Association of Home Builders )(Brief Article)
January 14, 2003... Byline: F&C Staff New home sales should continue to be strong in 2003, according to the National Association of Home Builders. The Washington, D.C.-based builders group announced Monday that it expects 942,000 new home sales...

WTO's Canada ruling called a victory for U.S. producers.(World Trade Organization)
January 14, 2003... Byline: F&C Staff Land O'Lakes termed the World Trade Organization's (WTO) ruling that Canada's current dairy export system is in violation of international trade rule limits a victory for U.S. dairy producers. The WTO decision came...

VirtualFund shifts into mortgage broker market.(acquisition of Marquest Financial Inc.)
January 15, 2003... Byline: Mark Anderson VirtualFund.com Inc. has taken its first positive business step in 18 months with the purchase of Marquest Financial Inc., a Bloomington-based mortgage broker for the wealthy. VirtualFund, which operated as a...

ABRA Auto Body & Glass earns readers' choice award.(2003 Memphis Woman Magazine)(Brief Article)
January 15, 2003... Byline: F&C Staff ABRA Auto Body & Glass, a Minneapolis-based damaged vehicle repair company, received the 2003 Memphis Woman Magazine Readers' Choice Awards in the Auto Body Repair category for repair centers in the Memphis market....

Surg II, Inc. announces special shareholders' meeting.(Brief Article)
January 15, 2003... Byline: F&C Staff Surg II Inc.(OTC Bulletin Board: SURG.OB) announced Tuesday that it has called a special meeting of its shareholders to consider certain amendments to its articles of incorporation. The meeting is scheduled for 10:00...

Environmental review completed for Northstar project.(commuter railroad approved by Federal Transit Authorities)(Brief Article)
January 16, 2003... Byline: F&C Staff A three-year environmental review process for the proposed Northstar Corridor railroad project has been completed, according to the Northstar Corridor Development Authority. The process, which included input from...

TCF Financial reports yearly income of $12B.
January 16, 2003... Byline: Mark Anderson At a time when dividends are looking better to both Wall Street and the White House, TCF Financial used its generous dividend record to add some polish to another strong yearend earnings report. The $12 billion...

Lawson Software signs contract with Cumberland County.(county will use Lawson Series 8.0.3 software)(Brief Article)
January 16, 2003... Byline: F&C Staff Lawson Software has signed a contract with Cumberland County during its second quarter of fiscal year 2003, which ended Nov. 30. Cumberland County licensed Lawson Series 8.0.3 Financials, Enterprise Reporting,...

Plymouth-based startup developing new devices to treat atrial fibrilliation.(Sinus Rhythm Technologies)
January 16, 2003... Byline: Dave Price Dan Sullivan, an old hand at building young companies into multimillion-dollar winners, is back at the helm of another medical technology venture in the Twin Cities. Sullivan hit paydirt about three years ago,...

Urban Retail Properties adds more managed properties.(Blackstone Real Estate Advisors awards contract to firm)(Brief Article)
January 17, 2003... Byline: FC Staff Blackstone Real Estate Advisors, an affiliate of The Blackstone Group, awarded Urban Retail contracts to manage three regional shopping centers in Ohio, Minnesota and North Dakota. By earning the management contracts...

United Properties industrial brokers earn award.(Minnesota Association of Commercial Realtors "Industrial Deal of the Year" award)(Brief Article)
January 17, 2003... Byline: F&C Staff Three industrial brokers at United Properties won the "Industrial Deal of the Year" from the Minnesota Association of Commercial Realtors. Jon Yanta, Todd Hanson and Jason Sell were recognized for outstanding work in...

Janitorial services feel pinch of high vacancies.(Interview)
January 17, 2003... Byline: Jim Martyka With office vacancies climbing past 20 percent in the Twin Cities, the battle for building maintenance and cleaning contracts has become increasingly cutthroat. American Building Maintenance Co. of Minneapolis, the...

St. Paul Venture Capital portfolio company shuts down.(Crescent Networks closes its doors)(Brief Article)
January 18, 2003... Byline: F&C Staff Private investors, including St. Paul Venture Capital, have balked at providing more money for Crescent Networks, forcing the Lowell, Mass.-based computer networking company to close its doors this week. According...

SurModics shares jump 12 percent after report.(Brief Article)
January 18, 2003... Byline: F&C Staff SurModics continues to gain traction with stent manufacturers and investors, with shares jumping 12 percent Friday after the biochemical firm reported a big jump in quarterly revenues and earnings. The Eden...

U.S. Bank opens branch at Coffman Memorial Union.(Brief Article)
January 18, 2003... Byline: F&C Staff The new U.S. Bank branch located in the renovated Coffman Memorial Union on the University of Minnesota Twin Cities campus will open on Tuesday, Jan. 21. The opening will be marked with a ribbon cutting. The ribbon,...

Investors deliver the goods to Golden Valley cybergrocer.(SimonDelivers.com secures $7.3 million)
January 21, 2003... Byline: Dave Price In the car wreck that has sideswiped online grocers in recent years, the best news for SimonDelivers.com might be that its vans are still rolling. The Golden-Valley-based home delivery company is within a few weeks...

Eschelon Telecom to offer customers online billing.(Brief Article)
January 21, 2003... Byline: FC Staff Eschelon Telecom Inc., an integrated communications provider of voice, data, Internet services and business telephone systems, has launched e-billing, an online billing and analysis service, for its 35,000 business...

Reell Precision receives business ethic award.(Reell Precision Manufacturing Co.)(Brief Article)
January 21, 2003... Byline: FC Staff Reell Precision Manufacturing Co., St. Paul, received the Society of Financial Service Professionals' 2002 American business ethics award for small companies. Reell Precision Manufacturing was founded in 1970 on the...

U.S. Bancorp reports 22% net increase.(Brief Article)
January 22, 2003... Byline: F&C Staff U.S. Bancorp reported Tuesday a 22 percent increase in fourth-quarter net income of $849.8 million, or 44 cents per share, compared with $695.4 million, or 36 cents per share, a year earlier. Excluding after-tax...

Cherokee bank becomes a true believer in church lending.
January 22, 2003... Byline: Mark Anderson There's a New Testament story about Jesus tossing money-lenders out of the temple in Jerusalem Co a story that has probably given more than a few financial professionals a shudder over the centuries. But even...

RBC Dain Rauscher said to be among suitors for Piper Jaffray.
January 22, 2003... Byline: Dave Price The on-again, off-again speculation that U.S. Bancorp wants to unload its Piper Jaffray securities unit rekindled Tuesday after an online news service reported that the Minneapolis-based bank holding company has been...

Kline condominium being sold by Treasury Department.(George Kline convicted of fraud)(Brief Article)
January 23, 2003... Byline: F&C Staff The condominium of Minneapolis investor George Kline is being sold by the U.S. Department of Treasury. The agency seized the property after his conviction for multiple securities violations, mail fraud and money...

Vascular Solutions remains listed on NASDAQ.(Brief Article)
January 23, 2003... Byline: F&C Staff Vascular Solutions avoided being delisted from the Nasdaq stock market after announcing Wednesday that its stock price had reached the minimum threshold of $1 a share. The prior notice of Nasdaq to delist the shares of...

RBC Dain Rauscher posts $2 million profit in '02.(Brief Article)
January 23, 2003... Byline: F&C Staff RBC Dain Rauscher produced about $17.5 million in net income for corporate parent Royal Bank of Canada during the final six months of 2002, offsetting losses earlier in the year by the Minneapolis-based brokerage...

Ellerbe Becket architect wins fellowship.(Michael Kennedy wins 10th Ralph Rapson Traveling Fellowship )(Brief Article)
January 24, 2003... Byline: F&C Staff Michael Kennedy, a design director at Minneapolis-based Ellerbe Becket, has won the 10th Ralph Rapson Traveling Fellowship from the Minnesota Architectural Foundation and the University of Minnesota. Kennedy...

Le Meridien Hotel hopes Art + Tech adds up to success.
January 24, 2003... Byline: F&C Staff The high-tech gadgetry at the downtown Le Meridien hotel extends all the way down to the parking ramp. As guests drive into the underground garage, a scanner reads the key card and the driver doesn't need to swipe...

Twin Cities retail shines in glum real estate market.(Minneapolis and St. Paul, Minnesota)(Industry Overview)
January 25, 2003... Byline: Mark Anderson In the midst of an otherwise somber real estate climate, developers are continuing to build and fill new retail centers at a heady pace. The Twin Cities market absorbed 2.6 million square feet of retail space in...

Builders Assn. of the Twin Cities elects new president.(Brief Article)
January 25, 2003... Byline: F&C Staff Chris Thompson, owner of a Chaska-based home building firm, has been elected president of the Builders Association of the Twin Cities for 2003. During his one-year term as president, Thompson will play a key role...

Who will become next CEO, president of Alliant Techsystems?(chief executive officer)
January 25, 2003... Byline: Dave Price Nicholas Vlahakis is looking like the No. 2 man with a bullet at Alliant Techsystems. With less than a year remaining before current CEO and Chairman Paul David Miller is slated to retire from the Edina-based defense...

Communication Systems now trading on American Stock Exchange.
January 28, 2003... Byline: Dave Price Communication Systems Inc. (CSI) jumped ship on Monday, joining a growing number of Minnesota firms now trading on the American Stock Exchange. Once dismissed as the "sidewalk" to Wall Street, the Amex has been...

First National Bank of Chaska team adds retail sales mgr. to staff.(Debra L. Kosch appointment)(Brief Article)
January 28, 2003... Byline: F&C Staff Debra L. Kosch joined First National Bank of Chaska as retail sales manager and marketing director. Kosch will manage the personal banking department and the marketing activities of the bank. First National Bank of...

Builders Association of the Twin Cities awards builders.(Brief Article)
January 28, 2003... Byline: F&C Staff The Builders Association of the Twin Cities awarded its most prestigious honor to three of its members. Gorham Builders Inc. was honored as builder of the year. C.N. Ostrom & Son Inc. was honored as remodeler of the...

Minneapolis Downtown Council elects new chairman.(Russ Nelson elected as chairman)(Brief Article)
January 29, 2003... Byline: F&C Staff The Minneapolis Downtown Council elected corporate real estate executive Russ Nelson to serve as chairman. Nelson succeeds Mark Chronister as the head of the MDC. "Russ Nelson has been a leader in the downtown...

Xcel Energy shows signs of turnaround.
January 29, 2003... Byline: Dave Price Given all of the problems that struck Xcel Energy during 2002, even lackluster results in the company's fourth quarter will seem positive by comparison. With the power industry still largely reeling and the company...

Advantus funds stage a comeback.(Advantus Capital Management)
January 30, 2003... Byline: Mark Anderson A change for the better is always within our grasp. If you ever have doubts about that tenet of self-improvement, just think of Advantus Capital Management. The money managing affiliate of St. Paul-based...

For homebuilders, Iraq remains a wild card.
January 31, 2003... Byline: Brian Johnson Is the Twin Cities homebuilding industry headed for a recession? A lot is riding on a possible war with Iraq, according to a local residential construction expert. Betty Hardle, president of Coon Rapids-based...