Finance and Commerce Daily Newspaper, MN articles from October 2003

Finance and Commerce Daily Newspaper, MN archives from October 2003

Wells Fargo launches new lending goal of $20 billion.
October 1, 2003... Byline: staff Wells Fargo & Co. on Tuesday announced a new goal to lend $20 billion over 10 years to women-owned businesses, the third time it has increased its goal since the creation of its women business services program in 1995. Wells...

In local mutual fund sector, all that glitters is gold.
October 1, 2003... Byline: Dave Price This summer, while stocks extended some of their best gains in nearly three years, the mutual fund with the brightest performance locally wasn't investing in semiconductors, health-care companies or even following a...

Community banks take aim at 'burbs.
October 2, 2003... Byline: Mark Anderson Bankers are planning and developing new banks in Chanhassen and Mendota Heights this fall in the latest round of a community banking boom that's been rolling across the Twin Cities for more than three years now. In...

Alliant Techsystems names new CEO.
October 2, 2003... Byline: staff As part of a previously announced leadership succession plan, Alliant Techsystems said on Wednesday that Dan Murphy has taken the chief executive officer role and Paul David Miller will retain his post as chairman of the...

National Assn. of Credit Mgmt. survey shows improvement for the economy.
October 3, 2003... Byline: staff A monthly survey from the National Association of Credit Management shows that the business economy picked up steam in September. The NACM Credit Manager's Index, which surveys the business economy based on credit and...

Twin Cities homebuilders had a busy September.
October 3, 2003... Byline: staff New home construction is still going strong in the Twin Cities metro area, according to September building permit statistics. The statistics, released Thursday by the Builders Association of the Twin Cities, show that...

Velocity Express hopes new deal can ease debt problems.
October 3, 2003... Byline: Dave Price Velocity Express is putting its restructuring back on the fast track.The Plymouth-based delivery service - once one of the hottest area companies riding the dot-com boom - owes more than $40 million to creditors,...

Maplewood-based 3M's stock moves into top spot among Minnesota's most valuable companies.
October 4, 2003... Byline: Dave Price After the week 3M Co. just had, you could be excused for thinking those triple letters stood for "Mammoth Money-Maker."Shares of the diversified manufacturer jumped 2 percent this week, creating more than $2.3 billion of...

Smart Growth critic calls for denser urban development.
October 7, 2003... Byline: Brian Johnson Maybe Smart Growth isn't so smart after all. At least that's what Steve Belmont thinks. Belmont, a local architect and author, is an outspoken critic of the Smart Growth philosophy of putting high-density housing in...

PW Eagle to spin off polyethylene-pipe operations.
October 7, 2003... Byline: staff PW Eagle intends to soon spin off its polyethylene-pipe business into a new, privately held company as part of efforts by the heavily leveraged manufacturer to reduce debt.The Minneapolis-based company also plans to sell off...

Regis first quarter earnings exceed company guidance.
October 8, 2003... Byline: staff Regis Corp. said that consolidated revenues increased 14 percent in Sept. to a record $143 million, compared to $125 million a year ago. The company's same store sales for Sept. increased 1.3 percent.Paul D. Finkelstein,...

U.S. Bancorp expanding reach of its mutual funds.
October 8, 2003... Byline: Mark Anderson Much of U.S. Bancorp's next round of growth is apparently going to take place in other people's shops. The Minneapolis company, which announced a major deal last month with Safeway to open new bank offices in the...

MN Housing Finance Agency head vows to work with builders.
October 9, 2003... Byline: Brian Johnson Minnesota Housing Finance Agency Commissioner Tim Marx urged builders to work with government officials to expand workforce housing in the metro area, increase homeownership opportunities for minorities and reduce...

CNS Inc. names new chief financial officer.
October 9, 2003... Byline: staff CNS Inc. of Eden Prairie on Wednesday named Samuel E. Reinkensmeyer, 43, as its new chief financial officer.Reinkensmeyer replaces the late David Byrd, who died at the age of 49 in March after surgery for a brain...

Target comparable-store sales increased 5.4 percent.
October 10, 2003... Byline: staff Target Corp. said that its net retail sales for the five weeks ended Oct. 4, increased 12.3 percent to $3.9 billion from $3.5 billion for the five-week period ended Oct. 5, 2002. Comparable-store sales increased 5.4 percent...

Liberty pledges to maintain culture after merger with La Crosse bank.
October 10, 2003... Byline: Mark Anderson One of the premier community banks in the Twin Cities is going to remain just that next week when it officially joins La Crosse-based First Federal Capital Corp.'s rapidly growing franchise. That's the mantra of...

Once-mighty Bloomington software company being sold to in fire sale.
October 10, 2003... Byline: Dave Price Firepond Inc., one of the more spectacular flame-outs from the late 1990s boom years, has agreed to be acquired for a fire-sale price of $11.7 million. The proposed tender offer announced by Jaguar Technology Holdings on...

Minnesota's manufactured housing industry impacted by Fannie Mae's tougher loan requirements.
October 11, 2003... Byline: Brian Johnson Minnesota's manufactured housing industry is feeling the effects of Fannie Mae's decision to require an additional fee and a higher down payment for 30-year mortgages on manufactured homes. While building permits for...

Synovis Life registration statement declared effective by SEC.
October 11, 2003... Byline: staff Synovis Life Technologies Inc., a diversified medical device manufacturer, announced that its form S-3 registration statement was declared effective on Thursday by the Securities and Exchange Commission, following a private...

Potlatch Corp.'s Bemidji mill shutting down temporarily.
October 11, 2003... Byline: staff Potlatch Corp.'s oriented strand board plant in Bemidji will close its No. 1 line, which produces most of the company's OSB underlayment products, between Nov. 24 and Dec. 5, according to Mike Wagner, Bemidji plant...

EFJohnson Co.'s 80th anniversary honored by state of Minnesota and city of Waseca.
October 11, 2003... Byline: staff EFJohnson Co. said that both the state of Minnesota and the city of Waseca have recognized EFJohnson on its 80th anniversary. The city of Waseca declared this past week to be EFJohnson Week. The company is being recognized...

Michael Foods sold for $1.05B.
October 14, 2003... Byline: Dave Price They put it on the block and came away with a very good price.The investor group that bought out Minnetonka-based Michael Foods two years ago has turned around and sold the diversified food processor in a $1.05 billion...

Women's business group launches Minnesota affiliate.
October 14, 2003... Byline: staff The U.S. Women's Chamber of Commerce will launch its new Minnesota affiliate this month with a "membership kickoff event" in Minneapolis. The event, scheduled for Oct. 23 from 7:30 to 9:30 a.m. at the Four Points Sheraton...

Budget to focus on preserving state's existing facilities.
October 15, 2003... Byline: staff writer State Finance Commissioner Dan McElroy said Tuesday that the Pawlenty administration will likely propose $550 million to $700 million for capital improvements at state facilities in the coming year, with a substantial...

Minnesota Chamber of Commerce elects board members.
October 15, 2003... Byline: staff The Minnesota Chamber of Commerce elected officers for its 2003-2004 board of directors and 11 new members to the 46 member volunteer board at its annual meeting this week.The 2003-2004 officers are chair Scott Thiss,...

U.S. Bancorp Piper Jaffray adds three to staff.
October 16, 2003... Byline: staff U.S. Bancorp Piper Jaffray said it has hired Jim Niederle and Greg Swartz in public finance and Steve Cavalier in institutional tax-exempt trading.Niederle joins as a managing director and senior investment banker in the...

Beige Book gives cautious thumbs up to the Midwest.
October 16, 2003... Byline: Dave Price The Minneapolis Fed has again gathered the usual suspects for a group photo, and everybody was smiling for the most part.Citing continued strong home-building and steady retail sales, researchers with the Minneapolis...

TCF Financial positioned for growth after lackluster quarter.
October 16, 2003... Byline: Mark Anderson TCF Financial Corp.'s earnings dipped during the third quarter, but the expenses that produced that short-term loss should help produce better returns during the rest of the year and 2004, CEO Bill Cooper said during...

Lander Group finds silver lining in a difficult year.
October 17, 2003... Byline: Brian Johnson When fire destroyed the West River Commons building while it was still under construction in June, project developer Michael Lander was hit with a series of emotions - disbelief, frustration and resignation - and an...

Minneapolis' first pet boutique serves up high-end treats.
October 18, 2003... Byline: staff Lulu & Luigi will open its doors on Monday at Excelsior and Grand in western Minneapolis. The store features quality foods and high-end accessories for pets. Lulu & Luigi is a true mom-and-pop, well, mom-and daughter, shop...

Gov. Pawlenty pledges to take lead on stadium issue.
October 18, 2003... Byline: staff Gov. Tim Pawlenty signaled he still intends to lead efforts to secure new arenas for several of the state's major sports teams, saying on Friday he would again press the Minnesota Legislature to approve new stadium...

Twin Cities firm named Subcontractor of the Year.
October 21, 2003... Byline: staff Metro Travel & Tours of Blaine has been named Regional Subcontractor of the Year for the U.S. Small Business Administration's six-state upper Midwest region.Bennet Cyrus, company founder and president, started the business in...

Grand opening planned for Jackson Street Village.
October 21, 2003... Byline: staff Jackson Street Village, the first housing complex of its kind in the U.S. to be built according to special guidelines developed by the American Lung Association, is celebrating its grand opening in St. Paul this week. The...

Hiawatha Line proves female-friendly for contractors.
October 21, 2003... Byline: Brian Johnson Diane Holte admits that it's not always easy owning a construction company. "There are certainly days when you wake up and say, 'I wish I were a waitress somewhere,'" said Holte, president and CEO of Holte...

Sunrise tops MN banks in growth of small-business lending.
October 22, 2003... Byline: Mark Anderson Over the last couple of years, the Sunrise Community Banks franchise has made friends with a very useful partner - the federal government. The Sunrise chain, a group of community banks that Bill Reiling and his family...

Entrepreneurs find timing is right for opening franchises.
October 22, 2003... Byline: Jim Martyka When the economy slows, not every business sector suffers. Franchising, for example, typically thrives during slowdowns, driven by unemployed people who want to launch their own businesses.Matthew Shay, executive vice...

Net Perceptions to shut down for good.
October 23, 2003... Byline: staff Directors of Net Perceptions have voted to dissolve the struggling Eden Prairie-based software company by selling off its remaining assets and distributing the proceeds to shareholders.Net Perceptions produces software that...

Wells Fargo economist predicting a robust economic recovery.
October 23, 2003... Byline: Mark Anderson Sung Won Sohn urged optimism about the American economy during a Wednesday morning presentation in St. Louis Park, but his message didn't translate into immediate good news for his audience of commercial property...

Demand still strong for new housing.
October 24, 2003... Byline: Brian Johnson Residential construction should continue to be strong in the Twin Cities next year, especially for townhomes and other lower-priced offerings, according to Betty Hardle, a residential construction expert who spoke at...

MedSource Tech building new manufacturing plant.
October 24, 2003... Byline: staff MedSource Technologies Inc. of Minnetonka has broken ground on a new manufacturing facility in Houston, Pa.The medical-device maker said the 30,000-square-foot metal-forging facility will be on the grounds of an existing...

Raymedica Inc. completes new round of financing.
October 24, 2003... Byline: staff Raymedica Inc., a medical device developer and manufacturer based in Minneapolis, has completed a $10 million financing round with existing institutional and private investors.The round was led by Viscogliosi Brothers LLC, a...

Founder of GCI Systems emphasizes family in building Shoreview company.
October 24, 2003... Byline: Lee Ann Owens For Kay Kuba, founder and CEO of GCI Systems, business means family. Her son, Sanjay Kuba, works as the chief technology officer at the Shoreview-based provider of information technology services and products. Her two...

City of Minneapolis considers selling some of its municipal parking ramps.
October 25, 2003... Byline: Dave Price The city of Minneapolis is considering selling off some of its underperforming parking ramps as part of efforts to improve municipal finances and trim debt.Minneapolis officials at various times have kicked around the...

Bloomington-based Arrowhead Hospitality Group adding two properties.
October 25, 2003... Byline: staff Bloomington-based Arrowhead Hospitality Group said it has added the East Bay Hotel, Grand Marais, and the Microtel Inn & Suites, Owatonna, to its hotel management portfolio."We're excited to add these unique properties. They...

TechXpo draws 700 bankers to St. Paul's RiverCentre.
October 28, 2003... Byline: staff More than 700 community bankers from across the Upper Midwest gathered yesterday at St. Paul's RiverCentre for TechXpo, the regional community banking technology exposition. The three-day trade show features technology for...

The St. Paul Companies opens Colorado service center.
October 28, 2003... Byline: staff As part of The St. Paul Companies' continued expansion into the small business insurance marketplace, the company recently opened a commercial service center for its small business customers. The new service center in...

Financial execs a hot commodity in post-Enron age.
October 28, 2003... Byline: Dave Price When Mary Jeffries graduated from the University of Northern Iowa, she never knew that an accounting degree would make her so popular."As time has gone on, it's something that has become much more relevant," observed...

WealthSpring Mortgage opens Arden Hills office.
October 29, 2003... Byline: staff Michael Warner, president of WealthSpring Mortgage, said that on Sept.1 WealthSpring Mortgage opened a branch office located in Arden Hills.With its headquarters located in Golden Valley, WealthSpring Mortgage has...

Milwaukee-based Deloitte admits six practitioners in Minneapolis office.
October 29, 2003... Byline: staff Milwaukee-based Deloitte, a professional services firm, announced the admission of new partners and directors in its Minneapolis practice."We're thrilled to announce the admission of some of the firm's most valuable leaders...

Commercial real estate awaits signs of recovery.
October 30, 2003... Byline: Mark Anderson Although most indicators are starting to support a bullish view of the economy, improved corporate-spending and bottom-line trends probably won't solve the commercial real estate world's main woes for a while yet. A...

$30 million project will bring new look to busy intersection in Falcon Heights.
October 30, 2003... Byline: Monte Hanson Falcon Heights officials broke ground on Wednesday on a $30 million mixed-use project that will displace several longtime businesses but will bring new, affordable housing to a city that is best known as the home of...

BMC Industries Inc. completes sale of hybrid-manufacturing line.
October 31, 2003... Byline: staff BMC Industries Inc. said that it has completed the sale of its hybrid-manufacturing line to Tech-Etch Inc. of Plymouth, Mass. BMC's line, part of the Buckbee-Mears group's recently discontinued operations in Cortland, N.Y.,...

Synovis Life Technologies CEO grooms head of company's cardiac supplies business as successor.
October 31, 2003... Byline: senior writer When Synovis Life Technologies acquired Jer-Neen Manufacturing five years ago, it got more than just a new business line.It also found its next CEO.After more than 14 years at the company, including the past seven as...

Businesses help transform Franklin Ave. in Minneapolis.
October 31, 2003... Byline: senior writer By the mid-1990s, Franklin Avenue and 11th Avenue South had become the epicenter of crime in Minneapolis. Drugs and prostitution were common in the neighborhood, but police also responded to frequent reports of...