Mortgage Blog
Leading health insurer invests in Tampa lab benefits management firm
Health Care Service Corp., a Chicago-based company that owns several Blue Cross and Blue Shield plans, picked up a minority stake in Avalon Healthcare Solutions, after investing in the Tampa-based laboratory benefit management company.
The amount of the investment by HCSC Ventures, a wholly owned subsidiary of Health Care Service Corp., was not disclosed. The investment retired other outstanding equity in Avalon, said Barry Davis, chief growth officer for Avalon.
In connection with the investment,…
CEO of KC’s second-largest credit union resigns
Brandon Michaels is resigning as CEO of Mazuma Credit Union effective Aug. 23.
Michaels joined Mazuma in 2009 as vice president of finance and CFO, before becoming CEO in January 2012. Mazuma said Michaels plans to “pursue another growth opportunity.”
Michaels could not be reached for comment.
Deonne Christensen, who joined Mazuma as its COO in 2013, was named interim CEO. Mazuma's board of directors, led by Chairman Russell Petry, will begin a search for a permanent replacement.
“Brandon has…
Have a cryptocurrency company? Bermuda, Malta or Gibraltar wants you
Hedge funds go to the Cayman Islands to incorporate. Big companies are generally domiciled in Delaware. And online poker companies often set up their bases in Gibraltar and Malta. Now the race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia.
John Kemper will get a big raise as CEO of Commerce Bancshares
John Kemper will take over as CEO of Commerce Bancshares Inc. (Nasdaq: CBSH) on Wednesday. Kemper, who is the son of outgoing CEO David Kemper, will see his base pay jump 49 percent.
John Kemper, 40, currently serves as president and COO of the bank holding company. He also has been a company director since 2015.
Last year, Kemper earned a base salary of $604,921. As CEO, his base pay will rise to $900,000 a year, and he will be eligible for an annual cash incentive worth up to 100 percent of his…
Beynon Insurance merging with Exchange Underwriters
CB Financial Services Inc. on Monday announced the merger of its subsidiary, Exchange Underwriters, and Pittsburgh-based Beynon Insurance, effective Wednesday. Terms were not disclosed.
Based in Carmichaels, CB Financial (Nasdaq: CBFV) is one of the Pittsburgh region’s largest financial institutions.
Beynon Insurance, established in 1912, is part of Beynon Real Estate and Insurance Co. Exchange Underwriters, based in Washington, Pennsylvania, started in 1952.
“We are excited to bring the…
Jamie Dimon: ‘I would do WaMu again. I would not do Bear Stearns again’
The JPMorgan Chase CEO will visit Portland and Seattle this week to mark the 10th anniversary of the bank's acquisition of Washington Mutual. In this exclusive wide-ranging interview, Dimon answered questions about Trump's trade policies, the Fed, immigration reform and income inequality.
BNP Paribas to sell additional 20M First Hawaiian shares
BNP Paribas said it will offer 20 million shares of First Hawaiian’s common stock in an underwritten public offering, as the Paris-based minority shareholder continues to divest its remaining shares of First Hawaiian stock.
Completion of the public offering and the direct share repurchase is expected to reduce BNP Paribas’ beneficial ownership stake in First Hawaiian from 48.8 percent to approximately 33 percent.
BNP said it intends to grant the underwriter a 30-day option to purchase up to…
Chicago Stock Exchange employees laid off, CEO exits after acquisition by NYSE
A dozen employees at the Chicago Stock Exchange (CHX) lost their jobs earlier this month, just months after the exchange was acquired by the owners of the New York Stock Exchange.
John Kerin, CEO of CHX, also exited the company, according to Bloomberg.
Per the report, Kerin said he was treated fairly and completed his last day on July 27.
Intercontinental Exchange Inc. (ICE), which also owns the New York Stock Exchange, bought CHX in April after the Chicago-based exchange failed to sell itself…
After Hours: CFO of the Year luncheon
The Sacramento Business Journal celebrated its CFO of the Year honorees with a July 19 luncheon at the Hyatt Regency Sacramento.
The event, which included a speech by California Insurance Commissioner Dave Jones, attracted 300 people. A reception for honorees was held prior to the luncheon.
This year's 11 honorees work for a variety of companies and agencies, ranging from banks and hospitals to county governments and nonprofit organizations. In addition to maintaining a healthy bottom line, they…
Synovus Financial gives raises to four top execs
Synovus did not report why it's giving the executives raises, but the move came just one day after Synovus announced it's acquiring FCB Financial Holdings Inc. (NYSE: FCB), Florida’s largest community bank, for $2.9 billion.