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The Whithams assert that the "confirmation of sale and purchase agreement" was not honored because of the bank's legal action, which, the Whithams claim, happened only after the bank had honored checks written on Sunbelt's account to several farming entities indebted to the bank and operated by relatives of Kathy Shafe... |
Footnotes in the filing note Sunbelt made several payments in the month of November to the bank and entities Wheatbelt Farms, Plains Feeders and K&K Feeders as dual payees and that Kathy Shafer's brother, Keith Young, had an ownership interest in each of these entities. The court, however, said "these facts are immater... |
While the Whithams are still battling the claim in the court system, the judge ruled the bank should receive its secured claim of $2.6 million. Because it is a secured creditor, the bank is entitled to interest and attorney fees, Speth said. The ruling was largely to stop more than $442 a day in interest accruing for t... |
The bankruptcy involving the elevator was not the first trouble for the bank - or its last. |
According to an earlier Harris News Service report, the Federal Deposit Insurance Corp. issued a cease-and-desist order against Security State Bank in November 2003, directing it to tighten its lending standards and stop what it called "unsafe banking practices." According to that directive, the bank didn't have enough... |
The FDIC directed the bank to hire a new chief executive and senior loan officer. Duane Ramsey, who served as CEO and bank president for 23 years, resigned and was replaced by Don LacKamp. The bank also brought in James Arnold as the senior loan officer. He had been working with Farm Credit in Garden City. Arnold is no... |
Bank officials blamed a faltering farm economy for the problems. At the time LacKamp said it wasn't easy to clearly explain the problem that brought about the FDIC charges. |
"It has always been the bank's history of working with people," LacKamp said. "They have focused more on the building of their market, rather than how much profit they were making. As a result, they made loans many banks wouldn't have made." |
Then in October of this year, an employee of the bank was sentenced to 18 months in federal prison for embezzling from the bank. Cindy Bailey was ordered to pay more than $174,000 in restitution. |
In a June 30 report, Bankrate.com - an online bank rating service - gave the bank a 2-star rating, which is below its peer group. |
The service found the bank's return on equity substantially below average, its net interest margin in the mid-range, and its level of non-interest income below normal. The service also noted a nonperforming asset ratio of 62 percent, substantially higher than standard. |
Bankrate.com's report showed the bank had $98 million in loans, with equity of roughly $16 million. |
In its December 2008 end-of-year report to the FDIC, Security State Bank showed a net charge-off of $13.6 million due to commercial and industrial loans and pre-tax net operating loss of $11 million. Then in its September 2009 filing, the bank had a net operating loss of $1 million for the year, with a net charge-off o... |
Bank officials did not return phone calls Thursday. |
Robert DeYoung, the University of Kansas' Capital Federal professor of finance, said it wasn't uncommon for small banks to make larger loans in an effort to support the community. |
"Small banks want to support the community, and they run the danger of any one loan being big." |
However, he said, a small bank should have adequate equity capital if making larger loans. |
"At a small bank, it is not smart to have that big of an exposure," he said. |
The New Milford Bulls found their winning touch Sunday with a convincing 26-0 conquest of the host New Fairfield Falcons. |
In other Pop Warner youth football action, the Steers and Mavericks won by respective scores of 24-14 and 27-6, while the Toros and Wranglers lost by scores of 6-0 and 7-0 despite strong defensive efforts. |
New Milford's five teams will return to the gridiron this weekend with games both tomorrow (Saturday) and Sunday in Brookfield. For the schedule, see 'On deck' on this page. |
Thomas Hager, Mike Sokul and Mason Soetbeer scored rushing touchdowns and Michael Ballagamba raced to paydirt with an interception to account for the Bulls' point explosion. |
and Brian McDevitt sparked a tenacious defense. |
A late-game touchdown by the host Falcons spoiled a a defensive effort keyed by the Toros' Keith Hoefer , Tom Holliday and David Zullo. |
Touchdowns by Eric Schwenk and Ryan Covert and strong running by Don Clady and quarterback Ryan Smith fired up the Steers' attack. Steven Tucker , Don McGuiness and Austin Swim were defensive stalwarts and Anthony Terlizzi pounced on a fumble. |
The Mavericks' defense set the tone by shutting down their opponents on their first four plays and the 'D' didn't let up the rest of the way. Ryan Guilbeault , Connor Mitchell and Andrew Golden were among the key players. |
An offense featuring the blocking of Matt Lalli and Matt Gevinski and the signal-calling of quarterback Mike Madden soon produced a touchdown by Jesse Carchietta. Conor Kirkegard soon added a TD with blocking help by Justin Sokol . |
The defense keyed by the front six of Connor Shannahan, Drew Hansen , Kevin VanCoughnett , Kyle Koestner , Nickolas Kimball , and A.J. MacDonald did their job, limiting New Fairfield to a single touchdown. |
Highlighting the Wranglers' offensive effort was the blocking of A.J. MacDonald, Jake Vaughey, Chris Hammock , Warren Mako , Kody Marlow , Bryan Ross , Tyler Sullivan and Patrick Richardson. |
The Toros' offense often drove the ball down the field, but struggled to put points on the board. |
LG Mobile is in a rut. Over the last two and a half years, its smartphone division has posted losses totaling over $2 billion, and a big reason for the company's struggles has been poor sales of its flagship phones. When you look back to 2016, the LG G5 was doomed from the start. It had a bland design and a half-baked ... |
And then in 2017, LG released the G6, which was much less offensive, but lacked in features and style when compared to competitors like the Galaxy S8. |
But now, LG is trying to turn things around with the new G7 ThinQ, which retains the nifty advanced video features that debuted LG V30 last fall, while also adding on a whole host a fancy new tricks. But the question remains: Is all this enough to make the phone a viable competitor to slick devices from the likes of Sa... |
Maybe things will be different on final production devices, but I want to look into LG's 1000 nit claims a little more. |
Like it's predecessor, the G7 sports IP-68 water resistance that should protect it from a of casual dip, and a glass sandwich design that's become so ubiqitous among premium handsets. Where LG has put extra work in is on the LG's components such as its speaker and display. (Yes, it has a notch. And no, it's not a big d... |
The G7's stereo are no joke. |
Meanwhile, the phone's speakers can pump out over 100 decibels of sound, three times louder than what the G6 could manage. On top of that, not only did LG not axe the G7's headphone jack, it added new DTS-X virtual surround sound tech that can make wired headphones sound better, and more immersive. |
As for the cameras, LG is trying to flex some of its AI muscle — hence the G7's ThinQ branding - by using the company's expanding smart platform to help you take better pictures. Like we've seen on Huawei phones such as the Mate 10 Pro and P20 Pro, LG's AI cam can identify a range of scenes and objects such as pets, fr... |
Not bad for a room that was actually quite dark. |
The G7's dual 16-MP rear cams also have a pixel binning feature, which people might have heard about before on phones like HTC One M7 (which came out in 2013!), when it was better known as UltraPixel tech. It's a technique where the phone combines nearby photo pixels into one big pixel, which gives the camera increased... |
You see the tiny icon that says fruit in the bottom right? That's the G7's AI Cam in action. |
LG's integration of AI tech even extends to the phone's design, because like the Galaxy S8 and S9, the G7 has a dedicated digital assistant button. The difference is that on the G7, the button below the volume rocker summons the Google Assistant, not Bixby, which will probably make LG's implementation slightly less obj... |
Aside from the dedicated Google Assistant button, LG has also added a lock button on the right side, instead of building it into the rear fingerprint sensor like it did on the G5, G6 and others. |
Finally, as you'd expect the G7 has decent, but not exemplary specs, which include a Snapdragon 845 processor, 4GB of RAM, 64GB of storage, a microSD card slot, a 3,000 mAh battery, and wireless charging. |
Now here's the problem: While the G7's list of features and components all sound pretty good, I'm struggling to get excited about it, which is exactly the emotion LG needs to evoke if it hopes to stop the bleeding. Look, it's possible my opinion might change after a more in-depth review, but I'm concerned that unless i... |
We don't have pricing on the ThinQ G7 yet, but it will be hitting Australian stores in June. |
Gov. Pat Quinn says lawmakers must pass a better budget soon, but he refused to provide much insight this afternoon into what happens next if that doesn’t happen. |
But Quinn would not answer when that veto would come, saying he hopes lawmakers send him something better by midnight – ahead of the start of the new budget year tomorrow. The Senate removed a parliamentary motion today on the main piece of that partial budget, so he could act on it right away. |
Delivering the increased insight promised by the latest wave of technologies for business intelligence (BI) and big data requires taking a look at the big picture first. |
This is according to Kevin Lancaster, big data and business analytics director for Engineered Systems at Oracle EMEA. |
Lancaster says BI is getting more complex, with advances in big data, mobile BI and data visualisation tools. |
At the same time, modern BI is operationally significant, which has further implications for the technology and architectural choices of IT. For example, data warehouses are no longer designed only for a small number of analysts. Today, they must also support a highly varied workload, large numbers of concurrent users,... |
"The demands for big data analysis and mobile BI, plus the popularity of in-memory processing and highly interactive data visualisation tools, are bombarding IT teams at a time when they have less budget rather than more, and while business requires greater agility than ever before," says Lancaster. |
"The challenge is not the availability of all these technologies, but figuring out how to bring them together efficiently, with minimal disruption to the business, and in an easy-to-manage, cost-effective way." |
He says Oracle is tackling this problem from two directions: bottom-up, by combining technologies into building blocks that are pre-integrated, pre-configured and pre-installed, and optimising them for specific parts of the solution to make it easier and faster to deploy and less costly to manage; and top-down, by help... |
Lancaster says that while businesses such as Oracle are working on solutions that help address these challenges, there is no single 'killer technology' that can do it all. |
"Different technologies have different strengths - you need a blend. Oracle's strategy is to simplify IT and it is being delivered through a combination of huge R&D investment, strategic acquisitions and partnerships." |
Another aspect is the need to implement new capabilities within the context of the existing IT landscape, says Lancaster. |
"If you don't have an overall design or blueprint, introducing new technologies can actually make the problem worse - you can unintentionally introduce new information silos and IT complexity. |
"Without a clear vision of where you are headed, it's very hard to get there" he notes. |
Lancaster says organisations need to design and architect solutions that can withstand change, handle growth, incorporate new technologies as they become relevant, and are cost-effective. |
By working towards a 'big picture' and simplifying the IT landscape, IT can focus on enabling business growth and innovation, instead of just 'keeping the lights on'. |
He says: "A top priority for IT of course is to keep everything running to an agreed level of service. But this is not driving the business forward. We need to do those things faster, at scale, with more detail, and be much more agile. |
This is where IT delivers real value. Rebalancing the IT budget by spending less on day-to-day 'business-as-usual' and more on enabling the business to innovate is the goal." |
For example, he says: "It was once common for IT to invest a year or more in planning, procuring, assembling, testing and then tuning new hardware platforms from multiple components from multiple vendors for an enterprise data warehouse, and to repeat this every three years or so as the hardware was refreshed. |
"This puts tremendous strain on highly skilled people, who could otherwise be doing something truly innovative for their business. Now, the default approach is to purchase highly tuned, optimised appliances, which can be installed in days, cutting months off the process. Oracle has taken this concept, now de-rigueur fo... |
Lancaster will speak at the upcoming ITWeb BI Summit on "Engineered Systems for Business Analytics, and the Reference Architecture for Information Management". For more information on this event, click here. |
Lebanon's population has risen to 32,732 with numbers from a special census, the city announced Friday. |
The population is an increase of more than 6,500 residents from the 2010 federal census count of 26,190. |
Mayor Philip Craighead estimates state shared revenue funding received by the city will increase approximately $785,000 per year from the additional population. |
Mt. Juliet's population was announced at 28,159 from a special census completed last year. |
Facebook's stock is now changing hands at a $56 billion valuation. |
As far as we know, most people buying the stock at that valuation have no idea what Facebook's financial performance is--they're just buying a gigantic user base. |
But it's still worth spending a couple of minutes thinking about it. |
Facebook is said to have about $2 billion of revenue this year. That means the stock is changing hands at a woozifying 25X revenue multiple. |
Yes, if Facebook has absolutely explosive revenue growth over the next several years and a huge profit margin (think Google or Microsoft). If Facebook's revenue grows to, say, $5 billion next year and $10 billion in 2012, 25X revenue today could be a reasonable multiple. |
And how about the valuation relative to earnings? |
Let's assume that Facebook is modestly profitable this year. Specifically, let's assume it has a 10%-20% operating margin. After tax (assume 35%), that would produce a net profit margin of 7%-13%. This would mean Facebook would have earnings this year of $130 million to $260 million. |
Under those assumptions, Facebook's $56 billion valuation implies a price-earnings ratio of 215X-430X. |
If Facebook can get to $10 billion of revenue in 2012, with, say, a 40% operating margin (~30% net), then the P/E gets more reasonable: 20X. |
But given that Facebook is already 6 years old and it only has $2 billion of revenue ("only"), $10 billion in 2012 may be a stretch. And the same for a 40% operating margin. |
"Facebook is gonna be huuuuuuuge!" |
Are The Investors Who Made Facebook A $56 Billion Company Flying Blind? |
Whose idea of a fun party involves being asked for money? |
Well, luckily for charity organizers, lots of people enjoy raising a bid paddle or answering a cash call at the festive fundraisers that fill this year’s society calendar. |
Luckily for me, the Tampa Bay Times appreciates the importance of philanthropy and sees the gala beat as much more than an excuse to dress up and network with community influencers. |
My husband says I love covering Tampa’s most posh events because my closet runneth over. But that’s not true. Every Friday, I like to take our readers to the soirees they didn’t make in my weekly "Diary," and shine the spotlight on those who work so hard to make them successful. |
If I get to rub shoulders with Paul Anka or dance to Earth, Wind & Fire, that’s just a bonus. |
I’m sure that many use a black-tie gala as an excuse to socialize, but I’ll bet just as many come invested in the cause, prepared to participate in an auction or text a donation linked to their credit card. |
Just add up the number of long-branded formal affairs — Pavilion, Karamu, Magnolia Ball, quickly come to mind — and I see many examples of organizations that have achieved the crucial goal of creating a loyal following for their mission. |
Other organizations will draw attention to their event with headlining speakers. Former White House intern and anti-bullying ambassador Monica Lewinsky will address the Schaarai Zedek sisterhood Oct. 15. A few days later, on Oct. 19, Jeannette Walls, former MSNBC.com gossip columnist and author of the Glass Castle, is ... |
Australian photographer Anne Geddes keynotes the Greater Tampa Chamber of Commerce’s annual Women of Influence luncheon April 18. And the Girl Scouts of West Central Florida are bringing Bank of America powerhouse Cathy Bessant, chief technology officer, to their Women of Distinction luncheon March 7. |
Fashionista philanthropy continues to be a successful category. Tampa Museum of Art patrons are excited to see what designer Marc Bouwer will show off at CITY: Art+Fashion+Culture on Sept. 22. Tampa Bay Dress for Success celebrates its 20th year of helping women achieve economic independence Oct. 10, and Georgette’s Bo... |
Two lively events are tuning up to crowdsource. It’s always a nailbiter as boisterous fans raise thousands of dollars with $1 votes and generous auction bids to make sure their favorite pair win Hands Across the Bay’s competitive Dancing with the Stars. More contestants will be singing their support for the American Lu... |
We’ll expect some big-name entertainment this season. Florida Hospital West Florida Division Foundation booked ’80s rockers Styx for the Starlight Gala on Oct. 28, the day after Hamilton cast members take the Broadway Ball by storm. Likewise, count on the Debartolo Family Foundation to book stellar entertainment when t... |
Armature Works enticed event planners to its vintage brick ballroom with high-tech amenities and ample free parking when it opened in February. Look for Dishes & Wishes, Cattle Barons’ Ball and Wine, Women & Shoes, among others, to roost there. The Bryan Glazer Family Jewish Community Center is just as popular, as you’... |
Keep your eyes on Tampa’s newest venue - Julian B. Lane Riverfront Park. I’ll be checking out Rock the Dock on Oct. 7 hosted by the Chapters Health Foundation. Previously known as Island Night, the benefit has always been held on Harbour Island. |
In the end, Tampa’s top social mavens will wonder what made one benefit profitable while another barely covered its expenses? Why did some testimonials bring tears and others draw yawns? Tampa’s charity social scene never fails to reveal highs and lows, memorable moments and forgettable faux pas, all while strengthenin... |
Vodafone Idea is expected to officially start as India’s largest mobile phone operator next week. |
The new entity will have a recruitment freeze, continuing a policy they have practised for a while. |
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