Merchants National Bank Names New International Banking Leaders
Gretchen Sealls with 15 years at the division was named vice president and manager of the International Banking Division. Pierre Herzdorfer resigned to become corporate controller in Houston. New roles include Carol Ridder in customer service and sales, Sara J. Harrison promoted to international banking officer in charge of operations, and Melissa Turner named letters of credit supervisor.
MENTIONED IN THIS ARTICLE
Gretchen Sealls
Merchants National Bank
Pierre Herzdorfer
Houston
Texas
Carol Ridder
Sara J. Harrison
Melissa Turner
Premier Group opens Marion real estate division office
Premier Group Corp announces a Real Estate and Property Management Division office at 1090 Seventh Ave in Marion. Sondoe Walker of Marion named vice president and general manager with more than a decade in real estate. He is a licensed broker CRS and Cedar Rapids and Iowa State Realtors board member. The office is planned to hire about 20 staff.
MENTIONED IN THIS ARTICLE
Premier Group Corp
Seventh Ave
Marion
Sondoe Walker
Cedar Rapids Board of Realtors
Iowa State Association of Realtors
Brokers Fired and Suspensions Amid Trading Probe
Prudential Bache Securities fired a broker and Advest suspended one as the probe widens over possible fraudulent trading tied to advance leaks of Business Week. Shearson Lehman Hutton reports up to three former brokers may have traded improperly on the disclosed info. R R Donnelley printer confirms subpoenas for employee lists at two plants near affected offices.
MENTIONED IN THIS ARTICLE
Prudential Bache Securities Inc
Advest Inc
Business Week
Shearson Lehman Hutton Inc
R.R. Donnelley & Sons Co
Chicago
Bogus Filing Triggers NYSE Scrutiny On Cinima Stock Rise
The government and NYSE probe an apparently fake claim of a large stake in General Cinema Corp that spurred a sharp stock price rise. Experts say a London man with a fictitious address filed for a 6.1 percent acquisition, raising SEC guideline questions.
MENTIONED IN THIS ARTICLE
Boston
New York Stock Exchange
General Cinema Corp
London
Securities and Exchange Commission
Money measures show mixed weekly movement
The Fed reports M2 fallen to 3023.6 billion while M3 rose to 3819.8 billion and M1 declined to 781.4 billion for the week ended July 20. These shifts mark opposing directions among the broadest and narrower money supply measures.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
Union seeks injunction to stop Eastern Airlines service cuts
The International Association of Machinists and Aerospace Workers sues to block 14 city service cuts by Eastern Airlines affecting about 12,000 employees. The union seeks a preliminary injunction or temporary restraining order ahead of a scheduled Aug 31 cutback, alleging the plan will damage the company.
MENTIONED IN THIS ARTICLE
Eastern Airlines
International Association of Machinists and Aerospace Workers
Coors Award Honors Ovshinsky for Energy Breakthroughs
The Coors American Ingenuity Award goes to Stanford R. Ovshinsky president of Energy Conversion Devices in Troy Michigan. Ovshinsky holds more than 200 electronics patents and helped enable solar powered calculators. Previous winners include John V Atanasoff and Jack Kilby.
MENTIONED IN THIS ARTICLE
Coors American
Adolph Coors Co
Golden
Colo
Stanford R. Ovshinsky
Energy Conversion Devices of
Troy
Mich
Ovshinsky
John V. Atanasoff
Jack Kilby
Stock market posts strongest rise since June gains boost indices
The Dow closes at 2128.73 up 46.40 as volume hits 192.34 million on a broad rally. Advancers outpace decliners 15 to 4 with 1,178 up and 329 down. Gains include Procter and Gamble Square D Rockwell and Quaker Oats, while IBM and Chevron rise on optimism and restructurings. Global indices rise with Wilshire up 1.80 percent and the S and P and Nasdaq also higher.
MENTIONED IN THIS ARTICLE
Dow
New York Stock Exchange
Iowa
NYSE
Federal Reserve
Alan Greenspan
Fed
Procter & Gamble
Square D
Rockwell International
Quaker Oats
Curtice- Burns
IBM
Chevron
Macmillan
Robert M. Bass Group
Union Carbide
Eastman Kodak
Public Service of New Mexico
Wilshire Associates
Standard & Poor’s
S&p
Revco bankruptcy fails to rattle junk bond market
Revco D S Inc files for Chapter 11 after its leveraged buyout leaves about 1.5 billion in debt. Analysts report little impact on junk bonds as market players foresee limited ripple effects and potential rebound for Revco issues in the bankruptcy process.
MENTIONED IN THIS ARTICLE
New York
Revco D.S. Inc
Revco
Robert Waill
L.F. Rothschild & Co
Twinsburg
Robert Levine
Kidder, Peabody & Co
Treasury
Boake A. Sells
Norwest to acquire Peoples Bank Cedar Rapids in landmark sale
The PB Bancorp sale to Norwest Corp finalizes Monday with a 9 a.m. ceremony at the Peoples Bank main office. Ted Welch and John Nelson will sign transferring ownership, ending 88 years of local family involvement. The merged bank will have about 350 million in assets and seven Cedar Rapids area offices.
MENTIONED IN THIS ARTICLE
PB Bancorp
Peoples Bank and Trust Co
Peoples Mortgage and Investment Co
Cedar Rapids
Norwest Corp
Minneapolis
Peoples Bank
Third Ave
Ted Welch
John Nelson
Norwest
Iowa
Welch
Linn County Bank
Norwest Marion N.A
Iowa-Illinois Gas and Electric reports mixed quarterly results
Iowa-Illinois Gas and Electric Co. reports second quarter revenues of 99.3 million dollars, down from 100.2 million year ago, but net income rising to 12 million and per share to 86 cents. First half revenues total 248.6 million, up from 240.2 million. six month net income 27.5 million, down from 32.2 million. Electric sales steady. natural gas sales rise to 106 million therms from 99 million. Cooler weather is noted as a partial cause for the demand shift.
MENTIONED IN THIS ARTICLE
Davenport
Iowa-Illinois Gas and Electric Co
Carroll County
Iowa-Illinois
Cedar Rapids
Iowa City
Diet Center Franchiser Sold to Investor Groups
American Health Cos. Inc. the parent of Diet Center Inc. agrees to be acquired for 157 million by CDI Holdings Inc. and DC Acquisition Corp. at 22.50 a share for about 6.95 million shares. The board approved the deal in Salt Lake City and a spokesman declined to discuss reasons. Diet Center operates roughly 2300 outlets in the United States and Canada.
MENTIONED IN THIS ARTICLE
Boise, Idaho
American Health Cos. Inc
Diet Center Inc
North America
CDI Holdings Inc
DC Acquisition Corp
American Health
Salt Lake City
Jim Liljenquist
Diet Center
Diet
United States
Canada
J-TEC Wins Army Wind Sensor Contract for Abrams Tank
J-TEC Associates of Cedar Rapids won a $1.67 million Army contract for 1,669 crosswind sensors to be delivered over 12 months starting December. Rock Island Arsenal awarded the order. the firm aims to boost staff to 20–25 workers and expand after acquiring Electronics Technology Corp of Ames.
MENTIONED IN THIS ARTICLE
J-Tec Associates
Rockwell
Rock Island
Ted Johnson
JTEC
the Gazette
J-Tec
Cedar Rapids
Johnson
Electronics Technology Corp
Ames
Turkey
Taiwan
China
Italy
Norwest Plans Des Moines Agricultural Credit Office
Norwest Agricultural Credit announced expansion plans in Iowa with a Des Moines branch to open Monday. The Douglas Office of Norwest Bank Des Moines at 4505 South Douglas Ave will serve all Norwest banks in Iowa and focus on loans to farmers ranchers and agribusinesses in central Iowa.
MENTIONED IN THIS ARTICLE
Des Moines
Norwest Agricultural Credit
Iowa
C.P. “Buck” Moore
Norwest Agricultural Credit Inc
John C. Nelson
Norwest
Moore
Nelson
Douglas
Norwest Bank Des
Douglas Ave
Also Mentioned on This Page
New Marion
Walker
Associated Press and Gazette
American Stock Exchange
Oelkers Office Products
Secedar Rapids
Army
Clyde Industries
Norwest Plans Ag Loan Office
Oelwein
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