Banks in Ohio Post Fourth Quarter Losses Amid Credit Crunch
National City KeyCorp and Fifth Third Bancorp all posted losses or sizable profit declines in Q4 2007 as tight credit and a weak housing market hit earnings. National City reported a 53 cent per share loss, cutting its dividend and closing its wholesale mortgage unit. Fifth Third earned 7 cents per share, with $94 million in non cash charges tied to Visa settlements and $8 million for R G Crown Bank acquisition. KeyCorp’s earnings dropped 83 percent to 6 cents per share on subdued loan charges and CRE exposure.
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Cleveland
Ohio
National City
KeyCorp
Fifth Third Bancorp
Peter Raskind
Thomson Financial
Cincinnati
Fifth Third
Visa
R-G Crown Bank
Castleberry
Fla
Wall Street
Banking and Financial Services Company
Market turmoil spurs financial guidance for investors
Washington asks how to shield 401(k)s and other assets amid a slumping market and rising prices. Experts urge long horizons, diversified asset allocation, and a fee-only adviser. Recession-proof tips include balanced domestic and international holdings, avoiding abrupt shifts, and building an emergency fund. For mortgages and credit cards, rate cuts follow Fed action, with fixed mortgages unaffected and ARMs variably sensitive. Refinance only if creditworthy and home value holds. Some investors may seek commodity stocks or Asian markets for inflation-hedge growth.
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Washington
Barbara Roper
Consumer Federation of America
Roper
Ellen Rinaldi
Vanguard
Rinaldi
Fed
London Interbank
Treasury
Drew Tignanelli
Lutherville
U.S
China
Korea
Taiwan
Hong Kong
Japan
Tignanelli
Oberlin buys former Johnson Controls plant for 2 million
Kevin Flanigan of General Plug Manufacturing paid 2 million to acquire the 104000 square foot Johnson Controls factory on Stern Street in Oberlin. The 13.2 acre site has been empty since August 3 and about 150 workers lost their Ford Econoline seat jobs. City officials hope the purchase will restore jobs and economic activity as talks with a potential tenant proceed. Flanigan is principal partner in MRK Real Estate LLC and plans to facilitate redevelopment, though no formal submissions have been made to planning or zoning yet.
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Oberlin
Kevin Flanigan
General Plug & Manufacturing
Grafton
Johnson Controls
Stern Street
Johnson
Eric Norenberg
Flanigan
Norenberg
MRK Real Estate LLC
Judge approves Delphi bankruptcy exit plan conditional on executive bonus cuts
A New York judge signaled approval of Delphi Corp.’s reorganization blueprint to exit bankruptcy if top executive cash bonuses are drastically reduced. The plan shifts manufacturing overseas and cuts tens of thousands of U.S. union jobs, impacting about 3,500 hourly workers in Ohio at Dayton, Columbus, Warren, and Sandusky plants. Delphi seeks exit financing of about 4.5 billion dollars amid a tight credit market and aims to emerge before April.
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Delphi Corp
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Columbus
Warren
Sandusky
Delphi
Alogpec
Dow Industrials
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Court declines to hear Enron investors suit
The Supreme Court refused to hear arguments in the Enron case, dealing a probable fatal blow to investors seeking about 40 billion dollars from Wall Street banks over Enron's 2001 collapse. Attorneys vowed to return to Houston federal court to pursue claims that banks misled the public and concealed Enron's true finances.
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Enron Investors
Washington
Supreme Court
Enron Corp
Wall Street
Texas Energy Company
Argu
Ments
Enron
Houston
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Tony Pugh
Federal Reserve
Dow
Dita Mist
Dow Jones
Anter
Jason Miller
Chronicle
Stern St
Jason Hawk
Chronicle Telegram
Dow Jones Industrials
Fda
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