Bank of the Carolinas Gives CEO Talbert 28% Raise – cbl

December 21, 2010

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Mocksville-Based Company Bumps Salary to $160K

By citybizlist Staff

MOCKSVILLE – Bank of the Carolinas (Nasdaq: BCAR), a wholly owned subsidiary of Bank of the Carolinas Corp., has handed President and CEO Stephen Talbert a 28 percent raise to $160,000, according to an SEC filing.

The Mocksville-based bank’s board recommended the raise after the joint Corporate Governance Committee of the bank and its holding company approved it.

Talbert, 64, has held the bank’s executive reins since August, initially being named as interim CEO. Thus far, he has received an annual salary of $125,000. He also holds the position of vice chairman at the bank.

Talbert has been a director of Bank of the Carolinas Corp. and Bank of the Carolinas since 2002. He served as a director of BOC Financial Corp. since 1986. According to BusinessWeek, Talbert is active in fund-raising for the South Rowan YMCA and the Northeast Medical Center. He is a graduate of Catawba College in Salisbury, N.C., with a degree in business administration.

Bank of the Carolinas predominantly does business in the Piedmont region of North Carolina. It has 10 business offices from where it provides community-oriented commercial and consumer banking services.

It’s crazy to know how big of a percentage these CEO’s are getting. Any thoughts?

Wells Fargo agrees to modify California ARM loans

Robert Selna, Chronicle Staff Writer

San Francisco Chronicle December 21, 2010 04:00 AM Copyright San Francisco Chronicle. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tuesday, December 21, 2010

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A woman walks past a Wells Fargo Home Mortgage office in La Habra, California.

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Wells Fargo Bank has agreed to make $2 billion in loan modifications for California homeowners with risky pay-option, adjustable-rate mortgages that Wells purchased from other banks, and to pay $32 million to 15,000 borrowers who had similar loans and lost their homes to foreclosure, according to an agreement with the California attorney general’s office.

“Customers were offered adjustable-rate loans with payments that mushroomed to amounts that ultimately thousands of borrowers could not afford,” said Attorney General and Gov.-elect Jerry Brown in a statement. “Recognizing the harm caused by these loans, Wells Fargo accepted responsibility and entered into this settlement with my office.”

In fact, the agreement is not a settlement in the common meaning of the term. No lawsuit was filed against Wells, and bank representatives on Monday said they approached Brown’s office shortly after they acquired the risky loans from failing banks in 2008. The bank sought assurances that it would not be sued if it agreed to help out distressed homeowners.

“Both parties wanted assurances,” said Wells Fargo Home Mortgage Chief Financial Officer Franklin Codel. “They wanted to know that we would continue to offer loan modifications, and we wanted assurances that they would help us do community outreach and that there would be no lawsuits.”

According to Brown’s office, the agreement with Wells covers loans made by World Savings Bank, a subsidiary of Golden West Financial Corp., and Wachovia Bank. Wachovia purchased World Savings in 2006, and Wells acquired Wachovia in 2008.

Adjustable-rate mortgages became popular in California from 2004 to 2008 as real estate prices escalated and many lenders sought creative ways to assist potential buyers in making purchases. Pick-a-pay mortgage loans permitted borrowers to make smaller payments than conventional loans, but included resetting provisions, in which monthly payments eventually increased dramatically.

Sounds great, hopefully new modifications can come out for new home owners or existing.

Officials still working to bring Calisolar here

BY LOU WHITMIRE • News Journal • December 19, 2010

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ONTARIO — State and local officials are still working to help Calisolar Inc. locate a new operation in the former General Motors facility on West Fourth Street.

Calisolar Inc., a Sunnyvale, Calif., manufacturer, could potentially bring 1,300 full-time jobs to north central Ohio in the next four years.

“Very positive conversations are continuing with the company. The next steps are to work toward the successful conclusion to negotiations and applications that are ongoing with a number of state and federal entities. All involved are optimistic that these processes can be successfully concluded in a few months,” according to a joint statement issued Saturday from Herm Stine, economic development director for the Ohio Department of Development Region 6; Ontario Mayor Larry Collins and Ontario Councilman Mark Weidemyre.

The prepared statement did not address whether a vote by the board of directors was taken or not.

Richland County Commissioners on Tuesday unanimously approved a resolution, in cooperation with the City of Ontario, to provide grants and bonds in an aggregate amount of $10 million to the company. Ontario Council unanimously approved a similar resolution Tuesday night.

According to the cooperative agreement, Calisolar says its new facility will employ at least 1,300 full-time employees, earning an average of $45,000 annually.

Gov. Ted Strickland’s spokeswoman Amanda Wurst said Strickland has directed his staff and the Ohio Department of Development to make this project their top priority during his last weeks in office.

Quite a bit of full-time jobs, yet will who will it benefit? Great article though.

Discount Bank to replace credit cards on fraud fears

The card reader of an ATM on Tel Aviv’s Allenby St. was tampered to copy the details of cards inserted into it.

20 December 10 15:31, Globes’ correspondent

Israel Discount Bank (TASE: DSCT) will replace credits cards for hundreds of customers due to concerns of abuse of the cards’ details, which were leaked in a malicious tampering of an ATM on Allenby Street in Tel Aviv.

The ATM affected is not owned by Discount Bank. The ATM’s card reader was tampered to copy the details of cards inserted into it.

“As a preventive measure, Discount Bank has decided to ask all customers who made any kind of transaction at this ATM and notify them of the potential for abuse,” a bank spokeswoman told “Globes”. “We were therefore replacing the credit cards of customers and sending new cards to their homes at no cost.”

Aren’t there video cameras on these machines? Shouldn’t there be a device to detect when a ATM is being messed with? We are getting pat downs at airports, yet our ATM machines are way easier to hack. Doesn’t make sense about our government and our safety. Any thoughts?

National Commercial Bank charged with money laundering

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Michael Lee-Chin, a Jamaican based in Canada is the head of AIC Limited which owns controlling interests in National Commercial Bank (NCB).

–> KINGSTON, Jamaica, February 9, 2007 - The Jamaican-based National Commercial Bank, owned largely by the AIC Group, has been charged with breaching the island’s Money Laundering Act.

Police slapped NCB with the charges after they claim they received reports that alleged drug barons, including Norris ‘Deedo’ Nembhard, were apparently using a worker at the bank to launder cash.

Investigators of the country’s Financial Investigative Division say after a two-year inquiry, they found suspicious transactions regarding Nembhard’s account, including no report of entries, transfers or withdrawals of cash totaling US$27 million. The alleged transactions date back to 2003.

Jamaica’s laws stated that any transaction over US$50,000 must be reported. NCB’s capital base, according to its website, is one of the largest in Jamaica. The company this month reported making “unprecedented strides in firmly positioning itself as Jamaica’s premier financial services institution.” NCB posted record profits of $1.5 billion in the first quarter of the financial year, which ended December 31, 2006 compared to $1.1 billion for the corresponding period of the previous year.

Nembhard is dubbed as a drug kingpin by the US. He was arrested on April 22, 2004 for allegedly trafficking drugs to the US and is awaiting extradition.

Who isn’t doing this these days. Hard to trust banks. Definitely keep an eye on your money.

New senior housing expected to be done ahead of schedule
Application process to begin by February

by Glenn Wohltmann

If you’re interested in moving into San Ramon’s newest housing project for seniors, get in line. The project, Valley Vista, is expected to draw far more would-be residents than the 104 units available. The project, at 20801 San Ramon Blvd. is set to be done in May — months before it was scheduled to be completed — and Brooke Harris, San Ramon’s housing programs manager, is already making plans to take applications inside the next month. “We’re trying to finalize when the applications will be released,” Harris said. “We’re expecting that will take place between two to three weeks. They’re anticipating a completion date in May.” Harris said she’s working to put together a series of workshops to explain the details of the project and take applications. Those workshops are planned for February, and although she said the dates haven’t been finalized, there will likely be three: one at Dougherty Station, one at the senior center and one at the San Ramon Community Center. “The other thing I’ll be doing as well is sending a postcard to all San Ramon residents, advising them of the application due dates, the community workshops and how to file,” Harris said. Valley Vista will be open to low-income residents 62 and older. Harris said the rent will be built on a sliding scale based on income. “Roughly $31,650 for a one-person household and for a two person, it’s $36,150,” she said. “The rents will be 30 percent of a senior’s monthly income.” Harris is expecting there to be far too many applicants than units, which ultimately could mean a lottery to decide who gets to move in. The $50 million development includes a $13.8 million HUD fund award. American Baptist Homes of the West (ABHOW) and Satellite Housing are working on the project together; ABHOW will manage the property. The 4.7-acre property is near grocery, restaurant, pharmacy and shopping, and a new public transit stop will be built at the front of the property so seniors without cars can get around.

Looking forward to May for these new residents.

They were very good years: Multivintage wines lend depth and balance to the bottle

By JESSICA YADEGARAN at 3:00am on Dec 20, 2010 — Contra Costa Times Modified at 9:13am on Dec 20, 2010

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WALNUT CREEK, Calif. — It started in his Paso Robles, Cailf., lab. For topping off purposes necessitated by barrel evaporation, Austin Hope of Hope Family Wines knew that by law, he could only add 5 percent of a vintage other than what was specified on the label of his Candor merlot.

But, because he so liked the bright flavors and acidity that the younger merlot brought to the softer aged wine, he began adding more. Ten percent turned into 20 and so forth, until in 2008, he released a 50-50 blend of two vintages, and called it Candor Lot 1 Merlot.

“Wow, that was a great wine,” recalls Hope, who is in his second year of producing three multivintage wines. “It’s like throwing a puppy in a pen with an older dog. It’s fun and balanced.”

If the concept sounds familiar, you’re thinking of Champagne, where nonvintage bubbly is the hallmark of consistency and house style. Some California vintners are also practicing multivintage winemaking, which occurs prior to bottling, to combine the best qualities of an aged wine with the best of a youthful wine. Using everything from a $12 quaffer to a $475, 18-vintage legacy, a handful of vintners – including ZD Wines, Marietta Cellars and Sean Thackrey – are changing the notion that a great wine must carry a year on its label.

I’ll definitely take this into consideration.