Frontier Airlines will begin nonstop service from St. Petersburg–Clearwater International Airport to Milwaukee, Wis., and Omaha, Neb., later this year.
The airline will offer year-round service to General Mitchell International Airport in Milwaukee beginning Nov. 18.
Flights will depart Milwaukee at 7:38 a.m. CST to arrive in Tampa Bay at 11:23 a.m. EST every day except Wednesday. Flights will depart Tampa Bay at 12:03 p.m. EST to arrive in Milwaukee at 1:51 p.m. CST.
This schedule is effective Dec. 16 – April 1. Some variations apply.
Seasonal service to Eppley Airfield in Omaha will begin Jan. 16 and run Wednesdays and Sundays through April 17.
Flights will depart Omaha at 8:25 a.m. CST to arrive in Tampa Bay at 12:25 p.m. EST. Flights will depart Tampa Bay EST at 2:55 p.m. to arrive in Omaha at 3 p.m. CST.
Frontier Airlines is a wholly owned subsidiary of Republic Airways Holdings Inc. (NASDAQ: RJET), an airline holding company that owns Chautauqua Airlines, Lynx Aviation, Midwest Airlines, Republic Airlines and Shuttle America.
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Union Bank has tapped veteran banker Ronald Heller as its market president for Washington state.
Union Bank N.A., a subsidiary of UnionBanCal Corp. of San Francisco, Calif., gained a stronger foothold in Washington on April 30, 2010, when it acquired Frontier Bank of Everett in a purchase and assumption agreement with the Federal Deposit Insurance Corp. While Union Bank has has a presence in the Pacific Northwest for nearly a century, it now has branches in 38 Washington cities.
Heller comes to Union Bank with 32 years in the banking industry under his belt, most recently as senior vice president and community banking president for the Northwest division of Wells Fargo and previously with First Interstate Bank payday loans no teletrack.
Heller will start his new role with Union Bank from its Everett office on Aug. 30. He will report to Senior Vice President and head of Pacific Northwest Branch Banking Brian W. Hawley. Heller will work closely with Patrick Fahey, former chairman and CEO of Frontier Bank who has assumed the role of regional chairman of the Pacific Northwest for Union Bank.
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The back-to-school shopping season got off to a sluggish start in July, as retailers reported mixed sales for the month Thursday.
Consumers are continuing to keep tight control of their spending as the economic recovery tugs along at a slower pace than most analysts predicted earlier this year.
Thomson Reuters, which tracks monthly same-store sales for 28 chains including Macy’s (M, Fortune 500), Costco (COST, Fortune 500), Target (TGT, Fortune 500) and J.C. Penney (JCP, Fortune 500), said sales were up 2.9%, just below the 3.1% growth expected by analysts.
July’s numbers were a slight letdown for retailers after June brought a 3.1% increase in same-store sales — a gauge of a retailer’s performance that measures sales at stores open at least a year.
Although discounters and large department stores seemed to fare just "OK," teen stores presented "extremely weak" results, said Eric Beder, managing director of equity research at Brean Murray, Carret & Co.
"We have no real clear signal that the American consumer is becoming more aggressive in spending," he said. "These numbers should not provide a lot of confidence that we’re going to see any sort of turnaround in the second half of the year."
Overall, 17 of the 28 stores reporting results missed analysts’ expectations, 9 beat them and 2 met them.
The weaker-than-expected results came as the high unemployment rate drove shoppers to continue to procrastinate in search of the deepest discounts, said Jharonne Martis, Thomson Reuters’ director of consumer research, who compiles the report.
"No matter how the economy is doing, back to school happens every year," Martis said. "Families are budgeting and they’re going to buy the school supplies they need, but they’re waiting until last minute to find the best deals."
Wholesale discounter Costco reported a 6% increase in sales, slightly higher than the 5.5% that had been expected. But rival discounters Target and BJ’s Wholesale (BJ, Fortune 500) both fell short of estimates.
Teen stores The Buckle (BKE) and Hot Topic (HOTT) were two of the worst performers, reporting deep declines in sales for the month around 9%, and Wet Seal (WTSLA) said its sales dropped off 4%.
Thomson Reuters had expected declines from the teen stores during the month, but not to the extent actually reported.
Meanwhile, two other teen apparel chains - Zumiez (ZUMZ) and Abercrombie & Fitch (ANF) - surprised analysts with much stronger-than-expected sales.
Macy’s, JW Nordstrom (JWN, Fortune 500) and Limited Brands (LTD, Fortune 500) were also among the top performers.
Helm Bank USA tripled its profits in the second quarter as it encountered fewer charges from bad loans.
The Miami-based bank earned $1.66 million in the second quarter, up from net income of $544,000 in the first quarter, according to its filing with the Federal Financial Institutions Examination Council. The biggest improvement came because the bank only took an expense of $1.6 million to reserve for future loan losses. In the previous quarter, it took $2.1 million.
However, Helm Bank’s net interest income declined to $5.4 million in the second quarter from $5.6 million in the first quarter.
The quality of the bank’s loan portfolio registered a modest improvement. As of June 30, Helm Bank had $20.2 million in late or unpaid loans, representing 7.68 percent of its total loans, plus $5.5 million in repossessed property. As of March 31, it had $21.9 million in noncurrent loans, representing 8.26 percent, plus $5.8 million in repossessed property.
Helm Bank’s assets consist of more investment securities than loans, so its amount of bad loans was a relatively small slice of the bank’s total size.
The bank’s $7.3 million reserve for future loan losses covered 36 percent of its noncurrent loans as of June 30.
Helm Bank was the 16th-largest bank chartered in South Florida as of March 31, with $728 million in assets. It was down to $712 million in assets at mid-ear. The bank’s deposits declined to $658 million from $677 million between March and June. Its total loans were virtually unchanged, at $257 million.
It’s the best of times and the worst of times for iPhone 4 case makers.
As a remedy for its so-called "death grip" problem on the new device, Apple announced on Friday that it would send a free case to every iPhone 4 purchaser who wants one, at least until Sept. 30. Sounds like a pretty good deal for a company like Forward Industries (FORD), which manufacturers the Apple-branded "bumper" case for the new iPhone. Forward’s stock shot up 22% right after Apple CEO Steve Jobs’ announcement.
The freebie deal presents an opportunity for other case manufacturers as well: Jobs said his company can’t make enough bumper cases to satisfy anticipated demand, so Apple will also allow customers to get a free third-party case instead. To do this, Apple will post a list of cases to choose from on its website beginning next week, and it will deliver them to customers free of charge.
"There’s a tremendous upside for case manufacturers," said Francis Sideco, principal wireless analyst with supply chain analysis firm iSuppli. "Whatever Apple pays them for the cases, it’s going to be what the manufacturers were going to get from Apple anyway. And the announcement gives them much higher penetration than they would have had before."
But Forward Industries’ shares finished the day essentially flat, at $3.75 a share. Another big iPhone case maker, Zagg Inc. (ZAGG), closed down 5% after rising 5% on the announcement. Why the sudden drop back?
That’s where the "worst of times" comes into play. Jobs mentioned Friday that just 20% of iPhone 4 users have picked up a bumper case so far, despite all of the hoopla about how the case solves the phone’s dropped-signal issue. That’s far fewer than the 80% of iPhone 3GS users who bought a case soon after the phone’s release last year.
Jobs’ said his theory about why fewer customers are buying cases is that people love the look and feel of the iPhone 4 so much they don’t want to ruin it with a rubbery bumper.
Illustrating the point: During a Q&A session at Friday event, veteran Apple chronicler John Gruber asked Jobs if he uses a case. Jobs and two other Apple executives simultaneously whipped out their bare, bumper-free iPhones.
So even if many users will want a case, it’s unlikely that every single iPhone customer would order one.
"The signal issue is a relatively sporadic problem," said Sideco, noting that Jobs said just 1.7% of customers have returned their iPhone 4s and 0.55% have registered complaints. "It wouldn’t be 100% of people who get a case."
Sideco said he still expects the number of customers ordering cases to rise well above 20% after Apple’s offer goes into effect next week. Many people who balked at the bumpers’ $29 price tag will be happy to take a free case, even if they’re on the fence about actually using it.
The offer could be an expensive proposition for Apple, though predicting how much the company will spend is like trying to hit a moving target.
ISuppli expects 8 million to 10 million iPhones will be sold between the iPhone 4’s June 24 launch day and September 30. The cases that Apple will offer on its website will likely retail at $30, though analysts assume that Apple pays far, far less for each case than the retail price.
Shares of Apple (AAPL, Fortune 500) fell less than 1% to close the day after rising a bit more than 1% after its announcement.
First Fidelity Bank is acquiring deposits previously held by the Arizona operations of Home National Bank.
Oklahoma-based RCB Bank acquired all 15 branches of Home National Bank from the FDIC on July 9.
Under the purchase contract with RCB, First Fidelity Bank will expand its Phoenix-area market presence with the acquisition of approximately $80 million in deposits. First Fidelity says the transaction will close in roughly 90 days, subject to regulatory approval. Previous HNB Phoenix branch locations will operate under the RCB Bank name until then.
Oklahoma City-based First Fidelity is a family-owned, privately held full-service financial institution founded 90 years ago paperless payday loans. It expanded into the Arizona market with a loan production office in 2003. It has since grown to four Valley-area offices through a 2007 merger with the former Western Security Bank.
First Fidelity has 28 offices serving the Oklahoma City, Tulsa, Phoenix and Scottsdale markets. The bank has total assets of more than $1 billion.
For more: www.ffb.com.
Bexar County is planning to sell $155 million worth of bonds and certificates of obligation later this month.
The county will sell $25 million in limited tax general obligation bonds, $95 million in certificates of obligation and $35 million in certificates of obligation backed by Build America Bonds. The debt is slated to be sold during the week of July 26.
Fitch Ratings has assigned an ‘AAA’ rating to the bonds and certificates. Fitch has also affirmed its ‘AAA’ rating on Bexar County’s $728 million in unlimited tax and limited tax bonds outstanding. The rating outlook is stable.
Fitch assigned strong ratings to the debt offering because of the county’s prudent stewardship of funds during the current economic slowdown no checking account payday advance. Fitch also noted that the county keeps a pool of money in reserve due to its 10 percent fund-balance policy, that it has steady population growth, and that it has robust military, health care, higher education, professional business and service sectors.
The current offerings will finance public safety, park, parking and street improvements. In addition, the county is planning to issue up to $680 million in certificates of obligation over a 10-year period for drainage improvements planned in conjunction with the City of San Antonio, the San Antonio River Authority and other regional partners.
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One of Central Ohio’s largest technology companies has a new owner.
Columbus-based Sterling Commerce Inc. has been acquired by IBM Corp. in a $1.4 billion deal disclosed Monday.
Columbus Business First reported earlier this month that Armonk, N.Y.-based IBM was a likely suitor to buy Sterling from Dallas-based AT&T Inc. Sterling Commerce is a software and business-to-business technology company employing about 700 workers in Central Ohio.
IBM spokeswoman Nancy Kaplan said there will be no job cuts tied to the acquisition.
“The idea is not only to get the intellectual property, but also to get the smart people that know the products,” she said.
The deal lets IBM expand its ability to help clients create more intelligent and dynamic business networks by simplifying and automating communications, according to a release from the company.
“The broad global reach and additional capabilities IBM offers make this acquisition great news for our customers and partners,” Sterling Commerce CEO Bob Irwin said in the release. “The combination of IBM’s products, services and skills with the Sterling Commerce (business-to-business) integration and cross-channel capabilities resulting from this acquisition is unparalleled payday loans no faxing.”
IBM becomes the third corporation to take over the 35-year-old Columbus business. AT&T had inherited Sterling Commerce as part of its 2005 merger with San Antonio-based SBC Communications Inc., which had purchased Sterling five years earlier.
Sterling Commerce specializes in selling and hosting technology that helps companies manage customer orders and logistics. The company employs nearly 700 workers at its headquarters on Lakehurst Court, making it one of the 100 largest employers in Central Ohio, according to Business First research. The company employs nearly 2,500 workers at operations in 32 offices, many of them overseas.
The Sterling Commerce client list is a who’s who of blue-chip companies, including Borders Group Inc., Coca-Cola Bottling Co., Kimberly-Clark Corp., Scotts Miracle-Gro Co. and Target Corp.
Gas prices in Denver slipped a bit over the last week, but remain well over mid-February levels, according to the American Automobile Association’s Daily Fuel Gauge Report.
Monday’s average price for regular-grade gasoline in Denver is $2.694, down 1.1 cents from the price a week ago but up 1.3 cents from a month ago, AAA says.
Regular gas in Denver cost $2.46 in mid-February, when prices began a slow rise.
As of Monday, mid-grade gas in Denver averages $2.882 a gallon, down 1.1 cents from a week ago, and premium gas is $3.011, down 1.2 cents in a week, while diesel is $3.017, down 0.2 cents.
The highest price ever recorded for regular gas in Denver was $4.006 a gallon on July 17, 2008. A year ago Monday, regular cost $2.211 a gallon.
Statewide Monday in Colorado, the average price of regular gas is $2.742, AAA says, while mid-grade is $2.933, premium is $3.064 and diesel $3.058.
Nationwide, regular gas costs an average of $2.867 Monday, down 4.1 cents from a week ago but up 0.3 cents from a month ago.
Colorado is again among the 10 states with the cheapest gas, AAA says. Pump prices are lowest this week in Colorado, Oklahoma, Missouri, Arkansas, Louisiana, Alabama, Mississippi, Tennessee, Ohio and South Carolina.
Gas is most expensive in California, Washington state, Alaska, Hawaii, Idaho, Montana, Utah, Illinois, New York and Connecticut.
The Fuel Gauge Report is compiled for the AAA by the Oil Price Information Service with the help of Wright Express.
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