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Acxiom Board of Directors Selects Advertising and Technology Innovators

Wed, 23 May 2012 17:45:01 -0400

Acxiom® Corporation (Nasdaq: ACXM) today announced that Tim Cadogan, CEO of OpenX Technologies, has been named to the Acxiom Board of Directors, filling a vacancy on the Board. In addition, the company announced that John Battelle, founder and executive chairman of Federated Media Publishing, has been nominated as a candidate for election to the board at the company’s August 16, 2012, annual stockholders meeting.

Tim Cadogan is CEO of OpenX, one of the world's leading providers of digital advertising technology, enabling businesses to manage and maximize their ad revenue. Cadogan has served as CEO since April 2008, when he was recruited from a leadership position at Yahoo! Inc. to build a new global ad technology platform company at OpenX. While at Yahoo!, Cadogan served in a number of executive positions, including senior vice president of global advertising marketplaces.

Prior to Yahoo!, Cadogan served in leadership positions at Overture Services and previously was a management consultant at McKinsey & Company and The Boston Consulting Group. He has a bachelor’s degree in International Relations from the London School of Economics and master’s degrees from Oxford University and Stanford University.

John Battelle is the founder and executive chairman of Federated Media Publishing, a leading network of online media properties and an innovator and pioneer in digital marketing for the past seven years. He is co-founder of Wired magazine and Wired Ventures, co-founder of the Web 2.0 Summit and a director of the Interactive Advertising Bureau, Inc. Battelle was founder and CEO of The Industry Standard, which holds the record for most ad pages for a magazine in any given year. He also has served as a visiting professor of journalism at the University of California at Berkeley and is author of “The Search: How Google and Its Rivals Rewrote the Rules of Business and Transformed Our Culture.” He has a master’s degree in journalism from the University of California, Berkeley.

“We all look forward to Tim and John joining the Acxiom board. In addition to their business experience, they each bring a deep and contemporary understanding of the challenges marketers face building brand in a digital world,” said Jerry Gramaglia, Acxiom’s non-executive chairman of the Board.

"Out of great minds come great ideas and insights," said Acxiom CEO Scott Howe. "Acxiom and I are thrilled to be welcoming Tim and John to our Board. As the marketing world evolves, Tim and John will help Acxiom be a catalyst for innovation, insight and performance."

About Acxiom

Acxiom is a recognized leader in marketing services and technology that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Acxiom leverages over 40 years of experience in data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific and South America. For more information about Acxiom, visit Acxiom.com.

Acxiom is a registered trademark of Acxiom Corporation.

EverBank Financial Corp. Announces First Quarter 2012 Financial Results

Wed, 23 May 2012 17:15:01 -0400

EverBank Financial Corp. (NYSE:EVER) (“EverBank” or the “Company”) announced today its financial results for the quarter ended March 31, 2012.

“After our successful initial public offering completed this month, in which we raised approximately $200 million of growth capital, we are pleased to report strong earnings and continued asset growth in the first quarter,” said Robert M. Clements, Chairman and Chief Executive Officer. “Our results highlight our ability to deliver solid performance while continuing to make investments in our business infrastructure to support future growth. We are very excited about our position in the marketplace and plan to leverage our nationwide core businesses in lending, banking and investing to deepen client relationships and maximize franchise value.”

Key Highlights

GAAP net income was $11.8 million for the first quarter of 2012, compared to $9.4 million for the first quarter of 2011. GAAP diluted earnings per share (“EPS”) was $0.08 for the first quarter of 2012, compared to $0.09 for the first quarter of 2011.
Adjusted net income was $27.3 million for the first quarter of 2012, compared to $24.5 million for the first quarter of 2011. Adjusted diluted EPS was $0.28 for the first quarter of 2012, as compared to $0.25 for the first quarter of 2011.
Total loans and leases held for investment were $7.2 billion at March 31, 2012, up $0.8 billion, or 12%, from December 31, 2011.
Loans and leases originated were $2.2 billion for the first quarter.
Deposits were $10.6 billion at March 31, 2012, up $0.3 billion, or 3%, for the quarter and $0.9 billion or 9% year over year.
Our adjusted non-performing assets as a percentage of total assets was 1.63% at March 31, 2012, down from 1.86% at December 31, 2011.
Tangible book value per as converted common share was $10.40 at March 31, 2012 excluding accumulated other comprehensive income, it was $11.35 up 5% year over year.
We completed the acquisition of MetLife Bank’s Warehouse Finance business on April 2, 2012 which included approximately $350 million of loans outstanding.

“All of our asset origination platforms had strong performance in the first quarter,” said W. Blake Wilson, President and Chief Operating Officer. “The addition of MetLife Bank’s Warehouse Finance business following the quarter will further diversify our origination capabilities and continue to drive our sustained growth.”

Balance Sheet

Continued Balance Sheet Growth

Total assets increased by $0.8 billion, or 6%, to $13.8 billion at March 31, 2012, from $13.0 billion at December 31, 2011, and by $1.9 billion, or 16%, from $11.9 billion at March 31, 2011. Our interest-earning assets for the first quarter 2012 were largely comprised of:

Residential loans held for investment which increased by 37% to $4.5 billion from the first quarter of 2011;
Commercial loans and leases which increased by 13% to $1.8 billion from the first quarter of 2011;
GNMA pool buyouts which increased by 68% to $2.7 billion from the first quarter of 2011; and
Investment securities which decreased by 22% to $2.2 billion from the first quarter of 2011.

Loan Origination and Portfolio Activities

Organic originations of residential loans, commercial loans and leases totaled $2.2 billion for the first quarter of 2012.

Deposit and Other Funding Sources

Total deposits grew by $0.3 billion, or 3%, to $10.6 billion at March 31, 2012 from $10.3 billion at December 31, 2011, and by $0.9, billion or 9%, from $9.7 billion at March 31, 2011. At March 31, 2012, our deposits were comprised of the following:

Non-interest bearing accounts were $1.4 billion or 13% of total deposits;
Interest-bearing checking accounts were $2.1 billion or 20% of total deposits;
Savings and money market accounts were $3.8 billion or 36% of total deposits;
Global markets money market and time accounts were $1.3 billion or 13% of total deposits; and
Time deposit accounts, excluding global markets, were $1.9 billion or 18% of total deposits.

Total other borrowings were $1.7 billion at March 31, 2012, compared to $1.3 billion at December 31, 2011, as a result of an increase in term Federal Home Loan Bank advances to fund continued loan growth and to take advantage of historically low long-term borrowing rates.

Credit Quality

Our adjusted non-performing assets as a percentage of total assets decreased to 1.63% at March 31, 2012 from 1.86% at December 31, 2011. We recorded provision for loan and lease losses of $11.4 million at March 31, 2012, which is a decrease of $6.7 million when compared to the first quarter of 2011. Net charge-offs during the first quarter of 2012 declined to $10.9 million from $22.1 million in the first quarter of 2011. On an annualized basis, net charge-offs were 0.65% of total average loans and leases held for investment outstanding for the first quarter of 2012 in comparison to 1.45% for the first quarter of 2011.

Capital Strength

Total shareholder’s equity was $995 million at March 31, 2012 compared to $968 million at December 31, 2011. The bank’s Tier 1 (core) capital ratio was 7.7% and total risk-based capital ratio was 15.2% at March 31, 2012.

In addition, we completed our initial public offering on May 8, 2012 which raised approximately $200 million of growth capital.

Income Statement Highlights

Net Interest Income

For the first quarter of 2012, net interest income increased by $1.9 million to $115.6 million from $113.7 million for the first quarter of 2011. This increase in net interest income was attributable to a decrease in interest expense of $6.6 million, partially offset by a decrease in interest income of $4.6 million. Our net interest margin decreased to 3.97% for the first quarter of 2012 from 4.33% for the first quarter of 2011. The primary driver of the decrease in net interest margin was a reduction in accretion income partially offset by a reduction in deposit and borrowing interest expense.

Noninterest Income

Noninterest income for the first quarter of 2012 increased by $7.3 million or 11% to $73.2 million compared to the same period in 2011. This increase was driven by production revenues and gain on sale of loans which increased by $35.7 million to $55.6 million. This was partially offset by a decrease in net loan servicing income which decreased $25.0 million to $1.1 million. Net loan servicing income includes a non-cash MSR impairment of $15.1 million as well as elevated amortization expense of $29.3 million. These changes were primarily related to an increase in residential lending volume of $0.7 billion to $1.9 billion and related pay-off activity.

Noninterest Expense

Noninterest expense for the first quarter of 2012 increased by $13.6 million, or 9%, to $158.8 million from $145.2 million in the first quarter of 2011. The increase in noninterest expense was primarily attributable to an increase in salaries, commissions and employee benefits as well as occupancy and equipment expense. Salaries, commissions and employee benefits increased by $9.2 million, or 16%, in the first quarter of 2012 compared to the same period in 2011, due primarily to increases in staffing and higher variable commission expenses in our Mortgage Banking segment. Credit related general and administrative expenses were $22.8 million in the first quarter of 2012, which continue to be at elevated levels.

Our adjusted consolidated efficiency ratio was 75% for the first quarter of 2012 or 64% when also excluding credit-related expenses included in noninterest expense. The efficiency ratio for our Banking and Wealth Management segment was 45% for the first quarter of 2012 or 39% when excluding credit-related expenses included in noninterest expense.

Income Tax Expense

Our effective tax rate for the first quarter of 2012 was 36.4%, compared to 42.1% for the first quarter of 2011. This decline in the effective tax rate was due to additional income tax expense during the first quarter of 2011 related to the revaluation of the net unrealized built-in losses associated with the Company’s 2010 acquisition of Tygris Commercial Finance Group, Inc.

Segment Analysis

Banking and Wealth Management adjusted pre-tax income was $65.2 million, including other credit-related expenses, foreclosure and OREO expenses of $7.8 million.
Mortgage Banking adjusted pre-tax income was $5.3 million, including other credit-related expenses, foreclosure and OREO expenses of $15.0 million.
Corporate Services had an adjusted pre-tax loss of $27.1 million.

Forward Looking Statements

This news release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the Company’s asset growth and earnings, industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and which may cause our actual results and performance to be materially different from the future results or performance expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: deterioration of general business and economic conditions in the United States and in the geographic regions and communities we serve; risks related to liquidity; changes in interest rates; risk of higher lease and loan charge-offs; legislative or regulatory actions affecting or concerning mortgage loan modification and refinancing; concentration of our commercial real estate loan portfolio; higher than normal delinquency and default rates; limited ability to rely on brokered deposits as a part of our funding strategy; concentration of mass-affluent customers and jumbo mortgages; hedging strategies; risks related to securities held in our securities portfolio; delinquencies on our equipment leases and reductions in the resale value of leased equipment; loss of key personnel; fraudulent and negligent acts by loan applicants, mortgage brokers, other vendors and our employees; changes in and compliance with laws and regulations that govern our operations; failure to establish and maintain effective internal controls and procedures; effects of changes in existing U.S. government or government-sponsored mortgage programs; risks related to the continuing integration of acquired businesses and any future acquisitions; environmental liabilities with respect to properties that we take title to upon foreclosure; and the inability of our banking subsidiary to pay dividends.

For additional factors that could materially affect our financial results, please refer to EverBank Financial Corp’s filings with the Securities and Exchange Commission, including but not limited to, the risks described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The Company undertakes no obligation to revise these statements following the date of this news release, except as required by law.

Conference Call and Webcast

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, May 24, 2012 to discuss its first quarter 2012 results. Dial-in number is 1-877-941-2068 and the U.S. toll-free dial-in number is 1-480-629-9712, passcode is 4540248. A live webcast of the conference call will also be available on the investor relations page of the Company's website at www.abouteverbank.com/ir.

For those unable to participate in the conference call, a replay will be available from 11:00 a.m. Eastern Time on May 24, 2012 until Noon Eastern Time on May 30, 2012. The replay dial-in number is 1-877-870-5176 and the U.S. toll-free replay dial-in number is 1-858-384-5517, replay passcode is 4540248.

About EverBank Financial Corp.

EverBank Financial Corp provides a diverse range of financial products and services directly to clients nationwide through multiple business channels. Headquartered in Jacksonville, Florida, EverBank has $13.8 billion in assets and $10.6 billion in deposits as of March 31, 2012. With an emphasis on value, innovation and service, EverBank offers a broad selection of banking, lending and investing products to consumers and businesses. EverBank provides services to customers through websites, over the phone, through the mail and at its Florida-based financial centers. More information on EverBank can be found at www.abouteverbank.com

EverBank Financial Corp

Quarterly Performance Summary

First Quarter 2012

EverBank Financial Corp and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except per share data)

	March 31,		December 31,
	2012		2011
Assets
Cash and due from banks	$	29,142	$	31,441
Interest-bearing deposits in banks		355,581		263,540

Total cash and cash equivalents		384,723		294,981

Investment securities:
Available for sale, at fair value		1,937,748		1,903,922
Held to maturity (fair value of $194,867 and $194,350 as of March 31, 2012 and
December 31, 2011, respectively)		190,642		189,518
Other investments		99,915		98,392

Total investment securities		2,228,305		2,191,832

Loans held for sale (includes $672,651 and $777,280 carried at fair value as of
March 31, 2012 and December 31, 2011, respectively)		2,530,966		2,725,286

Loans and leases held for investment:
Covered by loss share or indemnification agreements		788,129		841,146
Not covered by loss share or indemnification agreements		6,535,058		5,678,135

Loans and leases held for investment, net of unearned income		7,323,187		6,519,281
Allowance for loan and lease losses		(78,254)		(77,765)

Total loans and leases held for investment, net		7,244,933		6,441,516

Equipment under operating leases, net		67,899		56,399
Mortgage servicing rights (MSR), net		462,420		489,496
Deferred income taxes, net		143,218		151,634
Premises and equipment, net		45,744		43,738
Other assets		666,613		646,796

Total Assets	$	13,774,821	$	13,041,678

Liabilities
Deposits
Noninterest-bearing	$	1,367,592	$	1,234,615
Interest-bearing		9,185,368		9,031,148

Total deposits		10,552,960		10,265,763

Other borrowings		1,706,298		1,257,879
Trust preferred securities		103,750		103,750
Accounts payable and accrued liabilities		417,124		446,621

Total Liabilities		12,780,132		12,074,013

Commitments and Contingencies

Shareholders' Equity
Series A 6% Cumulative Convertible Preferred Stock, $0.01 par value (1,000,000
shares authorized; 0 and 186,744 issued and outstanding at March 31, 2012 and
December 31, 2011, respectively)		-		2
Series B 4% Cumulative Convertible Preferred Stock, $0.01 par value (liquidation
preference of $1,000 per share; 1,000,000 shares authorized inclusive of Series A
Preferred Stock; 136,544 issued and outstanding at March 31, 2012 and
December 31, 2011)		1		1
Common Stock, $0.01 par value (150,000,000 shares authorized; 77,994,699 and
75,094,375 issued and outstanding at March 31, 2012 and December 31, 2011
respectively)		780		751
Additional paid-in capital		562,327		561,247
Retained earnings		520,777		513,413
Accumulated other comprehensive loss		(89,196)		(107,749)

Total Shareholders' Equity		994,689		967,665

Total Liabilities and Shareholders' Equity	$	13,774,821	$	13,041,678

EverBank Financial Corp and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended
	March 31,
	2012		2011

Interest Income
Interest and fees on loans and leases	$	124,778	$	122,993
Interest and dividends on investment securities		20,549		26,244
Other interest income		104		842

Total interest income		145,431		150,079

Interest Expense
Deposits		20,974		26,190
Other borrowings		8,834		10,196

Total interest expense		29,808		36,386

Net Interest Income		115,623		113,693

Provision for Loan and Lease Losses		11,355		18,030

Net Interest Income after Provision for Loan and Lease Losses		104,268		95,663

Noninterest Income
Loan servicing fee income		45,556		48,876
Amortization and impairment of mortgage servicing rights		(44,483)		(22,788)

Net loan servicing income		1,073		26,088

Gain on sale of loans		48,177		13,477
Loan production revenue		7,437		6,407
Deposit fee income		6,239		5,160
Other lease income		8,663		6,732
Other		1,604		7,988

Total noninterest income		73,193		65,852

Noninterest Expense
Salaries, commissions and other employee benefits expense		66,590		57,373
Equipment expense		15,948		10,760
Occupancy expense		5,349		4,540
General and administrative expense		70,934		72,566

Total noninterest expense		158,821		145,239

Income before Income Taxes		18,640		16,276

Provision for Income Taxes		6,794		6,860

Net Income	$	11,846	$	9,416

Less: Net Income Allocated to Participating Preferred Stock		(5,879)		(2,407)

Net Income Allocated to Common Shareholders	$	5,967	$	7,009

Net Earnings per Common Share, Basic	$	0.08	$	0.09

Net Earnings per Common Share, Diluted	$	0.08	$	0.09

Non-GAAP Financial Measures

This press release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Non-Performing Asset Ratio, Tangible Shareholders’ Equity, Adjusted Tangible Shareholders’ Equity, Tangible Assets, and Adjusted Efficiency Ratios are non-GAAP financial measures. The Company’s management uses these measures to evaluate the underlying performance and efficiency of its operations. The Company’s management believes these non-GAAP measures allow for a better evaluation and transparency of the operating performance of the Company’s business and facilitate a meaningful comparison of our results in the current period to those in prior periods and future periods because these non-GAAP measures exclude certain items that may not be indicative of our core operating results and business outlook. In addition the Company’s management believes that certain of these non-GAAP measures represent a consistent benchmark against which to evaluate the Company’s growth, profitability and capital position. These non-GAAP measures are provided to enhance investors’ overall understanding of our current financial performance, and not as a substitute for, the Company's reported results. Moreover, the manner in which we calculate these measures may differ from that of other companies reporting non-GAAP measures with similar names.

In the tables below, we have provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios used in this press release, or a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated:

Adjusted Net Income Attributable to the Company from Continuing Operations

	Three Months Ended
	March 31,	December 31,	September 30,	June 30,	March 31,
(dollars in thousands)	2012	2011	2011	2011	2011
Net income attributable to the Company from continuing operations	$ 11,846	$ 13,760	$ 7,758	$ 21,795	$ 9,416
Gain on repurchase of trust preferred securities, net of tax	-	-	-	-	(2,910)
Transaction and non-recurring regulatory related expense, net of tax	3,884	4,331	4,751	2,136	5,613
Decrease in fair value of Tygris indemnification asset resulting from a decrease in estimated future credit losses, net of tax	-	-	-	-	5,382
Increase in Bank of Florida non-accretable discount, net of tax	2,135	2,208	298	-	501
Impact of change in ALLL methodology, net of tax	-	-	-	-	1,178
Early adoption of TDR guidance and policy change, net of tax	-	-	-	1,561	4,664
MSR impairment, net of tax	9,389	11,638	12,824	-
Tax expense related to revaluation of Tygris net unrealized built-in losses	-	-	-	-	691
Adjusted net income attributable to the Company from continuing operations	$ 27,254	$ 31,937	$ 25,631	$ 25,492	$ 24,535


Tangible Equity, Adjusted Tangible Equity and Tangible Assets
	March 31,	December 31,	September 30,	June 30,	March 31,
(dollars in thousands)	2012	2011	2011	2011	2011
Shareholders' equity	$ 994,689	$ 967,665	$ 973,708	$ 1,027,685	$ 1,020,584
Less:
Goodwill	10,238	10,238	10,238	10,238	10,238
Intangible assets	7,052	7,404	7,756	8,081	8,351
Tangible equity	$ 977,399	$ 950,023	$ 955,714	$ 1,009,366	$ 1,001,995
Less:
Accumulated other comprehensive loss	(89,196)	(107,749)	(87,303)	(24,728)	(8,407)
Adjusted tangible equity	$ 1,066,595	$ 1,057,772	$ 1,043,017	$ 1,034,094	$ 1,010,402
Total assets	$ 13,774,821	$ 13,041,678	$ 12,550,764	$ 12,520,174	$ 11,889,363
Less:
Goodwill	10,238	10,238	10,238	10,238	10,238
Intangible assets	7,052	7,404	7,756	8,081	8,351
Tangible assets	$ 13,757,531	$ 13,024,036	$ 12,532,770	$ 12,501,855	$ 11,870,774

Non-Performing Assets (1)

(dollars in thousands)	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011
Non-accrual loans and leases:
Residential mortgages	$ 74,810		$ 81,594		$ 74,194		$ 65,130		$ 56,851
Commercial and commercial real estate	89,576		104,829		92,966		88,086		113,678
Lease financing receivables	1,861		2,385		1,745		1,986		3,224
Home equity lines	3,771		4,251		3,803		2,730		1,699
Consumer and credit card	571		419		471		641		729
Total non-accrual loans and leases	170,589		193,478		173,179		158,573		176,181
Accruing loans 90 days or more past due	5,119		6,673		4,808		4,584		5,288
Total non-performing loans (NPL)	175,708		200,151		177,987		163,157		181,469
Other real estate owned (OREO)	49,304		42,664		39,431		42,081		34,456
Total non-performing assets (NPA)	225,012		242,815		217,418		205,238		215,925
Troubled debt restructurings (TDR) less than 90 days past due	92,954		92,628		89,129		79,242		78,729
Total NPA and TDR (1)	$ 317,966		$ 335,443		$ 306,547		$ 284,480		$ 294,654
Total NPA and TDR	$ 317,966		$ 335,443		$ 306,547		$ 284,480		$ 294,654
Government-insured 90 days or more past due still accruing	1,530,665		1,570,787		883,478		762,461		529,247
Tygris and Bank of Florida loans and leases accounted for under
ASC 310-30 or by analogy:
90 days or more past due	146,379		149,743		159,767		190,544		182,397
OREO	22,852		19,456		19,616		22,566		20,226
Total regulatory NPA and TDR	$ 2,017,862		$ 2,075,429		$ 1,369,408		$ 1,260,051		$ 1,026,524
Adjusted credit quality ratios excluding government-insured loans and loans and leases accounted for under ASC 310-30 or by analogy: (1)
NPL to total loans	1.80	%	2.18	%	2.23	%	2.16	%	2.57 %
NPA to total assets	1.63		1.86		1.73		1.64		1.82
NPA and TDR to total assets	2.31		2.57		2.44		2.27		2.48
Credit quality ratios including government-insured loans and loans and leases accounted for under ASC 310-30 or by analogy:
NPL to total loans	18.95	%	20.95	%	15.28	%	14.77	%	12.65 %
NPA to total assets	13.97		15.20		10.20		9.43		7.97
NPA and TDR to total assets	14.65		15.91		10.91		10.06		8.63

(1) We define non-performing assets, or NPA, as non-accrual loans, accruing loans past due 90 days or more and foreclosed property. Our NPA calculation excludes government-insured pool buyout loans for which payment is insured by the government. We also exclude loans, leases and foreclosed property acquired in the Tygris and Bank of Florida acquisitions accounted for under ASC 310-30 or by analogy because as of March 31, 2012, we expected to fully collect the carrying value of such loans, leases and foreclosed property.

Business Segments Selected Financial Information

(dollars in thousands)	Banking and Wealth Management	Mortgage Banking	Corporate Services	Eliminations		Consolidated
Three Months Ended March 31, 2012
Net interest income	$ 106,545	$ 10,496	$ (1,418)	$		$ 115,623
Provision for loan and lease losses	10,315	1,040	-		-	11,355
Net interest income after provision for loan and lease losses	96,230	9,456	(1,418)		-	104,268
Noninterest income	25,228	47,873	92		-	73,193
Noninterest expense:
Foreclosure and OREO expense	7,962	2,997	-		-	10,959
Other credit-related expenses	(183)	11,990	3		-	11,810
All other noninterest expense	51,846	56,864	27,342		-	136,052
Income (loss) before income tax	61,833	(14,522)	(28,671)		-	18,640
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount	3,444	-	-		-	3,444
MSR impairment	-	15,144	-		-	15,144
Transaction and non-recurring regulatory related expense	-	4,722	1,542		-	6,264
Adjusted income (loss) before income tax	65,277	5,344	(27,129)			43,492
Total assets as of March 31, 2012	12,494,752	1,438,744	92,381		(251,056)	13,774,821
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses	45.2%					84.1%
excluding foreclosure, OREO and other credit-related expenses	39.3%					72.1%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses	45.2%					74.8%
excluding foreclosure, OREO and other credit-related expenses	39.3%					63.6%
Three Months Ended December 31, 2011
Net interest income	$ 104,117	$ 12,372	$ (1,651)	$		$ 114,838
Provision for loan and lease losses	9,014	1,398	-		-	10,412
Net interest income after provision for loan and lease losses	95,103	10,974	(1,651)		-	104,426
Noninterest income	29,309	31,637	15		-	60,961
Noninterest expense:
Foreclosure and OREO expense	6,470	4,839	-		-	11,309
Other credit-related expenses	2,629	5,956	-		-	8,585
All other noninterest expense	49,617	47,424	30,725		-	127,766
Income (loss) before income tax	65,696	(15,608)	(32,361)		-	17,727
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount	3,567	-	-		-	3,567
MSR impairment	-	18,771	-		-	18,771
Transaction and non-recurring regulatory related expense	-	3,802	3,180		-	6,982
Adjusted income (loss) before income tax	69,263	6,965	(29,181)		-	47,047
Total assets as of December 31, 2011	11,658,702	1,557,421	99,886		(274,331)	13,041,678
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses	44.0%					84.0%
excluding foreclosure, OREO and other credit-related expenses	37.2%					72.7%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses	44.0%					72.3%
excluding foreclosure, OREO and other credit-related expenses	37.2%					62.1%
Three Months Ended March 31, 2011
Net interest income	$ 105,925	$ 9,422	$ (1,654)	$		$ 113,693
Provision for loan and lease losses	17,186	844	-		-	18,030
Net interest income after provision for loan and lease losses	88,739	8,578	(1,654)		-	95,663
Noninterest income	15,905	45,238	4,709		-	65,852
Noninterest expense:
Foreclosure and OREO expense	8,567	3,333	-		-	11,900
Other credit-related expenses	1,812	13,708	-		-	15,520
All other noninterest expense	49,400	37,128	31,291		-	117,819
Income (loss) before income tax	44,865	(353)	(28,236)		-	16,276
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount	807	-	-		-	807
Impact of change in ALLL methodology	1,900	-	-		-	1,900
Early adoption of TDR guidance and policy change	7,522	-	-		-	7,522
Gain on repurchase of trust preferred securities	-	-	(4,692)		-	(4,692)
Decrease in fair value of Tygris indemnification asset	8,680	-	-		-	8,680
Transaction and non-recurring regulatory related expense	-	205	8,848		-	9,053
Adjusted income (loss) before income tax	63,774	(148)	(24,080)		-	39,546
Total assets as of March 31, 2011	10,654,475	1,332,606	113,093		(210,811)	11,889,363

Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses	49.1%					80.9%
excluding foreclosure, OREO and other credit-related expenses	40.5%					65.6%

Adjusted basis:
including foreclosure, OREO and other credit-related expenses	41.9%					72.9%
excluding foreclosure, OREO and other credit-related expenses	33.4%					57.2%

Bank of America Reaches Milestone: 10 Million Mobile Banking Customers

Wed, 23 May 2012 16:15:03 -0400

More customers choose Bank of America to bank on-the-go than any other bank. Over 10 million Bank of America customers are now using mobile banking, representing growth of nearly 3 million active users over the last 12 months.

New technologies are changing consumers’ lives and are rapidly shaping what they want from their bank. Consumers expect flexibility and want to be connected and in control of their money. Bank of America’s mobile banking customers have the ability to check account balances, transfer funds, pay bills and find the closest ATM, all from their mobile device.

The exploding growth in mobile banking is also fueled by consumers’ increasing comfort with using their mobile devices to conduct many activities in their lives, including securely managing their finances with confidence that their money is protected.

“Increasingly, our customers are choosing to manage their finances with us in the digital space. We are seeing an average of over $1 billion in transactions weekly through mobile banking,” said Aditya Bhasin, Consumer Marketing and Online and Mobile executive. “It is much more than simply checking balances, they’re actively managing their banking accounts.”

Bank of America was among the first to launch mobile banking and continues to lead the industry in developing new capabilities to meet customer demand for new mobile technologies. The bank was the first financial institution to launch an app for Apple, BlackBerry and Android devices and the only bank that has deployed a tablet‐specific app for all three platforms: Apple^®, Kindle™ and Android™.

Recently, Javelin Strategy & Research named Bank of America’s service among the top three tablet banking apps across all financial institutions, with the company’s Kindle Fire app earning the highest marks.

“Our customers’ feedback is the single most important factor guiding us as we launch new mobile technologies this year,” said Bhasin. “We are committed to innovating new capabilities to meet our customers’ needs for convenient ways to manage their money on-the-go.”

Bank of America offers customized, downloadable applications for the most popular mobile platforms, including:

iPhone^®/iPod Touch^®
iPad^®
Google Android™
BlackBerry^®
Windows^® Phone
Android Tablet™
Kindle Fire™

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

DFC Global Corp. to Present at Upcoming Investor Conferences

Wed, 23 May 2012 16:15:02 -0400

DFC Global Corp. (NASDAQ: DLLR), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today announced that the Company will participate at the following investor conferences:

Jeff Weiss, Chairman and CEO, and Randy Underwood, Executive Vice President, will present at the Stephens 2012 Spring Investment Conference on Tuesday, June 5, 2012 at 10:30 a.m. Eastern time at the New York Palace Hotel in New York, NY.
Randy Underwood and Ken Schwenke, President, will present at the William Blair 32^nd Annual Growth Stock Conference on Tuesday, June 12, 2012 at 8:10 a.m. Eastern time at the Four Seasons Hotel in Chicago, IL.
Randy Underwood and Ken Schwenke will present at the Jefferies 2012 Global Consumer Conference on Wednesday, June 20, 2012 at 9:30 a.m. Eastern time at the White Elephant Hotel in Nantucket, MA.

About DFC Global Corp.

DFC Global Corp. is a leading international diversified financial services company serving primarily unbanked and under-banked consumers and small business owners who, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. Through its approximately 1,400 retail storefront locations, multiple Internet websites and mobile phone and other remote platforms, the Company provides a variety of consumer financial products and services in eight countries across North America and Europe—Canada, the United Kingdom, the United States, Sweden, Finland, Poland, Spain and the Republic of Ireland. The Company believes that its customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the range of financial services it offers, the convenience of its products, the multiple ways in which they may conduct business with the Company and its high-quality customer service.

The Company’s products and services, principally its short-term single-payment consumer loans, secured pawn loans, check cashing services and gold buying services, provide customers with immediate access to cash for living expenses or other needs. The Company strives to offer its customers additional high-value ancillary services, including Western Union^® money order and money transfer products, foreign currency exchange, reloadable VISA^® and MasterCard^® prepaid debit cards and electronic tax filing. In addition to its core retail products, the Company also provides fee-based services in the United States to enlisted military personnel applying for loans to purchase new and used vehicles that are funded and serviced under an exclusive agreement with a major third-party national bank through the Company’s branded Military Installment Loan and Education Services, or MILES^®, program.

The Company’s networks of retail locations in Canada and the United Kingdom are the largest of their kind by revenue in each of those countries. The Company believes it is also the largest pawn lender in Europe by revenue. At March 31, 2012, the Company’s global retail operations consisted of 1,361 retail storefront locations, of which 1,302 are company-owned stores, conducting business primarily under the names Money Mart^®, The Money Shop^®, Insta-Cheques^®, Suttons and Robertson^®, The Check Cashing Store^®, Sefina^®, Helsingin Pantti^SM,Optima^®, MoneyNow!^®, and Super Efectivo^®. In addition to its retail stores, the Company also offers Internet-based short-term single-payment consumer loans in the United Kingdom primarily under the brand names Payday Express^® and PaydayUK^®, in Canada under the Money Mart name, and in Finland, Sweden and Poland primarily under the Risicum^®and OK Money^® brand names. For more information, please visit the Company's website at www.dfcglobalcorp.com.

Western Union Highlights Strategic Initiatives at 2012 Annual Stockholders' Meeting

Wed, 23 May 2012 15:45:02 -0400

The Western Union Company (NYSE: WU) held its Annual Meeting today and reiterated the company's strategy while emphasizing its commitment to expanding and evolving the business.

“I believe Western Union has the assets, capability and drive to be a truly customer-centric organization,” said President and CEO Hikmet Ersek. “I look forward to continuing to advance our business in 2012 and beyond by expanding our network, adding consumers and increasing loyalty in core money transfer; expanding business-to-business payments; and building a world-class digital business.”

Approximately 88 percent of the shares entitled to vote were represented at the meeting in person or proxy. All voting results are preliminary. Stockholders voted to re-elect Roberto G. Mendoza and Michael A. Miles, Jr., and to elect Richard A. Goodman, as members of the board of directors. The elected directors will serve new three-year terms.

Stockholders also voted to approve: (1) amendments to the company’s Amended and Restated Certificate of Incorporation to eliminate the classification of the board of directors on a phase-out basis such that directors would start to be elected to a one-year term beginning with the directors elected at the company’s 2013 annual meeting of stockholders; (2) the selection of Ernst & Young LLP as the company’s independent registered public accounting firm for 2012; (3) on an advisory basis, the compensation of the company’s named executive officers, as described in the company’s 2012 proxy statement; and (4) the material terms of the expanded performance measures available under the company’s 2006 Long-Term Incentive Plan.

In addition, stockholders voted against the approval of a stockholder proposal regarding stockholder proxy access and a stockholder proposal regarding an advisory vote on political contributions.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of April 24, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 500,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.

Safe Harbor Compliance Statement for Forward-Looking Statements

This press release contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from those expressed in, or implied by, our forward-looking statements. Words such as “expects,” “intends,” “anticipates,” “believes,” “estimates,” “guides,” “provides guidance,” “provides outlook” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Readers of this press release by The Western Union Company (the “Company,” “Western Union,” “we,” “our” or “us”) should not rely solely on the forward-looking statements and should consider all uncertainties and risks throughout the Annual Report on Form 10-K for the year ended December 31, 2011, including those described under “Risk Factors”. The statements are only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement.

Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements include the following: (i) events related to our business and industry, such as: deterioration in consumers' and clients' confidence in our business, or in money transfer and payment service providers generally; changes in general economic conditions and economic conditions in the regions and industries in which we operate, including global economic downturns and financial market disruptions; political conditions and related actions in the United States and abroad which may adversely affect our business and economic conditions as a whole; interruptions of United States government relations with countries in which we have or are implementing material agent contracts; changes in, and failure to manage effectively exposure to, foreign exchange rates, including the impact of the regulation of foreign exchange spreads on money transfers and payment transactions; changes in immigration laws, interruptions in immigration patterns and other factors related to migrants; our ability to adapt technology in response to changing industry and consumer needs or trends; our failure to develop and introduce new services and enhancements, and gain market acceptance of such services; mergers, acquisitions and integration of acquired businesses and technologies into our Company, and the realization of anticipated financial benefits from these acquisitions; decisions to downsize, sell or close units, or to transition operating activities from one location to another or to third parties, particularly transitions from the United States to other countries; decisions to change our business mix; failure to manage credit and fraud risks presented by our agents, clients and consumers or non-performance by our banks, lenders, other financial services providers or insurers; adverse movements and volatility in capital markets and other events which affect our liquidity, the liquidity of our agents or clients, or the value of, or our ability to recover our investments or amounts payable to us; any material breach of security or safeguards of or interruptions in any of our systems; our ability to attract and retain qualified key employees and to manage our workforce successfully; our ability to maintain our agent network and business relationships under terms consistent with or more advantageous to us than those currently in place; adverse rating actions by credit rating agencies; failure to compete effectively in the money transfer industry with respect to global and niche or corridor money transfer providers, banks and other money transfer services providers, including telecommunications providers, card associations, card-based payment providers and electronic and Internet providers; our ability to protect our brands and our other intellectual property rights; our failure to manage the potential both for patent protection and patent liability in the context of a rapidly developing legal framework for intellectual property protection; changes in tax laws and unfavorable resolution of tax contingencies; cessation of various services provided to us by third-party vendors; material changes in the market value or liquidity of securities that we hold; restrictions imposed by our debt obligations; significantly slower growth or declines in the money transfer market and other markets in which we operate; changes in industry standards affecting our business; (ii) events related to our regulatory and litigation environment, such as: the failure by us, our agents or their subagents to comply with laws and regulations designed to detect and prevent money laundering, terrorist financing, fraud and other illicit activity; changes in United States or foreign laws, rules and regulations including the Internal Revenue Code, governmental or judicial interpretations thereof and industry practices and standards; liabilities resulting from a failure of our agents or subagents to comply with laws and regulations; increased costs due to regulatory initiatives and changes in laws, regulations and industry practices and standards affecting our agents; liabilities and unanticipated developments resulting from governmental investigations and consent agreements with, or enforcement actions by, regulators, including those associated with compliance with, or a failure to comply with the settlement agreement with the State of Arizona; the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules promulgated there-under and the creation of the Consumer Financial Protection Bureau; liabilities resulting from litigation, including class-action lawsuits and similar matters, including costs, expenses, settlements and judgments; failure to comply with regulations regarding consumer privacy and data use and security; effects of unclaimed property laws; failure to maintain sufficient amounts or types of regulatory capital to meet the changing requirements of our regulators worldwide; changes in accounting standards, rules and interpretations; and (iii) other events, such as: adverse consequences from our spin-off from First Data Corporation; catastrophic events; and management's ability to identify and manage these and other risks.

WU-F, WU-G

Bank of America to Present at the Sanford C. Bernstein 28th Annual Strategic Decisions Conference

Wed, 23 May 2012 15:00:01 -0400

Bank of America Chief Executive Officer Brian Moynihan will present at the Sanford C. Bernstein 28th Annual Strategic Decisions Conference in New York on Wednesday, May 30, 2012 at 10 a.m. Eastern Time. A live audio webcast of the presentation will be accessible through the Bank of America Investor Relations Web site at http://investor.bankofamerica.com.

Bank of America

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Facebook IPO now Subject of Facebook Lawsuit. Investors who Purchased Facebook Stock pursuant or traceable to the Facebook IPO are encouraged to Contact the Securities Fraud Attorneys at Gilman Law LLP

Wed, 23 May 2012 15:00:02 -0400

The Facebook IPO is now the subject of a Securities Fraud Lawsuit filed in the United States District Court in New York. The complaint alleges that certain Facebook IPO documents contained untrue statements of material facts and omitted other facts necessary to make such statements not misleading. The complaint further alleges that certain Facebook IPO documents were not prepared in accordance with Federal rules and regulations governing their preparation, violating Federal Securities Laws.

If you purchased or otherwise acquired shares of Facebook common stock (FB) pursuant or traceable to the Facebook IPO on or around May 18, 2012, you are encouraged to contact our Securities Fraud Attorneys to discuss your rights to recovery. Facebook Investors may inquire about the Facebook IPO Lawsuit as follows:

				Deadline:			July 22, 2012
				Contact:			Kenneth Gilman, Gilman Law LLP
				Telephone:			(888) 252-0048
				E-mail:			consultations@gilmanlawllp.com
				Website:			Facebook IPO Lawsuit Consultation Website

Current shareholders of Facebook common stock and current or former employees of Facebook, Inc. may have additional claims.

Facebook IPO Lawsuit Details

On or around May 16, 2012, Facebook filed with the Securities and Exchange Commission (SEC) certain offering documents for the Facebook IPO. Subsequently, 421 million shares of Facebook common stock were sold to Facebook Investors at $38 per share. The complaint alleges that at the time of the Facebook IPO, Facebook was experiencing a severe and pronounced reduction in revenue growth due to an increase of users of its Facebook app or Facebook website through mobile devices rather than traditional PCs. The complaint also alleges that Facebook was aware of this reduction in revenue, but did not disclose the information with all Facebook investors, but instead with selectively preferred investors.

About Our Securities Fraud and Financial Fraud Law Firm

The experienced investment losses and securities fraud attorneys of Gilman Law LLP have over 33 years of experience in securities law and have been involved in all major aspects of securities litigation. Our securities lawyers focus on cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration.

A.M. Best Upgrades Issuer Credit Rating of Commercial Travelers Mutual Insurance Company; Revises Under Review Status to Positive

Wed, 23 May 2012 14:15:01 -0400

A.M. Best Co. has upgraded the issuer credit rating to “bb+” from “bb” and affirmed the financial strength rating of B (Fair) of Commercial Travelers Mutual Insurance Company (Commercial Travelers) (Utica, NY). Both ratings are under review, and the implications have been revised to positive from negative.

The rating actions reflect Commercial Travelers’ affiliation agreement with National Guardian Life Insurance Company (NGL), which was completed April 23, 2012. As part of the affiliation, NGL provided Commercial Travelers with $5 million in capital in the form of a surplus note and agreed to coinsure 50% of the company’s inforce and new accident and health business, effective January 1, 2012. These actions have significantly improved the capital position of Commercial Travelers and will be reflected in its financial statements as of June 30, 2012. NGL also has assumed control of Commercial Travelers’ board of directors and holds several officer positions at the company. Additionally, NGL has begun working on the integration of various corporate functions into its own framework, including a cost sharing agreement that allows for much needed expense reductions at Commercial Travelers going forward.

The affiliation could potentially lead to the demutualization and acquisition of Commercial Travelers by NGL in the near to medium term. In the meantime, NGL is taking steps to integrate Commercial Travelers with its operations and is exploring other means of explicit support. The ratings of Commercial Travelers will likely remain under review as NGL makes meaningful progress towards establishing a strong, permanent parental commitment.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com

A.M. Best Upgrades Ratings of Producers Agriculture Insurance Company and Producers Lloyds Insurance Company

Wed, 23 May 2012 14:15:01 -0400

A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit ratings (ICR) to “a” from “a-” of Producers Agriculture Insurance Company and its 100% reinsured affiliate, Producers Lloyds Insurance Company (collectively referred to as ProAg) (both domiciled in Amarillo, TX). In addition, A.M. Best has affirmed the FSR of A (Excellent) and ICR of “a” of CUMIS Insurance Society, Inc. and its wholly-owned subsidiary, CUMIS Specialty Insurance Company, Inc. (both domiciled in Waverly, IA) (collectively referred to as CUMIS). All companies are subsidiaries of CMFG Life Insurance Company (CMFG) (Madison, WI). The outlook for all ratings is stable.

The upgrading of the ratings for ProAg is based on the revision of a quota share reinsurance agreement with its affiliate, CUMIS. ProAg’s ratings recognize the explicit support provided by this reinsurance agreement. Additionally, the ratings reflect ProAg’s strong level of risk-adjusted capitalization, its business profile as one of the largest providers of crop insurance and experienced management team.

The ratings of CUMIS recognize its strong level of risk-adjusted capitalization, conservative balance sheet, overall operating profitability and well-established niche position in the credit union industry. The ratings further reflect the financial flexibility and diversified operations of CMFG.

Partially offsetting these strengths is the variability in CUMIS’ underwriting and investment results over the last five years, which have resulted in fluctuating operating return measures that trail the commercial casualty composite over the same period.

A.M. Best believes ProAg and CUMIS are well positioned at their current rating levels. However, negative rating actions could occur if there is a decline in underwriting profitability and/or a considerable deterioration in their risk-adjusted capitalizations as measured by Best’s Capital Adequacy Ratio.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; “The Treatment of Terrorism Risk in the Rating Evaluation”; and “Catastrophe Analysis in A.M. Best Ratings.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Steven D. Sefton Named President of Regents Bank

Wed, 23 May 2012 14:00:01 -0400

Regents Bank today announced the appointment of Steven D. Sefton as president of the bank. Dan C. Yates remains chief executive officer of the bank as well as president of Grandpoint Capital, Inc., the parent company of Regents Bank.

“Steve brings 28 years of Southern California banking experience to Regents,” said Yates. “I first met Steve when I recruited him to Mellon 1^st Business Bank back in 1995, and I’ve enjoyed a close professional relationship with him for the past 17 years. I am excited to work with him again and to have his leadership at Regents. Steve understands very well Regents’ consultative banking philosophy since it was drawn from our mutual experience working at Mellon.”

Thomas Young, chairman of the board of Regents Bank, added, “The board is very pleased to welcome Steve to Regents. His experience and talent will be a tremendous asset to the Bank and to our clients.”

“It is a privilege to associate with a bank known for such high quality – quality clients and quality people,” Sefton said.

Prior to joining Regents Bank, Sefton was senior vice president of Citizen’s Business Bank, managing one of the bank’s largest regional offices. He joined the bank as the first manager of the headquarters’ Commercial Banking Group, where he worked for four years. From 1995 to 2008, Sefton worked for Mellon 1^st Business Bank. In 2002, he was appointed regional vice president, managing a de novo commercial office he opened. Sefton and his team grew the office to over $200 million in loans and deposits in six years. From 1991 to 1995, he worked at Sanwa Bank as vice president and team leader. Sefton began his banking career at City National Bank, working at the Beverly Hills headquarters in 1984.

Sefton currently serves on the board of one of the largest Boy Scouts Councils in the country. He is a former board member of the Aliso Pico Business Support Group, and was a founding member of a City of Hope chapter.

He is a 1984 graduate of the University of Texas where he received his Bachelor of Business Administration degree in Finance.

Founded in 2001, Regents Bank is headquartered at 875 Prospect St., La Jolla, Calif. The bank specializes in serving small to mid-size businesses. Regents offers a full line of commercial business loans, SBA 504 real estate loans, investment real estate financing, an array of depository products, corporate cash management and private banking services. The bank offers customers a unique brand of Entrepreneurial Banking, providing strategies and solutions drawn from decades of experience in serving business owners. Regents operates banking offices in downtown San Diego, La Jolla, Carlsbad and El Cajon, Calif., as well as in Vancouver, Wash. At March 31, 2012, Regents Bank had total assets of $356 million. More information about Regents Bank may be obtained by visiting regentsbank.com.

CORRECTING and REPLACING Liberty Interactive Announces Extraordinary Cash Distribution on 3.5% Senior Exchangeable Debentures due 2031 Resulting from Motorola Mobility Acquisition

Tue, 22 May 2012 16:45:02 -0400

First graph, first sentence should reflect payment of an extraordinary cash distribution to the holders of the 3.5% Senior Exchangeable Debentures due in 2031 (sted 2013).

The corrected release reads:

LIBERTY INTERACTIVE ANNOUNCES EXTRAORDINARY CASH DISTRIBUTION ON 3.5% SENIOR EXCHANGEABLE DEBENTURES DUE 2031 RESULTING FROM MOTOROLA MOBILITY ACQUISITION

Liberty Interactive LLC ("Liberty"), a subsidiary of Liberty Interactive Corporation (Nasdaq: LINTA, LINTB), announced payment of an extraordinary cash distribution to the holders of its 3.5% Senior Exchangeable Debentures due in 2031 (the “Debentures”). This distribution is the result of Google Inc.’s acquisition of Motorola Mobility Holdings Inc. on May 22, 2012 for $40 per share in cash. Pursuant to the indenture covering the Debentures (the “Indenture”), the cash paid to shareholders in the Motorola Mobility Holdings acquisition is to be paid to the holders of the Debentures as an extraordinary distribution. The record date of the distribution by Liberty is June 6, 2012 and the cash payment of $184.096 per Debenture is expected to be made on June 20, 2012, for a total payment of $110.5 million.

In accordance with the Indenture, the principal amount of the Debentures is to be reduced by the amount of each extraordinary cash distribution that we pay on the Debentures. In addition, the adjusted principal amount is to be further reduced on each successive semi-annual interest payment date to the extent necessary to cause the semi-annual interest payment on that date to represent the payment by Liberty, in arrears, of an annualized yield of 3.5% of the adjusted principal amount of the debentures. In no event will the reductions to the principal amount of the Debentures affect the amount of the semi-annual interest payments received by holders of the Debentures, which will continue to be a rate of interest equal to 3.5% per annum of the original principal amount of the debentures.

Immediately following the payment by Liberty of the extraordinary cash distribution attributable to the Motorola Mobility Holdings acquisition, the adjusted principal amount of the Debentures will be $622.4813 per $1,000 original principal amount, and the aggregate outstanding adjusted principal amount of the Debentures will be $373.5 million.

About Liberty Interactive LLC

Liberty Interactive LLC is a wholly owned subsidiary of Liberty Interactive Corporation and owns interests in a broad range of electronic retailing, media, communications, and entertainment businesses.

Ajubeo High-Performance Cloud Infrastructure-as-a-Service Launched by Former TD Ameritrade, Fiserv IT Executives

Wed, 23 May 2012 13:30:01 -0400

Ajubeo L.L.C., a national provider of enterprise-class cloud Infrastructure-as-a-Service (IaaS), today announced the official launch of its high-performance cloud platform with its Denver, Colorado Cloud Hub fully operational. Ajubeo is backed by Grey Mountain Partners, a Boulder-based private equity firm with more than $400M of assets under management. The Ajubeo IaaS platform enables IT delivery as a service that transitions departmental spend from CAPEX to OPEX and offers on-demand provisioning of fully integrated and elastic compute, storage, and network resources. The company’s Global Cloud Mesh includes additional hubs in New York and London planned for completion in Q4 of 2012.

Ajubeo markets to the largest possible demand base with retail, wholesale, and private label cloud infrastructure options. Customers benefit from a more cost-effective and efficient way to implement enterprise applications such as Microsoft Exchange and Sharepoint as well as production ERP and SaaS applications. Additionally, the MyAjubeo cloud management portal provides customers secure, unlimited role-based cloud access via a user-friendly interface, enabling them to create and report on virtual machines, workflow automation and workload balancing with minimal training. The business and architectural agility created by Ajubeo’s flexible cloud infrastructure allows IT executives to execute on corporate objectives faster, making their businesses more competitive with a increased speed-to-market.

“Ajubeo’s inspiration came from challenges we experienced first-hand while leading enterprise IT departments for some of the most regulated organizations in the world,” said Chuck Price, chief executive officer and co-founder of Ajubeo. “Our mission is to provide today’s IT executives and architects with real, enterprise-scale security, performance and agility by starting with an in-depth assessment of their current environment and take into account their businesses vision for the future. We then work with them to configure an ideal cloud platform that is tailored to their needs using Ajubeo’s enterprise-class, secure, elastic and integrated resource pools.”

The Ajubeo cloud platform is architected to improve the performance, reliability and TCO of IT delivery. The company uses the latest technology from VMware, NetApp, Fortinet, and Brocade as well as tier 1 carriers and Internet service providers. Custom-built high-density compute technology from sgi minimizes Ajubeo’s data center footprint, creating a built-in cost-savings that is passed on to customers. Ajubeo confidently backs its enterprise-class IaaS with a 100% Cloud SLA that offers a full day’s worth of credits for any failure in service.

“Ajubeo is the next generation of IaaS, built by CIO’s for CIO’s,” said Tom Whitcomb, Ajubeo chief technology officer. “We have the technology, security, compliance and reliability that positions Ajubeo among the industry elite, but we take it a step further. From the top down, Ajubeo is dedicated to helping our customers demonstrate more IT value than ever before, transforming the way information technology is perceived at their respective organizations. That is the power of Ajubeo’s Global Cloud Mesh.”

The Ajubeo management team is comprised of executives with 100+ years of experience. Co-founders Chuck Price and Tom Whitcomb possess executive IT experience from TD Ameritrade, Fiserv, CoreSite Realty Corporation, Department of Defense contractors, military agencies and Web 2.0 firms. Cumulatively, the Ajubeo team has more than 60 years of enterprise IT experience.

Ajubeo will host a private event this evening at Sports Authority Field at Mile High in commemoration of the corporate launch. Sponsored by FORTRUST data centers, CDW, DatAvail, and EstesGroup, the event will raise money for KidsTek and STEM School and Academy as well as feature guest presentations from Sherri Hammons, chief technology officer for the State of Colorado, Steven Foster, president of the Colorado Technology Association and Bill Weeks, president emeritus of the Colorado Chapter of the Society for Information Management (SIM) and chief information officer at Square Two Financial.

ABOUT AJUBEO

Ajubeo is a national provider of enterprise-class cloud infrastructure-as-a-service (IaaS), founded by career information technology executives with more than 60 years of enterprise IT experience. Discerning organizations select Ajubeo for the increased business and architectural agility that comes from flexible, high-performance cloud infrastructure built to handle the scale, integration and compliance of today’s enterprises. Ajubeo backs its cloud services with a 100% SLA and corporate commitment to customer satisfaction. Cloud hub locations include the world’s most reliable and connected data centers in Denver, New York, and London, accessible via secure, private network connections from anywhere in the world. For more information, please visit www.Ajubeo.com.

Market Vectors’ Francis Rodilosso on Ford Motor’s Return to Investment Grade Status

Wed, 23 May 2012 12:15:02 -0400

Yesterday brought news that Moody’s Investors Service had upgraded Ford Motor Company to investment grade status, marking the latest step in a remarkable turnaround for the company. This was the second such upgrade to Ford’s debt in as many months, following a similar move by Fitch in April. On the heels of this news, Market Vectors’ international high-yield corporate debt portfolio manager Fran Rodilosso today commented on the news surrounding Ford and how this situation highlights the opportunities that may exist in the segment of the high-yield corporate bond universe known as “Fallen Angels.” Fallen Angel is a term used to refer to below investment-grade corporate bonds that were rated investment grade at the time of issuance.

“Expectations have been high that a second major credit rating agency would follow suit and upgrade Ford’s debt, following the decision by Fitch, so yesterday’s news is one more way in which the company is being recognized for having improved its operating results while simultaneously building a strong cash position and lowering its net debt,” said Rodilosso. “While concerns remain, particularly with regard to the company’s pension liabilities, Ford nonetheless stands as an excellent example of a ‘Fallen Angel’ regaining its investment grade status.”

Until yesterday, Ford was one of the larger names in the Fallen Angel segment of the corporate high-yield bond market, which currently accounts for approximately 15 percent of the U.S. dollar denominated high-yield bond universe.

“We believe Ford is certainly not alone in being well-positioned to shed its Fallen Angel status, as many issuers in this category still retain the capital structure that they had in place when they first earned investment grade status,” continued Mr. Rodilosso. “That, combined with other positive factors, could potentially make certain Fallen Angels more likely to be upgraded in the future.”

Mr. Rodilosso joined the Market Vectors team earlier this year bringing with him more than 20 years of senior level experience in emerging market, high-yield debt research and portfolio management.

Mr. Rodilosso currently co-manages three Market Vectors high-yield corporate bond ETFs, Fallen Angel High Yield Bond ETF (NYSE Arca: ANGL), International High Yield Bond ETF (NYSE Arca: IHY) and the most recent addition to this fund family, Emerging Markets High Yield Bond ETF (NYSE Arca: HYEM).

Van Eck Associates Corporation does not provide tax, legal or accounting advice. Investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service.

Please note that the information herein represents the opinion of the author and these opinions may change at any time and from time to time. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

About Market Vectors ETFs

Market Vectors exchange-traded products have been offered since 2006 and span many asset classes, including equities, fixed income (municipal and international bonds) and currency markets. The Market Vectors family currently totals $25.1 billion in assets under management, making it the fifth largest ETP family in the U.S. and eighth largest worldwide as of March 31, 2012.

Market Vectors ETFs are distributed by Van Eck Global. Founded in 1955, Van Eck Global was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today, the firm continues this tradition by offering innovative, actively managed investment choices in hard assets, emerging markets, precious metals including gold, and other alternative asset classes. Van Eck Global has offices around the world and manages approximately $34.8 billion in investor assets as of March 31, 2012.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. Debt securities carry interest rate and credit risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health. The Funds' underlying securities may be subject to call risk, which may result in the Funds having to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds' income.

The Funds, as they invest in high yield securities, may also be subject to a greater risk of loss of income and principal than higher rated securities. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities. The secondary market for high yield securities may be less liquid than the market for higher quality securities and, as such, may have an adverse effect of market prices of certain securities. As the Fund may invest in securities denominated in foreign currencies and some of the income received by the Fund will be in foreign currency, changes in currency exchange rates may negatively impact the Fund’s return. Investments in emerging markets securities are subject to elevated risks which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations of foreign ownership, political instability, armed conflict and social instability. Investors should be willing to accept a high degree of volatility and the potential of significant loss. For a more complete description of these and other risks, please refer to the Fund’s prospectus and summary prospectus. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.

The “net asset value” (NAV) of an ETF is determined at the close of each business day, and represents the dollar value of one share of the ETF; it is calculated by taking the total assets of an ETF subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as an ETF's intraday trading value. Investors should not expect to buy or sell shares at NAV. Total returns are based upon closing “market price” (price) of the ETF on the dates listed.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor
335 Madison Avenue, New York, NY 10017

American Express Chairman and Chief Executive Officer to Participate in the Sanford Bernstein Strategic Decisions Conference

Wed, 23 May 2012 12:15:02 -0400

American Express (NYSE: AXP) Chairman and Chief Executive Officer, Kenneth Chenault, will participate in the Sanford Bernstein Strategic Decisions Conference in New York, on Wednesday, May 30, 2012, at 8:00 a.m. (ET). Mr. Chenault will participate in a question and answer session relating to the Company's results and strategies.

A live audio webcast will be made available to the general public through the American Express Investor Relations website at http://ir.americanexpress.com. An audio replay of the presentation will be available after the event at the same website address.

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/companies/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

NASA and National Archives to Join American Express, Monster, eBay, Disney and Other Leading Organizations to Discuss Text Analytics and Big Data Strategies

Wed, 23 May 2012 11:45:03 -0400

On June 12-13 2012, Text Analytics News will host its 8^th Annual Text Analytics Summit East at the Revere Hotel (formerly Radisson Boston), to discuss the latest developments in text analytics, social media analytics and big data management strategies.

Two months ago, the US Government pledged more than $500 million over the next 5 years in funding to support big data initiatives. The White House has said that these grants will be paramount in ensuring the consistent improvement in available “tools and techniques needed to access, organize, and glean discoveries from huge volumes of digital data.”

In response to these government sanctioned investments, Text Analytics News has invited experts from NASA and the National Archives to speak at its annual Text Analytics Summit. Both government agencies are already applying text analysis to the vast amounts of data they deal with on a daily basis, for very different ends.

Thousands of streams of data fly to and from NASA operations every second. The imperative is to predict, rather than respond. Ashok Srivastava, NASA’s Principal Scientist, Data Mining and Systems Health Management, will explore how NASA chooses and leverages text analytics tools to predict outcome, preventing problems before they arise.

With landmark legislation in several states, there is now a business case and an imperative for machine-led discovery. Jason Baron, Director of Litigation at the National Archives and a panel of law leaders will be discussing why eDiscovery is the new normal in business law and litigation.

“We are very excited that Askok and Jason will be joining us for the Summit this year. Both are recognized experts in their respective fields and have a deep understanding of how text analysis can be used to improve insight and achieve greater efficiencies in all organizations,” said Text Analytics News COO Simon Carkeek. “In fact, this year we have more practioners sharing their successes at the Summit than ever before, including speakers from AMEX, Disney, eBay and Monster. Their combined experience will ensure that the event remains the only place to get a full briefing on the commercial benefits of text analytics.”

Full information about the 8^th annual Text Analytics Summit can be found online at http://www.textanalyticsnews.com/text-mining-conference/