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Finance

BBVA Compass opens San Francisco loan office, names market president

Jim Hatter was named BBVA Compass' Bay Area market president, based in San Francisco. Mark Calvey[1] Senior Reporter- San Francisco Business Times Email[2] | Twitter[3] | LinkedIn[4] | Google+[5] BBVA[6] Compass opened a San Francisco loan office and hired Jim Hatter[7] from Bank of the West[8] as Bay Area market president. The San Francisco office is located in the McKesson Plaza at 1 Post St. in San Francisco's financial district. BBVA Compass has 62 California offices including seven Bay Area locations in Walnut Creek, Fremont, Concord, Livermore, Burlingame, San Carlos and Redwood City. "We're pleased to have Jim lead our Bay Area offices," said Ron Smith[9], western regional executive for commercial banking at BBVA Compass. "He has more than a quarter-century of experience in the area and has already built a seasoned local commercial banking team to advise technology, health care, government and other clients." BBVA also operates an office in San Francisco's Soma. BBVA has been active on the technology front. Earlier this year the bank agreed to buy Simple, the digital banking company based in Portland, Ore., for $117 million. Simple, founded in 2009, has more than 100,000 customers across the country, a fivefold increase since the end of 2012. "Simple's customer experience is unmatched in the digital banking world," BBVA Chairman and CEO Francisco Gonzalez[10], said in announcing the transaction. In another technology move, BBVA Compass said this week it will partner with OnDeck, a New York-based online lending platform focused on small businesses. The proliferation of such lenders was the subject of this week's San Francisco Business Times cover story[11]. The deal marked OnDeck's biggest partnership with a major bank and follows a similar partnership between Lending Club[12] and Union Bank[13], both based in San Francisco. Mark Calvey covers banking and finance for the San Francisco…
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Encana buys big in Texas’ Eagle Ford play; doubles oil production

Cathy Proctor[1] Reporter- Denver Business Journal Email[2] | Facebook[3] | Twitter[4] Encana Corp. doubled its oil production — and signaled the Canadian company was serious about its move into the oil patch — with a $3.1 billion purchase of about 45,500 acres in Eagle Ford[5] oil play in southern Texas. Encana (NYSE: ECA) is buying the acreage, via Denver-based subsidiary Encana Oil & Gas[6] (USA) Inc., from the Phoenix-based oil, gas and minerals company Freeport-McMoRan[7]. The acreage has produced about 53,000 barrels of oil per day during the first quarter, and the two companies believe the land has more than 400 sites for new oil and gas wells. Encana said the deal is expected to close by the end of the second quarter 2014 with an effective date of April 1, 2014. Scotia Waterous advised Encana, based in Calgary, Alberta, Canada, on the transaction. The area in the three counties of Karnes, Wilson[8] and Atascosa, “is widely known as being in the heart of the oil-rich Eagle Ford[9] resource play,” Encana said in its announcement Wednesday. “Gaining a position in a world class, oil-rich resource play like the Eagle Ford[10] accelerates the transition of our portfolio and underscores our investment focus on high margin assets,” said Doug Suttles[11], Encana’s president and CEO in a statement. “With this transaction, combined with our announced divestments of Jonah and properties in East Texas, we’re replacing natural gas production with high margin oil and liquids production,” Suttles said. Encana said in November it planned to refocus the company[12] on oil production, rather than natural gas. Suttles said in December the company would pare its assets and focus on five major plays — including Colorado’s Niobrara oil play — that are rich in oil and natural gas liquids. Cathy Proctor covers energy, the environment, transportation…
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U.S. sees biggest job gains in two years

Franck Boston The unemployment rate fell to 6.3 percent in April. Mike W. Thomas[1] Reporter- San Antonio Business Journal Email[2] | Twitter[3] | Google+[4] | Facebook[5] The United States generated 288,000 jobs in April, the biggest increase in two years,[6] as the unemployment rate fell to 6.3 percent. The strong performance suggests the economy is picking up after a tepid first quarter. Economists polled by Bloomberg had expected an increase of just 218,000 jobs and an unemployment rate of 6.6 percent. April’s job growth was broad based with professional jobs surging by 75,000 and retail, bars and restaurants and construction all posting big gains. Average hourly wages remained unchanged at $24.31 and the average workweek rose a tick to 34.5 hours, matching a post-recession high. The Labor Department adjusted the number of jobs created in March to 203,000 from a preliminary 192,000, based on newly available data. Mike W. Thomas covers technology/telecom, military, finance, regulatory issues as well as nonprofits/education. References^ Mike W. Thomas (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Google+ (plus.google.com)^ Facebook (www.facebook.com)^ the biggest increase in two years, (www.marketwatch.com)...
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'Johnny Football' in Jacksonville would only equal short-term buzz

Shutterbug459, via Wikimedia Commons Nike has confirmed that projected No. 1 NFL draft pick Johnny Manziel is visiting the company's Washington County campus. Michael Clinton[1] Digital Producer- Jacksonville Business Journal Email[2] | Facebook[3] | Twitter[4] | Google+[5] Jacksonville Jaguars[6] owner Shad Khan[7] demand team execs draft Johnny Manziel? "Johnny Football," as the quarterback is nicknamed, bringing an economic impact to Jacksonville similar to the likes of Lebron James[8] in Cleveland, Ohio? In the words of the great Chris Carter: "C'mon, man!"[9][10] Earlier Friday, the Florida Times-Union published an editorial[11] contending that Khan demand the team pick Manziel to create buzz and bring an economic impact in the city. That notion is shortsighted and irresponsible. Yes, the Jaguars need buzz, but picking a player like Manziel with the No. 3 overall pick (which is what they would have to spend on him) is only going to create a short-term buzz and doesn't guarantee anything long term. The thought of comparing the economic impact to the likes of Lebron James[12] is complete nonsense as well. James is a player like Peyton Manning[13], Tom Brady[14] or Joe Montana[15] — all once-in-a-lifetime players — while the consensus is that Johnny Manziel is not. Several analysts have contended that they have never seen NFL[16] scouts so divided on the type of prospect Manziel is, and their evaluations run the gamut from Hall of Famer to bust. In addition, success on the field plays a much bigger role. Just by him being on the team doesn't mean there will be economic success LONG TERM. No doubt there will be short-term gain to the team and the region with Manziel on the sidelines. But what happens if the team starts losing? They will be right back where they are now. In the NFL, winning cures all things.…
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BB&T hikes common-share dividend by 4.3%

BLOOMBERG BB&T Corp. (NYSE:BBT), based in Winston-Salem, is the nation’s 12th-largest bank and is third-largest in the Charlotte market by local deposits. Jen Wilson[1] Associate Editor/Online- Charlotte Business Journal Email[2] | Twitter[3] | Google+[4] BB&T[5] Corp. (NYSE:BBT) announced on Tuesday that its board of directors has approved a penny increase in its regular quarterly dividend for common shareholders[6]. The 4.3 percent increase brings Winston-Salem-based BB&T's dividend to 24 cents per common share. It is payable on June 2 to shareholders of record on May 16. "We are pleased to provide a dividend increase to our common stock shareholders," Chairman and CEO Kelly King[7] said in a news release. "The increase follows the recent review of our capital plan, which received no objection from bank regulators. We remain committed to providing strong long-term returns to our shareholders." The announcement comes as Bank of America[8] Corp. (NYSE:BAC) is reeling from its decision to suspend its dividend increase and share repurchase plan after discovering a $4 billion accounting error[9]. That mistake dates back to 2009 and has been repeated year after year, missed by the Charlotte-based bank's accountants as well as external auditors and federal regulators since then. Jen Wilson coordinates the Charlotte Business Journal's online operations and social-media efforts, chronicles local events for CBJ Seen and takes photographs. References^ Jen Wilson (feeds.bizjournals.com)^ Email (feeds.bizjournals.com)^ Twitter (twitter.com)^ Google+ (plus.google.com)^ BB&T (www.bizjournals.com)^ its board of directors has approved a penny increase in its regular quarterly dividend for common shareholders (www.bizjournals.com)^ Kelly King (feeds.bizjournals.com)^ Bank of America (www.bizjournals.com)^ its decision to suspend its dividend increase and share repurchase plan after discovering a $4 billion accounting error (www.bizjournals.com)...
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Rummell says Mayor Brown has wimped out, throws 2015 support behind Curry

James Crichlow Peter Rummell, a key backer of Mayor Alvin Brown's 2011 campaign, says he will now support Republican Lenny Curry in the 2015 election. Staff Jacksonville Business Journal Peter Rummell[1], the Jacksonville civic leader whose support propelled Mayor Alvin Brown[2]'s upset win in 2011, now says Brown "has no courage" and "he's wimped out." In an interview with The Florida Time-Union,[3] Rummell said he will throw his support behind Florida GOP Chairman Lenny Curry[4] in the 2015 mayoral election. Curry has expressed interest in running for mayor, but has not announced a decision. "It's embarrassing the way he's (Brown) handled himself," Rummell told the Time-Union. In the article, Rummell singled out three specific criticisms of Mayor Brown: The mayor's handling of the the city budget last year, in which he proposed cuts in city services to avoid a tax increase; Mayor Brown's proposal to have the JEA contribute $45 million a year to help the city pay off its pension obligations, which Rummell called a "pipe dream;" and the Mayor's decision to take no position on the human right ordinance that would have outlawed discrimination based on an individual's sexual preference. The measure, which Rummell and many in the business supported, was voted down in City Council. References^ Peter Rummell (feeds.bizjournals.com)^ Alvin Brown (feeds.bizjournals.com)^ In an interview with The Florida Time-Union, (members.jacksonville.com)^ Lenny Curry (feeds.bizjournals.com)...
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