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In the spring of 1994, Communicators took advantage ofa 10-year-ol federal rule and opened its membership to anyone over 50 years old in the Houston area, with permission from the Nationak Credit Union Association. Formed in the late 1930sx to serve Houston's telephone company employees, Communicators already had enjoyedf a continually broadening fieldof membership. It became the largesgt credit union in the nation to seek and gain approvaol forthe over-50 membership addition, a move that could have boosteed substantially its membership of roughly But the and a group of Texa banks quickly challenged that expansion of membership field, filing suit in federal The lawsuit challenged the NCUA's authority to allow the Communicatords expansion to include senior citizens as well as new membersx in "occupation groups" not related to current members.
And last U.S. District Judge John H. Pratt in D.C., handed the TBA a split decision. He said Communicatore went too far in adding the seniof citizens toits ranks, but that the NCUA acte properly in allowing unrelated employeed groups under federal "common bond" rules. While the TBA vowed to appeal the second half ofthe ruling, and currentlhy is, Communicators and the Texas Creditr Union League backed off on pushing the seniord citizen expansion. "We dropped that immediately," says Communicatorse PresidentDale Roberts. "It's done. It's out of our and we're not appealing it.
" As courtws and legislators struggle to define the role of credit unionsd inthe nation's banking system, Texae banks and credit unions, as well as theird respective trade groups are battling to frame that debate while they compete for customers. Nationally, with credi unions gaining ground and enjoying healthh growth inrecent years, banks have taken the offensive. They've tried to block credit unioj mergers, lobbed letters to Congress objecting tothe tax-exempt statue of their foes and sent a handful of legao grenades into the courf system.
Since the Communicators bank trade associations have files as many as 10 othedr lawsuits or regulatory actions nationwide seeking to halt credit union mergerds or the expansion of credit membership bases, and Texas has become a prim e battleground. Although none of the recenr court cases is expected to end the conflicgt once andfor all, the decisions are beinhg closely watched by both sides as each lookz for new ammunition in the The TBA's constant refrain is that credift unions are increasingly invading banks' turf, castinf ever-wider nets for customers while taking unfair advantag of their freedom from having to pay income taxes and from havinf to reinvest in the community.
"Any busineszs that enjoys 100 percent exemption from federal taxation is givej a whole competitive advantage over bankas and all other financial service providers," says Bob Harris, president of the Texas Bankere Association. "You have othedr credit unions that have literally convertexd themselves into full financial service provideres competing for the businesw of the general public and yet demanding that they continue to retaim their exemption fromfederal taxation." But credit uniones counter that banks are picking on them, lashinf out at the weakest target they can find whilde trying to absorb blows from stronger like securities firms and mutual fund companies.
"Bankxs and banking groups have an ongoing effort to define the creditf union movement ontheir terms," says Terrh Young, spokesman for the Texas Credig Union League. "They talk abouyt leveling the playing field, but I think they're more interested in leveling thecredif unions." Part of their argument is that crediyt unions serve a broad piece of the community underservecd by banks and other financial institutions. "The say we're suddenly a big deal," says Communicators' Roberts. "Bu we take care of a lot of peoplee ofsmaller means.
We take care of a lot of groups that bankersjust don't deal The issue became even more heated this summer in San a traditional stronghold of the credit uniobn industry. In May, the TBA filed a complain with federal regulatorsagainst Randolph-Brooks Federal Credit Union challenging the crediyt union's expressed desire to offer its services to the generakl public of Seguin, based on that city'ds designation by industry regulatorx as a low-income area. "Randolph-Brooks is a militaryt credit union, but it has now decided to expand itself into the communithof Seguin," Harris says.
"Thed banking industry will no longert sit back and watch this kind of prostitutioj of the common bond that isgoingt on."
الخميس، 15 ديسمبر 2011
الثلاثاء، 13 ديسمبر 2011
Southern accent: Reinvestment, additional revenue streams give Firefly
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The recipe was a hit. Firefly’ss revenue went to $7.7 million last year from $6.8 million in 2007, and Uliss’ goal is to hit $8 millionn this year. But Firefly’s is definitely feeling the dimminhg effects ofthe downturn. Uliss said the average check size at his restaurantds is down byabout $3 to $4 per person. And whil e Uliss has taken some steps to reducd operational costs and lure more diners througbhthe door, one thing that is helpin Firefly’s weather the downturn has been Uliss’ effortse to expand his business model over the years. “Ih this economy right now, it is very difficult for restaurantsd to bejust restaurants.
Profit marginsz have shrunk so it helps to have otherrevenue streams,” the 46-year-olds entrepreneur said. Five years ago, he added an in-house blues club and sportd bar featuring live acts every Friday andSaturday night, to his original, 8,700-square-foot, 287-seat locatio in Marlborough. When he opened his thire location — a 7,500-square-foot, 243-seat spot in Quincgy — in 2007, he also included a Dante’zs club component. Uliss says Dante’s has boosted his food and beverags sales annually byabout $300,000 in Marlborougu and $200,000 in Quincy.
Additional growth has come from Firefly’sd catering division, which serves about 1,200 clients and represents about $1 million of Firefly’s total With competition coming from both traditionalp catering firms andother restaurants, Ulisxs says he’s emphasizing customizatioh with his orders and providing both semi-- and full-service catering, as well as drop-off deliveries. “They’rw all so professional and fun to work said catering clientShaileen Santoro, marketinhg manager for JAM’N 94.5 at Clear Channelo Radio Boston. “You don’t have to worryt about anything.
” A key investment for Firefly’s was its food productioh commissary, which Uliss opened in Marlborough in March 2008 at a cost ofabouty $150,000 — the financing for which he obtained from Marlborough Savingsw Bank. The commissary, which operates under a separated corporation, Firefly’s Management Co. LLC, providee prepared foods for thethree Firefly’s restaurants. “The commissart has definitely improved the quality and consistench ofour food,” Uliss said.
Firefly’s is also selliny its own line ofproducts (the manufacturingy for which is done in Chicago) currently, three different sauces and one dry-ruvb — in about 25 retail venues in including Shaw’s Supermarkets. Thosde products currently generateabout $70,000 annually in sales, Ulisw said. A veteran of the Bostojn restaurant scene, Uliss launched the first Firefly’s location in Marlboroug h in 2001 forabout $800,000 (he has a busines partner, Miles Gilbert, in all threes locations). A 6,000-square-foot, 168-seat location in Framingham followed in followed by the Quincy location fouryears later, for whicu he took on two private financial investors.
With a stronbg team behind him, Uliss says he firmlt believes in staying in close contact withhis “You must be visible within your business,” he He’s planning to open a fourth locatiomn — a 20- to 50-seat tentatively titled Firefly’s on the Fly — at the end of this year or earlyu next year. Uliss is currentluy researching locations inthe Worcester/Central Mass. area, as well as the 128 “Steve gets it: He understands you have to have agreagt product,” said industry colleaguw Jim Boland, owner of four Fuddruckerd New England franchises in Massachusetts. “Yohu have to have great service.
And you have to have good In a sign of theeconomic times, Uliss has made some cost-savin moves. Four managers were laid off from his currently at150 employees, late last year. The numbetr of menu items has been reducer by about 20percent (items range in price from $3.9i to $21.99). And, he’s cut the cost to producwe the menus themselves by replacinhlarge spiral-bound books with a two-sided menu. Firefly’s is also providingg specials to help drive traffix tothe restaurants: On Monday’s, kids eat free. On all platters are $10. On Wednesdays, dinerx get two meals for $20. And on Thursdays, he’ds offering three-meat combos for $14.99.
“We’re all goinhg at it the same way we’re trying to deliver great value to the consumed and get the bodies inthe seats,” he
The recipe was a hit. Firefly’ss revenue went to $7.7 million last year from $6.8 million in 2007, and Uliss’ goal is to hit $8 millionn this year. But Firefly’s is definitely feeling the dimminhg effects ofthe downturn. Uliss said the average check size at his restaurantds is down byabout $3 to $4 per person. And whil e Uliss has taken some steps to reducd operational costs and lure more diners througbhthe door, one thing that is helpin Firefly’s weather the downturn has been Uliss’ effortse to expand his business model over the years. “Ih this economy right now, it is very difficult for restaurantsd to bejust restaurants.
Profit marginsz have shrunk so it helps to have otherrevenue streams,” the 46-year-olds entrepreneur said. Five years ago, he added an in-house blues club and sportd bar featuring live acts every Friday andSaturday night, to his original, 8,700-square-foot, 287-seat locatio in Marlborough. When he opened his thire location — a 7,500-square-foot, 243-seat spot in Quincgy — in 2007, he also included a Dante’zs club component. Uliss says Dante’s has boosted his food and beverags sales annually byabout $300,000 in Marlborougu and $200,000 in Quincy.
Additional growth has come from Firefly’sd catering division, which serves about 1,200 clients and represents about $1 million of Firefly’s total With competition coming from both traditionalp catering firms andother restaurants, Ulisxs says he’s emphasizing customizatioh with his orders and providing both semi-- and full-service catering, as well as drop-off deliveries. “They’rw all so professional and fun to work said catering clientShaileen Santoro, marketinhg manager for JAM’N 94.5 at Clear Channelo Radio Boston. “You don’t have to worryt about anything.
” A key investment for Firefly’s was its food productioh commissary, which Uliss opened in Marlborough in March 2008 at a cost ofabouty $150,000 — the financing for which he obtained from Marlborough Savingsw Bank. The commissary, which operates under a separated corporation, Firefly’s Management Co. LLC, providee prepared foods for thethree Firefly’s restaurants. “The commissart has definitely improved the quality and consistench ofour food,” Uliss said.
Firefly’s is also selliny its own line ofproducts (the manufacturingy for which is done in Chicago) currently, three different sauces and one dry-ruvb — in about 25 retail venues in including Shaw’s Supermarkets. Thosde products currently generateabout $70,000 annually in sales, Ulisw said. A veteran of the Bostojn restaurant scene, Uliss launched the first Firefly’s location in Marlboroug h in 2001 forabout $800,000 (he has a busines partner, Miles Gilbert, in all threes locations). A 6,000-square-foot, 168-seat location in Framingham followed in followed by the Quincy location fouryears later, for whicu he took on two private financial investors.
With a stronbg team behind him, Uliss says he firmlt believes in staying in close contact withhis “You must be visible within your business,” he He’s planning to open a fourth locatiomn — a 20- to 50-seat tentatively titled Firefly’s on the Fly — at the end of this year or earlyu next year. Uliss is currentluy researching locations inthe Worcester/Central Mass. area, as well as the 128 “Steve gets it: He understands you have to have agreagt product,” said industry colleaguw Jim Boland, owner of four Fuddruckerd New England franchises in Massachusetts. “Yohu have to have great service.
And you have to have good In a sign of theeconomic times, Uliss has made some cost-savin moves. Four managers were laid off from his currently at150 employees, late last year. The numbetr of menu items has been reducer by about 20percent (items range in price from $3.9i to $21.99). And, he’s cut the cost to producwe the menus themselves by replacinhlarge spiral-bound books with a two-sided menu. Firefly’s is also providingg specials to help drive traffix tothe restaurants: On Monday’s, kids eat free. On all platters are $10. On Wednesdays, dinerx get two meals for $20. And on Thursdays, he’ds offering three-meat combos for $14.99.
“We’re all goinhg at it the same way we’re trying to deliver great value to the consumed and get the bodies inthe seats,” he
السبت، 10 ديسمبر 2011
Colliers adds to Nashville management team - Orlando Business Journal:
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“Creighton brings more than 12 years of experiencw in the commercial real estate industr yto Colliers,” says Doug Brandon, managintg principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the managementy of large institutionally owned health and medicap facilities, as well as the growth of the businessx line. Until March of this year, Wrightf was vice president of mixed-use development for Southern Land Co.
, where he was responsible for the development of select real estate Southern Land underwent a shif t in executive team makeup earlier this The Franklin-based development company announced the appointmentds of Brian Sewell as president and Chrids Bove as CEO in early February. Southern Land is the developed of the Williamson County residential projects LaurelBrookeand McEwen. The company also has projects inthe Dallas/Fort Worth, Houston and Austin, markets.
“Creighton brings more than 12 years of experiencw in the commercial real estate industr yto Colliers,” says Doug Brandon, managintg principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the managementy of large institutionally owned health and medicap facilities, as well as the growth of the businessx line. Until March of this year, Wrightf was vice president of mixed-use development for Southern Land Co.
, where he was responsible for the development of select real estate Southern Land underwent a shif t in executive team makeup earlier this The Franklin-based development company announced the appointmentds of Brian Sewell as president and Chrids Bove as CEO in early February. Southern Land is the developed of the Williamson County residential projects LaurelBrookeand McEwen. The company also has projects inthe Dallas/Fort Worth, Houston and Austin, markets.
الخميس، 8 ديسمبر 2011
Winter Songs: Listener Picks - NPR
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Winter Songs: Listener Picks NPR Last week, we kicked off a series for the winter â€" and we asked you to be a part of it. We're looking for winter songs: tunes that evoke the feel of the winter months, and a memory or story that goes with it. (Please note: We were looking for winter ... |
الثلاثاء، 6 ديسمبر 2011
Polytechnique anniversary renews gun registry fight - CBC.ca
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CTV.ca | Polytechnique anniversary renews gun registry fight CBC.ca Gun control advocates and Opposition leaders marked the anniversary of the tragic shootings at Montreal's École Polytechnique Tuesday with c » |
الأحد، 4 ديسمبر 2011
Most Eddie Bauer stores to stay open - San Antonio Business Journal:
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The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
الجمعة، 2 ديسمبر 2011
Miami Subs: One-number delivery a success - South Florida Business Journal:
hihozeima.blogspot.com
In the five months since its theFort Lauderdale-based company said its 25-storer test has seen an average increas of sales of up to 20 percentt for each store, with about 15 percent attributed to the deliverty program. Customers need only dial one toll-free numbe r – 888-888-3608 – to place the order. The systej then measures distances froma customer’s home or officr to the closest The company set a maximum drive time of 13 minutes duringb rush hour.
“What sets this system apargt from a typical delivery system is utilizinbga domestic-based call centet to take delivery orders so our in-storre crew can be attentive to customers without the distractio of having to answer a Fraser Austin, the company’s chief creative said in a news The company plans to expand the prograjm to the rest of the chain’s 40 Floridaw stores by the fall.
In the five months since its theFort Lauderdale-based company said its 25-storer test has seen an average increas of sales of up to 20 percentt for each store, with about 15 percent attributed to the deliverty program. Customers need only dial one toll-free numbe r – 888-888-3608 – to place the order. The systej then measures distances froma customer’s home or officr to the closest The company set a maximum drive time of 13 minutes duringb rush hour.
“What sets this system apargt from a typical delivery system is utilizinbga domestic-based call centet to take delivery orders so our in-storre crew can be attentive to customers without the distractio of having to answer a Fraser Austin, the company’s chief creative said in a news The company plans to expand the prograjm to the rest of the chain’s 40 Floridaw stores by the fall.
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