TCF is closing one of its downtown Minneapolis branches, along with 37 others in Indiana and Illinois that are housed within Jewel-Osco grocery stores; the move will result in up to 200 job cuts.
Banking + Finance
U.S. Bancorp agreed to pay “Freddie Mac” $53 million to resolve its mortgage buy-back obligations, adding to the more than $18 billion paid out by other banks in similar settlements.
Lou Nanne will lead fundraising efforts for $190 million in upgrades at U of M sports facilities; TCB recently reported on the school’s ambitious plans.
Mosaic, which spun off from Cargill in 2004, said that it reached a deal to acquire 43.3 million restricted shares from the Margaret A. Cargill Foundation and the Anne Ray Charitable Trust.
The salon chain operator said it is implementing a “new capital allocation policy” as it attempts to turn itself around, and it determined that paying dividends is “not the best use of excess capital.”
Governor Mark Dayton said more than $400 million from the budget surplus should be used for business and middle-class tax cuts.
The organization ended its latest fiscal year with a surplus, which it will use to whittle down its accumulated deficit to $511,941.
The women’s clothing retailer saw profits jump 140 percent during the third quarter, and its stock has risen 120 percent since it named a new CEO.
3M and Target both made four of Fortune’s high-profile annual lists, earning them spots on the magazine’s 2013 best-of compilation.
Granite City Food & Brewery said that disclosure costs did not outweigh the benefit of being a reporting public company.
Wayzata Investment Partners is selling a Texas power plant to a Houston company for nearly $300 million more than it paid for the plant in 2011.
ConAgra Foods, one of the companies involved in the large-scale merger, cited an “ongoing regulatory review process and discussions with the U.S. Department of Justice” as reasons for the delay.
Banks in the Twin Cities struggled with decreasing profitability and a decline in loan growth during the third quarter; meanwhile, banks from throughout the state demonstrated a small improvement in performance.
Profits are up in nearly all of Hormel’s major businesses, and its international market saw a huge jump, due in part to the acquisition of the Skippy peanut butter brand early this year.
A federal bankruptcy judge gave trustee Doug Kelley approval to consolidate nine different cases, a move that Kelley said solidifies his ability to pursue money from large hedge funds.
In recent years, studies by Forbes, the Brookings Institution and USA Today found that Minneapolis had bounced back—or bounced ever so gently—on the galloping waves of the recession.
A UnitedHealth Group subsidiary and 3M pulled off respective marketing coups amid all the noise.
Adding $18 billion in assets, Minneapolis-based U.S. Bancorp purchased Quintillion Limited for an undisclosed sum and, separately, announced a partnership with American Express.