Cornerstone Capital Management’s Andy Wyatt bet that a ‘dream team’ of money managers could get Wall Street’s attention. It just took a little longer than expected.
Banking + Finance
Two Twin Cities retailers led by longtime friends join forces to form a $1.3 billion business.
New Brighton-based Johnson Screens, which makes water treatment equipment and employs 250 people in Minnesota, has agreed to be acquired by Germany-based Bilfinger.
Minnetonka-based First Minnesota Bank will acquire the assets of 1st Regents Bank in Andover, which was shuttered by regulators.
Barbara Kaye Rechtzigel, former senior operations manager at Minnwest Bank in Marshall, embezzled money for her personal use, primarily to pay off shopping debts.
Despite the recent sales and earnings increases, Fastenal’s pace of growth has slowed compared to 2010 and 2011.
Net income climbed 5.2 percent as revenue rose modestly in the fourth quarter, closing out a strong year for the bank-holding company.
Shares of Christopher & Banks’ stock climbed on news that the retailer—which is in the midst of a major turnaround effort—has raised its fourth-quarter outlook.
The local positions include 104 financial representatives and 202 financial representative interns, and those hired to fill them will work out of one of two Twin Cities offices.
ShopJimmy.com acquired St. Paul-based Ness Electronics for an undisclosed sum.
As major shareholders, CEO Hubert Joly and other board directors could profit substantially from a Best Buy takeover.
Best Buy’s stock price rose after the company announced flat sales for the all-important holiday season.
Minneapolis-based real estate brokerage firm HomeServices of America, which made a series of acquisitions last year, has continued the trend into the new year with its purchase of California-based Guarantee Real Estate, one of central California’s largest brokerage firms.
Following the sale of 877 stores to an investor group led by Cerberus Capital Management, Supervalu will replace CEO Wayne Sales with Sam Duncan, a retail veteran who most recently led OfficeMax.
The positive results mark the second consecutive quarter of significant growth following a dismal conclusion to the company’s last fiscal year.
The band’s leaders did not disclose the names of the hotels, although sources told local news outlets that they are the Crowne Plaza and DoubleTree in downtown St. Paul.
Bell State Bank & Trust’s parent company is acquiring Minnetonka-based The Business Bank and its mortgage division; together, the two companies originated nearly $3 billion in mortgages last year.
Marvin and Canadian rival Loewen Windows will face off Saturday in an international border battle for bragging rights on the hockey rink.