The loan volume declined modestly from the previous year, which was inflated by a temporary government program.
Banking + Finance
While Minneapolis-based Target was one of the first retailers to oppose a proposed $7.5 billion settlement in a major antitrust dispute involving credit-card processing fees charged to merchants, Eden Prairie-based Supervalu is among those that support it.
Minnetonka-based UnitedHealth Group has agreed to acquire a majority stake in a Brazil-based health care company that operates roughly 70 hospitals and clinics and whose insurance covers more than 5 million people.
The announcement comes a month after the companies vowed to address regulators’ concerns that the deal would lead to unfair competition and said they were committed to making it happen.
According to new data, Wells Fargo holds 43 percent of bank deposits in Minnesota—up from its 30.5 percent share last year and nearly double the 22.5 percent share held by local competitor U.S. Bank.
Additional company executives made appearances on American Banker magazine’s 25 “women to watch” ranking and its list of top banking teams.
Ceradyne, which makes high-tech ceramics and reported $572 million in 2011 revenue, will join the energy and advanced materials division within 3M’s industrial and transportation business.
Dero, which reportedly grew 29 percent between 2006 and 2010, will continue day-to-day operations at its Minneapolis headquarters.
A company spokesman said that website visitors have experienced “intermittent delays,” but “personal data and funds are secure.”
Minneapolis-based Cornerstone Capital Management said the investment will allow it to benefit from New York Life’s “global breadth and depth in distribution, marketing, and service.”
Digital River said that its acquisition of LML Payment Systems will help it to expand its global online payment processing business to companies of all sizes.
CNS focuses on delivering drugs to the central nervous system to treat neurological disorders and intractable chronic pain.
The Golden Valley-based company will be added to the S&P 500 index on Friday, the same day it is expected to complete its merger with the flow control division of Tyco.
John Markert was found guilty in April of five counts of misapplication of bank funds; he allegedly helped arrange $1.9 million in fraudulent loans to cover expected overdraft fees resulting from a customer’s “check-kiting” scheme.
Minneapolis banks charge the least for non-customers to use their ATMs, but the city ranked in the middle of the pack with respect to overdraft fees and charges to customers who use ATMs outside of the banks’ network.
The Bloomington-based glass products maker beat quarterly earnings and revenue estimates, prompting it to raise its full-year outlook.
Financial terms of the deal weren’t disclosed; BridgePoint’s system allows doctors to navigate around a blockage of the coronary artery to restore blood flow to critical areas of the heart.
In Experian’s ranking based on the average of credit scores of residents in 143 U.S. cities, Minneapolis reclaimed the top spot after losing it in 2011 after four straight years of coming in first.