Naugatuck Valley Financial Corporation (Nasdaq:NVSL) and Southern Connecticut Bancorp, Inc. (NYSE Amex:SSE) announced jointly today that they have mutually agreed to terminate their merger agreement, citing inability to obtain regulatory approval of the proposed transaction.
John C. Roman, Naugatuck Valley Financial's President and Chief Executive Officer, said, "We are disappointed that we are unable to proceed with the proposed transaction. However, market conditions and the regulatory environment have changed significantly since we entered into the merger agreement in February, which has affected how the regulators perceive the financial metrics of the combined institution. Naugatuck Valley Savings and Loan remains a well-capitalized and profitable institution. Our Board of Directors remains dedicated to promoting the best interest of Naugatuck Valley Financial Corporation and its stockholders and other constituencies."
John H. Howland, Southern Connecticut Bancorp's President and Chief Operating Officer, said, "We share in Naugatuck's disappointment because we continue to believe that the proposed merger would have been in the best interests of Southern Connecticut and its stockholders and other constituencies. The Bank of Southern Connecticut remains a well-capitalized institution."
Crown Equity Holdings Inc. (OTCBB:CRWE) recently reported its financial results for the nine month period ending September 30, 2010. Revenue for the nine months totaled $1,073,383 compared to $418,959 during 2009. The Company incurred an operating loss of $54,527 for the nine months ending September 30, 2010 compared to an operating loss of $36,923 during the same period in 2009. Net loss of $343,049 for the nine months ending September 30, 2010 compared to a net loss of $29,379 for the same period in 2009. The net loss in 2010 was attributed mostly to an unrealized loss of $307,544 on securities held by the Company.
“Our continued progress in operations including an operating profit of $7,251 during the last quarter shows a continued growth in our business,” commented Kenneth Bosket, President and CEO of Crown Equity Holdings Inc. “Not only do our financial results show strong growth during this year but our continued investment in infrastructure will support our future growth,” stated Bosket.
Crown Equity Holdings Inc. is extending its internet footprint internationally to include the following countries; Argentina, Brazil, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, New Zealand, Pakistan, Russia, Singapore, Spain, South Africa, Taiwan, United Arab Emirates and United Kingdom.
Emulex Corporation (NYSE:ELX) reported that its broad portfolio of OneConnect™ 10Gb/s Ethernet, Internet Small Computer System Interface (iSCSI) and Fibre Channel over Ethernet (FCoE) Universal Converged Network Adapters (UCNAs) and LightPulseÂ® Fibre Channel Host Bus Adapters (HBAs) are now supported on the new Red Hat Enterprise Linux 6 platform introduced recently.
ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and storage technologies, reported that electric vehicle (NYSE:EV) charging stations will be installed at Vanderbilt University Medical Center (VUMC) as part of The EV Project, the largest deployment of EV charging infrastructure in history, university officials announced today.
VUMC has been chosen to participate in the pilot rollout that will install more than 15,000 charging stations by June 2011 in 16 cities and metropolitan areas in six states, as well as Washington, D.C.
As project manager of The EV Project, ECTY is overseeing the $230 million public-private initiative, which is funded with a $114.8 million grant from the U.S. Department of Energy through the American Recovery and Reinvestment Act.
Alteris Inc., a services-oriented, complete solutions provider for the managing general agency community and a wholly-owned subsidiary of Argo Group International Holdings, Ltd. (Nasdaq:AGII), reported the acquisition of ARIS Title Insurance Corporation (“ARIS”), the world’s first underwriter of title insurance for fine art and collectible personal property.
ARIS, a statutory insurance company domiciled in New York, was acquired through Argo Group US, Inc. and will continue to operate as a separate legal entity and title insurance underwriter with its established management team.
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