George Noorey

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George Noorey

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The S&P 500 has been up for seven straight days as at least investors feel good about what is going on around the globe and the potential for growth here at home.  We have essentially recovered the losses of August during the first eleven days of September. (CNBC News)

It is official Umpqua Bank is buying Sterling bank for $2 billion.  Once the deal is complete all Sterling branches will be rebranded to the Umpqua name.  The deal will double the size of Umpqua and give them $16 billion in deposits and $15 billion in loans. (Portland Business Journal)

Big job cuts are coming to the banking industry as they downsize their mortgage units.  But this should not be a surprise to anyone ……. The refinancing boom is over as rates rise and anyone that could did refi, maybe multiple times.  Mortgages for new and existing home sales continue to recover and remain strong, but could never be at levels that would support the refi infrastructure built by the banks. (CNBC)

The State of Oregon’s terrible investment in green energy company SoloPower is dragging on. The State is allowing the company to delay loan payments and suspend job requirements as SoloPower tries to lineup $50 million in new financing and restructure debt. The company is in default on a $10 million loan given by tax payers and $20 million in tax credits that were linked to producing jobs that have not materialized. (Oregonian)
 

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