Sirius XM shares are trading higher Monday morning after Liberty Media late Friday filed with the FCC to disclosure its intention to take control of the satellite radio company.
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Liberty Mutual Insurance Group’s Subsidiary Receives China Insurance Regulatory Commission’s (CIRC) Approval To …
BOSTON--(BUSINESS WIRE)--
Liberty Mutual Insurance Group, through its wholly-owned subsidiary Liberty Insurance Company Limited (Liberty), has been granted approval to establish a branch in Shandong province by the China Insurance Regulatory Commission (CIRC). Headquartered in Chongqing, Liberty received CIRCs approval on August 6, 2012 to prepare for a provincial branch in Jinan, the capital of Shandong Province, which is the 4th largest property and casualty insurance market in China.
Upon final CIRC approval, Liberty will be the 2nd foreign property and casualty insurer in the province, and will offer personal lines products for Shandongs 96 million people as well as a wide range of commercial lines products for small-to-medium enterprises. Shandong has a gross domestic product (GDP) of US$721 billion, making it Chinas 3rd largest provincial economy.
At present, Liberty has operations in Chongqing in the west, Beijing in the north, Zhejiang province in the east and Guangdong province in the south of the country. As of December 31, 2011, the company ranked 2nd largest by premium size among 21 foreign property and casualty insurance companies operating in China.
Liberty Mutual continues to build its reputation in China as a strong provider of quality insurance products and as a company dedicated to helping people live safer, more secure lives, said Liberty Mutual Insurance Groups President and CEO David Long. We thank CIRC for approval of our branch application and we look forward to the opportunities presented to us in this new region.
Liberty Mutual Insurance Group in China
Liberty Mutual Insurance Group has had a presence in China since 1996 when its subsidiary Liberty Mutual Insurance Company established a representative office in Shanghai. In January 2004, the company opened its first insurance office in Chongqing, positioning Liberty Mutual as the 1st foreign property and casualty insurer with a presence in western China. In September 2007, Liberty Mutual received approval to have its Chongqing operation converted to a wholly owned subsidiary. Liberty is the only Fortune 500 company subsidiary headquartered in Chongqing.
About Liberty Mutual Insurance Group
"Helping people live safer, more secure lives" since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2011 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 84th on the Fortune 100 list of largest corporations in the U.S. based on 2011 revenue. As of December 31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated assets, $99.3 billion in consolidated liabilities, and $34.7 billion in annual consolidated revenue.
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Liberty no match for Sun
UNCASVILLE, Conn. Tina Charles was determined to make up for a poor offensive performance against the Liberty in the last matchup. She only had to wait two days to get another chance at them.
Charles had 23 points and nine rebounds while playing nearly 38 minutes, and the Connecticut Sun beat the Liberty 85-74 on Saturday night.
The third-year center, who scored a season-low four points in the Suns 79-66 loss at New York on Thursday night in the teams first game after the monthlong Olympic break, played the entire first half.
I have never not taken her out in the first half, Sun coach Mike Thibault said. I talked to her and said, You let me know when you need a sub tonight. She said, Coach, Im staying out there. So, Yes, maam. I might not say that to some other people, but I know when she is feeling that way. She had that look in her eye. I know she didnt like the other night in New Jersey and she wanted to make up for it.
Kara Lawson had 21 points and Allison Hightower added a career-high 20 for the Eastern Conference-leading Sun (16-5). Mistie Mims, playing in place of the injured Asjha Jones (strained left Achilles tendon), added 11 points, four rebounds and four assists.
We had some people step up pretty big-time tonight and make shots between Tina in the first half and Kara and Allie throughout the game, and Mistie was everywhere on the boards, Thibault said.
Charles also became the fastest player in WNBA history to reach 1,000 rebounds, accomplishing it in her 89th game three fewer than Yolanda Griffiths previous mark.
Cappie Pondexter had 17 points and five assists for the Liberty (7-13). Essence Carson also scored 17 and Plenette Pierson added 14 points and eight rebounds.
Connecticut capitalized on 26 Liberty turnovers, scoring 28 points off the miscues.
We went from six turnovers the other night to 26 tonight, Liberty coach John Whisenant said. We have to keep our turnovers under 15 to compete with a team like that. ... We got them the other night and they made a lot of turnovers. We made eight turnovers in the first quarter (tonight) and that just digs you a big hole.
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Charles scores 23 to lead Sun past Liberty
UNCASVILLE, Conn. (AP) -- Tina Charles was determined to make up for a poor offensive performance against the New York Liberty in the last matchup. She only had to wait two days to get another chance at them.
Charles had 23 points and nine rebounds while playing nearly 38 minutes, and the Connecticut Sun beat the Liberty 85-74 on Saturday night.
The third-year center, who scored a season-low four points in the Sun's 79-66 loss at New York on Thursday night in the teams' first game after the monthlong Olympic break, played the entire first half.
''I have never not taken her out in the first half,'' Sun coach Mike Thibault said. ''I talked to her and said, 'You let me know when you need a sub tonight.' She said, 'Coach, I'm staying out there.' So, 'Yes, ma'am.' I might not say that to some other people, but I know when she is feeling that way. She had that look in her eye. I know she didn't like the other night in New Jersey and she wanted to make up for it.''
Kara Lawson had 21 points and Allison Hightower added a career-high 20 for the Eastern Conference-leading Sun (16-5). Mistie Mims, playing in place of the injured Asjha Jones (strained left Achilles tendon), added 11 points, four rebounds and four assists.
''We had some people step up pretty big-time tonight and make shots - between Tina in the first half and Kara and Allie throughout the game, and Mistie was everywhere on the boards,'' Thibault said.
Charles also became the fastest player in WNBA history to reach 1,000 rebounds, accomplishing it in her 89th game - three fewer than Yolanda Griffith's previous mark.
Cappie Pondexter had 17 points and five assists for the Liberty (7-13). Essence Carson also scored 17 and Plenette Pierson added 14 points and eight rebounds.
Connecticut capitalized on 26 New York turnovers, scoring 28 points off the miscues.
''We went from six turnovers the other night to 26 tonight,'' Liberty coach John Whisenant said. ''We have to keep our turnovers under 15 to compete with a team like that. ... We got them the other night and they made a lot of turnovers. We made eight turnovers in the first quarter (tonight) and that just digs you a big hole.''
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Liberty Media clears path to take control of Sirius XM
Liberty Media Chairman John Malone, right, has moved to take control of Sirius XM, whose chief executive is Mel Karmazin, left. (SiriusXM, Liberty Media)
August 17, 2012, 6:15 p.m.
Liberty Media informed the Securities and Exchange Commission on Friday that it had acquired more than 48% of Sirius XM Radio's shares and intends to push that amount above 50% in order to take control over the New York satellite radio company.
Liberty disclosed the plan several months after it failed to persuade the Federal Communications Commission to grant it control over Sirius based on its ownership of 40% of the company's shares.
Sirius' chief executive, Mel Karmazin, rebuffed the takeover attempt at the time, saying Liberty's argument that its 40% stake was sufficient to gain control was akin to proclaiming "Forty is the new 50."
Liberty's chairman, John Malone, might have taken that barb to heart. Since March, the New York media conglomerate has been buying up Sirius shares; its stake is now 48.1%. In its report to the SEC, Liberty said it "intends to acquire beneficial ownership of additional shares of common stock that, together with its current beneficial ownership, would represent more than 50% of the outstanding shares."
Once it surpasses the 50% threshold, Liberty said it will take control of Sirius and "spin off to its stockholders a subsidiary that will hold certain businesses, assets and liabilities."
The most likely reason for the spin-off is to avoid taxes. Liberty executives have hinted at doing a reverse Morris Trust, in which it would combine Sirius with a Liberty property and spin off the resulting entity, so it could avoid having to pay taxes for acquiring Sirius. The most likely asset to combine with Sirius seems to be Liberty's Starz premium pay-television network.
The question now is whether Karmazin will remain at Sirius' helm after the Liberty takeover. Karmazin has hinted that he might not stick around because he prefers to be his own boss. Sirius' paying subscriber base has more than quadrupled since Karmazin joined the company in 2004, when it had about 5 million subscribers. As of June 30, SiriusXM had 22.9 million.
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Liberty Media Close to Sirius XM Takeover
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Liberty boosts Sirius XM stake, aims for control
Liberty Media Corp. said Friday it has boosted its stake in Sirius XM Radio Inc. and intends to take control of the satellite radio broadcaster if federal authorities approve.
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Liberty Media on the Cusp of Controlling Sirius XM
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Western Alliance Bancorporation to Acquire Western Liberty Bancorp
PHOENIX & LAS VEGAS--(BUSINESS WIRE)--
Western Alliance Bancorporation (WAL) and Western Liberty Bancorp (WLBC) announced today that they have signed a definitive agreement pursuant to which Western Alliance Bancorporation will acquire Western Liberty Bancorp. Immediately following the completion of the acquisition, Western Libertys principal operating subsidiary, Service1st Bank of Nevada, will merge with and into Bank of Nevada, a wholly-owned subsidiary of Western Alliance Bancorporation.
The Agreement provides that each shareholder of Western Liberty Bancorp may elect to receive either $4.02 in cash or 0.4341 of a share of Western Alliance Bancorporation for each Western Liberty share owned (based on existing shares of Western Liberty stock outstanding as of the date hereof and assuming the conversion of outstanding restricted stock units), subject to certain collar and proration provisions. The exchange is expected to be tax free, to the extent shareholders receive shares of Western Alliance Bancorporation. In aggregate, the transaction is valued at approximately $55 million.
Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation, commented, This transaction further strengthens our capital position, increases our core deposits, and enables us to further leverage our existing infrastructure in Las Vegas. We expect the transaction to be immediately accretive to our tangible book value.
Bruce Hendricks, Chief Executive Officer of Bank of Nevada, added, With significant customer overlap between Bank of Nevada and Service1st Bank, we anticipate quickly integrating the two institutions, giving added convenience and services to clients of Service1st.
By joining a strong, service-oriented regional banking franchise, we add greater lending capacity for our customers and new opportunities for growth for the bank. I am confident that both our organizations will benefit from this combination, said William Martin, Chief Executive Officer of Western Liberty Bancorp. As we considered all of our strategic growth options, it became clear that choosing to partner with Western Alliance can provide the greatest benefits and opportunities for our stockholders, employees, customers, and the communities we serve.
This transaction has been approved by the board of directors of each company and is subject to certain terms and conditions, including approval by stockholders of Western Liberty Bancorp and banking regulatory authorities. It is expected to be completed in the fourth quarter 2012.
About Western Alliance Bancorporation
With $7.2 billion in assets, Western Alliance Bancorporation is the parent company of Bank of Nevada, Western Alliance Bank doing business as Alliance Bank of Arizona and First Independent Bank, Torrey Pines Bank, and Shine Investment Advisory Services. These dynamic organizations provide a broad array of deposit and credit services to clients in Nevada, Arizona and California, and investment services in Colorado. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, http://www.westernalliancebancorp.com.
About Western Liberty Bancorp
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Western Alliance Bancorporation to Acquire Western Liberty Bancorp
Liberty Media files with FCC to take control of Sirius XM – again
(Reuters) - Liberty Media Corp has filed a new application with the U.S. Federal Communications Commission saying it plans to take full control of Sirius XM and its board by increasing its stake in the satellite operator above 50 percent. Liberty said in the filing that it is applying to take "de jure" or absolute control of the company, which includes "the ability to control the membership of ...
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Liberty Media files with FCC to take control of Sirius XM - again
Liberty return from Olympic break with win over Sun
The Libertys goal for the second half of the season is to win 11 of their remaining games. They got off to a good start in their return from the WNBAs Olympic break.
Cappie Pondexter scored 24 points to lead the Liberty to a 79-66 victory over the first-place Connecticut Sun on Thursday night.
Plenette Pierson, returning after missing the New Yorks last eight games before the hiatus due to a left knee strain, had 16 points to help the Liberty (7-12) snap a three-game skid.
If we win 11 games we give ourselves a chance to make a playoff push, Pondexter said. Its attainable. Right now we got 10 to go. I really feel we have a chance to win some games on the road.
The Liberty, who have 15 games remaining, play their next five on the road starting with a rematch against Connecticut on Saturday night. They then close with seven of their last 10 at home.
Renee Montgomery scored 16 points, and Allison Hightower and Mistie Mims added 12 each for the Sun (15-5), who snapped a five-game winning streak.
We struggled tonight, Connecticut coach Mike Thibault said. We shot terrible in the second half and we turned it over.
Tina Charles, who helped lead the United States to a gold medal at the London Games, had just four points and 12 rebounds, while fellow Olympian Asjha Jones sat out due to a strained left Achilles tendon an injury she was dealing with before the break.
Connecticut dropped to 8-2 on the road and had its lead over second-place Indiana in the Eastern Conference cut to three games.
While the Olympic break helped teams like the Liberty get healthy and refreshed, Thibault believes it disrupted the Suns momentum.
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Liberty Tax to Report Fiscal 2013 First Quarter Results on August 29
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--
JTH Holding, Inc. (TAX) the parent company of Liberty Tax Service, will report fiscal 2013 first quarter results on Wednesday, August 29, before the market opens. At that time, a copy of the press release will be available on the companys investor relations website at http://www.libertytax.com.
At 8:30 a.m. eastern, the company will host a conference call for analysts, investors and shareholders. To access the call, please dial the number below approximately 5 to 10 minutes prior to the scheduled starting time:
U.S./Canada (866) 713-8307 or International (617) 597-5307
Participant passcode: 39414021
The call will also be webcast in a listen-only format for the media and public. The link to the webcast may be accessed on the companys investor relations web site at http://www.libertytax.com.
A replay of the call will be available beginning at approximately 10:30 a.m. eastern on August 29, 2012 and continuing until September 5, 2012, by dialing (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International). The participant passcode is 92585839.
About JTH Holding, Inc.
JTH Holding, Inc. is the parent company of Liberty Tax Service. Liberty Tax Service is the fastest-growing retail tax preparation company in the industrys history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 10 million individual income tax returns. With 43 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service. Liberty Tax Service is the only tax franchise on the recently released Forbes Top 20 Franchises for the Buck.
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Liberty Tax to Report Fiscal 2013 First Quarter Results on August 29
Liberty 79, Sun 66
UpdatedAug 16, 2012 10:43 PM ET
The New York Liberty's goal for the second half of the season is to win 11 of their remaining games. They got off to a good start in their return from the WNBA's Olympic break.
Cappie Pondexter scored 24 points to lead the Liberty to a 79-66 victory over the first-place Connecticut Sun on Thursday night.
Plenette Pierson, returning after missing the New York's last eight games before the hiatus due to a left knee strain, had 16 points to help the Liberty (7-12) snap a three-game skid.
''If we win 11 games we give ourselves a chance to make a playoff push,'' Pondexter said. ''It's attainable. Right now we got 10 to go. I really feel we have a chance to win some games on the road.''
The Liberty, who have 15 games remaining, play their next five on the road - starting with a rematch against Connecticut on Saturday night. They then close with seven of their last 10 at home.
Renee Montgomery scored 16 points, and Allison Hightower and Mistie Mims added 12 each for the Sun (15-5), who snapped a five-game winning streak.
''We struggled tonight,'' Connecticut coach Mike Thibault said. ''We shot terrible in the second half and we turned it over.''
Tina Charles, who helped lead the United States to a gold medal at the London Games, had just four points and 12 rebounds, while fellow Olympian Asjha Jones sat out due to a strained left Achilles' tendon - an injury she was dealing with before the break.
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Liberty Top First-Place Sun
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Pondexter, Pierson help Liberty beat Sun 79-66
NEWARK, N.J. (AP) -- The New York Liberty's goal for the second half of the season is to win 11 of their remaining games. They got off to a good start in their return from the WNBA's Olympic break.
Cappie Pondexter scored 24 points to lead the Liberty to a 79-66 victory over the first-place Connecticut Sun on Thursday night.
Plenette Pierson, returning after missing the New York's last eight games before the hiatus due to a left knee strain, had 16 points to help the Liberty (7-12) snap a three-game skid.
''If we win 11 games we give ourselves a chance to make a playoff push,'' Pondexter said. ''It's attainable. Right now we got 10 to go. I really feel we have a chance to win some games on the road.''
The Liberty, who have 15 games remaining, play their next five on the road - starting with a rematch against Connecticut on Saturday night. They then close with seven of their last 10 at home.
Renee Montgomery scored 16 points, and Allison Hightower and Mistie Mims added 12 each for the Sun (15-5), who snapped a five-game winning streak.
''We struggled tonight,'' Connecticut coach Mike Thibault said. ''We shot terrible in the second half and we turned it over.''
Tina Charles, who helped lead the United States to a gold medal at the London Games, had just four points and 12 rebounds, while fellow Olympian Asjha Jones sat out due to a strained left Achilles' tendon - an injury she was dealing with before the break.
Connecticut dropped to 8-2 on the road and had its lead over second-place Indiana in the Eastern Conference cut to three games.
While the Olympic break helped teams like the Liberty get healthy and refreshed, Thibault believes it disrupted the Sun's momentum.
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Liberty to reorganise, commits to WSBK
Liberty Racing reaffirms its commitment to the World Superbike Championship despite confirming it won't be part of the series' first visit to Russia.
Speculation regarding the future of the Czech-based team was raised when it wasn't included on Infront's provisional entry list for next week's Moscow event, the series' first-ever foray into Russia.
Liberty has now formally confirmed its absence for that event, but maintains it will be present for the final three events, starting with the Nurburgring on September 7-9, and also reaffirmed its commitment to competing in 2013.
In the meantime, Liberty Racing's press release suggests the team will undergo a restructure across the team, a move that it says also concerns riders Jakub Smrz, Maxime Berger and Brett McCormick, though it isn't clear whether such a statement relates to the final rounds or for the 2013 season.
The last part of the season is a prelude to a constructive reorganisation of its [Liberty Racing's] human, technical and logistical resources for the next racing season, a press release read.
Looking for the next round, the Liberty Team is overhauling its staff organization and sport planning for next year, when Liberty Racing will be at the start of the World Superbike Championship determined to improve its results.
That decision involves also the riders of the Czech team, Kuba Smr and Maxime Berger, who will arrive in Germany at the beginning of September ready and motivated, while the recovery Brett McCormick is ongoing.
The Liberty Racing Team continues in its commitment to motorsport not only animated by the desire to obtain significant performance results but also investing in an increasingly profitable and targeted way, thus building its future by analysing and improving its present with care and foresight.
Having made a solid debut in 2011, Liberty Racing has been embroiled in controversy at various points this season, most notably its retort against Infront over the handling of the cancelled Monza races and the acrimonious split with its lead rider Sylvain Guintoli last month.
Despite this, Liberty Racing has achieved several landmarks in 2012, with Guintoli scoring its first win at Assen, while the Frenchman and Smrz have notched up three pole positions between them.
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Liberty Energy Announces Second Round of Funding From Asher Enterprises Inc.
HOUSTON -- Liberty Energy Corp. ("Liberty" or "the Company") is pleased to announce the completion of a second convertible note agreement with Asher Enterprises, an American investment ...
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Liberty Energy Announces Second Round of Funding From Asher Enterprises Inc.
Liberty University Fall Convocation schedule announced
Liberty University Convocation, the largest weekly gathering of Christian students, announced its Fall 2012 schedule of speakers.Lynchburg, Va. (PRWEB) August 15, 2012 Liberty University recently announced its schedule of Convocation speakers for Fall 2012. Convocation at Liberty University is held three times a week in the Vines Center. It is North America's largest weekly gathering of ...
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Liberty Tax’s Fall Tax Classes May Offer Entry into the Tax Industry
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--
Liberty Tax (TAX) invites the public to learn tax preparation and work toward IRS registration in its fall tax classes at convenient locations across the country and online. With job growth still weak, and the unemployment rate still hovering around 8.3 percent, many job seekers may be exploring educational opportunities that can help them develop an extra marketable skill. Liberty Tax is planning to staff up at its offices by tax season and fill positions including tax preparers, office managers, office staff, and marketers.
The companys tax schools and other trainings have incorporated steps to assist its tax school students who are interested in becoming professional tax preparers and obtaining a Preparer Tax Identification Number (PTIN) from the IRS. The companys ten-week tax school offers the chance to explore personal tax-savings advantages and acquire a new hands-on skill that may lead to certification and flexible employment opportunities in the tax industry. No previous tax preparation experience is required to enroll in the tax course.
Anyone and everyone can take our classes. The main requirement is the willingness to learn individual tax preparation, and apply the tax code to many situations. Its a great way to catch up on the latest tax changes and life changes that affect ones individual taxes, commented John Hewitt, CEO of Liberty Tax Service.
Liberty Tax offers over 11,000 class locations as well as an online class option. Class schedules are flexible with day or evening classes available twice a week for ten weeks. Theres a minimal charge for books and supplies. Liberty Tax Service is actively recruiting bilingual tax school students. To learn more about job opportunities and Libertys series of tax courses, visit http://www.libertytax.com/tax-education.html or call 1-800-658-1042.
About Liberty Tax Service
Liberty Tax Service is the fastest-growing retail tax preparation company in the industrys history, founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry. A tax school opportunity was the entry point for Hewitts start in the tax industry in 1969. The Company has over 4,100 offices in the United States and Canada, with the majority owned by franchisees.
JTH Holding, Inc. the parent company of Liberty Tax Service (TAX), listed shares of Class A Common Stock on the NASDAQ Global Market on July 2, 2012. The Give Me Liberty! magazine contains more Liberty company news and information.
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Liberty Tax’s Fall Tax Classes May Offer Entry into the Tax Industry
Western Liberty Bancorp Reports Second Quarter 2012 Financial Results
LAS VEGAS--(BUSINESS WIRE)--
Western Liberty Bancorp, Inc. (WLBC), the holding company for Service1st Bank of Nevada (Service1st Bank) and Las Vegas Sunset Properties (LVSP), today reported its tangible book value per share was $5.43, down slightly from $5.53 in the preceding quarter. Western Liberty reported second quarter loss of $1.5 million, or $0.11 per share, compared to $1.1 million, or $0.08 per share, in the first quarter of 2012, and $4.6 million, or $0.30 per share in the second quarter of 2011. For the six month period ended June 30, 2012, net losses narrowed to $2.5 million, or $0.19 per share, compared to $5.0 million, or $0.33 per share in the first half of 2011. All financial results are unaudited.
Our loan portfolio continues to stabilize with nonperforming loans down $3.5 million from year end, said William Martin, Chief Executive Officer. While we still have a lot of work to do, we believe the steps we are taking will help us achieve our operating goals. Fortunately, capital remains exceptionally strong.
Financial Highlights (at or for the six months ended June 30, 2012)
Nevada Economic Update
According to the July 31, 2012 report from the University of Nevada Las Vegas Center for Business and Economic Research (CBER), CBERs Southern Nevada Coincident Index grew by 0.61% in May, the strongest showing since before the financial crisis in 2008. Nonfarm employment grew by 0.45% and household employment increased by 0.77%.
Compared to the previous six months, CBERs Southern Nevada Leading Index slowed down, increasing by only 0.17% for May 2012. This is about 0.08 percentage points below the average for early 2012 and late 2011. Our neighboring states fared well; Arizonas component increased by 0.17% and Californias by 0.29%.
"Decreased activity at McCarran airport and lower stock prices werent enough to offset these gains. Changes in CBERs three other indexes for Southern Nevada were as follows:
Sources: http://cber.unlv.edu/commentary/CBER-31July2012.pdf
Balance Sheet Review
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Western Liberty Bancorp Reports Second Quarter 2012 Financial Results