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Coca-Cola and The Global Fund Announce Partnership to Help Bring Critical Medicines to Remote Regions
The Coca-Cola Company and the Global Fund to Fight AIDS, Tuberculosis and Malaria today announced they will expand a project leveraging the Company's expansive global distribution system and core business expertise to help government and non-governmental organizations deliver critical medicines to remote parts of the world, beginning in rural Africa.
Gabriel Jaramillo, General Manager of the Global Fund, said: "Unfortunately, when medicine is available, it doesn't always reach the people who need it. Supply chains in remote parts of the world often don't work efficiently, and that can mean that deaths that should be prevented still occur. What we noticed was that Coca-Cola's products always seemed to get to
every remote regions and we thought that if they could get their product there, with their support, maybe we could too."
"We are proud to join this high-impact public-private partnership with an eye towards expanding into other countries," said USAID Administrator Rajiv Shah. "Leveraging Coca-Cola's core business expertise and distribution channels has the potential to significantly improve how we bring life-saving products to the hardest-to-reach parts of the world."
The Global Fund is an international financing institution dedicated to attracting and disbursing resources to prevent and treat HIV and AIDS, TB and malaria. The Global Fund
Flushing Savings Bank to Combine With Its Subsidiary under New York Commercial Bank Charter
Flushing Financial Corporation, the parent holding company for Flushing Savings Bank, FSB, announced today that the Bank filed an application with the New York State Department of Financial Services to combine with the Bank's wholly-owned subsidiary, Flushing Commercial Bank, which will have the effect of converting the Bank from a federally-chartered savings bank to a New York State- chartered commercial bank. Prior to or simultaneously with the combination, Flushing Commercial Bank's charter will be amended such that Flushing Commercial Bank will become a full-service commercial bank, rather than a limited purpose commercial bank, which it currently is, and its name will be changed to "Flushing Bank." The Bank also filed a notice of the proposed combination and charter change with its primary federal regulator, the Office of the Comptroller of the Currency, and filed an application with respect to the combination with the Federal Deposit Insurance Corporation. In due course, the Company will be filing an application with the Federal
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Reserve to change from a savings and loan holding company to a bank holding company under federal banking laws in connection with the transaction.
Subject to receiving the necessary regulatory approvals, the Bank and Flushing Commercial Bank will be combined, and the resulting combined institution will be a full service New York State-chartered commercial bank operating under the name "Flushing Bank," and the Company will be a bank holding company under the Bank Holding Company Act of 1956, as amended. After the combination, the NYSDFS, which is currently the primary regulator of Flushing Commercial Bank, will be the primary regulator of the combined bank, Flushing Bank, and the Federal Deposit Insurance Corporation, which is currently the primary federal regulator of Flushing Commercial Bank, will be the primary federal regulator of Flushing Bank because it will be a state nonmember bank. The Federal Reserve will remain the Company's primary federal regulator.
John R. Buran, President and CEO of the Company, stated: "Over the past several years we have been building the capabili- ties to transition to a commercial bank. Our focus on this goal has created a diversified, well- capitalized financial institution that
serves consumers,
businesses and public entities in the New York City metropolitan area. We have over $800 million in business and municipal deposits representing over 25% of our deposit base. Our loan portfolio is primarily comprised of mortgage loans on income producing properties and loans to businesses. Combined, these loan products represent over 90% of our loan portfolio at the end of second quarter. In addition, in our most recently reported quarter, more than one-third of our total loan originations were commercial and industrial loans. Based on the growth in this segment, the logical next step is to change our charter to reflect the completion of this transition. This transaction also presents an opportunity to combine our two banks under one charter."
promotes partnerships between governments, civil society, the private sector and affected communities, the most effective way to help reach those in need. This innovative approach relies on country ownership and performance-based funding, meaning that people in countries implement their own programs based on their priorities and the Global Fund provides financing where verifiable results are achieved.
Kaiser Federal Bank to be Renamed Simplicity Bank
Kaiser Federal Financial Group, Inc., the holding company for Kaiser Federal Bank, announced effective November 13, 2012, the Bank will be renamed Simplicity Bank. In addition, the Company will change its name to Simplicity Bancorp, Inc. and its trading symbol to SMPL.
"We are very excited about our new name," said Dustin Luton, President and Chief Executive Officer. Luton continued, "We believe this new name aligns well with the core principles we were founded upon - to provide value, personal service and financial well being for our customers and communities. As Simplicity Bank, we will continue this legacy as we grow and improve to make the banking experience for our customers even easier with more options, better technology, enhanced service capacity, a fresh look and a renewed vision."
In order to better execute its business strategy, the Company recently completed an extensive market and brand evaluation analysis resulting in the selection of this new name. The name change is part of the broader business strategy to operate as a community bank serving the financial needs of all customers within its
Furthermore, the Company believes the new name will eliminate any confusion that might be experienced by potential customers in its markets, and differentiate the Bank from its competitors to ensure future growth and success. Simplicity Bank will continue to serve Kaiser Permanente employees and their family members as well as being better positioned to serve the needs of all customers within its market footprint.
TradeStation Announces the Opening of a Software Development Center in Costa Rica
TradeStation Group, a Monex Group company and the parent company of an award-winning broker-dealer and futures commission merchant, announced the opening of TradeStation Global Services, S.A., a software development centre in Lagunilla, Heredia, Costa Rica.
In staffing the new centre, TradeStation will draw on highly qualified software development professionals in Costa Rica with experience in the areas of .NET and SQL programming for Microsoft platforms.
"TradeStation prides itself on hiring top talent and we have found in Costa Rica an excellent pool of software professionals with experience in Microsoft platforms and solid academic backgrounds," said Rasiel Ruiz, Vice President of Operations and Country Manager for
TradeStation Global Services, S.A. "In addition to the quality of Costa Rican software professionals, we found great investment incentives and a strong commitment from the government to facilitate business operations."
TradeStation Global Services, S.A. will begin operations with approximately 10 to 20 software developers and test engineers, and expects to grow into a development center with as many as 50 to 60 employees.
"We are very excited about our new software development center in Costa Rica," said Keith Black, CTO and Vice President of Product Development
for
TradeStation Technologies, Inc. "The new center will complement our other development centers in south Florida, Texas and Salt Lake City, which are an integral part of our global strategy."
communities.