JeffBanks to be sold to N.J. Company

Article Abstract:

Hudson United Bancorp of Mahwah, NJ, said it had agreed to pay roughly $337 million in stock, or $30 a share, to purchase JeffBanks Inc. of Philadelphia and its 32 Jefferson Bank branches. Hudson plans to cut Jefferson's $50 million in yearly expenses by about 30 percent. The banks' officials said it was too early to say how many of Jefferson's 650 workers would be layed off. In reaction to the deal, Hudson stock fell$3.18 to close at $31.34 on the New York Stock Exchange. Jefferson rose 94 cents to $28.94 on the Nasdaq.

Hudson United Bancorp, JeffBanks Inc.

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Ace is keeping its plans for Cigna Businesses up its sleeve

Article Abstract:

An agreement that will transfer Cigna Corp.'s property and casualty businesses, along with 9,000 workers and more than 1,000 subsidiaries to Ace Ltd. was approved by Pennsylvania Insurance Commissioner Diane Koken. The $3.5 billion sale has also been approved by Illinois; New Jersey, California, Indiana, Ohio and Texas are expected to follow Pennsylvania's lead because Pennsylvania is Cigna's chief regulator. Cutbacks up to 30 percent are expected.

Insurance, Insurance Carriers and Related Activities, ACE Ltd., CIGNA Corp.

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Sycamore Group solves cash-flow problem

Article Abstract:

Sycamore Group builds Internet systems for companies that pay when the job is done. Meanwhile, payroll comes due every week. First a neighborhood bank came to Sycamore's rescue, PrimeBank, which lent as much as $225,000 at a time. When Sycamore outgrew PrimeBank it shopped around until it found GE Capital could give it the best deal. Annual revenues went from $2 million to $10 million as a result.

Prepackaged software, Use of services, Financial management, Internet software, GE Capital, Sycamore Group, PrimeBank

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