Briefcase

Ex-Sterling manager barred from banking

A former Sterling Savings Bank branch manager in Klamath Falls, Ore., has been barred from the banking industry.

The Federal Deposit Insurance Corp. issued the order against Shannon Kuhlman last month.

Kuhlman allegedly engaged in unsound banking practices that will inflict, or probably inflict, significant losses on the Spokane bank. In doing so, she either acted dishonestly, the FDIC says, or in willful disregard of sound banking practices.

Kuhlman’s actions make her unfit to work for a bank, or vote proxies in banks or other financial institutions, the FDIC order says, noting that she did not admit or deny any of the alleged behavior.

Sterling spokeswoman Cara Coon said the bank would have no comment, except to note Kuhlman left the bank in 2008.

No additional information was available from the FDIC or Washington Department of Financial Institutions.

Sterling, after taking major losses on real estate and construction lending, recapitalized last August. 

Bert Caldwell

Bank is close to deal with investor group

LOS ANGELES – Bank of America Corp. was close to finalizing a deal late Tuesday that calls for the lender to pay $8.5 billion to settle claims from a group of investors who bought mortgage-backed securities from the lender, according to a person familiar with the settlement talks.

The bank was nearing an agreement with the investor group and was expected to announce a done deal as early as today.

The investors, which include the Federal Reserve Bank of New York and Blackrock Financial Management, have been pressing the lender for almost a year to buy back defaulted mortgages made by its Countrywide unit.

Associated Press

Google tests service for social networking

Google is taking yet another stab at social networking with Google+. The service unveiled Tuesday aims to make online sharing more like real life. For example, it lets users share things with small groups of people, such as college buddies or co-workers.

Google+ is only available by invitation during an early test phase. Google isn’t saying when it will be available more broadly.

Google has been experimenting with different social tools since late 2009 with limited success.

Associated Press