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Business news briefs

Published November 20, 2012 6:04 pm

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Bank opens

Layton branch

The Bank of American Fork has opened a full-service branch in Layton at 476 W. Heritage Park Blvd. It is the bank's 13th branch and its first in Davis County. A subsidiary of People's Utah Bancorp, the bank was established in 1913. It has more than $920 million in assets and is one of the largest community banks in Utah.

Bluffdale set for

new development

DAI Utah, a South Jordan-based land development company, has broken ground on Independence at the Point, a master-planned community in Bluffdale near 14600 S. and 500 West. The project spans 294 acres and will consist of approximately 1,900 housing units, including single-family homes, townhomes and apartments.

Mom Brands gets

community award

Mom Brands, one of the largest family-owned cereal companies in the U.S., said its Salt Lake City distribution center was named "Business Partner of the Year" at the Columbus Community Center's 7th annual "Dignity Through Work" event. The award recognizes businesses that have helped individuals with developmental disabilities find meaningful employment.

New-home starts

rose last month

U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence the housing recovery is slowly gaining momentum. The Commerce Department said builders broke ground on homes in October at a seasonally adjusted annual rate of 894,000. That's a 3.6 percent gain from September.

Ichan's Chesapeake

holdings increase

Activist investor Carl Icahn bumped up his stake in Chesapeake Energy, a company where he has already pushed for sweeping changes in governance. Icahn owns 8.98 percent, compared with a 7.6 percent stake in the Oklahoma City company he held this summer. He first invested in May in Chesapeake, one of the nation's largest natural gas producers.

Former Stanford

execs convicted

Two former associates of R. Allen Stanford have been convicted of fraud for trying to help the imprisoned Texas financier conceal a $7 billion Ponzi scheme. Gilbert Lopez Jr., 70, and Mark Kuhrt, 40, were convicted of conspiracy to commit wire fraud and nine counts of wire fraud. Each count carries a maximum 20 years in prison. Sentencing has been set for Feb. 14.

Best Buy posts

quarterly loss

Struggling Best Buy Co. reported another dismal quarter. It posted a loss of $10 million, or 3 cents per share, for the three months ended Nov. 3. That compares with net income of $156 million, or 42 cents per share, in the prior year period. Revenue fell 4 percent, to $10.75 billion from $11.15 billion.