ABQJOURNAL BIZ: Around N.M.

Wednesday, November 04, 2009

Around N.M.

Journal Staff and Wire
      First State Halts Precipitous Drop
Shares of First State Bancorporation stopped their sharp drop Tuesday but failed to recover from a 36 percent fall on Monday after reporting a third quarter net loss of $51.5 million.
       On Friday, the company's shares slipped beneath a dollar to 98 cents and then on Monday lost 33 cents to close at 65 cents. Shares lost 1 cent on Tuesday to close at 64 cents.
       First State, which operates the First Community Bank system, lost $1.8 million in the third quarter of 2008. For the first nine months of this year the company lost $82.1 million, compared to a loss of $116.2 million in the first nine months of 2008.
       The company said that in the past six months it has aggressively reduced its loan portfolio of problem loans, which increased First State's provision for loan losses to $52.5 million in the quarter, up from $15.6 million in the same quarter last year.
       First State has retained consultants to possibly to arrange the company's sale.

       E.J. Lopez Named Diversity Officer
Atlanta-headquartered Coca-Cola Enterprises has named New Mexico native Edward J. Lopez as its new chief diversity officer.
       Lopez will oversee the company's global diversity initiatives, and will report to Pam Kimmet, senior vice president of human resources, the company said. Previously, he served as vice president of public affairs and communications for the company.
       Before joining Coke in 2007, Lopez served as New Mexico's secretary and superintendent of Regulation and Licensing. From 2000 to 2004, he also was president of the National Hispanic Cultural Center Foundation's Board of Trustees.

       Safeway Workers Extend Contract
FARMINGTON — Attempting to head off a strike, about 300 workers employed by Safeway grocery stores in Farmington and Aztec agreed to extend a labor contract through mid-November after last-minute negotiations with corporate officials failed to reach an agreement.
       Employees are represented by the Albuquerque-based United Food and Commercial Workers Union. Following continuing requests to reduce operating expenses, local employees opted to attempt to negotiate a new labor contract. The contract between Safeway and about 350 employees at its four stores in Farmington, Aztec and Gallup, was set to expire Nov. 1.

       Work Advances On Cruces Brewery
LAS CRUCES — Work continues on De La Vega's Pecan Grill and Brewery, a new restaurant, brewery and nightspot set to open in the building that used to house Garduno's at 500 S. Telshor Blvd.
       Owner Tom Springer of Springer Management of Las Cruces said there is no set opening date yet but he hopes the place will open its doors in mid-December. Springer earlier reported that the menu will include “favorite regional recipes along with specialty soups, salads, sandwiches, steaks and seafood.” He also has purchased two meat smokers that use pecan pellets.

You also can send comments via our comment form