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Capitol sells off Sunrise Bank
Sunrise Bank of Albuquerque has been sold by Capitol Bancorp Ltd., a Lansing, Mich., bank holding company, to Weststar Bancorp, identified in Federal Reserve System filings as an Albuquerque company.
Sunrise, which reported assets of $51.4 million as of the third quarter of 2012, was classified by regulators as significantly undercapitalized before the transaction. Regulators warned Capitol last year that they could take possession of Sunrise if new capital was not injected into the bank.
Sunrise has one location, in the historic First National Bank Building on Central Avenue and 3rd Street in Downtown Albuquerque. Capitol Bancorp reported to the U.S. Securities and Exchange Commission that Sunrise Bank lost $620,000 in the quarter ending Sept. 30, 2012.
House OKs train fuel tax break
SANTA FE – The BNSF Railway Co. could receive a tax break on locomotive fuel in New Mexico under a proposal approved by the House.
Supporters say the measure offers the company similar tax treatment as provided to the Union Pacific Corp. New Mexico has agreed to remove the gross receipts and compensating taxes from locomotive fuel if Union Pacific spent at least $100 million on a terminal facility near Santa Teresa.
To qualify for the tax incentive in the legislation, BNSF will need to invest at least $50 million to improve railroad infrastructure in the state.
MainStreet to host Santa Fe workshop
The Economic Development Department’s MainStreet Program will host a workshop on March 27 in Santa Fe featuring tips on fundraising along with introducing new approaches for nonprofit organizations.
The workshop will be from 9 a.m.-4:30 p.m. at the McCune Charitable Foundation, 345 E. Alameda in Santa Fe.
There is a $50 registration fee for the workshop. Visit http://nmmainstreet.org/institutes.php. Space is limited. For more information contact Julie Blanke, julie.blanke@state.nm.us
Colo. wind turbine maker cuts jobs
DENVER – More layoffs are coming to wind turbine manufacturer Vestas, which announced Thursday it was cutting about 10 percent of its workforce in Colorado.
Congress last month granted a last-minute, one-year extension of a $12 billion credit, But Vestas said that came too late for many of its customers.
Colo. wind turbine maker cuts jobs
DENVER – More layoffs are coming to wind turbine manufacturer Vestas.
The company announced Thursday it was cutting about 10 percent of its manufacturing workforce in Colorado. It blamed the battle in Congress over a tax credit for wind generators. Congress last month granted a last-minute, one-year extension of the $12 billion credit. But Vestas said that came too late for many of its customers, who stopped ordering the turbines Vestas builds at plants in Windsor and Brighton.
