Tuesday, July 22, 2014
Inquirer Daily News

Business news in brief

In the Region

Horsham bank closed

Vantage Point Bank, a single-office bank in Horsham with $62.5 million in deposits and $63.5 million in assets, was closed Friday by Pennsylvania regulators. The bank's receiver, the Federal Deposit Insurance Corp., entered into a purchase-and-assumption agreement with First Choice Bank of Mercerville, N.J., to assume all of Vantage's deposits. The FDIC said Vantage customers should continue to use the office. The bank failure was the fifth in the United States this year and the first in Pennsylvania. - Reid Kanaley

Endo merger complete

Endo Health Solutions Inc., the Malvern pharmaceutical company, said it completed its $2.7 billion acquisition of Canada's Paladin Labs Inc., and changed its corporate name to Endo International P.L.C. The deal was announced in November. Endo said its shares would continue to trade on the Nasdaq market under the "ENDP" symbol, and would also trade on the Toronto Stock Exchange with the symbol "ENL." The new company was incorporated in Ireland to take advantage of lower corporate tax rates. - Reid Kanaley

Sands accounts breached

Las Vegas Sands Corp. said Social Security and driver's license numbers of thousands of its Bethlehem, Pa., hotel-casino patrons were stolen during a Feb. 10 security breach. It was unclear whether credit card information was also taken. Sands said it was still working to determine whether customer information from its other properties was breached. Sands said the number of compromised accounts was less than 1 percent of all Bethlehem casino visitors since its 2009 opening. - AP

Cable systems in play

Charter Communications would consider buying subscribers that Philadelphia's Comcast Corp. could divest as part of its proposed Time Warner Cable takeover, Greg Maffei, chief executive of Charter's largest stakeholder, Liberty Media, said. These were Liberty Media's first comments since Charter Communications, in which it has a 27 percent stake, lost out on acquiring Time Warner Cable to Comcast. Maffei said Charter could still go after Time Warner Cable if regulators reject the Comcast deal, although he expects it to win approval, though perhaps with "onerous conditions." - Reuters


Fraud costs Citigroup income

Citigroup said a fraud at its Mexican banking unit would slice $235 million from last year's net income. The bank said Mexican oil services company Oceanografia S.A. de C.V. apparently submitted falsified invoices to get loans to which it was not entitled. - AP

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