Tuesday, November 10, 2009

Stock Market Update: Tuesday, November 10, 2009

This is probably just me being a geek but it looks like Wells Fargo isn't just going after the consumer cell phone market but the commercial one as well. And apparently, there's an app for that: "Wells Fargo Brings Commercial Banking Services Wherever You Are with New iPhone Application." Here's part of what the press release says about it:

The new iPhone application is an extension of Wells Fargo CEO MobileSM service, which enables commercial, corporate, and institutional customers to monitor account activity and stay on top of cash management functions while at meetings, in airports, across town from their offices, or doing business around the globe. Wells Fargo introduced CEO Mobile service – a streamlined version of its CEO portal – to a select group of customers in April 2007 and offered the service to all commercial customers in late 2007, becoming the only major U.S. financial services company to offer mobile banking to commercial, corporate, and institutional customers.

In the past year, CEO Mobile service also added Mobile Basic Banking, allowing small business users to access their Wells Fargo cash and credit accounts, view transactions, and transfer funds through mobile devices. Wells Fargo recently expanded its mobile capabilities to allow customers to view and manage some of their loan obligations using a mobile device. The CEO Mobile service has seen new user adoption and usage double in the past year.

In other exciting news (zzzzzz) Cascade Bancorp “announced today that it has called a Special Meeting of Shareholders. The meeting date is December 7, 2009 at 8:00 A.M. Pacific Time. The meeting will be held at 1100 NW Wall Street, Bend, Oregon. Proxy statements are being mailed to all shareholders on or about November 12, 2009.

The purpose of the proxy statement is to solicit shareholders' votes with respect to proposals to:
* Increase the number of authorized shares of the Company's common stock from 45,000,000 to 300,000,000;
* Approve the issuance of up to $65 million of the Company's common stock to investors in private offerings;
* Approve an amendment to effect a one for ten reverse stock split of the Company's common stock and payment of cash for fractional shares; and
* Rearrange the deck chairs on the Titanic. (Just seeing if you’re paying attention!)

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