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Business News Briefs: 1/13/01
Saturday, January 13, 2001
USBancorp projects loss
USBancorp, the Johnstown-based parent of U.S. Bank, said it expects to lose $2 million, or 15 cents a share, in the fourth quarter mainly because of increased loan loss reserves, higher non-interest expenses and a pretax charge of $1.5 million for exiting its wholesale mortgage business based in Atlanta. A wholesale mortgage banker buys loans originated by other lenders. It will keep its mortgage servicing business and continue to originate home loans at its 23 U.S. Bank offices in Cambria, Somerset, Westmoreland and Centre counties.
Pitt may build office complex
The University of Pittsburgh Medical Center may build a new office and administrative building near the new Hillman Cancer Center, in Shadyside. It is not known how large the building would be, or where it would be built. A UPMC spokeswoman declined comment. The 335,000-square-foot Hillman Cancer Center should be completed by summer 2002. The new office and administrative building would be used to accommodate the growth of the University of Pittsburgh Cancer Institute.
Supervalu tries online venture
Grocery distributor Supervalu has signed on with MyWebGrocer.com to offer its independent retailers an online shopping option. Through the service, customers of participating Shop 'n Save or Foodland stores could place orders over the Internet and designate a time when they'll stop by to pick up the groceries at the supermarket. No Western Pennsylvania stores have signed on yet.
Blattner Brunner wins accounts
Pittsburgh ad agency Blattner Brunner Inc. has picked up two accounts worth a total of $3.5 million in billings. Promistar Financial Corp. of Johnstown wants a regional ad and marketing campaign. IR-Vonline.com Ltd., of Hong Kong, needs help launching a wireless Internet-responsive toy.
Also in business ...
Northwest Savings Bank, Warren, said it would acquire the First Affiliated Investment brokerage in Warren for an undisclosed amount.
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