Ticker: Aug. 19
The Glen Oaks Country Club board of directors was to meet last night to discuss the sale of stock in a new corporation that would assume ownership of the operation. The Business Record was unable to confirm this morning whether the meeting took place. In a letter to club members and Glen Oaks homeowners, board chairman Ray Stewart wrote: “We are asking anyone that would like to buy stock and be a stockholder in the ‘New Glen Oaks Country Club LLC’ please come. We are going to attempt to buy our Club from West Bank at a price unknown until we see the level of interest and West Bank accepting our offer.” The club defaulted on $7.7 million in loans from West Des Moines-based West Bank, and the bank has filed for foreclosure.
The Swiss government will hand over details of about 4,450 bank accounts to U.S. authorities as part of a deal struck with Washington over UBS AG, it said today. U.S. officials agreed to submit a new treaty request and will withdraw a John Doe summons that demands disclosure of the identity of 52,000 UBS account holders. In return, Switzerland will process the new treaty request within a year for the smaller number of accounts. The Internal Revenue Service said the accounts represent those most suspected of containing undeclared assets.
West Des Moines-based Wells Fargo Home Mortgage will close its wholesale-lending operations in Durham, N.C., a move that will eliminate 62 jobs, the Triangle Business Journal reported. The restructuring is limited to the North Carolina operation and will not impact the company’s West Des Moines operations, a spokesperson told the Business Record. The Durham facility processes loans for third-party mortgage brokers. Work at the site is being transferred to Wells Fargo’s wholesale loan-processing center in Charlotte, N.C. No new jobs are expected to be added in Charlotte. The merging of the loan-processing sites “is based on a need to effectively manage costs and match the needs of our business,” said Kathleen Vaughan, executive vice president for the wholesale lending business.
The Wellness Council of Iowa is seeking nominees for its inaugural Healthy Iowa Awards, which will be presented in an awards ceremony on Oct. 1 at the Hy-Vee Conference Center in West Des Moines. The awards program, conducted in partnership with the Governor’s Council on Physical Fitness and Nutrition and the Academy for a Healthy Iowa, will recognize outstanding achievement of health-care providers, nonprofit organizations, communities, schools and individuals that have strengthened preventive health knowledge and skills within their organizations or local communities. Applications for the awards must be received by Sept. 1 to be considered. To apply online and for reservations to attend the awards banquet, visit www.wellnessiowa.org.
Sauer-Danfoss Inc. has appointed C. Kells Hall as executive vice president and president of the company’s Propel Division, effective Oct. 1. Hall succeeds Thomas K. Kittel, who announced his retirement effective Sept. 30. Hall has been with Sauer-Danfoss for 36 years, most recently serving as vice president of the Propel Division since September 2005. He will continue to be based in Ames.