Intervest Bancshares Corporation (NASDAQ-GS: IBCA) (the "Company") today reported a net loss for the second quarter of 2010 ("Q2-10") of $51.9 million, or $6.02 per diluted common share, compared to net income of $0.4 million, or $0.04 per share, for the second quarter of 2009 ("Q2-09"). The net loss was driven by a bulk sale of nonperforming and underperforming assets and additional loan and real estate loss provisions during the quarter due to declining commercial real estate values and continued weakness in the economy.

As previously announced in May, the Company sold in bulk certain nonperforming and underperforming loans on commercial real estate and multi-family properties aggregating to $192.6 million and other real estate owned of $14.4 million. The assets were sold at a substantial discount to their net carrying values for a total purchase price of $121.5 million. [Read the full article]

The upgrade was based on the company expansion projects in the emerging countries and efficient restructuring measures to fight the latest economic downturn in North America.

The rating upgrade follows on the heels of the company raise of its quarterly cash dividend by 50% to 26.25 cents per share, driven by its strong performance in the past few quarters. The dividend will be paid on Sep 1, 2010 to shareholders of record as of Aug 23, 2010.

Cummins last raised its dividend by 40% to 17.5 cents in July 2008. In fact, the company has been raising its dividend payment from the third quarter of every year since 2007. However, the company had put dividend hikes on hold last year due to the global economic crisis.

Cummins is well positioned to benefit from trends, such as new emission standards and fuel economy improvement. To consolidate its position in the engine division, the company invested heavily in capacity expansion and the introduction of new products. [Read the full article]

First 200 People to Turn in a Used Carry-On Bag Receive One Full-Size Designer Bag in Exchange

American Express (NYSE: AXP - News) today announced that it will host a free Luggage Exchange at this year Ann Arbor Street Art Fair, in which the first 200 people to turn in a used carry-on bag will receive one free full-size designer 29” wheeled, upright suitcase. The luggage exchange is being held in celebration of the recently launched first checked bag free benefit for U.S. Consumer and Small Business Basic Gold, Platinum and Delta Reserve SkyMiles Credit Cardmembers and up to eight passengers on Delta flights. Used bags will be donated to Goodwill Industries of Greater Detroit. [Read the full article]

First 200 People to Turn in a Used Carry-On Bag Receive One Full-Size Designer Bag in Exchange

American Express (NYSE: AXP - News) today announced that it will host a free Luggage Exchange at this year Minneapolis Aquatennial River Blast and Fireworks, in which the first 200 people to turn in a used carry-on bag will receive one free full-size designer 29” wheeled, upright suitcase. The luggage exchange is being held in celebration of the recently launched first checked bag free benefit for U.S. Consumer and Small Business Basic Gold, Platinum and Delta Reserve SkyMiles Credit Cardmembers and up to eight passengers on Delta flights. Used bags will be donated to Sharing and Caring Hands, a charity which provides assistance to the needy, including providing meals, clothing, and shelter. [Read the full article]