Tag Archives: Kansas City

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Wells Fargo Startup Accelerator Helps Tech Innovators

Wells Fargo began accepting applications through October 1 from young companies interested in joining the new Wells Fargo Startup Accelerator, a semiannual boot camp for innovators whose technology ideas in payments, deposits, fraud, operations and other fields could shape future customer experiences in financial services.

Wells Fargo will make a direct equity investment of $50,000 to $500,000 in each selected start-up. The Startup Accelerator also will provide business planning expertise to firms in the six-month program, which is designed to continuously attract innovative ideas and stoke innovation across the Wells Fargo enterprise. Company subject matter experts and purchasing managers will offer workshops and individual coaching to the firms. Successful companies may become vendors to the bank.

“For Wells Fargo to work on big ideas and spark innovators inside our organization, we need to expand our access to new ideas at the edges of our industry,” said Steve Ellis, executive vice president and head of Wholesale Services at Wells Fargo, who noted that in 1995, Wells Fargo was the first major financial services company in the U.S. to give customers free Internet access to account balances. Wells Fargo also was first to offer a mobile service for businesses in 2007, he added.

“The Startup Accelerator adds a new cylinder to our corporate innovation engine,” said Ellis. “We’re taking a proven business model from the venture capital community and repurposing it as a strategy for connecting with start-ups whose ideas and growth prospects could add value to our business and our customers.”

Three innovative companies already have been selected and funded to pilot the Wells Fargo Startup Accelerator. They are:

• Zumigo, San Jose, California: A developer of mobile services using a unique combination of location and mobile identity technologies to secure commerce and enable mobile marketing.
• EyeVerify, Kansas City, Kansas: The creator of EyePrint ID™ that transforms a picture of your eye into a key that protects your digital life.
• Kasisto, New York: The builder of state-of-the-art artificial intelligence technology that improves the consumer experience on mobile devices through intelligent conversation.

In addition to these three firms, the Startup Accelerator will give 10 to 20 young companies each year the opportunity to develop and refine products in a collaborative environment. Applications will be accepted twice per year, with a deadline of October 1 for this fall’s program. A Wells Fargo investment committee comprised of senior technology, venture banking, and innovation leaders will evaluate candidates and select participants. Prospects can learn more and apply online at https://accelerator.wellsfargo.com.

“We’re interested in any technology that could be used by an institution like Wells Fargo to better serve our customers or operate our business,” Ellis said. “Analytics, big data, mobile, security, and infrastructure are all important to us. We’re looking to engage with innovators beyond the edge of our own creative enterprise.”

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Bryan Cave Partner Elected NAPABA President

Bryan Cave Partner George Chen has been elected as President-Elect of the National Asian Pacific American Bar Association (“NAPABA”) for the fiscal year 2013-2014. He will be sworn into office on November 9, 2013 in Kansas City, MO. In 2014-2015, he will serve as President and will be sworn into office in November 2014 in Scottsdale, AZ, and in 2015-2016, he will serve as Immediate Past President and will be sworn into office in November 2015 in New Orleans, LA.  Chen has been a member of NAPABA since 1999 holding various positions within the national organization including Treasurer, Vice President for Programs and Operations, and Southwest Regional Governor.

The National Asian Pacific American Bar Association is the national association of Asian Pacific American (APA) attorneys, judges, law professors, and law students. NAPABA represents the interests of over 40,000 attorneys and 66 state and local APA bar associations. Its members include solo practitioners, large firm lawyers, corporate counsel, legal service and non-profit attorneys, and lawyers serving at all levels of government. Through its national network of committees and affiliates, NAPABA provides a strong voice for increased diversity of the federal and state judiciaries, advocates for equal opportunity in the workplace, works to eliminate hate crimes and anti-immigrant sentiment, and promotes the professional development of people of color in the legal profession.

George Chen, an attorney with Bryan Cave since 1999, partners with long-term clients to develop, protect, enforce, defend, license, and commercialize intellectual property and other business assets.  His practice includes litigation, licensing, counseling, and prosecution of patent, trademark, copyright, trade secret, unfair competition, Internet, cybersquatting, and other intellectual property matters. Chen received his B.S. in electrical engineering from the Massachusetts Institute of Technology and his M.S.E.E. and J.D. from Arizona State University.  He is the co-inventor of 4 patents.

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Enterprise Bank & Trust earns honor

Enterprise Bank & Trust’s solid financial performance and profitability has earned it one of the first-annual Raymond James Community Bankers Cup awards – placing it among the top 10 percent of community banks nationally.

Raymond James & Associates, a leading investment banking and financial advisory firm, analyzed community banks for profitability, operational efficiency and balance sheet metrics from fiscal 2012. The pool of community banks considered for recognition had assets between $500 million and $10 billion as of December 31, 2012.

Enterprise Financial Services Corp, the publicly-traded (NASDAQ: EFSC) holding company of Enterprise Bank & Trust, was found to be in the top 10 percent of banks demonstrating superior performance and ranked 19th among 303 banks vying for the award.

“To earn this independent, data-based recognition is a great reflection of the hard work and accomplishments we have consistently demonstrated over the past several years,” said Jack Barry, chairman of Enterprise Bank & Trust’s Arizona region. “This award also proves our focused and relationship-based business strategy is working.”

Enterprise operates commercial banking and wealth management businesses from its Phoenix, St. Louis and Kansas City locations. Enterprise Bank & Trust is primarily focused on serving the needs of privately-held businesses, their owner families, executives and professionals.

money stack

Enterprise Bank & Trust earns honor

Enterprise Bank & Trust’s solid financial performance and profitability has earned it one of the first-annual Raymond James Community Bankers Cup awards – placing it among the top 10 percent of community banks nationally.

Raymond James & Associates, a leading investment banking and financial advisory firm, analyzed community banks for profitability, operational efficiency and balance sheet metrics from fiscal 2012. The pool of community banks considered for recognition had assets between $500 million and $10 billion as of December 31, 2012.

Enterprise Financial Services Corp, the publicly-traded (NASDAQ: EFSC) holding company of Enterprise Bank & Trust, was found to be in the top 10 percent of banks demonstrating superior performance and ranked 19th among 303 banks vying for the award.

“To earn this independent, data-based recognition is a great reflection of the hard work and accomplishments we have consistently demonstrated over the past several years,” said Jack Barry, chairman of Enterprise Bank & Trust’s Arizona region. “This award also proves our focused and relationship-based business strategy is working.”

Enterprise operates commercial banking and wealth management businesses from its Phoenix, St. Louis and Kansas City locations. Enterprise Bank & Trust is primarily focused on serving the needs of privately-held businesses, their owner families, executives and professionals.

A Guide to Applying for a Bank Loan

Enterprise posts strong quarterly earnings

Enterprise Financial Services Corp. reported net income of $10 million for the quarter ended March 31, 2013, compared with net income of $6.2 million for the prior year period. Net income per diluted share was $0.53 for the first quarter of 2013, compared with $0.31 per diluted share for the first quarter of 2012. Higher net interest income as well as a reduction in non-interest expenses drove the increase in net income.

Peter Benoist, president and CEO, commented, “Enterprise posted strong earnings for the quarter, with solid results from our core banking operations, as well as our covered asset portfolios. Compared to a year ago, organic C&I loan balances grew 20% while nonperforming assets declined 41%. Over the same period, key components of our noninterest income increased steadily, with wealth management revenues rising 14% and service charges up 15%. The pending acquisition of Gorman & Gorman Home Loans will expand our mortgage business and related fee income opportunities.”

“Net revenues from our FDIC loss share assets continue to add meaningfully to our results,” noted Benoist. “Covered assets produced $8.7 million in net revenue in the first quarter and have generated $75.8 million since we completed our first FDIC-assisted transaction a little more than three years ago.”

Benoist added, “We positioned the company for further growth with several new management assignments during the quarter. Scott Goodman was named president of Enterprise Bank & Trust, partnering with Steve Marsh to drive the Bank’s earnings growth as the economy continues to improve. In addition, several other executives were appointed to leadership roles in the Bank’s Arizona and Kansas City Regions. These promotions reflect the strength of our team and the company’s ability to deploy talent effectively to capitalize on market opportunities.”

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Polsinelli Shughart Shortens Firm Name

Polsinelli Shughart PC will shorten the firm name to Polsinelli PC effective late April, 2013.

The firm’s February 2009 combination with Shughart Thomson & Kilroy was preceded by several smaller mergers and acquisitions. The firm has added over 150 attorneys in the four years since the Shughart Thomson merger. Today, the national law firm has more than 630 attorneys in 16 cities including Chicago, Dallas, Denver, Kansas City, Los Angeles, New York, Phoenix, St. Louis, and Washington, D.C.

“While our legacy firms and our history provides our foundation, we have become more than the sum of our parts. Most importantly we are all one firm today and our clients already refer to us as Polsinelli,” said Chairman Russ Welsh. “The owners agreed using one name reflects we are one firm from coast to coast.”

In its 40-year history Polsinelli has had multiple firm names including Polsinelli Shalton Flanigan Suelthaus just before the firm successfully merged with Shughart Thomson & Kilroy and adopted the combined name of Polsinelli Shughart. The merger added Shughart’s well recognized extensive litigation experience to the firm’s established and growing corporate, healthcare, real estate and financial services practices. Adopting one name reflects true integration of services and firm culture.

“This decision reflects branding trends in legal and other professional services which have emulated longstanding practices in consumer marketing,” said Chief Marketing Officer, Allison Yurman. “From a strategic point of view, building brand equity around one name is more viable, and this change leverages existing name awareness by focusing on the shorthand already in use by clients.”

Welsh said the Shughart merger in 2009 brought critical strength in litigation and Shughart’s long, impressive history in Kansas City since the 1940’s. Many of the original Shughart attorneys hold key leadership positions at Polsinelli as practice group chairs and board members.

“We would not be where we are today without those who joined the firm through mergers and laterally.” said Welsh. “When we first merged with Shughart we all joked that both names were a mouthful. But the core reason for the name change is that it reflects who we are now and where we are headed strategically. We are confident the one name, Polsinelli, is easier for clients and will help us strengthen our national identity.”