Jamestown Man Indicted In Connection With July Fatal Stabbing

first_imgMAYVILLE — A Chautauqua County Grand Jury has indicted a Jamestown man on a charge of second-degree murder in connection with a stabbing last month. A Chautauqua County Court Clerk tells WNYNewsNow that Carl W. Sorenson, 28, was indicted on Thursday. Sorenson was arraigned Monday in front of Judge David Foley and plead not guilty. The Clerk adds that bail was set at $350,000 cash/$700,000 property bond.The next scheduled date is October 5 at 10:30 am for an Omnibus hearing.A motion dismissing the second-degree murder charge against Jamestown man Carl Sorenson was denied during a preliminary hearing in Jamestown City Court July 17. Public Defender Ned Barone entered the motion on behalf of Sorenson, saying that the defendant is “entitled to a preliminary hearing.”Chautauqua County First Assistant District Attorney Derek Gregory, however, says there’s “no basis” for a dismissal. Gregory says the District Attorney’s Office is proceeding to a Chautauqua County Grand Jury with the case.District Attorney Patrick Swanson will be handling the prosecution.Jamestown Police charged Sorenson in the death of 23-year-old Brandon Holland who was stabbed in the chest while walking on the sidewalk along North Main Street between East 4th and East 5th Streets around 10:14 p.m. July 6.Holland was taken to UPMC Chautauqua Hospital where he died of his injuries.Sorenson, according to police, is also a New York State Parolee. Officers say he was taken into custody July 7 by investigators at his apartment on Washington Street in Jamestown.A reward, meanwhile, is being offered for information that leads to the arrest of a man wanted by Jamestown Police and the U.S. Marshalls in connection with the case.According to Buffalo Crime Stoppers, $2,500 is being offered for information on Jason Talley.Jamestown Police Captain Robert Samuelson tells WNYNewsNow’s Matt Hummel that Talley is wanted in connection with the Brandon Holland murder case.Talley is believed to be in the Buffalo or Rochester area. Samuelson confirmed on Tuesday that police are still actively looking for Talley.Anyone with information on his whereabouts is asked to contact Crime Stoppers at (716) 867-6161.Tips can also be submitted by dowloading the free Crime Stoppers Mobile App in the Apple App store or Google Play store.Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more

Read more

Should we acquire a bank?

first_imgMany credit unions are watching what happens with the National Credit Union Administration’s pending rule on credit union acquisitions of banks.“The proposed rule is not perfect but good at codifying what we have been doing for the past 10 years,” explains Michael M. Bell, Esq., an attorney and counselor with Howard & Howard Attorneys PLLC in Michigan. “The rule is fair. It does not hinder or help. It is neutral.”Bell represented $2.2 billion Elevations Credit Union, Boulder, Colorado, during a recent case in which the CU was blocked from acquiring a bank. According to Bell, Colorado’s decision to block the acquisition was based on the state’s ruling that state-chartered banks are not able to give their charter to credit unions.“It is not about a credit union’s ability to buy, but that the bank couldn’t sell,” explains Bell. “We did our due diligence and (had) our understanding of the law. This was a political decision by the state of Colorado.” continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Read more

What NCUA’s proposed rule on derivative use could mean for your credit union

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jake King Jake King joined ALM First Financial Advisors in 2016. As a Sr. Associate in the Funds Management Group, Jake is primarily responsible for the management of derivative and funding analytics. … Web: https://www.almfirst.com Details On October 15, 2020 the NCUA Board of Directors unanimously approved a proposed rule that would ease regulations on derivative use, open the scope of permissible derivatives, and make it easier for Federal Credit Unions to hedge their balance sheet interest rate risk using derivatives. Institutions that already have derivative approval would be subject to the terms and conditions of the final ruling. The proposed rule will be open for comment for 60 days following its publication in the Federal Register. ALM First applauds the NCUA staff and Board for proposing more principles-based regulations on derivatives and our comments will reflect this support.§703.111 NCUA ApprovalIf the proposed rule is finalized, the first big takeaway will be the elimination of the preapproval process for certain Federal Credit Unions. Complex institutions with greater than $500 million in assets and a Management Component CAMEL rating of 1 or 2 could begin using derivatives by providing their Regional Director a written notification within 5 days of entering the first derivative transaction. It is important to note that there will still be due diligence needed from an institution prior to engaging in a derivatives transaction. This would include getting the Board and staff comfortable with derivatives, ensuring the accounting for derivatives is squared away, and reporting is handled. Under the proposed rule, these would be best practice measures – not regulatory requirements for approval. The removal of the preapproval process would make derivatives more accessible and provide institutions a useful tool for the management of their interest rate risk.§703.102 Permissible DerivativesNext, the proposed rule would remove references to specific product types that are permissible for use, allowing credit unions to use more forms of derivatives. They must be used for hedging interest rate risk and meet the requirements listed below:Denominated in U.S. dollars.Based on Domestic Interest Rates or dollar-denominated LIBOR (the Board is currently monitoring the LIBOR transition and will make any necessary changes to the final rule)Contract maturity equal to 15 years or less.Not used to create Structured Liability Offerings for members or nonmembers.Currently credit unions are only allowed to hedge with interest rate swaps up to 90-day settlement, interest rate caps, interest rate floors, basis swaps, and U.S. Treasury futures. While these instruments can be used to hedge the lion’s share of interest rate risk, a broader suite of instruments is always preferred. For example, an interest rate swaption can be a very effective hedge for convexity risk for credit unions that are heavily concentrated in mortgages. The price profile of a mortgage and a swaption are tightly aligned which makes it effective in hedging mortgages.In addition to the removal of references to specific product types, there will also be changes to the products and characteristics. There will no longer be forward start date limitations. This will allow for an institution to engage in a derivative that does not settle within 90 days. Also, the new rule would remove fluctuating notional amount limits. This would allow all Federal Credit Unions to use amortizing derivatives.Another limitation that would be removed with the rule change is the general investment authority as it pertains to Mutual Funds. Under the current rule, any investment companies or collective investment funds that include derivatives in the investment portfolio are not permitted for investment by Federal credit unions. The new rule would allow Federal credit unions to invest in mutual funds that use derivatives for the purposes of hedging interest rate risk. It is important to note that any mutual funds that use derivatives related to equities, credit, or commodities will still be restricted.§703.103 Derivative AuthorityLastly, the proposed rule would result in an ease on regulations. The proposed rule would remove all limitations that are set forth in the current §703.103. This would remove the entry limits and standard limits authorities as it pertains to fair value losses and WARMN limits. The fair value loss limits are currently stated as 15% of net worth for entry level and 25% of net worth for standard level. The WARMN calculations adjust the notional amount of a derivative to account for remaining maturity and price sensitivity. Exhibit 1 shows how the WARMN is calculated. The current limits stated are a 65% of net worth entry limit for 12 months and 100% of net worth thereafter. Because of this, institutions are restricted on the notional amount of longer-term swaps as they are weighted more heavily in the calculation due to their longer maturity. An example of this is shown in Exhibit 2. The original notional amounts for both the 5-year and 10-year swap are $50 million. However, with the current WARMN rules, only $25 million of the 5-year would count towards the regulatory limit while the full $50 million of the 10-year would count. Removal of this regulation will allow institutions to hedge interest rate risk more effectively as there will not be a penalty for extending liability duration with longer term swaps.Going ForwardIn today’s rate environment, being restricted to the short end of the yield curve due to interest rate risk limitations can cause margin compression. Being limited to one part of the curve restricts institutions’ ability to make strategic decisions regarding balance sheet direction. This can lead to adding products to the balance sheet that are not beneficial to the overall profitability of the institution. In addition, removing barriers to the products that can be offered will ultimately benefit the members of an institution. Another trend in 2020 has been an increase in mortgages on the balance sheet due to low-rate induced refinancing. This could add interest rate risk to balance sheets. We believe using derivatives can be a worthwhile tool for any institution with mortgages on the balance sheet or those simply looking to manage margins in the low rate environment. If the rule is finalized, it would provide federally chartered credit unions with greater flexibility in managing interest rate risk and potentially making profitable decisions.Co-authored by Shahid Sattar ALM First Financial Advisors is an SEC registered investment advisor with a fiduciary duty that requires it to act in the best interests of clients and to place the interests of clients before its own; however, registration as an investment advisor does not imply any level of skill or training. ALM First Financial Advisors, LLC (“ALM First Financial Advisors”), an affiliate of ALM First Group, LLC (“ALM First”), is a separate entity and all investment decisions are made independently by the asset managers at ALM First Financial Advisors. Access to ALM First Financial Advisors is only available to clients pursuant to an Investment Advisory Agreement and acceptance of ALM First Financial Advisors’ Brochure. You are encouraged to read these documents carefully. All investing is subject to risk, including the possible loss of your entire investment.last_img read more

Read more

Nicolas Pepe’s agent urges Lille star to make Arsenal transfer after agreeing financial package

first_img Comment Nicolas Pepe is valued at £72m (Picture: Getty)The agent of Lille star Nicolas Pepe is urging his client to reject a move to Napoli or Liverpool in favour of a transfer to Arsenal this summer.Napoli agreed a deal of around €80m (£72m) with Lille earlier this week and the agreement was confirmed by the French club.However, Lille’s president also confirmed that three other clubs had reached an agreement for Pepe and one of those is believed to be Arsenal.Pepe is expected to return to training this week, where he’ll analyse his options to make a decision on his future.ADVERTISEMENT Metro Sport ReporterFriday 26 Jul 2019 11:32 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link4.5kShares Nicolas Pepe’s agent urges Lille star to make Arsenal transfer after agreeing financial package Lille have accepted four offers for Pepe (Picture: Getty)Napoli had been expected to win the race for his signature but Gianluca Di Marzio claims Pepe’s agent is urging him to join Arsenal because the Gunners are offering more ‘commission’.AdvertisementAdvertisementSigning Pepe would be a considerable coup for Arsenal given they’re unable to offer Champions League football this term and it would go some way to softening the blow of missing out on Wilfried Zaha.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalPepe scored 22 goals in Ligue 1 last season – a tally that only Kylian Mbappe managed to better throughout the league.Arsenal completed deals for Dani Ceballos and William Saliba on Thursday, and have quashed persistent reports throughout the summer that Unai Emery has been handed a transfer budget of just £45m.Pepe, an Ivory Coast international, is due to return to training next week after being given time off following the Africa Cup of Nations in Egypt.MORE: Manchester United in talks with Juventus over sensational swap deal involving Romelu Lukaku and Paulo Dybala Advertisement Advertisementlast_img read more

Read more