Top Stories

K-Mart in Rainbow City Closing Oct. 18th

   The store manager confirmed that the Rainbow City K-Mart was closing October 18th.  The Pharmacy Closed June 30th and liquidation of the inventory will begin sometime in mid-August.  Rainbow City Mayor Terry John Calhoun stated that this was "a loss to Rainbow City" and the he had asked " the manager if there was anything (they could do) to keep them here." 
   The manager added that the store had made major progress in recent years.  In a conversion with a media relations person at Sear Holding/K-mart, She told myGadsden.com that due to economic conditions around the nation that many small stores have fallen below standard profit percentages, and that the company had to make tough decisions based on those facts. 

Community Bank Strike Resolved

According to a source within Community Bank the insurance issue with the employees getting similar coverage as they had before.  However, they had to give up on matching 401k.

Community Bank Strike continues

   The strike continues for employees at Community Credit Union.  According to a source close to the strike, the main issues are concerning Insurance and 401k's.  CCU is trying to change the existing insurance policy to one that would increase co-pays, increase Hospital out-of-pocket expenses, and changes the current drug card.  Also, CCU is taking away matching 401k funds.  As of Wednesday no compromise has been given to the employees who are members of the United Steelworkers unions.

Colonial Bank Signs Order with FDIC and State of Alabama

The Colonial BancGroup, Inc. (NYSE: CNB) announced today its subsidiary Colonial Bank (Bank) has entered into a Stipulation and Consent agreeing to the issuance of an Order to Cease and Desist (Order) with the Federal Deposit Insurance Corporation (FDIC) and the Alabama State Banking Department. Pursuant to the Order, Colonial agreed to take certain actions intended to address various issues that have impacted the Bank’s financial condition and performance. <more>

SBA Will Offer Floor Plan Financing to Auto, RV, Other Dealerships Beginning July 1
   The U.S. Small Business Administration will offer government guaranteed loans to finance inventory for eligible auto, recreational vehicle, boat and other dealerships under a new pilot program announced today by SBA Administrator Karen Mills. <more>

Goodyear Akron Headquarters Moving Forward
    The Goodyear Tire & Rubber Company announced today the sale of certain of its Akron properties to Industrial Realty Group (IRG) as a first step toward finalizing plans for developing a new headquarters in Akron.  <more>
 

Governor Riley Visits Career Center to Highlight Services for the Unemployed

Governor Bob Riley today visited one of the state’s 44 Career Centers to highlight services that are available to help unemployed Alabamians find jobs.  <more>

Mike Massimino Becomes the First to 'Tweet' From Space

photo Credit: NASA

As astronaut Mike Massimino zoomed to rendezvous with the Hubble Space Telescope Tuesday, he managed to reach out to thousands of people who are following his Twitter feed. He sent an email to Johnson Space Center, which then posted this message to his Twitter:

"From orbit: Launch was awesome!! I am feeling great, working hard, & enjoying the magnificent views, the adventure of a lifetime has begun!"  <more>
Check out NASA's Twitter feed.

Governor Riley Sends General Fund Budget Back with Changes
   Governor Bob Riley on Thursday sent the Fiscal Year 2010 General Fund budget back to the Legislature with changes to restore some funding for the Department of Corrections and reduce funding for earmarks inserted by legislators.    The Governor’s proposed changes would restore $4.2 million the Legislature cut from the already cash-strapped Department of Corrections. Governor Riley’s proposed changes would also make half of the funding legislators earmarked for festivals or other projects in their districts contingent on the money being available. <more>

Goodyear Wins Important Military Supply Contract
   With a 100-year history of serving the nation's military with key tire fitments, Goodyear broadens that business further with the announcement of its selection by BAE Tactical Vehicle Systems as the standard tire supplier for a widely used military transport vehicle. <more>

ALABAMA PEANUT GROWERS DONATE PEANUT BUTTER TO FOOD BANKS

The Alabama Peanut Producers Association (APPA) made a special delivery today and donated twenty-four pallets (approximately 25,000 - 12 oz. jars) of peanut butter to the Montgomery Area Food Bank, for distribution to other food banks throughout the state  <more>