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COLUMN: BUSINESS BRIEFS

Telegram & Gazette Bloomberg Index

Central Massachusetts

-1.41

170.45

Volume: 72,321,423

Up: 8

Down: 11

Unchanged: 10

Gainer: Staples Inc. $23.22 +$0.29 (Volume of 13.2 million shares)

Decliner: Waters Corp. $59.42 -$1.63 (Volume of 1.4 million shares)

People

Walters named

PHILADELPHIA - Sovereign Bancorp. Inc. yesterday named Kirk W. Walters executive vice president and chief financial officer, effective March 3. He will replace Mark R. McCollom, who has agreed to resign, Sovereign said in a statement.

Mr. Walters, 52, was executive vice president and chief financial officer at Chittenden Corp. of Burlington, Vt. Chittenden was acquired this year by People's United Financial Inc. of Bridgeport, Conn. Among banks owned by People's United is Worcester-based Flagship Bank & Trust Co.

Local

Foreclosures up

BOSTON - Lenders recorded foreclosures on 799 Massachusetts homes in January, up 128 percent from 350 foreclosures recorded the same time last year and the biggest monthly total since August 2007, according to a new report from The Warren Group, publisher of the trade journal Banker & Tradesman. "It might have seemed like 2007 was one of the worst years for foreclosures in Massachusetts, but the rising number of petitions to foreclose suggest that 2008 - at least until midyear - won't be much better," Timothy Warren Jr., Warren Group chief executive, said in a news release.

The Warren Group also reported that lenders filed 2,729 petitions to foreclose in December 2007, the first step in the foreclosure process. That was up 28 percent from 2,133 petitions filed in December 2006. Not all petitions lead to foreclosures. But, Mr. Warren said, "with such a high number of petitions in December, we can be relatively sure these problems will persist at least until the summer."

EMC purchase

HOPKINTON - EMC Corp., the world's largest maker of storage computers, said yesterday it will acquire Seattle-based Pi Corp., a privately held software and services company. EMC said the all cash transaction will be completed in the first quarter. The company expects the acquisition will be dilutive by 1 cent per dilutive share in 2008 but did not disclose further details. Pi was founded in 2003 by former Microsoft Corp. executive Paul Maritz.

Caliper borrows

HOPKINTON - Caliper Life Sciences Inc. has entered into an agreement with Silicon Valley Bank that allows Caliper, a maker of laboratory equipment and experimental technologies, to borrow up to $25 million in revolving loan advances.

Caliper reported in a filing with the U.S. Securities and Exchange Commission that it will use the financing as a source of money for operations and working capital.

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Title Annotation:BUSINESS
Publication:Telegram & Gazette (Worcester, MA)
Date:Feb 22, 2008
Words:444
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