Around the State - December 2009

Around the State

Wells Fargo and Wachovia to Combine

Wells Fargo & Company plans to combine with Wachovia.  In March of next year, Wachovia’s financial centers in Nevada will become Wells Fargo banking stores, pending regulatory approval.

Small Business Owners Concerned Over Potential Tax Increase

According to a study conducted by the Small Business Research Board in conjunction with IPA, approximately 62% of small business owners and managers believe Congress has not adequately stimulated the economy.  Additionally, 80% of those surveyed stated they were worried Congress will raise taxes on small business to help pay for the budget deficit.

Ormat Nevada, Inc. Purchases Interests in OPC, LLC

Ormat Technologies, Inc., a subsidiary of Ormat Nevada, Inc., has purchased all of the class-B membership interests in OPC, LLC, an affiliate of Lehman Brothers, Inc. for $18.45 million.  A substantial portion of the sale was accounted for as financing which will result in a pre-tax gain of approximately $13 million in the fourth quarter of this year for the company.

Truckee Meadow Regional Planning Agency Forms New Committee

The Truckee Meadows Regional Planning Agency has formed Washoe Counts 2010 Complete Count Committee.  The committee is designed to develop a locally-based outreach and awareness campaign for the 2010 Census.  State officials have estimated that every Nevadan missed by the Census Bureau in 2010 will equate to a loss of $917 per person/per year in federal funding.