Molson Coors purchases European brewery
LOS ANGELES -- Blue Moon in Bulgaria? Carling and Coors Light in Croatia? With its $3.54 billion purchase of Prague- and Amsterdam-based brewer StarBev, Molson Coors Brewing Co. may be able to place more of its brands in Central and Eastern Europe.
Molson Coors bought the company from private equity firm CVC Capital Partners for 2.65 billion euros. Less than three years earlier, CVC had bought StarBev from Budweiser maker Anheuser-Busch InBev.
This time around, StarBev's purchase price was 11 times its earnings, before interest, taxes and other factors of $322 million. The brewer, known for more than 20 local brands such as Staropramen, Kamenitza and Bergenbier, pulled in about $1 billion in revenue last year.
Revenue at Molson Coors -- which also sells Keystone Light, Miller Lite and more -- was up 8 percent to $3.5 billion for the year ended Dec. 31.
-- Los Angeles Times
Fed, Morgan Stanley settle
WASHINGTON (AP) -- The Federal Reserve says Morgan Stanley will review foreclosures carried out by its old mortgage subsidiary and reimburse any homeowners who were improperly forced out of their homes.
The Fed says it has settled with Morgan Stanley to "address a pattern of misconduct and negligence" at its former mortgage-loan unit, Saxon Mortgage Services Inc.
Morgan Stanley officials declined to comment on the settlement Monday.
Morgan Stanley sold a substantial portion of its holdings of Saxon to Ocwen Financial Corp., and it has closed other parts of its residential mortgage servicing business.
Before the sale, Saxon was the 34th largest mortgage servicer in the United States.
Instagram now on Android
NEW YORK (AP) -- IPhone-less hipsters rejoice: The popular photo-taking and photo-sharing app Instagram is now on Android.
The app has already been available on the iPhone and iPod Touch, where it has been downloaded more than 30 million times.
Free to use, Instagram lets people apply various filters to the photos they snap with their mobile devices. Some of these make the photos look as if they've been taken in the 1970s or on Polaroid cameras.
New location, new name
A growing upstate New York mortgage banking firm that was displaced from its Amherst office in December because of a fire has relocated, and changed its name.
Homestead Financial Services, which has operated in the Buffalo area since at least 1992, moved to new office space at 1780 Wehrle Drive in Amherst last week after a fire at its former office at Main and Bernhardt streets in Snyder.
Just a week later, the firm, which has six offices and 60 employees across the state, changed its name to Paragon Home Loans after a "significant expansion in both territory and staffing," according to a news release.
Credit union expands
A Cheektowaga credit union is buying a Kenmore institution, boosting its assets to more than $50 million, while gaining 5,000 members and a Northtowns office.
CrossRoads Community Federal Credit Union said federal regulators approved its plan to acquire the assets of the Buffalo Fire Department Federal Credit Union as of July 1. Members of the smaller credit union, located at 971 Kenmore Ave., voted in favor of the merger.
With the merger, CrossRoads -- formerly Westinghouse Buffalo Federal Credit Union -- will have 13,533 members and $55.1 million in assets, up from 8,671 members and $38.1 million.
Founded in 1937, CrossRoads is located at 3031 William St. in Cheektowaga.
The credit union's recently expanded charter allows it to serve those who live, work, worship, go to school or volunteer in Amherst, Blasdell, Buffalo, Cheektowaga, Clarence, Depew, East Aurora, Elma, Grand Island, Hamburg, Kenmore, Lackawanna, Lancaster, Orchard Park, Sloan, Tonawanda, West Seneca and Williamsville.