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VLO V VI~UR,~(,~1~CiL ~lrY 4QL V0.LLJVJ J1.1 Q1LLV1V - l+LG11VLLY Y4J111VJJ JVWllpl. 1 4jfjV L Vl J <br />option of either keeping the bonds or dumping them after an amount of time - it can range <br />anywhere from seven to 9o days. <br />Agencies use a bank as a "remarketing agent" to then take the bonds and sell them again, Hart <br />says. The bank might also hold the bonds until it can find a new buyer, she says. <br />Remarketing fees are currently less than i% of the issue, Hart says. <br />So far, the retreat by UBS has not increased that amount, she says. <br />Hart says variable-rate debt is still attractive because interest rates tend to be less over the long <br />term. A io-yearfixed-rate issue might charge 3% interest, she says, while a variable rate might <br />range from i~ to 4%. But over io years, she says, variable rate tends to be less expensive. <br />Not everyone is upset by the UBS move. <br />Phil Smith, head of government and institutional banking at Wachovia, says the collapse of <br />Bear Stearns & Co. and the UBS decision have been a positive for his bank's business. <br />Wachovia sees the disruptions in the municipal fmance industry as an opportunity, he says. <br />Smith notes he is a good example of Wachovia's commitment to beef up its public-fmance <br />division. The company recently recruited him from BofA. <br />"Wachovia believes this is an important growth area," Smith says. <br />NEWS .C NOTES <br />Bank of America Corp., the official bank sponsor of the 2008 U.S. Olympic Team, is launching <br />an advertising campaign tied to the summer games. <br />The multimedia campaign includes television, print, radio, online and point-of-sale <br />advertisements. <br />BBDO New York created the campaign, which features images of Americans expressing <br />support for the national team. <br />It also promotes BofA's U.S. Olympic Team banking program, which features branded checks, <br />check and credit cards. <br />A proposed Charlotte bank has received approval from the Federal Deposit Insurance Corp. to <br />operate. <br />Colony 3ignature.,Bankpians to open by fall and must sell at least $2~.g million in stock, <br />which would amount to $25 million after pre-opening expenses. <br />Colony intends to operate from a lone branch in the SouthPark area and focus on small to <br />midsized companies. <br />r--$ <br />http://charlotte.bizjournals.com/charlotte/stories/2008/06/30/newscolumn5.htm1?t=printable 7/7/2008 <br />