Sign up: Enrollment is now open for the next Louisiana Small Contractors Accreditation Institute, Louisiana Economic Development says. The six-week program helps small and emerging construction companies prepare for the state’s licensing exam and learn the basics of the industry. The course is open to construction-based Louisiana businesses and anyone with an interest in starting one. Classes begin Oct. 2 and run until Nov. 8. The program is first come, first serve and costs $200. Get more information.
At a loss: Lafayette-based MidSouth Bank reported a second quarter net loss of $6.2 million, or 51 cents per diluted share. In its latest quarterly report, the bank says the loss is primarily due to increased loan loss provisioning to address credit issues, charges related to branch sales and closures, and the accrual of severance benefits resulting from the termination of an executive employee. MidSouth President and CEO Jim McLemore says the operating loss is consistent with the bank’s disclosures during its June capital raises. He also says capital and liquidity levels increased significantly over the prior quarter and the bank’s balance sheet is stronger than it has been in many years. Read the full report.
Feeling confident: The Federal Reserve is keeping interest rates unchanged, saying it expects to start winding down its massive holdings of bonds “relatively soon” in a sign of confidence in the U.S. economy. Reuters reports the U.S. central bank kept its benchmark lending rate in a target range of 1% to 1.25%. It also is continuing the slow path of monetary tightening that has lifted rates by a percentage point since 2015. In a statement following a two-day policy meeting, the Fed’s rate-setting committee indicated the economy was growing moderately and job gains had been solid. Read the full story.
