Early Briefing: Chevy Chase Closes Mini-Branches
*Chevy Chase Bank is closing 54 mini-branches in Giant Food stores across the Washington region, ending a decade-long initiative to add banking to grocery shoppers' "to do" lists.
The closings coincide with the expiration of a 10-year contract that Chevy Chase Bank signed with Giant. The shutdowns will begin next month, according to W. Scott McSween, executive vice president for retail banking at Chevy Chase Bank.
* Satellite systems maker Integral Systems named John B. Higginbotham chief executive and appointed him to its board of directors. Interim chief executive Alan Baldwin has returned to his previous role as a director, the company said. Higginbotham founded SpaceVest Capital, now RedShift Ventures, a private-equity firm.
*Emergent BioSolutions filed a lawsuit against Protein Sciences, a flu-vaccine maker it agreed to acquire in May, accusing the biotech of having no intention of following through on the sale. The deal was expected to close following Protein Sciences stockholder approval. Protein Sciences scheduled a shareholder meeting for June 23, but later postponed the vote because there was not enough notice for the meeting.
* Bank operator Sandy Spring Bancorp said it recorded a second-quarter loan-loss provision of about $6.2 million. It increased the allowance for loan and lease losses to about 1.38 percent of outstanding loans and leases June 30, from 1.18 percent March 31.
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