Finance: Salina bank plans to locate in Lawrence

A Salina bank is planning to locate in west Lawrence, according to documents the company has filed with federal officials.

Officials with Sunflower Bank have filed an application with the Office of the Comptroller of the Currency to locate a branch bank in the 4800 block of Quail Crest Place, which is just north of the 15th Street and Wakarusa Drive area. No exact street address is given for the property because it currently is a vacant lot.

Officials with the bank declined to comment on their plans.

According to the company’s Web site, the bank has about 300 employees and approximately $900 million in assets.

The bank has locations in 13 cities in Kansas and three in Colorado.

Sunflower Bank must receive approval from the comptroller’s office before it can locate in Lawrence. Anyone wishing to comment can contact the deputy comptroller of the Midwestern District at 2345 Grand Avenue, Suite 700, Kansas City, Mo. 64108. Comments can be made until Oct. 22.

Economy: Building activity declines

Construction spending dropped by 0.4 percent in August led by cutbacks in private builders’ projects including offices, industrial complexes and hotels.

The decline reported by the Commerce Department on Tuesday followed a 0.1 percent decrease in July.

In the construction market, the commercial side continues to be the source of weakness, reflecting reluctance by businesses to make big commitments in capital spending.

Wall Street: Dow up 340 points

The stock market turned the calendar from its darkest quarter in 15 years and lurched higher Tuesday, lifting the Dow Jones industrials by more than 340 points as bargain hunters at least temporarily set aside concerns about economy.

The Dow had its eighth-biggest one-day point gain ever, rising 346.86, or 4.6 percent, to 7,938.79. The gain offset much of the Dow’s 406-point loss over the previous two sessions. It was also the Dow’s biggest one-day point gain since July 29, when it rose 447.49.

Telecommunications: WorldCom wins approval to boost severance pay

Bankrupt telecommunications giant WorldCom won court permission Tuesday to give laid-off employees $36 million in severance pay in hopes of shoring up the morale of its remaining work force.

The ruling, issued in U.S. Bankruptcy Court, also allows WorldCom to retract $1.4 million in severance payments promised to 19 laid-off executives before the company filed for bankruptcy in July as a multibillion-dollar accounting scandal unfolded. The 19 will instead receive the same package as the rank-and-file workers: up to 26 weeks of salary and benefits.