The typical student debt load for millennials in the U.S. is $41,200, surpassing their median annual income of $38,800. One impact of that burden: First-time home purchases are being delayed by seven years.
That’s according to survey results released Monday by the National Association of Realtors and the nonprofit group American Student Assistance. Only a fifth of millennial respondents own a home, with 83 percent of nonowners citing student debt as the reason they aren’t buying. Among those who do own, 28 percent said they’d sell their current home and purchase a better one, if not for student loans.
TD Ameritrade finalizes Scottrade purchase
OMAHA, Neb. >> Online brokerage TD Ameritrade has completed its acquisition of rival broker Scottrade and will spend the next several months combining the operations.
TD Ameritrade said Monday that the two-stage deal announced last fall had closed. As part of the transaction, TD Ameritrade’s biggest shareholder, TD Bank, purchased Scottrade’s bank for $1.4 billion cash. Then TD Ameritrade paid $1.7 billion cash and issued 28 million shares of stock to acquire Scottrade’s brokerage business. Scottrade client accounts are scheduled to be moved over to TD Ameritrade’s platform by the end of March.
Video streaming pioneer Roku going public
Roku Inc., the leading maker of devices for streaming internet video on televisions, hopes to raise up to $252 million with an initial public stock offering.
The Los Gatos, Calif., company’s IPO registration filing Monday came the day after the growing popularity of streaming video services such as Netflix was evident at the Emmy Awards, where series exclusive to streaming captured numerous awards.
In its filing, Roku said it planned to offer about 18 million Class A shares for $12 to $14 each. Founded in 2002, Roku has maintained its lead in the U.S. market for the small boxes that stream internet content.
ON THE MOVE
Cades Schutte has announced that Nicholas M. McLean is an associate in the Litigation Department. McLean was previously a litigator at a large law firm in New York, where he was able to focus on complex commercial and white-collar criminal litigation at the trial and appellate stages.
AEG Facilities, the management company of the Hawai’i Convention Center, has appointed Lee Conching as the new vice president of Meet Hawaii citywide sales. He has more than 30 years in the hospitality industry, including having served as director of sales for HCC since 2004. Prior to HCC, Conching was director of marketing at Bishop Museum, marketing manager at Hilton Hawaiian Village and director of sales at Kapalua Bay Hotel.
Wilcox Medical Center has named Anne Foss-Durant as its new chief nurse executive. Her responsibilities include providing direction and leadership for patient care and nursing education. Foss-Durant previously retired from Kaiser Permanente after 26 years of service, having served as a chief nursing officer at Kaiser’s Vallejo Medical Center and Antioch Medical Center.
