Home Depot ends effort to acquire EnerBank USA

Home Depot Inc. is dropping its bid to buy Utah-based home-improvement lender EnerBank USA to focus on retail stores.

The world's largest home-improvement chain agreed to acquire EnerBank in May 2006 and sought approval by the U.S. Federal Deposit Insurance Corp. A spokesman said Friday the company was dropping its bid.

The Independent Community Bankers of America applauded the decision, urging Congress to close a loophole in industrial loan company laws that allow companies such as Home Depot and Wal-Mart to open or acquire industrial loan banks in Utah.

- Bloomberg News

Firstline Security

Orem company files for Chapter 11 bankruptcy

Firstline Security Inc., the Orem-based provider of customized home security products, has sought bankruptcy protection from creditors.

The company listed debt and assets of less than $50 million in Chapter 11 documents filed Friday in U.S. Bankruptcy Court in Salt Lake City. The company didn't give a reason for the filing in court papers.

- Bloomberg News

Annual debate

U. law college event to discuss payday loans

The S.J. Quinney College of Law at the

University of Utah will host a debate at 6 p.m. Tuesday on payday lending, the practice of providing short-term, costly loans to people who need cash quickly.

In recent years, consumer advocates have rallied against such loans, trying to place caps on interest rates and curb the number of outlets providing such loans.

The 24th annual Jefferson B. Fordham

Debate will focus on whether loans that work out to annual percentage rates of more than 36 percent should be prohibited.

- Tribune staff