Corporate News

Holly Energy Partners, L.P. (NYSE: HEP) and Holly Corporation (NYSE: HOC) today announced the acquisition by Holly Energy from Holly of the Roadrunner pipeline, a newly constructed sixty-five mile 16" pipeline connecting Holly's refining facilities in Lovington, New Mexico to the terminus of a Centurion pipeline extending between West Texas and Cushing, Oklahoma. This connection provides Holly's refining facilities in New Mexico with direct access to a wide variety of crude oils available at Cushing.

Also included in this acquisition is a newly constructed thirty-five mile 8" pipeline that connects Holly Energy's New Mexico crude oil gathering system to Holly's Lovington, NM refining facility. This pipeline provides added flexibility for Holly to move crude oil from Holly Energy's gathering system to its Lovington, NM facilities as well as its Artesia, NM facility for processing.

The purchase price for these newly constructed pipelines was $46.5 million which was paid in cash.

Holly Energy expects these pipeline acquisitions will result in approximately $9.2 million of incremental annual revenue.

In connection with this transaction, Holly and Holly Energy have entered into a long term, 15-year contract, which provides a minimum revenue commitment on the part of Holly to Holly Energy, similar to other long term contracts already in place between the two entities.

Also today, Holly Energy announced it has sold, in a separate transaction, its partnership interest in the Rio Grande Pipeline Company to Enterprise Products Operating LLC, a subsidiary of Enterprise Products Partners LP (NYSE: EPD).

Dyax Corp. (NASDAQ: DYAX) announced today that the U.S. FDA has granted approval for KALBITOR(R) (ecallantide) for the treatment of acute attacks of hereditary angioedema in patients 16 years of age and older.

HAE is a rare, genetic disorder characterized by severe, debilitating and often painful swelling, which can occur in the abdomen, face, hands, feet and airway. KALBITOR, a potent, selective and reversible plasma kallikrein inhibitor discovered and developed by Dyax, is the first subcutaneous HAE treatment approved in the U.S.

As part of product approval, Dyax has, together with the FDA, established a Risk Evaluation and Mitigation Strategy program to communicate the risk of anaphylaxis and the importance of distinguishing between a hypersensitivity reaction and HAE attack symptoms.

"The approval of KALBITOR represents an important milestone in our ongoing commitment to the HAE community," said Gustav A. Christensen, President and Chief Executive Officer of Dyax. "Furthermore, bringing KALBITOR to market validates our mission to discover, develop, and commercialize innovative biopharmaceuticals for unmet medical needs."

"By specifically affecting a key mediator of the inflammation, pain and edema that are characteristic of HAE attacks, KALBITOR may be advantageous in offering physicians a targeted approach for treating acute attacks," said professor Jonathan Bernstein, MD, department of internal medicine, division of immunology/allergy, at the University of Cincinnati College of Medicine. "Additionally, the subcutaneous route of administration and efficacy in treating acute attacks in patients 16 years of age and older, regardless of anatomic location, make KALBITOR an important treatment option."

UMB Bank , n.a., a wholly owned subsidiary of UMB Financial Corporation (NASDAQ: UMBF), has closed a transaction with American National Bank in Denver, Colo., to acquire and transition American National Bank's corporate trust business over to UMB Corporate Trust and Escrow Services. Traditionally, American National Bank is the premier provider of corporate trust services in Colorado.

Terms of the deal are not disclosed but the transaction consists of more than 1,400 accounts with nearly $3 billion in assets under administration. American National Bank's corporate trust portfolio will be transitioned to UMB's Corporate Trust and Escrow Services office in Denver.

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Center Financial Corporation (NASDAQ: CLFC), the holding company of Center Bank, today announced the completion of a private placement of common stock, raising gross proceeds of $12.8 million.

Members of the board and management team, friends of the company and certain accredited investors participated in the transaction. The private placement was priced at $3.71 per common share for outside investors, representing a five percent (5%) discount to the volume weighted average trading price of the company's stock for the five trading days preceding November 19, 2009. For officers and directors of the company, the purchase price was equivalent to the closing bid price of the company's common stock on November 24, 2009, equal to $4.69 per share, in accordance with Nasdaq rules. Both prices are subject to possible adjustments in the future under certain circumstances. The company issued an aggregate 3,360,000 newly issued shares of common stock. The proceeds, net of offering expenses, will be used for working capital and general corporate purposes.

On a pro forma basis as if the private placement occurred prior to September 30, 2009, Center Financial would have reported an approximate total risk based capital ratio of 14.16%, tier 1 risk based capital ratio of 12.88% and tier 1 leverage ratio of 10.03%.

Markel Corporation (NYSE: MKL) announced today that its Markel Ventures subsidiary has acquired a majority interest in Ellicott Dredge Enterprises, LLC, a privately held company headquartered in Baltimore, Maryland that manufactures dredging equipment for both domestic and international markets. Terms of the transaction were not disclosed.

Markel Ventures owns and manages the affiliated investment activities of Markel Corporation.

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets. [SM]