Business news in brief

Lockheed Martin Corp. said it won a $119 million contract from the U.S. Navy

to develop technology for air and missile-defense radar. According to the Navy, 86 percent of the project's work will be performed at Lockheed's Moorestown facility. Lockheed is based in Bethesda, Md. The new technology is intended to upgrade the Navy's defense against antiship and ballistic-missile threats. The Defense Department said two other companies, Raytheon Co. and Northrop Grumman Corp., also won contracts to develop the technology. The Navy will select one winner. - Paul Schweizer

The Bank of Princeton bought MoreBank, Philadelphia, creating a lender with eight branches and $475 million in assets. The price was $5.35 million in stock, according to Bloomberg News. Both banks are private. MoreBank, which had $60.5 million in deposits and $72.3 million in assets at three branches in Philadelphia, Upper Darby, and North Wales, will continue to operate under the MoreBank brand. MoreBank's chief executive, Paul Hyon, will lead the MoreBank division for the Bank of Princeton, which was founded in Princeton in 2007 and has four branches in Mercer County and one in Somerset County. MoreBank was founded in 2006 to serve the Korean American market. The deal was announced in June. - Harold Brubaker

Pennsylvania's General Assembly is scheduled to vote next week on a bill that will regulate the use of independent contractors on construction sites. The legislation comes amid a national focus on whether workers are properly classified as employees or independent contractors in many fields. Independent contractors are not covered by workers' compensation or unemployment insurance and tend to exercise more control over their work. A key element: Independent contractors will be required to carry liability insurance. An earlier version of the bill passed the assembly in 2009 and the Senate on Wednesday. - Jane M. Von Bergen

Resorts Atlantic City is sending notices to its workers warning them they could be laid off soon as the struggling casino prepares to change ownership. John Pasqualoni, the casino's chief operating officer, told employees in a memo Thursday that they would receive notices in the mail Friday as required under the Worker Adjustment and Notification Act, known as WARN. The casino is being bought by casino executive Dennis Gomes and developer Morris Bailey for $35 million. That's the lowest price ever paid for a casino in New Jersey's 32-year history of legalized gambling. - AP

Old Republic International Corp., Chicago, completed its purchase of PMA Capital Corp., Blue Bell, in an all-stock deal, the companies said. The price was $240 million, based on Old Republic's current stock price and the number of shares PMA had outstanding as of August. PMA Capital, a workers' compensation insurer, will change its name to PMA Cos. Inc. and will keep its main office in Blue Bell. Half of its 1,300 employees work there and at other Pennsylvania locations. - Paul Schweizer

A Philadelphia resident was sentenced to 37 months in prison for a small-business loan scheme that resulted in the loss of $664,544 by banks and borrowers, U.S. Attorney Zane David Memeger said. Linda M. Brusco, 48, operated Partners for Small Business Development, which was supposed to help small business get loans from banks and to manage loan payments to the banks, including United Bank of Philadelphia, Beneficial Savings Bank, National Penn Bank, Pennsylvania Business Bank, and Advance Bank, according to her March 2009 indictment. Instead, Brusco took the money intended to repay loans for her own use. She also submitted falsified applications on behalf of previous clients and used the money for herself, the indictment said. Brusco was also ordered to pay restitution of $866,000. - Harold Brubaker

United and Continental closed the deal that will create the world's biggest airline. The combined airline will be called United Airlines, with Continental's colors and globe logo on the tail. The new company began trading Friday on the New York Stock Exchange under United's old symbol, UAL. Shares rose $1.04, or 4.4 percent, to $24.70. - AP

New models and Labor Day promotions didn't do much to whet Americans' appetites for new cars in September. Sales at Chrysler Group L.L.C. and Ford Motor Co. rose slightly from August. They fell at General Motors Co. and Honda Motor Co. and were flat at Toyota Motor Corp. Car companies say a recovery is still happening, but it's not as strong as they had hoped after a terrible 2009. - AP

Drugmakers may provide more than $2 billion in discounts to senior citizens next year under a deal the companies made with the White House, according to data compiled by Bloomberg. The deal provides Medicare beneficiaries who fall into a coverage gap known as the "doughnut hole" 50 percent off brand-name medications. The industry struck the deal with Democrats, who incorporated it into the health-care bill President Obama signed in March. In return, companies avoided policies such as allowing importation of drugs and having the government negotiate prices for Medicare beneficiaries. - Bloomberg News

As provisions of this year's major health-overhaul legislation continue to kick in, the U.S. Department of Health and Human Services has launched an online health insurance finder. The finder, http://finder.healthcare.gov, allows the user to describe his health, financial, and family situation before suggesting alternatives. It also explains how consumers can compare quality and learn about prevention. By 2014, under the Affordable Care Act, consumers will be able to shop for health insurance through exchanges. - Jane M. Von Bergen

State regulators closed Wakulla Bank, Crawfordville, Fla., and Shoreline Bank, Shoreline, Wash., bringing to 129 the number of bank failures this year. Wakulla Bank had $424.1 million in assets and $386.3 million in deposits. Shoreline Bank had $104.2 million in assets and $100.2 million in deposits. - Rhonda Dickey