WALL STREET - (05/26/06) Keefe, Bruyette & Woods,the investment bank for small banks and thrifts and which hasreaped millions of dollars converting ex-credit unions, announcedThursday it plans to raise as much as $150 million with an initialpublic offering of about 25% of the company. KBW, one of theleading investment banks for community banks, has been front andcenter in the controversy over credit union conversions to mutualsavings banks, as it has underwritten many of the 15 credit unionsthat have gone public after converting to MSB. In a typical case,KBW can earn as much as $500,000 on an IPO, then additional fees onsecondary offerings. In the latest and largest IPO for a convertedcredit union, KBW stands to earn as much as $1 million on theplanned $110 million offering by Viewpoint Bank, the Plano, Texas,mutual savings bank known till last year as Community CU, accordingto documents filed with the Securities and Exchange Commission. Italso underwrote the IPOs for Heritage Financial Group (AGE FCU);First Pacific Bancorp (Pacific Trust FCU), and Rainier PacificFinancial Group (Rainier Pacific CU), and is expected to beunderwriter for a $100 million IPO being planned by OmniAmericanBank, known until 2005 as OmniAmerican CU.
-
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
April 18 -
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
April 18 -
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
April 18 -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
April 18 -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
April 18 -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18