M&A
M&A
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Doug Tuttle knows all too well what goes on at struggling banks, and that is exactly why his new boss at American Momentum says he hired the industry veteran in Tampa, Fla.
June 28 -
Continuing its string of Texas acquisitions, Prosperity Bancshares in Houston announced Thursday that it is buying Community National Bank in Bellaire for $26.6 million in cash and stock.
June 28 -
The company announced Thursday that it is selling its banking operations in Puerto Rico to Oriental Financial Group (OFG) in San Juan for $500 million in cash.
June 28 -
Trustmark Corporation (TRMK) in Jackson, Miss., announced Wednesday that it is selling eight mutual funds with roughly $903 million of assets to Federated Investors (FII) of Pittsburgh and its subsidiaries.
June 27 -
Banks and government agencies face several problems with their plans to rent out their backlog of foreclosed homes, especially if they try to securitize those rentals, according to Morningstar Credit Ratings.
June 27 -
R. Eugene Taylor's Capital Bank would have to pay nearly $4 million more for F. Scott Bauer's Southern Community in a new, all-cash deal thanks to market swings that complicated their earlier cash-and-stock agreement.
June 26 -
The Treasury Department has sent letters to 200 remaining Tarp banks indicating that the agency may auction its stakes as parts of pools this fall. While the move removes the government from the banks, it presents new challenges, particularly for recapitalizations.
June 26 -
Capital Bank Financial in Coral Gables, Fla., has upped the price it is paying for Southern Community Financial (SCMF) in Winston-Salem, N.C., by more than $3 million and will now pay all cash instead of a mix of cash and stock.
June 26 -
Already a market leader in Chicago and Milwaukee, BMO Harris Bank is eyeing "tuck-in" acquisitions in St. Louis, Minneapolis and Kansas City in its quest to achieve top five deposit share in all of its major markets.
June 26 - PSO content
New accounting standards on how hospitals report bad debt expense will improve hospital balance sheets and the comparability of some financial metrics, according to a report from Fitch Ratings.
June 26 -
A breakdown of M&A announcements for the week ended June 23.
June 25 -
The insurance unit of BancorpSouth (BXS) has agreed to buy the assets of Securance Group, an insurance agency in Brewton, Ala.
June 25 -
The Treasury Department is auctioning off shares it owns in seven more community banks still left in the Troubled Asset Relief Program and at least five of the banks intend to bid on all or some of the shares themselves.
June 25 -
Axa Private Equity has raised $8 billion to buy something a lot of banks need to unload — their ownership stakes in private-equity funds, the firm's Benoit Verbrugghe says.
June 25 -
Wells Fargo (WFC) has agreed to buy a subscription finance portfolio with $6 billion in commitments from WestLB, European commercial bank based in Germany.
June 25 -
We'll know that the banking industry has returned to full health when we see a significant number of new charters. We're not there yet.
June 25 -
A year after completing its acquisition of M&I Bank in Milwaukee, Bank of Montreal's BMO Harris Bank said it is shuttering 17 branches in Wisconsin, as well as five branches in Indiana and one each in Illinois and Kansas.
June 25 - PSO content
Fair Isaac Corp. said Friday that it will consolidate its 370 employees in downtown Minneapolis and Arden Hills, Minn., into one campus in Roseville, Minn.
June 25 -
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Bank of America, Citigroup and JPMorgan Chase have even more reason to hold back on lending and consider more sales of noncore units after Moody's lowered their credit ratings.
June 22



