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JPMorgan Chase has purchased $45 billion in servicing rights from embattled mortgage firm Ocwen Financial.
May 14 -
Isabella Bank in Mt. Pleasant, Mich., has agreed to buy a branch from Independent Bank in Grand Rapids, Mich.
May 19 -
First Capital Holdings in New York has shed three businesses.
May 19 -
James Herbert's bank is thriving by delivering top-notch service and maintaining strict underwriting standards at a time when many banks are struggling to increase revenues and undercutting each other to win loan business.
December 21
First Republic Bank in San Francisco plans to raise around $100 million in a stock offering and use the proceeds to fund its growth.
The $48.4 billion-asset said Tuesday that is selling 4 million depositary shares, each representing 1/40th interest in a share of preferred stock, at a price of $25.00 each. The shares are being sold through an offering circular, and the underwriters have an option to buy more shares at the offering prices less an underwriting discount.
The bank said in the release that it plans to use the funds for corporate purposes, ranging from funding loans to purchasing investment securities for its portfolio.
Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley and Wells Fargo Securities will serve as joint book-running managers for the offering.
