Hints and tips:
...New York Community Bancorp, with $115bn or so in assets, is having serious problems, and the broad market (here represented by the S&P 1500) indifferent: Admittedly the regional bank index is underperforming...
...There are also 56 banks with either west or western in their names, including First Western Bank based in Booneville, Arkansas, a city in the south-east of the US....
...This target date has already been pushed back and could be again Friday Korea: 2024 Winter Youth Olympic Games begin in Gangwon Province, South Korea, the first edition of the international tournament...
...Stocks we highlight: Wells Fargo, US Bancorp, Goldman Sachs, Morgan Stanley, Fifth Third, Keycorp, BNY Mellon, Northern Trust, Western Alliance, East West....
...Other regional banks swung to gains in the afternoon, with Western Alliance Bancorp adding 14.1 per cent, and KeyCorp and Zions Bancorp each advancing about 4.5 per cent....
...Rinse and repeat with the next regional bank people feel anxious about, perhaps PacWest or Zions Bancorp....
...Founders swapping notes at the South by Southwest festival in Texas last week admitted that they had received a rapid education....
...It first acquired Banknorth of Maine in 2004 and later went on to acquire Hudson United for $1.9bn in 2005 and Commerce Bancorp for $8.9bn in 2007....
...US Bancorp is the latest to join the dealmaking rush....
...It bought Maine-based Banknorth in 2004, Hudson United for $1.9bn in 2005 and Commerce Bancorp for $8.9bn just ahead of the financial crisis....
...Japan; ECB; Turkey; Indonesia; Norway; South African, central bank meetings No changes expected....
...The BioNTech/Pfizer vaccine has been shown to work against one of the most concerning coronavirus mutations discovered in the UK and South Africa....
...Rather than another Midwestern franchise, the RBC deal brought operations in the faster-growing south-east of the US....
...LendingClub is paying $185m for Radius Bancorp, an online bank with $1.4bn in assets, says CNBC....
...Another well-respected regional bank leader is Richard Davis, who was the CEO of the largest of the regional banks, US Bancorp....
...In December, Georgia-based Ameris Bancorp, a regular acquirer of community banks across the south, agreed to buy Fidelity Southern for a premium of almost 30 per cent....
...The agreement by BB&T to buy rival SunTrust Banks for roughly $28bn will create a new national player with $442bn in assets and $324bn in deposits, which will be able to rival US majors such as PNC, US Bancorp...
...Grasshopper chief executive Judith Erwin also founded Square 1 Financial, a venture bank that merged with PacWest Bancorp in 2015....
...She also took Apple to new corners of the globe, including Thailand and South Korea....
...“If you add up the opportunities in four of our largest south-east markets, it doesn’t match the opportunity in mid-market relationships in the Chicago market,” said Greg Carmichael, Fifth Third’s chairman...
...Shares of Fifth Third Bancorp, a big banking force in the Midwest, shed 8 per cent after it announced its $4.7bn purchase of MB Financial....
...There’s not a lot out there, bar Seed and Novo, backed by The Bancorp Bank of Philadelphia, and Boston’s Middlesex Federal, respectively....
...In 2007 Mr Hill was dismissed by the board of Commerce Bancorp, the New Jersey-based lender he built over 34 years into a leading bank of the East Coast, after a probe by a federal regulator....
...Mr Hill left a previous role as president of US group Commerce Bancorp after similar concerns in 2007....
...The move allowed People's United Financial to acquire Suffolk Bancorp — a deal creating a bank with $43bn in assets which was completed yesterday....
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