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August 6, 2014
06:24 EDTWTFC, OFG, FBP, BKU, WBS, NYCB, CYN, ALLY, VLY, ISBC, BPOP, AFDeutsche Bank to hold a conference
Summer Bank 1:1 Conference to be held in Boston on August 6.
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February 27, 2015
17:19 EDTBPOPPopular acquires certain assets of Doral Bank from FDIC
Popular (BPOP) announced that Banco Popular de Puerto Rico, its Puerto Rico banking subsidiary, acquired certain assets and all deposits of Doral Bank (DRL) from the FDIC as receiver, in alliance with other co-bidders, including its U.S. mainland banking subsidiary, Banco Popular North America, doing business as Popular Community Bank. Under the FDICís bidding format, BPPR was the lead bidder and party to the purchase and assumption agreement with the FDIC covering all assets and deposits to be acquired by it and its alliance co-bidders. BPPR entered into back to back purchase and assumption agreements with each alliance co-bidder for the transferred assets and deposits. The other bidders that formed part of the alliance were FirstBank Puerto Rico, Centennial Bank and an affiliate of JC Flowers III L.P. As part of the transaction, BPPR assumed approximately $1B in deposits that reside in eight of the 18 Puerto Rico branches of Doral Bank and in its online deposit platform. In addition, BPPR acquired $848M in Puerto Rico performing residential and commercial loans. PCB assumed approximately $1.3B in deposits in three New York branches, and acquired $931M in performing commercial loans primarily in the New York metropolitan area. There is no loss-sharing arrangement with the FDIC in the acquired assets.
17:09 EDTFBPFirstBank Puerto Rico acquires 10 Doral Bank branches
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17:02 EDTBPOPHome Bancshares subsidiary to acquire Doral Florida operations
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16:30 EDTALLYAlly Financial discloses receiving subpoenas from Dept. of Justice, SEC
In a regulatory filing, Ally stated: "We have received subpoenas from the DoJ that include a broad request for documentation and other information relating to residential mortgage-backed securities issued by our former mortgage subsidiary, Residential Capital, and its subsidiaries... In connection with these requests, the DoJ is investigating potential fraud and other potential legal claims related to ResCap RMBS, including its investigation of potential claims under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The DoJ is also investigating potential claims under the False Claims Act related to representations made by us in connection with investments in Ally made by the United States Department of the Treasury pursuant to the Troubled Asset Relief Program in 2008 and 2009 regarding certain claims against Residential Capital or its subsidiaries at that time. We are engaged in ongoing discussions with the DoJ with respect to legal and factual aspects of their investigations. Further, at the request of the DoJ, we have entered into an agreement to voluntarily extend the statutes of limitations related to potential FCA claims. We have separately received subpoenas and document requests from the SEC that include information covering a wide range of mortgage-related matters... In October 2014 we received a document request from the SEC in connection with its investigation related to subprime automotive finance and related securitization activities. Separately, in December 2014, we received a subpoena from the DoJ requesting similar information. We are currently cooperating with both the SEC and DoJ with respect to these matters."
16:07 EDTBPOPPopular to acquire Doral Financial operations, Bloomberg reports
February 26, 2015
07:21 EDTVLY, AFKeefe Bruyette to hold a conference
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February 25, 2015
07:28 EDTWBS, ISBC, AF, WTFCKeefe Bruyette to hold a conference
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February 20, 2015
08:11 EDTALLYAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:04 EDTALLYAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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February 18, 2015
10:05 EDTWBSOn The Fly: Analyst Downgrade Summary
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08:37 EDTWBSWebster Financial downgraded to Hold from Buy at Sandler O'Neill
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