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Stock Market & Financial Investment News

News Breaks
August 24, 2014
04:55 EDTBANC, BANC, BANC, BANC, BANC, OPB, OPB, OPB, OPB, OPB, PPBI, PPBI, PPBI, PPBI, PPBI, BBCN, BBCN, BBCN, BBCN, BBCN, HAFC, HAFC, HAFC, HAFC, HAFC, CATY, CATY, CATY, CATY, CATY, CYN, CYN, CYN, CYN, CYN, PACW, PACW, PACW, PACW, PACW, CVBF, CVBF, CVBF, CVBF, CVBFSterne Agee to hold a tour
West Coast Bank Tour travels throughout the Los Angeles area on August 25-28.
News For BANC;OPB;PPBI;BBCN;HAFC;CATY;CYN;PACW;CVBF From The Last 14 Days
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January 23, 2015
10:02 EDTCYN, CVBFOn the Fly: Analyst Downgrade Summary
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08:45 EDTCYNCity National downgraded to Hold from Buy at Maxim
Maxim downgraded City National to Hold following the company's sale to the Royal Bank of Canada.
07:53 EDTCVBFCVB Financial downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded CVB Financial to Market Perform with a $16 price target citing valuation following the company's Q4 results.
06:43 EDTCYNCity National downgraded to Market Perform from Outperform at Raymond James
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January 22, 2015
16:27 EDTCYNOn The Fly: Closing Wrap
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13:59 EDTCYNRoyal Bank of Canada not planning further large acquisitions, Reuters says
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12:28 EDTCYNOn The Fly: Midday Wrap
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09:16 EDTCYNOn The Fly: Pre-market Movers
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08:03 EDTCYNRoyal Bank of Canada to host conference call
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07:20 EDTCYNCity National raises dividend to 35c from 33c
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07:19 EDTCYNCity National reports Q4 EPS $1.10, consensus $1.12
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07:14 EDTCYNCity National volatility elevated into Royal Bank of Canada acquiring for $5.4B
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07:07 EDTPACWPacWest Bancorp reports Q4 EPS 69c, consensus 70c
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07:05 EDTCYNRoyal Bank of Canada to acquire City National for $93.80 per share
City National Corporation (CYN) and Royal Bank of Canada (RY) announced a definitive agreement by which Royal Bank of Canada will acquire all outstanding shares of City National Corp. Total consideration is valued at approximately $5.4B at announcement, or approximately $93.80 per City National share, comprised of a mix of cash and common stock, based on RBC's closing stock price on January 21. The agreement has been approved by the boards of both companies. Following completion of this transaction, Russell Goldsmith will remain Chairman and CEO of City National, and he also will be responsible for RBC's U.S. Wealth Management unit. Goldsmith has served as City National's CEO since 1995. RBC will pay, on average, approximately $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock. City National stockholders will be entitled to elect to receive the merger consideration in RBC common shares or cash, subject to certain adjustments and limitations. The aggregate consideration will be paid with approximately $2.7B in cash and approximately 44M RBC common shares. This represents approximately a 50% cash and 50% share mix as of announcement. The total number of RBC common shares to be issued and the amount of cash to be paid in the transaction are both fixed. As part of the transaction, the Goldsmith family stockholders have agreed to vote their City National holdings in favor of the transaction and to hold at least 50% of the RBC common shares received by them in the transaction until the third anniversary of closing. The transaction is expected to be accretive to RBC's earnings per share in the latter part of year three and accretive to earnings in year two. Given RBC's strong capital position and internal capital generation, the company expects to maintain its ongoing capital management program, and to maintain a Common Equity Tier 1 ratio at closing broadly in line with its current level. RBC's CET 1 ratio was 9.9% as of October 31, 2014. Closing is expected before the end of calendar 2015 subject to customary closing conditions, including receipt of required regulatory approvals and the approval of City National's stockholders.
07:02 EDTCYNRoyal Bank of Canada to acquire City National for $93.80 per share
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07:01 EDTOPBOpus Bank to acquire Commerce Escrow Company, RPM Investments
Opus Bank has entered into a definitive agreement to acquire both Commerce Escrow Company, an independent Los Angeles-based escrow company focused on commercial business and commercial real estate transactions, and RPM Investments, an independent accommodator for tax-deferred commercial exchanges under Section 1031 of the Internal Revenue Code. Under the terms of the agreement, shareholders of CEC and RPM will receive aggregate consideration of $25M, with 55% payable in Opus Bank common stock, which shall be valued based on the average of the closing prices of Opus common stock over the 10 business days ending the day prior to the closing date, and 45% payable in cash. The transaction is expected to close in the latter part of the first quarter of 2015, after which CEC and RPM will operate as separate divisions within Opus. Mark Minsky, President of CEC and RPM, will assume the role of Senior Managing Director, Robert Minsky will serve as Managing Director and Danielle Graf Kitzes as Director of the CEC and RPM divisions. Opus Bank was represented by Holland & Knight and CEC and RPM were represented by Davis & Davis Law Group in this transaction.
January 21, 2015
18:09 EDTCVBFCVB Financial reports Q4 EPS 24c, consensus 24c
There was zero provision for loan losses for the fourth quarter of 2014. Total interest income for the fourth quarter of 2014 of $65.3M increased $6M, or 10.18%, from the year ago quarter.
16:33 EDTCATYCathay General reports Q4 EPS 44c, consensus 44c
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08:04 EDTCATYCathay General and Asia Bancshares enter into agreement for merger
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06:07 EDTPPBIPacific Premier reports Q4 EPS 23c, consensus 29c
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