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Stock Market & Financial Investment News

News Breaks
May 14, 2014
08:46 EDTBAC, HBANHuntington Bancshares to purchase 13 Michigan branches from Bank of America
Huntington Bancshares Incorporated (HBAN) has agreed to purchase 13 Michigan branches from Bank of America (BAC), which follows a recent agreement between the companies for Huntington to purchase 11 other branches in the state. The agreement for the additional 13-branch purchase will fill in Huntingtonís presence further in East Michigan. In addition to welcoming new branch colleagues, the cumulative acquisitions will result in approximately 40 new Huntington Michigan operations jobs, contributing to Huntington employment growth of more than 500 jobs in the state between 2011 and 2014. With the 13-branch acquisition, Huntington will purchase approximately $500M in deposits, for a deposit premium of 3.5 percent based on deposit balances at the time the transaction closes, which is expected to be in the second half of 2014. No loans are included in the purchase. Subject to the satisfaction of customary closing conditions, including regulatory approvals, this purchase agreement and Huntingtonís previously announced agreement to purchase 11 branches in Saginaw and other markets includes nearly $1B of deposits. Furthermore, Huntington has engaged in a series of public-private partnerships with the state of Michigan and Michigan Economic Development Corporation since 2011, including the successful completion of a $2B statewide lending commitment to commercial and small businesses, and the launch of the Pure Michigan Micro Lending Initiative. Huntington is also in the process of successfully concluding a $100M Michigan affordable housing investment statewide commitment.
News For HBAN;BAC From The Last 14 Days
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March 27, 2015
13:47 EDTBACBofA Merrill's John Cavanagh leaves bank, Reuters reports
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09:37 EDTBACGoldman Sachs overtakes JPMorgan in commodities rankings, Reuters says
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March 26, 2015
11:46 EDTBACBofA: Naming CEO Moynihan chairman followed 'probing independent review'
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08:17 EDTBACSEC Chairwoman proposes new 'dark pool' regulation, NY Post says
Securities and Exchange Commission Chairwoman Mary Jo White proposed new regulation Wednesday that would require high-frequency traders to register with the Financial Industry Regulatory Authority and provide the agency with a daily paper trail, reports the New York Post. The Post notes that there is a 60-day comment period before any SEC rule is finalized. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
March 24, 2015
07:45 EDTBACMetLife CEO letter may be early sign of bank earnings headwinds, WSJ says
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March 23, 2015
09:56 EDTBACMassachusetts securities regulator fines Merrill Lynch $2.5M, Reuters reports
Massachusetts Secretary of the Commonwealth William Galvin has fined Bank of America's Merrill Lynch unit $2.5M for failing to supervise employees properly, Reuters reports. Merrill, Lynch, Pierce, Fenner & Smith was accused of failing to stick to its own compliance rules. Reference Link
March 20, 2015
10:36 EDTBACBank of America changes bylaws to allow some investors to nominate directors
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05:57 EDTBACBank of America faces pressure to defend structure, Financial Times reports
Bank of America will have to defend its current structure at its annual meeting in May after the SEC allowed a small shareholder the right to challenge the board on a break-up, reports the Financial Times. Bank of America's board could be under pressure to appoint a committee to examine a plan for divesting all non-core banking businesses if a proposal from Barlett Naylor of Public Citizen is adopted. Reference Link
March 19, 2015
11:53 EDTBACU.S. banks face headwinds in unloading oil loans, WSJ says
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06:30 EDTBACSEC says BofA must put investment bank spinoff to shareholder vote, Reuters says
The SEC has told Bank of America that it must allow shareholders to vote on whether the company will attempt to spin off its investment bank unit, reports Reuters, citing a decision by the Securities and Exchange Commission. A bank spokesperson said the company "will respond to the proposal in our proxy statement." Reference Link
March 18, 2015
07:10 EDTBACPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
08:34 EDTBACBank of America reinstated with an Outperform at Raymond James
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06:02 EDTHBANHuntington Bancshares to add 250 jobs in Michigan
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March 16, 2015
10:22 EDTBACBank of America February default rate 2.98% vs. 2.93% last month
Reports February delinquency rate 1.86% vs. 1.83% last month.

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