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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 Huntington’s 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 Huntington’s 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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July 31, 2014
07:07 EDTHBANHuntington Bancshares upgraded at RBC Capital
As noted earlier, RBC Capital upgraded Huntington Bancshares to Outperform from Sector Perform. Based on what RBC sees as the bank's strong efficiency program, solid 2Q performance, and improving run rate, the firm expects the bank's results to improve going forward. Target to $12 from $11.
06:28 EDTHBANHuntington Bancshares upgraded to Outperform from Sector Perform at RBC Capital
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July 30, 2014
15:17 EDTBACBank of America raises offer to DOJ, nears mortgage settlement, Bloomberg says
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13:53 EDTBACBank of America, U.S. near mortgage deal after bank raises offer, Bloomberg says
13:44 EDTBACBank of America division ordered to pay $1.3B over mortgages, Bloomberg reports
Bank of America's (BAC) Countrywide division has been ordered to pay $1.3B in penalties for defective mortgage loans it sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) during the 2008 financial crisis, Bloomberg reported. The fine is just over half the amount the government had requested, Bloomberg added. Reference Link
13:26 EDTBACBofA Countrywide unit ordered by judge to pay $1.3B, Bloomberg reports
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July 29, 2014
06:06 EDTBACBank of America, DOJ talks hit snag, WSJ reports
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July 24, 2014
11:12 EDTBACBank of America to pay $16.6M to resolve U.S. sanctions violations, Reuters says
The Treasury Department said Bank of America has agreed to say $16.6M to resolve allegations it processed transactions for drug traffickers subject to U.S. sanctions, reports Reuters. The bank processed around $91,000 in transactions for six designated narcotics traffickers between 2005 and 2009, and failed to file timely reports on accounts owned by four others. Reference Link
July 22, 2014
10:00 EDTHBANOn The Fly: Analyst Upgrade Summary
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07:17 EDTBACNational Association for Business Economics to hold a seminar
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05:42 EDTHBANHuntington Bancshares upgraded to Outperform at Keefe Bruyette
Keefe Brunette upgraded Huntington Bancshares to Outperform citing strong loan growth and an inexpensive relative valuation following the company's Q2 results. The firm raised its price target for shares to $11.50 from $10.
July 21, 2014
14:22 EDTHBANHuntington Bancshares upgraded to Sector Perform from Underperform at Portales
07:29 EDTBACAIG settlement with BofA takes crisis claw back total up to $2B, FT says
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July 18, 2014
16:47 EDTBACMarket ends week higher as earnings, M&A offset geopolitical tensions
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10:54 EDTHBANHuntington Bancshares says committed to returning capital to shareholders
10:21 EDTHBANHuntington Bancshares says committed to positive operating leverage for FY14
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09:24 EDTHBANOn The Fly: Pre-market Movers
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09:16 EDTHBANHuntington Bancshares says net interest income expected to grow modestly
Anticipates an increase in earning assets as total loans grow moderately and investment securities grow modestly. Says NIM will experience continued downward pressure. Excluding the impact of net MSR activity, noninterest income is expected to remain near the current quarter’s level. Says continued refinement of consumer checking products under its Fair Play philosophy is expected to have a negative quarterly impact on noninterest income of $6M beginning in July. Committed to delivering positive operating leverage for FY14. Noninterest expense, excluding one-time items, is expected to remain near the current quarter’s reported level. Says will continue to look for ways to reduce expenses. Sees continued performance of NCOs in or below long-term expected range of 35-55bps. Sees "moderate" quarterly volatility in credit quality. Sees improvement in NPAs. Says residential mortgages, home equity, and CRE are expected to grow modestly. Comments from slides that will be presented on the Q2 earnings conference call.
06:45 EDTBACDocument reveals SEC examining firms in HFT probe, Reuters says
An internal document from the U.S. Securities and Exchange Commission revealed that the regulator has been looking for data on 10 registered broker dealers as part of an ongoing probe into high-frequency trading strategies, according to Reuters, citing the document. The firms in question include Allston Trading, Hudson River Trading, Jump Trading, Latour Trading, which is an affiliate of Tower Trading, Merrill Lynch, Pierce, Fenner & Smith, owned by Bank of America (BAC), Octeg, which has been merged into a unit of KCG (KCG), Tradebot Systems, Two Sigma Investments, Two Sigma Securities and Virtu Financial. Reference Link
05:59 EDTHBANHuntington Bancshares reports Q2 EPS 19c, consensus 18c
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