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Stock Market & Financial Investment News

News Breaks
January 25, 2013
15:43 EDTPNCPNC Bank to pay $7.1M to settle SBA loan claims
PNC Bank has agreed to pay the United States $7.1M to settle claims under the False Claims Act that it failed to engage in prudent underwriting practices in connection with the issuance of loans guaranteed by the Small Business Administration, the Justice Department announced. Reference Link
News For PNC From The Last 14 Days
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October 1, 2014
09:10 EDTPNCKapStone begins accounts receivable securitization program
KapStone Paper and Packaging (KS) entered into an accounts receivable securitization arrangement with Wells Fargo Bank (WFC) and PNC Bank (PNC) on September 26. The Securitization generated proceeds of $175M which were used to partially prepay the Company's existing term loans. Due to a lower interest rate on the Securitization, KapStone's gross annual interest expense will be reduced by approximately $2.0M. The Company's weighted average annual interest rate on its bank debt is now 1.8%. The Securitization can be repaid at any time without penalty.
September 30, 2014
08:56 EDTPNCPNC confirms purchase of boutique advisory firm, FT reports
PNC Financial confirmed it has bought Solebury Capital, an independent equity advisory firm that specializes in the niche, but growing, market for IPO advising, reported Financial Times. The bank paid roughly $50M for Solebury, according to the report. Reference Link

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