New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:02 EDTUSB, RBSU.S. Bancorp acquires Chicago branch banking ops of RBS Citizens Financial
U.S. Bancorp (USB) announced today that its lead bank, U.S. Bank National Association, has reached an agreement to acquire the Chicago branch banking operations of the Charter One Bank franchise owned by RBS Citizens Financial Group (RBS). The acquisition includes Charter Oneís Chicago retail branch network, small business operations, and select middle market relationships. Once complete, the acquisition will nearly double U.S. Bankís deposit market share in the Chicago metro area. Under the terms of this transaction, U.S. Bank will acquire approximately $5.3B of deposits, $1.1B of loans, 94 branches, and 800 employees for a deposit premium of approximately $315M, or 6%. At close, U.S. Bank will have combined deposits of approximately $11.3B in Chicago. Approximately 35 percent of the $5.3B of acquired deposits are non-interest bearing and NOW accounts; 48 percent are money market and savings accounts; and 17% are time deposits. This acquisition is expected to meet or exceed U.S. Bancorpís internal financial hurdles for internal rate of return and earnings per share accretion. This transaction is subject to regulatory approval and is anticipated to close in mid-2014. RBS Citizens Financial Group Chicago branches will continue to operate under their current name, Charter One, during the transition, and will be re-branded as U.S. Bank branches once the transaction is complete.
News For USB;RBS From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
September 29, 2014
07:58 EDTUSBWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:54 EDTRBSRBS grosses nearly $424M from selling Citizens shares, Reuters says
Subscribe for More Information
06:23 EDTRBSCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
Subscribe for More Information
September 25, 2014
15:10 EDTUSBHolder resignation as AG positive for banks, says Rafferty Capital
Subscribe for More Information
13:30 EDTUSBU.S. Bancorp fined $9M, to pay $47.9M in restitution for identity-theft products
The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, or CFPB, has fined U.S. Bancorp $9M and has ordered the company to pay $47.9M in restitution to customers for selling identity-theft products with out providing the full benefits of the products. In a statement, the CFPB said, "The billing of Identity Protection Product fees and acceptance of payments of such fees while failing to provide credit monitoring and credit report retrieval services has resulted in substantial injury to approximately 420,115 consumers in the amount estimated to be $47.9M for identity protection products. This injury was not reasonably avoidable by consumers and is not outweighed by any countervailing benefit to the consumers or to competition. Within 10 days of the effective date, the Bank must reserve or deposit into a segregated deposit account $47.9M, which represents the approximate amount of customer injury caused by the practices described in Section V, for the purpose of providing redress to affected customers as required by this Section." Reference Link
08:07 EDTUSBU.S. Bancorp extends freight-payment trade finance capability to Europe
Subscribe for More Information
September 24, 2014
16:22 EDTRBSOn The Fly: Closing Wrap
Stocks on Wall Street were higher after a report showed that sales of new homes rose to their highest level in over six years in August. The volume and news flow were relatively light, which may be the case again tomorrow as many market participants celebrate the Jewish holiday of Rosh Hashanah. ECONOMIC EVENTS: In the U.S., new home sales rose 18.0% in August to a 504K unit rate, which was much higher than the expected 4.4% increase. COMPANY NEWS: Bed Bath & Beyond (BBBY) advanced $4.64, or 7.4%, to $67.33 after the home goods retailer last night reported second quarter earnings and revenue that surpassed analysts' consensus estimates. The better than expected report and rise in the stock comes a day after William Blair downgraded the stock yesterday morning... Citizen Financial (CFG), the U.S. retail bank unit of Royal Bank of Scotland (RBS), became the year's second largest IPO behind Alibaba (BABA) after 140M shares began trading on the NYSE this morning. The stock ended it first day up $1.58, or 7.35%, at $23.08, which was far cry from the advance seen by another of the day's new stock debuts. CyberArk (CYBR) priced 5.36M shares at $16.00, opened for trade at $25.00 and ended the day at $29.94, making for a rise of over 87% from its IPO pricing. MAJOR MOVERS: Among the notable gainers was Acorda Therapeutics (ACOR), which advanced $8.27, or 28.18%, to $37.62 after the company agreed to acquire Civitas Therapeutics for $525M in cash. Civitas, which was private, had been scheduled to come public via an IPO that was expected to happen later this week prior to the deal announcement. Also higher was Hasbro (HAS), which rose $2.01, or 3.8%, to $54.95 after striking a deal that gives the company global rights, excluding Japan, to develop dolls based on Disney's (DIS) princess characters, as well as Frozen, beginning in 2016. Mattel (MAT), which currently holds those rights, slid 40c, or 1.25%, to $31.67 in the wake of the news. Also lower were shares of Skechers (SKX), which fell $5.69, or 9.8%, to $52.40 after research firm SportscanInfo reported that the footwear maker's sales had fallen 3% last week. However, Sterne Agee recommended buying the stock on the weakness. INDEXES: The Dow rose 154.19, or 0.9%, to 17,210.06, the Nasdaq gained 46.53, or 1.03%, to 4,555.22, and the S&P 500 added 15.53, or 0.78%, to 1,998.30.
14:30 EDTRBSRBS seeks to sell additional 25% stake of Citizens Financial, FT says
Subscribe for More Information
10:18 EDTRBSGlaxoSmithKline set to name RBS' Philip Hampton as next chairman, Sky News says
Subscribe for More Information
10:10 EDTRBSCitizens Financial IPO opens at $21.50, IPO priced at $21.50
Citizens Financial (CFG) is a U.S. subsidiary of Royal Bank of Scotland (RBS).
09:48 EDTRBSCitizens Financial IPO indicated to open $21.50
Subscribe for More Information
09:33 EDTRBSCitizens Financial IPO indicated to open $21.25
Citizens Financial (CFG) priced 140M shares at $21.50. Morgan Stanley and Goldman acted as joint book running managers for the offering. Citizens Financial is a U.S. subsidiary of Royal Bank of Scotland (RBS).
September 23, 2014
15:34 EDTRBSRBS pressured to lower Citizens Financial IPO price range, FT says
Subscribe for More Information
September 22, 2014
07:23 EDTRBSReport says Julius Baer mulling RBS unit acquisition, Reuters says
A report from German newspaper Sonntagsblick noted that Julius Baer (JBAXY) CEO Boris Collardi said that the company is contemplating an acquisition agreement for Royal Bank of Scotland's (RBS) Coutts International, according to Reuters, citing comments from Collardi in the report. Collardi said that the Swiss company is not looking to get in a bidding battle for Coutts' overseas division. Reference Link
06:15 EDTRBSLloyds Banking could still leave Scotland, Daily Mail reports
Subscribe for More Information
September 19, 2014
06:46 EDTRBSStarwood Property appoints Jeffrey DiModica President effective September 18
Subscribe for More Information
September 18, 2014
14:08 EDTUSBBanks look to high-interest personal loans to boost revenue, WSJ says
Subscribe for More Information
07:52 EDTRBSUBS Chair says litigation bigger worry than stress test, Bloomberg reports
Subscribe for More Information
06:39 EDTRBSEuropean banks take out EUR83B of loans from central bank, NY Times says
European banks agreed to take out EUR83B in low interest loans from the European Central Bank, as part of a program in which all of the funds must be loaned to businesses or individuals, or repaid to the central bank within two years, according to The New York Times. Several analysts had said that they would be disappointed if banks took out less than EUR100B in loans, but a number of analysts said that a second round of the program, due to occur in December after stress tests have been completed, may be more popular, the newspaper stated. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
September 17, 2014
13:16 EDTUSBHolder says DOJ looking to charge bank executives, Washington Post says
Subscribe for More Information
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use