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Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:02 EDTRBS, USBU.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
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November 21, 2014
11:17 EDTRBSRBS reports EBA stress test result correction
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07:24 EDTUSBBB&T CEO says 'banks lending recklessly' again, Reuters reports
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November 20, 2014
06:03 EDTRBSRBS, NatWest, Ulster Bank fined GBP42M by FCA
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November 19, 2014
07:51 EDTUSBClearing House Payments Company to hold a conference
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November 18, 2014
14:56 EDTRBSRBS management to meet with Jefferies
Meetings to be held in Chicago/Toronto on November 24-25 hosted by Jefferies.
06:34 EDTRBSDraghi sees positive signs in euro zone, NY Times reports
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November 14, 2014
06:36 EDTRBSRoyal Bank of Scotland to exit US mortgage business, Reuters reports
Royal Bank of Scotland's securities unit will exit its U.S. mortgage trading business, reports Reuters. In an emailed statement, a RBS spokesman said exiting the business "is a necessary part of repositioning our US business." RBS had originally planned to shrink it by two-thirds. Reference Link
November 12, 2014
16:23 EDTRBSOn The Fly: Closing Wrap
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12:38 EDTRBSOn The Fly: Midday Wrap
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11:45 EDTUSBU.S. Bancorp CEO says relieved bank is not bigger than it is
Sees better industry wide loan growth in 2015 vs. 2014. Says consumers cautious getting deeper in auto, credit cards. Comments made at the Bank of America Merrill Lynch Banking and Financial Services Conference.
08:57 EDTRBSBarclays excluded from forex settlement due to issues with NYDFS, Reuters says
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07:28 EDTUSBBofA/Merrill to hold a conference
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06:12 EDTRBSCFTC fines five banks $1.4B for manipulation of FX benchmark rates
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06:05 EDTRBSFCA fines five banks $1.7B over FX trading operations
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November 11, 2014
14:30 EDTRBSBanks to be hit with billions in fines for currency manipulation, Telegraph says
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06:53 EDTRBSBanks sued by terror victims, NY Times says
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November 10, 2014
06:53 EDTUSBBank of America, U.S. Bancorp settle bond trustee class action, Reuters says
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06:46 EDTUSB, RBSRegulators set new capital buffer rule for banks, Reuters reports
Global banks should have buffers of bonds or equity worth 16%-20% of their risk-weighted assets, beginning in January 2019, The Financial Stability Board decided, according to Reuters. The board said the buffer would prevent the need for government bailouts, the news service explained. Publicly traded global banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) Wells Fargo (WFC), Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
06:18 EDTRBSUBS to settle misconduct allegations at precious metals trading unit, FT reports
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