From the Wisconsin State Journal | A troubled Wisconsin bank is trying to raise capital, either by bringing in investors or finding a merger partner, and has been talking to Steven Hovde, a Madison native and Chicago area investment banker. A key measure of the financial health of Evergreen State Bank, located in Stoughton, Wis., has fallen sharply in the past several months, and bank officials sent a letter to the more than 100 shareholders warning the stock soon could be worthless.
Inside these posts: Banks
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Citi to put $3 billion to $4 billion in consumer bank
Citigroup Inc. plans to spend $3 billion to $4 billion on its consumer bank to attract more business from its wealthy, urban customers, the head of its North American consumer bank said on Wednesday. Get the full story »
Fed may let strong banks hike dividends
The Federal Reserve is expected soon to allow some healthy banks with strong capital levels to increase dividend payments, according to people familiar with the decision.
The updated guidance from the Fed is likely a few weeks away. The Fed is expected to take a conservative approach in deciding which banks can increase dividends and assess each bank individually, according to a person familiar with the matter. Get the full story »
FirstMerit ready for more Illinois bank failures
FirstMerit, the Akron-based bank that has become a Top 20 player in the Chicago area through three recent acquisitions, said it expects the pace of Illinois bank failures to pick up again. Get the full story »
Chase reports brief Web site outage
A few weeks after Chase had major technical issues with its online banking site, many of its users reported Tuesday that they were unable to log into the Web site. A Chase spokesman said that the site went down around 11:30 a.m. for several minutes, but is now back up.
Societe Generale takes 5% stake in Fortune Brands
Societe Generale, the London-based banking giant, disclosed a 5 percent stake in Deerfield-based Fortune Brands in a filing this morning.
Fortune owns brands in a variety of categories including, premium spirits like Hornitos and Maker’s Mark, home and security hardware like Moen and Master Lock, and Golf stalwarts like Titleist and FootJoy.
Goldman closing trading desk under reform rules
Goldman Sachs Group Inc. is closing its principal strategies desk as it works to comply with new U.S. rules on proprietary trading, Bloomberg News reported Friday.
The report, citing two people with knowledge of the decision, said Goldman would delay announcing the move as 65 to 70 members of the unit sought new jobs. Some traders and support staff could be reassigned in the firm, and a team in Asia could look to start a new hedge fund, it said. Get the full story »
Ameristar Casinos looking at ’strategic alternatives’
The parent company of Ameristar Casino Hotel East Chicago in Hammond, Ind., confirmed Wednesday it is exploring strategic alternatives, including a possible sale of the company.
The company said it retained Lazard and Bank of America Merrill Lynch as its financial advisers and Gibson, Dunn & Crutcher LLP as its legal adviser in the process. Get the full story »
Aug. 6, 2010 at 5:07 p.m.
Filed under: Bank failures, Banking, Bankruptcy, Investigations, Litigation Examiner wants subpoena power in WaMu case
The independent examiner appointed to review claims and assets in Washington Mutual’s bankruptcy case is seeking subpoena power.
The examiner made the request Friday in filing his proposed work plan in Delaware bankruptcy court. A hearing on his plan will be held Tuesday. Get the full story »
Cole Taylor Bank parent blames loss on real estate
The parent of Cole Taylor Bank lost $48.3 million, or $3.35 a share, in the second quarter, and blamed persistent weakness in the Chicago-area real estate market for its worsening numbers. Get the full story »
July 28, 2010 at 10:16 a.m.
Comments Off
Filed under: Bank failures, Banking, Earnings, Stock activity Fraud incident hurts Wintrust Financial results
Wintrust Financial Corp. posted lower-than-expected profits in the second quarter, partly because the $13.7 billion-asset bank holding company had to set aside more money for loan losses due to a fraud in its premium financing unit.
For the second quarter, net income was $13 million, or 25 cents a share, compared with $6.5 million, or 6 cents a share, in the same period a year ago. Get the full story »
Stress tests: Focus is on banks that barely passed
So few banks failed Europe’s long-awaited stress tests on Friday that investors will likely focus instead on the dozen or so banks that just scraped through when the markets reopen next week. Get the full story »
Bernanke: Lending to small business vital
Boosting credit to struggling small businesses is vital to keep a tepid U.S. recovery on track but wary banks can’t be forced to lend from their bountiful reserves, Federal Reserve officials said Monday.
Fed Chairman Ben Bernanke underlined the need for companies — many working their way back to health from the deep recession — to be able to get loans when they need them to expand and to hire. Get the full story »
Source: GM plans to file IPO in mid-August
General Motors Co. plans to file its initial public offering in mid-August, a source familiar with the situation said Friday.
General Motors is also in talks with banks for a revolving line of credit worth $5 billion. Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley each have agreed to provide $500 million worth of credit. Get the full story »
June 24, 2010 at 11:52 a.m.
Comments Off
Filed under: Bank failures, Banking, Jobs/employment, Layoffs Harris Bank to cut some Amcore branches, jobs
From WREX TV | Harris Bank, which took over Amcore Bank on April 23, 2010, announced plans to close 18 former Amcore branches and eliminate jobs as part of its buyout reorganization.
