Infamous hedge-fund trade draws fresh scrutiny as debt battle rages on
Federal officials have questioned prime brokers about leveraged trading in government bonds by their fast-money clients.
M&A
McCarthy, Graves signal impasse in White House debt talks
The impasse increases the likelihood the House and Senate both vote on any deal next week, mere hours before June 1 the date by which the US could run out of cash to pay its bills.
JPMorgan convenes weekly war room over U.S. debt ceiling standoff
The US inching closer to a potential default could spark panic among investors, Dimon said in an interview with Bloomberg Television. That could ultimately impact other markets outside of the U.S.
First Horizon can’t see the finish line for sale to TD
The Tennessee bank confirmed in its earnings report that the deal, already delayed by several months amid heightened regulatory scrutiny, likely would not close by a May 27 deadline. No new target date has been set.
Liquidity crisis could spark a long, slow trickle of bank failures
Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.
UBS, Credit Suisse pact stabilizes key source of mortgage financing
The government-backed acquisition heads off regulatory and financial concerns at a Swiss bank that could have affected overseas financial institutions that U.S. lenders count on.
FDIC buys more time to unload Silicon Valley Bank, plans breakup
The Federal Deposit Insurance Corp. says it has extended the deadline for bids on Silicon Valley Bank, will break the bank into two parts for sale and will allow nonbanks to bid on asset portfolios.
Memories of 2008 leave FDIC with few bidders for failed banks
The high-stakes acquisitions of 2008 and subsequent legal liabilities have sapped enthusiasm from many prospective buyers for Silicon Valley and Signature Banks. The Federal Deposit Insurance Corp. may end up having to sell assets piece by piece.
Prosperity Home Mortgage acquires consumer direct lender
Financial terms were undisclosed for the most recent acquisition.
Truist’s partial sale of insurance unit paves way for growth, CEO says
After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.
Fed’s Bowman: Bank merger reviews are taking too long
In a speech on the central bank's regulatory agenda for the year, Federal Reserve Board Gov. Michelle Bowman said the merger-and-acquisition review process could benefit from added transparency.
TD, First Horizon again extend deadline for closing merger
The two banks are now targeting May 27, three months later than their previous goal. The transaction, which would create a top-six U.S. bank by asset size, was originally expected to be completed last fall.
Columbia expects loan growth in the low or mid single digits this year
The loan-growth projections are for Columbia Banking System itself, before the Tacoma, Washington, bank officially merges with Umpqua Holdings. The $5 billion deal is scheduled to close Feb. 28.
Bank M&A in 2023: Hints of recovery, but no sudden rebound
Dicier credit conditions, recession fears and tougher regulatory scrutiny combined to weaken merger activity in 2022. A push for scale is bound to resume when interest rates level off — at least among smaller banks, analysts say.
Figure-affiliated SPAC plans to merge with mortgage bank
A special-purpose acquisition company is merging with a bank as its affiliated startup still lacks its own national bank charter.
Finance of America acquiring top reverse lender AAG
The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.
TD, BMO push back their timelines for closing M&A deals
Both Canadian banks are awaiting green lights from regulators for their pending acquisitions of U.S. banks. "We don't control the timing of all the regulatory approvals," TD's chief executive said Thursday.
Angel Oak Home Loans sells retail division
Amid scuttlebutt, the Atlanta company is mum on buyer, which is rumored to be CrossCountry Mortgage.
USAlliance, Marriott Employees’ federal credit unions to join forces
USAlliance Federal Credit Union in Rye, New York, has agreed to merge with Marriott Employees' Federal Credit Union in Bethesda, Maryland, to create a nearly $3 billion-asset organization.
Fed gives final blessing to New York Community-Flagstar deal
The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.
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