Banc Of California: Can A Cost Meat Cleaver Cure This Bank?
Fri, May 6, 9:11 AM
Thu, Mar. 24, 5:43 PM
- Hologic (NASDAQ:HOLX) is replacing Pepco Holdings (was just acquired by Exelon), and Centene (NYSE:CNC) will replace Ensco (NYSE:ESV), in the S&P 500 after Tuesday's close. (Press Release - .pdf)
- Abiomed (NASDAQ:ABMD) will take Hologic's spot in the S&P MidCap 400, and Ensco will take Centene's spot. First Industrial Realty Trust (NYSE:FR) will replace Health Net (just acquired by Centene) in the 400.
- ServisFirst Bancshares (NASDAQ:SFBS) will replace National Penn Bancshares (about to be acquired by BB&T) in the S&P SmallCap 600 after the April 1 close. Banc of California (NYSE:BANC) will take Abiomed's spot in the 600.
- HOLX +2% after hours. CNC +1.6%. FR +3.5%. BANC +3.5%. ESV -0.5%.
Thu, Mar. 3, 9:15 AM
Thu, Mar. 3, 7:43 AM
Apr. 23, 2014, 8:53 AM
- As tipped last night, Popular (BPOP) inks deals to sell its operations in Chicago, Southern California, and Central Florida, leaving the lender to concentrate its U.S. mainland business in New York and South Florida.
- Together the deals include 41 branches, about $1.8B in related loan portfolios, and about $2.1B in deposits. The Chicago buyer is First Midwest Bank (FMBI), the California buyer is Banc of California (BANC), and Florida is Harbor Community Bank.
- The deal will include the closing of Popular's mainland headquarters in Rosemont, IL along with an Orlando office. Off the roughly 550 positions at those locations, 100 will be move to other mainland offices and 200 to Puerto Rico.
- Popular says the sales will results in a net premium of about $25M along with a goodwill writedown of $160M and restructuring charges of $53M.
- Shares +1.9% premarket
- Previously: Popular nears sale of some mainland U.S. branches
Banc of California, Inc. operates as a bank holding company for Banc of California, which provides retail deposits from the general public and invests in commercial, consumer and real estate secured loans. The company operates through four segments: Commercial Banking, Mortgage Banking,... More
Industry: Regional - Pacific Banks
Country: United States
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