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
Apr. 2, 2014, 12:13 PM
- A late-Tuesday downgrade of Regions Financial (RF -1.7%) by analyst Thomas Mitchell is moving the stock today. It's a valuation call, with Miller pulling his Buy rating after recent outperformance by stock (it's up roughly 40% over the past year vs. about 30% for the KBW Bank Index). Regions, says Mitchell, "remains challenged to accumulate enough new capital to grow the business faster."
- In another move, Mitchell pulls his Sell rating on underperforming First Midwest Bancorp (FMBI -0.6%), saying the lender "has (finally) emerged from the very difficult credit quality conditions it had long faced as a result of lending on undeveloped land parcels back in the mid-2000's."
Mar. 19, 2014, 10:20 AM
Jan. 8, 2014, 9:54 AM
- Oppenheimer is moving some smaller bank names around this morning, upgrading TCF Financial (TCB +2.3%) to Outperform, and removing its Underperform rating on Comerica (CMA +0.5%).
- At the same time, the team removes its Outperform rating First Midwest Bancorp (FMBI -1.6%) and KeyCorp (KEY -0.3%), cutting both to Perform.
First Midwest Bancorp, Inc. is a bank holding company, which through its subsidiary, First Midwest Bank, engages in the provision of banking, treasury, and wealth management products and services to commercial and industrial, commercial real estate, municipal, and consumer customers. The firm... More
Industry: Regional - Midwest Banks
Country: United States