Subprime mortgage crisis

HomeStreet, Inc. Reports Year End and Fourth Quarter 2019 Results, Initiation of Quarterly Dividend and Authorization of an Additional $25 Million Share Repurchase

Monday, January 27, 2020 - 1:55pm

Net income from continuing operations for the fourth quarter of 2019 was $13.1 million, or $0.54 per diluted share, compared with $13.7 million, or $0.54 per diluted share for the third quarter of 2019.

Key Points: 
  • Net income from continuing operations for the fourth quarter of 2019 was $13.1 million, or $0.54 per diluted share, compared with $13.7 million, or $0.54 per diluted share for the third quarter of 2019.
  • We also sold a majority of the mortgage servicing rights related to loan originators associated with those home loan centers.
  • Finally, during the fourth quarter of 2019, we completed the sale of our ownership interest in our former mortgage joint venture, WMS Series, LLC.
  • Asset quality remained strong throughout the year, with nonperforming assets totaling 0.21% of total assets at the end of the fourth quarter.

WomenCorporateDirectors CEO Calls on Other Financial Institutions to Follow Goldman Sachs' Lead

Friday, January 24, 2020 - 11:37pm

Goldman Sachs made a commitment to diversity because its own data shows improved financial performance with diverse boards.

Key Points: 
  • Goldman Sachs made a commitment to diversity because its own data shows improved financial performance with diverse boards.
  • Keating said, "At WomenCorporateDirectors, we're calling on the leaders of top financial institutions to take a similar stand.
  • WCD has been advocating for more women on corporate boards since its founding two decades ago in New York City.
  • View original content to download multimedia: http://www.prnewswire.com/news-releases/womencorporatedirectors-ceo-calls-on-other-financial-institutions-to-follow-goldman-sachs-lead-300993141.html
    SOURCE WomenCorporateDirectors Education and Development Foundation, Inc.

Citizens Financial Group to Present at the 2020 KBW Winter Financial Services Symposium

Friday, January 24, 2020 - 10:01pm

Citizens Financial Group, Inc. (NYSE: CFG) announced today that Chief Information Officer, Head of Technology Services Michael Ruttledge will present at the 2020 KBW Winter Financial Services Symposium on Thursday, February 13, 2020 at 11:30 am ET.

Key Points: 
  • Citizens Financial Group, Inc. (NYSE: CFG) announced today that Chief Information Officer, Head of Technology Services Michael Ruttledge will present at the 2020 KBW Winter Financial Services Symposium on Thursday, February 13, 2020 at 11:30 am ET.
  • Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $165.7 billion in assets as of December 31, 2019.
  • Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.
  • Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings.

Applied Therapeutics, Inc. Announces Upsizing and Pricing of Public Offering of 2,741,489 Shares of Common Stock

Friday, January 24, 2020 - 2:28am

The gross proceeds to the Company from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be approximately $124.7million.

Key Points: 
  • The gross proceeds to the Company from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be approximately $124.7million.
  • In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 411,223 shares of common stock at the price to the public, less underwriting discounts and commissions.
  • The offering was upsized from the previously announced offering size of 1,750,000 shares of common stock.
  • Goldman Sachs & Co. LLC, Cowen, Barclays and UBS Investment Bank are acting as joint book-running managers for the offering.

Seacoast to Acquire Fourth Street Banking Company

Thursday, January 23, 2020 - 9:51pm

STUART, Fla., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ:SBCF) (Seacoast), the holding company for Seacoast National Bank (Seacoast Bank), today announced it has signed a definitive agreement to acquire Fourth Street Banking Co. ("Fourth Street"), the holding company for Freedom Bank of St. Petersburg.

Key Points: 
  • STUART, Fla., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ:SBCF) (Seacoast), the holding company for Seacoast National Bank (Seacoast Bank), today announced it has signed a definitive agreement to acquire Fourth Street Banking Co. ("Fourth Street"), the holding company for Freedom Bank of St. Petersburg.
  • Under the terms of the merger agreement, Fourth Street shareholders will receive 0.1275 shares of Seacoast common stock for each share of Fourth Street common stock.
  • The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 48 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank.
  • Seacoast will file with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 containing a proxy statement of Fourth Street and a prospectus of Seacoast, and Seacoast will file other documents with the SEC with respect to the proposed merger.

Gores Holdings IV, Inc. Announces Pricing of $400 Million Initial Public Offering

Thursday, January 23, 2020 - 9:45pm

Each unit consists of one share of the Companys Class A common stock and one-fourth of one warrant.

Key Points: 
  • Each unit consists of one share of the Companys Class A common stock and one-fourth of one warrant.
  • Deutsche Bank Securities Inc. is the lead book-running manager and Morgan Stanley & Co. LLC is also serving as a book-running manager for the offering.
  • The Company has granted the underwriters a 45-day option to purchase up to an additional 6,000,000 units at the initial public offering price to cover over-allotments, if any.
  • This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds.

Altisource Releases Annual Report on the State of the Default Servicing Industry

Thursday, January 23, 2020 - 5:44pm

(Altisource or the Company) (NASDAQ: ASPS), a leading provider of real estate, mortgage and technology services, today released its 2020 report, The State of the Default Servicing Industry .

Key Points: 
  • (Altisource or the Company) (NASDAQ: ASPS), a leading provider of real estate, mortgage and technology services, today released its 2020 report, The State of the Default Servicing Industry .
  • The report highlights results from the fourth annual Default Servicing Survey, a survey of 200 mortgage default servicing professionals conducted in 2019.
  • Click here to download the full report, The State of the Default Servicing Industry.
  • The Default Servicing Survey was completed online among 200 professionals in the U.S. mortgage default servicing industry.

Morgan Stanley Launches CashPlus: A Modern Alternative to Banking that Offers Better Ways to Manage Cash Activities

Thursday, January 23, 2020 - 4:00pm

Morgan Stanley today announced the launch of CashPlus, a new brokerage account that offers clients a modern alternative to banking.

Key Points: 
  • Morgan Stanley today announced the launch of CashPlus, a new brokerage account that offers clients a modern alternative to banking.
  • Both account types also offer access to Morgan Stanley Cards from American Express, created exclusively for Morgan Stanley clients.
  • Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
  • American Express may share information about your Card Account with Morgan Stanley in support of Morgan Stanley programs and services.

Commercial National Financial Corporation Reports 4th Quarter 2019 Earnings

Thursday, January 23, 2020 - 11:00am

ITHACA, Mich., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced fourth quarter 2019 net income of $1,316,000, or $.33 per share compared to fourth quarter 2018 net income of $1,076,000, or $.27 per share.

Key Points: 
  • ITHACA, Mich., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Commercial National Financial Corporation (Pink Sheets: CEFC) today announced fourth quarter 2019 net income of $1,316,000, or $.33 per share compared to fourth quarter 2018 net income of $1,076,000, or $.27 per share.
  • Return on Equity (ROE) was 13.51% for the fourth quarter of 2019 compared to 12.30% for the fourth quarter of 2018.
  • This contributed to an improved net interest margin which was 3.15% in the fourth quarter of 2019 as compared to 2.88% in the fourth quarter of 2018.
  • Commercial National Financial Corporation operates through a single subsidiary bank, Commercial Bank.

Mid-Southern Bancorp, Inc. Announces Declaration of its Quarterly Cash Dividend

Wednesday, January 22, 2020 - 9:05pm

The cash dividend will be payable on March 2, 2020 to shareholders of record as of the close of business on February 14, 2020.

Key Points: 
  • The cash dividend will be payable on March 2, 2020 to shareholders of record as of the close of business on February 14, 2020.
  • Mid-Southern Bancorp, Inc. is the parent of Mid-Southern Savings Bank, FSB.
  • The Bank is a federally chartered savings bank headquartered in Salem, Indiana, approximately 40 miles northwest of Louisville, Kentucky.
  • You should not place undue reliance on any forward-looking statement, which speaks only as of the date.