Lehman Brothers Announces Preliminary Third Quarter Results and Strategic Restructuring

Comprehensive Set of Actions to Significantly Reduce Commercial Real Estate, Residential Mortgage and Other Less Liquid Asset Exposures Intention to Sell Majority Stake in Investment Management Division Expected Third Quarter Earnings Results

-- Estimated Net Loss of ($3.9) Billion or ($5.92) Per Common Share (Diluted)
-- Gross Mark-to-Market Adjustments of ($7.8) Billion; Net Mark-to- Market Adjustments of ($5.6) Billion, After Hedging Gains and Debt Valuation Gains. Gross Mark-to-Market Adjustments Include:
-- ($5.3) Billion on Residential Mortgage-Related Positions
-- ($1.7) Billion on Commercial Real Estate Positions
-- Estimated Net Revenues of ($2.9) Billion
-- Third Quarter Run-Rate Revenues of $3.5 Billion

Published: 11 September 2008
Written by Editor
NYSE   Financial Results   Down on News   Financial  
Read more: Lehman Brothers Holdings Inc ( LEH )

Yadkin Valley Financial Corporation to Acquire American Community Bancshares

 Yadkin Valley Financial Corporation ( YAVY ) and American Community Bancshares, Inc., ( ACBA ) today announced that they have entered into a definitive agreement whereby Yadkin Valley Financial Corporation and its wholly owned subsidiary, Yadkin Valley Bank and Trust Company will acquire American Community Bancshares, Inc., and its subsidiary, American Community Bank, in a transaction with a total value of approximately $92 million.

American Community Bancshares shareholders will have the right to receive either $12.35 in cash or .8517 Yadkin Valley Financial shares for each American Community share, subject to the limitations that 19.5% of total consideration is to be paid in cash and 80.5% in Yadkin Valley Financial shares.

Published: 10 September 2008
Written by Editor
Nasdaq   M & A   Up on News   Financial  
Read more: American Community Bancshares Inc ( ACBA )