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Sun Bancorp Inc ( SNBC ) |
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Financial
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Written by Editor
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Thursday, 08 July 2010 09:18 |
Sun Bancorp Announces $100 Million Equity Investment
Sun Bancorp, Inc. (Nasdaq: SNBC) today announced the signing of definitive investment agreements with private equity funds affiliated with WL Ross & Co. LLC , the Bank's founding Brown Family shareholders, and others, to invest $100 million in the aggregate in shares of the Company's common stock and newly authorized preferred stock that is mandatorily convertible into common stock upon the receipt of shareholder approval, all as part of the Company's strategic growth plan. The shares to be purchased by WL Ross will represent 24.9% of the Company's outstanding common stock, pro forma for the closing and assuming the conversion of the convertible preferred stock. The investment was made at $4.00 per share.
The additional equity capital will be used by Sun National Bank to strengthen and expand current operations as well as to pursue growth opportunities throughout the state of New Jersey
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Broadway Financial Corporation ( BYFC ) |
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Financial
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Written by Editor
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Thursday, 08 July 2010 09:06 |
Broadway Financial Corporation Reports 49% Increase in First Quarter Net Earnings
Broadway Financial Corporation (the “Company”) (NASDAQ Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net earnings for the first quarter ended March 31, 2010 of $988 thousand, or $0.39 per diluted common share, which represented an increase of $326 thousand, or 49%, over the net earnings of $662 thousand, or $0.29 per diluted common share, for the first quarter of 2009. The increase in net earnings was primarily due to higher net interest income.
Chief Executive Officer, Paul C. Hudson stated, “The strength of the Bank’s franchise and business model were evident in the first quarter, as we returned to profitability despite continuing softness in the local economy and real estate market.
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DundeeWealth Inc ( DW ) |
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Financial
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Written by Editor
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Monday, 05 July 2010 10:47 |
DundeeWealth(R) Reports June 2010 Fee Earning Assets of $70.0 Billion and $440 Million in Total Net Sales
DundeeWealth Inc. ("DundeeWealth") (TSX: DW) reported total revenue earning fiduciary assets at June 30, 2010 of $70.0 billion. This includes $38.0 billion in assets under management ("AUM"), $7.2 billion in Bank Deposits from Dundee Bank of Canada and $24.8 billion in assets under administration ("AUA").
Change in AUM for the month includes total mutual fund net sales of $257 million, which is comprised of long-term mutual fund net sales of $270 million and short-term mutual fund net redemptions of $13 million.
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Wainwright Bank & Trust Company ( WAIN ) |
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Financial
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Written by Editor
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Tuesday, 29 June 2010 10:18 |
Eastern Bank Corporation Announces Agreement to Acquire Wainwright Bank & Trust Company
Eastern Bank Corporation signed a definitive agreement to acquire Wainwright Bank & Trust Company (Nasdaq: WAIN) in an all-cash transaction valued at approximately $163 million, the banks announced today.
Under the terms of the transaction, shareholders of Wainwright Bank & Trust Company will be entitled to receive $19.00 in cash in exchange for each share of Wainwright Bank & Trust Company common stock and common stock equivalents outstanding.
The merger will combine two banks focused on serving their communities, while providing enhanced convenience for customers of both organizations. The combined organization will have more than 90 retail banking offices serving people and businesses across eastern Massachusetts, including 22 offices in the Boston metro area.
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Life Quotes Inc ( QUOT ) |
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Financial
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Written by Editor
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Friday, 11 June 2010 09:19 |
LQ Acquisition, Inc. Commences Tender Offer to Acquire Remaining Public Stake in Life Quotes, Inc.
LQ Acquisition, Inc. announced today that it is commencing a cash tender offer for all of the outstanding publicly held shares in Life Quotes, Inc. (Nasdaq: QUOT) that it does not own for $4.00 per share in cash (the "Tender Offer"). This Tender Offer presents an approximately 44% premium over June 10, 2010's closing price. LQ Acquisition, Inc. currently owns approximately 31% of the outstanding shares in Life Quotes, Inc. ("Life Quotes"). LQ Acquisition, Inc. has also signed share tender agreements with William V. Thoms and Zions Bancorporation which provides that these stock holders will tender their shares in the Tender Offer, which should provide LQ Acquisition with over 73% of the outstanding shares.
Life Quotes formed a committee consisting entirely of independent directors (the "Special Committee") to, among other things, review this Tender Offer.
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