New Lender Products; Oakland Sues Wells Fargo, PNC Closed How Many Branches?

Posted To: Pipeline Press

Just what our industry needs: another reminder for the public to think about the problems we had in the past. This time it is a Christmas-time movie based on Michael Lewis' book, "The Big Short". Announced bank mergers and acquisitions have slowed in the last week. Still we learned that in Missouri Peoples Community Bank ($337mm) will acquire Cabool State Bank ($60mm). In the land of fruits and nuts California Bank of Commerce ($473mm, CA) will acquire Pan Pacific Bank ($147mm, CA) for about $24.3mm in cash and stock. And in the state with Daniel Boone's grave Cecilian Bank ($603mm, KY) will acquire Farmers Bank ($107mm, KY) for about $49mm or roughly 1.22x tangible book. Depository bank trends are interesting indeed, and PNC's CEO says the bank has closed 400 branches in the past year and...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Mortgage News Daily http://ift.tt/1OwgWJ7