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Author Archives: Esther Cho

Bank’s Acquisition Leads to Single Largest Conversion

PNC Financial Services Group completed the acquisition of RBC Bank, reopening more than 400 branches across six Southeastern states as PNC banks. At 415 branches, this was PNC's single largest conversion occurring at one time. Former RBC branches were in business March 5 as PNC Banks in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. The conversation also involved the transition of 900,000 customers. The Pittsburgh-based bank now has 2,900 locations across 19 states and the District of Columbia, according to a company release.

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Canadians Initiate NYC Real Estate Investment Expansion

Canadian real estate investment company Timbercreek Asset Management is expanding its global focus stateside, with the launch of the company's New York City location. Timbercreek manages approximately $2 billion in assets through its private and publicly-traded real estate-focused funds, and the company's New York launch follows the opening of Timbercreek offices in Switzerland. Leading Timbercreek's push into new markets are three former employees of Citigroup's real estate unit.

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Freddie Taps Treasury for $146M, Despite Net Income Gains

Freddie

Despite reported net income of $619 million for the 2011 fourth quarter, Freddie Mac will still need to request $146 million from the U.S. Treasury for the company's fourth quarter net worth deficit due to "senior preferred dividends paid of $1.7 billion," the Freddie Mac 2011 fourth quarter and year 2011 report stated. For the 2011 third quarter, $6 billion was requested after the GSE reported its largest quarterly loss in over a year. Overall, the GSE has requested $7.6 billion from the Treasury for the year 2011.

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