Home >> Tag Archives: Acquisitions (page 4)

Tag Archives: Acquisitions

More Banks Interested in Expanding, Few Want to Sell

It seems more banks are eyeing the possibility of expansion in 2013, according to a survey sponsored by Crowe Horwath LLP. According to the results, 57 percent of banks intend to make some form of acquisition in the next year, up from last year's survey. Furthermore, many bankers expressed interest in acquisitions outside of their core banking franchises. Out of the banks that are looking at expanding, 28.8 percent said they intend to acquire a residential mortgage origination business in 2013.

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Ocwen Smashes Revenue Records in Q3

After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million, or $0.37 per share in Q3 2012, a sharp increase of more than $30 million from the same quarter a year ago. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million. Ocwen says the figures for revenue and income from operations were record-setting numbers.

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Ally Exploring Options to Cut Remaining Mortgage Business

Ally Bank announced it has launched a "process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations." The announcement signals another step in Ally's shift away from the housing market. In November 2011, the bank began to reduce its correspondent originations business to focus on a smaller group of strategic clients, and in July 2012, it announced its intent to exit the warehouse lending business by the end of the year.

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Ocwen Put on Negative Watch After Homeward Announcement

Ocwen made some waves when it announced an agreement to acquire Homeward Residential Holdings in a nearly $750 million deal, but Fitch Ratings is doubtful about the move. The ratings agency announced it has placed Ocwen's "B" long-term Issuer Default Rating (IDR) on Rating Watch Negative following the financial corporation's announcement.

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Ocwen to Acquire Homeward Residential in $750M Deal

Ocwen will buy the Dallas-based servicer and originator from private equity firm WL Ross & Co. The breakdown for the transaction includes $588 million in cash and $162 million in Ocwen convertible preferred stock. Atlanta-based Ocwen won't need to raise additional equity capital to complete the transaction.

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Sterne Agee Welcomes Florida Mortgage Lender into Fold

One of the nation's oldest privately-owned financial services companies announced its acquisition of Florida-based residential mortgage lender FBC Mortgage, LLC. Sterne Agee Group, Inc., founded in Alabama in 1901, signed a definitive agreement to acquire FBC, a retail and wholesale loan originator.

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Minnesota Bank 41st to Shutter Doors in 2012

The FDIC announced Friday the closure of First Commercial Bank in Bloomington, Minnesota. The bank was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. The FDIC announced that it entered into a purchase and assumption agreement with Republic Bank & Trust Company in Louisville, Kentucky, to assume all of the deposits of First Commercial Bank. The sole branch of First Commercial Bank reopened Monday as a branch of Republic Bank & Trust Company. Republic Bank agreed to assume of all of the bank's deposits and assets.

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