Tag Archives: Investors

The Case-Shiller Home Price Indexes rose for the first time in eight months in April. The 10- and 20-city indexes each rose 1.3 percent to the highest levels this year. Year-over-year, the 10-city index was down 2.2 percent and the 20-city index off 1.9 percent, both improvements from March. Prices improved month-over-month in all but one of the 20 cities tracked by Case-Shiller; prices fell 3.6 percent in Detroit. Prices were up year-over-year in 10 of the 20 cities. Economists had expected declines in the 20-city.

New home sales jumped to 369,000 in May - the highest level since April 2010 - as the median and average home prices both fell, the Census Bureau and HUD said jointly Monday. Economists had expected sales to reach 350,000 from the prior month's 343,000. Sales increased 7.6 percent month-over-month, marking the first increase in three months, and were up 19.8 percent since May 2011. The median price of a new single-family home fell for the third straight month, dropping to $234,500, the lowest level since February.

Customers Bancorp, Inc. announced Thursday the acquisition of Acacia Federal Savings Bank from Ameritas Mutual Holding Company. Bancorp, the parent company of $2 billion asset Customers Bank, will acquire all of the stock of Acacia Federal from Ameritas for a consideration of $65 million. Bancorp will issue its voting and non-voting common stock for about $45 million at 115 percent of GAAP book value at time of closing. Approximately $20 million of Tier 1 qualifying non-cumulative Perpetual Preferred Stock will be issued by Bancorp to Ameritas at a rate of 3.72 fixed for the first five years.

Count another major downgrade against the global financial community. On Thursday Moody├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Investors Service slashed credit ratings for 15 major financial institutions, including Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley, among others. The reason for Moody├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós actions: The biggest banks face too much risk from debt-saddled Europe, earnings volatility, and still-faulty mortgages stateside. The ratings agency grouped the downgraded institutions into three groups. Stocks slid for many of the banks.

The Federal Reserve Bank of Cleveland is preparing to kick off its 10th Annual Policy Summit on June 28, and this yeaR's two-day event will focus on methods for strengthening and rebuilding communities. In an official statement, the Cleveland Fed called the summit a chance to target effective strategies for economic development in our communities, with a particular emphasis on measurement." In an official statement, the Cleveland Fed called the summit a chance to target "effective strategies for economic development in our communities, with a particular emphasis on measurement."

n Utah, Celtic Bank has hired a mortgage industry veteran as the company's new vice president of business development. The bank recently announced the appointment of Steven L. Mathews to the leadership role.

Taylor Capital Group, Inc., is initiating a major expansion of its mortgage division. The group recently announced plans to double the number of branches for Cole Taylor Mortgage, which serves as the company's lending unit through Taylor Capital subsidiary, Cole Taylor Bank.

Realestalker.com is reporting that a major property acquisition is underway for Oracle founder, Larry Ellison. According to the website, the billionaire technology entrepreneur is set to purchase the Hawaiian island of Lanai for between $500 and $600 million.

An analysis of government data by the National Association of Home Builders revealed another issue that can be added to the list of economic changes caused by the housing slump: Rising student loan debt. Data shows that the onset of the housing crisis brought with it an increase in students taking out loans for higher education. Since the third quarter of 2008, student loan debt has increased by 47.9 percent ($293 million). This increase is attributed to the drop in the availability of home equity loans, according to the NAHB.

HomeStreet Bank is expanding its employer-assisted benefit options to a new region of Washington state. The community bank has announced the extension of its Hometown Home Loan Program to the Spokane area.