Mortgage Blog
Legg Mason 4Q profit of $76.3 million beats Wall Street estimates
Legg Mason Inc. reported a $76.3 million profit in the fourth quarter, driven by higher assets under management and more revenue from performance fees.
The Baltimore money manager, two years removed from reporting a $45 million loss in the fourth quarter, saw its profit rise half a percentage point compared to a $75.9 million profit in the year-ago quarter. Legg Mason's earnings rose to 86 cents per share, compared to 76 cents per share the prior year. This was the end of Legg Mason's fiscal year…
KS Bancorp outlines new plan to ward off First Citizens
Execs at Smithfield-based KS Bancorp have a new tactic to ward off a First Citizens Bank takeover.
Central Pacific Bank reports 9% growth in net income for Q1 2018
Central Pacific Financial Corp., the parent company of Honolulu-based Central Pacific Bank, reported net income of $14.3 million, or 48 cents per diluted share, for the first quarter of 2018, an increase of 9.1 percent compared to last year’s first quarter earnings.
CPB’s net income for last year’s comparable period was $13.1 million, or 42 cents per diluted share.
“It was a strong quarter in terms of growth and net income,” CPB CEO Catherine Ngo told Pacific Business News. “But if…
Wells Fargo meeting: Shareholders OK pay raises, directors; CEO spars with Twin Cities man
Wells Fargo & Co. held its annual shareholders meeting in Des Moines, Iowa, on Tuesday — and dull is not the word to describe it.
The San Francisco-based bank came under fire Tuesday in light of its ongoing scandals, wherein 3.5 million accounts were created without customers' knowledge and auto-lending and wealth-management customers experienced abuses. Wells Fargo (NYSE: WFC) has entered into consent orders with the Federal Reserve System and, most recently, the Office of the Comptroller of…
BB&T CEO addresses the system outage that hit the bank in February
A system outage that caused many of BB&T Corp.'s banking services to be unavailable to customers earlier this year was caused by an equipment malfunction, said CEO Kelly King during a conference call with analysts.
The outage, which hit in February, caused services, such as digital banking, ATMs and mobile apps, to go offline. The hiccup occurred on a Thursday afternoon and was mostly fixed by the next day, King said.
“It took a little bit longer for some of the wrinkle to work out but it was…
Heat turned up as ‘death knell tolls for Wells Fargo’
California Treasurer John Chiang held a press conference in San Francisco Monday to once again call on Wells Fargo CEO Tim Sloan to step down, foreshadowing the showdown expected between Chiang and the bank's management at the bank's annual meeting in Des Moines, Iowa, this week.
San Francisco startup’s founders pony up $20 million to square off against Square
The increased competition among Square, Clover and startup SpotOn is good news for the nation’s small businesses, who are being heavily courted by all three.
JPMorgan Chase vows a regional expansion. Does an acquisition make sense?
The megabank has pledged 70 branches and $4.5 billion in lending in five years. Experts take a look at how it could accomplish that.
Ex-loan officer gets probation in scheme tied to Shaun Hayes
Timothy Murphy, a protégé of Shaun Hayes who pleaded guilty to participating in a scheme tied to the disgraced ex-banker, was sentenced Tuesday to five years' probation.
One of Tampa Bay’s biggest banks expands into Atlanta with $360M deal
CenterState Bank Corp. has agreed to buy Charter Financial Corp. in Georgia in a cash and stock deal valued at $360.1 million.
The deal gives CenterState (NASDAQ: CSFL), based in Winter Haven, its first entry in commercial banking in the Georgia and Alabama markets, including Atlanta, where Charter Financial’s CharterBank has nearly a dozen branch offices.
CenterState CEO John Corbett said as recently as February that he viewed Atlanta as a logical expansion market for the bank.
CenterState…