Industry News

PHI Group;, a U.S. public company currently engaged in conventional energy, renewables, natural resources and special situations, announced today that the shareholders of the previously announced undisclosed South African target company that represent 68% of the total issued share capital have approved PHI Group’ s tender offer to acquire the TARGET for cash. The TARGET has been in business over several decades and is a leading company in the natural..."/>
PHI Group Reports Significant Progress on Planned Acquisition of South African Company
Great-West Lifeco Inc. today announced that its Irish subsidiary, Irish Life Group, has completed its previously announced transactions to acquire Aviva Health Insurance Ireland Limited and assume control of GloHealth Financial Services Limited. Financing for the acquisitions was provided internally and terms of the transactions were not disclosed."/>
Great-West Lifeco's Irish subsidiary, Irish Life Group, completes acquisition of Aviva Health Insurance Ireland Limited and GloHealth Financial Services Limited
Aon plc, will reveal the results of the 2016 mid-year iteration of the Semi-Annual Insurance Industry Labor Outlook Study in a complimentary webinar presentation on August 10, 2016, at 1:00 p.m. CDT. The study, which ran from July 13 through July 29, 2016, attracted participation from organizations industry-wide. The results highlight industry staffing expectations and current labor trends..."/>
Insurance Labor Outlook Study Results to be Revealed During Webinar
Virtus Investment Partners today announced the following changes to the membership of their respective boards of directors:. Virtus Global Multi-Sector Income Fund, Virtus Total Return Fund and Duff& Phelps Select Energy MLP Fund Inc. appointed James B. Rogers, Jr. and R. Keith Walton as directors. Each board also accepted the resignation of Thomas F. Mann and thanked him for his contributions to the..."/>
Five Closed-End Funds Announce Changes to Board Membership
Synchrony Financial, a premier consumer financial services company with 80 years of retail heritage, today announced a multi-year extension with Rheem to continue providing a financing program for the purchase of heating, cooling and water heating products and services. Qualifying cardholders 1 can purchase their new Rheem or Ruud heating and cooling products and..."/>
Synchrony Financial and Rheem Manufacturing Extend Consumer Financing Program Agreement
Black Knight Financial Services, Inc. announced today that U.S. Bank, the fifth largest commercial bank in the United States, has signed an agreement to implement LoanSphere Exchange, an open technology platform that provides integration, data management, decisioning support and workflow management through a 24/ 7 data exchange. Delivered by RealEC Technologies, a division of Black Knight, Exchange is an innovative, online platform that..."/>
U.S. Bank Signs Contract to Implement Black Knight Financial Services' LoanSphere Exchange Technology to Support Its Title and Closing Operations
Altus Group Limited a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry, announced today that it has acquired R2G Limited, a specialist chartered surveyors firm focused on business rates services. The acquisition of RatesRecovery strategically enhances the Company's business rates offerings in the UK immediately ahead of the 2017 Business Rates Revaluation."/>
Altus Group Strengthens UK Commercial Real Estate Property Tax Services Through Acquisition of RatesRecovery
Currency Exchange International, Corp., is pleased to announce it has signed a Master Services Agreement and a corresponding Statement of Work with a national financial institution in North America. The foreign currency services are expected to commence at select locations in August 2016 and are expected to be in place at all transacting locations by the end of 2016.. The financial institution will utilize CXI’ s inventory on consignment model at..."/>
CXI Announces New Agreement with a Financial Institution Representing More Than 800 Branches
Cincinnati Financial Corporation announced that R. Philip Sandercox, Erin A. Skala and Wendy A. Hayes joined The Cincinnati Insurance Company, adding expertise to Cincinnati Re?, its reinsurance assumed operation. Sandercox, managing director, head of specialty casualty reinsurance, will oversee the strategic direction, underwriting and marketing of the company's specialty casualty reinsurance assumed portfolio. A 28- year veteran of the..."/>
The Cincinnati Insurance Company Adds Expertise to the Cincinnati Re Team
MGIC Investment Corporation has commenced a public offering of USD350 million aggregate principal amount of its senior notes due 2023, the company said. Goldman, Sachs& Co. will act as sole book-running manager and Morgan Stanley& Co. LLC will act as co-manager for the offering. The company said it intends to use a portion of the net proceeds from this offering, together with, in certain cases, shares of its common stock, to purchase a portion of the company's USD500 million of..."/>
MGIC Investment commences USD350m public offering of senior notes
Flagstar Bancorp, Inc. has completed its repayment of funds initially received under the Troubled Asset Relief Program, the company said. The repayment was achieved through redemption of all USD267 million of the company's fixed rate cumulative perpetual preferred stock, Series C, originally issued to the US Department of the Treasury as part of TARP, plus payment of USD104 million in accrued and unpaid dividends. Flagstar funded the total redemption cost of USD371 million..."/>
Flagstar completes repayment of TARP funds
CNA Financial Corporation has reported second quarter 2016 net income of USD209 million, and net operating income of USD201 million, the company said. Property& Casualty Operations combined ratio for the second quarter was 97.4 percent. CNA Financial also declared a quarterly dividend of USD0.25 per share, payable August 31, 2016 to stockholders of record on August 15, 2016.."/>
CNA Financial reports USD209m net income in Q2 2016
Emergent Capital, Inc. has initiated a formal process to explore strategic alternatives in response to receiving a number of unsolicited inquiries from several interested parties, the company said. The company's board of directors has formed a special committee with a mandate to review and consider strategic alternatives and to make recommendations to the full board of directors. FBR Capital Markets& Co. has been engaged as financial advisor to the company."/>
Emergent Capital to explore strategic alternatives
Ledyard Financial Group has declared a regular quarterly dividend of USD0.48, the company said. The dividend is payable September 2, 2016 to shareholders of record as of August 12, 2016.. Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank, a full service community bank offering banking, investment, tax and wealth management services in the Dartmouth-Lake Sunapee Region."/>
Ledyard Financial declares quarterly dividend
Commerce Bancshares, Inc. has declared a quarterly dividend of USD0.225 per share on the company's common stock payable September 26, 2016, to stockholders of record at the close of business on September 9, 2016.. Board of directors approved a dividend of USD0.375 per depositary share on the company's Series B non-cumulative perpetual preferred stock payable September 1, 2016, to stockholders of record at the close of business on August 12, 2016.."/>
Commerce Bancshares declares cash dividends on common, preferred stock
Old Point Financial Corporation has reported net income of USD1.6 million for the six months ended June 30, 2016, compared to net income of USD2.5 million for the six months ended June 30, 2015, the company said. Interest and dividend income decreased USD254 thousand for the first six months of 2016 as compared to the first six months of 2015, primarily as a result of sales of securities in the first quarter of 2016.. Non-interest income and non-interest expense both increased..."/>
Old Point reports 1st half 2016 net income of USD1.6m
Potomac Bancshares, Inc. has reported earnings of USD658 thousand for the quarter ended June 30, 2016, compared to USD584 thousand earned in the quarter ended June 30, 2015, the company said. Overall earnings through June 30, 2016 were USD1.146 million compared to earnings for the same period last year of USD1.143 million. Loans for the quarter were USD309.3 million, an increase from USD262.7 million as of June 30, 2015."/>
Potomac Bancshares reports Q2 2016 earnings of USD658,000
Athens Bancshares Corporation has reported USD591, 000 for the three months ended June 30, 2016, compared to net income of USD749, 000 in the same quarter 2015, the company said. For the six months ended June 30, 2016 net income was USD1.4 million, compared to net income of USD1.3 million for the six months ended June 30, 2015.. The bank completed its acquisition of four branches from Atlantic Capital Bank, N.A. on April 1, 2016."/>
Athens Bancshares reports USD591,000 net income in Q2 2016
KeyCorp has closed its acquisition of First Niagara Financial Group, Inc., the company said. Systems and client conversion is expected during the fourth quarter of 2016, subject to pending regulatory approval by the Office of the Comptroller of the Currency for the merger. The acquisition, which was announced on October 30, 2015, will include the addition of approximately 300 branches in New York, Pennsylvania, Connecticut and Massachusetts, giving Key more than 1,200..."/>
KeyCorp closes acquisition of First Niagara Financial
Arthur J. Gallagher acquires Orb Financial
Old Second Bancorp, Inc. banking subsidiary, Old Second National Bank, has agreed to acquire the Chicago branch of Talmer Bank and Trust, the banking subsidiary of Talmer Bancorp, Inc., the company said. The acquisition of the Talmer branch includes approximately USD82 million of deposits and approximately USD238 million of loans. Upon completion of the transaction, Gary Collins, vice chairman of Talmer, is expected to join Old Second as vice chairman and as a director of Old Second..."/>
Old Second to acquire Chicago Branch of Talmer Bank & Trust

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