|Bid||25.00 x 1000|
|Ask||25.01 x 1400|
|Day's Range||25.00 - 25.08|
|52 Week Range||21.37 - 25.10|
|Beta (3Y Monthly)||0.24|
|PE Ratio (TTM)||5.53|
|Forward Dividend & Yield||1.30 (5.18%)|
|1y Target Est||N/A|
Bridge Bank, a division of Western Alliance Bank, has opened a new office in Denver. Founded in 2001, the San Jose, California-based Bridge Bank division offers financial services to small to mid-market businesses, technology companies and private equity firms and has eight existing offices throughout the country. The exact location of the new Denver office was not immediately disclosed. Western Alliance Bank, which is the main subsidiary of bank holding company Western Alliance Bancorporation (NYSE: WAL), had more than $23.8 billion in assets as of March 31 and had 39 bank branches in California, Arizona and Nevada as of March 31, according to FDIC data.
Walnut Creek-based Mechanics Bank and Rabobank said Monday that it will create a co-CEO leadership structure and a new office of the chairman when the two banks complete a $2.1 billion combination that’s tripling the size of Mechanics Bank. Mechanics Bank (OTCBB: MCHB) President and CEO John DeCero and Roseville-based Rabobank N.A. CEO Mark Borrecco will become co-CEOs of the combined bank, which is expected to have about $18 billion in assets when the deal closes in August or September. Mechanics is buying Rabobank’s retail, business banking, commercial real estate, mortgage and wealth management businesses in California.
They proved they had enough capital to withstand a severe and prolonged economic downturn.
The Fed released the first round of stress tests for this year, showing that banks have cleaned up their balance sheets. But regulatory changes meant fewer banks were tested this year.
The program is set to help West Sacramento residents who earn the area median income, or less, afford a down payment for a home.
The city of West Sacramento is considering a new program to spur homeownership in parts of the city. West Sacramento's City Council is set to weigh in on a proposal Wednesday to launch a program that would provide financial assistance to help prospective homebuyers afford a down payment. The funds would be used to supplement an ongoing a grant program in the region called NeighborhoodLIFT, according to the city.
Bank of America is putting billions more toward helping homebuyers afford closing costs nationally, including in this region.
Wells Fargo & Co was dismissed as a defendant in a lawsuit brought by the cities of Philadelphia and Baltimore, which accused large banks of conspiring to inflate interest rates for variable-rate demand obligations (VRDO), a type of tax-exempt bond. Other Wells Fargo entities remain defendants. Goldman Sachs Group Inc and JPMorgan Chase & Co were previously dismissed from the case, though affiliates of those banks remain defendants, according to court records.
Wells Fargo & Co was dismissed as a defendant in a lawsuit by the cities of Philadelphia and Baltimore, which accused large banks of conspiring to inflate interest rates for variable-rate demand obligations, a type of tax-exempt bond. The dismissal came after Wells Fargo represented that it did not remarket, provide letters of credit for, or manage money market funds that invested in the bonds, according to a Tuesday filing in Manhattan federal court. JPMorgan Chase & Co and Fifth Third Bancorp were previously dismissed as defendants.
Wells Fargo & Co NYSE:WFCView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is extremely low for WFC with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting WFC. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding WFC are favorable, with net inflows of $9.77 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. WFC credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Wells Fargo and Bank of America, two of the largest banks in Greater Baltimore, will provide millions for down payment assistance grants to low- and moderate-income homebuyers.
Several Bay Area banks are likely to unveil expansion plans soon as Wells Fargo releases business banking talent as part of a restructuring.
Wells Fargo said these changes were intended to create more efficient operations with less risk involved.
This year's top lenders have shifted around compared to last year's as the fiscal year enters the fourth quarter.
Charlotte, North Carolina is the focal point of a brewing war between the big banks, as BB&T and SunTrust merge and giants Chase and U.S. Bank move in.
Before launching his career in banking, Ralph Hamm served as an Army officer and traveled throughout the country as a professional golfer. “It's okay to fail and you can learn a lot from that,” Hamm said on what he learned from his professional golf career. “Adversity is a good thing.” Hamm was recently appointed the new commercial banking division executive for the mountain division for San Francisco-based banking giant Wells Fargo (NYSE: WFC), amid the restructuring of some of its business segments announced last week. He was the division manager in the former middle market banking group in Portland, Oregon before taking on his new role.
Wells Fargo still hasn’t found a permanent CEO since former Chief Executive Tim Sloan left the bank in March. Its board’s pledge to find an outsider to run the bank is proving difficult.
THINGS TO KNOW Financial advisors at (WFC) might have hoped the bank would quickly find a replacement for former CEO Tim Sloan, who resigned in late March. A new chief might be able to further steer the company away from a recent history of scandals that have battered its reputation and led to regulatory consequences.
The two executives, who have both been with Wells Fargo for years, will split up various business banking territories around the state.
Eastdil Secured LLC, one of the nation’s largest real estate investment banking companies, will soon be privately held and under new ownership. Temasek, a Singapore-based investment company, and “certain institutional clients” of Guggenheim Investments will take majority ownership while Wells Fargo & Co. (NYSE: WFC), Eastdil’s current owner, will hold a minority stake in the company.