The new bank that took over the operations of failed ShoreBank on Aug. 20 made a $25.4 million net profit in the period ending Sept. 30, according to newly filed documents with the Federal Deposit Insurance Corp. Get the full story »
Filed under: Banking
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
GM to repay taxpayers $2.1B as it prepares for IPO
In a series of moves that pave the way for an IPO and strengthen its finances, General Motors Co. said on Thursday it would repay $2.1 billion to U.S. taxpayers and make early payments to pension and retiree health plans.
The announcement comes just days before bankers are expected to begin a road show for potential investors in an initial public offering that would allow the U.S. government to start to reduce its stake in the top U.S. automaker.
Get the full story »
Mesirow’s Tyree to begin chemotherapy next week
James Tyree, the Mesirow Financial chief executive who last week disclosed that he has stomach cancer, will begin chemotherapy next week.
“I feel pretty good,” he told the Tribune Wednesday night. “I’m sitting here stronger and greater than ever, and it’s stunning that these things are inside me”
In a note to Mesirow workers on Thursday, Tyree said that, over the past week, he has completed additional tests and consulted with several more doctors. Get the full story »
Oct. 27, 2010 at 2:17 p.m.
Comments Off
Filed under: Banking, Government, Regulations, Stock activity SEC sets vote on ‘naked access’ trading ban
The Securities and Exchange Commission will vote Nov. 3 on whether to adopt a proposed ban on “naked access,” a trading arrangement that allows some firms to trade anonymously.
Naked access, offered to customers by some major banks and brokerage firms, allows traders to buy and sell stocks on exchanges using a broker’s computer code, which can shield their identity from regulators and exchanges. Get the full story »
Discover says credit union members more positive
U.S. members of credit unions have a more positive view of their personal finances than people who don’t belong to one, according to a survey by Discover Financial Services
Most credit unions, which are member owned and nonprofit, didn’t engage in the kinds of speculative financial practices that hurt many banks. Get the full story »
Oct. 27, 2010 at 9:59 a.m.
Filed under: Banking, Computers, Crime, Criminal charges, Investing, Privacy issues U.S. wants courtroom sealed for Goldman trial
U.S. prosecutors asked a federal judge to seal the courtroom for part of the upcoming criminal trial of a former Goldman Sachs Group Inc. computer programmer, an effort to protect the secrecy of the bank’s high-frequency trading platform.
Prosecutors said in a court filing that there is a “compelling interest in favor of privacy” for Goldman in the trial of the former employee, Sergey Aleynikov. Get the full story »
Wintrust Financial Q3 beats Street
Wintrust Financial Corp. reported a larger-than-expected increase in quarterly profit, helped by a lower provision to cover bad loans.
For the third quarter, net income was $15.2 million, or 47 cents a share, compared with $27.3 million, or $1.07 a share, in the year-ago period. Get the full story »
Northern Trust shares pop as takeover rumors swirl
Shares of Northern Trust Corp. jumped 4.4 percent on Tuesday as talk swirled that HSBC, Europe’s biggest bank, may be planning to make a bid for the U.S. trust bank and investment manager. Get the full story »
PrivateBancorp swings to profit in 3Q
PrivateBancorp, Inc., said it returned to profitability in the third quarter as a result of new loan growth. The Chicago-based bank on Tuesday reported net income of $4.5 million, or 6 cents a share for the third quarter, compared with a net loss of $31.2 million, or 68 cents a share, in the year-ago period. Get the full story »
Northern Trust, HSBC chatter persists
From London’s Daily Mail | Europe’s largest bank, HSBC, recently pulled out of its bid to acquire a majority stake in South Africa’s Nedbank, but rumours persist that it is lining up a $65 a share cash offer for Chicago-based Northern Trust.
Analysts have already said that a tie-up between HSBC and Northern Trust would make sense as it would significantly increase the UK bank’s assets and give the combined operation a firm lead in the fledgling prime custody arena. Get the full story >>
Oct. 25, 2010 at 6:01 p.m.
Comments Off
Filed under: Bank failures, Banking, Commercial real estate, Government, Real estate Harris decides not to buy Amcore’s Rockford HQ
WIFR.com | Harris Bank has taken a pass on Amcore’s Rockford headquarters, leaving the FDIC holding the seven-story building.
Investors sue PrivateBancorp over portfolio quality
PrivateBancorp Inc., which hired dozens of former LaSalle Bank lenders in hopes of becoming the Chicago area’s top middle-market business financier, has been hit with a shareholder lawsuit saying it routinely sacrificed loan quality for quantity as it aggressively ramped up growth.
The suit, which seeks class-action status, was brought by the City of New Orleans Employees’ Retirement System. It’s represented by New York law firm Bernstein Litowitz Berger & Grossmann LLP. Get the full story »
TARP report cites bailout’s risks to public trust
An oversight panel for the government’s Wall Street bailout cited risks to the public trust over the handling of the program, as the special inspector general for the Troubled Asset Relief Program released a quarterly report Monday.
The special inspector general was created to monitor the activities of the Treasury Department involving the program started two years ago to save Wall Street from the financial crisis. Get the full story »
Former ShoreBank still on First Chicago kick
Crain’s Chicago Business | More former First Chicago employees are taking management positions ato run ShoreBank’s successor, the Urban Partnership Bank. Peggy Myles and Kristine Rull are among the latest to rejoin Chairman David Vitale at Urban Partnership.
Bernanke: Fed studying foreclosure practices
Federal Reserve Chairman Ben Bernanke, in a speech on foreclosures and housing finance, said he expects a broad federal banking and housing agency investigation into alleged improper foreclosures to conclude next month. And he lauded the Chicago Federal Reserve for its analysis of foreclosure problems at the community level.
