September 14, 1991 |
After fielding competing bids for six months, Ameritrust Corp. agreed Friday to a $1.2-billion merger with rival Cleveland bank Society Corp. The merger will create the nation's 24th-largest commercial bank, with $26 billion in assets and 500 offices in Ohio, Indiana, Michigan, Connecticut and Texas. The hookup is the latest in a series of mergers that have united some of the country's most powerful banks. Ameritrust, the nation's 56th-largest bank with $10.
September 6, 2006 |
Merrill Lynch & Co. said Tuesday that it agreed to buy National City Corp.'s First Franklin Financial Corp. unit for $1.3 billion to expand in sub-prime mortgage lending. The purchase is the latest of several mergers involving sub-prime lenders, which offer loans to less creditworthy borrowers, as volumes fall and margins are squeezed.
December 10, 2005 |
There were fewer overvalued U.S. housing markets in the third quarter, but 38% of the top 299 metropolitan markets remained at risk of a sharp drop in prices, including 25 in California, a study released Friday indicated. The report from financial holding company National City Corp. and economic analysis firm Global Insight said the number of "extremely overvalued" markets declined to 65 in the third quarter from 67 in the second quarter.
March 19, 2005 |
The cost of goods imported into the United States rose in February as oil prices soared, and higher prices at the gas pump in recent weeks put a damper on consumer confidence, according to economic data released Friday. Import prices were 0.8% higher in February compared with January, and 6.1% above February 2004 levels, the Labor Department said. Export prices were unchanged in February from the previous month and up 3.4% from a year earlier. Petroleum prices jumped 3.
March 1, 2005 |
Americans bought fewer cars and new homes in January, suggesting the U.S. economy will get less of a boost from consumers in the first quarter. Consumer spending was unchanged after December's 0.8% rise, the Commerce Department said Monday. Separately, the department reported new-home sales unexpectedly declined 9.2% to a 1.11 million annual rate in January. Corporate spending may help pick up the slack.
August 16, 2006 |
Prices paid to U.S. producers excluding food and energy unexpectedly fell in July, the government said Tuesday, the first piece of evidence backing the Federal Reserve's forecast that inflation will slow. The so-called core rate dropped 0.3%, the first decrease since October, the Labor Department said. None of the 60 economists surveyed by Bloomberg News had forecast a decline. Overall prices in July gained 0.1%.
April 30, 2008 |
Citigroup Inc. said Tuesday that it planned to sell $3 billion of common stock to bolster its capital levels, sending its shares down in after-hours trading. The largest U.S. bank is raising capital after suffering a $15-billion net loss over the last two quarters and reporting more than $45 billion in write-downs and credit losses since June 30. Chief Financial Officer Gary Crittenden said Citigroup had received "strong" interest in the public offering. The company said the issue might grow in size.
April 12, 2008 |
Confidence among U.S. consumers fell to a 26-year low after unemployment increased and gasoline prices surged, threatening the spending that accounts for more than two- thirds of the economy. The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.2 this month. It was the weakest level since 1982, when the jobless rate approached 11%, the worst since the Great Depression.
January 10, 2007 |
Popular Inc., a San Juan, Puerto Rico-based bank holding company, said it would close its sub-prime lending unit, a move that would cost the bank $39 million in charges and about 627 people their jobs. The company, owner of Banco Popular de Puerto Rico, plans to exit its wholesale nonprime mortgage origination business early in the current quarter and close its wholesale broker, retail and call-center units, said a federal filing Tuesday.