North American Financial files for $300M IPO
North American Financial Holdings Inc., a company formed in late 2009 to acquire distressed and failing banks in the Southeastern U.S., said on Friday that it is preparing a $300 million initial public offering.
Former Bank of America Corp. Vice Chairman R. Eugene Taylor is the holding bank's CEO. He teamed up with other former Bank of America executives and a veteran Morgan Stanley research analyst in the wake of the financial crisis with plans to scoop up failed banks in Federal Deposit Insurance Corp. auctions and buy other troubled banks.
North American Financial, which is based in Miami, said in a filing with the Securities and Exchange Commission that it intends to create a "mid-size regional bank" in the South.
Using $900 million raised in private stock sales to investors, the group has already acquired five bank chains and said it is in the middle of buying a sixth. North American intends to reorganize all the different banks under a "Capital Bank"-branded chain.
The IPO's proceeds will go toward more bank acquisitions.
North American said that counting the sixth bank acquisition, it has $7.2 billion in total assets, $4.4 billion in loans and $5.5 billion in total deposits.
Non-performing loans were $262.8 million as of March 31.
Bank Of Ameica - News
North American Financial Holdings Inc., a company formed in late 2009 to acquire distressed and failing banks in the Southeastern US, said on Friday that it is preparing a $300 million initial public offering. Former Bank of America Corp.
A man was caught stealing a bank bag from an El Cajon Bank of America customer Friday night, potentially shedding light on a month-long series of bank bag robberies throughout San Diego County. Friday's robbery occurred outside the
Bank of America says the fee will be waived if the debit card is stolen. (Robert Caplin/Bloomberg News) By Candice Choi As if losing your debit card isn't headache enough. It may soon cost you $5 as well. Charlotte, NC-based Bank of America,
Surveillance video of teen shot in Lansing bank ro: Officer Brian Rendon has been cleared after prosecutors say he acted in self-defense when he shot and killed 17-year-old Derrinesha Clay inside a Bank of America after a break-in, March 14, 2011.
The Financial Select Sector SPDR Fund (NYSE: XLF ) closed Friday with a 0.6% loss as top holding Bank of America (NYSE: BAC ) weighed on the sector fund, while Citigroup (NYSE: C ) after the closing bell said
Mortgage Loans | Bank Of America Outreach Offers Homeowners In ...
Hundreds of financially strapped homeowners perplexing to rescue their homes from foreclosure or struggling to make their monthly housing loan payments attended a Bank of America patron overdo eventuality Thursday at the Miami Beach Convention Center.
“Our assignment here is to see customers face to face and help them with solutions and decisions,” mentioned Rebecca Mairone, national housing loan overdo senior manager from Bank of America.
The bank sent out scarcely 36,000 solicitations for those who need help inside of a 150 miles of Miami. The eventuality continues by Saturday.
About 300 Bank of America employees are set up at the gathering core to support housing loan holders who wish to remodel their home loans and presumably descend monthly payments.
Some had appointments; others stood in line for hours. The whole routine can take 3 to 4 hours.
“We wish to make ourselves approachable in every ability you can fathom,” mentioned Phillipa Ashby, a Bank of America coordinator is to event.
The routine starts with an spontaneous training session addressing housing loan scams that customers censure for their stream problems and ends, more frequently than not, with the patron securing a new housing loan by an on-site specialist. Nearly 75 percent of customers that advance to the eventuality leave with a new agreement, Ashby said.
“We don’t leave until the final patron leaves,” Ashby said. “We can give them a loan preference on site.”
For those who can’t secure a loan restructuring, there’s still hope.
“There will be times you can’t keep a patron in their home,” Mairone said. “In those cases, you wish to ensure the customers unequivocally comprehend their options.”
Although the eventuality is orderly by Bank of America, it has sought to bring itself closer to the residents by sponsoring a few local nonprofit organizations, one of that is the Housing Counseling Agency bend of the National Investment Division.
Danny Felton, who has been with NID-HCA for 3 years and is right away a bend office manager, is there to help mortgage-holders comprehend the countless compulsory credentials they contingency bring to the event.
“A lot of times, the greatest complaint that they have is that they don’t comprehend the paperwork,” Felton said. “Our purpose is to work with the bank to unequivocally go by that routine and help them full the documents.
Bank Of Ameica - Bookshelf
The Story of Bank of America, Biography of a Bank
The story of the rise and growth of the Bank of America. This is a reprint. Original title was: Biography of a Bank: The Story of Bank of America NT & SAThe tumultuous history of the Bank of America
AR's spirit — and his bank's money — were there on the crest as the floodgates were raised on the crown jewel of the Central Valley irrigation project and ...The Bank America
II THE BANK OF AMERICA THE promoters of the Bank of America were stockholders in the old Bank of the United States, and included among their number several ...Crash of the Titans, Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America
The Financial Times reporter who revealed key controversies pertaining to the Merrill Lynch-Bank of America merger presents a dual portrait of John Thain and ...THE BANK OF AMERICA
THE BANK OF AMERICA MANHATTAN Island was discovered in the year 1609. The Dutch West India Company obtained its charter in 1623, and on May 6, 1626, ...Day-by-day Articles Directory
Bank of America | Home | Personal
Welcome to Bank of America, the nation's leading financial institution and home for all of your personal financial needs.
Bank of America
IRAs
Wells Fargo
Open a Checking Account Online. Convenient access to over 18 ...
Open your checking account online with Bank of America to get Online Banking with Bill Pay, Keep the Change® & Add It Up® programs, and convenient access to ATMs.