Articles Tagged with ''M&A''

BB&T, SunTrust to rebrand as Truist

Announce name change as the two banks finalize "merger of equals"
When BB&T announced its pending "merger of equals" with SunTrust Banks in February, the companies said they would emerge together under a new name. On Wednesday, that name was revealed, as the two banks said they would be operating together as Truist – a moniker they said reflects their separate heritages and "shared belief in building a better future."
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BB&T, SunTrust announce new Charlotte headquarters

Merged companies will transition employees to new city
BB&T announced in February its pending merger with SunTrust Banks in a $66 billion deal that marked the largest big bank merger since the financial crisis. Now, the companies have revealed the location of their new headquarters – a 550,000-square-foot office located in a tower in Charlotte, North Carolina, set to house 2,000 employees from both banks.
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SunTrust to relocate mortgage execs pending BB&T merger

Will move some of its management to Greensboro, North Carolina
BB&T announced in February its pending merger with SunTrust Banks in a $66 billion deal that marked the largest big bank merger since the financial crisis. Now, SunTrust is sharing some details on what the deal – which combines two massive regional entities to create the sixth-largest retail bank in the U.S. – will mean for its employees.
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Morningstar to acquire DBRS in $669 million deal

Two of the largest credit ratings agencies join forces
Morningstar Credit Ratings announced today that it has entered into an agreement to acquire DBRS – the fourth-largest credit ratings agency in the world – in a $669 million deal. Combined, the two companies will become one of the largest ratings agencies for U.S. mortgage bonds. Click the headline for the full story.
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Freedom Mortgage to acquire RoundPoint Mortgage Servicing

Merger to create 7th largest U.S. servicer
Freedom Mortgage and RoundPoint Mortgage Servicing are planning to merge, the companies announced Friday. The deal will make RoundPoint a wholly owned subsidiary of Freedom and boost its servicing portfolio to more than $300 billion. Click the headline to read more.
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Global fintech investment doubled in 2018

But total number of deals increased only slightly
In 2018, global fintech investment doubled as large companies doubled down on their efforts, creating several mega deals throughout the year. The total global fintech investment increased from $50.8 billion in 2017 to a full $111.8 billion in 2018.
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University Lending acquires assets from Huron Valley Financial

Deal includes acquisition of HECM lender 1st Nations Reverse
University Lending has acquired assets from Huron Valley Financial, taking on 52 of its employees, including its wholesale lending division, HVF Partners, and its reverse mortgage channel, 1st Nations Reverse. The deal between the two Michigan-based companies will bring University’s total employee headcount to 440 and will make it the largest locally based first mortgage originator, University said.
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Kroll says some banks are rethinking viability of mortgage lending business

Predicts challenging market conditions will have some small retail operations closing up shop
The mortgage industry has witnessed very few mergers and acquisitions in the last year, despite what Kroll Bond Rating Agency calls a "fertile environment" for M&A activity. Why? Blame low profits and high origination costs. According to KBRA, the climate has some banks rethinking their positions, with some selling of mortgage assets and others simply exiting the business completely.
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