Items Tagged with 'Preferred stock'


  • Two Banks Unveil Capital-Raising Plans

    Fifth Third Bancorp [stock FITB][/stock] and Huntington Bancshares [stock HBAN][/stock] revealed late Wednesday capital-raising action plans. After failing to successfully endure the government's stress tests, meant to evaluate the potential performance of the nation's 19 largest banks under more severe economic conditions, Fifth Third was told on May 7 it must raise a capital buffer in sum of $1.1bn.
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  • Strapped for Capital, Citi Gets Creative

    Faced with regulator pressure to secure $10bn in fresh capital, Citigroup [stock C][/stock] is considering some creative pay alternatives for its employees. It's also considering forcing shareholders to step up to the fund-raising initiative.
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  • Moody's Downgrades BofA, Wells Fargo

    Saying that it expects both banks to need further "systemic support" -- codespeak for government funding -- Moody's Investors Service on Wednesday cut key debt and bank ratings for both Bank of America Corp. [stock BAC][/stock] and Wells Fargo & Co. [stock WFC][/stock]. In particular, Moody's cut Bank of America, N.A.'s bank financial strength rating (BFSR) to D from B-, while Wells Fargo Bank N.A. saw its BFSR cut to D+ from a prior B rating.
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  • Government to Take Up to 36% Citi Stake

    Citigroup Inc. [stock C][/stock] with the U.S. Treasury Department on Friday announced it would exchange common stock for the preferred securities obtained by the Treasury through the Capital Purchase Program (CPP), effectively increasing the government's share of the company to 36 percent. The transaction was designed to increase Citi's tangible common equity and restore investor confidence "without any additional U.S. government investment," the bank said.
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  • Private Equity Firm to Invest $250 Million in Flagstar

    Ailing Flagstar Bancorp, Inc. [stock FBC][/stock] announced Thursday that it has entered into an investment agreement with MatlinPatterson Thrift Investments LP, in which MatlinPatterson will inject $250 million in Flagstar, taking a 70-percent stake in the Troy, Mich.-based bank.
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  • Mortgage REIT Insider: FBR's Feet Held to the Fire

    Friedman, Billings, Ramsey Group [stock FBR][/stock] provided a disappointing debut for the third-quarter earnings season. FBR reported a GAAP net loss of $1.12/share and posted a cash operating loss of $1.5 million for the third quarter. Results were weighed down primarily by non-cash marks to the existing MBS portfolio, which swamped the $4.1 million gain realized on the repurchase of outstanding trust preferred.
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