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Banking & Finance

Metropolitan: The little bank that could

  21-month-old bank is turning heads in the Southeast with more than $400 million in assets Some people might label Metropolitan Bank the little bank that could. After posting its first profitable month last September, six months ahead of schedule, the 21-month old bank is turning heads in the Southeast. From the $60-million asset bank Metropolitan president/CEO Curt Gabardi and ...

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Madison County Bank gets new name

Merger expected to reap large dividends On Jan. 4, a familiar bank in Central Mississippi got a new name. Madison County Bank is now officially Community Trust Bank of Mississippi, the first readily apparent result of the bank’s merger struck last year with Community Trust Bank, which is based in Ruston, La. In Sept. 2009, the banks’ holding companies, Community ...

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State bank stocks not hit as hard by late week market losses

Hancock, Bancorpsouth, Trustmark hold solid against the tide U.S. stocks are expected to turn sharply lower for the second straight day Friday, as investors remain jittery about President Obama’s new bank plan, which seeks to prohibit banks from owning hedge and private equity funds. Shares endured a second day of heavy losses, pushing them back to December levels after the ...

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Obama's speech spooks investors

NEW YORK — The stock market turned sharply lower today as investors anxiously waited for President Barack Obama to speak about his financial overhaul plan. The Dow Jones industrial average tumbled 170 points, its fourth straight triple-digit swing. Financial stocks led the latest pullback. Obama was to announce the plan for tougher regulation of the nation’s banks in remarks at ...

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Source: Obama seeks bigger banking restrictions

WASHINGTON — President Barack Obama, eager to harness and redirect voter anger over bank bailouts, is ramping up his war on Wall Street. Building on his own proposals and the work of the House, the president wants new federal government powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk ...

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Bank of America posts $5.2B loss

CHARLOTTE, N.C. — Bank of America Corp. said Wednesday it lost $5.2 billion during the final three months of 2009 as consumers struggled to make mortgage and credit card payments and the bank repaid its government bailout money. Bank of America said its loss, which reflected the payment of preferred dividends, compared with a loss of $2.4 billion a year ...

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Renasant reports better quarter

TUPELO — Renasant Corporation saw net income for 2009 of $18.518 million, compared to $24.052 million for 2008. Basic and diluted earnings per share were $0.88 and $0.87, respectively, for 2009, compared to basic and diluted earnings per share of $1.15 and $1.14, respectively, for 2008. For the fourth quarter of 2009, net income was $4.031 million, compared to $232,000 ...

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Housing showing some positives

WASHINGTON — Construction of new homes dipped unexpectedly last month as bad weather hit much of the country. Applications for future projects, however, soared in a sign the industry is ramping up after a debilitating bust. The Commerce Department said today construction of new homes and apartments fell 4 percent in December to a seasonally adjusted annual rate of 557,000 ...

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Morgan Stanley reports big loss

NEW YORK — Morgan Stanley said today it earned $617 million during the last three months of 2009 as its investment banking operations profited from its Smith Barney joint venture. The results gave Morgan Stanley its second straight profitable quarter following a year of losses. The bank said it earned 29 cents a share on $6.8 billion in revenue. That ...

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First M&F posted loss last year

KOSCIUSKO — First M&F Corp. reported preliminary results for 2009 of a net loss of $44.048 million attributable to common shareholders, or $4.86 basic and diluted earnings per share, compared to earnings of $522,000, or $0.06 basic and diluted earnings per share, for 2008. The company’s final results are pending the completion of a review for potential impairment of goodwill ...

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