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Tag Archives: banking

BILL CRAWFORD: Are state leaders ready for big cuts in federal funds?

Topnotch finance experts assess risks and plan for downturns as diligently as they evaluate and promote upside opportunities.    Mississippi’s economy has become more reliant than ever on federal funds. Should President Donald Trump and conservative leaders succeed in their plans to slash federal spending, the risks to our state economy would be substantial, if we aren’t ready. So, do our ...

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Mississippi, other states order mortgage firm to cease and desist

  By JACK WEATHERLY Mississippi and more than 20 other states have issued cease and desist orders against Ocwen Loan Servicing, LLC, the nation’s second-largest nonbank mortgage firm, which the federal Consumer Financial Protection Bureau contends in a separate legal filing is guilty of “years of widespread errors, shortcuts and runarounds” that have cost some borrowers money and others their ...

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UPDATE: S&P latest to hit Mississippi with negative credit outlook

  By TED CARTER It could have been worse. That’s the assessment Mississippi State Treasurer Lynn Fitch made after a Standard & Poor’s credit outlook downgrade to negative for Mississippi’s general obligation bond debt. Mississippi’s gets to keep its AA rating from S&P Global Ratings, but the ratings agency doesn’t see a fiscal turnaround ahead for the state any time soon. ...

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Louisiana bank failure is costliest since financial crisis

Regulators on Friday seized New Orleans-based First NBC Bank in the costliest bank failure since the financial crisis, with cleanup costs estimated at $1 billion . The Louisiana Office of Financial Institutions handed the bank to the Federal Deposit Insurance Corp. in the fourth failure of a federally insured bank this year. Hancock Holding Co. of Gulfport, Mississippi, bought $1.6 billion in ...

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Healthy profits push stocks higher yet; Nasdaq crosses 6,000

Profits are climbing for companies, and so are their stock prices. More big businesses joined the earnings parade Tuesday, saying their profits were even larger in the first three months of the year than analysts were expecting, including Caterpillar and McDonald’s. The encouraging reports pushed U.S. indexes to their second straight day of big gains, placing them either close to ...

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US stocks follow global markets higher after French election

U.S. stocks joined a worldwide rally Monday morning after election results in France over the weekend raised expectations that the European Union and euro currency will remain intact. A candidate seen as pro-business won the most votes in Sunday’s vote, and many investors expect him to win a runoff election against the remaining anti-EU candidate, which is set for May ...

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State bankers say Trump effect is positive

By CALLIE DANIELS BRYANT Some Mississippi bankers are confident the Trump administration will have a much-needed impact on public banks.  Several have already witnessed a rise in stocks since election day. “The effect (of the new presidential administration) has been extremely positive,” said Hoppy Cole, president and CEO of The First, a national banking association. “We are a publicly-traded company, ...

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US stocks meander as energy companies sink, industrials rise

U.S. stocks are little changed Friday morning after a big gain the day before. Energy companies are falling after one of the largest companies in the industry, Schlumberger, announced lower revenue than investors hoped. Toy maker Mattel is nosediving after it reported a big drop in sales. KEEPING SCORE: The Standard & Poor’s 500 index lost 1 point to 2,354 ...

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US stock indexes slide in afternoon trading; oil rebounds

U.S. stocks edged lower in late-afternoon trading Tuesday, led by declines in banks and technology companies. Real estate stocks notched the biggest gains. Bond yields fell and the price of gold rose as investors monitored heightened geopolitical tensions. Oil prices recovered after an early slide. KEEPING SCORE: The Standard & Poor’s 500 index fell 7 points, or 0.3 percent, to ...

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Trustmark Corp. completes $23.7 million purchase of Reliance Bank

Jackson-based Trustmark Corp. on Monday said it has completed  its previously announced acquisition of Athens, Ala.-based Reliance Bank for $23.7 million in cash. “We are excited to welcome our newest associates and their customers to the Trustmark family and further expand our franchise in Athens and the surrounding Huntsville area,” said Trustmark President and Chief Executive Gerald R. Host. “Reliance Bank, ...

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