Home » Author Archives: Ted Carter (page 151)

Author Archives: Ted Carter

Cadence Bank offers new details on acquisition reversal

STARKVILLE — A proxy statement Cadence Bank filed with the U.S. Securities & Exchange Commission Wednesday sheds new light on one of the most high-profile reversals of the year – Cadence’s scrapping of a publicly announced “definitive” agreement to be acquired by Trustmark National Bank of Jackson in favor an offer by Houston banking investment group Community Bancorp LLC. Executives ...

Read More »

Loan Declines fail to slow Hancock’s Q3 income surge

GULFPORT — Gulfport-based Hancock Bank saw a third quarter drop in loan demand but still generated triple-digit income growth over the previous quarter. Hancock Holding Co. reported third-quarter income of $14.9 million and a diluted earnings per share price of 40-cents. The net earnings marked a 129 percent surge from the second quarter, when net income came in at $5.5 ...

Read More »

‘Tarnished franchise?’

Cadence battles public opinion after backing out of Trustmark deal; claims it saved 125 jobs in Starkville area because of the move Cadence Bank’s shareholders — especially the “insiders” who own nearly11 percent of the bank holding company’s stock — get an appealing payday from last week’s decision to scrap an acquisition deal with Trustmark National Bank in favor of ...

Read More »

Trustmark loss of CADENCE stings but it’s not permanent

Getting jilted by Cadence Bank will cost Jackson’s Trustmark National Bank 7 cents in earnings per share for 2011, banking analyst Kevin Fitzsimmons of Sandler O’Neil & Partners estimates. The 7 cents reduction puts the earnings per share for next year back to pre-acquisition estimate of $1.52, said Fitzsimmons, managing partner of the New York-based investment banking firm. He noted ...

Read More »

There are options for those with poor credit

Mississippi businesses and consumers who struggle to gain credit can turn to nearly a dozen lenders in the state that have received more than $250 million in low-cost capital from the Treasury Department under the Troubled Asset Relief Program, or TARP. Mississippi’s financial institutions led the nation in total funding from TARP’s Community Development Capital Initiative, pulling in slightly more ...

Read More »

Right in the middle of it

Dilemma at home: No easy options for state on flawed foreclosures A mess that began with big national banks adopting an assembly line approach to home foreclosures has moved from Mississippi’s doorstep into its living room. Getting rid of the intruder — and reversing its threat to the state’s banking and housing sectors — requires a temporary halt to all ...

Read More »

TALKS: Who knew what and when?

Trustmark would like to know exactly when Houston- based Community Bancorp, LLC started talking acquisition with Starkville’s Cadence Bank won’t be known until Cadence files a proxy statement with the U.S. Securities & Exchange Commission by Oct. 18. That’s some reading material that Trustmark National Bank executives will look at with interest. Trustmark executives learned upon arriving at work last ...

Read More »

Delay could cost Regions more money

Resolving complaints on Morgan Keegan troubles already has $2B price tag If time is money, Birmingham-based Regions Bank is all but guaranteed to see a rising price tag for resolving federal and state complaints that misleading advice from subsidiary Morgan Keegan caused investors to lose about $2 billion. By the end of the second quarter, Regions had placed its expected ...

Read More »

So much for a handshake

Cadence spurns Trustmark for upstart Houston investment group In the end, Starkville-based Cadence Bank’s handshake and “definitive agreement” with Trustmark National Bank went by the wayside last Wednesday in exchange for an attractive sale price and immediate capital injection of upwards of $200 million from a Houston banking investment group. The prospect of keeping intact its workforce, name and charter ...

Read More »

‘Rapids’ property up for auction this week

A foreclosure auction Tuesday on the steps of the Rankin County Courthouse will decide the future of the 25 acres that once made up the Rapids on the Reservoir water park and later set off a controversy when a developer wanted to build several hundred apartments on the land. The winning bidder will be gaining a 60-year renewable lease on ...

Read More »