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Tag Archives: banking and finance

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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Canada holds interest rate

TORONTO, Canada — Canada’s central bank is holding its key interest rate at a record low 0.25 percent and is reiterating its expectation that it will keep the rate there until the middle of this year. The Bank of Canada said today that while a global economic recovery is under way it continues to depend on exceptional monetary and fiscal ...

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Citigroup loses $7B-plus in a quarter

NEW YORK — Citigroup said today it lost $7.58 billion during the final three months of 2009 as U.S. consumers still struggled to repay loans and the bank repaid its government bailout money. Citigroup said $6.2 billion of the loss was tied to paying back $20 billion in money it received from the federal government. The New York-based bank set ...

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Magnolia expands with Prime acquisition

HATTIESBURG — Magnolia State Bank is opening a new location in Hattiesburg, and also has acquired Prime Mortgage Inc. for an undisclosed sum. The new, full-service bank is set to open Jan. 19 at The Village shopping center on Weathersby Road. Magnolia State Bank removed a wall between the two locations in order to combine space with its new partner, ...

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ABA report finds shrinking loan delinquencies

WASHINGTON — Consumer loan delinquencies fell in seven loan categories, marking the first time since 2007 that so many loan categories experienced declines, according to the American Bankers Association’s (ABA’s) “Consumer Credit Delinquency Bulletin.” The composite ratio, which tracks eight closed-end installment loan categories, fell 12 basis points to 3.23 percent of all accounts compared to 3.35 percent of all ...

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SBA loan enhancements to continue

WASHINGTON — President Obama has signed the U.S. Department of Defense (DoD) appropriations bill, which includes $125 million to continue through Feb. 28, 2010, the enhancements made possible through the American Recovery and Reinvestment Act (ARRA) to the U.S. Small Business Administration’s (SBA’s) two largest loan programs. The SBA estimates the additional funding will support $4.5 billion in small business ...

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Hancock purchases Florida bank

GULFPORT — Hancock Holding Company has acquired the banking operations of Peoples First Community Bank (Peoples First) through a loss-sharing agreement with the Federal Deposit Insurance Corporation (FDIC). Depositors of Peoples First will automatically become depositors of Hancock Bank, and deposits will continue to be insured by the FDIC. All offices of People First opened Dec. 19 as branches of ...

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Fitch gives Trustmark an 'A-'

JACKSON — Fitch Ratings has affirmed the long-term issuer default ratings (IDRs) for Trustmark Corporation (TRMK) and its banking subsidiary, Trustmark National Bank at “A-.” The outlook is “stable.” Fitch said it has affirmed TRMK’s ratings and outlook “based on its strong capital positions, solid core earnings strength, and good franchise, particularly in its home state of Mississippi. TRMK recently ...

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Lawmakers petition for Ex-Im Bank office

NEW ORLEANS — U.S. senators Mary Landrieu, chair of the Senate Committee on Small Business and Entrepreneurship, and David Vitter along with congressmen Rodney Alexander, Charlie Melancon, Charles Boustany, Steve Scalise, Ahn “Joseph” Cao, Bill Cassidy and John Fleming, have sent a letter to the chairman of the Export-Import Bank of the United States, Fred P. Hochberg, requesting he open ...

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Trustmark repurchases shares from Treasury

JACKSON — Trustmark Corporation has completed the repurchase of its 215,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, from the U. S. Treasury Department at a purchase price of $215 million plus a final accrued dividend of $716.7 thousand. The preferred stock and a warrant to purchase 1,647,931 shares of common stock were issued to the Treasury ...

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