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By Bill Atkinson and Bill Atkinson,Sun Staff Writer | August 29, 1995
Stocks of local and regional banks were hopping yesterday on takeover speculation after the announcement that Chemical Banking Corp. and Chase Manhattan Corp. are merging to create the nation's biggest bank.Crestar Financial Corp.'s stock hit a record $55 a share, up $1.12; Mercantile Bankshares Corp. closed at $25.375, up 25 cents; Signet Banking Corp. closed up 75 cents at $25.75; and Columbia Bancorp's stock reached $15, up 50 cents."Almost everybody across the board has been up," said David M. West, a banking analyst with Richmond, Va.-based Davenport & Co. "It is the kind of merger frenzy you get; it is always a guessing game as who mergers with who."
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 13, 2013
Shares of Jos. A. Bank Clothiers Inc. jumped 12.5 percent Tuesday after investment manager BeaconLight Capital LLC urged the Hampstead-based men's apparel chain to change direction by reorganizing its board and returning cash to shareholders. "We are convinced that tremendous value is trapped inside the company," Ed Bosek, BeaconLight's managing partner said in a publicly released letter Tuesday to the board. Bank shares rose $5.03 to close at $45.33 per share on the NASDAQ. BeaconLight, which owns more than 1 percent of Jos. Bank stock, criticized the company's performance, lack of communications with shareholders, strategy of seeking acquisitions and "staggering" cash reserve of $377 million at the end of the fiscal year.
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BUSINESS
By Bill Atkinson | March 9, 1998
HOW HOT are bank stocks?Just ask Peter Martin, one of the top executives at Baltimore-based Provident Bankshares.He recently took in at least $2.6 million by exercising options on Provident's stock. "The appreciation has been very substantial," said Martin, Provident's president and chief operating officer.Investors who held their bank stocks, even while the industry was reeling in the early 1990s, have been richly rewarded.Citicorp's stock, for example, was selling for about $11 in October 1990, and today it trades around $130.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 25, 2013
With Jos. A. Bank Clothiers Inc. likely poised to announce year-end and fourth-quarter results this week, investors and analysts wonder just how bad it will be. So far this year, stock in the Hampstead-based men's apparel chain has sat out the stock market rally, falling 6 percent even as the Nasdaq Composite Index rose 7 percent. The concern stems from the retailer's January warning that its profit for the fiscal year ended Feb. 2 will be off 20 percent. The problems prompted Zacks Investment Research to dub Jos. A. Bank its "bear of the day" in a report issued last week.
BUSINESS
By Knight-Ridder News Service | February 5, 1991
NEW YORK -- The Dow industrials surged 41.59 points yesterday, to 2772.28, the index's highest close since Aug. 3, the day following the Iraqi invasion of Kuwait.Advancing issues led declining ones on the Big Board by a 4-1 ratio on heavy volume of 250 million shares."We'll see a continuing broad rally and large gains through the week," said Steve Berman, a banking-industry analyst at County NatWest.He said Friday's dramatic credit easing by the Federal Reserve -- which cut the discount rate for the second time in less than two months -- should help create loan demand as rates on loans to businesses and consumers come down further.
BUSINESS
By Bloomberg Business News | February 22, 1995
NEW YORK -- U.S. stocks were mixed yesterday as gains in oil and bank issues tempered losses in shares of tobacco companies.The rise in bank stocks came after Fleet Financial Group Inc. agreed to buy Shawmut National Corp. for $3.7 billion, a merger which creates the ninth-largest U.S. banking company. Shawmut's stock soared $4.375, to $25, and was the fourth-most actively traded issue."The strength in the bank area is an indication that more mergers could be in line," said Paul Hennessey, head of equities trading at Boston Co. Asset Management Group.
BUSINESS
By Peter H. Frank and Thomas Easton | January 8, 1991
Chilled by renewed fears that swept the banking industry yesterday, MNC Financial Inc. led a pack of bank stocks broadly lower, tumbling 18.5 percent to $2.75 a share as it registered the biggest percentage loss on the New York Stock Exchange.Analysts agreed that yesterday's sell-off of bank stocks was prompted by the federal takeover Sunday of Bank of New England Corp., that region's third-largest banking company.Regulators moved on the company after its announcement Friday that it could lose as much as $450 million as the real estate market in that region continued its deterioration.
BUSINESS
By David Conn and David Conn,Lipper Analytical ServicesStaff Writer | May 20, 1992
The nation's top-performing mutual fund for the year that ended in March got there by investing in small regional banks, and the fund's director said yesterday that he expects continuing solid returns for the next few years at least."
BUSINESS
By Bill Atkinson | October 10, 1999
TOM FINUCANE started to worry two years ago when the mutual fund he co-manages began soaring beyond his expectations.The John Hancock Regional Bank Fund finished 1997 with a 54 percent increase -- an unusually high return for a mutual fund that invests in stocks that typically advance more moderately."
BUSINESS
By Bloomberg Business News | October 19, 1993
NEW YORK -- U.S. stocks closed mostly lower yesterday after two major banks, Morgan Guaranty Trust Co. and Harris Trust and Savings Bank, lowered their prime lending rates, stirring concern that earnings from banks and other financial-services companies would diminish.Regional and money-center banks, telephone, and financial-services stocks were among the session's biggest losers."With the cut in the prime today, people are worried about a squeeze" on banks' future profits, said Greg Summerville, chief investment officer at Kirr, Marbach & Co. of Columbus, Ind.The Dow Jones industrial average rose 12.58, to 3,642.
BUSINESS
By Hanah Cho, The Baltimore Sun | August 31, 2011
First Mariner Bancorp, locked in a fight for survival, suffered another setback Wednesday when its stock was delisted from the Nasdaq stock market. Starting Thursday, First Mariner shares will be traded on the over-the-counter bulletin board. The latest development comes as the company is trying to raise desperately needed capital to close a deal that would keep regulators at bay and the bank in business. The deal requires the Baltimore company to raise nearly $124 million by Thursday or risk losing a cash infusion from a New York investment firm.
BUSINESS
By By Hanah Cho | June 3, 2010
Fairmount Bancorp in Baltimore said Thursday it has completed a stock offering that raised about $4.4 million to convert its namesake bank from a mutual to a stock entity. The company said 444,038 shares were sold at $10 apiece. Shares were expected to begin trading Thursday on the OTC Bulletin Board under the symbol "FMTB." The bank, founded in 1879, is located in the Rosedale area. hanah.cho@baltsun.com
BUSINESS
By Jim Puzzanghera and Walter Hamilton and Jim Puzzanghera and Walter Hamilton,Tribune Washington Bureau | March 24, 2009
The Obama administration released the long-awaited details Monday of its plan to cleanse banks of bad home loans and toxic assets, igniting a major Wall Street rally as investors glimpsed what might be the beginning of the end of a problem at the core of the financial crisis. The Dow rocketed nearly 500 points after Treasury Secretary Timothy F. Geithner briefed reporters on the administration's innovative but untested plan, which makes a strategic bet that partnering with private investors to buy the assets will stabilize the crisis while limiting the risk to taxpayers.
BUSINESS
By TRICIA BISHOP and TRICIA BISHOP,SUN REPORTER | December 2, 2005
Shares of Jos. A. Bank Clothiers Inc. dropped sharply yesterday after the menswear chain announced a smaller-than-expected increase in sales. Two investment firms also downgraded the Hampstead company's stock. Jos. A. Bank reported yesterday morning that last month's same-store sales rose 3.8 percent over November last year. Same-store results are from outlets open at least a year. Analysts polled by Thomson Financial had expected an increase of 7.4 percent, causing the company's stock to tumble $6.95, or 13.9 percent, to close at $43.06.
BUSINESS
By Pat Dorsey and Pat Dorsey,MORNINGSTAR.COM | June 9, 2002
Conventional wisdom says that financial stocks - especially those of banks - tend to do poorly when interest rates are on the rise. So with rates at historic lows, now is a terrible time to buy financial stocks, right? Wrong. In this case, the Wall Street chestnut that an incipient rise in rates is a "sell" signal for financial stocks is much too simplistic. True, plain-vanilla banks that derive the majority of their profits from lending can get dinged when rates go up, but a lot of banks have substantial revenues from sources that aren't sensitive to interest rates, and some banks are a lot less sensitive to rising rates than others are. Moreover, some financial-services companies - such as investment banks - aren't directly affected by rates one way or the other.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 23, 2000
Shares of Mercantile Bankshares Corp. continued their recent ascent yesterday, pushing to yet another high and chalking up a 10.8 percent gain for the week. Analysts attributed the strength in the shares of the state's largest independently owned banking company to investors who are seeking havens for their money. Mercantile rose 12.5 cents to $43.69 yesterday. The shares have risen 13.9 percent in December alone, and 36.8 percent since the year began. "What is driving it is the flight to quality that is permeating the marketplace," said Gerard Cassidy, a banking analyst at Tucker Anthony Capital Markets, a Boston-based brokerage firm.
BUSINESS
By Donald Saltz | September 13, 1991
Bank stocks have suffered through the last couple of years as poor real estate loans became visible and earnings tumbled. This has been a time of banks merging out of necessity, and in other cases, of hanging on with difficulty.Most of the troubles in the banking industry are known. In some cases, though, the severity of the problems could become even greater, such as deepening losses on real estate loans. In general, though, the troubles are spread before us.The question in the minds of investors is whether bank shares have suffered the worst or, are they at the bottom and ready to go up.It appears that many bank stocks are at their worst, but it also seems as if there isn't any strength to push up the share prices of the problem banks.
BUSINESS
By Donald Saltz | July 19, 1991
The planned merger announced early this week of the Chemical Banking Corp. and Manufacturers Hanover Corp., both New York based, is designed to greatly strengthen the two companies by increasing the capital level and sharply reducing overhead. The merger will enable the closing of dozens of overlapping offices and reduction of thousands of employees.The intended merger is also winning back confidence among many investors who like bank stocks but have been wary of them. The concept of large banks combining with each other has boosted the value of bank shares because it is a favorable factor with no deadline.
BUSINESS
By Rona Kobell and Rona Kobell,SUN STAFF | May 3, 2000
After five years of aggressive growth at First Mariner Bancorp, Chairman Edwin F. Hale said yesterday that he's holding tight for the rest of the year. Hale told shareholders at the annual meeting for the parent company of First Mariner Bank that the Ellicott City and Crofton branches will be last ones opened in 2000. That will give First Mariner 26 branch offices and 10 mortgage offices, extraordinary growth for a 5-year-old bank. Hale has said he envisioned building the bank to $2 billion in assets.
BUSINESS
By Bill Atkinson | October 10, 1999
TOM FINUCANE started to worry two years ago when the mutual fund he co-manages began soaring beyond his expectations.The John Hancock Regional Bank Fund finished 1997 with a 54 percent increase -- an unusually high return for a mutual fund that invests in stocks that typically advance more moderately."
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