| Heard Off the Street: National City at bottom of local heap
One of Wall Street's not-ready-for-subprime players is a likely candidate for this year's worst-performing stock in the PG/Bloomberg index of local stocks. Shares of National City [Ticker: NCC] are off 43 percent this year, closing Friday at $20.86, down $1.69 for the week. Most of the damage to the stock had been done before Oct. 24, when National City reported a 69 percent drop in third-quarter profits, including a $152 million loss from its mortgage banking business. Things may have been a lot worse if the Cleveland-based bank holding company had not sold its First Franklin subprime mortgage business to Merrill Lynch late last year. Included in the transaction were about $5.6 billion in First Franklin mortgages National City was holding in its loan portfolio.
UK: Greene King acquires New Century Inns
UK brewer and pub retailer Greene King has acquired New Century Inns (NCI) from existing management and staff for a total consideration, including debt, of GBP32.6m. Read the complete article… Word count: 135 Date: 15 November 2007 Source: just-drinks.com editorial team .
Student Funding Group: More Than a Student Loan Originator
Unlike other lenders, StuFund prides itself in being not just a lender but also a Knowledge Center. Believing that students and families need to have reliable information to make an informed choice, StuFund partners with corporations to offer a variety of resources directly to consumers to help them navigate through the admissions and financial aid processes. .
IMF Executive Board Completes Fifth Review Under the PRGF Arrangement with the Kyrgyz Republic and Approves US$2 ...
The Executive Board of the International Monetary Fund (IMF) today completed the fifth review of the Kyrgyz Republic's economic performance under the three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of this review allows the release of an amount equivalent to SDR 1.27 million (about US$2 million). This brings total disbursements under the arrangement to SDR 7.61 million (about US$12.1 million). The Executive Board also approved the authorities' request to extend the PRGF arrangement until May 31, 2008 to allow for the completion of the sixth and last review. The PRGF arrangement was approved on February 23, 2005 (see Press Release No. 05/40) for an amount equivalent to SDR 8.88 million (about US$14.1 million). Following the Executive Board discussion of the Kyrgyz Republic's economic performance, Mr.
Oritani Financial Corp. (MHC) to acquire Greater Community Bancorp
WASHINGTON TWP, N.J. and TOTOWA, N.J.--(BUSINESS WIRE)--Kevin J. Lynch, Chairman, President and CEO of Oritani Financial Corp. (MHC) (“Oritani") (NASDAQ: ORIT ) the holding company for Oritani Savings Bank, announced that it has entered into a Merger Agreement providing for the acquisition of Greater Community Bancorp (“Greater Community") (NASDAQ: GFLS ) by Oritani. Greater Community is the holding company for Greater Community Bank. Under the terms of the Merger Agreement, Greater Community shareholders will be entitled to receive $21.40 per share or $187 million in aggregate deal value. The consideration mix will be 60% stock and 40% cash. The exchange ratio for the stock consideration will equal $21.40 divided by the Oritani market value as defined in the Merger Agreement, provided that the exchange ratio shall not be more than 1.4588 or less than 1.1935.
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