Merger and Acquisition Activity Helping to Strengthen Savings and Loans Sector
November 30 2010 - 11:25AM
Marketwired
Earlier this month, The FDIC announced that three regional banks in
Wisconsin, Pennsylvania and Florida have gone into receivership,
bringing the total of bank failures this year to 149. FDIC Chairman
Sheila Bair said recently that while the number of failures will
exceed the 2009 tally, the total assets of this year's failures
would probably be lower. Having said that, there are a large number
of attractively priced assets available and key players in the
savings and loans industry has been raising funds to buy assets.
The Bedford Report examines the outlook for companies in the
Savings & Loans Industry and provides research reports on
Hudson City Bancorp, Inc. (NASDAQ: HCBK) and People's United
Financial, Inc. (NASDAQ: PBCT). Access to the full company reports
can be found at:
www.bedfordreport.com/2010-11-HCBK
www.bedfordreport.com/2010-11-PBCT
The economic climate has led to a surge in Merger and
Acquisition activity in the savings and loans industry, and while
the FDIC has begun to cancel or delay transactions because of
concerns about the financial feasibility of some deal, it looks
like People's United's acquisition of Smithtown Bancorp will go
ahead as planned. Earlier this month the shareholders of Smithtown
Bancorp approved the merger with over 96% votes cast in favor of
the merger.
The Bedford Report releases regular market updates on the
Savings and Loans Industry so investors can stay ahead of the crowd
and make the best investment decisions to maximize their returns.
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In recent quarters, most companies in the Savings and Loans
industry have been setting aside less money to cover loan losses.
More thorough and cautious credit checks have led to fewer
delinquent loans and greater financial stability.
While the improving margin helped narrow losses and boost
profits among these banks, long-term growth worries still loom.
Loan growth has steadily declined due to economic uncertainties. As
evident from the high unemployment numbers, companies are not
hiring at the pace most expected this year, while capital spending
is way down.
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