Regional Banking Sector Becomes a Hotbed of Merger and Acquisition Speculation
December 22 2010 - 8:46AM
Marketwired
Canada's fourth largest bank, Bank of Montreal, made headlines last
Friday when the company announced it was buying the Wisconsin
lender Marshall & Ilsley (M&I) Corporation for $4.1 billion
-- a 34 percent premium to M&I's closing price last Thursday --
in an all-stock deal. Bank of Montreal says the deal adds to its
position in the U.S. Midwest and more than doubles the branch
network it runs through its Chicago-based Harris Bank unit. The
BMO/M&I deal sparked speculation that other strong banks will
begin shopping for cheap US Regional banks. The Bedford Report
examines the outlook for companies in the Regional Banking Sector
and provides research reports on Regions Financial Corporation
(NYSE: RF) and First Horizon National Corporation (NYSE: FHN).
Access to the full company reports can be found at:
www.bedfordreport.com/2010-12-RF
www.bedfordreport.com/2010-12-FHN
Last week, shares of Regions Financial surged following a report
from the South Florida Business Journal claiming that PNC could be
looking to expand in Florida and are currently in "due diligence"
with Regions. The South Florida cited anonymous sources in the
banking industry.
The Bedford Report releases regular market updates on the
Regional Banking Sector so investors can stay ahead of the crowd
and make the best investment decisions to maximize their returns.
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Regional Banks have begun to post improving credit quality. More
thorough and cautious credit checks have led to fewer delinquent
loans and greater financial stability. As such, Banks are setting
aside less money to cover bad loans, and some are seeing loan
losses recede. While credit quality improved, the high unemployment
rate has been damaging to banks' long term loan growth. Improved
employment numbers will hopefully, in time, lead to a boost in loan
growth across the banking sector.
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