BB&T Corporation’s (BBT) third quarter earnings of 23 cents per share were in line with the Zacks Consensus Estimate. However, this compares unfavorably with earnings of 65 cents in the year-ago quarter. The year-over-year decrease in earnings was due primarily to a 94.8% increase in provision for credit losses and other costs related to the credit environment. However, strong growth in revenue, net interest margin and non-interest-bearing deposits were impressive during the quarter. The quarter was also characterized by strong capital levels, increased production in mortgage banking operations and strong growth in commercial loans as well as low-cost client deposits. The results were also positively impacted by the Colonial acquisition. On Aug. 14, BB&T assumed all of the deposits and certain assets of Colonial Bank (Colonial) after it was seized by regulators. This is the biggest acquisition in BB&T’s history, creating the nation's eighth-largest financial ...

• Eaton (NYSE:ETN) reported third quarter earnings were benefitted by "improved production and lower costs."  The company reports third-quarter EPS of $1.21 ex-items versus $1.95 a year earlier, and well above Zacks projections of $0.91 as revenues fell 26% to $3.03 billion. The company set full year operating projections at $2.40-$2.50

• Hasbro (NYSE:HAS) reported third quarter earnings of 99 cents, versus Zacks estimates of 92 cents a share, although revenues of $1.28 billion were below Zacks projections of $1.34 billion

• BB&T (NYSE:BBT) reported third quarter fully diluted results of 23 cents versus 65 cents a year earlier, inline with Zacks estimates of 23 cents. According CEO King, "Our revenue growth for the quarter was very strong at 16.1%, the net interest margin is improved, growth in noninterest-bearing deposits is exceptional and the impact from the Colonial acquisition is positive. However, our earnings continue to be negatively affected by a significant

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U.S. Bancorp (USB) has signed a deal with BB&T Corp. (BBT) to acquire the latter’s banking operations in Nevada . As per the agreement, U.S. Bank National Association, U.S. Bancorp’s lead bank, will purchase about $800 million in deposits and certain branches of BB&T’s Nevada banking operations.   The deal is subject to regulatory approval and is expected to close in early 2010. The acquisition involves deposits of those branches that BB&T had recently acquired from the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank.  The purchase will fortify U.S. Bancorp’s business in Nevada . The company expects this acquisition to meet or exceed the company’s internal rate of return and earnings per share accretion targets.  Last week, US Bancorp has announced that its lead bank, U.S. Bank, has agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of ...

After enduring extraordinary shocks in 2008, the U.S. banks entered an exceptional state of turmoil in 2009. Starting as a credit issue in the subprime segment of the mortgage market, the sticky situation spread to almost the entire financial services industry, and all corners of the globe. In other words, the financial crisis ultimately morphed into a massive economic crisis, which has had major ramifications across the whole world. Although the banking industry is dealing with liquidity and confidence challenges, it now has financial support from the U.S. government. The government has taken several steps, including programs offering capital injections and debt guarantees, to stabilize the financial system. We believe that the worst of the credit crisis is now probably behind us. After almost a year of initiating the $700 billion Troubled Asset Relief Program (TARP), a lot has improved with respect to the economic crisis, but ...

Pursuant with the overdraft reforms pressed by Congress, BB&T Corporation (BBT) announced changes to its overdraft fee policies. The company announced on Sept. 28, 2009 to overhaul the overdraft fees on consumers in case the account is overdrawn by less than $5 dollars. The bank also announced that it will limit the number of overdraft fees to no more than four per day. It would also offer “opt out" ability to customers who prefer that the bank decline or return any transaction on their account, whenever possible, when they are presented against insufficient funds. The changes will take effect during the first quarter of 2010. The changes follow U.S. congressional leaders' criticism of bank account fees and come as the banks digest rule changes for credit card fees. The law sharply restricts credit card issuers' ability to raise interest rates on existing balances, to charge certain ...

After almost a year of initiating the $700 billion Troubled Asset Relief Program (TARP), a lot has improved with respect to the economic crisis. Though the economy is in far better shape now than a year ago, there are persistent problems which need to be addressed by the government before shifting the strategy to growth. We believe that the U.S. economy will regain the growth momentum once these issues are resolved. On Thursday, U.S. Treasury Secretary Timothy Geithner said that the government won't provide additional funds to stabilize the financial markets and the government’s economic team has removed a $750 billion line item from the federal budget projections, since it is unlikely to be necessary. The TARP panel members, however, are not happy as most of the taxpayer-provided money was provided to financial institutions. But this is what was required as financial institutions are the backbone ...

Based on a ranking analysis released on Wednesday by Virginia-based research firm SNL Financial, Bank of America Corporation (BAC) still remains the highest ranked banking institution in U.S. by second-quarter total assets. The analysis was based on the filings of Federal Deposit Insurance Corporation (FDIC). According to the filing, as of June 30, 2009, Bank of America has total assets of $2.3 trillion and total deposits of $971 billion.   Earlier this week, Bank of America offered to repay a part of the $45 billion it had received from the U.S. government in relation to its participation in the Troubled Asset Relief Program (TARP). Also, the repayment offer was aimed to end a loss-sharing deal with the government related to its acquisition of Merrill Lynch & Co. The completion of the payments would enable Bank of America to reduce part of government involvement in its affairs....

Less than two weeks after Federal Deposit Insurance Corporation (FDIC) seized Colonial BancGroup’s (CBCG) banking operations, the holding company filed for Chapter 11 bankruptcy protection yesterday. Most of Colonial’s banking assets were sold to BB&T Corp. (BBT).   The shutdown of Colonial BancGroup’s banking operations is the biggest bank failure so far this year, and the sixth-largest in U.S. history.   The estimated cost of Colonial BancGroup’s failure to the deposit insurance fund would be $2.8 billion. The FDIC and BB&T have signed an agreement to share losses on about $15 billion of Colonial BancGroup’s loans and other assets.   BB&T expects losses in the loan portfolio acquired from Colonial BancGroup’s banking operations of $5 billion will not have a negative impact on its earnings because of its loss-sharing agreement with the FDIC.   For the last several quarters the holding company posted losses as a result ...

Global Consumer Acquisition Corp. (GHC) announced yesterday that it intends to buy some or all of BB&T Corp.’s (BBT) 21 branches in Nevada. Those branches were acquired by BB&T as part of its takeover of Colonial BancGroup last Friday. Global is in discussion with BB&T about its intention.

In July, Global reached an agreement with Colonial to buy the 21 branches, which have about $492 million in deposits and $440 million in loans. However, the deal had been invalidated by the takeover of Colonial by BB&T.

The Colonial deal is the biggest acquisition in BB&T’s history, creating the nation's eighth-largest financial holding company by deposits. Previously, BB&T had only three branches in Alabama. After the takeover, BB&T gained an additional 90 Colonial branches across the state and 204 branches in Florida, up from 107 offices previously.

BB&T has already started the integration process and expects merger and

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Thursday August 20, 2009

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Medis Technologies (Nasdaq: MDTL) today announced that, subsequent to its notification by Nasdaq that Nasdaq considers Medis to be out of compliance with various Nasdaq requirements including the maintenance of certain levels of net worth, Medis’ common stock will be delisted from the Nasdaq Global Market effective at the open of business tomorrow and is expected to be quoted on the Pink Sheets beginning at the opening of the market tomorrow. The ticker symbol will remain the same: MDTL.

The LGL Group, Inc. (NYSE Amex: LGL), today announced results for the quarter ended June 30, 2009. LGL is the holding

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