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PNC And National City, An Inorganic Approach

Mon, 27 Oct 2008 21:41:00 GMT

On Friday, leaders from PNC Financial Services Group (PNC: 61.07, +2.19 (+3.72%)) came to an agreement to acquire National City Corp (NCC: 2.18, +0.11 (+5.31%)) for about $5.2 billion in an all stock deal. The deal came to a close after the U.S. Treasury invested $7.7 billion in preferred shares of PNC in association with the deal. An agreement wouldn’t have been reached if the government didn’t step in to provide some type of funding for the deal.[More...]

Yahoo Sucks

Wed, 23 Apr 2008 16:36:04 GMT

Give me a break.[More...]

Margin Calls

Thu, 06 Mar 2008 14:32:20 GMT

The above chart is the Market Vectors Coal ETF ticker KOL. Nothing here yet but something to watch closely.[More...]

When Boom Turns to Bust

Thu, 03 Jan 2008 14:29:41 GMT

There are a few hallmarks that define any bubble. One is the popular notion that making money is so easy. Another is the belief that anyone can do it. Yet another is the sense that even if things don't quite work out, there's little or no downside. Yet when boom turns to bust, one outcome is always the same: fools who should have known better, saddled with large losses, desperately trying to pick up the pieces. In "How Safe Bank Tried Subprime And Got Singed," the Wall Street Journal reports on the fallout afflicting one institution that apparently saw only upside during the easy money days of recent years.National City, in Mo[More...]

Money Talks and...

Tue, 18 Sep 2007 13:37:01 GMT

Throughout this year, Wall Street's so-called experts have argued that the subprime problem was "contained," or have repeatedly called for a bottom, or have suggested that the Federal Reserve would wave its magic wand and somehow make America's myriad financial problems disappear. Meanwhile, the shares of most financial firms have been sliding, both in absolute terms and relative to the overall market, as investors discounted all sorts of bad news to come. That was real money being wagered on what would happen down the road, unlike the rose-colored fantasies being spun by analysts, strategists, and pundits who haven't quite figured out how things work in the real world. In "E*Trade, Bank of America Forecast Damage From Subprime Fallout," Bloomberg reports on developments that lend some creden[More...]

Cuomo: BofA is Ducking Questions: N.Y. Attorney General's Office Wants to Know What Bank's Lawyers Advised Executives About Merrill Lynch Bonuses.

Wed, 09 Sep 2009 13:46:00 GMT

Sep. 9--The office of New York Attorney General Andrew Cuomo upped the ante in its investigation of Bank of America Corp., accusing the bank of using attorney-client privilege to avoid investigators' questions.
Bank of America has either declined to answer questions about or not made appropriate disclosures about its knowledge of bonuses and mounting losses at Merrill Lynch, according to Cuomo's office, which is investigating billions of dollars of bonuses rushed out to Merrill employees last year.
Bank officials have cited attorney-client privilege as their defense, according to the seven-page letter sent to Bank of America's outside counsel.

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Area Drew Many Risky Home Loans: As a Result, the Willamette Valley is Likely to Continue Seeing People Lose Their Homes to Foreclosure in the Next Two Years

Thu, 07 May 2009 18:56:00 GMT

May 7--The Willamette Valley was a hot spot for subprime mortgages four years ago -- much to the enduring misery of valley homeowners, according to an investigation published Wednesday.
The firms -- most now defunct or sold to avoid bankruptcy -- include Washington Mutual, Countrywide Financial Corp., New Century Financial Corp. and First Franklin Corp., according to the analysis by the Center for Public Integrity, an investigative reporting group funded by charitable foundations.
The Willamette Valley was ripe for subprime and other types of high interest lending because housing prices got ahead of incomes, one of the most prolific subprime lenders took root in the Northwest and financial incentives spurred brokers to herd home buyers into the maximum amount of high priced deals, Merkley and others said.

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Foreclosure Workshop to Be Held at Miami Beach Convention Center

Mon, 20 Apr 2009 21:19:00 GMT

Apr. 20--The HOPE NOW Alliance, a private consortium of mortgage companies and nonprofit counselors whose mission is to prevent foreclosures, will host a free two-day workshop for homeowners at the Miami Beach Convention Center Wednesday and Thursday.
As many as 6,000 South Florida homeowners are expected to attend the workshop, which is being co-sponsored by NeighborWorks America, a HUD-certified nonprofit.
Lenders and servicers said they had helped 134,000 borrowers nationally in February through loan modifications, according to HOPE NOW.

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First Franklin Reports Loss, Declares No Dividend for Q1

Sat, 07 Mar 2009 01:57:18 GMT

First Franklin Corporation, the parent of Franklin Savings and Loan Company, has recorded a net loss of $1.41 million ($0.84 per basic share) for the year ended December 31, 2008, compared to net income for the year ended December 31, 2007 of $456,000 ($0.27 per basic share).[More...]

Bank's Demise One for Textbooks: National City's Plunge into Subprime Market First Lucrative, Then Fatal

Sun, 16 Nov 2008 18:54:00 GMT

Nov. 16--The notion of combining regional-banking giants National City Corp. and PNC Financial Services Group of Pittsburgh isn't new.
Discussions along those lines have taken place as long ago as the 1980s.
"We used to talk about merging," said Julien McCall, chairman of National City from 1979 to 1986.

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First Franklin Corporation (FFHS) Announces Second Quarter 2009 Net Income

Fri, 24 Jul 2009 22:56:00 GMT

First Franklin Corporation , the parent of Franklin Savings and Loan Company, Cincinnati, Ohio today announced net income of $7,000 for the second quarter of 2009 and $267,000 for the six months ended June 30, 2009. This compares to a net loss of $874,000 for the second quarter of 2008 and a loss of $770,000 for the six months ended June 30, 2008.In May 2009, the Federal Deposit Insurance Corporation imposed a special assessment on all insured depository institutions of five basis points times the amount of the institution's assets. As a result, in the current quarter, Franklin Savings recognized a $150,000 expense for the special assessment.Franklin Savings has eight locations in Greater Cincinnati. The Corporation's common stock is traded on the NASDAQ Global Market under the symbol 'FFHS'.[More...]

First Franklin Corporation (FFHS) Announces 2009 First Quarter Net Income Doubles

Fri, 17 Apr 2009 22:55:00 GMT

First Franklin Corporation , the parent of Franklin Savings and Loan Company, Cincinnati, Ohio today announced net income of $260,000 for the quarter ended March 31, 2009. This compares to net income for the quarter ended March 31, 2008 of $104,000 .[More...]

First Franklin Corporation (FFHS) Announces 2008 Year End and Fourth Quarter Results and Dividend Action

Fri, 06 Mar 2009 22:55:00 GMT

First Franklin Corporation , the parent of Franklin Savings and Loan Company, Cincinnati, Ohio today announced a net loss of $1.41 million for the year ended December 31, 2008 and a loss of $597,000 for the fourth quarter of 2008. This compares to net income for the year ended December 31, 2007 of $456,000 and $89,000 for the fourth quarter of 2007.[More...]

First Franklin Corporation Declares Quarterly Dividend - Dec 22 2008 3:07PM

Mon, 22 Dec 2008 18:55:00 GMT

The Board of Directors of First Franklin Corporation has declared a dividend of $0.045 per share for the fourth quarter of 2008. This is the eighty-fourth consecutive dividend paid by the company. The quarterly dividend will be payable January 20, 2009 to shareholders of record as of January 9, 2009. In accordance with NASD regulations, the ex-dividend date for this dividend payment is expected to be January 6, 2009. Persons who buy or sell shares should consult their brokers regarding the timing of their transactions and the effect of the ex-dividend date.[More...]

First Franklin Corporation (FFHS) Reports Third Quarter Earnings

Fri, 31 Oct 2008 22:55:00 GMT

First Franklin Corporation , the parent of Franklin Savings and Loan Company, Cincinnati, Ohio today announced a net loss of $39,000 for the third quarter of 2008 and a loss of $809,000 for the nine months ended September 30, 2008. This compares to net income of $104,000 for the third quarter of 2007 and $367,000 for the nine months ended September 30, 2007.[More...]

First Franklin Corporation Declares Quarterly Dividend - Oct 3 2008 7:13PM

Fri, 03 Oct 2008 22:55:00 GMT

The board of directors of First Franklin Corporation has declared a dividend of $0.045 per share for the third quarter of 2008. This is the eighty-third consecutive dividend paid by the company. The dividend will be payable October 20, 2008 to shareholders of record as of October 10, 2008. In accordance with NASD regulations, the ex-dividend date for this dividend payment is expected to be October 7, 2008. Persons who buy or sell shares should consult their brokers regarding the timing of their transactions and the effect of the ex-dividend date.[More...]

First Franklin Corporation (FFHS) Announces Earnings

Thu, 24 Jul 2008 13:40:00 GMT

First Franklin Corporation , the parent of Franklin Savings and Loan Company, Cincinnati, Ohio today announced a net loss of $874,000 for the second quarter of 2008 and a loss of $770,000 for the six months ended June 30, 2008 after its subsidiary, Franklin Savings, established general and specific loss reserves of approximately $1.36 million on 20 loans and certain real estate owned in its portfolio with a combined book value of approximately $3.29 million. This is in addition to $125,000 in general loan loss reserves which were established during the six months ended June 30, 2008. This compares to net income of $128,000 for the second quarter of 2007 and $263,000 for the six months ended June 30, 2007. Continuing weakness in the financial and credit markets and deteriorating values in residential and commercial real estate prompted these actions.[More...]

First Franklin Corporation Declares Quarterly Dividend - Jun 24 2008 2:34PM

Tue, 24 Jun 2008 18:16:00 GMT

The Board of Directors of First Franklin Corporation has declared a dividend of $0.09 per share for the second quarter of 2008. This is the eighty-second consecutive dividend paid by the company. The quarterly dividend will be payable July 21, 2008 to shareholders of record as of July 3, 2008. In accordance with NASD regulations, the ex-dividend date for this dividend payment is expected to be June 30, 2008. Persons who buy or sell shares should consult their brokers regarding the timing of their transactions and the effect of the ex-dividend date.[More...]

Form 4 FIRST FRANKLIN CORP For: Jun 01 Filed by: SIEMERS THOMAS H (10K)

Tue, 11 Aug 2009 19:20:00 GMT

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Form 4 FIRST FRANKLIN CORP For: Apr 23 Filed by: SIEMERS THOMAS H (10K)

Thu, 23 Apr 2009 15:19:00 GMT

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Form 4 VOELPEL DANIEL T For: Jan 20 (10K)

Tue, 20 Jan 2009 18:51:00 GMT

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Form 4 VOELPEL DANIEL T For: Oct 20 (10K)

Tue, 21 Oct 2008 21:24:00 GMT

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Form 4 VOELPEL DANIEL T For: Jul 21 (10K)

Tue, 22 Jul 2008 19:18:00 GMT

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