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Exec Appointments Abound

Exec Appointments Abound

Recent mergers, acquisitions & corporate activity

October 23, 2006

By COCO SALAZAR

photo of Coco Salazar
The government has approved the merger of what will be the 15th biggest bank in the United States.

But first, Webster Financial Corp. announced its third quarter net income of $9.0 million dropped from $46.6 million a year ago, as it reflected a $31.8 million charge from an available for sale securities portfolio repositioning of $1.9 billion mortgage-backed securities.

Countrywide Financial Corp. announced it reached an agreement with Chairman & Chief Executive Officer Angelo R. Mozilo to continue in his role through Dec. 31, 2009.

“Since co-founding the Company 38 years ago, Angelo has been the driving force behind Countrywide’s extraordinary growth and success, and we are delighted that he will be continuing in his role,” Countrywide said, noting that among the accomplishments under his leadership, the company has become the top mortgage lender in the nation.

Synovus has a new chairman, CEO Richard E. Anthony, who will replace retiring James H. Blanchard, and a new president, Fred L. Green III, who will also serve as chief operating officer.

TD Banknorth Inc. today said Bharat Masrani will add to his role of company president the role of chief executive officer on March 1, 2007.

He will replace CEO William J. Ryan who will continue in his role as chairman until 2010 with a focus on the company’s merger and acquisition strategy, the Portland, Maine-based company said.

Last week, TD Banknorth said shareholders approved its acquisition of Interchange Financial Services Corp. and that all regulatory approvals are also in place for the transaction to close early in the first quarter 2007.

IBM announced it will acquire mortgage information technology provider Palisades Technology Partners in a transaction expected to close before yearend.

While Palisades, which has 5 of the world’s top 10 lenders in its customer base, said the merger will expand its reach and capabilities to the marketplace with a much broader set of solutions, IBM said the deal will accelerate its own offerings and capabilities to deliver flexible, efficient and scaleable solutions to the finance and banking sectors.

Alta Alliance Bank opened for business on Oct. 16 in Oakland, Calif., parent Western Alliance Bancorporation announced, adding that the bank represents its third de novo bank launched since 2003.

First Republic Bank completed acquiring BWC Financial Corp., a $165 million transaction that will significantly expand its Republic’s presence into San Francisco’s East Bay.

Sky Financial Group Inc. completed its $321.5 million purchase of Union Federal Bank of Indianapolis and its parent company, Waterfield Mortgage Company Inc., a deal that offers Sky significant opportunities for growth in Indianapolis, Ind., and add a tremendous advantage as its builds its ninth banking region, according to a press release Wednesday.

To facilitate the acquisition, Sky Financial formed a transitory subsidiary that merged with Waterfield Mortgage and expects to merge Union into Sky Bank in November. The move will change Union’s name to Sky Bank’s name, products and operating system, but Union’s offices will be operated as a new and separate region of Sky Bank.

American Home Mortgage Holdings Inc. has completed acquiring Flower Bank, parent American Home Mortgage Investment Corp. announced.

Through the merger, American Home said it intends to diversify its sources of earnings and revenues to become a more diversified, multidimensional financial services company. In connection with its acquisition, American Home is recapitalizing Flower through a $50 million investment in its new subsidiary and will deposit at Flower approximately $350 million of its mortgage servicing escrow balances.

Texas Capital Bank said it sold its residential mortgage lending division to wholesale lender Transnational Financial Network Inc. in order to continue to focus on its core business, business and private client banking.

Texas Capital said that it will continue offering loans directly to private clients and that it’s mortgage warehouse division, which is not part of the sale, will provide a warehouse line to Transnational.

The Federal Reserve Board gave its final approval of Regions Financial Corp.’s and AmSouth Bancorporation’s merger, according to an announcement Friday. As part of the deal, the companies agreed to sell 52 AmSouth branch offices with $2.7 billion in deposits in Alabama, Mississippi

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