Bank of America Related Content

People’s United Hires DeFranza as SVP, SBA Lending

People’s United Bank announced John DeFranza has joined the bank as senior vice president of Small Business Administration lending. DeFranza was previously with Bank of America in a similar capacity. read more

Goldman Sachs, Others Support Amazon $13.7B Whole Foods Buy

Amazon will acquire Whole Foods Market for $42 per share in an all-cash transaction valued at approximately $13.7 billion, including Whole Foods Market’s net debt. Goldman Sachs, Goldman Sachs Lending Partners, Merrill Lynch and Bank of America, have committed to provide a 364-day bridge term loan facility to support the transaction. read more

Wells Fargo Hires BofA Exec to Lead Community Segments Team

Andrew Rowe was selected as head of Wells Fargo’s Community Banking Customer Segments team. Rowe will join from Bank of America where he most recently served as a consumer risk executive. read more

Bank of America Agents New $300MM Facility for Bob Evans Farms

Bob Evans Farms completed the sale of its restaurants to Golden Gate Capital and its acquisition of Pineland Farms Potato Company. The company also established a new $300 million credit facility with a group of banks led by Bank of America serving as administrative agent. read more

Bank of America Beats Estimates, Q1 Y/Y Earnings Increase 40%

Bank of America reported net income was up 40% to $4.9 billion before preferred stock dividends. EPS of $0.41 exceeds analysis’ estimates of $0.35. read more

BMO Harris Agents Rush Enterprises’ $100MM Revolver

Rush Enterprises entered into a $100 million revolver credit agreement with a group of banks led by BMO Harris serving as administrative agent. read more

Wells Agents Revolver for Popeyes Before Sale to Burger King

On February 15, Popeyes Louisiana Kitchen amended its credit agreement with Wells Fargo as administrative agent, providing a $150 million revolver expansion. On February 21, Restaurant Brands International, the parent company of Burger King, purchased Popeyes for $1.8 billion. read more

FDIC Sues Bank of America for $542 Million

Bloomberg reported that Bank of America is being sued for $542 million by the FDIC for deposit insurance that the bank “refuses to pay.” read more

BofA Agents $600MM Varian Facility to Support PerkinElmer Acquisition

Varian Medical Systems will acquire the Medical Imaging business of PerkinElmer. The transaction will be financed through an expansion of a facility agented by Bank of America to approximately $600 million. read more

WSJ: Big Banks Lose Nearly Half a Trillion Dollars in 2016

The Wall Street Journal reported that 20 of the world’s biggest banks have lost 25% of their aggregate market value — approximately $465 billion — according to data from FactSet. read more

Seven Banks to Pay $324MM in Rate Rigging Case

Bloomberg reported seven banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market. read more

Bank of America Q1 Earnings Off 13% from Year-Ago Quarter

Bank of America reported Q1/16 net income of $2.7 billion, down 13% from $3.1 billion a year ago. Total revenue, net of interest expense, was $19.5 billion, down from $20.9 billion in Q1/15. read more

Bloomberg: BofA Fires at Least 15 Senior Asia Bankers

Bloomberg reported that Bank of America fired at least 15 senior Asia bankers, including three managing directors and 12 directors. read more

Bank of America Reports ‘Highest Net Income in Nearly a Decade’

Bank of America reported full-year 2015 net income of $14.4 billion was the “highest annual net income in nearly a decade.” Higher provision charges reflect reserve builds due to energy sector exposure. read more

Bank of America Names Jankowitz Kansas City Market President

Bank of America has named Gary C. Jankowitz market president, serving as enterprise leader in Kansas City. He succeeds Jack Ovel, who led the market since 2013. read more

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