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Eight ex-Wells Fargo & Co. executives are facing a record $59 million in fines and the bank’s former CEO received a ban from the industry as regulators took unprecedented steps in holding individuals to account for corporate scandals, Bloomberg reported.Former CEO John Stumpf agreed to a $17.5 million penalty and an industry ban that no major bank chief has faced, even in the aftermath of the financial crisis. Carrie Tolstedt, who led Wells Fargo’s community bank for a decade, faces a $25 Read Story

Field Under: Industry News
January 24, 2020 @ 09:10 AM

Bank rating Outlooks are still skewed to the negative, although less so than six months' ago, Fitch Ratings says. The global share of Negative Outlooks was 13% at end-2019 and the share of Positive Outlooks 5%, compared with 17% and 6%, respectively, at end-1H19.Emerging markets in the Americas have the highest share of bank ratings on Negative Outlook (31%), mostly mirroring the Negative Outlooks on several Latin American sovereigns. The Middle East and Africa has the next highest share (16%) Read Story

Field Under: Banking News
January 24, 2020 @ 09:05 AM

SSG Capital Advisors, LLC (SSG) acted as the investment banker to Papa Grande Gourmet Foods, LLC d/b/a Garcia Foods in the sale of substantially all of its assets to an affiliate of Mission Consumer Capital, LLC. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Western District of Texas. The transaction closed in December 2019.Founded in 1956 and headquartered in San Antonio, Texas, Papa Grande is a leading manufacturer and distributor of Read Story

January 24, 2020 @ 09:05 AM

BMO Financial Group announced that it has entered into a definitive agreement to acquire Clearpool Group Inc., a New York -based provider of holistic electronic trading solutions and an independent agency broker-dealer operating in the U.S. and Canada.  The transaction is subject to receipt of required regulatory approvals and other customary conditions and is currently expected to close in the calendar second quarter.  Terms were not disclosed.The transaction delivers powerful new capabilities Read Story

January 24, 2020 @ 08:55 AM

Siena Lending Group LLC (“Siena”) announces the completion of seven new transactions exceeding $75 million in credit facilities during the fourth quarter of 2019. Siena’s new healthcare finance business closed two of those transactions. The healthcare facilities include a pharmaceutical distributor as well as a provider of skilled nursing services. Non-healthcare transactions include a distributor of OCTG pipes, a provider of commercial landscape and maintenance services, a manufacturer and Read Story

January 24, 2020 @ 08:00 AM

Bank of America Business Capital is pleased to announce three new region marketing managers: Bobby Bans in the western region; Peter Langburd in the eastern region; and Steve Pomerantz in the central region.  Each will oversee a team of business development officers, who provide asset-based lending solutions and banking products to large and middle market companies, intermediaries and financial sponsors in the United States, Canada and across Europe.Based in Los Angeles, Bobby has more than 25 Read Story

January 23, 2020 @ 09:10 AM

Santander Bank announced that its Commercial Banking division closed a $75 million asset-based revolving credit facility on behalf of Wind Turbine & Energy Cables Corporation (WTEC). Santander acted as administrative agent, sole lead arranger and sole bookrunner on the credit facility. WTEC is a diversified, leading manufacturer of a wide range of wire, cable and steel products and services for use in the energy sector. WTEC products are used in the wind turbines, solar panels, utility Read Story

Field Under: Energy
January 23, 2020 @ 09:05 AM

J.P. Morgan continues to expand its Commercial Banking business with senior appointments to the Corporate Client Banking & Specialized Industries (CCBSI) team in Japan. This new team, part of the Commercial Bank division at JPMorgan Chase Bank, N.A., Tokyo Branch, will serve Japan-headquartered companies, from mid to large corporates, with access to leading financial capabilities, a strong global network and deep market expertise.“Japan is one of J.P. Morgan’s most important markets, and we’re Read Story

January 23, 2020 @ 09:00 AM

Wynnchurch Capital, L.P., a middle market private equity firm, announced the closing of its fifth private equity fund, Wynnchurch Capital Partners V, L.P  at $2.277 billion of committed capital.The Fund, which had a target of $1.6 billion, was significantly oversubscribed, resulting in the Fund reaching its hard cap and closing quickly after its initial launch in September 2019.John Hatherly, Managing Partner at Wynnchurch, said, "We are appreciative and humbled by the interest from both Read Story

Field Under: Industry News
January 23, 2020 @ 08:55 AM

Crescent Capital Group LP, a leading alternative credit investment firm, announced today that its European Specialty Lending strategy has provided unitranche financing to support the acquisition of Highcare by Bencis. Crescent has also provided an acquisition facility to support Highcare’s ongoing buy and build strategy. Terms of the financing were not disclosed.Founded in 2000, Highcare is a specialised staffing and education company and Dutch market leader in the provision of (temporary) Read Story

January 23, 2020 @ 08:00 AM

Leading professional services firm Alvarez & Marsal (A&M) announced the appointment of Jonathan Nus as a Managing Director in its Global Transaction Advisory Group (TAG) in New York. Mr. Nus is the latest U.S.-based hire as part of TAG’s significant talent expansion over the last year. As part of TAG’s Capital Markets and Accounting Advisory group, Mr. Nus will advise clients on complex, technical accounting and reporting matters and capital markets transactions. His appointment demonstrates Read Story

January 22, 2020 @ 09:10 AM

Hilco Valuation Services Europe and Real Estate Advisory Services UK and Europe are pleased to announce the appointment of Edward Jeffery as Associate Director of the Real Estate Advisory Services department.Mr. Jeffery has over 20 years’ experience in valuation, restructuring and insolvency matters across a broad spectrum of real estate classes providing  advice to lenders, restructuring and insolvency practitioners and corporates.Commenting on the appointment, Jon Cookson Managing Director Read Story

January 22, 2020 @ 09:05 AM

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced that Cullen R. O’Grady has joined as a Managing Director and senior loan originator based in the company’s Rockville, Maryland office.Mr. O’Grady has more than 16 years of multifamily investment sales experience in the Washington, D.C. and Mid-Atlantic markets. He has deep expertise in debt structure and origination, including Fannie Mae, Freddie Mac and FHA financing, as well as equity Read Story

January 22, 2020 @ 09:00 AM

NXT Capital announced that it has provided a senior credit facility to support Cortec Group’s recapitalization of Enthusiast Auto Holdings. NXT Capital acted as the Joint Lead Arranger for this transaction.Enthusiast Auto Holdings (“EAH”) is a rapidly growing e-commerce platform serving automotive enthusiasts, delivering exceptional high-touch customer service, content creation, new product development, and fulfillment capabilities.  Founded in 1962, EAH’s product portfolio touches all aspects Read Story

Field Under: Auctioneer
January 22, 2020 @ 08:55 AM

CIT Group Inc. announced that its Power and Energy unit arranged approximately $200 million in financing for a 76-megawatt portfolio of community solar projects in four states.The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S. The portfolio consists of 76 megawatts of generation capacity across 21 projects located in Illinois, Massachusetts, Minnesota and New York State.“Community solar Read Story

Field Under: Energy
January 22, 2020 @ 08:30 AM