Posts for Ticker ‘TBBK’

Secondary Offerings Run At Market Flood Rates (MPEL, GSIC, AWK, GLDD, YSI, TBBK, HMPR, SBCF, CADE, UMPQ)

money-stack-imageIt is one thing that we had two fairly large IPOs this week.  But the flood of public secondary stock offerings is almost running at alarming levels when you consider that these share sales are after such a large run-up in the markets.  Melco Crown Entertainment Ltd. (NASDAQ: MPEL) $200 million and GSI Commerce Inc. (NASDAQ: GSIC) (and holders) sold about $201 million in secondary offerings this morning.  Other stocks in offerings are scheduled from American Water Works Co. (NYSE: AWK), Great Lakes Dredge & Dock Corp. (NASDAQ: GLDD), and U-Store-It Trust (NYSE: YSI).  Then there is the flood of regional and community banks selling stock.

Details are as follows:
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Posted on: August 13, 2009 – 11:52 am in Secondary Offering, , , , , , , , , ,

Citigroup (C) Humiliated By New Management Review

GeithnerCitigroup’s (C) board does not even get to decide who should run the bank. This is the same board of “blue chip bankers” recruited by Chairman Richard Parsons. Regulators have decided to humiliate the group by forcing Citi to bring in outside consultants to decide whether the current management team has the ability to turn the bank around. Read More »

Posted on: August 13, 2009 – 5:29 am in Banking, Corporate Governance, ,

SPAC IPO FILING: Fintech Acquisition Corp. (TBBK)

Fintech Acquisition Corp., a SPAC, or special purpose acquisition company, has filed to come public via an IPO. The filing shows a target of $100 million. Each $10 unit will consist of unit of one unit of common stock and a warrant with a $7.50 strike price. The sole underwriter is UBS Investment Bank. The company has applied to trade on The American Stock Exchange.

Fintech was organized by TBBK Acquisitions, a wholly-owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), a financial holding company. As an indirect subsidiary of a financial holding company, Fintech is limited to financial activities. Their target will consist of established financial technology business companies that provide data processing, storage and transmission services, databases and payment and payment processing services in support of businesses in the financial services industry and are in need of redirection.

Fintech will utilize the experience of Chairman and CEO, Betsy Cohen and President, Frank Mastrangelo. Betsy Cohen has 37 years of experience and current acts as CEO of Bancorp.

We cover issues regarding SPAC’s and other IPO’s, back door plays into IPO’s, restructurings, spin-offs and more on our open email distribution list.

Rachel Lopez
March 31, 2008

Posted on: March 31, 2008 – 11:59 am in IPOs,