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Lenders Rebalance Portfolios in Late 2005.
New York -- Balance sheet restructuring is the name of the game in the new year as two bank holding companies and one mortgage real estate investment trust will conduct or have conducted a series of transactions to accomplish that goal.
Portland, Maine-based TD Banknorth Inc., which is majority owned by TD Bank Financial Group, Toronto, is implementing a restructuring in order to facilitate its pending acquisition of Hudson United Bancorp, Mahwah, N.J.
The company will sell $2.6 million of mortgage-backed securities with the proceeds to be reinvested in shorter duration assets. It said the sale would reduce earnings volatility because of prepayments and call features of MBS.
However, TD Banknorth will take a pretax loss of $45 million because of the sale. It will mark the securities as impaired as of Dec. 31, and the loss will be recorded into TD Banknorth's fourth-quarter results.
It anticipates selling $2.7 million in investment securities currently owned by Hudson United once the deal is completed. The proceeds of this sale are expected to be used to repay borrowings.
Separately, First Community Bancshares Inc., Bluefield, Va., prepaid $77 million of Federal Home Loan Bank advances on Dec. 23.
The borrowings had a weighted average interest rate of 5.96% and a 4.3 year weighted average maturity.
- TD Banknorth Announces Balance Sheet Restructuring Program, Preliminary Fourth...
- Press release article from: Business Wire January 10, 2006 700+ words
...will be recorded in TD Banknorth's results in the...In the current interest rate environment, these actions mitigate our interest rate risk going forward," said William J. Ryan, TD Banknorth Chairman, President...
- TD Banknorth Reports Third Quarter Results.
- Press release article from: Business Wire October 24, 2005 700+ words
...Banknorth Inc. ("TD Banknorth" or the "Company...majority interest in TD Banknorth by TD Bank Financial...Given the current interest rate environment, I am...William J. Ryan, TD Banknorth Chairman, President...
- Hudson United Bancorp and TD Banknorth Inc. Shareholders Approve Merger; Over...
- Press release article from: Business Wire January 11, 2006 700+ words
...statements regarding TD Banknorth's acquisition of...of the businesses of TD Banknorth and Hudson United are...5) changes in the interest rate environment reduce...the markets in which TD Banknorth will be doing business...
- TD Banknorth Receives Regulatory Approvals Related to Hudson United Bancorp...
- Press release article from: Business Wire January 17, 2006 700+ words
...statements regarding TD Banknorth's acquisition of...of the businesses of TD Banknorth and Hudson United are...5) changes in the interest rate environment reduce...the markets in which TD Banknorth will be doing business...
- TD Banknorth sees earnings slip during merger process.
- Newspaper article from: Portland Press Herald (Portland, ME) April 26, 2005 700+ words
...otherwise, Ryan said. TD Banknorth, based in Portland...performance," Ryan said. TD Banknorth had previously announced...against earnings for the interest-rate moves. The strategy...earnings release, TD Banknorth also announced that...
- Portland-based TD Banknorth sees earnings drop in third quarter.
- Newspaper article from: Portland Press Herald (Portland, ME) October 26, 2006 700+ words
...Murphy Oct. 26--TD Banknorth on Wednesday reported...competition and a difficult interest rate environment. The Portland...third quarter of 2005. TD Banknorth had warned investors...analyst who follows TD Banknorth for RBC Capital Markets...
- TD Banknorth Reports Fourth Quarter and 2005 Year End Results.
- Press release article from: Business Wire January 23, 2006 700+ words
...at December 31, 2005. TD Banknorth Inc. ("TD Banknorth" or the "Company") (NYSE...said William J. Ryan, TD Banknorth Chairman, President and Chief...durations to help to mitigate the interest rate risk associated with its investment...
- TD Banknorth to Acquire Hudson United Bancorp to Enhance Its Community Banking...
- Press release article from: Business Wire July 12, 2005 700+ words
PORTLAND, Maine -- TD Banknorth Inc. (NYSE: BNK) and Hudson United...signed a definitive agreement for TD Banknorth to acquire Hudson United for approximately $1.9 billion in cash and TD Banknorth stock. "This acquisition is consistent...
Source: HighBeam Research, Lenders Rebalance Portfolios in Late 2005.