Fitch Places 2 Classes of JPMCC 2006-CIBC15 on Rating Watch Negative Feb 10, 2012 06:23PM

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has placed two classes of commercial mortgage pass-through certificates from of JP Morgan Chase Commercial Mortgage Securities Corp series 2006-CIBC15 on Rating Watch Negative.

Classes A-M and A-J have been placed on Rating Watch Negative based on an increase in Fitch's preliminary estimate of expected losses for the 20 specially serviced loans, four of which are within the top 15 loans in the pool.

Fitch expects to resolve the Rating Watch status within the next several months following a complete review of the transaction including updated performance data for performing loans. Fitch expects classes A-M and A-J could be downgraded several categories given limited subordination of the remaining classes to offset losses.

Fitch has placed the following classes on Rating Watch Negative:

--$211.8 million class A-M 'Asf';

--$164.2 million class A-J 'B-sf'.

Additional information on Fitch's criteria is available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance then CMBS then Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' Dec. 21, 2011.

Applicable Criteria and Related Research:

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystLisa Cook, +1-212-908-0665DirectorFitch, Inc.One State Street PlazaNew York, NY 10004orCommittee ChairpersonAdam Fox, +1-212-908-0869Senior DirectororMedia Relations:Sandro Scenga, +1-212-908-0278Email: sandro.scenga@fitchratings.com

Source: Fitch Ratings


Marauder Resources East Coast Inc. Announces Non-Brokered Private Placement Feb 10, 2012 06:19PM

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2012) - Marauder Resources East Coast Inc. (the "Company") (TSX VENTURE: MES) is pleased to announce a non-brokered private placement (the "Offering") of up to 2,000,000 units ("Units") of the Company at a price of $0.20 per Unit, each Unit consisting of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.25 for a period of 36 months from the date of the closing of the Offering. A finder's fee may be paid to certain finders under the Offering, consisting of a cash payment equal to 5% of the gross proceeds from the sale of Units placed by such finder and the issuance of such number of Warrants as is equal to 5% of the Units placed by such finder.

Closing of the Offering is expected to occur on or about February 14, 2012, and is subject to customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange.

The net proceeds from the sale of the Units will be used for general and corporate purposes. The Common Shares and Warrants issued pursuant to the Offering will be subject to a four-month hold period from the date of issuance.

This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Marauder Resources East Coast Inc.
        Robert V. Shields
        (403) 262.3907
        rvs@maraudernrg.ca

        Marauder Resources East Coast Inc.
        720, 440 - 2nd Avenue, S.W.
        Calgary, Alberta T2P 5E9

Source: Marauder Resources East Coast Inc.


Wintrust Financial Corporation Acquires Charter National Bank and Trust in FDIC-Assisted Transaction Feb 10, 2012 06:19PM

LAKE FOREST, Ill., Feb. 10, 2012 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation ("Wintrust") (Nasdaq: WTFC) announced today that its wholly-owned subsidiary bank, Barrington Bank & Trust Company, N.A. ("Barrington Bank"), has acquired certain assets and liabilities and the banking operations of Charter National Bank and Trust ("Charter National") in an FDIC-assisted transaction. Charter National currently operates two locations in Illinois; one in Hoffman Estates and one in Hanover Park, and had approximately $94 million in total assets and $89 million in total deposits as of December 31, 2011. Barrington Bank acquired substantially all of Charter National's assets at a discount of approximately 4.1% and assumed all of the non-brokered deposits at no premium. In connection with the acquisition, Barrington Bank entered into a loss sharing agreement with the FDIC whereby Barrington Bank will share in losses with the FDIC on certain loans and foreclosed real estate related to Charter National.

"This FDIC-assisted transaction provides a great opportunity to expand our presence in Hoffman Estates, where we currently operate Hoffman Estates Community Bank (a branch of Barrington Bank), as well as Hanover Park, a new market for Wintrust," said Edward J. Wehmer, President and CEO of Wintrust. "With this transaction, we have now made eight banking acquisitions in the past two years: seven FDIC-assisted and one unassisted transaction. Mr. Wehmer continued to note, "We expect this transaction will be accretive to net income and earnings per share."

Charter National locations will reopen on Saturday, February 11, 2012 and operate as Hoffman Estates Community Bank, a branch of Barrington Bank & Trust Company, N.A.   Depositors of Charter National will continue to have full access to their deposits, including ATM or debit cards, and checks. Customers should continue to bank as usual.

Valuation Appreciation Instrument

In conjunction with the acquisition of Charter National, Wintrust provided the FDIC with a Value Appreciation Instrument ("VAI") whereby 125,000 units were awarded to the FDIC at an exercise price of $31.00 per unit. The units are exercisable at any time for 180 days after February 10, 2012. If the FDIC exercises the units, Wintrust will be required to pay the FDIC an amount in cash equal to the volume weighted average price of Wintrust common stock over the two trading days immediately prior to the exercise date minus the exercise price, but in no case greater than $8.00 per unit.

About Wintrust

Wintrust is a financial holding company with assets of approximately $16 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, now with over 100 banking locations located in the greater Chicago and Milwaukee market areas. Additionally, the Company operates various non-bank subsidiaries including one of the largest commercial insurance premium finance companies operating in the United States, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, companies engaging in the origination of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the year ended December 31, 2011 and in Wintrust's subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

CONTACT: Edward J. Wehmer, President & Chief Executive Officer
         David A. Dykstra, Senior Executive Vice President &
         Chief Operating Officer
         (847) 615-4096
         Website address: www.wintrust.com
Source: Wintrust Financial Corporation


Meeting of Barrett Business Services Shareholders Called for March 13th Announces Kimberly J. Jacobsen Sherertz Feb 10, 2012 06:17PM

VANCOUVER, Wash., Feb. 10, 2012 /PRNewswire/ -- On February 8, 2012 a stockholder group led by Kimberly J. Jacobsen Sherertz and the estate of her late husband William W. Sherertz delivered a written request to BBSI that the Board convene a meeting of the stockholders on March 13, 2012 and that BBSI make its books, records and stockholder lists available for copying and inspection by Ms. Sherertz and the Estate.

The stockholder group has provided the incumbent Board of Barrett Business Services, Inc. with documentation proving that Ms. Sherertz and the Estate of her former Chairman and CEO William W. Sherertz owns more than 25% of the outstanding shares of the company.  The BBSI bylaws clearly state that any shareholder group owning more than 25% of the outstanding shares is entitled to call a special meeting of the stockholders.

The stockholder group fully expects the incumbent Board to grant this special meeting request now that all of the requirements for such a meeting have been satisfied.  The stockholder group still stands in strong support of current CEO Mike Elich, the branch managers and the executives of the company.  "An improved Board of Directors will benefit every one of the stockholders of Barrett Business Services.   A new Board will also provide every member of the Barrett Business Services team with the tools that they need to accelerate the organic growth of our company and better serve our clients," said Ms. Sherertz.

The press release set forth above was originally issued by the same parties on February 8, 2012 (the "Previous Release").  The legend below is hereby incorporated by reference into the Previous Release as if first set forth therein.

"BBSI STOCKHOLDERS FOR VALUE" CONSISTS OF THE ESTATE OF WILLIAM W. SHERERTZ (THE "ESTATE"), KIMBERLY J. JACOBSEN SHERERTZ INDIVIDUALLY AND AS SOLE REPRESENTATIVE OF THE ESTATE, KEITH L. BARNES, CHARLES M. GILLMAN, W. SCOTT ROMBACH, MICHAEL L. BOGUSKI, LAWRENCE D. FIRESTONE, DANIEL C. MOLHOEK AND MARK D. STOLPER. THE ESTATE AND EACH OF MS. SHERERTZ AND MESSRS. BARNES, GILLMAN, ROMBACH, BOGUSKI, FIRESTONE, MOLHOEK AND STOLPER (THE "PARTICIPANTS") ARE OR MAY BE DEEMED TO BE "PARTICIPANTS" UNDER THE RULES OF THE SECURITIES AND EXCHANGE COMMISSION ("SEC") IN THE SOLICITATION OF PROXIES FOR THE ELECTION OF THEIR SLATE OF NOMINEES TO BARRETT BUSINESS SERVICES, INC.'S ("BBSI") BOARD OF DIRECTORS AT THE SPECIAL MEETING OF STOCKHOLDERS THAT THE RECORD HOLDER OF THE SHARES BENEFICIALLY OWNED BY THE ESTATE AND MS. SHERERTZ REQUESTED BE HELD ON MARCH 13, 2012. IN CONNECTION WITH THE PARTICIPANTS' INTENDED PROXY SOLICITATION, THEY HAVE FILED A PRELIMINARY AND A REVISED PROXY STATEMENT WITH THE SEC AND INTEND TO FILE A DEFINITIVE PROXY STATEMENT WITH THE SEC TO SOLICIT STOCKHOLDERS OF BBSI. INFORMATION REGARDING THE PARTICIPANTS, INCLUDING THEIR DIRECT OR INDIRECT INTERESTS IN THE SOLICITATION, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN THEIR PRELIMINARY PROXY STATEMENT ON SCHEDULE 14A FILED WITH THE SEC ON DECEMBER 30, 2011 AND THEIR REVISED PRELIMINARY PROXY STATEMENT ON SCHEDULE 14A FILED WITH THE SEC ON FEBRUARY 8, 2012, WHICH ARE AVAILABLE WITHOUT CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. STOCKHOLDERS OF BBSI ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION AND SUCH STOCKHOLDERS SHOULD RELY ON SUCH DEFINITIVE PROXY STATEMENT AND NOT ON THIS RELEASE OR ANY PRELIMINARY PROXY STATEMENT. THE DEFINITIVE PROXY STATEMENT WHEN FILED AND ANY OTHER RELEVANT DOCUMENTS RELATED TO SOLICITATION OF PROXIES WILL BE AVAILABLE WITHOUT CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV.

 

SOURCE Kimberly J. Jacobsen Sherertz


First Merchants Bank Acquires Loans and Assumes Deposits of SCB Bank Through a Modified Whole Bank FDIC Transaction Feb 10, 2012 06:17PM

MUNCIE, Ind.--(BUSINESS WIRE)-- First Merchants Corporation (NASDAQ: FRME) has reported an agreement between First Merchants Bank and the FDIC to purchase approximately $117 million of loans and assume $136 million of deposits in Shelby County Indiana. Under the Modified Whole Bank transaction without loss share, the FDIC excluded all construction and development loans, all land loans, all non-performing loans including non-accrual, restructured and 90 days past due credits and all OREO balances. The remaining assets were purchased for a $29 million discount and the deposits were assumed at no premium.

“We are pleased to have closed this immediately accretive transaction with the FDIC by purchasing a modified loan package, assuming all core deposits and the purchase of the main office building in Shelbyville, Indiana,” said Michael C. Rechin, President and CEO, First Merchants Corporation. “As an Indiana based community bank we have a great deal of experience operating banks in county seat markets throughout the state. Shelby County’s demographic profile is consistent with many of our current Indiana markets and we understand how to service those markets very well. We are very pleased with this financial transaction and we look forward to quickly assimilating Shelbyville and Shelby County into the First Merchants family.” Mark Hardwick, CFO of First Merchants Corporation added, “We have worked very hard to position First Merchants to assess and act on opportunities that present themselves and look forward to adding other franchises on attractive terms to our company.”

First Merchants also acquired the main office building in Shelbyville, Indiana for $1.4 million. Three of four locations will operate with normal Saturday hours from 9 a.m. to 12 noon. The fourth location will be closed as usual on Saturday. All four locations will be open Monday morning as First Merchants evaluates its market coverage under the FDIC’s purchase option. Asset and liability balances are subject to change based on activities between the bid valuation and the purchase dates. The assets acquired and liabilities assumed are subject to internal adjustment under generally accepted accounting principles.

Sandler O’Neill & Partners, L.P. acted as First Merchant’s financial advisor.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation is comprised of First Merchants Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce National Bank, and First Merchants Trust Company as divisions of First Merchants Bank, N.A. First Merchants Corporation also operates First Merchants Insurance Group, a full-service property casualty, personal lines, and healthcare insurance agency.

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

First Merchants CorporationDavid L. Ortega, First Vice President/Director of Investor Relations, 765-378-8937http://www.firstmerchants.com/

Source: First Merchants Corporation, Muncie, Indiana


More Press Releases

View Older Stories

Feb 10, 2012 06:15PM Fitch Places 5 Classes of JPMCC 2006-CIBC17 on Rating Watch Negative
Feb 10, 2012 06:14PM American Airlines Assists Customers Affected by Weather in Northeast
Feb 10, 2012 06:14PM Closure Takes Top Spot at 2012 Indie Game Challenge
Feb 10, 2012 06:12PM Official Marvel Colognes and Perfume to Launch at TIA Toy Fair in New York
Feb 10, 2012 06:11PM California Rent-A-Car Adds 2012 Models to an Already Great Fleet
Feb 10, 2012 06:07PM Give Your Sweetie a Gift With a Longer Shelf Life This Valentine's Day, From Informa Research Services
Feb 10, 2012 06:05PM With New Lexus Hybrids, MPG is Miles Ahead of the Competition
Feb 10, 2012 06:02PM White Castle Crowns Slider Bowl Champion
Feb 10, 2012 06:00PM China Minerals Announces Resignation of Directors and Executive Vice President
Feb 10, 2012 06:00PM United Community Bancorp Reports Second Quarter Results
Feb 10, 2012 06:00PM China Minerals Announces Resignation of Directors and Executive Vice President
Feb 10, 2012 05:56PM Italsuit Brings Bargain-Hunting Thrills to Shopping Online
Feb 10, 2012 05:54PM PTSD Foundation of America Announces Termination of Relationship With Paul Schroeder
Feb 10, 2012 05:54PM Bacterin Study at AAOS 2012 Annual Meeting Shows OsteoSponge® Equivalence to rhBMP-2 in Spinal Fusion; Presented Specifically to Orthopaedic Surgeons
Feb 10, 2012 05:52PM Liberator, Inc. Announces the Retirement of 25 Million Shares
Feb 10, 2012 05:53PM Fitch Places 10 Classes of MSCI 2007-HQ12 on Rating Watch Negative
Feb 10, 2012 05:48PM Interneer Sees Record Growth 2011
Feb 10, 2012 05:47PM Riadh Ben Aissa gives notice to SNC-Lavalin to set the record straight
Feb 10, 2012 05:47PM Dickey's Barbecue Pit Continues its Expansion in California
Feb 10, 2012 05:43PM Zhongrun Invests in Canadian Zinc Corporation
Feb 10, 2012 05:43PM Zhongrun Invests in Canadian Zinc Corporation
Feb 10, 2012 05:40PM dick clark productions (dcp LLC) Reports Second Quarter Fiscal 2012 Conference Call
Feb 10, 2012 05:40PM BancorpSouth Insurance Hires Texas Region Marketing Manager
Feb 10, 2012 05:36PM Fitch Rates Roanoke, VA's GO's 'AA+'; Outlook Stable
Feb 10, 2012 05:34PM Photo Release -- Travis Street Plaza, LP Celebrates Groundbreaking for New Housing Community
Feb 10, 2012 05:28PM Dynasty Financial Partners Honored as Best Newcomer – Advisory Consulting by Private Asset Management Magazine
Feb 10, 2012 05:23PM Fitch Affirms Imperial Irrigation Dist, CA Water COPs at 'AA-'; Outlook Stable
Feb 10, 2012 05:20PM Fitch Launches REITs in Brief
Feb 10, 2012 05:17PM Mylan Intends to Challenge Unfavorable Verdict in Patent Trial Related to Mylan's Generic Version of Sunovion's Xopenex® Inhalation Solution
Feb 10, 2012 05:17PM Fitch Places LBUBS 2006-C7 on Rating Watch Negative
Feb 10, 2012 05:15PM NGEx Corporate Update
Feb 10, 2012 05:15PM NGEx Corporate Update
Feb 10, 2012 05:15PM Hillman Group Capital Trust Announces Cash Distribution on Trust Preferred Securities
Feb 10, 2012 05:14PM Media Advisory: Governor General in Calgary and Vancouver to Discuss Innovation and Social Causes
Feb 10, 2012 05:14PM Media Advisory: Governor General in Calgary and Vancouver to Discuss Innovation and Social Causes
Feb 10, 2012 05:15PM ArthroCare Announces Date for Fourth Quarter and Full Year 2011 Financial Results Press Release and Conference Call
Feb 10, 2012 05:12PM MGA Entertainment Steps Up Fight Against Cancer
Feb 10, 2012 05:13PM Jeffrey S. Moorad VSL ’81 Commits $5 Million to Villanova University School of Law for Creation of The Jeffrey S. Moorad Center for the Study of Sports Law
Feb 10, 2012 05:11PM Fitch Places 5 Classes of CD 2007-CD4 on Rating Watch Negative
Feb 10, 2012 05:10PM Evergreen Healthcare the First in the Puget Sound to Perform Robot-Assisted General Surgery
Feb 10, 2012 05:09PM Premiere Global Sports Announces the Hiring of Peter Rosenberger as Vice President of Corporate Division
Feb 10, 2012 05:07PM American Botanical Council Welcomes 15 New Advisory Board Members
Feb 10, 2012 05:07PM William Lyon Homes Receives Confirmation of Pre-Packaged Plan of Reorganization
Feb 10, 2012 05:05PM Grant of Stock Options
Feb 10, 2012 05:03PM Ecuador Communities Target Chevron's Secret Investor Arbitration in New Court Filing, Says Amazon Defense Coalition
Feb 10, 2012 05:02PM Fitch Takes Multiple Rating Actions on Ford Credit Auto Owner Trust 2010-B
Feb 10, 2012 05:01PM Ryder Declares Quarterly Cash Dividend
Feb 10, 2012 05:00PM BSB Bancorp, Inc. Reports Fourth Quarter and Year End Results
Feb 10, 2012 05:00PM Sanmina-SCI Announces Rescheduling of Annual Meeting of Stockholders
Feb 10, 2012 05:00PM Hershey AIDS Discrimination: AHF Launches Valentine’s ‘A Day without Kisses’ Boycott
View Older Stories