Archive: Finance

Greater Atlantic Financial in Talks With Potential Buyer

Greater Atlantic Financial of Reston said in a regulatory filing that it received a notice from its regulator directing it to find new capital or sell its assets and liabilities by July 31. The bank said that as of March 31 it was "significantly undercapitalized." It has been operating...

By Terri Rupar | May 27, 2009; 04:22 PM ET | Comments (0)

FBR Reports First-Quarter Loss, Revenue Drop

FBR Capital Markets' first-quarter loss widened to $16.2 million (27 cents a share) from $10.2 million (16 cents) in the comparable period a year earlier. Revenue fell by more than half, to $49.9 million from $104.1 million. Revenue in its investment-banking unit took a tumble, falling to $7.9 million from...

By Terri Rupar | April 22, 2009; 09:03 AM ET | Comments (1)

Sandy Spring Profit Falls 88 Percent

The parent company of Sandy Spring Bank in Olney saw its profit plummet nearly 90 percent in the first quarter as non-performing loans added up and the company set aside cash for potential losses on its residential development loan portfolio. Sandy Spring Bancorp is one of the largest banking companies...

By Terri Rupar | April 21, 2009; 12:21 PM ET | Comments (0)

American Capital Makes First Exit of 2009

UPDATE 3:49 pm April 16, 2009: American Capital provided new information that this was not their first exit of 2008, as was originally reported in the blog entry below. It was the first exit that the company announced publicly. Sentences indicating number of exits have been updated in the original...

By Terri Rupar | April 15, 2009; 12:18 PM ET | Comments (0)

Middleburg Selling 10 Percent Stake

Middleburg Financial agreed this week to sell 454,545 shares to David L. Sokol, chairman of MidAmerican Energy Holdings, which is owned by Berkshire Hathaway. MidAmerican, you may remember, was going to buy Constellation Energy till the Baltimore company opted for a deal with France's EDF. Sokol is paying $5 million...

By Terri Rupar | April 2, 2009; 01:57 PM ET | Comments (0)

FBR Capital Markets Gives Bonuses to 2 Executives

FBR Capital Markets said in a regulatory filing that two executives are getting bonuses, even though no performance bonuses were earned under the company's Incentive Compensation Plan because the goals weren't met. The executives are CFO Bradley J. Wright and general counsel William J. Ginivan. The bonuses were approved, the...

By Terri Rupar | March 3, 2009; 10:52 AM ET | Comments (1)

JER Has Less Cash, More Delinquencies

JER Investors Trust's earnings report shows increasing difficulties. The buyer of commercial real estate also said that as of Feb. 28, it had $2.7 million in unrestricted cash, down from $8.4 million as of Dec. 31. In its portfolio of commercial mortgage backed securities, the company said delinquencies of 60...

By Terri Rupar | March 3, 2009; 08:40 AM ET | Comments (0)

American Capital Posts Loss, Is in Breach of Covenants

Bethesda-based American Capital reported this morning that it lost $1.68 billion in the fourth quarter of 2008 and $3.11 billion for the full year, saying that "is a result of the economy falling into a severe recession including the tremendous reduction in liquidity in most markets leading to a reduction...

By Terri Rupar | March 2, 2009; 11:42 AM ET | Comments (0)

Allied Posts $1 Billion Loss, CEO Steps Down

As we discussed this morning, Allied Capital released its earnings today. It lost $1 billion in 2008 and said it is "discussion with these lenders and private noteholders regarding a comprehensive restructuring of these debt agreements to provide long-term operational flexibility. There can be no assurance that the company will...

By Terri Rupar | March 2, 2009; 11:28 AM ET | Comments (0)

Greater Atlantic Classified as 'Undercapitalized'

Greater Atlantic Bank of Reston said in a regulatory filing that the Office of Thrift Supervision sent it a notice saying it is undercapitalized. The bank must file a capital restoration plan by March 16, as well as obey restrictions on asset growth, dividends and fees. The cease and desist...

By Terri Rupar | February 18, 2009; 12:48 PM ET | Comments (0)

Sandy Spring Gets New CEO

By Alejandro Lazo Sandy Spring National Bancorp has promoted its president and chief revenue officer to chief executive, carrying through with a succession plan intended to keep the Olney-based company independent. Daniel J. Schrider, 44, who started his career with Sandy Spring Bank in 1989 as a commercial lender, was...

By Terri Rupar | January 5, 2009; 04:59 PM ET | Comments (0)

More From Hugh Panero

Here's a fuller interview with Hugh Panero, who guided Washington's XM Satellite Radio from its infancy in 1998. Panero has joined Chevy Chase venture capital firm New Enterprise Associates. Panero, 52, who also has a background in cable television, will work with NEA's consumer technology group, identifying promising young companies...

By Terri Rupar | November 10, 2008; 10:30 AM ET | Comments (0)

CapitalSource Delays Unit's IPO

By Thomas Heath CapitalSource, the Chevy Chase-based commercial lender, said yesterday that it has temporarily delayed the initial public offering of its wholly owned health-care real estate investment trust due to "market volatility." CapitalSource in August said it would offer 14 million shares in CapitalSource Healthcare REIT, priced at $18...

By Terri Rupar | October 15, 2008; 05:33 PM ET | Comments (0)

Value Added: Carlyle's Bill Conway On The Bailout

Here's Tom Heath's latest column on Washington's business community: It was just a few months ago when I was eating a hamburger with Carlyle Group co-founder Bill Conway at a Northern Virginia restaurant and he was predicting that the mayhem on Wall Street would get worse and last at least...

By Dan Beyers | September 23, 2008; 01:45 PM ET | Comments (6)

Abigail Adams Suspends Dividend

By Binyamin Appelbaum Abigail Adams National Bancorp, a regional lender based in the District, said this morning that it had suspended dividend payments to save money for other needs, including the potential cost of rising defaults on real estate and development loans. "Current economic conditions require prudent management and conservation...

By Terri Rupar | August 26, 2008; 11:00 AM ET | Comments (0)

Walker & Dunlop Finances Philly Ritz

By Thomas Heath Bethesda-based Walker & Dunlop arranged a $65 million refinancing of the Ritz Carlton Hotel in Philadelphia, the company said over the weekend. Walker & Dunlop's Hotel Finance Group has financed more than $250 million in hotel projects around the country in the past 18 months, the firm...

By Terri Rupar | June 2, 2008; 09:00 AM ET | Comments (0)

Legg Mason Posts $255.5 Million Loss in Q4

From the Associated Press Legg Mason lost more than $250 million in the fiscal fourth quarter as the Baltimore-based investment manager set money aside for possible bailouts of funds suffering from turbulent markets, the company said. Legg Mason lost $255.5 million ($1.81 per share) in the three months ending March...

By Terri Rupar | May 6, 2008; 11:34 AM ET | Comments (0)

Fauquier Bankshares Profit, Assets Fall

Fauquier Bankshares of Warrenton said profit fell 14 percent, to $1 million (28 cents a share) from $1.2 million (33 cents) in the comparable period a year earlier. Assets fell 3.5 percent, to $490.5 million. Fauquier's provision for loan losses in the first quarter was $336,000 more than the year-earlier...

By Terri Rupar | April 30, 2008; 01:43 PM ET | Comments (0)

Genworth Financial Hurt by Housing Slump

From Bloomberg News Genworth Financial, the Richmond insurer spun off by General Electric, said profit fell 64 percent as the U.S. housing slump led to losses at its U.S. mortgage-insurance unit for the second consecutive quarter. Profit fell to $116 million (27 cents a share), from $324 million (71 cents...

By Terri Rupar | April 24, 2008; 04:40 PM ET | Comments (0)

Profit Falls at Virginia Commerce Bancorp

Assets at Virginia Commerce Bancorp of Arlington are up 21.3 percent year-over-year as of March 31, to $2.5 billion. But the banking company's profit fell almost 36 percent, to $4.1 million from $6.5 million in the comparable period a year earlier. Provisions for loan losses in the quarter were $4.1...

By Terri Rupar | April 24, 2008; 03:11 PM ET | Comments (0)

Eagle Bancorp Profit Flat

Eagle Bancorp's profit was basically flat in the first quarter, at $1.7 million. Assets at the Bethesda company grew almost 16 percent, to $899.5 million. The company said its asset quality remains strong. Net interest income grew 8 percent, to $8.6 million, though net interest margin shrunk to 4.19 percent...

By Terri Rupar | April 24, 2008; 12:00 PM ET | Comments (0)

T. Rowe Price Profit Up 6 Percent in Tough Market

From the Associated Press T. Rowe Price Group's profit jumped 6 percent in the first quarter, to $151.5 million (55 cents a share) from $142.9 million (51 cents) in the comparable period a year earlier, as a the investment manager's funds continued to do well in spite of a tough...

By Terri Rupar | April 24, 2008; 11:18 AM ET | Comments (0)

FBR Swings to a Profit

From the Associated Press Investment bank Friedman, Billings, Ramsey Group of Arlington said it swung to a profit in the first quarter as it reduced expenses and avoided investment losses in its mortgage banking unit. Profit was $45.1 million (30 cents a share), compared with a loss of $185.9 million...

By Terri Rupar | April 24, 2008; 10:25 AM ET | Comments (0)

FBR Capital Markets Swings to a Loss

From the Associated Press FBR Capital Markets, an investment bank majority owned by Friedman, Billings, Ramsey Group, said it swung to a loss in the first quarter due to declines in investment banking revenue and losses on merchant banking investments. FBR Capital Markets lost $10.2 million (16 cents a share)...

By Terri Rupar | April 23, 2008; 10:58 AM ET | Comments (0)

Sandy Spring Profit Up 8.7 Percent

Sandy Spring Bancorp said first-quarter profit was $8.2 million (50 cents a share), up from $7.5 million (49 cents) in the comparable period a year earlier. Assets gained 7.3 percent in that period, to $3.16 billion, helped by the acquisition of County National Bank last year. Nonperforming assets increased to...

By Terri Rupar | April 22, 2008; 11:11 AM ET | Comments (0)

Three Banks, One Struggling Economy

By Alejandro Lazo Three banks that serve the Washington area offered fresh evidence today that housing market and financial woes are not yet over. Both ETrade Financial, a New York company with banking operations in Arlington, and Provident Bankshares of Baltimore posted first-quarter losses: $91.2 million and $17.6 million, respectively....

By Terri Rupar | April 17, 2008; 05:56 PM ET | Comments (1)

CapitalSource Buys Calif. Bank

By Thomas Heath CapitalSource, a commercial lender based in Chevy Chase, has reached an agreement to buy most of a California community bank with 22 branches and $5.6 billion in deposits. The deal to acquire the assets of Fremont Investment & Loan, based in Brea, Calif., would provide CapitalSource with...

By Dan Beyers | April 14, 2008; 08:03 AM ET | Comments (0)

FBR Capital Markets Buys Bay-Area Banking Firm

FBR Capital Markets said today it has acquired East Peak Advisors, a California investment bank that serves companies in the information technology and telecommunications sectors. Financial terms of the deal were not disclosed. The purchase will boost FBR Capital Markets expansion into banking for technology companies, the Arlington investment bank...

By Mike Shepard | March 20, 2008; 04:39 PM ET | Comments (0)

Housing Downturn Prompts Provident Writedown

Troubles in the mortgage and housing markets have hit another local financial services business. Provident Bankshares said today that it would take an after-tax charge of $28.9 million in the fourth quarter to account for write downs in the value of real estate-backed securities in its investment portfolio. The Baltimore-based...

By Mike Shepard | January 11, 2008; 06:41 PM ET | Comments (0)

Sallie Mae Taps Banking Veteran as Its New Chairman

From the Associated Press: Sallie Mae, the nation's largest student lender, on Monday named veteran banking industry executive Anthony P. Terracciano chairman of its board. Former Sallie Mae Chairman Albert L. Lord, who held that title for three weeks, has been appointed vice chairman and will remain chief executive officer...

By Mike Shepard | January 7, 2008; 01:32 PM ET | Comments (0)

Holiday Week Update: Sallie Mae's Roller Coaster Ride

It has been a rough week for Sallie Mae, the nation's largest student lender, and it hasn't been that great for people trying to travel. Shoppers, however, have been lured back to the malls with the promise of discounts for all those gift cards. * * * Sallie Mae said...

By Mike Shepard | December 28, 2007; 01:39 AM ET | Comments (0)

Holiday Week Update: Sallie Mae's Roller Coaster Ride

It has been a rough week for Sallie Mae, the nation's largest student lender, and it hasn't been that great for people trying to travel. Shoppers, however, have been lured back to the malls with the promise of discounts for all those gift cards. * * * Sallie Mae said...

By Mike Shepard | December 28, 2007; 01:39 AM ET | Comments (0)

Freddie Mac Offers Its Own Version of "The Sting"

Part of a video posted on YouTube last week is captioned "The Sting," but it's unlikely to be confused with the Oscar-winning film by that name starring Paul Newman and Robert Redford. The new video (see it here) was sponsored by Freddie Mac, the federally chartered mortgage funding company, to...

By Mike Shepard | December 14, 2007; 05:09 PM ET | Comments (1)

D.C. Private Equity Firm Sells Brazilian Retailer

Washington buyout firm Acon Investments said today it is selling its Brazilian grocery chain GBarbosa to Cencosud, a Chilean supermarket operator, for an undisclosed sum. According to a statement posted on GBarbosa's Web site, Cencosud will pay $380 million and assume about $50 million in debt. The sale price...

By Mike Shepard | November 7, 2007; 06:40 PM ET | Comments (0)

Cuomo Hits Fannie Mae, Freddie Mac With Subpoeanas

The New York attorney general subpoenaed mortgage finance giants Fannie Mae and Freddie Mac as he sought to expand his housing industry investigation by focusing on companies that package house loans and sell them to investors. It was the second public step in Andrew M. Cuomo's probe of fraudulent house...

By Mike Shepard | November 7, 2007; 02:45 PM ET | Comments (0)

Urban Trust Bank Set to Open Branch at Md. Wal-Mart

Robert L. Johnson is scheduled to unveil the first of a new line of branches for his Urban Trust Bank next week at the Landover Hills Wal-Mart. Johnson's federally charted savings bank plans to open a series of branches in the mega-retailer's stores, offering offer a full suite of banking...

By Mike Shepard | October 26, 2007; 07:30 PM ET | Comments (0)

Capital One Posts Loss on Mortgage Unit Shutdown

From the Associated Press Capital One Financial Corp. posted a third-quarter loss Thursday, hurt by charges from shutting down its GreenPoint Mortgage business. The McLean-based company, a credit card issuer that continues to expand into retail banking, said its third-quarter net loss totaled $81.6 million, or 21 cents per share,...

By Mike Shepard | October 18, 2007; 07:45 PM ET | Comments (0)

Firm Seeks to Escape Breakup Fee in Sallie Mae Deal

From the Associated Press The investor group that seeks to walk way from a $25 billion buyout of student lender Sallie Mae told a Delaware court on Monday that it should not have to pay the $900 million breakup fee stipulated in the agreement. The legal maneuver by the investor...

By Mike Shepard | October 15, 2007; 11:38 AM ET | Comments (0)

Sallie Mae Slips to a Third Quarter Loss

From Associated Press Sallie Mae, the Reston- based student lender whose buyout is imperiled, today said it swung to a third-quarter loss of $344 million, due in part to trading losses and the impact of recent student loan legislation. Sallie Mae's quarterly loss, equivalent to 85 cents a share, compared...

By Mike Shepard | October 11, 2007; 01:20 PM ET | Comments (1)

Urban Trust Bank Hires New Chief Executive

Daniel C. Fischer will replace Dwight L. Bush as chief executive officer of Bethesda-based Urban Trust Bank, Urban Trust Chairman Robert L. Johnson announced today. Bush said he was stepping down voluntarily after helping Johnson grow Urban Trust from a single, federally chartered savings bank in Orlando into what Bush...

By Mike Shepard | October 3, 2007; 06:43 PM ET | Comments (0)

Buyout Firms Submit Revised Offer for Sallie Mae

From the Associated Press The group of investors that threatened to pull out of its deal to buy Sallie Mae for $25 billion on Tuesday reduced its cash offer for the nation's largest student lender by 17 percent. A Sallie Mae spokesman said the Reston company's board will review the...

By Mike Shepard | October 2, 2007; 12:49 PM ET | Comments (0)

FBR Researchers Offer Bearish Take on Economy

Steve East, an economist at Arlington investment bank Friedman, Billings, Ramsey Group, says economists usually don't see a recession coming. But he says he sees one looming on the horizon. "I think that if you look at the lessons of history, combined with what's going on right now, you would...

By Mike Shepard | September 14, 2007; 06:57 PM ET | Comments (0)

Walker & Dunlop's Can't-Miss Reception

Walker & Dunlop, the Bethesda real estate firm and investment bank that has been a local fixture for decades, held a reception at the Metropolitan Club on Wednesday hosting more than 200 movers and shakers from the region's business, real estate and political worlds. The notables who dined on filet...

By Mike Shepard | September 7, 2007; 03:02 PM ET | Comments (0)

American Capital Strategies Prices Stock Offering

American Capital Strategies added 1 million shares to the public stock offering it announced yesterday, and priced the stock at $39.40 a share, according to a company statement. The firm, which provides funding for small to mid-sized businesses, said it expects the offering of 6 million shares to close by...

By Mike Shepard | September 7, 2007; 10:28 AM ET | Comments (0)

American Capital Announces Stock Offering

American Capital Strategies, a Bethesda-based business development company, announced today an offering of five million shares of common stock. The firm, which provides funding for small to mid-sized businesses, said it will use the proceeds to reduce its debt and fund new investments. Citigroup Global Markets, UBS Securities and Wachovia...

By Mike Shepard | September 6, 2007; 06:50 PM ET | Comments (0)

FBR Set to Extend Sponsorship of PGA Tour Event

Friedman, Billings, Ramsey Group is expected to announce later today that it has agreed to a four-year extension of its namesake sponsorship of one of the richest and best-attended golf events on the PGA Tour, according to sources close to the deal. The FBR Open in Phoenix has been sponsored...

By Mike Shepard | August 29, 2007; 05:22 PM ET | Comments (0)

Carlyle Opening Office in Warsaw

Carlyle Group announced today that it will open an office in Warsaw, as the District-based private equity firm seeks to build a stronger presence in Eastern and Central Europe. The office will be run by Ryszard Wojtkowski, who previously worked as a managing partner at Enterprise Investors, another private equity...

By Mike Shepard | August 22, 2007; 06:16 PM ET | Comments (0)

Fannie Mae 2006 Earnings Down 35 Percent

Fannie Mae filed its delayed annual report for 2006 and said its profit for the year fell 35 percent from 2005. The District-based mortgage finance company blamed the decline on the slumping U.S. housing market and rising internal administrative costs. (See Fannie Mae's statement.) "Looking back, 2006 was a rebuilding...

By Mike Shepard | August 16, 2007; 02:26 PM ET | Comments (0)

Sallie Mae Shareholders Approve $25 Billion Buyout

Shareholders of Sallie Mae voted today in favor of a $60-a-share offer from a group of buyout firms to take the Reston student lender private. (See Sallie Mae's statement.) The buyout price offered by private equity firm J.C. Flowers represents a premium over the current share price of Sallie Mae...

By Mike Shepard | August 15, 2007; 12:32 PM ET | Comments (0)

Local Venture Capital Deals From the Last Quarter

Wondering who got venture capital financing in the past quarter? A survey released last week by PricewaterhouseCoopers and the National Venture Capital Association shows that more than 50 Washington-area firms received a total of $271.8 million from investors. Investments in the second quarter spread across the life sciences, telecommunications, software...

By Mike Shepard | August 14, 2007; 12:54 PM ET | Comments (0)

FBR Agrees to Sell Its Subprime Mortgage Unit

Arlington investment bank Friedman, Billings, Ramsey Group has agreed to sell its struggling subprime mortgage subsidiary to an affiliate of private equity firm Sun Capital Partners, the companies said in a statement today. Under the agreement, Sun Capital will invest $60 million and FBR will put in $15 million to...

By Mike Shepard | July 26, 2007; 12:09 PM ET | Comments (0)

Exec Changes at Millenium Bank

Reston's Millennium Bankshares Corp announced that Richard I. Linhart took over as president and chief executive on July 18 He succeed Carroll Markley who founded the bank in 1998 and retired in March. Linhart, who co-founded James Monroe Bank and was a senior executive there until it was bought by...

By Dan Beyers | July 25, 2007; 02:08 PM ET | Comments (0)

American Capital Strategies' Latest Investment

American Capital Strategies has made its third investment in four years in Dallas-based TransFirst Holdings, which processes transactions for 155,000 merchants across the United States. The latest round of financing is for $50 million, American Capital said in a statement. Bethesda-based American Capital bills itself as the largest publicly-held, private...

By Mike Shepard | July 17, 2007; 07:21 PM ET | Comments (0)

Sallie Mae Profit Up 33 Percent

Student loan provider Sallie Mae said today its second quarter profit rose 33 percent, to $966 million from $724 million in the comparable period last year. Interest income rose 34 percent, to $2.1 billion, the Reston-based company, formally known as SLM Corp. said in a statement. The company's core earnings,...

By Mike Shepard | July 17, 2007; 11:09 AM ET | Comments (0)

New JBG Partnership in Final Negotiations

The JBG Companies, one of Washington's old-line real estate development companies, is finishing a multi-billion dollar deal to sell about 60 percent of the projects it has underway to a new company called JBG Urban, sources close to the transaction are telling me. The new company is a JBG partnership...

By Mike Shepard | July 14, 2007; 03:10 PM ET | Comments (0)

Impressions of American Capital Strategies

Staff writer Thomas Heath paid a visit to the offices of American Capital Strategies today, to find out a little more about the Bethesda-based private equity firm. Malon Wilkus is the founder and chairman of American Capital Strategies and works in a 14th floor office high above the Bethesda Metro....

By Mike Shepard | July 12, 2007; 03:59 PM ET | Comments (0)

Carlyle to Buy Nursing Home Operator Manor Care

Carlyle Group, a District-based private equity firm, has reached an agreement to acquire nursing home operator Manor Care for $6.3 billion, the companies said in a statement today. Manor Care runs more than 500 nursing homes and assisted living centers across the United States and employs more than 60,000 people....

By Mike Shepard | July 2, 2007; 11:34 AM ET | Comments (0)

Rydex Investments Accepts Purchase Offer

Rydex Investments, a Rockville-based investment management company, has agreed to be acquired by Security Benefit, a Topeka, Kan.-based asset manager, the companies said in a statement today. Terms of the transaction were not disclosed. Rydex manages nearly $15 billion in assets through more than 80 mutual funds and exchange-traded products....

By Mike Shepard | June 28, 2007; 02:34 PM ET | Comments (0)

Capital One To Cut 2,000 Jobs

From the Associated Press: Capital One Corp. said Wednesday it expects to eliminate about 2,000 jobs, or almost 7 percent of employees, throughout the company as part of a cost-cutting program designed to save $700 million by 2009. The McLean, Va.-based credit card and banking company expects to incur $300...

By Dan Beyers | June 27, 2007; 05:10 PM ET | Comments (0)

Investors Spurn US Foodservice Bond Offering

The WSJ reports that investors turned their backs on a leveraged-buyout debt offering for Columbia's U.S. Foodservice yesterday, "leaving banks holding the bag for more than $3 billion and raising concerns about the changing economics of the takeover boom." "Underwriters pulled a $1.55 billion bond offering by U.S. Foodservice, the...

By Dan Beyers | June 27, 2007; 07:39 AM ET | Comments (0)

 
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