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September 6, 2008 at 9:09 AM #267248September 7, 2008 at 7:35 PM #267392
CAwireman
ParticipantCramer’s show with Wells Fargo’s John Stumpf
Do you think Wells is in trouble?
Also he mentions the fortress 4:
Cramer said that Wells Fargo (WFC), US Bancorp (USB), Bank of America (BAC) and JP Morgan Chase (JPM) all reported quarterly results that showed they will survive.
Do you think these are safe? Or as safe as any available? Or, what banks are safer than these?
September 7, 2008 at 7:35 PM #267611ParticipantCramer’s show with Wells Fargo’s John Stumpf
Do you think Wells is in trouble?
Also he mentions the fortress 4:
Cramer said that Wells Fargo (WFC), US Bancorp (USB), Bank of America (BAC) and JP Morgan Chase (JPM) all reported quarterly results that showed they will survive.
Do you think these are safe? Or as safe as any available? Or, what banks are safer than these?
September 7, 2008 at 7:35 PM #267625ParticipantCramer’s show with Wells Fargo’s John Stumpf
Do you think Wells is in trouble?
Also he mentions the fortress 4:
Cramer said that Wells Fargo (WFC), US Bancorp (USB), Bank of America (BAC) and JP Morgan Chase (JPM) all reported quarterly results that showed they will survive.
Do you think these are safe? Or as safe as any available? Or, what banks are safer than these?
September 7, 2008 at 7:35 PM #267672ParticipantCramer’s show with Wells Fargo’s John Stumpf
Do you think Wells is in trouble?
Also he mentions the fortress 4:
Cramer said that Wells Fargo (WFC), US Bancorp (USB), Bank of America (BAC) and JP Morgan Chase (JPM) all reported quarterly results that showed they will survive.
Do you think these are safe? Or as safe as any available? Or, what banks are safer than these?
September 7, 2008 at 7:35 PM #267703ParticipantCramer’s show with Wells Fargo’s John Stumpf
Do you think Wells is in trouble?
Also he mentions the fortress 4:
Cramer said that Wells Fargo (WFC), US Bancorp (USB), Bank of America (BAC) and JP Morgan Chase (JPM) all reported quarterly results that showed they will survive.
Do you think these are safe? Or as safe as any available? Or, what banks are safer than these?
September 7, 2008 at 7:53 PM #267413ParticipantDowney article from Market Watch.
I wonder if this is just delaying the inevitable, or if this is really shoring up the business.
_______________________________Downey Reaches Agreement on Regulatory Consent Orders and Enhances Financial Strength
Raises $109 Million in Regulatory CapitalLast update: 5:16 p.m. EDT Sept. 5, 2008
NEWPORT BEACH, Calif., Sept 05, 2008 /PRNewswire-FirstCall via COMTEX/ — Downey Financial Corp. (DSL:Downey Financial Corp. (Del.) (Holding Company)
News, chart, profile, more
Last: 3.10+0.77+33.05%4:01pm 09/05/2008
Sponsored by:
DSL 3.10, +0.77, +33.1%) today announced that the Company and its subsidiary, Downey Savings and Loan Association, F.A. (the “Bank”), have reached agreement with the Office of Thrift Supervision (OTS) on Consent Orders which, to a large extent, formalize certain measures previously announced by the Company to enhance the Bank’s financial strength. As a direct result of these measures, the Company also announced the sale of certain non-core real estate assets to a third party for aggregate cash proceeds of $110 million. Downey expects to report a net pre-tax gain of approximately $68 million from this sale. That gain, combined with a dividend to the Bank from a wholly owned subsidiary of the Bank, will result in an immediate increase in the Bank’s regulatory capital of approximately $109 million.“We have been working closely with our regulators to aggressively address the challenges Downey has been facing in this unprecedented financial environment and are pleased to have reached agreement on a formal plan that addresses the OTS’ concerns,” said Michael Bozarth, Downey’s Chairman of the Board. “The Orders reflect a number of measures that Downey has already undertaken and, in some cases, is close to completing. Having reached agreement on these Orders, and having successfully raised a significant amount of new capital, Downey has made substantial progress.”
“Our customers can rest assured that the Orders do not restrict us from meeting their banking needs and providing the services and customer care they have come to expect,” added Mr. Bozarth. “Downey continues to serve its customers with its full range of lending and retail banking services.”
The Orders require, among other things, that the Bank meet and maintain a minimum Tier One Core Capital ratio of 7% and a minimum Total Risk-Based Capital ratio of 14% at each quarter end. In addition, the Bank must complete a capital raising initiative by December 31, 2008. Downey has already made substantial progress on this capital plan and has enhanced the Bank’s regulatory capital by approximately $176 million through the real estate sale and the subsidiary dividend described above and previously disclosed contributions of capital from the Bank’s parent company. The Orders also require that, within 45 days, the Bank submit for OTS review and non-objection a comprehensive classified asset reduction plan, a long-term business plan, a real estate owned disposition plan, and a plan to strengthen executive management.
Since Downey is now subject to an order requiring it to meet and maintain a specific capital level, it is deemed “adequately capitalized” under OTS regulations even though it exceeds minimum regulatory capital ratios that would otherwise qualify it to be “well capitalized.” As a result, the Bank is subject to restrictions on accepting brokered deposits, which have not historically been a significant part of the Bank’s deposit base, and upper limits on interest rates the Bank may pay on deposits.
Mr. Bozarth continued, “Downey’s Board and management will continue to diligently explore a broad range of strategic alternatives by working with our financial advisor, Sandler O’Neill + Partners, L.P. to further enhance the Bank’s capital position. We have made substantial progress in strengthening this institution and are committed to continuing to meet the demands of this challenging environment.”
September 7, 2008 at 7:53 PM #267630ParticipantDowney article from Market Watch.
I wonder if this is just delaying the inevitable, or if this is really shoring up the business.
_______________________________Downey Reaches Agreement on Regulatory Consent Orders and Enhances Financial Strength
Raises $109 Million in Regulatory CapitalLast update: 5:16 p.m. EDT Sept. 5, 2008
NEWPORT BEACH, Calif., Sept 05, 2008 /PRNewswire-FirstCall via COMTEX/ — Downey Financial Corp. (DSL:Downey Financial Corp. (Del.) (Holding Company)
News, chart, profile, more
Last: 3.10+0.77+33.05%4:01pm 09/05/2008
Sponsored by:
DSL 3.10, +0.77, +33.1%) today announced that the Company and its subsidiary, Downey Savings and Loan Association, F.A. (the “Bank”), have reached agreement with the Office of Thrift Supervision (OTS) on Consent Orders which, to a large extent, formalize certain measures previously announced by the Company to enhance the Bank’s financial strength. As a direct result of these measures, the Company also announced the sale of certain non-core real estate assets to a third party for aggregate cash proceeds of $110 million. Downey expects to report a net pre-tax gain of approximately $68 million from this sale. That gain, combined with a dividend to the Bank from a wholly owned subsidiary of the Bank, will result in an immediate increase in the Bank’s regulatory capital of approximately $109 million.“We have been working closely with our regulators to aggressively address the challenges Downey has been facing in this unprecedented financial environment and are pleased to have reached agreement on a formal plan that addresses the OTS’ concerns,” said Michael Bozarth, Downey’s Chairman of the Board. “The Orders reflect a number of measures that Downey has already undertaken and, in some cases, is close to completing. Having reached agreement on these Orders, and having successfully raised a significant amount of new capital, Downey has made substantial progress.”
“Our customers can rest assured that the Orders do not restrict us from meeting their banking needs and providing the services and customer care they have come to expect,” added Mr. Bozarth. “Downey continues to serve its customers with its full range of lending and retail banking services.”
The Orders require, among other things, that the Bank meet and maintain a minimum Tier One Core Capital ratio of 7% and a minimum Total Risk-Based Capital ratio of 14% at each quarter end. In addition, the Bank must complete a capital raising initiative by December 31, 2008. Downey has already made substantial progress on this capital plan and has enhanced the Bank’s regulatory capital by approximately $176 million through the real estate sale and the subsidiary dividend described above and previously disclosed contributions of capital from the Bank’s parent company. The Orders also require that, within 45 days, the Bank submit for OTS review and non-objection a comprehensive classified asset reduction plan, a long-term business plan, a real estate owned disposition plan, and a plan to strengthen executive management.
Since Downey is now subject to an order requiring it to meet and maintain a specific capital level, it is deemed “adequately capitalized” under OTS regulations even though it exceeds minimum regulatory capital ratios that would otherwise qualify it to be “well capitalized.” As a result, the Bank is subject to restrictions on accepting brokered deposits, which have not historically been a significant part of the Bank’s deposit base, and upper limits on interest rates the Bank may pay on deposits.
Mr. Bozarth continued, “Downey’s Board and management will continue to diligently explore a broad range of strategic alternatives by working with our financial advisor, Sandler O’Neill + Partners, L.P. to further enhance the Bank’s capital position. We have made substantial progress in strengthening this institution and are committed to continuing to meet the demands of this challenging environment.”
September 7, 2008 at 7:53 PM #267646ParticipantDowney article from Market Watch.
I wonder if this is just delaying the inevitable, or if this is really shoring up the business.
_______________________________Downey Reaches Agreement on Regulatory Consent Orders and Enhances Financial Strength
Raises $109 Million in Regulatory CapitalLast update: 5:16 p.m. EDT Sept. 5, 2008
NEWPORT BEACH, Calif., Sept 05, 2008 /PRNewswire-FirstCall via COMTEX/ — Downey Financial Corp. (DSL:Downey Financial Corp. (Del.) (Holding Company)
News, chart, profile, more
Last: 3.10+0.77+33.05%4:01pm 09/05/2008
Sponsored by:
DSL 3.10, +0.77, +33.1%) today announced that the Company and its subsidiary, Downey Savings and Loan Association, F.A. (the “Bank”), have reached agreement with the Office of Thrift Supervision (OTS) on Consent Orders which, to a large extent, formalize certain measures previously announced by the Company to enhance the Bank’s financial strength. As a direct result of these measures, the Company also announced the sale of certain non-core real estate assets to a third party for aggregate cash proceeds of $110 million. Downey expects to report a net pre-tax gain of approximately $68 million from this sale. That gain, combined with a dividend to the Bank from a wholly owned subsidiary of the Bank, will result in an immediate increase in the Bank’s regulatory capital of approximately $109 million.“We have been working closely with our regulators to aggressively address the challenges Downey has been facing in this unprecedented financial environment and are pleased to have reached agreement on a formal plan that addresses the OTS’ concerns,” said Michael Bozarth, Downey’s Chairman of the Board. “The Orders reflect a number of measures that Downey has already undertaken and, in some cases, is close to completing. Having reached agreement on these Orders, and having successfully raised a significant amount of new capital, Downey has made substantial progress.”
“Our customers can rest assured that the Orders do not restrict us from meeting their banking needs and providing the services and customer care they have come to expect,” added Mr. Bozarth. “Downey continues to serve its customers with its full range of lending and retail banking services.”
The Orders require, among other things, that the Bank meet and maintain a minimum Tier One Core Capital ratio of 7% and a minimum Total Risk-Based Capital ratio of 14% at each quarter end. In addition, the Bank must complete a capital raising initiative by December 31, 2008. Downey has already made substantial progress on this capital plan and has enhanced the Bank’s regulatory capital by approximately $176 million through the real estate sale and the subsidiary dividend described above and previously disclosed contributions of capital from the Bank’s parent company. The Orders also require that, within 45 days, the Bank submit for OTS review and non-objection a comprehensive classified asset reduction plan, a long-term business plan, a real estate owned disposition plan, and a plan to strengthen executive management.
Since Downey is now subject to an order requiring it to meet and maintain a specific capital level, it is deemed “adequately capitalized” under OTS regulations even though it exceeds minimum regulatory capital ratios that would otherwise qualify it to be “well capitalized.” As a result, the Bank is subject to restrictions on accepting brokered deposits, which have not historically been a significant part of the Bank’s deposit base, and upper limits on interest rates the Bank may pay on deposits.
Mr. Bozarth continued, “Downey’s Board and management will continue to diligently explore a broad range of strategic alternatives by working with our financial advisor, Sandler O’Neill + Partners, L.P. to further enhance the Bank’s capital position. We have made substantial progress in strengthening this institution and are committed to continuing to meet the demands of this challenging environment.”
September 7, 2008 at 7:53 PM #267692ParticipantDowney article from Market Watch.
I wonder if this is just delaying the inevitable, or if this is really shoring up the business.
_______________________________Downey Reaches Agreement on Regulatory Consent Orders and Enhances Financial Strength
Raises $109 Million in Regulatory CapitalLast update: 5:16 p.m. EDT Sept. 5, 2008
NEWPORT BEACH, Calif., Sept 05, 2008 /PRNewswire-FirstCall via COMTEX/ — Downey Financial Corp. (DSL:Downey Financial Corp. (Del.) (Holding Company)
News, chart, profile, more
Last: 3.10+0.77+33.05%4:01pm 09/05/2008
Sponsored by:
DSL 3.10, +0.77, +33.1%) today announced that the Company and its subsidiary, Downey Savings and Loan Association, F.A. (the “Bank”), have reached agreement with the Office of Thrift Supervision (OTS) on Consent Orders which, to a large extent, formalize certain measures previously announced by the Company to enhance the Bank’s financial strength. As a direct result of these measures, the Company also announced the sale of certain non-core real estate assets to a third party for aggregate cash proceeds of $110 million. Downey expects to report a net pre-tax gain of approximately $68 million from this sale. That gain, combined with a dividend to the Bank from a wholly owned subsidiary of the Bank, will result in an immediate increase in the Bank’s regulatory capital of approximately $109 million.“We have been working closely with our regulators to aggressively address the challenges Downey has been facing in this unprecedented financial environment and are pleased to have reached agreement on a formal plan that addresses the OTS’ concerns,” said Michael Bozarth, Downey’s Chairman of the Board. “The Orders reflect a number of measures that Downey has already undertaken and, in some cases, is close to completing. Having reached agreement on these Orders, and having successfully raised a significant amount of new capital, Downey has made substantial progress.”
“Our customers can rest assured that the Orders do not restrict us from meeting their banking needs and providing the services and customer care they have come to expect,” added Mr. Bozarth. “Downey continues to serve its customers with its full range of lending and retail banking services.”
The Orders require, among other things, that the Bank meet and maintain a minimum Tier One Core Capital ratio of 7% and a minimum Total Risk-Based Capital ratio of 14% at each quarter end. In addition, the Bank must complete a capital raising initiative by December 31, 2008. Downey has already made substantial progress on this capital plan and has enhanced the Bank’s regulatory capital by approximately $176 million through the real estate sale and the subsidiary dividend described above and previously disclosed contributions of capital from the Bank’s parent company. The Orders also require that, within 45 days, the Bank submit for OTS review and non-objection a comprehensive classified asset reduction plan, a long-term business plan, a real estate owned disposition plan, and a plan to strengthen executive management.
Since Downey is now subject to an order requiring it to meet and maintain a specific capital level, it is deemed “adequately capitalized” under OTS regulations even though it exceeds minimum regulatory capital ratios that would otherwise qualify it to be “well capitalized.” As a result, the Bank is subject to restrictions on accepting brokered deposits, which have not historically been a significant part of the Bank’s deposit base, and upper limits on interest rates the Bank may pay on deposits.
Mr. Bozarth continued, “Downey’s Board and management will continue to diligently explore a broad range of strategic alternatives by working with our financial advisor, Sandler O’Neill + Partners, L.P. to further enhance the Bank’s capital position. We have made substantial progress in strengthening this institution and are committed to continuing to meet the demands of this challenging environment.”
September 7, 2008 at 7:53 PM #267722ParticipantDowney article from Market Watch.
I wonder if this is just delaying the inevitable, or if this is really shoring up the business.
_______________________________Downey Reaches Agreement on Regulatory Consent Orders and Enhances Financial Strength
Raises $109 Million in Regulatory CapitalLast update: 5:16 p.m. EDT Sept. 5, 2008
NEWPORT BEACH, Calif., Sept 05, 2008 /PRNewswire-FirstCall via COMTEX/ — Downey Financial Corp. (DSL:Downey Financial Corp. (Del.) (Holding Company)
News, chart, profile, more
Last: 3.10+0.77+33.05%4:01pm 09/05/2008
Sponsored by:
DSL 3.10, +0.77, +33.1%) today announced that the Company and its subsidiary, Downey Savings and Loan Association, F.A. (the “Bank”), have reached agreement with the Office of Thrift Supervision (OTS) on Consent Orders which, to a large extent, formalize certain measures previously announced by the Company to enhance the Bank’s financial strength. As a direct result of these measures, the Company also announced the sale of certain non-core real estate assets to a third party for aggregate cash proceeds of $110 million. Downey expects to report a net pre-tax gain of approximately $68 million from this sale. That gain, combined with a dividend to the Bank from a wholly owned subsidiary of the Bank, will result in an immediate increase in the Bank’s regulatory capital of approximately $109 million.“We have been working closely with our regulators to aggressively address the challenges Downey has been facing in this unprecedented financial environment and are pleased to have reached agreement on a formal plan that addresses the OTS’ concerns,” said Michael Bozarth, Downey’s Chairman of the Board. “The Orders reflect a number of measures that Downey has already undertaken and, in some cases, is close to completing. Having reached agreement on these Orders, and having successfully raised a significant amount of new capital, Downey has made substantial progress.”
“Our customers can rest assured that the Orders do not restrict us from meeting their banking needs and providing the services and customer care they have come to expect,” added Mr. Bozarth. “Downey continues to serve its customers with its full range of lending and retail banking services.”
The Orders require, among other things, that the Bank meet and maintain a minimum Tier One Core Capital ratio of 7% and a minimum Total Risk-Based Capital ratio of 14% at each quarter end. In addition, the Bank must complete a capital raising initiative by December 31, 2008. Downey has already made substantial progress on this capital plan and has enhanced the Bank’s regulatory capital by approximately $176 million through the real estate sale and the subsidiary dividend described above and previously disclosed contributions of capital from the Bank’s parent company. The Orders also require that, within 45 days, the Bank submit for OTS review and non-objection a comprehensive classified asset reduction plan, a long-term business plan, a real estate owned disposition plan, and a plan to strengthen executive management.
Since Downey is now subject to an order requiring it to meet and maintain a specific capital level, it is deemed “adequately capitalized” under OTS regulations even though it exceeds minimum regulatory capital ratios that would otherwise qualify it to be “well capitalized.” As a result, the Bank is subject to restrictions on accepting brokered deposits, which have not historically been a significant part of the Bank’s deposit base, and upper limits on interest rates the Bank may pay on deposits.
Mr. Bozarth continued, “Downey’s Board and management will continue to diligently explore a broad range of strategic alternatives by working with our financial advisor, Sandler O’Neill + Partners, L.P. to further enhance the Bank’s capital position. We have made substantial progress in strengthening this institution and are committed to continuing to meet the demands of this challenging environment.”
September 7, 2008 at 8:01 PM #267422ParticipantMoving your cash out of Wachovia Peterb may be a good move…
http://www.forbes.com/feeds/ap/2008/09/04/ap5390439.html
NEW YORK – Wachovia Corp. shares dropped Thursday, amid steep declines in the broader market, as an unexpected spike in jobless claims and dour retail sales reports further rattled investors.
Wachovia (nyse: WB – news – people ) shares lost $1.30, or 7.6 percent, to $15.88 in late afternoon trading. The stock has traded in a 52-week range of $7.80 to $53.10.
Wachovia is among the banks hardest hit by the ongoing trouble in the credit and housing markets. Its stock has lost more than half its value this year. And as the end of the third quarter looms, its likely that investors are worried that the Charlotte, N.C.-based bank will report another hefty loss.
September 7, 2008 at 8:01 PM #267640ParticipantMoving your cash out of Wachovia Peterb may be a good move…
http://www.forbes.com/feeds/ap/2008/09/04/ap5390439.html
NEW YORK – Wachovia Corp. shares dropped Thursday, amid steep declines in the broader market, as an unexpected spike in jobless claims and dour retail sales reports further rattled investors.
Wachovia (nyse: WB – news – people ) shares lost $1.30, or 7.6 percent, to $15.88 in late afternoon trading. The stock has traded in a 52-week range of $7.80 to $53.10.
Wachovia is among the banks hardest hit by the ongoing trouble in the credit and housing markets. Its stock has lost more than half its value this year. And as the end of the third quarter looms, its likely that investors are worried that the Charlotte, N.C.-based bank will report another hefty loss.
September 7, 2008 at 8:01 PM #267655ParticipantMoving your cash out of Wachovia Peterb may be a good move…
http://www.forbes.com/feeds/ap/2008/09/04/ap5390439.html
NEW YORK – Wachovia Corp. shares dropped Thursday, amid steep declines in the broader market, as an unexpected spike in jobless claims and dour retail sales reports further rattled investors.
Wachovia (nyse: WB – news – people ) shares lost $1.30, or 7.6 percent, to $15.88 in late afternoon trading. The stock has traded in a 52-week range of $7.80 to $53.10.
Wachovia is among the banks hardest hit by the ongoing trouble in the credit and housing markets. Its stock has lost more than half its value this year. And as the end of the third quarter looms, its likely that investors are worried that the Charlotte, N.C.-based bank will report another hefty loss.
September 7, 2008 at 8:01 PM #267702ParticipantMoving your cash out of Wachovia Peterb may be a good move…
http://www.forbes.com/feeds/ap/2008/09/04/ap5390439.html
NEW YORK – Wachovia Corp. shares dropped Thursday, amid steep declines in the broader market, as an unexpected spike in jobless claims and dour retail sales reports further rattled investors.
Wachovia (nyse: WB – news – people ) shares lost $1.30, or 7.6 percent, to $15.88 in late afternoon trading. The stock has traded in a 52-week range of $7.80 to $53.10.
Wachovia is among the banks hardest hit by the ongoing trouble in the credit and housing markets. Its stock has lost more than half its value this year. And as the end of the third quarter looms, its likely that investors are worried that the Charlotte, N.C.-based bank will report another hefty loss.
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