Houston-based Encore Bancshares plans to offer 2 million shares at a price between $20 and $22 per share in its initial public offering. Encore spelled out the terms of its IPO in a filing with the Securities and Exchange Commission. The net proceeds from the offering are expected to be $36.2 million, which will be used to fund future acquisitions and provide working capital. The bank largely targets clients in the greater Houston area, where it operates 11 private client offices, and in Southwest Florida, where it has six offices.
Pennsylvania Department of Banking sets guidelines to protect borrowers
The Pennsylvania Department of Banking seeks to protect homeowners from negligent lending. A new regulation to this effect has been sent for approval to the commonwealth's Independent Regulatory Review Commission. The regulation, if approved, will provide the Pennsylvania mortgage industry with a list of best practices that will educate borrowers on variable interest rates, payment modes, and negative amortization. Pennsylvanian families have been sold inappropriate mortgages in the past which they couldn't afford or regarding which they were not properly educated. The regulation would make it mandatory for lenders to determine whether borrowers, based on various factors, will have the ability to pay back their loans.
HSBC tops banking list
Among foreign companies that own U.S. banks, HSBC Holdings, PLC, is ranked first based on assets, according to a list published by American Banker. HSBC Holdings is based in London and had assets worth $478.15 billion in 2006. Nationwide, the bank also ranks first on the list in deposits. Other companies included in American Banker's rankings include Citizens Bank, headquartered in Providence, RI, and Royal Bank of Scotland.
Northfield Bank opens new branch in Brooklyn
Northfield Bank has opened a new full-service branch in Bay Ridge, Brooklyn; it is the bank's first branch in the area. The new 1,600-square-foot branch will offer a range of banking services, including savings and certificate of deposit accounts, "Really Free Checking," "24-hour ATM service, and free online banking. The new branch will specialize in business checking, nonprofit checking, and other business services and will be led by branch manager Ben Madaio, who has had 32 years of managerial experience in the Brooklyn business community. Cliff Zoller will be the commercial lending officer for the branch.