People’s United Financial Completes Acquisition of Financial Federal Corporation
People’s United Financial, Inc. (Nasdaq:PBCT – News) announced today that it completed its acquisition of Financial Federal Corporation, a $1.3 billion financial services company providing collateralized lending, financing and leasing services nationwide to small and medium sized businesses nationwide. The combined company has over $22 billion in assets.
“We are very pleased that Financial Federal Corporation is now part of People’s United and look forward to working together to continue growing our equipment financing business,” said Philip R. Sherringham, President and Chief Executive Officer of People’s United Financial. “This transaction marries the low-cost funding of our deposit base and our substantial excess liquidity with the high-yielding Financial Federal portfolio. The combination complements our People’s Capital and Leasing Corp. equipment financing business, which we have operated since 1997. [Read the full article]
Thomas H. Siemers, Chairman, President and CEO of First Franklin Corporation (Nasdaq:FFHS – News) and Chairman of Franklin Savings and Loan Company, has informed the board of directors of the Corporation of his decision to retire effective March 31, 2010. Mr. Siemers (76) has been with Franklin Savings for more than 60 years. He joined Franklin Savings in 1948 and was elected to the board of directors in 1953. He was elected as President of Franklin Savings in 1968. Mr. Siemers will continue to serve on the First Franklin Corporation and Franklin Savings and Loan Company boards.
Mr. Siemers said: “We built Franklin Savings and First Franklin on strong business fundamentals, and we have always strived to serve our customers and shareholders well. [Read the full article]
The Board of Directors of Teche Holding Company (AMEX:TSH – News), holding company of Teche Federal Bank, yesterday declared a quarterly dividend of $0.355 per share of its common stock.
The dividend is 1.43% higher than the rate of $0.35 per common share this time last year. This represents a quarterly payout ratio of 43.3% based on diluted earnings per share for the quarter ended December 31, 2009. The effective dividend yield amounts to 4.5% based on the stock price on the close of business on February 17, 2010. The dividend will be paid on March 31, 2010 to shareholders of record as of the close of business on March 17, 2010. The company has paid a cash dividend for 59 consecutive quarters.
Teche Federal presently operates twenty offices in the Louisiana parishes of St. Mary, Iberia, Lafayette, St. Martin, Terrebonne, Lafourche, St. Landry, East Baton Rouge and Ascension. [Read the full article]
Regional bank operator People’s United Financial said Friday it had completed its acquisition of Financial Federal Corp. in a cash-and-stock deal valued at $738 million.
Bridgeport-based People’s United is the holding company for People’s United Bank, which has about 300 branches in New England and New York state.
New York-based Financial Federal provides financing and leasing to small- and medium-sized businesses in the construction, transportation and refuse industries.
Under the terms of the acquisition, Financial Federal shareholders are receiving $11.27 in cash and one share of People’s United common stock. Based on the closing price of People’s United on Nov. 20, the last business day before the deal was announced, the transaction is valued at $27.74 per Financial Federal share. [Read the full article]