American Community has $3.2 million loss
Charlotte-based American Community Bancshares Inc. said Friday that it lost $3.2 million in the third quarter, largely because of a previously disclosed $2.7 million charge from a diminished investment in mortgage giants Freddie Mac and Fannie Mae. The loss compares with a $1.1 million profit a year ago. American Community agreed in September to a $92 million takeover by Elkin-based Yadkin Valley Financial Corp. While well-capitalized by regulatory standards, American Community said it was considering accepting up to $13 million from the federal government's capital injection program.
$11 billion stock sale to help Wells' Wachovia buy
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Wells Fargo & Co. on Thursday raised $11 billion in a stock sale to help pay for its purchase of Charlotte-based Wachovia Corp. Wells sold 407.5 million shares for $27 each on Thursday, 6.2 percent below the Nov. 6 price of $28.77, the San Francisco-based company said. The bank, which planned to raise $10 billion, may sell another 61 million shares depending on demand.
17 named to BofA-Merrill capital markets group
Bank of America Corp. continues to flesh out plans for its Merrill Lynch & Co. acquisition, naming 17 Bank of America and Merrill executives on Friday to positions within the combined company's capital markets group.
Within the combined corporate and investment bank, Bank of America's Bruce Thompson will lead global capital markets, reporting to two previously appointed Merrill officials, Tom Montag and Greg Fleming.