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Wednesday Express: Kansas banks in deal; Berkshire looks to up BofA stake


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Wednesday Express: Kansas banks in deal; Berkshire looks to up BofA stake

* Bank of America, PNC Financial Services Group and Bank of New York Mellon are expected to report quarterly results today.

* In Kansas, Docking Bancshares agreed to acquire Midland Financial and its unit Midland National Bank in a deal expected to close in the fourth quarter, reported, citing a press release.

* Elsewhere in Ohio, Firefighters & Company FCU, with more than $60 million in assets, acquired Monarch FCU, the Dayton Business Journal reports.

* Warren Buffett-led Berkshire Hathaway is seeking regulatory approval from the Federal Reserve to allow it to up its stake in Bank of America to more than 10%, Bloomberg News reports.

* Goldman Sachs reduced its own stake in WeWork while it was serving as one of the underwriters on the coworking company's planned initial public offering, sources told Business Insider.

* Following the Central Bank of Nigeria's move to raise its minimum loan-to-deposit ratio requirement for banks to 65% from 60% and plan to review the directive quarterly, Citigroup is seeking more consistency in implementing banking-related regulatory changes in Africa, Bloomberg News reports.

* Interactive Brokers Group Founder and Chairman Thomas Peterffy in a conference call said his company is used to growing organically and it is unlikely that it will pursue a deal to acquire competitor E*TRADE Financial.

* Fidelity Investments said it is reviewing its relationship with Ken Fisher after he allegedly made offensive remarks about women at an industry conference, Reuters reports, citing Fidelity spokesman Vincent Loporchio. Fisher's firm, Fisher Investments, manages about $500 million for Fidelity.

* The Securities and Exchange Commission fined Domenick Migliorato, a former executive of Industrial & Commercial Bank of China Financial Services, for his supervisory failures involving the improper handling of prereleased American depositary receipts.

* The Council of Institutional Investors sent a letter to the SEC in relation to its guidance addressing the regulation of proxy advisory firms. The council is urging the regulator to reconsider its decision and offer an opportunity for public comment on the new guidance.

* Private equity firm Abry Partners is looking to divest its majority stake in insurance broker Hilb Group, sources for Reuters say.

* UnitedHealthcare Medicare & Retirement CEO Brian Thompson said some of the elements of a recently signed executive order promoting Medicare Advantage, which include pushing for greater access to Medicare Advantage and accelerating payment for covered prescriptions, are ideas that the insurer has historically favored.

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