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In This List

Horizon Bancorp acquiring CNB Bancorp in Indiana; Fed approves KeyCorp/First Niagara deal

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Horizon Bancorp acquiring CNB Bancorp in Indiana; Fed approves KeyCorp/First Niagara deal

InIndiana, Michigan City-based HorizonBancorp is acquiringAttica-based CNB Bancorp.

Elsewherein banking, Miami Lakes, Fla.-basedBankUnited NA's smallbusiness finance is nowmaking loans in Washington, Ohio and Wisconsin, as well as additional parts ofFlorida.

TheFederal Home Loan Bank of SanFrancisco entered into a settlement agreement with certaindefendants in connection with its private-label mortgage-backed securitieslitigation for $236 million.

Meanwhile,Fitch Ratings affirmedthe ratings of Bank of New YorkMellon Corp., StateStreet Corp. and NorthernTrust Corp., driven by high barriers to entry in their businessmodels, good capital ratios in the context of their low risk balance sheets,and their strong liquidity positions.

Asfor big banks, an analysis of the 20most highly paid international bank chiefs in Europe, the U.S., Canada andAustralia by compensation company Equilar and the Financial Times found that pay packages for big bank CEOs were up7.6% to an average of $13.1million each in 2015, compared to the year before. Additionally, theanalysis revealed that CEOs in the U.S. received twice as much as those oftheir European counterparts.

TheFederal Reserve approvedKeyCorp's acquisitionof First Niagara Financial GroupInc., which the companies expect to complete on or about Aug. 1.

WellsFargo Advisors is commencing a search for its new head, The Wall Street Journal reports, citing a company spokesman. MaryMack, who currently serves as president and head of the brokerage arm,will take on the new role of the community banking effective July 31. Brand Meyer, asenior managing director and head of Wells Fargo Advisors' independentbrokerage group, will serve as president of the brokerage arm in the interim.

Inmore people news, President and CEOLarry Damm intends to retireat September-end. Senior Vice President and COO Kevin Wilmoth will assume thetop post from Damm at the Wichita, Kan.-based credit union.

AndPortland, Ore.-based OnPointCommunity Credit Union appointed Veronica Ervin senior vicepresident and chief complianceofficer, and Cecile Milam senior vice president and chief lendingofficer.

Inthe asset manager scene, theDepartment of Justice said ValueAct Capital agreed to pay $11million to settle charges stemming from stock purchases in Halliburton andBaker Hughes that were made while the two parties were under antitrust reviewover a potential merger.

Specialty lender is considering abank charter as itplans to offer other financial services.

Speakingon a webcast yesterday, DoubleLineCapital LP's Jeffrey Gundlach said that there is "big money"to be made on the "short side" if stocks fail to stay near currenthighs, adding that he continues to favoremerging market debt over high-yield junk bonds, Reuters reports.

Onthe regulatory front, St. LouisFederal Reserve President James Bullard said the central bank should not be ina hurry to raise interest rates until growth and inflation have shifted to theupside, Reutersreports.

In other parts of the world

Asia-Pacific:Bangladesh, NY Fed talkspostponed; Credit Suisse appoints execs in China

Europe:Basel urged to avoiddisproportionate banking reforms; UniCredit raises €1B from sale of stakes in 2units

MiddleEast & Africa: Iran talksdelayed; Liberty seeks Kenya expansion

The day ahead

Early morning futures indicators pointed to a higher openingfor the U.S. market.

In Asia, the Hang Seng was up 0.46% to 21,322.37. The Nikkei225 rose 0.84% to 16,231.43.

In Europe as of midday, the FTSE 100 climbed 0.27% to6,698.80, and the Euronext 100 rose 0.28% to 863.68.

On the macro front

The import and export prices report, the Atlanta Fed'sbusiness inflation expectations survey, the EIA petroleum status report, theBeige Book and the Treasury budget are due out today.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription.