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The Tuesday Express: North American financials


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The Tuesday Express: North American financials

* Conway, Ark.-based Home BancShares is acquiring Pompano Beach, Fla.-based Stonegate Bank in a stock-and-cash transaction worth approximately $778.4 million.

* In Illinois, WB Bancorp disclosed a deal value of roughly $5.5 million for MC Bancorp.

* Goldman Sachs is running the sale of Friends Provident International, sources told The Wall Street Journal. The deal could fetch up to $750 million for the Aviva unit.

* Big banks including Goldman Sachs, Morgan Stanley and Bank of America are in talks to share trade processes and technology under a joint venture dubbed "Project Scalpel," which could cut at least $2 billion in annual costs, sources told the Journal.

* Separately, the Journal wrote that Wells Fargo's robo-advisory service, known as Intuitive Investor, will require at least $10,000 to open an account and a price of 0.50% of assets, higher than some of its competitors.

* Ocwen entered into a consent order with the New York Department of Financial Services that terminates its operations monitor oversight in the next three weeks.

* CreditEase Wealth Management's offshore private credit fund invested $30 million in two transactions with OnDeck and LendingHome.

* Trusted Health Plan (District of Columbia) on Feb. 28 closed its acquisition of Harbor Health Plan. Also, Harbor Health Plan's board appointed Jesse Thomas as CEO.

* Sun Life Financial appointed Kevin Strain, the president of Sun Life Financial Asia, executive vice president and CFO, effective May 29. Claude Accum will replace Strain as president of Sun Life Financial Asia.

* FBL Financial Group named Anthony Aldridge chief accounting officer, replacing Donald Seibel, who remains the company's CFO and treasurer.

* Tracy Knapp notified Kansas City Life Insurance of his intention to resign, effective April 20, as senior vice president of finance, CFO and director.

* Meanwhile, the Independent Community Bankers of America has decided not to file an appeal in its lawsuit challenging the National Credit Union Administration's commercial lending rule.

* Two Financial Services subcommittees are holding hearings today — Oversight and Investigations with "The Arbitrary and Inconsistent Non-Bank SIFI Designation Process" and Financial Institutions and Consumer Credit with "The State of Bank Lending in America."

* Also today, the Committee On Banking, Housing, And Urban Affairs will meet in an open session to conduct a hearing titled, "Fostering Economic Growth: The Role of Financial Companies."

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.