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TriCo Bancshares to buy FNB Bancorp for $315.3M; Clayton urges caution on ICOs

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TriCo Bancshares to buy FNB Bancorp for $315.3M; Clayton urges caution on ICOs

Deals dominated headlines in the banking and other financial services industry the previous day.

In California, TriCo Bancshares is buying FNB Bancorp in an all-stock transaction valued at approximately $40.81 per share or $315.3 million in aggregate.

In Illinois, First Mid-Illinois Bancshares Inc. is acquiring First BancTrust Corp. in a stock-and-cash deal valued at approximately $73.8 million.

In New Orleans, Union Savings and Loan Association is buying Hibernia Bancorp Inc. for $32.00 per share in cash, or an aggregate $28.2 million.

Wintrust Financial Corp. unit Barrington Bank & Trust Co. NA, through its division, Wintrust Mortgage, will acquire certain assets and assume certain liabilities of iFreedom Direct Corp., which does business as Veterans First Mortgage.

Investment management and trust services provider Cypress Trust Co. is purchasing the personal trust business of Winter Haven, Fla.-based CenterState Bank NA.

California-based Munchee Inc. halted its initial coin offering and refunded the proceeds after the SEC found that its conduct constituted unregistered securities offers and sales. The company sought to raise $15 million in capital for its blockchain-based food review service.

Meanwhile, SEC Chairman Jay Clayton, in a Dec. 11 statement, cautioned investors on cryptocurrency and ICOs. Clayton said that no ICO has been registered with the SEC and that any trading of cryptocurrencies should be done with a considerable amount of care. "Selling securities generally requires a license, and experience shows that excessive touting in thinly traded and volatile markets can be an indicator of "scalping," "pump and dump" and other manipulations and frauds," he noted.

Clayton's statement was released a day after Cboe Global Markets Inc. launched bitcoin futures trading, in which 20 trading firms were actively participating in trading.

State Street Corp. has invested in PensionBee, a U.K.-based fintech startup, which offers a pension consolidation platform for people who often move jobs, the Financial Times reports. State Street will become the firm's biggest external shareholder, with an observer seat on the board.

In other parts of the world

Asia Pacific: Zurich to buy ANZ's life insurance biz; Taiwan denies forex intervention

Europe: Zurich buying ANZ's life insurance biz; Spain sells 7% stake in Bankia

Middle East & Africa: Iran vows to prop up banks; Fitch downgrades Oman

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng dropped 0.59% to 28,793.88, while the Nikkei 225 slid 0.32% to 22,866.17.

In Europe, around midday, the FTSE 100 gained 0.16% to 7,465.70 and the Euronext 100 climbed 0.20% to 1,046.20.

On the macro front

The NFIB Small Business Optimism Index, the PPI-FD report, the Redbook, and the Treasury budget are due out today.

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