In California, Pacific Premier Bancorp Inc. is buying Plaza Bancorp in an all-stock deal valued at about $226.3 million. The transaction will increase Pacific Premier's total assets to approximately $7.7 billion on a pro forma basis, and will also mark the company's entrance into Los Angeles County, Calif.
Aside from the Federal Reserve Bank of San Francisco, Wells Fargo & Co. is facing more regulatory scrutiny as the OCC and the Consumer Financial Protection Bureau are also investigating its guaranteed auto protection insurance program, sources told Bloomberg News. The OCC had been in talks with the bank over another issue in its auto collateral protection insurance, wherein it wrongfully charged customers with premiums.
In other banking news, Bank of America Corp. will begin testing Samsung's technology this month, which would allow customers to log in to their mobile banking accounts by taking a picture of their eye, American Banker reports.
And the Federal Reserve and the FDIC gave CIT Group Inc., Citizens Financial Group Inc. and 19 foreign banks until Dec. 31, 2018, to file their living wills. The one-year extension was issued for purposes of addressing supervisory guidance.
Worldpay Group plc has agreed to a formal offer from U.S. rival Vantiv Inc. to take over the British payments company for approximately £8.0 billion. Vantiv President and CEO Charles Drucker will serve as the executive chairman and co-CEO of the combined firm.
Planet Payment Inc.'s board is considering strategic options for the company, including a potential sale or a merger.
Canada-based specialty lender ECN Capital Corp. is selling C$1.49 billion of railcar assets to affiliates ITE Management LP and Napier Park Global Capital (US) LP for approximately C$1.44 billion in proceeds. The sale will free up roughly C$400 million of the company's capital, CEO Steven Hudson said.
In the broker-dealer space, Virtu Financial Inc. has closed its recently-acquired KCG Holdings LLC's London proprietary businesses, along with other unprofitable offices in Singapore and India.
And a Financial Times report disclosed that while the U.S. government received $150 billion in fines related to credit crisis litigation, no senior Wall Street executives have been prosecuted — to which U.S. authorities blamed lack of evidence and not lack of effort. According to the report, the most senior executive convicted was Lee Farkas, chairman of the now-defunct Taylor Bean & Whitaker Mortgage Corp.
In other parts of the world
Asia Pacific: CBA full-year cash profit up 5%; Sumitomo Mitsui, Yahoo Japan to form fintech JV
Europe: Munich Re Q2 profit drops 25%; Vantiv, Worldpay reach deal; Ageas Q2 profit down
Middle East & Africa: Incumbent takes lead in Kenya election; Qatar Insurance unit to launch IPO
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 0.35% to 27,757.09, and the Nikkei 225 was down 1.29% to 19,738.71.
In Europe, as of midday, the FTSE 100 had dropped 0.80% to 7,482.53, and the Euronext 100 had fallen 1.38% to 1,001.33.
On the macro front
The MBA mortgage applications report, the productivity and costs report, the wholesale trade report and the EIA petroleum status report are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.