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CVB Financial buying smaller Calif. peer; BofA to open 500 branches


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CVB Financial buying smaller Calif. peer; BofA to open 500 branches

Bank of America Corp. is planning to open more than 500 new financial centers across the U.S. in the next four years. In connection with the expansion, BofA expects to hire more than 5,400 professionals.

On the M&A front, Ontario, Calif.-based CVB Financial Corp. is acquiring Pasadena, Calif.-based Community Bank in a cash-and-stock transaction valued at around $878.3 million. With the acquisition, CVB's asset size would go over the $10 billion asset threshold.

Circle Internet Financial Ltd. — a mobile payments company backed by Goldman Sachs Group Inc. has acquired U.S.-based cryptocurrency exchange Poloniex, LLC. "A person familiar with the terms of the deal" told Fortune that the deal was priced at about $400 million.

In litigation-related news, Providence, R.I.-based Citizens Bank NA is the "Lender B referred to in court documents indicting Paul Manafort — the former campaign manager for President Donald Trump — with money laundering and bank fraud charges, the Associated Press reports. The Citizens Financial Group Inc. subsidiary reportedly lent Manafort $3.4 million, and a bank employee may have additionally helped protect Manafort by passing along a falsified financial document, according to the report. Citizens Financial said that it was unaware of being subject to "any active investigation associated with the matter in the press article."

Less than two weeks following a deadly school shooting in Florida, State Street Corp. has disclosed plans to talk to weapons manufacturers and distributors on how they support the safe and responsible use of their products, Pensions & Investments reports. The company — whose money management arm, State Street Global Advisors, invests in firearms manufacturers — said that it will "seek to ensure that any shareholder resources used to influence legislation and regulations, or fund other advocacy efforts is consistent with the company's public views," the report adds.

Federal Reserve Chairman Jerome Powell will testify before the House Financial Services Committee today on the Federal Reserve's semiannual monetary policy report.

Two Canadian banks released their fiscal first-quarter earnings results today. Bank of Nova Scotia's earnings per share for the quarter increased year over year to C$1.86, while Bank of Montreal's EPS decreased to C$1.43.

In other parts of the world

Asia Pacific: Allianz closes takeover of Sri Lanka insurer; CBA to dispute rate-rigging claims

Europe: StanChart swings to FY'17 profit from year-ago loss; Swiss Life profit rises YOY

Middle East & Africa: Attijariwafa Bank FY'17 profit up 13.3%; Nene back as South Africa finance chief

The day ahead

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

In Asia, the Hang Seng was down 0.73% to 31,268.66, while the Nikkei 225 rose 1.07% to 22,389.86.

In Europe as of midday, the FTSE 100 slipped 0.15% to 7,278.76, and the Euronext 100 slid 0.23% to 1,030.59.

On the macro front

The durable goods orders, the international trade in goods report, Retail Inventories [Advance], Wholesale Inventories [Advance], the Redbook, Richmond Fed manufacturing index, State Street Investor Confidence index and the FHFA house price index are due out today.

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