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The Thursday Express: Citi expects $20B hit from tax reform, Gerspach says


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The Thursday Express: Citi expects $20B hit from tax reform, Gerspach says

* Citigroup CFO John Gerspach said that if Congress passes tax reform with a 20% corporate tax rate, Citi would take an accounting hit of roughly $20 billion.

* Hattiesburg, Miss.-based First Bancshares is buying Tallahassee, Fla.-based Sunshine Financial in a cash-and-stock deal valued at approximately $32.1 million.

* Audubon Savings Bank in New Jersey is merging into Levittown, Pa.-based William Penn Bank (MHC).

* Patriot National's former chairman and CEO, Steven Mariano, is accusing Fifth Third Bank of impeding the sale of a 57-meter "superyacht."

* AIR Worldwide now estimates insured losses from Hurricane Maria to be between $27 billion and $48 billion in the Caribbean.

* The Florida Office of Insurance Regulation set a 6.6% statewide average rate increase for Citizens Property Insurance's homeowners' multi-peril insurance for 2018.

* Analysts said that OptumCare's bid for DaVita Medical Group would build out Optum's medical care business.

* Comptroller of the Currency Joseph Otting has canceled plans to move onsite examiners out of large banks' offices, Bloomberg News reports.

* And the Financial Institutions and Consumer Credit subcommittee of the House Financial Services Committee will hold a hearing titled "Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part II" at 2 p.m. ET today.

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