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Tennessee banks in deal; Goldman plans to double China staff in 5 years


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Tennessee banks in deal; Goldman plans to double China staff in 5 years

Dyer, Tenn.-based Dyer F & M Bancshares Inc. unit Farmers & Merchants Bank will merge into Paris, Tenn.-based Security Bank and Trust Co. Financial terms of the deal, which is expected to close mid-2020, were not disclosed. Based on financial results as of Dec. 31, 2019, the combined bank will have about $575 million in total assets, $500 million in total deposits and $395 million in total loans upon completion of the transaction,

LM Funding America sold all the issued and outstanding shares of its wholly owned subsidiary, IIU Inc., to Craven House Capital North America LLC. LM Funding America originally paid nearly $5.0 million for the purchase of insurance broker IIU in January 2019, which included a negative $720,386 net fair value of assets and about $5.7 million of goodwill. The company estimates the sale of IIU may result in a loss of about $1.5 million to $1.8 million.

A federal jury in Texas determined that Wells Fargo & Co. will have to pay $102.8 million after losing a trial against United Services Automobile Association under a patent infringement case related to the latter's mobile deposit system, Bloomberg News reports. The verdict, which follows a court decision last year that ordered the bank to pay $200 million in damages for a similar case, brings the amount owed by Wells Fargo to about $303 million.

As part of a five-year plan, Goldman Sachs Group Inc. is looking to double its workforce in China to 600 if the country continues in its trajectory of opening up its financial markets, a source told Bloomberg News reports. Additionally, Todd Leland, co-president of Goldman's Asia-Pacific operations outside of Japan, told the news outlet in an interview that an aspect of the company's expansion into China will involve significant growth in asset management.

The U.S. District Court for the District of Delaware on Jan. 2 granted preliminary approval of the settlement in the stockholder derivative action that was filed in late 2017 and related to CPI Card Group Inc.'s IPO in 2015. The derivative action alleged that the defendants breached their fiduciary duties by making and/or causing CPI Card Group to make false and misleading statements of material fact to the investing public and failing to maintain internal controls at the company.

Sources told Pensions & Investments that asset managers in the U.S. will soon face greater pressure to spend on technology that would increase their efficiency and help reduce overall costs. The news outlet notes that demand for tech-inclined professionals will increase as a result. Further, institutional investors will also demand greater transparency regarding investment strategy fees and managers' environmental, social and governance offerings.

JPMorgan Chase & Co.'s Nikolaos Panigirtzoglou said the recent increased activity in Bitcoin contracts signals big interest in CME Group Inc.'s launch of its new options related to one of the world's largest cryptocurrency, Bloomberg News reports, citing a Jan. 10 note.

In other parts of the world

Asia-Pacific: Yes Bank OKs 100B-rupee issue; China Everbright Bank's new consumer finance unit

Europe: BoE rate cut backed; HSBC kicks off French unit sale; Wirecard chair resigns

Middle East & Africa: Lebanese central bank seeks more powers; Tunisian parliament rejects government

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US private equity deal activity slows in 2019: In total in 2019, 5,272 entries with a gross transaction value of $200.69 billion were reported, compared to 6,043 entries worth a combined $252.37 billion in 2018 — the highest deal volume and transaction value seen across a five-year period — based on available information.

The day ahead

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

In Asia, the Hang Seng was up 1.11% to 28,954.94

In Europe, around midday, the FTSE 100 was up 0.23% to 7,605.06, and the Euronext 100 was down 0.04% to 1,156.90.

On the macro front

The Treasury budget is due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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