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The Thursday Express: North American financials


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The Thursday Express: North American financials

* In Utah, American Fork-based People's Utah Bancorp is buying St. George-based Town & Country Bank in a cash-and-stock deal valued at $20.9 million.

* With Flagship Community Bank failing to raise the capital required to close the acquisition of BankMobile, Customers Bancorp is considering restructuring the transaction.

* Moody's gave global asset managers a negative outlook, driven partly by the accelerated rotation of assets into low-fee passive products, and regulatory developments.

* Bermuda special purpose insurer Spectrum Capital launched a $250 million Spectrum Capital series 2017-1 catastrophe bond, with Tokio Millennium Re (Bermuda) as the sponsoring reinsurer, Artemis reports.

* Citizens Property Insurance generated its smallest underwriting profit in a first quarter since it was formed in August 2002, reporting a net underwriting gain of $61.8 million, down from $87.7 million in the 2016 first quarter.

* Frederick Hnat was named president, CEO and a director of Syncora Holdings.

* IEX is planning to list its first company in October, pending the SEC's approval.

* Shares of Element Fleet Management and ECN Capital plunged yesterday on unfounded speculation that U.S. short-selling firm Muddy Waters was shorting Element. The investor is shorting Canadian miner Asanko Gold, the Financial Post reports.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.