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Caldwell Holding to buy Progressive National in Louisiana; 2 Wisconsin banks strike MOE

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Caldwell Holding to buy Progressive National in Louisiana; 2 Wisconsin banks strike MOE

The WellsFargo & Co. scandal is taking a new turn. TheStreetreports that investment professionals from the bank's retail brokeragedivision, Wells Fargo AdvisorsLLC, have apparently been indulging in "some not-so-customer-friendlypractices of their own." A study conducted by the University of Minnesotaand the University of Chicago on disciplinary information on over one millioncurrent and former brokers found that Wells Fargo Financial Network was the third-worstfor employing brokers with a record of misconduct.

Meanwhile, the U.S. economy shows "evidence of an imminentrecession" in the latter half of next year, according to Bank ofAmerica Merrill Lynch analysts. Bloomberg reports on this.

In banking news:

CaldwellHolding Co. intends to buy Progressive National Financial Corp. in Louisiana, andthereby indirectly acquire ProgressiveNational Bank.

Newly formed holding company Big Creek Bancshares Forrest City, Ark.-basedForrest City Bank NAfrom Forrest City FinancialCorp., Arkansas Businessreports.

In Wisconsin, Stratford State Bank and agreed to combine in amerger-of-equals, theHub City Times of Marshfield reports.

Elsewhere, Lafayette, La.-based invested in NewOrleans-based Liberty FinancialServices Inc., which translates into a less than 5% stake inLiberty.

Cashmere, Wash.-based Cashmere Valley Bank appointed David Hooston executivevice president and CFO, effective Oct. 3.

CitizensFinancial Group Inc. disclosed the results of its internalmid-cycle stress test under Dodd-Frank. The Providence, R.I.-based bankprojected a cumulative pretax net loss of $9.0 billion during the nine-quarter stress period, whenapplying a hypothetical severely adverse scenario.

SunTrust BanksInc. projected that the severely adverse scenario would result in acumulative net lossof $2.5 billion, before taxes.

Also, specialtylender Ally FinancialInc. said that it expects to see a pretax net loss of about$2.8 billion over thenine-quarter forecast horizon considered in the Dodd-Frank Act stress test'sseverely adverse scenario.

Goldman SachsGroup Inc.'s retirement plan is cutting ties with asset manager , a source toldBloomberg News. Goldman intends to pull$300 million and liquidate most of the funds by Oct. 31. The SEC recentlycharged Omega Advisors founder Leon Cooperman for .

In the credit unionspace, Bakersfield, Calif.-based Kern Schools Federal Credit Union promoted MichaelGeorge to chief marketing and advocacy officer, Neil Marshall to and SteveMatejka to COO.

ChartwayFederal Credit Union named Rob Keatts and JennyVipperman chief lending officer.

And in the fintechspace, Wall Street-backed messaging service provider Symphony CommunicationServices LLC is in early stages of discussions with potential investors toraise about $100million in new capital, The WallStreet Journal reports.

In other parts of the world

Asia-Pacific: Chinese firms to acquire Singapore reinsurer; Switzerland asksMalaysia for legal help on 1MDB probe

Europe: IMFstresses NPL issue; SVG accepts Goldman, CPPIB offer; RBI, RZB to merge

Middle East & Africa: Fidelity Bank Ghana mulls IPO; FirstRand eyes M&A opportunitiesin Africa

The day ahead

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

In Asia, the Hang Seng rose 0.69% to 23,952.50, and theNikkei 225 was up 0.47% to 16,899.10.

In Europe as of midday, the FTSE 100 was down 0.13% to7,023.83, and the Euronext 100 fell 0.35% to 884.03.

On the macro front

The jobless claims report, the EIA natural gas report, theFed balance sheet and the money supply report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Someexternal links may require a subscription.