American Financial Realty Trust, Jenkintown, Pa., has named Harold W. Pote, a member of the company's board of trustees, the new president and chief executive officer, effective immediately.Mr. Pote replaces Nicholas S. Schorsch, who has resigned as CEO, president and vice chairman of the board by mutual agreement with the board of trustees. In conjunction with his appointment, Mr. Pote outlined several broad initiatives that came out of the strategic review to reposition the company including: accelerating asset sales as AFR will aggressively market and dispose of non-core assets and selected other assets that are not central to its customer relationships, but offer an opportunity to unlock shareholder value. The company estimates that this could result in gross sale proceeds of between $1.5 and $2 billion. Also, AFR will look to rationalize liabilities and use net proceeds from these sales to fund future accretive asset acquisitions and implementation of the previously approved $100 million stock repurchase program. In addition the company will match dividend payout to operating cash flow, reduce MG&A and improve reporting transparency.
-
Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
1h ago -
Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
3h ago -
The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
3h ago -
CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
3h ago -
House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
5h ago -
Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
5h ago