First Commonwealth Financial Corp., Indiana, Pa., has announced a repositioning of the mortgage-backed securities portfolio of its subsidiary First Commonwealth Bank to reduce its exposure to interest rate risk.The bank sold $130.7 million of MBS with high premium carrying values, resulting in an after-tax loss of $3.6 million, First Commonwealth said. The average yield of the sold securities was 3.38%, and the average life was approximately 2.9 years. "The proceeds were reinvested in more current coupon mortgage-backed securities with an average yield of 5.3% and an average life of 3.7 years," the company said. First Commonwealth also reported the completion of a previously announced sale of five branch offices and one drive-through location to Clearfield Bank and Trust Co.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
7h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
10h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11