Family Security Credit Union (Decatur, AL) and Bank of Pine Hill (Pine Hill, AL) have entered into a definitive agreement for Family Security to purchase substantially all the assets and assume the deposits of Bank of Pine Hill. The transaction is expected to close in the first quarter of 2017. Bank of Pine Hill retained… Read More >
News & Insights
Opelika-Auburn News Covers Econ Report
On August 9, Porter White & Company (PWCo) released its Q1 2016 Birmingham Area Economic Report. The report places the Birmingham area economy in a state, regional and national context, and focuses on the following statistical series: (A) number of people employed, (B) retail sales, (C) occupational tax collections, (D) airport enplanements, and (E) commercial… Read More >
Birmingham Area Economic Report, Q1 2016
The headline news of this report is that job growth for the ten years ending March 31, 2016 in the Birmingham-Hoover MSA has lagged behind all but one comparable Southeastern MSA and that job growth for the last ten years in Alabama has lagged all other states. See Figures 3 and 4 and Sections II… Read More >
The Bank Shot – July 2016
In this quarter’s newsletter, we examine where bank stocks trade and their effect on bank M&A pricing. Rising Tide?…Bank M&A Scorecard June 30, 2016 The first half of 2016 bank M&A activity is in the books and nationally there were 128 bank deals announced, slightly behind the 133 deals in 1H 2015. In the Southeast… Read More >
Thoughts on Brexit
Last Thursday, June 23, citizens of the United Kingdom voted to leave the European Union. On Friday, June 24, equity markets worldwide lost over $2 trillion dollars with percentage declines outside of Great Britain generally exceeding those on the London market in percentage terms. While there has been much speculation leading up to and since… Read More >
BBJ Selects Michael Stone as “Rising Star”
On April 29, the Birmingham Business Journal (BBJ) published its 2016 “Rising Stars of Money”, which featured the “next generation of leaders in the financial sector.” In total, 18 financial professionals from across the greater Birmingham area were selected and interviewed for the piece. Among those selected was Porter White & Company’s (PW&Co) Michael Stone…. Read More >
The Bank Shot – April 2016
In “Tone from the Top…Bank Secrecy Act Update,” Richard Hills discusses recent BSA developments and sheds light on the important “tone from the top” concept about which all bank executive management should be aware as it relates to BSA compliance. In “Q1 2016 Bank M&A Scorecard,” we review the start to 2016 in the M&A… Read More >
What’s it Worth, Q4 2015
U.S. middle-market private equity activity remained strong throughout 2015 as elevated transaction multiples were accompanied by unprecedented levels of debt. The continued abundance of cheap liquidity will likely keep deal prices elevated for the near term, which is good news for sellers. The current marketplace has positioned sellers to achieve more favorable deal terms: decreased… Read More >
Birmingham Area Economic Report, Q4 2015
This report explores a few key statistics that paint a picture of the Birmingham area economy. This is the seventh edition of the newly reinstated Porter, White & Company Birmingham Area Economic Report, which is published quarterly. Click here to download the full report with a more in-depth look at the statistics. The chart below… Read More >
Bond Buyer Reports on Bid Rigging
The Bond Buyer of Thursday, February 25, 2016 brought a reminder that The Big Short (see our commentary released February 24, 2016) is not the only story of Wall Street malfeasance leading up to the Great Recession. The headline on the lead story is “Six Firms To Pay $103.5M in Preliminary Settlements Over Bid-Rigging.” This… Read More >
Make Deal Flow Great Again
Last month, members of the Porter White & Company (PW&Co) team attended a professional conference with over 1,000 middle-market private equity professionals and other capital providers. The story we have heard for the past few years continued – competition to invest capital and close deals has continued to drive up valuation multiples. With three members… Read More >
Jim White Examines The Big Short
After being asked several times my opinion on The Big Short (“Short” for short in this writing), a few days ago I went to see the movie. Short is based on the book of the same name by Michael Lewis, a leading critic of Wall Street who once worked with some of the characters depicted… Read More >
The Bank Shot – January 2016
This issue of The Bank Shot gives expert insight on the current regulatory environment as well as an update on the M&A marketplace. In “What to Ask Washington,” Larry C. Lavender identifies issues that community bankers should bring up with candidates for federal office. In “A Walk Down Memory Lane…2015 Bank M&A Scorecard,” we review… Read More >
Q3 Birmingham Economic Update in the BBJ
On November 30, 2015, Porter White & Company released a Q3 2015 economic update for Birmingham, Ala. The update highlights state and local statistics, and serves as a precursor to the upcoming full-length Birmingham Area Economic Report. The full report will be published after regional and national statistics are made available. Similar to our Q2… Read More >
Principal Trends and Interest, Q3 2015
This past August Porter White attended the Alabama Bankers Association’s CEO and Directors College in Point Clear, AL. One frequent topic of discussion was the bank merger marketplace. There seemed to be a general consensus that the M&A market was heating up in terms of both number of deals and deal pricing, but there was… Read More >
Economic Update, Q3 2015
This economic update provides a snapshot of the local Birmingham economy, a prequel to our quarterly Birmingham Area Economic Report that will be published once regional and national data is made available. Each data series (number of people employed, retail sales, occupational tax collections, airport enplanements and commercial and industrial electricity sales) is sensitive to… Read More >
The Role of Bonds in a Portfolio
When markets become more volatile, it is a good time to reflect on the role of bonds in a portfolio. While we do not recommend reacting to short-term changes in market movement, we do think it is a good time to examine the characteristics and function of different portions of an investment portfolio. When stock… Read More >
Birmingham Area Economic Report in the BBJ
Recently, Porter, White & Company (PW&Co) published the Birmingham Area Economic Report, Q2 2015. In the report, PW&Co’s Michael Stone summarizes findings related to several key economic indicators including job growth, retail sales and enplanements. Soon after the report was published, two writers at the Birmingham Business Journal explored the findings and crafted insights. In… Read More >
