Despite a record setting year in 2021, M&A activity is being challenged by macroeconomic and geopolitical headwinds. Rising interest rates and inflation rates are putting downward pressure on pricing metrics in both the public and private markets. Public markets are taking the hardest hit in 2022, as economists and industry professionals are signaling for a… Read More >
News & Insights
Georgia Banking Almanac – 2Q22
We are pleased to present the latest installment of Banking Almanac, a comprehensive report on all Georgia banks and thrifts with data as of and for the twelve months ended June 30, 2022 as well as a comprehensive view of Community Bank performance, defined as banks with less than $2B in assets for banks in… Read More >
“Great Time to Be a Seller”: Takeaways from ACG M&A South
Last month, Porter White attended the ACG M&A South Capital Connection in Atlanta, along with over two-hundred private equity firms, investment banks, and other capital providers. The story we have heard for years continued – competition to invest capital and close deals has continued to drive up valuation multiples and the private equity market is… Read More >
Are a Few Low-Cost Investment Options Enough?
Some 401k Plan Sponsors have taken the approach of providing a broad range of investment options hoping that providing a few, low-cost index funds would fulfill their fiduciary duty to monitor fees and expenses of their plan. The logic here was that a participant is free to choose between low cost and higher cost investment… Read More >
PW&Co Completes Sale of Franklin Iron Works and Alabama Casting
PW&Co, a Birmingham Investment Bank, acted as the exclusive sell-side advisor to Franklin Iron Works, Inc. and Alabama Castings, LLC (collectively “Franklin Iron” or the “Company”) in their sale to Druid Capital Partners and Elyton Capital. Based in Thorsby, AL, Franklin Iron was founded in 1975 as the Tommie Corporation, and is a leading… Read More >
Should I Check the Per Stirpes Box?
Many people save for retirement in a defined-contribution retirement plan (like a 401k) or an individual retirement account (traditional or Roth IRA). It is important to designate beneficiaries for accounts. The forms, often seemingly simple to fill out, have hidden complexity. You are likely to encounter the words “per stirpes,” which means “by roots” in… Read More >
Effects of Automatic Enrollment in Plan Design
In our recent investment commentary, we highlighted research regarding plan design and plan participants. The research clearly highlights the effects that plan design can have on plan participants and retirement outcomes. While the study largely confirms that automatic enrollment has a strong effect on participant saving and investing behavior, it also alleviates fears that many… Read More >
Birmingham Area Economic Report, Q2 2021
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report with a more in-depth look at the statistics. The charts below show a snapshot of… Read More >
Zac Venos Joins PWCO
Porter White & Company is pleased to announce that Zac Venos has joined the firm as a Financial Analyst primarily supporting the firm’s Investment Banking division. Zac assists the investment banking team through preparing financial analysis for mergers and acquisitions, business valuations, capital raises, and municipal advisory engagements. Zac is a recent graduate of Birmingham-Southern… Read More >
PWCO Announces New Financial Analyst Hire
Ross Walker has joined the firm as a Financial Analyst primarily supporting the firm’s Investment Management practice. Ross assists the investment management team with analysis, portfolio management, and client services. Ross is a recent graduate of Wofford College where he majored in finance and minored in accounting. Since joining the firm, he has earned the… Read More >
PWCO Promotes Dana Crane to Office Manager
Dana Crane has been promoted to Office Manager. Dana joined the firm in 2008 as a receptionist/secretary and has steadily assumed additional responsibilities since then. In this position, she is responsible for overall general office operations, such as internal accounting, office equipment and supplies, and special projects. Dana’s attention to detail and high standards have… Read More >
PWCO Promotes Michael Stone to Director of Investment Banking
Michael Stone has been promoted to Director, Investment Banking. Michael, who joined the firm in January 2011, is active in all investment banking activities including mergers and acquisitions, capital raising, valuation, municipal advisory, project finance, and strategic consulting. He has significant M&A experience in industrials, manufacturing, healthcare, business services and financial services. As a municipal… Read More >
It is Time to Think About M&A
M&A is Back Say what you will about 2020, Alabama’s banking system changed on a dime to meet the needs of our clients and local economies. Think about it. Branches closed, digital services grew, employee and customer health needs were addressed, a whole new class of loans was created, delivered, and monitored, all the while… Read More >
Municipal Market Update – March 2021
Our Municipal Market Update is data-driven, one page sheet that is intended to give you an overview of key interest rates – floating as well as the credit spreads of key local and state entities with data as of March 31, 2021. It is written for those making credit and investment related decisions for municipalities and non-profit… Read More >
Economies of Scale in Community Banks: An FDIC Study
Overview In December 2020, the FDIC produced a staff study entitled Economies of Scale in Community Banks1 which concluded community banks generate 90% of potential efficiency gains when a bank’s loan portfolio reaches $300 million and continue to accrue cost savings until the portfolio reaches $3.3 billion, at which time unit cost begin to increase. … Read More >
PW&Co Serves as Municipal Advisor to the City of Birmingham on Major Financing
Porter White & Company served as municipal advisor to the City of Birmingham on the City’s Tuesday, October 20 refunding of $179 million of general obligation debt, a substantial portion of the City’s outstanding debt to achieve significant interest savings. Goodloe White, President and Michael Stone, Vice President represented Porter White & Company on the… Read More >
Birmingham Area Economic Report, Q1 2020
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report with a more in-depth look at the statistics. The charts below show a snapshot of… Read More >
What’s It Worth, Summer 2020
During Q2 2020 (April-June), the public and private capital markets experienced the full effects of COVID-19 throughout the 90-day period. Deal volume halted as the number of completed deals declined by over 50% from recent levels; however, based on the limited number completed deals, there was little to no change in valuations. The amount of… Read More >
