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 >
News & Insights
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 >
Understanding Your Local Economy in the COVID Era
The best way to understand what is happening in your market is to do what Alabama Community Bankers excel at every day…understanding your clients and their financial needs. That said, having reliable, timely economic data applicable to your community is a great way to compliment your existing market knowledge to help your bank develop strategies… Read More >
Birmingham Area Economic Report, Q4 2019
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 >
The Bank Shot – July 2020
In This Issue In “YTD 2020 Bank Valuations” we review YTD Regional and Community Bank deal valuations. In “YTD 2020 Bank M&A Scorecard” we review YTD Community Bank M&A transactions. In “M&A Strategies During the COVID-19 Pandemic” we discuss our thoughts on appropriate M&A strategies given the impact of COVID on the economy. In “Porter… Read More >
PW&Co Advises Birmingham Airport Authority on $102,130,000 Refunding
Porter White & Company (“PW&Co”), a Birmingham-based municipal advisor, is pleased to announce that it served as the municipal advisor to the Birmingham Airport Authority (the “Authority”) on the issuance of $102,130,000 Airport Revenue Bonds, Series 2020, dated July 9, 2020. PW&Co served as the initial financial advisor to the Authority in connection with its… Read More >
Reflections on Markets During the Pandemic – 2Q 2020
While following events closely during the second quarter of 2020 when our society shut down for almost a month and then started reopening, a few important investment themes emerged. I. S&P 500 Recovered but Rates Stayed Low. While the equity markets substantially recovered during the second quarter, and the S&P briefly traded in positive territory… Read More >
Merger of BankFirst Capital Corporation and Traders & Farmers Bancshares Completed
On July 1, 2020 BankFirst Capital Corporation of Macon, MS and Traders & Farmers Bancshares, Inc. of Haleyville, AL announced the closing of their merger which combines two well-respected banking franchises and creates a $1.8 billion institution operating across Alabama and Mississippi. The deal consideration is a mix of cash and common stock from BankFirst…. Read More >
What’s It Worth, Spring 2020
During the first quarter of 2020, buyers and sellers experienced at least two strong months of deal volume before COVID-19 dramatically slowed down M&A activity in March. Investors’ views of certain industries and sectors have changed significantly since January, and they will continue to change and develop until we have a better understanding of the… Read More >
The SECURE Act
The SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement) is a wide-ranging act, spanning nearly 40 provisions It is the most comprehensive retirement savings package to become law since the Pension Protection Act of 2006, and seeks to improve access to employer sponsored retirement savings plans, increase savings levels within plans, streamline… Read More >
PW&Co Advises on Acquisition of a Real Estate Agency
PW&Co served as the buy-side advisor in the acquisition of a real estate agency (“the Target”) by a credit union service organization (“CUSO”). PW&Co’s investment banking team was led by Michael Stone with support from Kip Porter. The CUSO was interested in acquiring the Target to expand its real estate related business lines and provide… Read More >
Considering Employer Match Suspension
As businesses reopen and employees return to work, employers are wrestling with how to handle cash flow in unprecedented circumstances. If you are considering suspending the employer match in your company’s retirement plan, you are not alone. Can you suspend a match? Yes. But that decision should not be made lightly. The Plan Sponsor Council… Read More >
