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 >
News & Insights
Make Small Cap Stocks Great Again?
The stock markets in the days immediately following the recent US presidential election were surprising to many in a number of ways. US small company stocks experienced higher returns than US large company stocks. This period helps illustrate how different parts of the market can generate returns (and losses) that appear quickly, unpredictably, and with… Read More >
Municipal Market Update – November 2016
Porter White & Company is pleased to release its monthly Municipal Market Update, with data as of November 30, 2016. This data-driven, one page sheet is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities. Figure 1:… Read More >
PWCo Economic Report Featured in BBJ
On December 1, 2016, Porter White and Company (PWCo) released its Q2 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: number of people employed, retail sales, occupational tax collections, airport enplanements, and commercial and industrial electricity sales…. Read More >
Municipal Market Update – October 2016
Porter White & Company is pleased to release its first monthly Municipal Market Update, with data as of October 31, 2016. This data-driven, one page sheet is intended to give you an overview of key interest rates – both floating and swap-to-fixed as well as the credit spreads of key local and state entities, including the following… Read More >
The Bank Shot – October 2016
In “IRS Besieges Family Controlled Banks,” we discuss proposed regulations that could have far-reaching and punitive consequences for family-owned banks. In “Q3 2016 Bank M&A Scorecard,” we review current trends in bank M&A and discuss the impact of loose-lipped politicians. IRS Besieges Family Controlled Banks On August 4, 2016, the United States Department of Treasury… Read More >
Do Investment Consultants Pick Winners?
Investors hire advisors for a number of reasons, but the primary reason is usually that they want help choosing investments. Individuals typically rely on brokers or investment advisors. Institutions are served by “investment consultants” who specialize in helping them manage endowments and pension plans. Most investment consultants offer a range of services, including investment policy… Read More >
BBJ Reports on Valuation Trends
In late August, Porter White and Company (PWCo) published “What’s it Worth, Q1 2016,” a quarterly valuation review that explores recent valuation trends in the public and private markets. In the report, PWCo highlights the fact that U.S. private equity activity declined during the first quarter of 2016. Also, lower middle market companies saw capital… Read More >
The Municipal Advisor Under Dodd-Frank
One of the reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) is the endorsement in law and regulation of the role of Municipal Advisors in the issuance of municipal bonds and other related financial transactions. Prior to the passage of Dodd-Frank the role of Municipal Advisors had been… Read More >
What’s It Worth, Q1 2016
Our quarterly valuation review explores recent valuation trends in the public and private markets, directed to small and middle market business owners and the professionals and financial institutions that serve them. The review is designed to provide realistic guidance on the question “What’s it Worth?,” keeping in mind that proper preparation for real world transactions… Read More >
Intergenerational Transfers of Businesses
On August 4th of this year, the Internal Revenue Service issued proposed regulations under Internal Revenue Code Section 2704 designed to limit consideration of marketability and control factors in the valuation of family-held business interests in estate, gift and generation-skipping tax valuations. The new regulations are expected to take effect in the first half of… Read More >
Bank of Pine Hill Fairness Opinion
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 >
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 >
