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Investing.com — Here’s a Pro Recap for the biggest eye-catching deals you might have missed this week: more market-influenced headlines at Western Alliance and PacWest regional banks; JPMorgan officially picks up First Republic. First Horizon and TD Bank abandon their planned merger; and Arconic taken out by Apollo.
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Western Alliance denies rumors of a sale, while PacWest confirms
Regional banking stocks witnessed turmoil this week. Western Alliance (NYSE::) issued a statement on Thursday denying the Financial Times’ report of a possible sale of its business. According to the bank, the article is wrong in every respect, and it does not explore a sale or hire an advisor to explore strategic options.
Shares fell more than 38% on Thursday, but recovered on Friday, closing the week down 26%.
Meanwhile, another regional bank, Backwest Bancorp (NASDAQ:) confirmed that it was weighing a range of strategic options, including selling, following a Bloomberg report, which cited people familiar with the matter.
The shares closed down more than 43% for the week.
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JPMorgan takes over the presidency
JPMorgan (NYSE: ) announced Monday that the Federal Deposit Insurance Corporation (FDIC) said it had accepted the bank’s offer to acquire the vast majority of the assets and assume deposits of the failed regional lender. First Republic Bank (Outside the cabin :).
As part of the deal, JPMorgan will make a $10.6 billion payment to the FDIC, which will provide a five-year, $50 billion fixed term financing facility.
JPMorgan expects the transaction to have modest accrual EPS and generate more than $500 million in additional net income annually.
First Horizon & TD Bank terminate merger agreement
Shares of First Horizon (NYSE:) fell more than 33% Thursday after announcing the termination of its previously announced merger agreement with TD Bank (NYSE:) — a headline reported at lightning speed by InvestingPro. The decision was made mutually between the two parties.
Arconic will be acquired by Apollo Global
Arconic (NYSE:) shares rose more than 28% Thursday after the acquisition was announced by Apollo Global (NYSE:). Arconic shareholders will receive $30.00 per share in cash, valuing the company at approximately $5.2 billion.
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