Independence Community Bank ICBC
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Sovereign Performs as Expected
… everyone is playing nice with each other in public, Sovereign is attempting to speed up the closing of its Independence Community Bank ICBC acquisition, which is now expected sometime in the next month. If the companies do not have regulatory …
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Sovereign Defends Deal
… inverted yield curve, was overshadowed by comments about the company's controversial three-way deal with Independence Community Bank ICBC and Santander STD. Sovereign repeatedly stressed the new revenue opportunities with Independence Community …
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Sovereign Revises Proposed Deal Terms
… STD, and after receiving the NYSE's approval, we believe its sale and the subsequent acquisition of Independence Community Bank ICBC by Sovereign are both likely to pass. Our fair value estimates for the three banks remain unchanged …
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Sovereign's Stewardship Questionable
… While we believe the planned partial sale to Santander SBP and the subsequently announced purchase of Independence Community Bank ICBC is neutral to our $25 fair value estimate, we're skeptical of CEO Jay Sidhu's motivation behind the …
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Sovereign's Fair Value Unchanged
After reviewing the Santander STD and Independence Community Bank ICBC transactions, we're leaving our $25 fair value estimate for Sovereign Bancorp SOV unchanged. We had thought Independence was …
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Sovereign Announces Two Transactions
… speculation--for $2.4 billion. Sovereign then announced its intention to purchase New York-based Independence Community Bank ICBC for $42 per share in cash, near our previous fair value estimate. Our fair value estimate for Independence …
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Reviewing Independence's 3Q
Independence Community Bank 's ICBC third-quarter results appeared lackluster, and we're placing our fair value estimate under review to take a closer look …
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Keeping Independence's Fair Value
With sequentially lower net interest margins and earnings, Independence Community Bank 's ICBC second-quarter results, released Monday, looked weak. Despite the company's difficulty with the current interest rate environment …
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Independence's Fair Value Raised
We're raising our fair value estimate for Independence Community Bank ICBC by $3 to $48 per share to account for 2004 earnings results. In short, the earnings release gave us little reason to doubt …
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Independence Rises on Rumors
Rumors that Independence Community Bank ICBC is considering a sale fueled a 5.5% rise in the stock price Monday. We initiated coverage November 8 with a $45 fair value …