UOB Q4 Result

SINGAPORE, Feb 27 (Reuters) - United Overseas Bank (UOB) <UOBH.SI>, Singapore's second-largest lender, reported a bigger-than-expected 34 percent drop in fourth-quarter profit as writedowns for bad debts trebled and fees from capital markets fell.

The results, UOB's worst since the second quarter of 2003, reflect the growing risks for Singapore banks' earnings as weakening Asian economies threaten to hurt asset quality, slow loan growth and boost credit costs.

UOB, controlled by chairman Wee Cho Yaw and his family, is considered the leader in Singapore's loan market for small- and medium-sized businesses, which have been hit hardest by a global economic slowdown and a downturn in the property market. Singapore's biggest bank is DBS Group <DBSM.SI>

"That was a bit of shocker," said David Lum, an analyst at Daiwa Institute of Research, referring to the S$381 million in writedowns for bad debts. "Clearly impairments are based on an outlook that conditions will continue to deteriorate."

UOB Chief Executive Wee Ee Cheong, also the son of the chairman, said the bank is not immune from the impact of the global financial crisis and will be prudent in managing its business.

"UOB will inevitably be affected but will not be paralysed by uncertainties," said Wee. "The current capital level is able to withstand near-term potential shocks and portfolio deterioration."

The bank said it was confident on its capital in the next three to six months and comfortable with its current Tier 1 ratio of 10.9 percent, which compares to local rival DBS Group's 12.2 percent and Oversea-Chinese Banking Corp's (OCBC) <OCBC.SI> 14.9 percent.

Net profit for October-December fell to S$332 million ($216 million) from S$506 million a year ago. Analysts had estimated, on average, a net profit of S$468 million, according to six forecasts compiled by Reuters.

Its shares ended down 3.6 percent, underperforming a 1.4 percent fall in the broader Singapore index <.FTSTI>.

BAD DEBT

UOB wrote down S$381 million in the fourth quarter in bad debt, up from S$128 million a year earlier, mainly due to loans that turned sour and on losses on investment securities.

The market had begun to pare down their expectations after DBS, Southeast Asia's biggest bank, earlier this month reported a bigger-than-expected 40 percent drop in quarterly profit, its worst result in three years. [ID:nSIN431227]

Third-ranked OCBC last week posted a 30 percent drop in quarterly net profit. [ID:nSIN358018]

UOB said net lending grew 7.7 percent from a year earlier, slowing from an 18 percent expansion in the third quarter.

Net interest income rose 29 percent to S$957 million from a year earlier, helped by a jump in net interest margins to 2.45 percent in the fourth quarter as the global credit crisis jacked up borrowing costs. The margin was 2.21 percent in the third quarter and 1.94 percent a year ago.

Non-interest earnings, such as commissions and fees on investment products, fell 27 percent to S$391 million as capital markets tumbled.

UOB's shares have underperformed its Singapore rivals this year, falling around 23 percent, more than the 9.5 percent decline in the benchmark Straits Times Index.

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UOB

SINGAPORE, March 02 (Reuters) - Shares of United Overseas 
Bank <UOBH.SI>, Singapore's second-largest lender, fell six 
percent to a six-year low on Monday after brokers cut their price 
targets for the bank following last week's poor earnings result. 
    Credit Suisse downgraded its rating on the bank to "neutral" 
from its previous "outperform" and cut its target price to 
S$12.00 from S$14.75. 
    "The analyst briefing gave us the impression that UOB is 
taking a more bearish view among the three (Singapore) banks, 
recognising NPLs (non-performing loans) faster, providing 
conservatively and acting to avoid a dilution," Credit Suisse 
analysts said. 
    JP Morgan cut its price target to S$13.00 from S$15.00, 
largely citing UOB's lower book value due to mark-to-market 
losses on its portfolio of securities. The broker said it prefers 
DBS <DBSM.SI>, Southeast Asia's biggest bank, over UOB. 
    JP Morgan maintained its "neutral" rating for UOB in a report 
on Monday and forecast a 42 percent year-on-year decline in the 
bank's 2009 net profit. 
 UOB's fourth quarter net profit fell a larger-than-expected 
34 percent due to higher writedowns for bad debt and lower fees 
from capital markets [ID:nSIN241964]. 
    Deutsche Bank also slashed UOB's target price to S$11.30 from 
S$12.40 due to the bank's lower return-on-equity. 
    UOB shares fell about 6 percent to S$9.38, their lowest in 
almost six years, while DBS shares dropped 4.2 percent and 
Overseas-Chinese Banking Corp slipped 3.6 percent. 
    The benchmark Straits Times Index <.FTSTI> fell 2.7 percent. 

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Highlights of Buffett's Letter

Warren Buffett's Berkshire Hathaway on Saturday released its annual letter, known well for its folksy writing and wit. Here are some of the highlights:

On His Investments

During 2008 I did some dumb things in investments. I made at least one major mistake of commission and several lesser ones that also hurt. … Furthermore, I made some errors of omission, sucking my thumb when new facts came in that should have caused me to re-examine my thinking and promptly take action.

* * *

By yearend, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.

* * *

We're certain, for example, that the economy will be in shambles throughout 2009 -- and, for that matter, probably well beyond -- but that conclusion does not tell us whether the stock market will rise or fall.

* * *

On the Economy

This led to a dysfunctional credit market that in important respects soon turned non-functional. The watchword throughout the country became the creed I saw on restaurant walls when I was young: "In God we trust; all others pay cash."

* * *

In poker terms, the Treasury and the Fed have gone 'all in.' Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome aftereffects.

* * *

Whatever the downsides may be, strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown. Had that occurred, the consequences for every area of our economy would have been cataclysmic. Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat.

* * *

Amid this bad news, however, never forget that our country has faced far worse travails in the past. … America has had no shortage of challenges.

* * *

Local governments are going to face far tougher fiscal problems in the future than they have to date. The pension liabilities I talked about in last year's report will be a huge contributor to these woes. Many cities and states were surely horrified when they inspected the status of their funding at yearend 2008. The gap between assets and a realistic actuarial valuation of present liabilities is simply staggering.

• Read more in Real Time Economics

* * *

On Derivatives

Improved "transparency" -- a favorite remedy of politicians, commentators and financial regulators for averting future train wrecks -- won't cure the problems that derivatives pose. I know of no reporting mechanism that would come close to describing and measuring the risks in a huge and complex portfolio of derivatives. Auditors can't audit these contracts, and regulators can't regulate them. When I read the pages of "disclosure" in 10-Ks of companies that are entangled with these instruments, all I end up knowing is that I don't know what is going on in their portfolios (and then I reach for some aspirin).

* * *

On Housing

The present housing debacle should teach home buyers, lenders, brokers and government some simple lessons that will ensure stability in the future. Home purchases should involve an honest-to-God down payment of at least 10% and monthly payments that can be comfortably handled by the borrower's income. That income should be carefully verified.

* * *

Warren Buffett

Putting people into homes, though a desirable goal, shouldn't be our country's primary objective. Keeping them in their homes should be the ambition.

* * *

Last year was a terrible year for home sales, and 2009 looks no better. We will continue, however, to acquire quality brokerage operations when they are available at sensible prices.

* * *

On Risk

When the financial history of this decade is written, it will surely speak of the Internet bubble of the late 1990s and the housing bubble of the early 2000s. But the U.S. Treasury bond bubble of late 2008 may be regarded as almost equally extraordinary.

* * *

On Berkshire in 2008

This means that our $58.5 billion of insurance "float" -- money that doesn't belong to us but that we hold and invest for our own benefit -- cost us less than zero. In fact, we were paid $2.8 billion to hold our float during 2008. Charlie and I find this enjoyable.

* * *

Berkshire is always a buyer of both businesses and securities, and the disarray in markets gave us a tailwind in our purchases. When investing, pessimism is your friend, euphoria the enemy.

* * *

Additionally, the market value of the bonds and stocks that we continue to hold suffered a significant decline along with the general market. This does not bother Charlie and me. Indeed, we enjoy such price declines if we have funds available to increase our positions.

* * *

Similarly, when we purchased PacifiCorp in 2006, we moved aggressively to expand wind generation. Wind capacity was then 33 megawatts. It's now 794, with more coming. (Arriving at PacifiCorp, we found "wind" of a different sort: The company had 98 committees that met frequently. Now there are 28.)

* * *

Some years back our competitors were known as "leveraged-buyout operators." But LBO became a bad name. So in Orwellian fashion, the buyout firms decided to change their moniker. What they did not change, though, were the essential ingredients of their previous operations, including their cherished fee structures and love of leverage. Their new label became "private equity" …

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Warren Buffett on the Economy

Warren Buffett on the Economy

Warren Buffett’s annual letter to shareholders offers plenty of investing insight, and we encourage you to follow our colleagues at WSJ.com as they dissect it. At Real Time Economics, we take particular interest in Mr. Buffett’s view of the economy and government policy.

Buffet has insight into the economy. (Associated Press)

It’s hardly shocking that Mr. Buffett would believe the economy, gripped by fear, “will be in shambles throughout 2009.” What he tacked onto that assessment — “and, for that matter, probably well beyond” — is troubling for the lack of any near-term optimism. But it’s also not a surprise. (The great investor notes that his assessment of the economy “does not tell us whether the stock market will rise or fall.” Some of his readers might hope for the market to just remain flat for now.)

Mr. Buffett at times praises the Federal Reserve and other wings of the U.S. government for their response to the crisis. In a discussion of the derivatives “time bomb,” for instance, he supports Tim Geithner — “then the able president of the New York Fed” — for preventing Bear Stearns’s failure and avoiding a financial collapse by chain reaction. “In my opinion, the Fed was right to do so,” Mr. Buffett says.

But his assessment of what the central bank response will create over the long term — a likely “onslaught of inflation” — may cause some heartburn in the months ahead for Fed Chairman Ben Bernanke and other officials who are trying to argue they can withdraw their many programs when they need to. While Mr. Buffett clearly backs most of the government response, he doesn’t think the exit will be easy.

Here’s Mr. Buffett’s precise wording in full:

“This debilitating spiral has spurred our government to take massive action. In poker terms, the Treasury and the Fed have gone ‘all in.’ Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once-unthinkable dosages will almost certainly bring on unwelcome aftereffects. Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation.

“Moreover, major industries have become dependent on Federal assistance, and they will be followed by cities and states bearing mind-boggling requests. Weaning these entities from the public teat will be a political challenge. They won’t leave willingly. Whatever the downsides may be, strong and immediate action by government was essential last year if the financial system was to avoid a total breakdown. Had that occurred, the consequences for every area of our economy would have been cataclysmic. Like it or not, the inhabitants of Wall Street, Main Street and the various Side Streets of America were all in the same boat.”

Mr. Buffett is quick to note that “our country has faced far worse travails in the past” with a dozen panics and recessions in the 20th century, “virulent inflation” in 1980 and, of course, the Great Depression in the 1930s.

“Without fail, however, we’ve overcome them,” he writes. “In the face of those obstacles – and many others – the real standard of living for Americans improved nearly seven-fold during the 1900s, while the Dow Jones Industrials rose from 66 to 11,497. Compare the record of this period with the dozens of centuries during which humans secured only tiny gains, if any, in how they lived. Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so. America’s best days lie ahead.”

Among the many other notable points in the letter:

* On homeownership, Mr. Buffett says the housing mess teaches that home purchases should require “an honest-to-God down payment of at least 10% and monthly payments that can be comfortably handled by the borrower’s income.” That income must be verified, of course. “Putting people into homes, though a desirable goal, shouldn’t be our country’s primary objective. Keeping them in their homes should be the ambition.”

* He says the lending operation of Clayton Homes, the largest player in the manufactured-home industry, is being threatened by having to compete with funders that have worse credit than Berkshire Hathaway. Firms that are backed by government guarantees — banks with FDIC support, issuers of commercial paper backed by the Fed, and others getting themselves under the government umbrella — have “minimal” money costs, Mr. Buffett says. Highly-rated firms such as AAA-rated Berkshire face record borrowing costs in relation to Treasury rates. At the same time, funds are “abundant” for government-backed borrowers but “scarce” for others. “This unprecedented ’spread’ in the cost of money makes it unprofitable for any lender who doesn’t enjoy government-guaranteed funds to go up against those with a favored status,” he writes. “Government is determining the ‘haves’ and ‘have-nots.’”

* We’re now in a world of overpricing risk rather than underpricing it, pushing yields up for municipal or corporate bonds and knocking them down to near zero for short-term government bonds “and no better than a pittance” for long-term government securities. “When the financial history of this decade is written, it will surely speak of the Internet bubble of the late 1990s and the housing bubble of the early 2000s. But the U.S. Treasury bond bubble of late 2008 may be regarded as almost equally extraordinary. Clinging to cash equivalents or long-term government bonds at present yields is almost certainly a terrible policy if continued for long.”

* Mr. Buffett rails against derivatives, which increased risks to the financial system and “made it almost impossible” to understand the largest commercial and investment banks. He devotes considerable attention to knocking Fannie Mae and Freddie Mac and how derivatives allowed the mortgage giants to misstate earnings for years. He takes repeated jabs at their regulator, then the Office of Federal Housing Enterprise Oversight (now the Federal Housing Finance Agency), for taking so long to recognize the problems at the firms.

* And we can’t leave you without sharing Mr. Buffett’s description of the troubles entailed in settling derivatives contracts. Settlements can take years or decades — while stocks take just three days — and the lengthy periods build up counterparty risk.

Mr. Buffett writes: “Participants seeking to dodge troubles face the same problem as someone seeking to avoid venereal disease: It’s not just whom you sleep with, but also whom they are sleeping with. Sleeping around, to continue our metaphor, can actually be useful for large derivatives dealers because it assures them government aid if trouble hits. In other words, only companies having problems that can infect the entire neighborhood – I won’t mention names – are certain to become a concern of the state (an outcome, I’m sad to say, that is proper). From this irritating reality comes The First Law of Corporate Survival for ambitious CEOs who pile on leverage and run large and unfathomable derivatives books: Modest incompetence simply won’t do; it’s mindboggling screw-ups that are required.”

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Untitled

For Buffett, It Was a Very Bad Year

Investor 'Did Some Dumb Things,' but Berkshire Seen as Well-Positioned Now

By SCOTT PATTERSON

The man considered by many to be the greatest investor of all time just had his worst year ever.

But the results released Saturday for Warren Buffett's company, Berkshire Hathaway Inc., also demonstrate how recently, and over time, the investor has positioned his far-flung empire to weather the financial storm.

Associated Press

Warren Buffett

Mr. Buffett, in his annual letter, read closely by shareholders and nonshareholders alike, reported that Berkshire in 2008 lost 9.6% in book value per share, a common metric Berkshire uses to track performance. That marks the biggest decline since Mr. Buffett took over the company in 1965, when it was a family-run East Coast textile maker.

Mr. Buffett confessed that he "did some dumb things." Among them: scooping up shares of oil giant ConocoPhillips when oil prices were near a record and investing $244 million in a pair of Irish banks that ran into trouble, resulting in an 89% loss.

Berkshire's shares fell nearly as much as the rest of the market last year, indicating that investors are worried about the company's ability to keep growing. In 2008, Berkshire's Class A stock fell 32%. This year, the shares are down about 19%, slightly better than the Dow Jones Industrial Average.

Yet many analysts were pleased that the decline in book value per share wasn't steeper. And Mr. Buffett's results also show he has made moves that have paid off and should continue to do so even if economic woes persist, as he predicts.

He limited his exposure to complex and potentially costly derivatives in his reinsurance unit, General Re Corp. He has $24.3 billion in cash that can be used to find bargains in a distressed market. And he's made several investments in preferred stock of companies such as Goldman Sachs Group Inc. that pay out steady income of 10% or more.

"He's done a great job to prepare for this," said Paul Howard, an analyst at Langen McAlenney, a Hartford, Conn., research group, who rates Berkshire a "buy." "He's got good businesses that are generating a lot of cash, and he's going to continue to put that money to work."

Berkshire's substantial insurance holdings haven't needed to take the kind of massive write-downs on toxic subprime securities that have plagued much of the financial industry in the past two years. One reason is Mr. Buffett's longstanding dislike of complex derivatives, which he famously called "financial weapons of mass destruction" in his 2002 shareholder letter and which he railed on again in his latest letter. He pushed General Re, the large reinsurance company Berkshire acquired in 1998, to disentangle itself from a vast web of derivatives, financial instruments tied to the value of other securities, such as stocks or bonds, over the course of five years, winding down its book of 23,218 derivatives contracts at a loss of about $400 million, he said in the letter. The losses may have been far more substantial if General Re had held onto to the contracts, Mr. Howard said.

"Upon leaving, our feelings about the business mirrored a line in a country song: 'I liked you better before I got to know you so well,'" Mr. Buffett said in Saturday's letter, referring to General Re's derivatives book.

Separately, Berkshire took a loss of $5.1 billion in the fourth quarter on several derivatives contracts the company entered into in recent years. The contracts, essentially insurance policies against long-term declines in U.S. and foreign stocks, expire in 15 or 20 years. Berkshire will have to pay out if the indexes are below where they stood when the deals were struck. The derivatives, whose current estimated value has to be reflected on Berkshire's books, are one reason the company reported a grim fourth quarter on Saturday -- its fifth year-over-year quarterly decline.

The $117 million quarterly gain it eked out in the fourth quarter marked a 96% drop from last year's $2.95 billion in fourth-quarter net income.

Beyond commenting on Berkshire, Mr. Buffett shared his views on the broader economy and financial-system travails. He said he didn't expect the economy to improve any time soon but did expect better times, eventually.

"Our country has faced far worse travails in the past," he said. "Without fail, however, we've overcome them." He declined to draw a correlation between stocks and economics, saying that while he was certain the economy would be "in shambles for 2009," that "does not tell us whether the stock market will rise or fall." Mr. Buffett credited the federal government for stepping in with massive assistance last year, saying the intervention was "essential" to avoiding a total breakdown. But he cautioned there could be "unwelcome aftereffects," such as inflation.

He contended that the "investment world has gone from underpricing risk to overpricing it," which he said is reflected by voracious investor appetite for Treasury bonds. Future historians will comment on the Internet bubble of the 1990s and the housing bubble of the early 2000s, he said, but "the U.S. Treasury-bond bubble of late 2008 may be regarded as almost equally extraordinary."

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Participants in Government Investment Plan

28-Oct-08	Citigroup Inc***	New York	$25000	Completed
28-Oct-08	J.P. Morgan Chase & Co	New York	$25000	Completed
28-Oct-08	Wells Fargo & Co	California	$25000	Completed
28-Oct-08	Bank of America Corp	North Carolina	$15000	Completed
09-Jan-09	Bank of America Corp**	North Carolina	$10000	Completed
28-Oct-08	Goldman Sachs Group Inc	New York	$10000	Completed
28-Oct-08	Morgan Stanley	New York	$10000	Completed
12-Dec-08	The PNC Financial Services Group Inc	Pennsylvania	$7579	Completed
14-Nov-08	U.S. Bancorp	Minnesota	$6599	Completed
14-Nov-08	Capital One	Virginia	$3555	Completed
14-Nov-08	Regions Financial Corp	Alabama	$3500	Completed
14-Nov-08	SunTrust Banks Inc	Georgia	$3500	Completed
12-Dec-08	Fifth Third Bancorp	Ohio	$3408	Completed
09-Jan-09	American Express Company	New York	$3389	Completed
14-Nov-08	BB&T	North Carolina	$3134	Completed
28-Oct-08	Bank of New York Mellon Corp	New York	$3000	Completed
14-Nov-08	KeyCorp	Ohio	$2500	Completed
12-Dec-08	CIT Group Inc.	New York	$2330	Completed
14-Nov-08	Comerica	Texas	$2250	Completed
28-Oct-08	State Street Corp	Massachusetts	$2000	Completed
14-Nov-08	Marshall & Ilsley Corp	Wisconsin	$1715	Completed
14-Nov-08	Northern Trust	Illinois	$1576	Completed
14-Nov-08	Zions Bancorporation	Utah	$1400	Completed
14-Nov-08	Huntington Bancshares Inc	Ohio	$1398	Completed
12-Dec-08	SunTrust Banks Inc	Georgia	$1350	Completed
19-Dec-08	Synovus Financial Corp	Georgia	$968	Completed
05-Dec-08	Popular Inc	Puerto Rico	$935	Completed
14-Nov-08	First Horizon National Corp.	Tennessee	$867	Completed
23-Dec-08	M&T Bank Corp	New York	$600	Completed
21-Nov-08	Associated Banc-Corp	Wisconsin	$525	Completed
21-Nov-08	City National Corp	California	$400	Completed
21-Nov-08	Webster Financial Corp.	Connecticut	$400	Completed
23-Dec-08	Fulton Financial Corp.	Pennsylvania	$377	Completed
14-Nov-08	TCF Financial	Minnesota	$361	Completed
05-Dec-08	South Financial Group Inc	South Carolina	$347	Completed
12-Dec-08	Wilmington Trust Corp.	Delaware	$330	Completed
05-Dec-08	East West Bancorp Inc	California	$306	Completed
05-Dec-08	Sterling Financial Corp	Washington	$303	Completed
21-Nov-08	Whitney Holding Corp	Louisiana	$301	Completed
12-Dec-08	Citizens Republic Bancorp Inc	Michigan	$300	Completed
12-Dec-08	Susquehanna Bancshares Inc	Pennsylvania	$300	Completed
14-Nov-08	Valley National Bancorp	New Jersey	$300	Completed
14-Nov-08	UCBH Holdings Inc	California	$299	Completed
12-Dec-08	First Banks, Inc.	Missouri	$295	Completed
09-Jan-09	New York Private Bank & Trust Corporation	New York	$267	Completed
05-Dec-08	Cathay General Bancorp	California	$258	Completed
19-Dec-08	Wintrust Financial Corp	Illinois	$250	Completed
12-Dec-08	SVB Financial Group	California	$235	Completed
23-Dec-08	International Bancshares Corp	Texas	$216	Completed
21-Nov-08	Trustmark Corp	Mississippi	$215	Completed
14-Nov-08	Umpqua Holdings Corp.	Oregon	$214	Completed
14-Nov-08	Washington Federal	Washington	$200	Completed
05-Dec-08	MB Financial Inc	Illinois	$196	Completed
05-Dec-08	First Midwest Bancorp Inc	Illinois	$193	Completed
21-Nov-08	First Niagara	New York	$184	Completed
21-Nov-08	Pacific Capital Bancorp	California	$181	Completed
05-Dec-08	United Community Banks Inc	Georgia	$180	Completed
21-Nov-08	Boston Private Financial Holdings	Massachusetts	$154	Completed
14-Nov-08	Provident Bankshares Corp	New York	$152	Completed
12-Dec-08	National Penn Bancshares Inc	Pennsylvania	$150	Completed
21-Nov-08	Western Alliance	Nevada	$140	Completed
09-Jan-09	Central Pacific Financial Corp.	Hawaii	$135	Completed
05-Dec-08	CVB Financial Corp	California	$130	Completed
09-Jan-09	FirstMerit Corp.	Ohio	$125	Completed
12-Dec-08	Sterling Bancshares Inc	Texas	$125	Completed
21-Nov-08	Banner Corporation	Washington	$124	Completed
12-Dec-08	Signature Bank	New York	$120	Completed
21-Nov-08	Taylor Capital Group Inc	Illinois	$105	Completed
09-Jan-09	F.N.B. Corporation	Pennsylvania	$100	Completed
12-Dec-08	Old National Bancorp	Indiana	$100	Completed
25-Nov-08	Park National Corp	Ohio	$100	Completed
12-Dec-08	Pinnacle Financial Partners Inc	Tennessee	$95	Completed
05-Dec-08	Iberiabank Corp	Louisiana	$90	Completed
09-Jan-09	Sun Bancorp, Inc	New Jersey	$89	Completed
19-Dec-08	Plains Capital Corp.	Texas	$88	Completed
05-Dec-08	Midwest Banc Holdings Inc	Illinois	$85	Completed
05-Dec-08	Sandy Spring Bancorp Inc	Maryland	$83	Completed
19-Dec-08	Heartland Financial USA Inc.	Iowa	$82	Completed
12-Dec-08	Hampton Roads Bankshares, Inc.	Virginia	$80	Completed
05-Dec-08	First Financial Bancorp	California	$80	Completed
09-Jan-09	Independent Bank Corp.	Massachusetts	$78	Completed
21-Nov-08	Columbia Banking System Inc	Washington	$77	Completed
12-Dec-08	TowneBank	Virginia	$76	Completed
12-Dec-08	Bank of the Ozarks Inc	Arkansas	$75	Completed
05-Dec-08	WesBanco, Inc	West Virginia	$75	Completed
12-Dec-08	Independent Bank Corp	Michigan	$72	Completed
25-Nov-08	Green Bankshares Inc	Tennessee	$72	Completed
12-Dec-08	Virginia Commerce Bancorp Inc	Virginia	$71	Completed
19-Dec-08	Flushing Financial Corp	New York	$70	Completed
05-Dec-08	Southwest Bancorp Inc	Oklahoma	$70	Completed
05-Dec-08	Superior Bancorp	Alabama	$69	Completed
21-Nov-08	Nara Bancorp	California	$67	Completed
09-Jan-09	First Bancorp	North Carolina	$65	Completed
05-Dec-08	First Financial Holdings Inc	South Carolina	$65	Completed
12-Dec-08	Wilshire Bancorp Inc	California	$62	Completed
19-Dec-08	Union Bankshares Corp.	Virginia	$59	Completed
05-Dec-08	Great Southern Bancorp Inc	Missouri	$58	Completed
12-Dec-08	Center Financial Corp	California	$55	Completed
19-Dec-08	CoBiz Financial Inc.	Colorado	$54	Completed
12-Dec-08	NewBridge Bancorp	North Carolina	$52	Completed
21-Nov-08	Ameris Bancorp	Georgia	$52	Completed
19-Dec-08	BancTrust Financial Group, Inc.	Alabama	$50	Completed
19-Dec-08	Seacoast Banking Corp.	Florida	$50	Completed
19-Dec-08	Fidelity Southern Corp	Georgia	$48	Completed
12-Dec-08	The Bancorp	Delaware	$45	Completed
09-Jan-09	Cadence Financial Corporation	Mississippi	$44	Completed
19-Dec-08	Exchange Bank	California	$43	Completed
12-Dec-08	Capital Bank Corp	North Carolina	$43	Completed
05-Dec-08	Southern Community Financial	North Carolina	$43	Completed
23-Dec-08	Sterling Bancorp	New York	$42	Completed
21-Nov-08	First Community Bankshares	Virginia	$42	Completed
19-Dec-08	Berkshire Hills Bancorp Inc.	Massachusetts	$40	Completed
21-Nov-08	Heritage Commerce Corp	California	$40	Completed
21-Nov-08	Cascade Financial Corporation	Washington	$39	Completed
23-Dec-08	Financial Institutions, Inc.	New York	$38	Completed
19-Dec-08	Bridgeview Bancorp, Inc.	Illinois	$38	Completed
05-Dec-08	Eagle Bancorp Inc	Maryland	$38	Completed
05-Dec-08	First Defiance Financial Corp	Ohio	$37	Completed
05-Dec-08	State Bancorp Inc	New York	$37	Completed
05-Dec-08	TIB Financial Corp	Florida	$37	Completed
12-Dec-08	West Bancorporation, Inc.	Iowa	$36	Completed
19-Dec-08	Fidelity Financial Corp	Kansas	$36	Completed
19-Dec-08	Marquette National Corp.	Illinois	$36	Completed
19-Dec-08	Enterprise Financial Services Corp.	Missouri	$35	Completed
21-Nov-08	Porter Bancorp	Kentucky	$35	Completed
05-Dec-08	Encore Bancshares Inc	Texas	$34	Completed
09-Jan-09	Centrue Financial Corporation	Missouri	$33	Completed
09-Jan-09	First Security Group, Inc.	Tennessee	$33	Completed
23-Dec-08	MutualFirst Financial	Indiana	$32	Completed
23-Dec-08	Parkvale Financial Corp	Pennsylvania	$32	Completed
05-Dec-08	Bank of North Carolina	North Carolina	$31	Completed
09-Jan-09	Farmers Capital Bank Corporation	Kentucky	$30	Completed
19-Dec-08	Bancorp Rhode Island, Inc.	Rhode Island	$30	Completed
19-Dec-08	Hawthorn Bancshares, Inc.	Missouri	$30	Completed
19-Dec-08	StellarOne Corp.	Virginia	$30	Completed
19-Dec-08	Tennessee Commerce Bancorp	Tennessee	$30	Completed
09-Jan-09	Peapack-Gladstone Financial Corporation	New Jersey	$29	Completed
09-Jan-09	Colony Bankcorp, Inc.	Georgia	$28	Completed
05-Dec-08	Bank of Marin Bancorp	Florida	$28	Completed
21-Nov-08	Centerstate Bank of Florida	Florida	$28	Completed
19-Dec-08	Alliance Financial Corporation	New York	$27	Completed
19-Dec-08	Intermountain Community Bancorp	Idaho	$27	Completed
23-Dec-08	HMN Financial, Inc.	Minnesota	$26	Completed
19-Dec-08	Patriot Bancshares, Inc.	Texas	$26	Completed
09-Jan-09	Crescent Financial Corporation	North Carolina	$25	Completed
09-Jan-09	Shore Bancshares, Inc.	Maryland	$25	Completed
09-Jan-09	The First Bancorp, Inc.	Maine	$25	Completed
23-Dec-08	Intervest Bancshares Corp	New York	$25	Completed
23-Dec-08	Peoples Bancorp of North Carolina Inc.	North Carolina	$25	Completed
19-Dec-08	First California Financial Group, Inc	California	$25	Completed
19-Dec-08	Horizon Bancorp	Indiana	$25	Completed
19-Dec-08	VIST Financial Corp	Pennsylvania	$25	Completed
12-Dec-08	LNB Bancorp Inc	Ohio	$25	Completed
21-Nov-08	HF Financial	South Dakota	$25	Completed
09-Jan-09	Community Trust Financial Corporation	Louisiana	$24	Completed
09-Jan-09	Eastern Virginia Bankshares, Inc.	Virginia	$24	Completed
25-Nov-08	Bridge Capital Holdings	California	$24	Completed
21-Nov-08	Heritage Financial Corporation	Washington	$24	Completed
21-Nov-08	Severn Bancorp	Maryland	$23	Completed
19-Dec-08	Wainwright Bank & Trust Co	Massachusetts	$22	Completed
12-Dec-08	Indiana Community Bancorp	Indiana	$22	Completed
05-Dec-08	Blue Valley Ban Corp	Kansas	$22	Completed
19-Dec-08	AmeriServ Financial, Inc	Pennsylvania	$21	Completed
12-Dec-08	Citizens South Banking Corp	North Carolina	$21	Completed
09-Jan-09	C&F Financial Corporation	Virginia	$20	Completed
09-Jan-09	First Financial Service Corporation	Kentucky	$20	Completed
09-Jan-09	MidSouth Bancorp, Inc.	Louisiana	$20	Completed
05-Dec-08	Unity Bancorp Inc	New Jersey	$20	Completed
21-Nov-08	First PacTrust Bancorp Inc	California	$19	Completed
19-Dec-08	Community Bankers Trust Corp	Virginia	$18	Completed
19-Dec-08	Security Federal Corp	South Carolina	$18	Completed
12-Dec-08	Hopfed Bancorp Inc	Kentucky	$18	Completed
09-Jan-09	Codorus Valley Bancorp, Inc.	Pennsylvania	$17	Completed
23-Dec-08	Timberland Bancorp., Inc.	Washington	$17	Completed
14-Nov-08	Bank of Commerce Holdings	California	$17	Completed
09-Jan-09	Carolina Bank Holdings, Inc.	North Carolina	$16	Completed
19-Dec-08	Community West Bancshares	California	$16	Completed
19-Dec-08	Pacific City Finacial Corp.	California	$16	Completed
19-Dec-08	Tri-County Financial Corp.	Maryland	$16	Completed
12-Dec-08	Valley Financial Corp	Virginia	$16	Completed
14-Nov-08	1st Financial Services Corp	North Carolina	$16	Completed
23-Dec-08	Nicolet Bankshares, Inc.	Wisconsin	$15	Completed
19-Dec-08	Monarch Financial Holdings, Inc.	Virginia	$15	Completed
12-Dec-08	LSB Corp	Massachusetts	$15	Completed
23-Dec-08	Magna Bank	Tennessee	$14	Completed
19-Dec-08	Tidelands Bancshares, Inc	South Carolina	$14	Completed
05-Dec-08	Oak Valley Bancorp	California	$14	Completed
09-Jan-09	LCNB Corp.	Ohio	$13	Completed
19-Dec-08	Community Financial Corp	Virginia	$13	Completed
09-Jan-09	The Queensborough Company	Georgia	$12	Completed
23-Dec-08	1st Constitution Bancorp	New Jersey	$12	Completed
23-Dec-08	Cecil Bancorp, Inc.	Maryland	$12	Completed
23-Dec-08	Pacific Coast Bankers' Bancshares	California	$12	Completed
19-Dec-08	OneUnited Bank	Massachusetts	$12	Completed
23-Dec-08	BCSB Bancorp.	Maryland	$11	Completed
23-Dec-08	Central Jersey Bancorp	New Jersey	$11	Completed
23-Dec-08	First Community Bank Corp of America	Florida	$11	Completed
21-Nov-08	First Community Corp	South Carolina	$11	Completed
09-Jan-09	Center Bancorp, Inc.	New Jersey	$10	Completed
09-Jan-09	North Central Bancshares, Inc.	Iowa	$10	Completed
23-Dec-08	Citizens Bancorp	California	$10	Completed
23-Dec-08	United Bancorporation of Alabama, Inc.	Alabama	$10	Completed
23-Dec-08	Uwharrie Capital Corp.	North Carolina	$10	Completed
19-Dec-08	Mid Penn Bancorp Inc	Pennsylvania	$10	Completed
19-Dec-08	NCAL Bancorp	California	$10	Completed
12-Dec-08	First Litchfield Financial Corp	Connecticut	$10	Completed
05-Dec-08	Central Bancorp	Massachusetts	$10	Completed
05-Dec-08	Coastal Banking Company Inc	Florida	$10	Completed
05-Dec-08	Southern Missouri Bancorp	Missouri	$10	Completed
09-Jan-09	GrandSouth Bancorporation	South Carolina	$9	Completed
19-Dec-08	Citizens First Corporation	Kentucky	$9	Completed
19-Dec-08	FCB Bancorp, Inc.	Kentucky	$9	Completed
19-Dec-08	The Elmira Savings Bank	New York	$9	Completed
14-Nov-08	Broadway Financial Corp.	California	$9	Completed
23-Dec-08	Emclaire Financial Corp.	Pennsylvania	$8	Completed
23-Dec-08	The Little Bank, Incorporated	North Carolina	$8	Completed
09-Jan-09	Security California Bancorp	California	$7	Completed
23-Dec-08	First Sound Bank	Washington	$7	Completed
23-Dec-08	Western Community Bancshares, Inc.	California	$7	Completed
23-Dec-08	Western Illinois Bancshares Inc.	Illinois	$7	Completed
19-Dec-08	FFW Corp.	Indiana	$7	Completed
12-Dec-08	Fidelity Bancorp	Pennsylvania	$7	Completed
12-Dec-08	Pacific International Bancorp	Washington	$7	Completed
05-Dec-08	Central Federal Corp	Ohio	$7	Completed
05-Dec-08	Old Line Bancshares	Maryland	$7	Completed
09-Jan-09	American State Bancshares, Inc.	Kansas	$6	Completed
09-Jan-09	Rising Sun Bancorp	Maryland	$6	Completed
09-Jan-09	Security Business Bancorp	California	$6	Completed
09-Jan-09	Valley Community Bank	California	$6	Completed
23-Dec-08	Leader Bancorp	Massachusetts	$6	Completed
23-Dec-08	Mission Valley Bancorp	California	$6	Completed
19-Dec-08	Patapsco Bancorp, Inc.	Maryland	$6	Completed
19-Dec-08	Summit State Bank	California	$6	Completed
05-Dec-08	FPB Bancorp	Florida	$6	Completed
09-Jan-09	Commerce National Bank	California	$5	Completed
09-Jan-09	Mission Community Bancorp	California	$5	Completed
23-Dec-08	Cache Valley Banking Company	Utah	$5	Completed
23-Dec-08	Capital Bancorp, Inc.	Maryland	$5	Completed
19-Dec-08	Connecticut Bank & Trust	Connecticut	$5	Completed
19-Dec-08	The Connecticut Bank and Trust Company	Connecticut	$5	Completed
09-Jan-09	Texas National Bancorporation	Texas	$4	Completed
23-Dec-08	Capital Pacific Bancorp	Oregon	$4	Completed
23-Dec-08	Pacific Commerce Bank	California	$4	Completed
19-Dec-08	Santa Lucia Bancorp	California	$4	Completed
12-Dec-08	Northeast Bancorp	Maine	$4	Completed
09-Jan-09	Congaree Bancshares, Inc.	South Carolina	$3	Completed
09-Jan-09	Redwood Financial Inc.	Minnesota	$3	Completed
09-Jan-09	Sound Banking Company	North Carolina	$3	Completed
23-Dec-08	Citizens Community Bank	Virginia	$3	Completed
23-Dec-08	Community Investors Bancorp, Inc.	Ohio	$3	Completed
23-Dec-08	Tennessee Valley Financial Holdings, Inc.	Tennessee	$3	Completed
09-Jan-09	Surrey Bancorp	North Carolina	$2	Completed
23-Dec-08	Saigon National	California	$2	Completed
23-Dec-08	Seacoast Commerce Bank	California	$2	Completed
23-Dec-08	TCNB Financial Corp.	Ohio	$2	Completed
19-Dec-08	Monadnock Bancorp, Inc.	New Hampshire	$2	Completed
05-Dec-08	Manhattan Bancorp	California	$2	Completed
09-Jan-09	Independence Bank	Rhode Island	$1	Completed
16-Jan-09	Yadkin Valley Financial Corporation	North Carolina	$36	Completed
16-Jan-09	Washington Banking Company/ Whidbey Island Bank	Washington	$26	Completed
16-Jan-09	United Financial Banking Companies, Inc.	Virginia	$6	Completed
16-Jan-09	United Bancorp, Inc.	Mississippi	$20	Completed
16-Jan-09	Treaty Oak Bancorp, Inc.	Texas	$3	Completed
16-Jan-09	The Baraboo BanCorporation	Wisconsin	$21	Completed
16-Jan-09	Texas Capital Bancshares, Inc.	Texas	$75	Completed
16-Jan-09	TCB Holding Company	Texas	$12	Completed
16-Jan-09	Syringa Bancorp	Idaho	$8	Completed
16-Jan-09	State Bankshares, Inc.	North Dakota	$50	Completed
16-Jan-09	Southern Bancorp, Inc.	Arkansas	$11	Completed
16-Jan-09	Somerset Hills Bancorp	New Jersey	$7	Completed
16-Jan-09	SCBT Financial Corporation	South Carolina	$65	Completed
16-Jan-09	S&T Bancorp	Pennsylvania	$109	Completed
16-Jan-09	Redwood Capital Bancorp	California	$4	Completed
16-Jan-09	Pulaski Financial Corp	Missouri	$33	Completed
16-Jan-09	Puget Sound Bank Bellevue	Washington	$5	Completed
16-Jan-09	Pacific Coast National Bancorp	California	$4	Completed
16-Jan-09	Old Second Bancorp, Inc.	Illinois	$73	Completed
16-Jan-09	OceanFirst Financial Corp.	New Jersey	$38	Completed
16-Jan-09	New Hampshire Thrift Bancshares, Inc.	New Hampshire	$10	Completed
16-Jan-09	Morrill Bancshares, Inc.	Kansas	$13	Completed
16-Jan-09	MetroCorp Bancshares, Inc.	Texas	$45	Completed
16-Jan-09	MainSource Financial Group, Inc.	Pennsylvania	$57	Completed
16-Jan-09	Idaho Bancorp	Idaho	$7	Completed
16-Jan-09	Home Bancshares, Inc.	Arkansas	$50	Completed
16-Jan-09	First Manitowoc Bancorp, Inc.	Wisconsin	$12	Completed
16-Jan-09	First Bankers Trustshares, Inc.	Illinois	$10	Completed
16-Jan-09	First Bancorp	Puerto Rico	$400	Completed
16-Jan-09	ECB Bancorp, Inc./East Carolina Bank	North Carolina	$18	Completed
16-Jan-09	Dickinson Financial Corporation	Missouri	$146	Completed
16-Jan-09	Community Bank of the Bay	California	$2	Completed
16-Jan-09	Community 1st Bank	California	$3	Completed
16-Jan-09	Citizens & Northern Corporation	Pennsylvania	$26	Completed
16-Jan-09	Centra Financial Holdings, Inc./Centra Bank, Inc.	West Virginia	$15	Completed
16-Jan-09	Carver Bancorp, Inc	New York	$19	Completed
16-Jan-09	BNCCORP, Inc.	North Dakota	$20	Completed
16-Jan-09	Bar Harbor Bankshares/Bar Harbor Bank & Trust	Maine	$19	Completed
16-Jan-09	Bank of Commerce	North Carolina	$3	Completed
23-Jan-09	WSFS Financial Corporation	Delaware	$53	Completed
23-Jan-09	Stonebridge Financial Corp.	Pennsylvania	$11	Completed
23-Jan-09	Southern Illinois Bancorp	Illinois	$5	Completed
23-Jan-09	Seaside National Bank & Trust	Florida	$6	Completed
23-Jan-09	Princeton National Bancorp, Inc.	Illinois	$25	Completed
23-Jan-09	Pierce County Bancorp	Washington	$7	Completed
23-Jan-09	Moscow Bancshares, Inc.	Tennessee	$6	Completed
23-Jan-09	Midland States Bancorp	Illinois	$10	Completed
23-Jan-09	Liberty Bancshares, Inc.	Arkansas	$58	Completed
23-Jan-09	Fresno First Bank	California	$2	Completed
23-Jan-09	FPB Financial Corp.	Louisiana	$3	Completed
23-Jan-09	First ULB Corp.	California	$5	Completed
23-Jan-09	First Citizens Banc Corp ts	Ohio	$23	Completed
23-Jan-09	Farmers Bank	Virginia	$9	Completed
23-Jan-09	Crosstown Holding Company	Minnesota	$11	Completed
23-Jan-09	Commonwealth Business Bank	California	$8	Completed
23-Jan-09	CalWest Bancorp	California	$5	Completed
23-Jan-09	Calvert Financial Corporation s	Missouri	$1	Completed
23-Jan-09	California Oaks State Bank	California	$3	Completed
23-Jan-09	BankFirst Capital Corporation	Mississippi	$16	Completed
23-Jan-09	Alarion Financial Services, Inc.	Florida	$7	Completed
23-Jan-09	AB&T Financial Corporation	North Carolina	$4	Completed
23-Jan-09	1st Source Corporation	Indiana	$111	Completed
30-Jan-09	Peoples Bancorp Inc.	Ohio	$39	Completed
30-Jan-09	Anchor BanCorp Wisconsin Inc.	Wisconsin	$110	Completed
30-Jan-09	Parke Bancorp, Inc.	New Jersey	$16	Completed
30-Jan-09	Central Virginia Bankshares, Inc.	Virginia	$11	Completed
30-Jan-09	Flagstar Bancorp, Inc.	Michigan	$267	Completed
30-Jan-09	Middleburg Financial Corporation	Virginia	$22	Completed
30-Jan-09	Peninsula Bank Holding Co.	California	$6	Completed
30-Jan-09	PrivateBancorp, Inc.	Illinois	$243	Completed
30-Jan-09	Central Valley Community Bancorp	California	$7	Completed
30-Jan-09	Plumas Bancorp	California	$12	Completed
30-Jan-09	Stewardship Financial Corporation	New Jersey	$10	Completed
30-Jan-09	Oak Ridge Financial Services, Inc.	North Carolina	$8	Completed
30-Jan-09	First United Corporation	Maryland	$30	Completed
30-Jan-09	Community Partners Bancorp	New Jersey	$9	Completed
30-Jan-09	Guaranty Federal Bancshares, Inc.	Missouri	$17	Completed
30-Jan-09	Annapolis Bancorp, Inc.	Maryland	$8	Completed
30-Jan-09	DNB Financial Corporation	Pennsylvania	$12	Completed
30-Jan-09	Firstbank Corporation	Michigan	$33	Completed
30-Jan-09	Valley Commerce Bancorp	California	$8	Completed
30-Jan-09	Greer Bancshares Inc	South Carolina	$10	Completed
30-Jan-09	Ojai Community Bank	California	$2	Completed
30-Jan-09	Adbanc, Inc	Nebraska	$13	Completed
30-Jan-09	Beach Business Bank	California	$6	Completed
30-Jan-09	Legacy Bancorp, Inc.	Wisconsin	$5	Completed
30-Jan-09	First Southern Bancorp, Inc.	Florida	$11	Completed
30-Jan-09	Country Bank Shares, Inc.	Nebraska	$8	Completed
30-Jan-09	Katahdin Bankshares Corp.	Maine	$10	Completed
30-Jan-09	Rogers Bancshares, Inc.	Arkansas	$25	Completed
30-Jan-09	UBT Bancshares, Inc.	Kansas	$9	Completed
30-Jan-09	Bankers' Bank of the West Bancorp, Inc.	Colorado	$13	Completed
30-Jan-09	W.T.B. Financial Corporation	Washington	$110	Completed
30-Jan-09	AMB Financial Corp.	Indiana	$4	Completed
30-Jan-09	Goldwater Bank	Arizona	$3	Completed
30-Jan-09	Equity Bancshares, Inc.	Kansas	$9	Completed
30-Jan-09	WashingtonFirst Bank	Virginia	$7	Completed
30-Jan-09	Central Bancshares, Inc.	Texas	$6	Completed
30-Jan-09	Hilltop Community Bancorp, Inc.	New Jersey	$4	Completed
30-Jan-09	Northway Financial, Inc.	New Hampshire	$10	Completed
30-Jan-09	Monument Bank	Maryland	$5	Completed
30-Jan-09	Metro City Bank	Georgia	$8	Completed
30-Jan-09	F & M Bancshares, Inc.	Tennessee	$5	Completed
30-Jan-09	First Resource Bank	Pennsylvania	$3	Completed
6-Feb-09	MidWest One Financial Group, Inc.	Iowa	$16	Completed
6-Feb-09	Lakeland Bancorp, Inc.	New Jersey	$59	Completed
6-Feb-09	Monarch Community Bancorp, Inc.	Michigan	$7	Completed
6-Feb-09	The First Bancshares, Inc.	Mississippi	$5	Completed
6-Feb-09	Carolina Trust Bank	North Carolina	$4	Completed
6-Feb-09	Alaska Pacific Bancshares, Inc.	Arkansas	$5	Completed
6-Feb-09	PGB Holdings, Inc.	Illinois	$3	Completed
6-Feb-09	The Freeport State Bank	Kansas	$0.3	Completed
6-Feb-09	Stockmens Financial Corporation	South Dakota	$16	Completed
6-Feb-09	US Metro Bank	California	$3	Completed
6-Feb-09	First Express of Nebraska, Inc.	Nebraska	$5	Completed
6-Feb-09	Mercantile Capital Corp.	Massachusetts	$4	Completed
6-Feb-09	Citizens Commerce Bancshares, Inc.	Kentucky	$6	Completed
6-Feb-09	Liberty Financial Services, Inc.	Louisiana	$6	Completed
6-Feb-09	Lone Star Bank	Texas	$3	Completed
6-Feb-09	First Market Bank, FSB	Virginia	$34	Completed
6-Feb-09	Banner County Bank Corporation	Nebraska	$1	Completed
6-Feb-09	Centrix Bank & Trust	New Hampshire	$8	Completed
6-Feb-09	Todd Bancshares, Inc.	Kentucky	$4	Completed
6-Feb-09	Georgia Commerce Bancshares, Inc.	Georgia	$9	Completed
6-Feb-09	First Bank of Charleston, Inc.	West Virginia	$3	Completed
6-Feb-09	F & M Financial Corporation	North Carolina	$17	Completed
6-Feb-09	The Bank of Currituck	North Carolina	$4	Completed
6-Feb-09	CedarStone Bank	Tennessee	$4	Completed
6-Feb-09	Community Holding Company of Florida, Inc.	Florida	$1	Completed
6-Feb-09	Hyperion Bank	Pennsylvania	$2	Completed
6-Feb-09	Pascack Community Bank	New Jersey	$4	Completed
6-Feb-09	First Western Financial, Inc.	Colorado	$9	Completed
13-Feb-09	QCR Holdings, Inc.	Illinois	$38	Completed
13-Feb-09	Westamerica BanCorporation	California	$84	Completed
13-Feb-09	The Bank of Kentucky Financial Corporation	Kentucky	$34	Completed
13-Feb-09	PremierWest Bancorp	Oregon	$41	Completed
13-Feb-09	Carrollton Bancorp	Maryland	$9	Completed
13-Feb-09	FNB United Corp.	North Carolina	$52	Completed
13-Feb-09	First Menasha Bancshares, Inc.	Wisconsin	$5	Completed
13-Feb-09	1st Enterprise Bank	California	$4	Completed
13-Feb-09	DeSoto County Bank	Mississippi	$1	Completed
13-Feb-09	Security Bancshares	Missouri	$2	Completed
13-Feb-09	State Capital Corporation	Mississippi	$15	Completed
13-Feb-09	BankGreenville	South Carolina	$1	Completed
13-Feb-09	Corning Savings and Loan Association	Arkansas	$1	Completed
13-Feb-09	Financial Security Corporation	Wyoming	$5	Completed
13-Feb-09	ColoEast Bankshares, Inc.	Colorado	$10	Completed
13-Feb-09	Santa Clara Valley Bank	California	$3	Completed
13-Feb-09	Reliance Bancshares, Inc.	Missouri	$40	Completed
13-Feb-09	Regional Bankshares, Inc.	South Carolina	$2	Completed
13-Feb-09	Peoples Bancorp	Washington	$18	Completed
13-Feb-09	First Choice Bank	California	$2	Completed
13-Feb-09	Gregg Bancshares, Inc.	Missouri	$1	Completed
13-Feb-09	Hometown Bancshares, Inc.	Kentucky	$2	Completed
13-Feb-09	Midwest Regional Bancorp, Inc.	Missouri	$1	Completed
13-Feb-09	Bern Bancshares, Inc.	Kentucky	$1	Completed
13-Feb-09	Northwest Bancorporation, Inc.	Washington	$11	Completed
13-Feb-09	Liberty Bancshares, Inc.	Missouri	$22	Completed
13-Feb-09	F&M Financial Corporation	Tennessee	$17	Completed
13-Feb-09	Meridian Bank	Pennsylvania	$6	Completed
13-Feb-09	Northwest Commercial Bank	Washington	$2	Completed
20-Feb-09	Royal Bancshares of Pennsylvania, Inc.	Pennsylvania	$30	Completed
20-Feb-09	First Merchants Corporation	Indiana	$116	Completed
20-Feb-09	Northern States Financial Corporation	Illinois	$17	Completed
20-Feb-09	Sonoma Valley Bancorp	California	$9	Completed
20-Feb-09	Guaranty Bancorp, Inc.	New Hampshire	$7	Completed
20-Feb-09	The Private Bank of California	California	$5	Completed
20-Feb-09	Lafayette Bancorp, Inc.	Mississippi	$2	Completed
20-Feb-09	Liberty Shares, Inc.	Georgia	$17	Completed
20-Feb-09	White River Bancshares Company	Arkansas	$17	Completed
20-Feb-09	United American Bank	California	$9	Completed
20-Feb-09	Crazy Woman Creek Bancorp, Inc.	Wyoming	$3	Completed
20-Feb-09	First Priority Financial Corp.	Pennsylvania	$5	Completed
20-Feb-09	Mid-Wisconsin Financial Services, Inc.	Wisconsin	$10	Completed
20-Feb-09	Market BanCorporation	Minnesota	$2	Completed
20-Feb-09	Hometown Bancorp of Alabama, Inc.	Alabama	$3	Completed
20-Feb-09	Security State Bancshares, Inc.	Missouri	$13	Completed
20-Feb-09	CBB Bancorp	Georgia	$3	Completed
20-Feb-09	BancPlus Corporation	Mississippi	$48	Completed
20-Feb-09	Central Community Corporation	Texas	$22	Completed
20-Feb-09	First BancTrust Corporation	Illinois	$7	Completed
20-Feb-09	Premier Service Bank	California	$4	Completed
20-Feb-09	Florida Business BancGroup, Inc.	Florida	$9	Completed
20-Feb-09	Hamilton State Bancshares, Inc.	Georgia	$7	Completed

Total: $196,372***

Firms Participating: 442

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UOB

UOB falls on poor results, rights fears

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SINGAPORE - Shares of United Overseas Bank (UOB), Singapore's second-largest lender, fell as much as 2.9 per cent on Friday on concerns the bank may make a rights offer following disappointing fourth quarter results.

UOB's October-December net profit fell a larger-than-expected 34 per cent to $332 million due to higher writedowns for bad debt and lower fees from capital markets.

The bank also cut its dividend to 40 cents from 45 cents a year ago.

A dealer attributed the selling to UOB's poor results, although he added the dividend was 'not too bad'.

JPMorgan, which maintained its 'neutral' rating on UOB, said the shares will remain under pressure due to concerns about a possible rights issue.

'Tier 1 ratio below peers may lead to renewed concerns on capital raising,' the US bank said in a report.

By 0751 GMT, UOB was down 2.9 per cent, underperforming the 1.5 per cent fall in the benchmark Straits Times Index.

UOB shares were up around 1.5 per cent before the midday break when UOB announced its results. -- REUTERS

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