Mackinac Financial Corporation Reports First Quarter 2016 Results

MANISTIQUE, MI–(Marketwired – May 9, 2016) – Mackinac Financial Corporation (NASDAQ: MFNC) (the “Corporation”), the bank holding company for mBank, today announced first quarter 2016 income of $1.132 million, or $.18 per share, compared to net income of $1.371 million, or $.22 per share, for the first quarter of 2015. The 2015 first quarter income was positively impacted by a one-time $.283…

Mackinac Financial Corporation Completes the Acquisition of First National Bank of Eagle River

MANISTIQUE, MI–(Marketwired – Apr 29, 2016) – The Directors of Mackinac Financial Corporation (NASDAQ: MFNC) (Mackinac), the holding company for mBank, today announced the consummation of the acquisition of The First National Bank of Eagle River (FNBER), Eagle River, Wisconsin, from its holding company Ellis Bankshares, Inc. (Ellis). FNBER was immediately consolidated into mBank and all branches…

SEI Reports First-Quarter 2016 Financial Results

OAKS, PA–(Marketwired – Apr 20, 2016) – SEI Investments Company (NASDAQ: SEIC) today announced financial results for the first-quarter 2016. Diluted earnings per share were $.47 in first-quarter 2016 compared to $.50 in first-quarter 2015. Diluted earnings per share in first-quarter 2016 and 2015 each reflect pre-tax gains of $2.8 million, or $.01 per share, from the sale of SEI Asset Korea.    …

Banks have started to feel the effects of the turmoil in the energy sector. Oil Prices crashing to multi-year lows has made it difficult for a good number of energy companies to pay back their loans. Wells Fargo & Co (NYSE:WFC) is one of the banks feeling the effects of a plunge in oil prices, having invested heavily in some of the riskiest subsectors in the industry.

Risky Investments

Just like other banks, the nation’s third-largest investment bank has billions of dollars invested in the energy sector. A point of concern for many investors is how exposed the nation’s third largest bank is. Goldman Sachs (NYSE:GS) in a research note has already pointed out that 80% of the bank’s investment in the sector is in two of the riskiest subsectors, being exploration and production.

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In Cubic Energy Inc alone, Wells Fargo lost $25 million worth of investment on its 10% stake. On top of the equity investment, it is emerging that the energy company owed it $30 million in debt.

Wells Fargo could recoup some of the money having received some land and assets in Louisiana as part of the reorganization. However, that is entirely dependent on the valuations, given the turmoil in the sector.

Expected Losses

Wells Fargo’s risky investments sit in its Energy Capital unit. The unit was specifically designed to pursue big returns through high-risk loans and equity investments like Cubic Energy. As of January 2014, it had a portfolio base of about $2.1 billion.

Even though the group is relatively small, it continues to evoke serious concerns on Wall Street. Given that the US energy sector faces an uncertain future, the unit could leave the bank vulnerable to more losses.

The bank has already set aside $1.2 billion to cover losses in the energy industry. Piper Jaffray analyst Kevin Barker believes the bank may have to set aside an extra $600 million given the turmoil in the sector that refuses to go away. Everything should become more clear as banks start to report their first quarter earnings this week.

SEI to Announce First-Quarter 2016 Earnings on Wednesday, April 20, 2016

SEI to Announce First-Quarter 2016 Earnings on Wednesday, April 20, 2016 SOURCE: SEI April 13, 2016 09:00 ET Public Invited to Monitor Conference Call at 2 p.m. Eastern Time OAKS, PA–(Marketwired – Apr 13, 2016) – SEI Investments Company (NASDAQ: SEIC) announced today that it intends to release earnings for the first-quarter 2016 on Wednesday, April 20, 2016, before the market opens. The company…

Janney Montgomery Scott Selects SEI to Provide Open-Architecture Turnkey Solutions

OAKS, PA–(Marketwired – Apr 12, 2016) – SEI (NASDAQ: SEIC) today announced that Janney Montgomery Scott LLC (Janney) selected SEI’s Asset Management Distribution unit to provide a wide range of asset management services as part of the Firm’s strategic investment in evolving their platform of client investment solutions. SEI is a leading global provider of institutional and private client wealth…

SEI Selected by Centerbridge Partners to Provide Investment Operations Solutions

Service Bundle Includes Fund Administration, Middle-Office, Regulatory and Data Solutions OAKS, PA–(Marketwired – Apr 12, 2016) – SEI (NASDAQ: SEIC) announced today that it was selected by Centerbridge Partners, L.P. (“Centerbridge”) in late 2015 to provide a customized operating platform for its private equity and credit businesses. Through its Investment Manager Services division, SEI supplies…