Provident Bank announced that four commercial banking teams have been established in New York City. The new hires include: Louis J. De Luca, Nicholas C. Tavantzis, Jeffery Wall, Thomas Kokinias, Nicole Bonica and Gabriel Safdie.
CSG Partners announced that R. Dirk Peters has joined the firm to open and manage the firm’s new office in Miami. Previously, he was the founder of OwlRock Capital.
NutraCea announced final payment of all amounts due to creditors under the terms of its Plan of Reorganization. The company confirmed that it has met all of its obligations under the terms of the Amended Plan of Reorganization approved by the U.S. Bankruptcy Court.
Fifth Third said fourth-quarter and full-year 2011 net income was $305 million and $1.1 billion, respectively up from $270 million and $503 million for the same periods in 2010. The bank also noted continuing improvement in credit trends.
CFO.com writer Vincent Ryan reported a large refinancing wave in the final quarter of 2011 led to an 80% jump in revolving lines of credit issued last year spurred by uncertainty in the banking industry and concerns over the crisis in Europe.
Bloomberg reported that Sears advanced in New York trading following a report that CIT will approve financing for the retailer’s vendors.
Gladstone Capital entered an amendment to its fourth amended and restated credit agreement to extend the maturity date of its $137 million line of credit. Key Equipment Finance arranged the amended credit facility as administrative agent.
Motorcar Parts of America has entered into a $95 million credit facility comprised of a $75 million term loan with Cerberus Business Finance and a $20 million revolving credit facility with PNC Bank. The new loan replaces a previous $55.5 million credit facility.
Eastman Kodak Company announced that Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York has approved initial availability of $650 million in interim DIP financing by Citigroup.
GE said its GE Capital finance unit fourth-quarter earnings were $1.6 billion, up 58% from the prior year. The company noted that volume grew to $49 billion, up 13% from the third quarter and margins remained “healthy” at 5.4%.