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Monday Express: CU, bank deal in Minnesota; Elliott Management faces $22M fine

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Monday Express: CU, bank deal in Minnesota; Elliott Management faces $22M fine

* In Minnesota, Wings Financial CU has agreed to acquire Neighborhood National Bank in a deal, which is expected to close during the third quarter. The transaction, including the acquisition of six branch locations, did not disclose the financial terms of the same in the news release.

* Further in Minnesota, Citizens Bancorp. of New Ulm is looking to acquire a 100% interest in Farmers State Agency of Watkins.

* New York-based hedge fund manager Elliott Management is being accused by Autorité des Marchés Financiers of misleading investors regarding its investment strategy about a trucking company up for acquisition in 2015, and faces a $22 million fine, Bloomberg News reports. AMF official Audrey Micouleau at the agency's enforcement committee said that the firm "knowingly tried to conceal its strategy."

* Bank of America's board approved a $26.5 million pay package for CEO Brian Moynihan, which is similar to the amount and structure of his compensation from the previous year. The package comprises $1.5 million in annual base pay and an equity incentive award of $25 million for 2019.

* While shareholders continue to stand against the U.S. Securities and Exchange Commission's proposal of changing shareholder resolutions and proxy advisers rules, a number of business groups and firms have supported the regulator's plan and have urged it to dig deeper in some areas, in consideration of an overhaul.

* As part of revamping financial regulation in the state, California Gov. Gavin Newsom is planning on expanding the powers of the present state financial regulator, American Banker reports. The move is part of Newsom's efforts to establish a dialogue between financial technology firms and state officials, and prevent their migration to other states.

* On the insurance front, Fidelity National Financial expects the acquisition of life and health insurer FGL Holdings to bring in a diversified income stream. Additionally, the firm expects the deal to double the size of its business in the next five years.

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