Group 1: Bank of America Initiatives - Bank of America (BofA) has committed $25 billion of its own funds towards private-credit investments, enhancing its direct-lending activities [1] - BofA plans to source these transactions through its capital-markets unit within its investment-banking division [1] - Anand Melvani has been promoted to head of private credit for the global capital market division while retaining his role as head of Americas leveraged finance [1] Group 2: Market Context and Competition - BofA is among the latest Wall Street banks to challenge non-bank lenders amid growing concerns about credit quality and market liquidity [2] - Other banks, including Citigroup, have also committed capital to the private credit sector, with Citigroup entering a strategic partnership with Apollo Global Management to launch a $25 billion private credit and direct lending program [4] - The $1.7 trillion private credit market is facing pressures from higher interest rates and exposure to struggling sectors like enterprise software [4] Group 3: Redemption Issues in Private Credit - Blue Owl Capital announced a change in its method for providing redemptions, which has raised concerns in the market [2] - CEO Craig Packer of Blue Owl Capital clarified that the firm has been tendering 5% of the shares in its private credit fund for eight years and is now accelerating redemptions instead of resuming the previous 5% [3]

Core Viewpoint - First Horizon Corporation will participate in the Raymond James 47th Annual Institutional Investors Conference on March 3, 2026, showcasing its leadership in the financial services sector [1] Group 1: Company Participation - Chief Financial Officer Hope Dmuchowski and Chief Credit Officer Thomas Hung will represent First Horizon at the conference [1] - A live webcast and audio replay of the event will be available on the First Horizon Investor Relations website [1] Group 2: Company Overview - First Horizon Corporation has $83.9 billion in assets as of December 31, 2025, positioning it as a leading regional financial services company [1] - The company operates in 12 states, primarily in the southern U.S., offering a wide range of financial services including commercial, private banking, consumer, and wealth management [1] - First Horizon has received recognition as one of the best employers by Fortune and Forbes magazines and is listed as a Top 10 Most Reputable U.S. Bank [1]

Core Viewpoint - Ottawa Bancorp, Inc. has extended its standstill agreement with the Stilwell Group, which will now remain effective until the close of business on the date of the Company's 2027 Annual Meeting of Stockholders [1] Group 1: Agreement Details - The original agreement was established on March 20, 2024, and was set to expire at the Company's 2026 Annual Meeting of Stockholders [2] - The Company has agreed to nominate and support Mark D. Alcott for election to the Board of Directors for a term expiring at the 2027 Annual Meeting [3] - The Company will use commercially reasonable efforts to repurchase at least five percent of its outstanding shares during fiscal year 2026, subject to regulatory approvals [3] Group 2: Shareholder Information - The Stilwell Group owns 353,311 shares, representing 15.4% of the Company's common stock, and has regulatory approval to purchase up to 19.99% [4] - During the extended term of the Agreement, the Stilwell Group is restricted from acquiring additional shares, proposing any Company Transactions, or influencing the management of the Company [4] Group 3: Management Commentary - The President and CEO of the Company expressed satisfaction with Mr. Alcott's contributions to the Board and emphasized the commitment to capital management strategies to maximize stockholder value [5] - Mr. Alcott has indicated his eagerness to continue serving on the boards for the benefit of all stockholders [6]

Core Viewpoint - JP Morgan predicts potential economic turbulence following the Supreme Court ruling that nullified President Trump's emergency tariffs, estimating that the U.S. government may need to refund up to $200 billion to businesses [1][4]. Group 1: Economic Impact - The Supreme Court's decision could lead to heightened trade uncertainty and reduced business spending, despite the Trump administration's intentions to revive tariffs through alternative legal means [1][4]. - The estimated amount at stake for refunds is between $150 billion and $200 billion, as noted by JP Morgan's economic policy researcher Michael Feroli [2]. - If refunds are passed on to consumers, the economic activity boost would be significant; however, if businesses retain the cash, the impact would be smaller [4]. Group 2: Legal and Corporate Actions - Major corporations, including Costco, J.Crew, Crocs, Goodyear, and EssilorLuxottica, have filed lawsuits seeking refunds in anticipation of the Supreme Court ruling [5]. - The ruling has remanded the issue of refunds to lower courts, leaving the full amount and timing of any rebates uncertain [2]. Group 3: Fiscal Implications - JP Morgan forecasts that legal rulings requiring the administration to refund duties could lead to a larger fiscal deficit in 2026, estimated at 6.6% of GDP, which translates to approximately $2.1 trillion based on current data [8]. - The fiscal deficit occurs when government spending exceeds tax revenue, contributing to national debt [8]. Group 4: Tariff System Outlook - The research indicates that the Trump administration may attempt to maintain the average effective tariff rate despite the ruling, using different legal authorities [11]. - The average effective tariff rate is projected to decrease from 9.4% in December to just over 4% without the IEEPA duties, indicating a significant realignment of tariffs across various products and countries [12].

Financial Stability - Grupo Cibest has a debt-to-equity ratio of 0.66 and liquidity ratios of approximately 1.00, indicating a stable financial position [1][3][5] Upcoming Earnings Release - The company is set to announce its earnings per share (EPS) of $1.96 and projected revenue of approximately 7.56 trillion COP (about $1.89 billion USD) [2][6] - The earnings release is scheduled for after market close on February 23, 2026, with the earnings call on February 24, 2026, at 9:00 AM ET [2] Stock Performance - Grupo Cibest's stock is currently trading at $79.46, reflecting an increase of 0.59% [3][6] - The company has a market capitalization of $20.71 billion and a P/E ratio of 9.58, suggesting reasonable valuation [3][6] - The stock's 50-day moving average is $71.05, while the 200-day moving average is $59.92, with a yearly trading range from a low of $35.44 to a high of $86.31 [4] Valuation Metrics - The company's price-to-sales ratio is 1.78, and its enterprise value to sales ratio is also 1.78, indicating its market valuation [4][5] - The enterprise value to operating cash flow ratio is 4.59, and the earnings yield is 10.43%, suggesting a solid return on investment for shareholders [5]

Core Viewpoint - The SPDR Gold Trust (NYSE:GLD) is experiencing a nearly 2% increase due to significant geopolitical tensions and economic policy changes, particularly following President Trump's announcement of a new 10% global tariff after a Supreme Court ruling against his previous tariff measures [1][2]. Geopolitical Tensions - The U.S. is escalating military presence in the Middle East with two aircraft carriers and additional military assets deployed, coinciding with Iran's joint naval drills with Russia and threats to strike hostile targets [3]. - Polymarket traders estimate a 76% probability of a U.S. strike on Iran by December, indicating heightened market concerns regarding geopolitical stability [3]. Gold Market Dynamics - Gold prices have surged from approximately $3,000 to over $5,000 per ounce in the past year, reflecting increased demand driven by geopolitical uncertainties and economic policies [3]. - Polymarket traders predict a 77% chance that gold will reach $5,500 by June 30, with a 38% chance of hitting $6,000, and lower probabilities for $7,000 and $10,000 by year-end [4]. - Goldman Sachs projects a year-end target of $5,400 for gold, attributing the rally to "insurance-type demand" [4]. Central Bank Activity - Central banks are accumulating gold at an unprecedented rate, particularly following the freeze of approximately $300 billion in Russian reserves, which is altering reserve managers' perspectives on gold as an asset [5]. - Wells Fargo has raised its year-end gold price target to between $6,100 and $6,300, while UBS suggests a potential extreme upside scenario of $7,200 if geopolitical tensions and dollar weakness intensify [5].

华尔街股市飙升，但无需太过乐观 周五，特朗普的失败导致华尔街价格飙升。道琼斯标准值指数随后上涨，上涨了0.6%，至49,712点。标 准普尔500指数上涨了0.7%，达到6909，纳斯达克技术交易所的指数上升了0.9%，达到22880。汽车、 家具以及鞋类和玩具制造商的股票表现明显。 ING首席经济学家Carsten Brzeski说，"这个判决显然就是打脸特朗普。然而，美国贸易伙伴不要指望美 国政府会突然然改变贸易政策。" 美国最高法院推翻了特朗普总统基于国家紧急情况而推行的关税政策。周五，法官们以6：3的多数票确 认了下级法院的裁决，总统越界使用1977年的这项法律。 大多数法官认定，宪法"明确"授予国会征税的权力，包括关税。最高法院大法官John Roberts 在判决中 写道，行政部门，即总统，没有税收主权。 这一诉讼是由受关税影响的公司和美国12个州发起。最高 法院通过其裁决推翻了特朗普经济政策的核心要素。经济学家估计，根据这项法律征收的超过1750亿美 元的关税现在可能需要偿还。 美国宪法赋予国会，而不是总统，征税的权力。然而，特朗普援引《国际紧急经济权力法》（IEEPA） 在未经国会同意的情况下 ...

GLEN BURNIE, Md., Feb. 20, 2026 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Company”) (OTCQX: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today that current board member and local business leader, Jay Baldwin, has assumed the role of Chair of the Board of Directors effective immediately. Baldwin succeeds John “Jack” E. Demyan who announced his retirement at the February 19, 2026, meeting of the Glen Burnie Bancorp Board of Directors. Demyan retires after serving as Chair si ...

Core Viewpoint - ConocoPhillips is considering the sale of its Permian Basin assets valued at approximately $2 billion as part of a strategy to streamline its portfolio [1]. Group 1: Company Actions - The assets under consideration for sale were acquired through previous transactions with Concho Resources and Shell [1]. - The decision to explore the sale is part of a broader effort by ConocoPhillips to optimize its asset portfolio [1]. Group 2: Financial Implications - The expected valuation for the Permian assets is around $2 billion, indicating a significant potential influx of capital for the company [1].

Economic Impact of Supreme Court Ruling - The Supreme Court's decision to strike down President Trump's global tariffs is expected to lead to a decrease in consumer prices, potentially boosting consumer spending and business investment [7][8][9] - The ruling may complicate ongoing trade negotiations, as many agreements were made with the tariffs in mind, leading to uncertainty in future tariff structures [9][10][11] Market Reactions - Following the Supreme Court ruling, the U.S. 10-year yield increased, reflecting market concerns about the implications for U.S. debt levels and budget deficits [5][12] - Analysts noted that the market had largely anticipated the ruling, with a 75% probability assigned to the outcome prior to the announcement, leading to a measured market reaction [18] Federal Reserve Policy Outlook - The current economic indicators suggest that the Federal Reserve may not need to lower interest rates immediately, as inflation remains a concern and the economy shows signs of stability [2][4][20] - There is speculation that the Fed may adopt a more data-dependent approach moving forward, with potential for rate hikes later in the year if inflation pressures increase [21][22][23] Private Credit Market Concerns - Blue Owl's decision to restrict withdrawals from one of its private credit funds has raised concerns about the overall health of the private credit market, although some analysts believe the situation is not indicative of systemic issues [39][40] - The private credit sector has seen growth stall, and there are expectations of rising default rates in 2024 and 2025, prompting a reassessment of investment strategies [62][64] Municipal Market Implications - The restart of the $16 billion Gateway Tunnel project may have implications for municipal budgets, particularly in states that have been targeted by federal funding cuts [77][79] - Financial advisors are concerned about how federal funding policies could impact state and local government bonds, especially in high-tax states like California and New York [80][81][84]