I woke up from a dream, or could it be considered a nightmare?
I was at a house, was I house sitting? I kept going to check the mattress in a back bedroom. The first time I checked it, it was dry. The second check it was starting to get wet and the room was flooding, but I did not understand where the water was coming from. The next time I checked the mattress, it was almost floating and the back window was halfway full of this dirty gray water and it was starting to come into the room where I was quick. I decided it was time to save myself. I left without my blue leather purse that had my cellphone in it. I got out and somehow lifted myself onto the top of a stone wall and walked down to the street.
Later I went back to the house and everything was soaked, flooded. I looked into a window or door and I saw a line of men standing and talking in a room. My son, his uncle Chris, a few others who were talking about mold and mildew a and I said to take your clothes in the closet and go put them out on the line to dry. Ask them to go get my purse and I was handed that and my wet jacket.
And then I woke up startled.
And then I went into the kitchen to get a drink from the refrigerator and looked at my cranberry juice bottle but drank the root beer and thought, Why don't we have more fruit juice flavored sodas? Cranberry, blueberry, tangerine, pink grapefruit, pomegranate... soda?
Facilitates complementary, balanced business mix; positions WAL for continued growth and consistent returns across cycles
Strong cultural fit and continuity of highly experienced leadership team minimizes operational and execution risk
PHOENIX -- Western Alliance Bancorporation (“Western Alliance”) (NYSE: WAL) today announced the execution of a definitive agreement to acquire Aris Mortgage Holding Company, LLC, the parent company of AmeriHome Mortgage Company, LLC (“AmeriHome”) for an estimated purchase price of $1.0 billion in cash, subject to adjustments at closing.
AmeriHome brings a B2B approach to the mortgage ecosystem through its relationships with over 700 independent correspondent mortgage originator clients, including independent mortgage bankers, community and regional banks, and credit unions of all sizes. Based in Thousand Oaks, CA, AmeriHome is the nation’s third largest correspondent mortgage acquirer, purchasing approximately $65 billion in conventional conforming and government insured originations during 2020 from its network of independent mortgage originators and managing a $99 billion mortgage servicing portfolio, as of December 31, 2020.
For Western Alliance, the addition of AmeriHome extends its national commercial businesses with a complementary, low-risk national mortgage franchise. AmeriHome’s combination of business model, diversified and complementary channels, and sophisticated portfolio management strategies has successfully generated consistent and profitable returns throughout rate environments and economic cycles. The transaction also markedly increases the contribution from non-interest income sources. From a financial perspective, the transaction is estimated to produce accretion of over 30% to EPS and over 500 basis points to return on average tangible common equity in 2020.
“We look forward to maximizing the strategic and financial opportunities created by partnering with AmeriHome, which has been a valued client of Western Alliance Bank for years,” said Ken Vecchione, President and Chief Executive Officer of Western Alliance. “Acquiring this differentiated, high-performing mortgage platform provides a powerful growth engine and expands mortgage offerings to existing clients that give us flexible levers to drive consistent returns throughout market cycles. AmeriHome’s effective business model and exceptional leadership team will leverage Western Alliance’s liquidity and capital strength, market reach, complementary businesses and commercial customers. This move meaningfully enhances our EPS baseline and growth, diversifies our revenue mix, and mitigates business cycle volatility with a firm that augments our commercial-focused portfolio.”
Post-closing, AmeriHome will operate under its current brand, AmeriHome, a Western Alliance Bank company, and will continue to be led by Jim Furash, its current President and Chief Executive Officer.
“Joining Western Alliance Bank is a terrific opportunity to accelerate our own strategic objectives and pathway to growth, with an outstanding partner we know very well,” said Jim Furash. “AmeriHome’s successful results and unique business model proved to be highly attractive for Western Alliance Bank, which has a history of growing by adding specialized financing groups that excel through differentiated B2B expertise and strong client service. It’s a great match.”
Under the terms of the agreement, AmeriHome will become a subsidiary of Western Alliance Bank. Western Alliance will pay cash consideration of $275 million plus adjusted tangible book value at closing for an estimated aggregate consideration of $1.0 billion (based on AmeriHome’s December 31, 2020 results). Western Alliance expects to achieve annual after-tax funding cost synergies of approximately $50 million with total estimated after-tax merger and integration costs of approximately $27 million. The purchase price represents approximately 1.4x adjusted tangible book value based on December 31, 2020 financials and is estimated to create modest dilution to Western Alliance’s tangible book value per share that we expect to earn back in less than one year. Before the end of the second quarter of 2021, Western Alliance intends to raise approximately $275 million of primary capital through a registered public offering of common stock to support the transaction and future growth. The acquisition is expected to close in the second quarter of 2021, subject to customary closing terms and conditions. After closing of the transaction, Western Alliance plans to optimize the acquired mortgage servicing rights assets for both ongoing operations and regulatory capital treatment.
Evercore and Guggenheim Securities, LLC are serving as financial advisors to Western Alliance. Troutman Pepper Hamilton Sanders LLP is serving as legal advisor to Western Alliance. Houlihan Lokey Capital, Inc. and Wells Fargo Securities, LLC acted as financial advisors to AmeriHome on the transaction. Sidley Austin LLP acted as legal advisor to AmeriHome on the transaction.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss the transaction at 5:30 p.m. ET on Tuesday, February 16, 2021. Participants may access the call by dialing 1-888-317-6003 and using the participant code 6598631 or via live audio webcast using the website link https://services.choruscall.com/links/wal210216.html. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET February 17 through 9:00 a.m. ET March 16 by dialing 1-877-344-7529, using the participant code 10152528.
About Western Alliance Bancorporation
With more than $35 billion in assets, Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies. The company was #1 best-performing of the 50 largest public U.S. banks in the most recent S&P Global Market Intelligence listing and ranks high on the Forbes “Best Banks in America” list year after year. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Serving clients across the country wherever business happens, Western Alliance Bank operates individually branded, full-service banking divisions and has offices in key markets nationwide. For more information, visit westernalliancebank.com.
About AmeriHome Mortgage Company, LLC
Founded in 2013, and based in Thousand Oaks, CA, AmeriHome is a leading U.S. residential mortgage acquirer and servicer focused on driving profitable growth across market environments. The firm operates three complementary business segments: Correspondent, Consumer Direct and Servicing. It ranked as the third largest correspondent producer of mortgages and the 13th largest producer of mortgages overall in the U.S. during 2020. AmeriHome has created a flexible and scalable platform with a modern, purpose-built technology infrastructure, advanced data and analytics capabilities, all leveraging the management team's collective experience to achieve a highly efficient cost structure to target profitability in all market environments. AmeriHome has a track record of consistent, prudent and profitable growth, having expanded its production volume from $18.7 billion in 2015 to $64.5 billion for the twelve months ended December 31, 2020 and its servicing portfolio from $18.9 billion to $98.8 billion as of December 31, 2020. For more information, visit amerihome.com.
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the Merger between Western Alliance and Aris Mortgage Holding Company, LLC (“Aris”), including future financial and operating results, cost savings, enhancements to revenue and accretion to reported earnings that may be realized from Western Alliance’s acquisition of AmeriHome, Aris’ wholly-owned subsidiary; (ii) expected capital raising activities (iii) objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iv) other statements identified by words such as “may,” “assumes,” “approximately,” “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements.
These forward-looking statements are based upon the current beliefs and expectations of the management of Western Alliance and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the control of Western Alliance. In addition, these forward- looking statements are subject to various risks, uncertainties and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:
the businesses of Western Alliance and AmeriHome may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected;
the expected growth opportunities, accretion or cost savings from Western Alliance’s acquisition of AmeriHome may not be fully realized or may take longer to realize than expected;
operating costs and business disruption following the Merger may be greater than expected;
federal antitrust review and state licensing regulatory and other approvals required for consummation of the Merger may not be obtained or completed on the anticipated schedule, on the proposed terms or at all;
the ability of Western Alliance to complete a capital raising transaction to support the Merger and future growth on terms, conditions, and pricing it deems satisfactory;
the effects of the ongoing COVID-19 pandemic on Western Alliance, AmeriHome, and their respective customers, employees and third-party service providers; and the other factors that may affect future results of Western Alliance and AmeriHome discussed in Western Alliance’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) and AmeriHome’s Registration Statement on Form S-1 (as amended) filed with the Securities and Exchange Commission.
Any forward-looking statement made in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend to have and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this release to reflect new information, future events or otherwise.
Just as soon as I could find an appointment convenient to my work schedule, I got vaccinated. Thank you CVS. Your app is wonderful! Your remote check-in process in the store works! I was feeling good when I left the store and even slept well.
I went to work the next day and typed a lot besides preparing 11 files. I had a banana and Bai for lunch. 1-2 cups of hot tea. When I got home, I made myself a ham and turkey sandwich on sourdough with mustard and pickles. And I had a large glass of sweet tea And then I laid down. I think I took a nap. I woke up later and tried to lay my head down again, but it felt like the room was spinning a bit.
Now, if I can just get rid of this tingling feeling in my arms like I'm hyperventilating to go away. I don't know but maybe I had too much caffeine today.
I texted my friend to let her know I was vaccinated. It's been a tough year in self-isolation. I was out of work for over 5 months. Now, as of April, I've been working a steady full-time-permanent job for 8 months. I like the idea of working from home, but I also think it's scary. I think that having staff working from home takes more management interaction than the ones that come into the office every day. But that's just my opinion.
I'm concerned that, for a while at least, the covid vaccine will become an annual thing like getting the flu shot. I fear the immune-compromised will eventually fall by the wayside, get sick and die or get well and become a "long hauler" with lingering symptoms. Another drag on the American healthcare system that's already in a pitiful state. Again, just my opinion.
I was sitting at the end of a long communal dining table in a large dining room with another man. We were both dressed in chef's white smock tops. Did I win something to get there? Anyway, the chef (causian, brown hair and balding shiny bald head but with a happy to see you face).walks in and greets us and says something like I got my eye on you and then said something else sexist quickly that made me feel sort of uncomfortable like the three of us make some sort of sandwich. And I yelled woo! loudly and got up from where I was sitting and started walking to the left... toward the commercial kitchen door? I don't know. Then I woke up.
This is not my memory, something I lived through during my lifetime. It's as though I'm looking through someone else's eyes experiencing these events. I had a dream about visiting a school friend's house around the Christmas season.
I don't know the timeline. It was after school. Maybe on a Friday night, and the father figure invited me to dinner. He was upset that a boy had pulled a knife or a shiff and told us or his daughter to stop seeing this boy and to aid in that process, both me and my friend were staying in.
Later I went to a store with my friend and her mother and little sister. Not sure what I bought, but the next day where ever I put my bag of bought stuff, it was gone. I think the mother took it. And I talking out loud to her trying to figure out what happened to have my stuff disappear while not trying to accuse the mother of stealing my stuff. She sat there playing a game with a small child with this shit-eating grin like I've got your stuff and you're not getting it back no matter what you say. The father figure was not in the room when the conversation was going on. There was someone else talking, another voice, saying about what "I" took from the mother, food, blah blah, which sounded like bullshit to me. And then something clicked in my head that they told me the friend's father was normal, but her mother was a psycho. And the startling realization of this fact woke me up.
Officially, we are in month 10 of the Corona Virus epidemic in California and the world's population is now waiting in line to get vaccinated. All we have to do is wait for our turn and this nightmare will be over right?
Wrong.
You will still have to social distance to stop the spread. You will still have to wash your hands after everything you do in public. And you are supposed to stay home. If you can't, you wear a mask when out with other people and don't touch stuff like shopping carts unless you can wipe it off with a bleach wipe.
And then you might even have to get another shot in three months' time.
Personally, I knew, since I filed for unemployment benefits mid-March 2020 when they first were coming online in California, that they would run out in 6 months. September was my deadline. And due to my age and I knew it was going to be a struggle to find my next job. I started my job hunt during month 4 and I was lucky enough to get a job during month 5, so by the time September rolled around, I was already working.
But I work in finance, which is considered essential. I have to go into the office to process paperwork that gets sent out the next day, for the most part. If there were a way for me to be at home and perform the same job, I would.
But do I want to change jobs/roles? I don't know right now. And staying put and keeping my eyes and ears open I think is the smartest thing to do right now with so many people out of work.
New Years Eve, I worked 6 straight hours and then we were let out early. Typical for this company. They did the same thing for Thanksgiving and Christmas.
I spent my time mostly online watch Twitch or playing xbox. I did have a glass of wine. Cheers!
Everyone I know wanted to sprint to 2021 as quickly as possible and put 2020 behind them. All we want to do is get back to "normal", but what most don't understand or maybe don't want to face is the reality that nothing is going back to the way it was ever again. We will face plexiglass sneezeguards and face masks through 2021.
I used to work for Deutsche Bank. My company was bought out/taken over by them and so my pension is based upon me being a legacy employee for the former company I worked for.
The news article below is not about my pension but the pensions of current employees.
Today, it is Jan 2, 2021, and as I was searching for my pension website because I was too lazy to go into the other room and find it, I happened to stumble on this news article that was written in 2017:
So along with the new job, I got new (better than Kaiser?) health insurance with Cigna and with encouragement from my new UCI doctor, I went and got a mammogram for the first time in a long time. That was October 12th. And they found the same spot as before and wanted to do more tests. I scheduled the tests before leaving the office that day not knowing if they would be able to locate my prior images.
This morning before heading off to work in the dark trying to beat the sunrise like a vampire, I talked to my grandma and grandpa's photo I placed next to my bed with some pebbles I painted. I said, " With the power of my grandma and grandpa, I know everything's gonna be all right." So I was scheduled to do those extra tests today, October 20th.
This morning, I was starting the internal mental freakout self talk that nobody needs to hear themselves do. But the crux of it was, and what if it is cancer? Ok, so freaked out, I left my cellphone on the coffee table. The weight of the coins in my change purse made it seem as though it was there, but it wasn't.
I took a half-day off work for these tests. As I was walking to my car to go home for lunch, I felt the ever so slight feeling of nausea gently blow on me like a soft breeze, and then it was gone by the time I got to my car.
So I get home, and find the cell, plug it in to get a good charge and getting ready to go, I check the messages, and I get the alls clear. No extra tests. They found the prior images and compared the one's taken on October 12th and I do not have to take the extra tests today. And it was a relief.
Working under a clerical contract as a supervisor for USCIS where there were people with 20, even 30+ years tenure more than me should have been a big, bright flashing neon sign that I wouldn't stay for long. I was a federal contractor there for two CAPS and three different employers and then the SCOSS contract flipped to new companies. Then I was hired back as a temp (in reserve for a supervisor position, but working for the senior analyst). I found another job before they gave me the boot at the 6-month mark.
And then Coronavirus struck. And they just started to implement the new seating arrangement when I quit on March 16th. And then my new employer said, "don't come in" and rescinded their offer.
I was out of work for a total of 157 days. It took me a month to get hired on at my new job. I started to look hard in July because I did not want to be without a job by the time my unemployment insurance ran out.
I'm working in a newly expanded post-closing department. The tasks are nothing new to me though and I'm getting to learn Encompass which seems to be a skill every employer is looking for these days. And the best part it's 5 miles away from home and it's a open schedule as long as I work 8 hours and get my work done.
