Independent Bank Corp. (INDB), parent of Rockland Trust Company, and Mayflower Bancorp, Inc. (MFLR), parent of Mayflower Bank, have signed a definitive agreement for Independent to acquire Mayflower and Rockland Trust to acquire Mayflower Bank.

Mayflower Bank was founded in 1889 and currently has 8 Plymouth County bank branches, approximately $236 million in deposits, and approximately $141 million in loans.

“We are pleased to welcome Mayflower Bank customers and colleagues to Rockland Trust,” said Christopher Oddleifson, the Chief Executive Officer of Independent.

* Gross Merchandise Volume of $1.6 Billion, Accelerating to 30% Growth in Local Currencies * Total Payments Volume of 532.1 Million, Accelerating to 62% Growth in Local Currencies * Net Revenues Grew to 102.7 Million, a 36% Growth in Local Currencies * Excluding the Non-Recurring Foreign Exchange Loss in Venezuela, Earnings Per Share During Q1'13 Would Have Been $0.53

MercadoLibre, Inc. (MELI) (http://www.mercadolibre.com), Latin America's leading e-commerce technology company, today reported financial results for the first quarter ended March 31, 2013.

Marcos Galperin, President and Chief Executive Officer of MercadoLibre, Inc., commented, "MercadoLibre was off to a good start in 2013. We saw volume accelerate across both our core marketplace and payments businesses, as we are meeting the growing demands of a quickly expanding base of users. Our ongoing initiatives are evidently raising the bar with respect to the ease, comfort and quality of the experience shoppers can expect as they make the transition to online shopping. We intend to keep driving this dynamic forward as the year advances."

Oleg Firer is a Recipient of a 2013 Top Entrepreneurs Award from the South Florida Edition of Business Leader and is Nominated for E&Y’s Florida Entrepreneur of the Year Award

Net Element International (NETE), a technology-driven group specializing in electronic commerce and mobile payment processing is pleased to announce that its CEO , Oleg Firer, has been nominated for the Ernst & Young 2013 Florida Entrepreneur of the Year Award®, this is Mr. Firer’s second nomination. Mr. Firer also received a 2013 Top Entrepreneurs Award from the South Florida Edition of Business Leader magazine.

Growth Across All Business Segments Drives 24% Operating Income Increase and Solid Cash Generation

Electronics For Imaging, Inc. (EFII), a world leader in customer-focused digital printing innovation, today announced its results for the first quarter of 2013.

For the quarter ended March 31, 2013, the Company reported first quarter record revenue of $171.4 million, up 7% compared to first quarter 2012 revenue of $160.1 million. First quarter 2013non-GAAP net income was $15.8 million or $0.33 per diluted share, which included an unfavorable non-operational currency impact of $0.04 per diluted share, compared to non-GAAP net income of $14.2 million or $0.30 per diluted share for the same period in 2012. GAAP net income was $8.4 million or $0.17 per diluted share, compared to $6.2 million or $0.13 per diluted share for the same period in 2012.

Absolute® Software Corporation (TSX: ABT), the industry standard for persistent endpoint security and management solutions for computers, laptops and ultra-portable devices announced today that its Board of Directors has declared a quarterly dividend of $0.05 per share on its common shares, payable in cash on May 28, 2013 to shareholders of record at the close of business on May 7, 2013.

"The Board's decision to institute another quarterly dividend confirms our commitment to increasing shareholder value and our confidence in the continued growth of our business," said John Livingston, Chairman and CEO of Absolute Software.

Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Equity Value of Transaction is Approximately $1.3 Billion Substantial Value for Shareholders; A Strong Financial Partner to Support NFP's Evolution and Growth

National Financial Partners Corp. (NFP), a leading provider of benefits, insurance and wealth management services, today announced that it has entered into a definitive agreement with Madison Dearborn Partners, LLC, a private equity investment firm, under which a controlled affiliate of Madison Dearborn will acquire NFP.

When it works in your favor, leverage can be your best friend, multiplying returns. When the opposite occurs, it can be ruinous. We were reminded of this when last week we read a report1 distributed by the Congressional Budget Office (CBO) demonstrating what the interest payments on the federal deficit would increase to when Treasury rates rose under several recovery scenarios.

We have lived in a debt-driven economy in the U.S., and to a lesser extent Canada, for the past half century. Credit cards were unheard of two generations ago. Now they are de rigueur. Their existence means that everyone, government included, knows your spending history.

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "Company"), today announced that it has entered into an agreement pursuant to which it will sell its benchmark, on-the-run, U.S. Treasury fully electronic trading platform to NASDAQ OMX Group, Inc. (NASDAQ: NDAQ) ("NASDAQ OMX"). Total consideration for this transaction is up to $1.234 billion, consisting of $750 million in cash plus an earn-out of up to $484 million of NASDAQ OMX common stock[1] to be paid ratably over 15 years.

Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2012.

SNFC announced revenues of $234,260,000 for the year ending December 31, 2012. Pre-tax earnings from operations increased from a gain of $1,237,000 in 2011 to a gain of $21,351,000 in 2012. Net after tax earnings for the twelve month period increased 1,187% from $1,299,000 to $16,713,000.

Scott Quist, Chairman of the Board, President and Chief Executive Officer of SNFC, noted: “The 4th quarter marked continued improvement in all of our segments, which is reflected in our nearly 1,200% improvement in year end after tax earnings.

Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) today announced that a full bench of the South African Supreme Court of Appeal ("Appeal Court") unanimously ruled that the tender process followed by the South African Social Security Agency ("SASSA") in awarding a contract to Net1's wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited ("CPS") was valid and legal. Accordingly, the contract between SASSA and CPS to distribute social welfare grants to ten million South Africans every month for a period of five years, remains in full force and effect. The full Appeal Court judgment is available on our website at www.net1.com. The Company may issue further comment on the judgment when it has had sufficient time to study the full document.

Gregory M. Shepard ("Mr. Shepard") today announced a tender offer for 962,636 of the outstanding shares of Class B Common Stock of Donegal Group Inc. ("DGI") at a price of $30 per Class B share (the "Offer").  The Offer represents approximately a 42% premium to the closing price of DGI Class B shares on NASDAQ on March 19, 2013 – the last full trading day prior to the commencement of the Offer.

The Offer is not subject to any financing contingency.  Other conditions apply to the Offer, including the tender of at least 925,000 Class B shares, insurance and bank regulatory approvals, expiration or early termination of the Hart-Scott-Rodino waiting period, and no litigation involving the Offer.

We had anticipated publishing a Note on the astounding developments in Cyprus over the weekend. However, events were happening so fast that we decided to pause and get a better sense of the significance of this momentous event and gauge the repercussions.

We now learn that banks in Cyprus will be closed until Thursday of this week so the Cypriot Parliament can vote on the proposed terms of a bailout of Cypriot banks. Here are the proposed terms of the bailout as of mid-morning Monday March 18:

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

PremierWest Bank and AmericanWest Bank announced today that PremierWest Bancorp ( NASDAQ : PRWT ) and affiliates of AmericanWest Bank have entered into an amendment to the Agreement and Plan of Merger relating to the proposed merger of PremierWest Bancorp with an affiliate of AmericanWest Bank. Under the revised terms, each outstanding share of PremierWest Bancorp common stock will be converted into the right to receive $2.00 in cash, which represents an additional $0.35 per share in cash consideration. 

Yesterday, Passport Potash (PPI: TSXV, PPRTF: OTCQX) delivered a Preliminary Economic Assessment (PEA) on its 100% owned Holbrook Basin Potash Deposit in Arizona. Passport CEO Josh Bleak described the results as “robust.” We provide them below for your review: 

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

 If my good friend Dennis Gartman can do it –so can I!

Dennis and I know each other from the 1980s when he came to my MBA seminar at U.Va. to teach a lesson. There isn ’t anyone in the world that combines trading and geopolitics better than Dennis.

But this AM I have the bragging rights.

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

SCBT Financial Corporation and First Financial Holdings, Inc. to Merge

SCBT Financial Corporation (SCBT) and First Financial Holdings, Inc. (“First Financial”) (FFCH) jointly announced today the signing of a definitive merger agreement under which SCBT and First Financial will merge to position the combined company to become a premier regional bank.

“We are pleased to announce that two of the Southeast’s oldest, strongest and largest banks are merging to form a dynamic banking company. Our two banks complement each other significantly and, because of our size, earnings power and strength, we will be uniquely positioned to build a premier regional bank in the Southeast,” said Robert R. Hill, Jr., president and CEO, SCBT Financial Corporation.

TSYS® (NYSE: TSS), a leading global payment solutions provider, and NetSpend (NASDAQ: NTSP), a leading provider of general purpose reloadable (GPR) prepaid debit cards and related financial services to underbanked consumers in the United States, today announced that they have entered into a definitive agreement pursuant to which TSYS will acquire NetSpend in an all cash transaction valued at approximately $1.4 billion. Under terms of the agreement, NetSpend shareholders will receive $16.00 in cash for each share of NetSpend common stock. TSYS expects the transaction to be accretive to GAAP EPS for the first 12 month period following closing, excluding one-time acquisition related fees and expenses.

Rochester Medical Corporation (ROCM) today announced operating results for its first quarter ended December 31, 2012.

The Company reported record sales of $17,252,000 for the current quarter compared to $13,973,000 for the first quarter of last year.  The Company also reported net income of $1,012,000 or $.08 per diluted share compared to net loss of ($75,000) or ($.01) per diluted share for the same period last year.

The 23% increase resulted from a 24% increase in Rochester Medical Direct Sales and a 19% increase in Private Label Sales.  The growth percentages were essentially the same on a constant currency basis which assumes current exchange rates for all periods in order to exclude the impact of foreign exchange variations.

F.N.B. Corporation (FNB) and PVF Capital Corp. (PVFC) jointly announce the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire PVF Capital Corp., the Solon-based holding company and parent of Park View Federal Savings Bank, in an all stock transaction valued at approximately $3.98 per share, or $106.4 million in the aggregate using the 20-day trailing stock price of F.N.B. Corporation as of Friday, February 15, 2013.

The acquisition of PVF Capital Corp. will provide F.N.B. Corporation with an additional $782 million in total assets, $634 million in total deposits, $600 million in gross loans and 16 banking offices in the Greater Cleveland, Ohio area. As a result of the transaction, F.N.B. Corporation will expand its Cleveland presence and have a top fifteen deposit market share in the Cleveland, Ohio metropolitan statistical area.