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Midday Monday: Banks, broader markets continue to climb


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Midday Monday: Banks, broader markets continue to climb

Bank and thrift stocks added to in morning tradingMonday, April 11. Around midday, the SNL U.S. Bank Index climbed 1.12% to373.98 and the SNL U.S. Thrift Index rose 0.86% to 775.99.

The broader markets also moved higher, with the Dow JonesIndustrial Average advancing 0.31% to 17,631.85, the S&P 500 increasing0.26% to 2,052.90 and the Nasdaq composite index rising 0.38% to 4,869.25.

Among large-caps, JPMorganChase & Co. added 0.89% to $58.26, went up 0.31% to$12.92 and CitigroupInc. climbed 1.61% to $41.12.

Wells Fargo& Co. saw its stock rise 0.62% to $47.36 around midday amidnews that Wells Fargo BankNA reached an agreement with U.S. authorities, including the JusticeDepartment, to settle civil mortgage fraud claims against the bank and anexecutive, Kurt Lofrano, over the bank's participation in the Federal HousingAdministration's direct endorsement lender program, as in principle.

Besides agreeing to pay $1.2 billion, Wells Fargo Bankadmitted, acknowledged and accepted responsibility for certifying to theDepartment of Housing and Urban Development that certain residential homemortgage loans were eligible for FHA insurance when in fact they were not, fromMay 2001 through December 2008.

In other banking news, Louisville, Ky.-based 's boardasked shareholders to vote in favor of the reverse stock split proposal, which isessentially the same proposal that they approved in 2015, according to apreliminary proxy statement filed April 8. The company's sharesticked up 0.01% to $1.29 in morning trading Monday.

New Orleans-based First NBC Bank Holding Co. received a from the Nasdaq Stock Marketinforming the company that it was not in compliance with Nasdaq listing rulesbecause it had not timely filed its annual report on Form 10-K for the yearended Dec. 31, 2015. Shares of the company fell 2.20% to $18.70 in morningtrading Monday.

Among notable movers, Wilmington, Del.-based jumped 4.21% to$5.44; Dallas-based Texas CapitalBancshares Inc. advanced 2.67% to $36.09; and Little Rock,Ark.-based Bank of the OzarksInc. climbed 3.12% to $41.99.

In the thrift space, San Diego-based advanced 1.97% to$21.69; Lake Success, N.Y.-based Astoria Financial Corp. ticked up 0.67% to $14.95; andCleveland-based TFS FinancialCorp. (MHC) increased 0.12% to $17.28.Westbury, N.Y.-based New YorkCommunity Bancorp Inc. inched down 0.03% to $15.03.

Market prices andindex values are current as of the time of publication and are subject tochange.