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Midday Friday: Bank, thrift stocks drop

U.S. bank and thrift stocks retreated during Friday's morning trading, Aug. 11.

The SNL U.S. Bank Index fell 0.35% to 540.62, while the SNL U.S. Thrift Index lost 0.58% to 871.09.

Meanwhile, broader markets were up. The Dow Jones Industrial Average added 0.10% to 21,865.62, the S&P 500 gained 0.13% to 2,441.66, and the Nasdaq Composite Index climbed 0.27% to 6,233.90.

In banking news, Capital One Financial Corp. is planning to cut down around 400 call center jobs in its Rolling Meadows, Ill., office., Chicago Tribune reported. Capital One slipped 0.77% to $82.42.

Around midday, JPMorgan Chase & Co. retreated 0.46% to $91.76, Bank of America Corp. lost 1.12% to $23.85, Wells Fargo & Co. was down 0.31% to $51.79, and Citigroup Inc. fell 0.48% to $66.90.

OceanFirst Financial Corp.'s pending acquisition of Sun Bancorp Inc. is facing at least three lawsuits, claiming that OceanFirst Financial's board is in breach of its fiduciary duty. OceanFirst Financial's stock lost 1.99% to $25.10 and Sun Bancorp retreated 1.47% to $23.45.

In the thrift space, Astoria Financial Corp. was down 0.36% to $19.23 and BofI Holding Inc. fell 1.35% to $27.10.

Market prices and index values are current as of the time of publication and are subject to change.