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Midday Wednesday: Patriot National Bancorp loses over 3% after deal announcement


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Midday Wednesday: Patriot National Bancorp loses over 3% after deal announcement

Stamford, Conn.-based Patriot National Bancorp Inc. retreated 3.86% to $16.20 around midday Wednesday, Aug. 2.

Earlier today, the company announced it is buying state peer Prime Bank, which was up 40.44% to $16.46.

In other merger news, Veritex Holdings Inc. is acquiring Liberty Bancshares Inc. and unit Liberty Bank. The company, which lost 0.26% to $26.70, priced its public offering of 1,987,000 common shares at $26.25 apiece. Net proceeds from the offering will be used to partially fund the deal and for corporate general purposes.

Following a slightly positive close on Tuesday, the SNL U.S. Bank Index dropped 0.45% to 554.95, while the SNL U.S. Thrift Index was down 0.63% to 907.77. The Dow Jones Industrial Average ticked up 0.18% to 22,003.33, the S&P 500 slipped 0.23% to 2,470.82, and the Nasdaq Composite Index fell 0.53% to 6,329.15.

Among the nation's largest banks, JPMorgan Chase & Co. retreated 0.13% to $92.91, Citigroup Inc. dropped 0.41% to $69.32, Bank of America Corp. was flat at $24.45, and Wells Fargo & Co. inched up 0.23% to $53.82.

In the thrift space, Astoria Financial Corp. was down 0.94% to $20.03 and BofI Holding Inc. lost 2.51% to $27.53.

Meanwhile, U.S. mortgage applications dropped 2.8% on a seasonally adjusted basis in the week ended July 28, the Mortgage Bankers Association reported.

Private-sector employment in the U.S. was up by 178,000 jobs in July from June, according to the latest ADP National Employment Report.

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