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Midday Monday: Banks begin week in negative territory

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Midday Monday: Banks begin week in negative territory

Bank and thrift stocks were down during morning trading Monday, Dec. 12, while broader markets began the week in mixed territory. The SNL U.S. Bank Index was down 0.78% to 535.59, and the SNL Thrift Index had slid 0.82% to 974.90.

Around midday, the S&P 500 had dipped 0.16% to 2,255.96 and the Nasdaq composite index had decreased 0.66% to 5,408.40. Meanwhile, the Dow Jones Industrial Average had added 0.12% to 19,780.44.

The nation's largest banks were also trading lower around noon. JPMorgan Chase & Co. had declined 0.81% to $84.80, Bank of America Corp. was down 1.02% to $22.85, Citigroup Inc. was off 1.02% to $59.32, and Wells Fargo & Co. tumbled 1.75% to $56.14.

Prudential Financial Inc. is being sued by three former managers who were fired by the company after they pressed to further investigate insurance transactions sold through Wells Fargo. An internal review allegedly revealed Wells Fargo employees may have signed up certain clients for Prudential insurance without their authorization.

Among notable movers, MBT Financial Corp. had risen 4.90% to $10.18, Midland States Bancorp Inc. had gained 4.82% to $33.72 and Central Federal Corp. was up 7.19% to $1.79. First Horizon National Corp. was down 2.78% at $19.92, Western Alliance Bancorp. had dropped 3.68% to $47.90 and Sterling Bancorp went 2.78% lower to $23.63.

In the thrift space, New York Community Bancorp Inc. was down 1.02% to $16.85, while BofI Holding Inc. declined 1.14% to $28.25.

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