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Midday Friday: Bank, thrift stocks mixed amid lower-than-expected payroll gains

Bank and thrift stocks posted mixed results aroundmidday Friday, May 6, amid news that the U.S. economy added in April than in March,falling short of consensus estimates and leaving the unemployment rateunchanged at 5.0%.

Total U.S. nonfarm payroll employment rose by 160,000in April. Over the past three months, the economy added an average of 200,000jobs, according to the latest Employment Situation report from the LaborDepartment.

The expected month-over-month job gain for April was200,000, while the consensus estimate for the unemployment rate was 4.9%,according to Econoday data.

Around midday, the SNL U.S. Bank Index declined0.22% to 392.71 and the SNL U.S. Thrift Index went up 0.19% to779.15. The broader markets were in negative terrain, with the Dow JonesIndustrial Average inching down 0.01% to 17,658.49, the S&P500 slipping 0.18% to 2,046.97 and the Nasdaq composite indexshedding 0.35% to 4,700.38.

Among large-caps, Wells Fargo & Co. slid 0.02% to $48.95,Citigroup Inc.decreased 0.57% to $43.98 and Bankof America Corp. retreated 0.50% to $13.98. ,meanwhile, rose 0.23% to $61.38 in morning trading.

Columbus, Ohio-based Huntington Bancshares Inc. saw its stock decline 0.25%to $9.85 around midday. The company recently completed a public offering of 8 million depositaryshares, each representing 0.025 ownership interest in a share of 6.250% seriesD noncumulative perpetual preferred stock.

Banc ofCalifornia Inc. dropped 7.27% to $19.25 in morning trading. TheIrvine, Calif.-based company on Thursday announced the commencement of anunderwritten public offeringof 5,250,000 shares of its voting common stock.

Fishers, Ind.-based First Internet Bancorp, which has a prospectus supplement underwhich it may sell up to $25 million of its common stock through anat-the-market offering, saw its stock fall 1.64% to $25.24 around midday.

On the M&A front, Bar Harbor, Maine-basedBar Harbor Bankshareshas agreed to acquireNewport, N.H.-based Lake SunapeeBank Group in an all-stock deal valued at about $143 million, orroughly $17 per share. Bar Harbor Bankshares dropped 5.65% to $32.41, whileLake Sunapee Bank Group jumped 10.82% to $15.62.

Among thrifts, Cleveland-based slid 0.33% to $18.03; Jacksonville, Fla.-based declined 0.60% to $14.19; Westbury, N.Y.-based increased 0.83% to $14.56; and Lake Success, N.Y.-based Astoria FinancialCorp. climbed 0.82% to $14.75.

Marketprices and index values are current as of the time of publication and aresubject to change.