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Midday Wednesday: OceanFirst Financial slips following deal news

Following yesterday's positiveclose, bank and thrift stocks moved lower in morning trading Wednesday,July 13. Around midday, the SNL U.S. Bank Index slid 0.26% to 393.53 and the SNLU.S. Thrift Index slipped 0.24% to 798.03.

The broader markets were also in negative terrain, with the DowJones Industrial Average retreating 0.10% to 18,329.44, the S&P 500 decreasing0.22% to 2,147.39 and the Nasdaq composite index slipping 0.34% to 5,005.81.

Among large-cap banks, JPMorganChase & Co. dipped 0.79% to $62.70, Wells Fargo & Co. went down 0.54% to $48.09, decreased 1.29%to $13.36 and Citigroup Inc.slid 0.73% to $43.12.

Hampton Roads BanksharesInc. rose 1.62% to $1.87 around midday, following news that the FederalReserve Bank of Richmond approvedthe pending deal between the company and XenithBankshares Inc. Xenith Bankshares increased 1.89% to $8.08 in morningtrading.

First FinancialNorthwest Inc. gained 2.74% to $13.86. The Renton, Wash.-based companyannounced earlier today that it has commenced a modified Dutch auction tender offerto buy up to $40.0 millionin aggregate value of its common stock at a price per share not less than $13.00and not greater than $14.00.

Among notable movers, Greenville, S.C.-based fell 3.53%to $26.94, and Moorefield, W.Va.-based SummitFinancial Group Inc. dropped 5.74% to $18.07 in morning trading.

In the thrift space, OceanFirstFinancial Corp. declined 2.61% to $18.25, following news that the TomsRiver, N.J.-based company has agreed to acquireOcean City, N.J.-based Ocean ShoreHolding Co. in a deal valued at $22.47 per share, or $145.6 million.Ocean Shore jumped 25.80% to $21.33 in morning trading.

Westbury, N.Y.-based NewYork Community Bancorp Inc. slipped 0.76% to $14.94; San Diego-basedBofI Holding Inc. dropped8.66% to $16.88; Lake Success, N.Y.-based AstoriaFinancial Corp. slipped 0.75% to $15.18; and Cleveland-based decreased0.39% to $17.78.

In economic news, the Mortgage Bankers Association reported thatmortgage applicationswere up 7.2% week over week on a seasonally adjusted basis for the week ending July8. The market composite index, which measures mortgage applicationvolume, dropped 14% on an unadjusted basis compared to the previous week.

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