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Midday Monday: CenterState stock grows following deal news

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Midday Monday: CenterState stock grows following deal news

Both bank and thrift stocks and the broader markets were trading upward around midday Monday, Aug. 14., while CenterState Banks Inc. saw its stock rise following news that it has agreed to buy two other Florida banks.

The SNL U.S. Bank Index increased 1.78% to 548.44 and the SNL U.S. Thrift Index hiked up 1.49% to 881.16. The Dow Jones Industrial Average moved up 0.69% to 22,009.86, the S&P 500 gained 1.01% to 2,465.95, and the Nasdaq Composite Index climbed 1.20% to 6,331.58.

The stock of CenterState saw a 3.89% boost to $24.86 around midday — the Winter Haven, Fla.-based company is poised to pass the $10 billion-asset mark once it completes its pending acquisitions of state peers HCBF Holding Co. Inc. and Sunshine Bancorp Inc. Sunshine's stock saw a decline of 4.98% to $21.55 around the same time. Its all-stock sale agreement values the company at $21.30 per share and $176.7 million in aggregate, based on CenterState's Aug. 11 closing price. The HCBF Holding deal is valued at $18.08 per share and $416.7 million in total.

The country's largest banks were also trading in the green around midday, with Bank of America Corp. up 2.30% to $24.41, JPMorgan Chase & Co. increasing 1.53% to $92.80 and Wells Fargo & Co. rising 1.98% to $52.99. Citigroup Inc., which was recently fined 14 million Chinese yuan for breaching mortgage and credit card rules by China Banking Regulatory Commission, was up 1.87% to $68.06.

In the thrift space, New York Community Bancorp Inc. saw its stock price grow 2.21% to $12.49 around midday, while Astoria Financial Corp. was up 2.49% to $19.72.

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