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Midday Monday: Banks move into negative territory

Bank and thrift stocks moved into negative territory inmorning trading Monday, May 9, after posting gains on Friday. Around midday, the SNL U.S.Bank Index slid 0.87% to 391.49, and the SNL U.S. Thrift Index slipped 0.47% to776.17.

The broader markets were mixed, with the Dow JonesIndustrial Average retreating 0.34% to 17,681.09, the S&P 500 decreasing0.04% to 2,056.28 and the Nasdaq composite index adding 0.23% to 4,746.52.

Among large-cap banks, JPMorgan Chase & Co. decreased 0.66% to $61.20,Wells Fargo & Co.dipped 0.24% to $48.90, Bank ofAmerica Corp. dropped 1.06% to $13.96 and slid 1.46% to $43.76.

Banc ofCalifornia Inc. decreased 0.10% to $19.28 around noon, as theIrvine, Calif.-based company completedthe sale of Palisades Group LLC to Palisades Holdings I LLC on May 9.

Among notable movers, Gulfport, Miss.-based gained 1.10% to$24.87 and Franklin, Tenn.-based Franklin Financial Network Inc. went up 1.81% to $30.37.Meanwhile, Houston-based GreenBancorp Inc. fell 3.51% to $7.14, San Juan, Puerto Rico-based lost 4.50% to $7.86and San Juan, Puerto Rico-based First BanCorp. dropped 3.63% to $3.59.

In the thrift space, Cleveland-based increased0.28% to $18.08. Westbury, N.Y.-based New York Community Bancorp Inc. ticked down 0.34% to$14.53, San Diego-based BofIHolding Inc. lost 2.05% to $18.63 and Lake Success, N.Y.-basedAstoria FinancialCorp. retreated 0.61% to $14.73.

Market prices andindex values are current as of the time of publication and are subject tochange.