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Midday Monday: Banks move lower


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Midday Monday: Banks move lower

Bank and thrift stocks moved into negative territory inmorning trading Monday, April 4, after posting gains on Friday. Around midday, the SNL U.S.Bank Index went down 0.36% to 382.41 and the SNL U.S. Thrift Index slid 0.15%to 787.04.

The broader markets also moved slightly lower, with the DowJones Industrial Average retreating 0.02% to 17,790.93, the S&P 500decreasing 0.06% to 2,071.50 and the Nasdaq composite index slipping 0.12% to4,908.54.

Among large-caps, JPMorgan Chase & Co. dropped 0.22% to $59.30,Wells Fargo & Co.gained 0.10% to $48.50, CitigroupInc. ticked up 0.13% to $42.53, while was up 0.44% to$13.62.

In banking news, Irvine, Calif.-based added 0.97% to$17.74, as the company completed the redemption of an aggregate of $42 millionof its preferred stock issued to the U.S. Treasury under the Small BusinessLending Fund program.

Winston-Salem, N.C.-based BB&T Corp. was up 0.66% to $33.73, after the companycompleted itsacquisition of National PennBancshares Inc. effective April 1.

Among notable movers, Middleburg, Va.-based gained 3.09%to $24.35 and Dallas-based ComericaInc. went up 3.08% to $38.84. Meanwhile, San Juan, PuertoRico-based First BanCorp.fell 2.42% to $2.82 and Ontario, Calif.-based CVB Financial Corp. dropped 1.57% to $17.27.

In the thrift space, Westbury, N.Y.-based incheddown 0.40% to $15.74, Lake Success, N.Y.-based lost 0.51% to$15.64, while Cleveland-based TFSFinancial Corp. (MHC) increased 0.23% to $17.47.

San Diego-based BofI Federal Bank, a unit of said April 4 thatlast week it closed an asset purchase agreement in which it certain assets and assumedcertain operations of Salt Lake City-based Pacific Western Equipment Financefrom Pacific WesternBank, a unit of PacWest Bancorp.

BofI Holding gained 3.09% to $21.68, while PacWest was up0.92% to $37.41.

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