U.S. bank stocks closed down slightly after another day of small-bank deals.
The SNL U.S. Bank Index fell 0.05% to 557.15, while the SNL U.S. Thrift Index dropped 0.61% to 907.97. The Dow Jones Industrial Average reached a historic record today, ticking up 0.24% to 22,016.24. The S&P 500 inched up 0.05% to 2,477.57 and the Nasdaq Composite Index was flat at 6,362.65.
Earlier today, Stamford, Conn.-based Patriot National Bancorp Inc. announced it is buying state peer Prime Bank. After falling nearly 4% in early morning trading, Patriot stock reversed and closed up 4.42% to $17.02. Prime Bank gained 42.06% to $16.65.
In other merger news, Dallas-based Veritex Holdings Inc. is buying Fort Worth, Texas-based Liberty Bancshares Inc. and its unit, Liberty Bank. The deal was announced shortly after Veritex completed its acquisition of Sovereign Bancshares Inc. Veritex closed down 0.26% to $26.70.
The nation's largest banks closed mixed. JPMorgan Chase & Co. ticked up 0.09% to $93.11, Citigroup Inc. slumped 0.26% to $69.42, Bank of America Corp. rose 0.57% to $24.59, and Wells Fargo & Co. fell 0.13% to $53.62.
In the thrift space, Astoria Financial Corp. closed down 0.99% to $20.02 and BofI Holding Inc. lost 2.83% to $27.44.
Market prices and index values are current as of the time of publication and are subject to change.