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Midday Monday: Banc of California dips as CEO steps down

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Midday Monday: Banc of California dips as CEO steps down

Following Friday's positive close, U.S. bank and thrift stocks, as well as the broader markets, were trading lower during morning trading Monday, Jan. 23.

Around noon, the SNL U.S. Bank Index was down 0.61% to 520.71 and the SNL U.S. Thrift Index declined 0.32% to 937.45. The Dow Jones Industrial Average lost 0.40% to 19,748.92, the Nasdaq composite index slid 0.47% to 5,529.09, and the S&P 500 edged 0.54% lower to 2,259.13

Banc of California Inc. shed 4.80% to $15.38, following news of Steven Sugarman's resignation as chairman and CEO of the Irvine, Calif.-based company. Sugarman resigned as the SEC begins an investigation into some of the allegations made by an anonymous blogger accusing several company senior executives and board members of having ties with Jason Galanis, who has been charged with market manipulation and several counts of fraud.

In merger news, Pinnacle Financial Partners Inc. is acquiring BNC Bancorp for approximately $35.70 per share, or a total of $1.9 billion. Around midday, Pinnacle slipped 0.16% to $63.20 and BNC Bancorp slid 1.36% to $32.75.

The earnings rush continues, with a number of large and midsize U.S. banks and thrifts expected to release quarterly results this week. Salt Lake City-based Zions Bancorp., on deck to report earnings after markets close, saw its stock decline 0.94% to $42.06 around midday.

Capital One Financial Corp., Fifth Third Bancorp and Popular Inc. are the biggest banks scheduled to report quarterly results Tuesday, Jan. 24.

The nation's largest banks were also trading lower. JPMorgan Chase & Co. was down 0.06% to $83.62, Bank of America Corp. decreased 0.60% to $22.50, Wells Fargo & Co. lost 1.34% to $54.33, and Citigroup Inc. retreated 0.77% to $55.68.

In the thrift space, New York Community Bancorp Inc. gained 0.28% to $15.85, and BofI Holding Inc. fell 2.45% to $26.48.

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