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Midday Monday: Bank, thrift stocks dip

U.S. bank and thrift stocks dipped along with the broader markets around midday Monday, April 3.

The SNL U.S. Bank Index was down 1.48% to 527.93, and the SNL U.S. Thrift Index decreased 1.07% to 909.03. The Dow Jones Industrial Average retreated 0.52% to 20,556.69, the Nasdaq composite index decreased 0.58% to 5,877.64, and the S&P 500 fell 0.62% to 2,348.24.

The nation's biggest banks were moving lower this morning. JPMorgan Chase & Co. fell 1.10% to $86.87, Bank of America Corp. was down 1.59% to $23.22, Citigroup Inc. decreased 1.49% to $58.93, and Wells Fargo & Co. shed 1.28% to $54.95.

On the M&A front, CenterState Banks Inc. dropped 1.58% to $25.49 amid news that the Winter Haven, Fla.-based company closed its acquisition of Brandon, Fla.-based Platinum Bank Holding Co.

People's United Financial Inc. fell 1.76% to $17.88 after the Bridgeport, Conn.-based company completed its acquisition of Riverhead, N.Y.-based Suffolk Bancorp.

Irvine, Calif.-based Pacific Premier Bancorp Inc. closed its acquisition of Paso Robles, Calif.-based Heritage Oaks Bancorp. Pacific Premier Bancorp dipped 1.56% to $37.95 around noon.

In Texas, McKinney-based Independent Bank Group Inc. closed its acquisition of Fort Worth-based Carlile Bancshares Inc. Independent Bank Group shares fell 2.72% to $62.55 around midday.

Among other price movers, Bank of Commerce Holdings climbed 3.74% to $11.10, while First NBC Bank Holding Co. lost 7.50% to $3.70, and LegacyTexas Financial Group Inc. dropped 3.65% to $38.44.

In the thrift space, New York Community Bancorp Inc. retreated 0.93% to $13.84, BofI Holding Inc. dropped 4.82% to $24.87, and Astoria Financial Corp. declined 1.88% to $20.12.

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