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Midday Tuesday: Bank of Marin Bancorp slips after deal announcement

Banks that recently announced pending acquisitions retreated around midday Tuesday, Aug. 1.

Novato, Calif.-based Bank of Marin Bancorp lost 1.35% to $65.75, after announcing that it will acquire Napa, Calif.-based Bank of Napa NA for $51.0 million.

In Maryland, Waldorf-based Community Financial Corp. is buying La Plata-based County First Bank for approximately $34.3 million. Community Financial slid 0.30% to $37.00.

In North Carolina, Wilson-based CB Financial Corp. sunk 37.14% to 22 cents. The company plans to merge into Rocky Mount, N.C.-based Providence Bank's to-be-formed holding company, PB Financial Corp. in a deal valued at $11.2 million.

The SNL U.S. Bank Index climbed 0.55% to 555.64 and the SNL U.S. Thrift Index added 0.19% to 911.59. The Dow Jones Industrial Average was up 0.31% to 21,960.00, the S&P 500 improved 0.06% to 2,471.88, and the Nasdaq Composite Index ticked up 0.09% to 6,353.55.

The nation's largest banks were trading slightly higher. JPMorgan Chase & Co. improved 0.98% to $92.70, Bank of America Corp. climbed 0.88% to $24.33, Wells Fargo & Co. increased 0.21% to $54.06, and Citigroup Inc. added 0.51% to $68.80.

Among notable price movers, SVB Financial Group climbed 3.13% to $184.03 and First BanCorp. added 1.88% to $5.97, while Webster Financial Corp. fell 1.39% to $51.21.

In economic news, construction spending for June was estimated at a seasonally adjusted annual rate of $1.206 trillion, 1.3% lower than the revised May estimate of $1.222 trillion, according to the U.S. Census Bureau. The June figure is 1.6% above the June 2016 estimate of $1.186 trillion.

In the thrift space, Astoria Financial Corp. slid 0.35% to $20.11 and BofI Holding Inc. climbed 1.18% to $28.20.

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