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Midday Tuesday: Westfield Financial drops following deal announcement

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Midday Tuesday: Westfield Financial drops following deal announcement

Westfield, Mass.-based Westfield Financial Inc. dropped 8.55% to $7.70 aroundmidday Tuesday, April 5, following news that the company is Chicopee, Mass.-based , theparent of Chicopee SavingsBank, in a deal worth roughly $110 million in the aggregate.Chicopee Bancorp was trading at $18.02 around midday, up 1.54% from theprevious close.

The bank and thrift sector generally moved in morning tradingTuesday. Around midday, the SNL U.S. Bank Index went down 1.27% to 377.47 and theSNL U.S. Thrift Index slid 0.60% to 781.50.

The broader markets were also in negative terrain, with theDow Jones Industrial Average retreating 0.44% to 17,658.08, the S&P 500decreasing 0.72% to 2,051.19 and the Nasdaq composite index slipping 0.59% to4,862.77.

Among large-caps, Wells Fargo & Co. dropped 1.50% to $47.77,Bank of America Corp.decreased 2.07% to $13.23 and Citigroup Inc. declined 0.95% to $41.66.

JPMorgan Chase& Co. saw its stock slip 0.88% to $58.68 during morningtrading. The company is selling its U.S. Department of Agriculture RuralDevelopment mortgage origination business to Freedom Mortgage Corp., National Mortgage News reported April 4.

In other banking news, shares of Atlanta-based slid0.72% to $19.42 around midday amid news that the company has agreed toacquire Athens,Ga.-based NBG BancorpInc. and unit National Bank of Georgia in a cash and stock transactionvalued at approximately $68 million, or $45.45 per share.

Richmond, Va.-based Union Bank & Trust, a unit of , to acquire , a Charlottesville, Va.-based registered investment adviserwith about $300 million in assets under management. Union Bankshares Corp.inched down 0.02% to $24.71 around midday.

Blairsville, Ga.-based United Community Banks Inc. advanced 0.63% to $18.39,following news that the company has signed a definitive agreement to acquire Mount Pleasant,S.C.-based Tidelands BancsharesInc. and unit Tidelands Bank.

Downingtown, Pa.-based DNB Financial Corp., the parent of , agreed to Philadelphia-basedEast River Bank in astock-and-cash deal valued at $49.0 million, according to an April 4 newsrelease. DNB Financial's stock ticked up 0.24% to $29.50 aroundmidday.

In the thrift space, Westbury, N.Y.-based fell1.27% to $15.54, San Diego-based BofI Holding Inc. slipped 0.60% to $21.50, Lake Success,N.Y.-based Astoria FinancialCorp. dropped 1.09% to $15.44 and Cleveland-based decreased0.95% to $17.29.

In economic news, the U.S. Bureau of Labor Statisticsreported that the number of job openings was little changed at 5.4 million onthe last business day of February. Hires increased to 5.4 million, whileseparations were little changed at 5.1 million. Within separations, the quitsrate was 2.1%, and the layoffs and discharges rate was 1.2%.

Homeprices in the U.S., including distressed sales, rose 6.8% year overyear in February, CoreLogic reported April 5, citing the latest reading of itshome price index. Compared to January, home prices, including distressed sales,were up 1.1%.

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