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Midday Friday: Midland States Bancorp slips following deal news

U.S. bank stocks were trading slightly lower around midday Friday, Jan. 27, while the broader markets were nearly flat.

The SNL U.S. Bank Index was down 0.46% to 539.36, while the SNL U.S. Thrift Index increased 0.61% to 954.06. The Dow Jones Industrial Average, Nasdaq composite index and the S&P 500 each hovered around their opening levels.

On the M&A front, Midland States Bancorp Inc. slipped 3.57% to $33.48, after the Effingham, Ill.-based company announced its plan to acquire Ottawa, Ill.-based Centrue Financial Corp. in a cash-and-stock deal valued at approximately $175.1 million, or $35.18 per share, after markets closed yesterday. Centrue Financial jumped 9.23% to $25.10, amid morning trading.

In other banking news, BB&T Corp. dipped 0.38% to $47.04, amid news that the Federal Reserve issued a cease and desist order against the company over its Bank Secrecy Act and Anti-Money Laundering compliance program. The bank received a similar order from the FDIC late last year and indicated at the time that it expected one from the Fed.

Howard Bancorp Inc. climbed 6.82% to $16.45, after the Ellicott City, Md.-based company upsized its previously announced common stock offering and now expects to net roughly $36.0 million in gross proceeds.

Among companies that reported earnings after markets closed yesterday, Dime Community Bancshares Inc. rose 6.76% to $22.10, and Green Bancorp Inc. added 5.62% to $16.90.

JPMorgan Chase & Co. increased 0.02% to $86.77, Bank of America Corp. decreased 0.17% to $23.40, Wells Fargo & Co. was down 0.73% to $56.76, and Citigroup Inc. declined 0.76% to $56.92.

In the thrift space, New York Community Bancorp Inc. added 0.96% to $15.27, and BofI Holding Inc. increased 0.11% to $28.12.

In economic news, the "advance" estimate of the U.S. Commerce Department put the annual rate of real GDP growth for the nation at 1.9% for the fourth quarter of 2016. Real GDP increased 3.5% in the third quarter of 2016. The release added that lower GDP was driven by lower exports, increased imports, and a downturn in federal government spending, among other factors.

The final January reading of the University of Michigan consumer sentiment index was 98.5, up 0.3% from 98.2 in December 2016. The university's chief economist, Richard Curtin noted that January showed the highest reading compared to "the last dozen years." The survey suggested that the surge was driven because of a more optimistic outlook for the economy and job growth following the Presidential election.

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