Financial Shares Still Adding to Small Advances; North Valley Bancorp Climbs Nearly 30% on $178-Mln Merger Bid


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Financial stocks turned around an early decline and were slightly higher in recent trade, with the NYSE Financial Sector Index adding about 0.2% and the S&P Financial 100 Index also climbing about 0.2%.

In company news, North Valley Bancorp ( NOVB ) raced to a four-year high after the bank holding company agreed to merge with TriCo Bancshares ( TCBK ) in a transaction valued at approximately $178.4 million in stock.

The deal calls for NOVB shareholders to receive a fixed 0.9433 TCBK shares in exchange for each share they now own. The transaction is expected to close by mid-year, subject to approval by shareholders at both banks as well as by regulatory agencies.

NOVB shares were up about 28.5% at $24.60 each, climbing as high as $25.40 a share earlier today. TCBK was down about 4% at $26.91 a share in late trade.

In other sector news,

(+) HTLF, Maintains quarterly cash dividend at $0.10 per share, payable March 7 to stockholders of record on Feb. 21.

(-) IBKR, Earns $0.07 per share in Q4, missing Street view by $0.11. Revenue climbs 1.1% year over year to $249.9 mln, lagging estimates by $34.4 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: NOVB , TCBK

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