Financial Stocks Rally On Final Day of Quarter; Rockville, United Financial Merger Cleared by Mass. Regulators


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Financial stocks were posting strong gains Monday, with the NYSE Financial Sector Index rising 1.1% and the S&P Financial 100 Index adding nearly 1.0% this afternoon.

In company news, Rockville Financial ( RCKB ) shares were moderately higher on Monday after the bank said it has secured all of the necessary regulatory approvals for its proposed $369 million merger with United Financial Bancorp ( UBNK ).

Following approval by the Massachusetts Board of Bank Incorporation, the stock-for-stock transaction next goes to shareholders at both companies next week for April 8 votes.

RCKB shares were up 1.3% at $13.71 each in recent trade, just a penny off their best price of the session. The stock has a 52-week range of $12.57 to $15.42 a share. UBNK was ahead 1.1% at $18.46 a share this afternoon.

In other sector news,

(+) MS, (+0.3%) Nearly doubles CEO James Gorman's annual pay to $18 mln, including a $6 mln long-term incentive payment and $5.09 mln in deferred cash. He also received a $316,000 cash bonus and $5.09 mln in stock on top of a $1.5 million annual salary.

(+) BRE, (+1.6%) Shareholders approve proposed $4.3 bln merger with Essex Property Trust ( ESS ).

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: RCKB , UBNK , ESS

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