Sector Update: Financial


Financial stocks are padding their earlier gains in late trade with the NYSE Financial Sector Index adding about 0.8% and the S&P Financial 100 Index advancing about 0.7%.

In company news, M&T Bank Corp ( MTB ) is up 1.3% to $104.42 a share shortly before the closing bell, down 25 cents from its high for the session amid reports its $3.7-bln purchase of Hudson City Bancorp ( HCBK ) may have hit a snag after federal regulators cited shortcomings in MTB's anti-money laundering program.

Regulators also questioned the bank's internal controls, review of potential high-risk customers and oversight of foreign correspondent accounts within its Wilmington Trust unit.

MTB is making several changes to appease the Federal Reserve, including a company-wide overhaul of its anti-money-laundering programs. The bank also must submit an overhaul plan within 60 days, according to the written agreement released Tuesday. MBT also is hiring an outside consultant to review transactions on high-risk customer accounts during the final six months of 2012.

MTB previously said it would need additional time to get regulatory approval for the HCBK merger. HCBK shares are up nearly 3% today.

In other sector news,

(+) OCN, Upgraded to Buy from Neutral by Ladenburg Thalmann. No price target was available.

(-) ACRE, Discloses plans to sell 18 mln shares in a public offering of its common stock.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: HCBK , MTB

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