Sector Update: Financial Shares Flat in Pre-Market Trade

By Staff,

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Top Financial Shares:

JPM: +0.06%

BAC: flat

WFC: flat

C: -0.10%

USB: +0.11%

Financial shares are fairly flat in today's pre-market session.

In stocks news, Prospect Capital Corporation ( PSEC ) says has provided a $75 million floating-rate senior-secured term loan to support the recapitalization of American Broadband Communications.

Prospect has closed approximately $2.0 billion of originations to date in the 2013 calendar year. Prospect closed more than $3.0 billion of originations in the 12 months ended June 30, 2013.

And, Sterling Financial Corporation ( STSA ) and Umpqua Holdings Corporation ( UMPQ ) have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will have a total value of approximately $2 billion.

The combined organization will have approximately $22 billion in assets, $15 billion in loans and $16 billion in deposits, with 5,000 associates and 394 stores across 5 states: Oregon, Washington, Idaho, California and Nevada.

Upon completion of the merger, the company will operate under the Umpqua Bank name and brand. STSA is up 12% in pre-market trade.

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
Referenced Stocks: PSEC , STSA , UMPQ

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