Sector Update: Financial Stocks Mixed; Provident Financial Services Acquiring Team Capital Bank for $122 Mln

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Top Financial Shares:

JPM: -0.02%

BAC: -0.13%

WFC: +0.11%

C: -0.19%

USB: flat

Financial shares are mixed in today's pre-market session ahead of an update on third-quarter economic growth.

In financial stocks news, Provident Financial Services ( PFS ) said it is acquiring Team Capital Bank for $122 million, based on Provident's closing share price of $18.61 yesterday.

Under the terms, 75% of Team Capital's shares will be converted into Provident stock and the remaining 25% will be exchanged for cash. Team Capital's stockholders can choose to receive either 0.8575 shares of Provident common stock or $16.25 in cash for each Team Capital common share.

And First Niagara ( FNFG ) was downgraded to Sell with a $9 price target, lowered from $11 at Citi. Yesterday, the bank appointed Gary Crosby to permanent CEO and shares closed down 5%. Shares are nudging up pre-market.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: FNFG , PFS

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