Top Financial Stocks
Financial stocks were lower this afternoon with the NYSE
Financial Sector Index off 0.7% and the S&P Financial 100 Index
also down about than 0.7%.
In company news, Georgia Carolina Bancshares Inc. (
) soared Tuesday after the bank holding company today accepted an
$82 million buyout offer from State Bank Financial Corp (
GECR shareholders will receive $22.35 per share in a combination
of cash and STBZ stock, subject to closing adjustments based on
changes in STBZ share price. Directors at both firms have already
signed off on the deal, which will also require a positive vote by
GECR shareholders along with customary regulatory approvals.
The deal is expected during the first three months of 2015.
GECR shares were ahead nearly 56% at $21.38 each, just 2 cents
under its new all-time high set earlier in the session. Over the
past 12 months through Monday's close, the stock has declined just
STBZ was down 1.5% at $16.51 a share in late trade.
In other sector news,
(+) BRX, Announces secondary offering of 25 mln shares of its
common stock now held by the Blackstone Group (
), which would see its overall BRX stake reduced by around 7.2% to
69% following the offering.
(-) SQBK, Provides $5 mln credit facility to Vascular Pathways
Inc, a privately held medical device company that's developed a
wire-guided peripheral intravenous catheter.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.