Sector Update: Financial

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Financial stocks were broadly lower Tuesday, with the NYSE Financial Sector Index sinking about 1.1% and the S&P Financial 100 Index falling 0.9%.

In company news, First Midwest Banc ( FMBI ) shares were narrowly higher Tuesday after the bank holding company announced a deal to acquire Great Lakes Financial Resources ( GLFL ) for $58 million in cash and stock.

The transaction calls on FMBI to pay $112.50 in cash and up to $175 in shares of its stock - or $287.50 overall - for each GLFL share, although the exact number of shares will be determined by FMBI's volume-weighted share price during the 10 trading before the deal closes. The deal also is contingent on regulatory and GLFL shareholder approvals.

FMBI shares were up nearly 1.0% at $17.60 apiece in mid-day trade, or 5 cents under its session high. The stock has a 52-week range of $14.17 to $18.49 a share, climbing slightly more than 22% over the past 12 months.

OTC-traded GLFL shares jumped nearly 86% to $353.00 apiece, easing slightly from its new all-time high of $358.00 a share, up $168.00 each.

In other sector news,

(+) PHH, (+2.9%) Announces plans to buy back up to $450 mln of its stock, redeem 9.0% senior notes due 2016, rework its mortgage business and invest in growth initiatives using $821 mln in net proceeds from the sale of its Fleet Management Services Business.

(-) LTS, (-0.6%) Acquires Dalton Strategic Investment Services Inc. for undisclosed sum. The Knightstown, Ind.-based brokerage has about 60 advisors working in 18 states and around $950 mln in client assets under management.



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: FMBI , GLFL

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