Financial stocks turned around an early decline and were
slightly higher in recent trade, with the NYSE Financial Sector
Index adding about 0.2% and the S&P Financial 100 Index also
climbing about 0.2%.
In company news, North Valley Bancorp (
) raced to a four-year high after the bank holding company agreed
to merge with TriCo Bancshares (
) in a transaction valued at approximately $178.4 million in
The deal calls for NOVB shareholders to receive a fixed 0.9433
TCBK shares in exchange for each share they now own. The
transaction is expected to close by mid-year, subject to approval
by shareholders at both banks as well as by regulatory
NOVB shares were up about 28.5% at $24.60 each, climbing as high
as $25.40 a share earlier today. TCBK was down about 4% at $26.91 a
share in late trade.
In other sector news,
(+) HTLF, Maintains quarterly cash dividend at $0.10 per share,
payable March 7 to stockholders of record on Feb. 21.
(-) IBKR, Earns $0.07 per share in Q4, missing Street view by
$0.11. Revenue climbs 1.1% year over year to $249.9 mln, lagging
estimates by $34.4 mln.
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