Sector Update: Financial


Financial stocks were little changed 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. ( GECR ) soared Tuesday after the bank holding company today accepted an $82 million buyout offer from State Bank Financial Corp ( STBZ ).

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 under 7%.

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 ( BX ), 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.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: GECR , STBZ , BX

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