Financial Sector Update for 07/15/2016: BBCN,WIBC,USB,WFC

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Top Financial Stocks

JPM -0.70%

BAC -0.68%

WFC -2.98%

C -0.94%

USB +0.63%

Financial stocks were falling Friday, with the NYSE Financial Sector Index dropping about 0.5% while financial companies in the S&P 500 Index were drifting 0.7% lower.

In company news, BBCN Bancorp Inc. ( BBCN ) turned lower Friday afternoon, reversing earlier gains that followed shareholders of the bank holding company yesterday voting to approve its proposed merger with Wilshire Bancorp Inc. ( WIBC ) by an 85% to 15% margin.

Wilshire shareholders also sided with the deal, which garnered about 75% of the Wilshire shares cast. Following yesterday's shareholder approval, the banks now expect to close on the $896 million, all-stock transaction on July 29. The combined banks will rebrand as the Bank of Hope, becoming the largest bank by assets targeting the Korean-American community.

BBCN shares were down about 0.4% at $16.10 apiece this afternoon, retreating from an earlier run to $16.36 a share. WIBC shares were edging higher., climbing a penny to $11.35 a share after climbing to $11.49 a share during morning trading.

In other sector news,

(+) USB, (+0.6%) Q2 EPS of $0.83 per share tops $0.80 per share profit last year and also beating the Capital IQ consensus by $0.10 per share. Net revenues of rises 8.1% to $5.45 bln, exceeding the $5.21 bln Street view.

(-) WFC, (-3.1%) Reports Q2 EPS of $1.01 per share on $22.16 bln in revenue, matching the Capital IQ consensus on both the top and bottom lines of the ledger.

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This article appears in: Investing , Banking and loans
Referenced Symbols: USB , WFC

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