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Financial Sector Update for 06/24/2016: JPM, BAC, WFC, C, USB, FULL, GEC

Top Financial Shares:

JPM: -5.6%

BAC: -6.1%

WFC: 3.9%

C: -7.4%

USB: -4.4%

Financial shares were tumbling in pre-market trade Friday as the U.K. voted to exit the European Union, sending the broader market reeling. Investors are worried that the decision would foist more uncertainty on economic growth and stability in European as well as global markets.

In financial stocks news, Full Circle Capital ( FULL ), a non-diversified closed-end management investment company, said Friday that it has entered a into a merger agreement with Great Elm Capital Corp ( GEC ). The combined company, to be named Great Elm Capital Corp., will apply for listing on NASDAQ under the symbol "GECC". Full Circle stockholders are expected to own about 38% of the combined Great Elm Capital Corp., based on a pro-forma net asset value in excess of $190 million as of March 31, 2016. The parent of Great Elm Capital Management, Inc. will own about 15% of the outstanding shares, on a pro-forma basis. Immediately prior to the completion of the merger, Full Circle will declare a special cash distribution to Full Circle stockholders of about $0.22 per share, aggregating to $5 million, or 6% of Full Circle's March 31, 2016 net asset value.

FULL shares were up 7% at $2.90 in pre-market trading .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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