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Financial Sector Update for 09/10/2015: PSBH,CTRE,TCAP

Top Financial Stocks

JPM +0.53%

BAC +0.69%

WFC +0.57%

C +0.39%

USB +0.44%

Financial stocks were adding to moderate gains from earlier this afternoon, with the NYSE Financial Sector Index adding about 0.6% and the S&P Financial 100 Index climbing almost 0.8% in late trade.

In company news, PSB Holdings Inc. ( PSBH ) rallied Thursday, with its shares topping $10 apiece for the first time in eight years after the parent company of Putnam Saving Bank late yesterday disclosed reorganization plans from its current structure as a two-tier mutual holding company into a fully public stock holding company.

Under the current structure, the mutual holding company current owns about 57% of the bank company, with the new holding company planning to sell shares of common stock in a subscription offering. Shares not purchased in the subscription offering would be available for sale in a community offering.

PSBH shares were up more than 25% at $10.00 apiece, earlier climbing to their best share price since September 2007 at $10.15 a share. Prior to today's rise, the stock had posted a 5% advance over the past 12 months.

In other sector news,

(+) CTRE, KeyBacnc Capital Markets begins analyst coverage with an Overweight rating and a $13 price target.

(-) TCAP, Completes $23.5 mln investment consisting of unitranched debt and equity in Consolidated Lumber Company LLC.

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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