Top Financial Stocks
Financial stocks were extending their day-long declines, with the NYSE Financial Sector Index dropping nearly 2.2% and the S&P Financial 100 Index also slipping about 2.2%.
In company news, Community Bank System Inc. ( CBU ) was fractionally higher after the bank holding company late Friday said it was extending the decision period for shareholders at Oneida Financial ( ONFC ) to choose whether to receive $20 in cash or 0.5635 of a Community Bank share in exchange for each share of Oneida stock.
The move follows Community Bank saying it now expects to complete all of the regulatory reviews needed for the proposed $142 million buyout by the end of the year, or slightly later than its initial expectation of a Q3 or Q4 close. The offer is limited to 40% cash, or about $57 million, with the balance to be paid with stock.
CBU shares were up about 0.5% at $37.12 apiece, slipping from an earlier rise to $37.24 a share.
ONFC shares were down almost 1% this afternoon at $20.26 each, climbing off an earlier low of $20.18 a share.
In other sector news,
(+) FOR, (+2.3%) Said James DeCosmo stepped down on Friday, Sept. 25, as CEO and will be replaced by Phillip Weber, previously chairman of the company's real estate investment committee.
(-) AFSI, (-2.9%) Announces deal to acquire the Republic Companies Inc. and Republic Insurance Holdings from Delek Group ( DK ) for $113 mln in cash and a $105 mln four-year note bearing 5.75% yearly interest.
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