Markets

Financial Sector Update for 10/01/2015: JAXB,ABCB,FXCM,HASI

Top Financial Stocks

JPM +0.64%

BAC -0.43%

WFC -0.08%

C +0.12%

USB 0.00%

Financial stocks have turned narrowly higher in late trade, with the NYSE Financial Sector Index rising about 0.3% and the S&P Financial 100 Index was up less than 0.1%.

In company news, Jacksonville Bancorp Inc. ( JAXB ) jumped to 30-month high on Thursday after the bank holding company today agreed to a $96.6 million buyout offer from Ameris Bancorp ( ABCB ).

The deal, expected to close in early 2016, calls on Ameris to issue either 0.5861 of its share or $16.50 in cash for each Jacksonville Bancorp share, with a 25% limit on cash payments. The transaction values Jacksonville Bancorp shares at around $28.47 apiece, representing a 90.6% premium over Wednesday's closing price for the stock.

JAXB shares were up more than 7% at $16.05 apiece, earlier reaching their best level since April 2013 at $16.50 a share.

ABCB shares were down almost 2% at $28.28 a share in late trade, earlier climbing to a record high at $29.40 a share.

In other sector news,

(+) FXCM, Completes 10-for-1 reverse stock split. Reports a "small number" of unauthorized wire transfers from customer accounts by a self-proclaimed hacker who claimed in an email to have gained access to client data.

(-) HASI, Completes $110.5 mln offering of 4.28% sustainable yield bonds due 2034, with the A-rated notes secured by a portion of its utility-scale solar- and wind-power real estate assets.

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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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