Financial Sector Update for 10/06/2015: CSFL,CBKS,GARS,JGW
Top Financial Stocks
Financial stocks were slightly lower today, with the NYSE Financial Sector Index slipping about 0.1% and the S&P Financial 100 Index falling 0.3%.
In company news, CenterState Banks ( CSFL ) was slightly underwater in late Tuesday trading, earlier climbing to a nearly seven-year high after the bank holding company late yesterday announced a $66.6 million purchase of Community Bank of South Florida ( CBKS ).
Under terms of the proposed transaction, Community Bank shareholders will have the choice of receiving either $13.31 in cash - up to a maximum of $33.12 million - or 0.9148 of a CenterState share for each Community Bank share they now own. Centerstate said it expects the deal will add to per-share earnings once its closes, subject to shareholder and regulatory approvals.
CSFL shares were down about 0.1% at $14.99 each, earlier climbing to their best level since November 2008 at $15.11 a share.
CBKS shares surged over 63% to $12.99 a share, earlier topping out at it highest share price since May 2007 at $13.25 a share.
In other sector news,
(+) GARS, Authorizes $10 mln stock buyback program.
(-) JGW, Hires Scott Stevens to be its new vice president and chief financial officer.
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