Markets

Financial Sector Update for 12/17/2015: FNBC,MNRK,KCAP

Top Financial Stocks

JPM -1.44%

BAC -1.97%

WFC -0.11%

C -1.47%

USB -0.77%

Financial stocks gave back a portion of yesterday's post-FOMC spike, with the NYSE Financial Sector Index falling about 1.0% this afternoon and the S&P Financial 100 Index dropping about 1.2%.

In company news, First Bancorp ( FNBC ) declined Thursday after the bank holding company late yesterday announced plans to acquire privately held Bankingport for an undisclosed amount.

Bankingport will continue to operate under its name for an undetermined period following the deal's scheduled Jan. 1 closing, with both bank companies continuing to operate out of their current facilities with no changes in staff levels.

FNBC shares were down more than 1% at $18.47 apiece, giving back a small gain from soon after today's opening bell and later dropping to a $37.34 a share session low this afternoon.

In other sector news,

(+) MNRK, Agrees to $221 mln all-stock buyout offer from TowneBank ( TOWN ), which will exchange 0.8830 of a TOWN share for each MNRK share, valuing the target company at $18.57 per share, a nearly 53% premium over Wednesday's closing price.

(-) KCAP, Cuts cash distribution by $0.06 per share - or about 28.6% - compared with its prior dividend to $0.15 per share, citing a need to "better align the distribution with net investment income."

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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