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Sector Update: Financial

Financial stocks were narrowly higher, with the NYSE Financial Sector Index rising 0.2% and the S&P Financial 100 Index adding about 0.3%.

In company news, TF Financial Corp ( THRD ) rallied to a record high share price Wednesday after the bank holding company accepted a $138 million buyout offer by Penn National Bancshares ( NPBC ).

Under terms of the deal, THRD shareholders will have the choice of receiving either $42 million in cash or 4.22 shares of NPBC stock in exchange for each THRD share they now own, although the transaction will be limited to a 40% cash payout.

NPBC said it expects the purchase will add about $0.04 to its per-share earnings each year after closing two overlapping branches in Doylestown, Pa. NPBC also said it will take a non-recurring, $10 million charge against its earnings when the deal has its expected close late in 2014, subject to regulatory approvals and a positive vote by THRD shareholders.

THRD shares were up more than 31% at $41.78 apiece in recent trade after advancing to an all-time high of $42.57 a share soon after the opening bell. NPBC shares were off about 1% at $10.33 each this afternoon, recovering from an early slide to $10.19 a share, down 2.4%.

In other sector news,

(+) LSBI, (+41.1%) Agrees to be acquired by Old National Bancorp ( ONB ) with shareholders receiving 2.269 ONB shares and $10.63 in cash - or $41.67 overall - for each share they now own. ONB expects the deal to increase FY15 earnings by $7.5 mln, or about $0.03 per share.

(-) ICE, (-0.9%) Reports average daily volume of 5.4 mln contracts during May, a 15% decline from year-ago levels. Commodities futures and options volume was down 23% while volume for financial futures and options fell 9% from May 2013 levels.

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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