Financial stocks were mostly lower with the NYSE Financial Sector Index sinking about 0.4% and the S&P Financial 100 Index down 0.3%.
In company news, Phoenix Bancorp ( PXBP ) was sharply higher Thursday after the bank holding company late yesterday agreed to accept a $14.5 million buyout offer from Mid Penn Bancorp ( MPB ).
Under terms of the transaction, PXBP shareholders have the option of receiving either $51.60 in cash or 3.167 MPB shares in exchange for each share they now own. Based on MPB's closing share price Wednesday, the deal values PXBP at around $51.86 a share, an 85.2% premium over its $28.00 closing price last night.
After the deal closes, PXBP shareholders are slated to own about 17% of the combined banks, which are projected to have around $875 million in consolidated assets on a pro forma basis.
MPB said it expects the deal will immediately add to its per-share earnings in addition to expanding its geographic footprint further into northeast Pennsylvania's anthracite coal-mining region.
PXBP shares were ahead 75% at $49.00 apiece in extremely light trade. MPB was up 1.4% at $16.10 a share in recent trade, easing slightly from its session high at $16.15 a share. The stock is within relatively close range of its best share price since May 2009 at $16.32 a share.
In other sector news,
(+) AVIV, (+2.6%) Selected to join S&P SmallCap 600 index, replacing Centene Corp ( CNC ).
(+) FBNC, (+0.1%) Announces plans to close 10 branches in North and South Carolina and in Virginia by Dec. 5, pending regulatory approvals, consolidating those operations with other nearby branches.
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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.
