Financial Sector Review: Citigroup and SEC Appeal, Treasury to Sell Community Bank Stocks

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Banner Corporation (NASDAQ:BANR): The Treasury Department plans to sell its preferred stock position in six community banks as part of the Obama administration’s move to unwind bailout programs from the financial crisis, reports Reuters. The banks are: Banner Corp. (NASDAQ:BANR), First Financial Holdings (NASDAQ:FFCH), MainSource Financial Group (NASDAQ:MSFG), Seacoast Banking Corp. (NASDAQ:SBCF), Wilshire Bancorp (NASDAQ:WIBC) and WSFS Financial Corp. (NASDAQ:WSFS).

The shares closed at $22.53, up $1.51, or 7.18%, on the day. Its market capitalization is $394.71 million.

Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC): Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp, said the agency will soon be meeting with financial institutions, investor groups, and others to knock down the idea that the government doesn’t yet have the smarts or the guts to smoothly dismantle failing financial firms that are so large and complex that their collapse would threaten markets, reports Reuters.

BAC shares closed at $9.24, up $0.4, or 4.52%, on the day. Its market capitalization is $99.17 billion. JPM shares closed at $44.70, up $1.12, or 2.57%, on the day. Its market capitalization is $170.64 billion. WFC shares closed at $34.07, up $0.7, or 2.1%, on the day. Its market capitalization is $179.66 billion.

Citigroup Inc. (NYSE:C): Citigroup (NYSE:C) and the Securities and Exchange Commission have a strong likelihood of success in their joint appeal to overturn a judge’s rejection of their $285M fraud settlement that included no admission of wrongdoing, a Court of Appeals panel said, according to The Washington Post. The panel said the SEC and Citigroup can challenge the earlier ruling and agreed to delay a scheduled trial in the case while that challenge is pending, the report added.

The shares closed at $36.27, up $1.06, or 3.01%, on the day. Its market capitalization is $106.22 billion.

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To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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