Old National Bancorp (ONB -4.3%) entered into an agreement to terminate its 2011 loss share agreements with the Federal Deposit Insurance in connection with the acquisition of Integra Bank National Association.
FDIC made a final payment of $8.7M for the early termination of loss share agreements, resulting in bank gain of $220K after the elimination of the FDIC indemnification assets and settlement payment charges.
“The early termination of our loss share agreements with the FDIC creates several benefits for Old National and our stakeholders, including reduced operating costs, retention of all loss recoveries and simplified financial reporting,” said Jim Ryan, Old National Bancorp’s CFO.
The financial sector (NYSEARCA:XLF) has performed woefully this year, and the banks (NYSEARCA:KBE) even worse. Cornerstone Macro technician Carter Worth finds twenty names trading well beneath their (falling) 150-day moving averages.
The group has shown signs of life lately, and Worth thinks the stocks could move back to their 150-day averages, as stocks in other market sectors have done.
It's strictly a trade, says Worth, who continues to rate the financials as Underweight. The 20:
Ameriprise (NYSE:AMP), BofA (NYSE:BAC), Banner (NASDAQ:BANR), Citigroup (NYSE:C), Citizens Financial (NYSE:CFG), East West Bancorp (NASDAQ:EWBC), First NBC (NASDAQ:FNBC), HFF (NYSE:HF), KeyCorp (NYSE:KEY), Legacy Texas (NASDAQ:LTXB), Lincoln National (NYSE:LNC), Morgan Stanley (NYSE:MS), Old National (NASDAQ:ONB), PacWest (NASDAQ:PACW), PNC Financial (NYSE:PNC), Principal Financial (NYSE:PFG), Stifel Financial (NYSE:SF), SVB Financial (NASDAQ:SIVB), TCF Financial (NYSE:TCB), Wells Fargo (NYSE:WFC).