Wednesday's Financial Winners & Losers

Mercantile Bank(MBWM Quote) gained after the Grand Rapids, Mich.-based bank was upgraded to buy from hold by Stifel Nicolaus. Shares gained 60 cents, or 1.50%, to $40.70.

Flagstar Bancorp(FBC Quote) gained after the Troy, Mich.-based thrift declared a third-quarter dividend of 15 cents a share. The dividend is to be paid on Sept. 29 to shareholders of record on Sept. 15. Shares gained 13 cents to $14.62.

PHH(PHH Quote) gained after the Mt. Laurel, N.J.-based company, which provides mortgage and auto leasing services, said it received the requisite consents related to its previously announced tender offer.

The company said it received a combination of tenders and consents on behalf of about $979 million of the $1.1 billion of the notes subject to the offer. This will allow PHH to extend its deadline for delivering its financial statements until Dec. 31, if necessary. The company has failed to file several quarterly reports after finding problems with its corporate books. Shares gained 41 cents, or 1.67%, to $24.99.

China Life Insurance(LFC Quote) slipped after the Beijing-based company was downgraded by Citigroup to hold from buy. Shares dropped $1.39, or 1.93%, to $70.46.

Services Acquisition(SVI Quote) lost ground after the so-called blank-check company said it and Jamba Juice had extended the date for completing their merger.

The company said it needs more time to update the financial statements in the proxy and to respond to questions from the Securities and Exchange Commission. Shares fell 24 cents, or 2.60%, to $8.98.