Monday's Financial Winners & Losers

Financial stocks were seesawing along with the broad market Monday on a cavalcade of mixed news, and among the laggards was auto-finance firm AmeriCredit (ACF Quote).

The Fort Worth, Texas, company said it will privately offer $200 million in senior bonds to certain institutional buyers. Proceeds may go to paying back existing debt, among other general corporate purposes. Shares gave up 1.1% at $27.44 to weigh on the NYSE Financial Sector Index which, after a bumpy day, was up fractionally at 9,862.56.

Harris & Harris (TINY Quote) was also lower after agreeing to sell 1.3 million of its shares to institutional investors at $10.79 each -- a 9.7% discount to Friday's closing price. Net proceeds should total some $13.1 million. Shares of the New York investment firm were shedding 3.6% to $11.49.

Pennsylvania's Community Banks (CMTY Quote), meanwhile, fell on a sharp downward restatement. First-quarter earnings will be cut by 31.7% to 28 cents a share following a regulatory interpretation of a new accounting standard -- which, says the bank, has been "a source of significant confusion and controversy within the banking industry." That puts first-quarter income a dime below Thomson Financial's average estimate, whereas its previously stated results had beaten by 3 cents.

Shares of the bank were down 1.4%, or 49 cents, to $33.90. Susquehanna Bancshares (SUSQ Quote), which agreed to buy Community for around $34 a share last month, dropped 2% to $23.29.