NEW YORK (
) -- On another day of uncertainty for financial names,
was the loser among the large U.S. banks, with shares dropping 8% to close at $3.86.
Investors continue to wait and see how the bidding for Regions Financial's coming sale of its Morgan Keegan unit will pan out. Potential bidders listed by SNL Financial include
previously reported that "initial bidders" for the brokerage unit included a tandem bid by
Carlyle Group LLC
, as well as a bid by
Raymond James Financial
The Morgan Keegan sale is expected to net Regions roughly $1 billion, which would come in handy, since the Birmingham, Ala., lender is the largest remaining publicly traded bank owing federal bailout funds received through the Troubled Assets Relief Program, or TARP. The U.S. government is into Regions for $7.5 billion.
The broad indexes ended the week on a down note, with domestic headlines centering on
the radical change in course
, and European traders remaining nervous as
denied rumors that they accessed short-term dollar funding via the Swiss National Bank last week
Meanwhile, the price of gold
hit another new record
KBW Bank Index
decline 3% to close at 35.47, with all 24 index components down for Friday's session.
(STI - Get Report)
was down 5% to close at $16.91.
Large banks seeing 4% declines to round-out the week included
(C - Get Report)
, which closed at $26.77;
(HBAN - Get Report)
, closing at $4.56;
, at $6.01; and
(PNC - Get Report)
, which closed at $43.12.
Both Huntington and PNC were feature in
10 Banks Growing Business Loans
, which highlighted bank holding companies showing both linked-quarter and year-over-year increases in commercial and industrial loans.
Major banking names seeing 3% price declines on Friday included
(BBT - Get Report)
, closing at $19.27;
Bank of New York Mellon
(BK - Get Report)
, at $18.95;
, at $46.21;
, at $22.58; and
Fifth Third Bancorp
(FITB - Get Report)
, which closed at $9.30.
Written by Philip van Doorn in Jupiter, Fla.
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Philip van Doorn
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