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Regions: Financial Winner

NEW YORK ( TheStreet) -- Regions Financial (RF - Get Report) was the winner among major U.S financial names on Friday, with shares rising over 4% to close at $4.10.

Following a Bloomberg report on Wednesday that Regions was holding exclusive discussions with Stifel Financial (SF - Get Report) for a sale of Morgan Keegan, which is based in Memphis, Tenn., the Memphis Business Journal reported that a potential sale of the brokerage unit to Stifel could lead to between 500 and 900 layoffs. Stifel's shares were up slightly, closing at $31.57.

Regions stands out as the largest publicly traded U.S. bank still owing government bailout funds received through the Troubled Assets Relief Program, or TARP. The Treasury holds $3.5 billion in preferred shares of the Birmingham, Ala., lender.

The broad indexes were mixed on Friday, with financial news also mixed. The Conference Board's index of leading U.S. economic indicators rose 0.9% in October, better than the 0.6% increase economists expected.

Meanwhile, it appeared that the congressional supercommittee made up of Democrats and Republicans would miss its Thanksgiving deadline for a deal to reduce the federal budget deficit through a combination of spending cuts and tax increases.

European dithering over its sovereign debt crisis continued, with European Central bank chief Mario Draghi criticizing eurozone leaders for failing to make progress on previous plans to resolve the crisis.

The KBW Bank Index (I:BKX) rose nearly 1% to close at 37.52.

Large U.S, banks seeing shares rise 2% on Friday included Commerce Bancshares (CBSH), which closed at 38.61, and Huntington Bancshares (HBAN), closing at $5.16.

Big banks seeing 1% gains to round out the week included Citigroup (C - Get Report), closing at $26.28; Cullen/Frost Bankers (CFR), at $49.87; Capital One (COF - Get Report), at $41.62; Fifth Third Bancorp (FITB - Get Report), at $11.89; KeyCorp (KEY - Get Report), at $7.08; M&T Bank (MTB), at $71.75; PNC Financial Services Group (PNC - Get Report), at $52.59; SunTrust (STI), at $18.09; and U.S Bancorp (USB), which closed at $25.38.


-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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C $45.57 -2.38%
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