Friday's Financial Winners & Losers - TheStreet

Updated from 2:11 p.m. EDT

Friday's depressed market yanked the financial sector lower even as a few names jumped on positive earnings.

One of the hottest financial stocks was

Oak Hill Financial

( OAKF), a small Ohio bank that agreed to sell itself to

WesBanco

(WSBC) - Get Report

for about $201 million, or $38 a share, mostly in stock. The deal will likely close late in the fourth quarter. Oak Hill shares rocketed more than 41.9% to $33.05.

WesBanco, which doesn't expect earnings accretion from the merger until 2009, was off 8% at $26.72.

Capital One

(COF) - Get Report

, meanwhile,

toppled estimates

with second-quarter earnings of $750.4 million, or $1.89 a share, vs. $1.78 a share last year. Analysts polled by Thomson Financial were looking for $1.62. Shares of the Virginia-based credit-card company climbed $2.15, or 2.9%, to $77.66.

Capital One lent some support to the

NYSE

Financial Sector Index and the KBW Bank Index, but not nearly enough to fight against Friday's strong downward trend. The indices slid 1.6% and 1.5%, respectively.

Insurer

Donegal Group

(DGICA) - Get Report

bounced 7.2% to $16.14 after pocketing 43 cents a share in the second quarter-- 2 cents more than last year and 7 cents higher than the mean Street target. Banking giant

Citigroup

(C) - Get Report

initially traded higher after posting

sharply higher

continuing-operations income that bested estimates, but its shares retreated 0.8% to $50.73.

Wachovia

(WB) - Get Report

was also slipping Friday despite beating second-quarter Wall Street expectations by a penny, excluding special items. Its credit-loss provision about tripled from last year to $179 million, though it ticked up only marginally from last quarter. The stock was 3.2% lower at $49.98.

Elsewhere, asset manager

Eaton Vance

(EV) - Get Report

dropped 2.9% on a downgrade to hold from buy at A.G. Edwards, and

First Commonwealth Financial's

(FCF) - Get Report

second-quarter income was down a penny a share from last year to 16 cents. That came in a penny past expectations, but shares of the Pennsylvania bank still sank 3.2% to $10.18.