NEW YORK (

TheStreet

) -- Financial stocks were mixed on Wednesday, seemingly stuck in first gear as the broader market also had trouble staying in the black for a good part of the day.

The

Financial Select Sector SPDR

(XLF) - Get Report

, an exchange-traded fund which tracks stocks in the financial services sector, was up by just 3 cents by midday, to $14.17.

Of the largest banks,

Bank of America

(BAC) - Get Report

seemed to be the winner, climbing 20 cents, or 1.5%, to $13.41. Bank of America's shares were rising despite the Charlotte, N.C.-based bank releasing figures which showed that

mortgage modifications

it made under the government's Making Homes Affordable program had slowed in July compared to the prior month.

Other financial stock winners included shares of

SunTrust Banks

(STI) - Get Report

up 56 cents, or 2.4% to $24.70;

E*Trade Financial

(ETFC) - Get Report

, up 28 cents, or 2%, to $14.44 and

German American Bancorp

(GABC) - Get Report

of Jasper, Ind., up 61 cents, or 3.9%, to $16.39.

Banks facing the downside of trading include

Zions Bancorp

(ZION) - Get Report

, which fell 29 cents, or 1.4%, to $20.02.

The regional bank, which has yet to repay the government for bailout funds received under the Troubled Asset Relief Program, said on Wednesday that it had entered into new common equity distribution agreements with

Goldman Sachs

and

Deutsche Bank

to sell up to $200 million of stock. Zions said the sale was in order to maintain its existing capital and liquidity positions.

Other financial stock losers included shares of

Synovus

(SNV) - Get Report

down 5 cents, or 2.1% to $2.38;

Boston Private Financial Holdings

(BPFH) - Get Report

, with shares down 10 cents, or 2%, to $6.26 and

Northern Trust

(NTRS) - Get Report

shares falling 42 cents, or 0.8% to $50.08.

--Written by Laurie Kulikowski in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.