NEW YORK (
saw its stock fall more than 2% to $30.17 Monday during a weak session for most of the large banks.
While the broad indexes were up after the United States announced it had frozen $30 billion in assets controlled by Libyan dictator Moammar Gadhafi and members of his family, the
KBW Bank Index
was down slightly, to close at 53.40.
SunTrust filed its annual 10-K report for 2010 with the
Securities Exchange Commission
on Friday, disclosing it believes it has roughly 4,000
that were found to have technical problems, mainly in Florida.
Other losers among the 24 components of the index
, which was down 2% to close at $9.13 and
, which also declined 2% to close at $6.84.
Index components rising on the day included
, which tacked on 1% to close at $27.73 and
, which also advanced 1% to finish at $7.63.
Several of the largest banks, including
, have disclosed in their 10-K reports additional risks springing from the mortgage foreclosure mess. Wells Fargo said its litigation reserves might face a shortfall of $1.2 billion. Shares were down slightly Monday to close at $32.26.
shrugged-off a suggestion by Mike Mayo -- a high-profile analyst who has been a thorn in Citi's side -- that the company's senior management may have violated the
act when it filed its 2007 10-K without disclosing regulatory concerns that the Office of the Comptroller of the Currency had shared with incoming CEO Vikram Pandit in February 2008, before the 10-K was filed.
The stock was off 2 cents to $4.68 on Monday on lower-than-usual volume of just under 400 million. The issue's three-month trailing daily average is for volume of around 555 million.
Written by Philip van Doorn in Jupiter, Fla.
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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 TheStreet.com 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.