NEW YORK (
) -- On a rough day for bank stocks, SunTrust was the loser among large banking names, with shares sliding over 3% to close at $27.89.
The broad indexes were down slightly, as investors reacted to Fitch's downgrading of
to "B+," which translates to "lousy," and
KBW Bank Index
declined 2% to 49.69, with all 24 index components down for the session, save
First Niagara Financial Group
, which saw its shares climb 1% to close at $14.23.
was down 3% to close at $26.55.
SNL Financial reported that among the rumors discussed at the Gulf South Bank Conference, were the possible purchase by BB&T of
Royal Bank of Canada's
U.S. banking subsidiary. Other rumors discussed at the conference included possible sales by
Large bank stocks seeing 2% declines Friday included
Bank of New York Mellon
, which closed at $28.19;
, at $6.37;
, at $49.13;
, at $8.40;
PNC Financial Services
, at $61.67; Regions, at $6.95;
, at $25.20; and
, which closed at $28.00.
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.