) --

Wells Fargo

(WFC) - Get Report

was the loser among large financial stocks Friday, with shares sliding over 1% to close out the week at $27.93.

The broad indexes declined, after the House of Representatives

delayed a vote on a budget proposal by House Speaker John Boehner to cut federal spending by nearly $1 trillion and lift the debt ceiling

. President Obama followed up with an address to the nation

, urging Americans to pressure members of Congress

to get a move on.


KBW Bank Index


declined slightly to close at 46.01, with 20 out of 24 index components down for the session.

Shares of

Regions Financial

(RF) - Get Report

were also down over 1% to close at $6.10. The Birmingham, Ala., lender is peddling its Morgan Keegan subsidiary, with

Stifel Financial

(SF) - Get Report


Raymond James

(RJF) - Get Report

still in the running, according to SNL Financial.

Bank of America

(BAC) - Get Report

, saw its shares decline 1% to $9.71 after the company was

sued by an investor group

that included the California Public Employees' Retirement System and funds managed by


(BLK) - Get Report


T Rowe Price Group

(TROW) - Get Report

, over claims on securities backed by Countrywide mortgages.

Other large banks seeing shares decline 1% Friday included


(CMA) - Get Report

, which closed at $32.04;

Cullen/Frost Bankers

(CFR) - Get Report

, closing at $53.84;

State Street

(STT) - Get Report

, at $41.48; and

Zions Bancorporation

(ZION) - Get Report

, which closed at $21.90.


Bank Stocks Hit the Bottom >

5 Bank Stocks Read to Rocket >

How to Play the Financial Bottom >

Ratings Agencies Get Tough, Wreak Havoc >

U.S. Downgrade Will Hurt Bank Margins: KBW >

6 U.S. Default Winners & Losers >

Citigroup Calls Debt Crisis 'Insanity' >

Bank of America's Countrywide Pile On Mounts >


Written by Philip van Doorn in Jupiter, Fla.

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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.