Bank of Marin ( BMRC) said Robert Griswold is retiring from his position as president and CEO, effective June 30. Russell Colombo, Bank of Marin's chief operating officer, will assume the duties of president and CEO, effective July 1. Shares of Bank of Marin slipped 16 cents, or 0.4%, to $36.09. E*Trade ( ET) said retail daily average revenue trades totaled 178,983 last month, down 8.6% from January. Retail assets and deposits in customer accounts totaled $187.2 billion. Retail deposits increased to $18.7 billion. Average margin debt balances increased to $6.7 billion, and gross new accounts for the month totaled 82,782. Shares of E*Trade, an online broker, were up 44 cents, or 1.8%, at $25.47. Prudential raised its price target by $10 to $160 on Cigna ( CI) and reiterated an overweight rating on the insurance company. Cigna was gaining $3.02, or 2.4%, to $130.28, positioning it to close at a new 52-week high. The best close for the last year is $129.08. ECB Bancorp ( ECBE) rose 7% on news the company agreed to sell 750,000 shares at a price of $30.75 each, yielding net proceeds of roughly $21.1 million. Keefe Bruyette & Woods, the underwriter of the offering, will have the option to buy 112,500 additional shares to cover any overallotments. Shares of the bank holding company were up $2.25 to $33.75. Lehman Brothers ( LEH) shares were lower after the company posted first-quarter earnings of $1.1 billion, or $3.66 a share, up from $875 million, or $2.91 a share, a year ago. The latest period had a gain of 16 cents a share. Total revenue rose 17% to $4.46 billion. Analysts were expecting Lehman to earn $3.17 a share on revenue of $4.17 billion. Lehman's stock was down 89 cents, or 0.6%, to $144.41. New Century Financial ( NEW), a real estate investment trust, reached an agreement that will end Greenlight Capital's effort to run a slate of three directors for the company's board.
Under the terms of the agreement, New Century will increase the size of its board to 11 members. David Einhorn, president of Greenlight, will be appointed to serve as a Class III director starting March 31. Also, New Century will allow Greenlight to increase its ownership to as much as 19.6% of the company's common stock. Shares of New Century gained $2.53, or 6.3%, to $42.85. H&R Block ( HRB) fell on news that New York Attorney General Eliot Spitzer filed a civil lawsuit against the tax preparer, alleging the company "steered hundreds of thousands of its clients, including almost 30,000 New Yorkers," into IRAs that were "virtually guaranteed to lose money." Spitzer's lawsuit contends the IRAs contained hidden fees and offered low returns. Mark A. Ernst, H&R Block's chairman and CEO, said in a statement that the company believes in the Express IRA products. Ernst said that if the matter goes to court, the company "will fight vigorously to defend the Express IRA product and ensure it remains available to our many clients who rely on it as a helpful savings option." Shares fell $1.02, or 4.6%, to $20.98.