Updated from 2:24 p.m. EST with new stock pricesFinancial stocks were hit harder than most on Friday amid
That leaves Franklin, which deals in the hairy mortgage market, with about $1.5 billion in debt to Huntington due to mature in May 2009. Franklin paid a fee of $12 million for the agreement. Huntington shed 4% to $13.52 as Franklin fell 5 cents, or 4.6%, to $1.05. Huntington, together with Citi and Regions, helped pull down the KBW Bank Index, which was down 2.4% to 84.04. Elsewhere, Irwin Financial ( IFC) announced that mortgage-market travails induced a loss from operations in the fourth quarter. In October, the Columbus, Ind., bank originally estimated a "return to modest continuing operations profitability" following a third-quarter shortfall. Meanwhile, Cascade Bancorp ( CACB) more than doubled its fourth-quarter loan-loss provision, sequentially, bringing earnings guidance below Street expectations both for the quarter and for the full year. Irwin lost 64 cents, or 9.2%, to $6.29. Cascade was down 9% to $12.07. Among the few financial winners on Friday was Michigan insurer North Pointe ( NPTE), shares of which rocketed 45.9% after Australia-based QBE Insurance agreed to buy it for $16 a share in cash, or about $146 million. The deal should close in the first half. North Pointe shares soared $4.86 to $15.44. Fellow insurer Progressive ( PGR), which is based in Ohio, climbed 1.2% to $18.73 on an upgrade to a buy at Stifel Nicolaus. And New York online broker Investment Technology Group ( ITG) garnered a buy rating at Bank of America. Its shares were adding $1.43, or 3.1%, to $47.99.