Financial Sector Review: Oregon On Board, Ball Buys Back

BOK Financial Corporation (NASDAQ:BOKF): Net loans charged-off against the allowance for loan loss totaled $9.5M or 0.34% on an annualized basis for 4Q11 compared to $10.2M or 0.37% on an annualized basis for 3Q11.

The shares closed at $53.29, down $2.41, or 4.33%, on the day. Its market capitalization is $3.62 billion.

Bank of America Corp (NYSE:BAC), Goldman Sachs Group, Inc. (NYSE:GS), Wells Fargo & Company (NYSE:WFC): Attorney General John Kroger announced that Oregon will join the multi-state agreement with five major financial institutions. Further details will be released next week when they are final, but highlights of the agreement include: An estimated $30M to the State of Oregon; An estimated $100M-$200M in relief to distressed Oregon homeowners; Tough new servicing standards. Kroger said the agreement is not final and that it must be submitted to a federal judge for final approval.

BAC shares closed at $7.36, up $0.23, or 3.23%, on the day. Its market capitalization is $77.54 billion.

C shares closed at $31.60, up $0.88, or 2.86%, on the day. Its market capitalization is $92.40 billion.

GS shares closed at $113.45, up $1.98, or 1.78%, on the day. Its market capitalization is $55.85 billion.

WFC shares closed at $29.89, up $0.8, or 2.75%, on the day. Its market capitalization is $157.30 billion.

JPMorgan Chase & Co. (NYSE:JPM): Ball (NYSE:BLL) has agreed to repurchase approximately $200M of its outstanding common stock in a privately negotiated accelerated stock repurchase transaction with J.P. Morgan (NYSE:JPM), using cash on hand and available borrowings. Subject to certain conditions, the transaction will commence today and reduce Ball’s outstanding common stock by a total of approximately 5.1M shares. The shares are subject to a market price adjustment provision at the conclusion of the transaction which may require a settlement to be made by Ball, or to Ball, based generally on the volume weighted average trading price of the company’s shares over an agreed upon period of time.

The shares closed at $37.60, up $0.3, or 0.8%, on the day. Its market capitalization is $141.85 billion.

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To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com