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Financial Sector Update for 08/20/2020: CCNE,CBL,SLG

Financial stocks were sliding in afternoon trading, with the NYSE Financial Index dropping 0.2% while the SPDR Financial Select Sector ETF was slipping 0.6%.

The Philadelphia Housing Index, however, was climbing 0.2%.

In company news, CNB Financial (CCNE) declined 2.8% after Thursday pricing a $52.5 million public offering of 2.1 million depositary shares at $25 apiece. Each depositary share represents 1/40th of a 7.125% fixed-rate non-cumulative perpetual preferred share.

CBL & Associates Properties (CBL) fell 18% after the real estate investment trust late Wednesday said investors holding its unsecured notes maturing in 2023, 2024 and 2026 have agreed to accept $500 million of new senior secured notes due June 2028 and $50 million in cash in addition to receiving about 90% of the new common shares issued by the company in exchange for around $1.4 billion of its existing debt.

To the upside, SL Green Realty (SLG) was 2.6% higher after the real estate investment trust Thursday set a dividend of $0.295 per share for this month, unchanged from its July distribution to investors and payable Sept. 15 to shareholders of record on August 31.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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