IndyMac, Fannie-Freddie Woes, Hit Local Stocks

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Regional bank stocks took a beating Monday on the heels of Friday’s federal seizure on Pasadena mortgage lender IndyMac Bancorp. as investors worried other financial institutions could follow.

Nearly every financial stock in the LABJ 200 was affected. Worst hit was Santa Monica-based FirstFed Financial Corp. which closed down 92 cents, or 19 percent to $3.99, after falling more than 23 percent earlier in the session.

Los Angeles County’s largest bank by assets, City National Corp., ended the day down $3.48, or 8.5 percent, to $37.60.

The county’s second largest local bank, Pasadena-based East West Bancorp, fell 68 cents, or 8.5 percent, to $7.38. The third largest bank, L.A.-based Cathay General Bancorp, was down 42 cents, or 3.7 percent, to $10.93.

Among other banks affected Monday were Beverly Hills Bancorp, whose stock dropped 6 percent to 98 cents. Preferred Bank lost 23 cents, or 5.85 percent to $3.77. Wilshire Bancorp lost 36 cents, or 4 percent, to close at $8.14.

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