Wells Fargo & Co. was not among the 10 large banks that applied to repay the Treasury Department for money they received through the Troubled Asset Relief Program despite the company’s earlier objections to the bailout, the Los Angeles Times reported. “Our priority right now is to integrate Wachovia (Corp.) into Wells Fargo as smoothly and efficiently as possible to benefit our 70 million customers,” the company said in a release. It acquired Wachovia at the end of last year. Wells Fargo Chairman Richard Kovacevich has said that the bank was forced to take the bailout money and it was opposed to the program from the start. During the government’s stress test in May, it was deemed that Wells Fargo needed to raise $13.7 billion in additional capital by November. The company raised $8.6 billion in a stock sale a day after the announcement.

The Mortgage Bankers Association’s index of U.S. mortgage applications fell 7.2 percent to 611 last week, the lowest level since February, Bloomberg reported. The refinancing index fell 12 percent, while the purchase index rose 1.1 percent. The decrease came as fixed U.S. mortgage rates jumped to their highest level this year, discouraging people from refinancing.

The U.S trade deficit rose 2.2 percent to $29.2 billion in April as crude oil prices rose to the highest level since December, the Associated Press reported. The Commerce Department said today that the overall deficit is running at an annual rate of $361.1 billion, down significantly from the 2008 total of $695.9 billion. The U.S. deficit with China rose 7.3 percent to $16.8 billion, which is still down from last year’s record pace. Exports of goods and services declined 2.3 percent, while imports fell 1.4 percent. Imports of petroleum, however, rose 2.1 percent to $18 billion as the average price for a barrel of imported crude oil rose to $46.60.

Flexsteel Industries Inc.’s board of directors has declared a third-quarter dividend of 5 cents per share, payable on July 1 to shareholders of record as of June 19.