Chris Cumming

First Republic Bank's shares surged Thursday after the San Francisco lender reported a 16% rise in quarterly profit, driven by investment-advisor revenue.

The $23.3 billion-asset company reported Wednesday a second-quarter profit of $74 million, 5% higher than the second quarter of 2012.

Flagstar Bancorp (FBC) in Troy, Mich., plans to outsource the servicing of some $3 billion of defaulted mortgages.

PrivateBancorp (PVTB) in Chicago reported a jump in quarterly income as costs associated with soured loans and foreclosed properties fell sharply.

Higher expenses and an uptick in problem loans weighed down quarterly profits at Community Trust Bancorp (CTBI) in Pikeville, Ky.

M&T, in Buffalo, N.Y., is still comfortable with its decision to acquire the mortgage lender even though a recent rise in mortgage rates could crimp Hudson City's profits.

Bond Street Holdings in Weston, Fla., has found a backup M&A target after its deal for Atlantic Coast Financial fell through.

Heartland Payment Systems has chosen Alaric's fraud-prevention system.

First National Community Bank in Dunmore, Pa., has selected a core banking system from Fiserv.

Wintrust Financial Corp. in Rosemont, Ill., reported a rise in second-quarter profit thanks to higher fee income and lower interest costs.

Investment gains helped M&T Bank Corp. in Buffalo, N.Y., record a spike in quarterly profits.

Profit rose 37% at Pinnacle Financial Partners (PNFP) in Nashville, Tenn., on the strength of its lending and fee income.

Robert Wahlman will become CFO of the $3.8 billion-asset company and its bank on Aug. 13, Customers announced Tuesday.

Opus Bank in Irvine, Calif., has formed a commercial real estate banking division made up of Opus' income-property banking division and its newly formed structured finance unit.

Mitsubishi UFJ Financial Group has created a holding company to oversee the North and South American operations of its two subsidiaries: Bank of Tokyo-Mitsubishi UFJ, based in New York City, and Union Bank, based in San Francisco.

Lending surged at Customers Bancorp in Wyomissing, Pa., this spring, allowing the $3.8 billion-asset company to report profits of $8.2 million in the second quarter, up 26% from the same period in 2012.

Hedge funds have beaten the FDIC in a series of legal disputes over the assets of bankrupt holding companies, exposing a serious flaw in the regulator's system for recovering value from failed institutions.

Reliance Financial Corp. in Atlanta has agreed to buy the trust and asset management business of Grand Bank and Trust of Florida in West Palm Beach.

Comerica in Dallas reported flat quarterly earnings as cost cuts and improved credit quality offset a dip in lending revenue.

The $2.8 billion-asset Wilshire would pay about $105 million in cash and stock for the $542 million-asset Saehan, the companies announced Monday.