Paul Davis

Community Bank System in Syracuse, N.Y., has agreed to buy Merchants Bancshares in South Burlington, Vt., for $304 million, or $44.02 a share, in cash and stock.

WestStar Bank in El Paso, Texas, said it has acquired assets from Cimarron Mortgage Capital that are to Cimarron's construction lending and residential mortgage divisions.

Home BancShares in Arkansas would rather buy banks that meet its financial parameters than do one large deal to catapult over $10 billion in assets. The bank also spent most of this year idling with M&A so it could prepare for stress testing.

Independent Bank in Rockland, Mass., has agreed to buy Island Bancorp in Edgartown, Mass.

Equity Bancshares in Wichita, Kan., has agreed to buy Prairie State Bancshares in Hoxie, Kan.

The California company plans to hire a second chief credit officer to specify monitor commercial lending and specialty lines. At least one analyst said the changes, which also include adjustments to credit policies, calls into question the company's strategic director and growth trajectory.

The company believes it is done making acquisitions in its home state. The next phase of growth will likely involve deals and strategic hiring in large urban markets across the Southeast.

SunTrust Banks in Atlanta has agreed to buy the multifamily lending business of Pillar Financial in New York.

East West Bancorp in Los Angeles reported higher quarterly profit that reflected balance sheet growth and lower taxes.

Opus Bank in Irvine, Calif., said Monday that it expects to report a third-quarter loss of 5 cents a share, reflecting $38.8 million in chargeoffs tied to eight loans in its technology, commercial and specialty lending divisions.