Paul Davis

ASB Bancorp in Asheville, N.C., has repurchased a block of stock from funds tied to activist investor Joseph Stilwell.

Colony Financial in Santa Monica, Calif., plans to raise up to $382 million by selling common stock.

First Merchants in Muncie, Ind., has agreed to buy Community Bancshares in Noblesville, Ind.

Astoria Financial in Lake Success, N.Y., has agreed to sell certain nonperforming loans to Credit Suisse at a nearly $9 million loss.

BancorpSouth has delayed the closing of two bank acquisitions after regulators took issue with the Tupelo, Miss., company's compliance programs.

Zions Bancorp. in Salt Lake City reported a spike in quarterly earnings after posting a larger credit to its loan-loss provision and reducing noninterest expenses.

Most big banks have reported lower revenue for the second quarter, the downside of trying to beef up loans in a hotly competitive, low-rate lending market. Earnings reports at BB&T and SunTrust shed light on the problems of yield and margin that lie below the surface throughout the industry and threaten growth prospects.

BB&T (BBT) in Winston-Salem, N.C., reported a decline in quarterly earnings because of lower mortgage activity and a narrower net interest margin.

Regulators on Friday closed Eastside Commercial Bank in Conyers, Ga., the 13th institution to fail this year.

Mackinac Financial (MFNC) in Manistique, Mich., has agreed to buy Peninsula Financial in Ishpeming, Mich.

Zions Bancorp. in Salt Lake City has added Edward Murphy to its board. Murphy was chief financial officer of the Federal Reserve Bank of New York from 2005 to 2013. He also served as CFO of the retail division at JPMorgan Chase from 2002 to 2004.

Solera National Bancorp (SLRK) continues to go through management changes less than a month after an activist took over the Lakewood, Colo., company's board.

Sierra Bancorp (BSRR) in Porterville, Calif., has agreed to buy Santa Clara Valley Bank (SCVE) in Santa Paula, Calif.

First National Bank of Southern California in Riverside and First Mountain Bank (FMBP) in Big Bear Lake, Calif., have terminated their planned merger.

KeyCorp (KEY) in Cleveland has agreed to buy Pacific Crest Securities, a technology-focused investment bank and capital markets firm.

Guaranty Bancorp (GBNK) in Denver has bought Cherry Hills Investment Advisors in Greenwood Village, Colo.

Bank of the Carolinas in Mocksville, N.C., has raised $46 million through a private placement. The $428 million-asset company said that it sold about 458 million shares of newly issued common stock at 10 cents each to unnamed institutional and accredited investors.

Community Bancshares in McArthur, Ohio, has agreed to buy Citizens Bank of Asheville in Ohio.

A group led by Michael Quagliano, Solera's biggest shareholder, successfully took over the company's board last month, possibly ending a lengthy proxy battle.

TowneBank (TOWN) in Suffolk, Va., has agreed to buy Franklin Financial (FRNK) in Richmond, Va.