Paul Davis

Sun Bancorp Inc. in Vineland, N.J., said it raised about $81 million in net proceeds from a recent public offering.

People's United Financial Inc., which recently entered mortgage warehousing, has amassed credit applications for almost $500 million, according to a company executive.

The $958.3 million-asset company named Bruce Boyea a director. Boyea is the chairman, president and chief executive of Security Mutual Life Insurance Co. of New York.

Central Bancorp Inc. in Somerville, Mass., has added a banking veteran to its board. Gerald Mulligan will also be a director at Central's unit Central Co-Operative Bank, the $512.3 million-asset company said in a press release Friday.

Macatawa Bank Corp. in Holland, Mich., is asking its shareholders to approve a hefty increase in the number of authorized shares of common stock.

Another banking company is moving forward with raising capital: 1st United Bancorp Inc. in Boca Raton, Fla., announced plans to sell $32.5 million of common stock.

The number of banks and thrifts deferring dividends on preferred stock from the Troubled Asset Relief Program rose last month, according to a report.

Tri-Valley Bank in San Ramon, Calif., said late Monday that it had terminated a planned $10 million private placement and had named a new chairman.

The Federal Reserve Board on Tuesday announced written agreements with two banks.

The Federal Reserve has ordered Outsource Holdings Inc. to serve as a source of strength to its Dallas bank.

Emclaire Financial Corp. in Emlenton, Pa., raised its quarterly dividend by 14%. The $481.9 million-asset company declared a dividend of 16 cents a share, compared with 14 cents a quarter earlier.

The Federal Reserve Board said it has reached a written agreement with Westside Banking Co. of University Place, Wash.

Blackhawk Bancorp Inc. of Beloit, Wis., reported a 52% increase in fourth-quarter earnings from a year earlier as an improved net interest margin offset higher credit costs.

National Penn Bancshares Inc. of Boyertown, Pa., said late Monday that Michael Martin had joined its board as part of a recent capital infusion by Warburg Pincus.

CoBiz Financial Inc. of Denver said late Monday that it would record a $15.6 million valuation allowance for deferred tax assets.

The Federal Reserve Board acted against three banks Tuesday. Bank of Whitman in Colfax, Wash., was hit with a prompt corrective action after the Fed found that the $722.2 million-asset bank was undercapitalized and failed to submit an acceptable capital restoration plan.

Republic Bancorp said Friday that it had received a notice from the Federal Deposit Insurance Corp. characterizing its practice of funding loans in advance of income tax refunds as "unsafe and unsound."

Premier Financial Bancorp Inc. said its regulator, citing the Troubled Asset Relief Program, had rejected a request to let it pay dividends.

Carver Bancorp Inc. in New York is trying to raise its capital levels after receiving a cease-and-desist order from its regulator.

State Bank Corp. of Lake Havasu City, Ariz., cited credit costs and issues with deferred tax assets in posting a fourth-quarter loss of $2.9 million.