Regulators closed four banks late Friday, including the largest based in New Mexico, resulting in over $500 million of losses to the Deposit Insurance Fund.

MB Financial Inc. in Chicago earned $595,000 in the fourth quarter, compared with a loss $12.4 million a year earlier, as net interest income grew and credit costs subsided.

Sterling Bancorp in New York said its net income grew 75% in the fourth quarter, from a year earlier, as noninterest income grew and credit costs declined.

Glacier Bancorp Inc. in Kalispell, Mont., said its quarterly net income was flat from a year earlier as lower interest income offset a dip in the loan-loss provision.

Banking companies were not alone in reporting improved 2010 financial results. A growing number of big, troubled credit unions are also reporting positive income for last year, and others are slashing their losses, more proof of an improving economy.

Tower Bancorp Inc. in Harrisburg, Pa., announced last week that nine directors resigned as part of a plan to streamline its board.

The Federal Reserve Board said Thursday that it had issued a prompt-corrective-action order to Virginia Business Bank in Richmond.

The Florida company, which was bought in May 2009 by private investors, raised $783 million in its initial public offering, more than 18% than what it initially expected.

Taylor Capital Group Inc. in Rosemont, Ill., might have its arms around its commercial real estate problems, but other banks' CRE problems are weighing it down.

Regulators closed four banks late Friday, including the largest based in New Mexico, resulting in over $500 million of losses to the Deposit Insurance Fund.

BankUnited of Miami Lakes, Fla., has hired Kristina D. Moylan as a vice president and business banker.

S&T Bancorp Inc. of Indiana, Penn., has promoted David Ruddock to senior executive vice president and chief administration officer and Robert Boscarino and Joe Tosh to senior vice president of its S&T Bank.

BankUnited raised $783 million in its initial public offering, more than 18% than what it initially expected.

National Penn Bancshares Inc. in Boyertown, Pa., said Thursday that net income fell 36% in the fourth quarter from a year earlier but asset quality trends continued to improve.

First Niagara Financial Group Inc. in Buffalo reported a 58.8% increase in fourth-quarter net income Thursday. The $21 billion-asset company said its profit rose by $17 million from a year earlier, to $45.9 million, or 22 cents a share.

First National Community Bancorp Inc. of Dunmore, Pa. has hired investment bank Sandler O'Neill Partners LP to help it evaluate "capital and strategic alternatives."

Commercial and industrial lending is rising at some community banks, but it's unclear how much of the gain reflects rebalancing and how much suggests a deepening recovery.

HMN Financial Inc. in Rochester, Minn., said it plans to defer paying the next dividend it owes the Treasury Department.

Hanmi Financial Corp. in Los Angeles on Thursday reported its first profitable quarter in more than two years. The $2.9 billion-asset company earned $5.3 million in the fourth quarter, compared with a loss of $35.9 million a year earlier.

Susquehanna Bancshares Inc. in Lititz, Pa., announced an agreement to buy Abington Bancorp Inc. in Jenkinton, Pa.