Portfolio Recovery Associates Inc., an accounts receivable management company and debt buyer, reported net income of $18.5 million for the quarter ended September 30, an 83% increase from $10.1 million in the same period a year earlier.

LAS VEGAS-Branches are evolving as consumers' desires and expectations change, and despite reports to the contrary, remain important to consumers and the financial institutions looking to capture them.

Losses at Sun Bancorp Inc. in Vineland, N.J., swelled in the third quarter, to $75.3 million, from $6.5 million a year earlier.

The $2.2 billion-asset company announced Friday that it had entered into definitive agreements for $103 million, with $9 million coming from Henry "Ric" Duques, the controlling owner of Legent Group LLC, the parent of Legent Clearing LLC.

CenterState Banks Inc. in Winter Haven, Fla., said it has received approval to consolidate three of its subsidiary banks into a single charter.

First Place Financial Corp. of Warren, Ohio, said a regulatory examination was behind its decision to postpone the release of its results for its fiscal first quarter, which ended Sept. 30.

The $1.5 billion-asset AmericanWest last week announced the sale of its banking subsidiary to a heavily capitalized investor group, SKBHC Holdings LLC, in a bankruptcy court bidding procedure.

The National Credit Union Administration is back in the market, this time with $2.82 billion of guaranteed securities backed by commercial mortgages.

Saddle River Valley Bancorp in New Jersey has a new private-equity owner. The $82.8 million-asset company announced Thursday that SRV Holdings Inc. — an investment vehicle of the New York private-equity firm J.C. Flowers & Co. — has bought a controlling interest in Saddle River Valley. Though the companies did not disclose terms, a spokesman said SRV purchased a 50.5% stake, with the expectation that it would invest additional funds in the future.

Hanmi Financial Corp. of Los Angeles said Thursday that its net loss improved in the third quarter and its bank returned to a well-capitalized regulatory standing.

United Community Banks Inc. in Blairsville, Ga., reported a net loss of $239 million for the third quarter, which it attributed primarily to a major goodwill impairment charge.

All that's standing between Flagstar Bancorp Inc.'s past as a troubled mortgage lender and a potential future as a full-service community bank is $1.1 billion of problem loans.

The Federal Reserve Board issued three enforcement actions against community banks and their holding companies on Thursday.

A credit repair operation has agreed to stop making false claims and stop charging upfront fees under a settlement with the Federal Trade Commission.

Cathay General Bancorp of Los Angeles had income of $17.3 million for the third quarter compared with a net loss of $17.7 million a year earlier.

Wintrust Financial Corp. in Lake Forest, Ill., on Wednesday reported earnings of $20.1 million for the third quarter, as interest income rose and its loan-loss provision fell dramatically.

First Place Financial Corp. in Warren, Ohio, has pushed back the release of results for its fiscal first quarter. The $3.1 billion-asset company was expected to release results for the quarter that ended Sept. 30 after the market closed Tuesday, but instead issued a brief press release saying that the report, along with a conference call with investors scheduled for Wednesday, had been postponed.

Third-quarter net income at Trustmark Corp. in Jackson, Miss., rose 1.4% year over year, to nearly $25.9 million. The $9.4 billion-asset Trustmark had aggressively reduced problem loans, resulting in higher chargeoffs yet a lower loan-loss provision.

IMGCAP(1)]

EWING, N.J. – At Ewing High School, a former closet has become a student-run branch for the Blue Devil Branch of Credit Union of New Jersey.