MIDWEST

More than two months after regulators issued what ordinarily are final warnings to Bank of Florida Corp., the company's banks have received a fresh set of marching orders.

How can healthy credit unions grow and contribute to the economy without access to secondary capital?

Sterling Financial Corp. in Spokane announced Wednesday that the Treasury Department has approved the two lead investors in its recapitalization effort.

Looking for stable, short-term investments, banks are starting to purchase corporate accounts receivable from small businesses through an online auction site called the Receivables Exchange.

Palmetto Bancshares Inc. Wednesday announced it is raising $100 million in capital through a New York private-equity firm and institutional investors to allow its bank unit to reach well-capitalized ratio levels.

After sitting on a mountain of capital for nearly seven years, Kearny Financial Corp. of Fairfield, N.J., announced late Tuesday that it has agreed to buy Central Jersey Bancorp for $72.3 million in cash.

Hanmi Financial Corp. of Los Angeles has finally found the capital it needs, but its source — an entity largely owned by the South Korean government — may give regulators pause.

Only those organizations that look broadly at what is happening to form an appropriate strategy and integrate that strategy into a plan for implementation can thrive in this environment.

Well-designed regulations can help protect consumers from the harm that markets can do but regulations don't rebuild reputations. Values do.

Kearny Financial Corp. agreed to acquire Central Jersey Bancorp for $72.3 million, a deal which will help Kearny expand in central New Jersey and add to its community banking expertise.

Fidelity Southern Corp. in Atlanta said Tuesday that it plans to sell up to $57.5 million in new shares to raise capital partly for growth.

Horizon Bancorp. Inc. in Bradenton, Fla., is hoping a last-minute private placement will keep its critically undercapitalized bank from failing.

The Small Business Administration will run out of funds this week for two successful lending initiatives, which have reduced fees for borrowers and lenders and raised loan guarantees.

Editor's Note: The following is a news release based on a report issued yesterday. Collections & Credit Risk wants to know what you think about the report. Contact Darren Waggoner at 815.463.9008 or darren.waggoner@sourcemedia.com.

An estimated 425 different collection agencies and creditors are named in 495 consumer statute lawsuits filed nationwide in the first half of May, according to data from U.S. District Court complaint dockets. The 15-day total is the lowest for a two-week period since early February, when consumers sued 293 different agencies and creditors.

ShoreBank is important because it is there in good times and bad for ordinary working people who want to expand a small business or just cash a check without being ripped off.

Sterling Financial Corp. in Spokane said Monday it has reached an agreement in which it will receive a combined $278 million from Warburg Pincus LLC and Thomas H. Lee Partners LP as it continues with a recapitalization effort.

While all of the big banks have repurchased or converted preferred stock, and two-thirds of the regionals have followed suit, community banks are expected to hold the vast majority of unpaid Tarp funds on their balance sheets by the program's two-year anniversary.

Oneida Financial Corp. of New York said it has received conditional regulatory approval to commence its second-step conversion from a mutual to a stock company.