JPMorgan investment banker Jimmy Lee was widely eulogized as a legendary networker and bright spirit this week, but American Banker also remembers him as a builder and defender of the hotly debated universal-banking model.

The yield curve has steepened in recent weeks, but bankers caution that it could take months or years for any benefits — or risks — to become apparent in financial results.

A recent report from Keefe, Bruyette & Woods identified several "challenger banks" that are poised to take market share from the industry's biggest institutions by using niche-focused business models. Here is a sample of the banks singled out by KBW's analysts.

Home Bancshares in Conway, Ark., has agreed to buy Florida Business BancGroup in Tampa, Fla.

Members of St. James Federal Savings and Loan Association will meet Saturday to vote on whether to convert from a mutual to a stock-owned bank as a prelude to selling itself to Wells Financial. Some believe the vote could set a worrisome precedent.

First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.

A Seattle-based company is trying to make it easier for individual investors in peer-to-peer loans to cash out early.

American Founders Bank in Lexington, Ky., has agreed to sell itself to a real estate developer.

Whether you're in the mood to read about the checkered history of the Vatican Bank or how Bitcoin's colorful cast of characters endeavor to shape the future of money, there's a book to suit every taste in this year's recommended reading list. Here's what American Banker's readers, staff and BankThink contributors are taking to the beach this summer.

Royal Bancshares of Pennsylvania in Narberth has agreed to purchase a branch in Delaware County, Pa., from First CornerStone Bank.

Discover Financial Services will exit the residential mortgage-origination business that it acquired in 2012.

Valley National Bancorp in Wayne, N.J., is planning to issue a combined $200 million in preferred stock and debt.

Steve Apodaca, who recently joined the American Bankers Association, hopes to help farmers navigate falling commodity prices, compete against the Farm Credit System and find ways to lend on new farming technology.

NCR in Duluth, Ga., may be a target for a possible takeover by private equity firms Blackstone Group and Carlyle Group.

Zions Bancorp. in Salt Lake City has sold its remaining collateralized debt obligations.

Mechanics Bank in Walnut Creek, Calif., shook up its top leadership post following its sale to a Dallas investment group.

Revere Bank in Laurel, Md., has raised $15.5 million through a private placement of its common stock. The $717 million-asset bank sold 1 million shares at $15.50 per share.

A breakdown of M&A announcements in the financial services industry for the week ended June 13.

Institutions with $5 billion to $50 billion in assets have gained a bigger slice of the industry's assets since 2010 by focusing on specialized lending and redefining their markets.

The $5.9 billion-asset company sold the subsidiary, First Merchants Insurance Group, on June 12 to USI Insurance Services, an insurance brokerage firm in Valhalla, N.Y.