Washington Trust Bancorp in Westerly, R.I., has agreed to buy Halsey Associates, an investment advisory firm in New Haven, Conn.

Deals are still getting done in California, even though water issues continue to plague the state's economy. Still, buyers are finding themselves conducting more extensive due diligence to vet the markets and loan concentrations of targets.

More lenders of all types are taking an interest in factoring, or buying a company's receivables, as they fight for commercial clients. But the business is forbidding for new entrants: it's dominated by a handful of large companies, with intense competition from smaller nonbanks, and is closely tied to the volatile retail-sales market.

The Salt Lake City company is targeting an efficiency ratio more in line with other regional banks by closing branches and finding ways to boost revenue. Zions hopes its efforts will reduce annual pretax expenses by $120 million by 2017.

First Resource Bank in Exton, Pa., plans to raise $6 million through a combination of common stock and subordinated debt to raise funds to redeem most of its Small Business Lending Fund preferred shares.

City National Bank in Los Angeles will provide $350 million in loans to minority- and women-owned small businesses as part of a community lending initiative, it announced Monday.

Zions Bancorp. in Salt Lake City will consolidate its seven bank charters into one and create the position of chief banking officer to cut costs and improve returns.

A breakdown of M&A announcements in the financial services industry for the week ended May 30.

The $3.2 billion-asset company issued the notes, due 2030, on Friday on behalf of its Fidelity Bank subsidiary.

The merger of the Federal Home Loan Banks in Des Moines and Seattle became official on Monday, shrinking the overall number of banks in the system to 11.

A Tennessee community bank investor has acquired a majority stake in AB&T Financial in Gastonia, N.C.

City Holding in Charleston, W.Va., has agreed to buy three branches in Kentucky from American Founders Bank in Lexington.

The South Carolina bank has been shedding assets in recent months after suffering millions of dollars in losses in recent years. The bank ousted its management team last year due to poor financial performance and conflicts with investors.

While other banks build fancy modern skyscrapers or look to shrink the size of their branches, Dollar Bank in Pittsburgh has poured its resources into restoring a 144-year-old building downtown. The bank says the building's fame gives it a marketing edge.

The Fed finalized a rule increasing an asset-size threshold that lets smaller banks finance deals with up to 75% in debt. That benefit, along with an exemption from Basel III capital rules, could prompt some bankers to second-guess short-term growth as they weigh their options.

Heartland Financial in Dubuque, Iowa, has agreed to buy Premier Valley Bank in Fresno, Calif.

American State Bancshares in Wichita, Kan., has agreed to acquire three Kansas branches from Simmons First National.

A breakdown of M&A announcements in the financial services industry for the week ended May 23.

Southwest Bancorp in Stillwater, Okla., has agreed to buy First Commercial Bancshares in Edmond, Okla.

Green Bancorp in Houston has agreed to buy Patriot Bancshares, saying it will pay $139 million in common stock for the $1.3 billion-asset parent of Patriot Bank.