Heritage Bank in Jonesboro, Ga., became one of the first banks to retire trust-preferred securities held by the FDIC after a complex, year-long negotiation. The transaction could be a model for dozens of other lenders trying to avoid default and possible bankruptcy.

In its debut deal, Observer Capital, a private equity firm, has acquired SourceMedia, the publisher of American Banker, from another PE firm, Investcorp, for an undisclosed price.

Carolina Financial in Charleston, S.C., has agreed to acquire 13 branches in the Carolinas and additional assets from First Community Bancshares in Bluefield, Va.

In its debut deal, private equity firm Observer Capital has acquired SourceMedia Inc., the publisher of Collections & Credit Risk, PaymentsSource, American Banker, the Bond Buyer, Financial Planning and Accounting Today, from PE firm Investcorp, for undisclosed terms.

Northrim BanCorp in Anchorage, Alaska, has agreed to buy Residential Mortgage Holding Co.

The private-equity firms Warburg Pincus and Thomas H. Lee Partners are selling roughly a third of their combined stake in Umpqua Holdings of Portland, Ore.

The $5.6 billion-asset Talmer Bancorp said in a press release Wednesday that it will pay $13.4 million in cash for First of Huron, the parent of Signature Bank.

BancorpSouth has withdrawn applications for two planned acquisitions after the Tupelo, Miss., company drew regulatory scrutiny for its Bank Secrecy Act compliance.

Independent Bank Corp. has spent recent years looking for a way to break into Boston without overpaying. It recently found a steal in Peoples Federal, a former mutual, in a deal that boosts earnings and tangible book value.

The members of Monterey Credit Union have voted to convert from a CU charter to a mutual savings bank, the first step on the way to becoming a commercial savings bank.

CIT Group Inc., the business lender that last month agreed to buy OneWest Bank, has no plans to become a "serial acquirer," of financial firms, Chief Executive Officer John Thain said.

Independent Bank in Rockland, Mass., has agreed to buy Peoples Federal Bancshares in Brighton.

As consolidation picks up, buyers and sellers must examine their vendor contracts to make sure terms and pricing are in their favor.

On the West Coast, bankers are talking about starting new banks after a long period with scarcely any new charters, according to industry consultant and former California regulator Walter Mix. While in the aftermath of the crisis regulators seemed to have an unofficial moratorium on de novos, they now appear poised to evaluate applications on the merits, he says. Meanwhile, banks seeking approvals for mergers today can expect to be evaluated on a host of compliance matters, including unfair and deceptive acts and practices, Mix says.

Equity Bank in Wichita, Kan., has agreed to sell two Kansas City branches to TriCentury Bank in Simpson, Kan.

Peoples Bancorp in Marietta, Ohio, has agreed to buy NB&T Financial Group in Wilmington, Ohio.

Evercore, an investment bank that often advises others on M&A deals, plans two acquisitions of its own.

A breakdown of M&A announcements in the financial services industry for the week ended Aug. 2.

First Commerce Credit Union in Tallahassee, Fla., has agreed to buy First National Bank of Crestview in Florida.

NorthStar Bank once relied on its investment portfolio to drive revenue. It recently changed course, targeting loans and customers in search of a better future.