Synchrony Financial, the consumer- credit business being spun off by General Electric Co., is seeking a market value of as much as $22 billion in what may be the biggest U.S. initial public offering this year.

A community group has succeeded in forcing additional scrutiny of Banc of California's (BANC) expansion plans.

Bank of New York Mellon Corp., under pressure from activist Nelson Peltz to lift its share price, said second-quarter net income declined as the world's largest custody bank eliminated jobs to cut costs.

Sierra Bancorp (BSRR) in Porterville, Calif., has agreed to buy Santa Clara Valley Bank (SCVE) in Santa Paula, Calif.

Home BancShares (HOMB) in Conway, Ark., got a big boost last quarter from a recent acquisition.

Aided by gains from a recent acquisition, Simmons First National (SFN) in Pine Bluff, Ark., reported a $9.9 million profit in the second quarter, a 51% increase from the same period last year.

First National Bank of Southern California in Riverside and First Mountain Bank (FMBP) in Big Bear Lake, Calif., have terminated their planned merger.

First Interstate BancSystem (FIBK) in Billings, Mont., will close eight branches after it acquires Mountain West Financial (MTWF) in Helena, Mont.

Trust-preferred creditors have forced two indebted bank holding companies into involuntary bankruptcy this summer. Secured lenders may soon follow their lead and start foreclosing on bank stock collateral.

KeyCorp (KEY) in Cleveland has agreed to buy Pacific Crest Securities, a technology-focused investment bank and capital markets firm.

Cardinal Financial (CFNL) in Tysons Corner, Va., blamed a 14% drop in profits on acquisition-related expenses.

Guaranty Bancorp (GBNK) in Denver has bought Cherry Hills Investment Advisors in Greenwood Village, Colo.

Farmers Bank & Trust in Magnolia, Ark., has agreed to acquire the 1st Bank of Texarkana, a $309 million-asset bank located just over the state line in Texas.

Vantage Bancorp in San Antonio has agreed to buy Medina Bankshares in D'Hanis, Texas.

A community group opposes Banc of California's plans to buy 20 branches, saying management isn't being open about plans to serve low-income and minority customers. The bank says it’s all a misunderstanding. Still, the issue shows why banks must foster good relations with powerful advocacy groups.

Community Bancshares in McArthur, Ohio, has agreed to buy Citizens Bank of Asheville in Ohio.

First Data's sale of $3.5 billion of its common equity in the private placement market closed on Friday, July 11.

Boston Private Financial Holdings (BPFH) has agreed to buy Banyan Partners, an investment advisory firm in Palm Beach Gardens, Fla.

Smaller banks are disproportionately affected by regulation, forcing some to consider selling or to rethink their strategy, two community bankers argued before Congress.

The industry is slowly turning to valuations based on earnings rather than tangible book value, raising concerns that banks might feel pressure to make short-term decisions and ill-fated acquisitions.