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Bay Banks of Virginia in Kilmarnock has issued $7 million in subordinated debt.

World Acceptance in Greenville, S.C., one of the largest providers of installment loans, said that its longtime chairman and chief executive will retire in September.

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.

Royal Bank of Canada (RBC) is already working with the features of the upcoming Android operating system that Google previewed last week, with the goal of improving the usability and security of mobile payments.

As the first legal briefs are filed in MetLife's challenge to FSOC's decision to designate the life insurance giant as systemically risky, the interagency council and outsiders are pointing to the high bar the company has to clear to convince the court to overturn the decision.

The vendor says it's in the running for several core banking contracts in the U.S., including one where it is competing against multiple packages from the market leader, FIS.

After a "landmark" first-quarter driven by mortgage origination gains, Flagstar Bancorp is counting on mortgage servicing and community banking to spur future growth.

JPMorgan Chase is eliminating voice mail for consumer-bank employees as part of a push by the biggest U.S. lender to trim $2 billion in annual expenses.