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Farmers & Merchants Bank (FMBM) in Timberville, Va., plans a preferred stock offering to raise $9.5 million.

First Commonwealth Financial Corp. (FCF) in Indiana, Pa., has launched a new residential mortgage banking division.

The Virginia and West Virginia bankers associations have intensified merger discussions and could combine into a single trade group by year's end, according to a report Tuesday from Richmond BizSense.

Investors Bancorp (ISBC) in Short Hills, N.J., has broken ground on the first of four new branches it plans to open on Staten Island in New York City.

Westamerica Bancorporation (WABC) in San Rafael, Calif., reported another decline in quarterly profits as low interest rates continued to reduce yields on loans and investment securities.

Washington Federal (WAFD) in Seattle reported increased quarterly earnings after buying dozens of branches from Bank of America (BAC).

Olympia, Wash. — It only takes six taps on a mobile app for members of Washington State Employees Credit Union to apply for a fast, short-term loan.

Security breaches exposing consumers' personal information are becoming larger and more frequent in New York, costing businesses more than $1.37 billion last year, the state attorney general's office said.

Comerica (CMA) in Dallas reported higher earnings for the second quarter thanks heavily to savings on salary-related expenses.

Independent Bank in McKinney, Texas, is planning to raise capital by issuing debt.

Shares of Bank of the Ozarks (OZRK) rose in early trading Tuesday after the Little Rock, Ark., company reported a 30% increase in its second-quarter profit.

Commerce Bancshares (CBSH) in Kansas City, Mo., reported higher quarterly earnings because of a slight increase in revenue.

TowneBank (TOWN) in Suffolk, Va., has agreed to buy Franklin Financial (FRNK) in Richmond, Va.

Wintrust Financial (WTFC) in Rosemont, Ill., reported higher quarterly earnings as income from loan growth offset lower fee revenue.

Citizens Financial Group has hired Stephen T. Gannon, a former attorney for the Securities and Exchange Commission, to be its general counsel and chief legal officer.

Federal and state authorities on Monday sought to rein in three companies accused of exploiting consumers struggling to pay off their debts.

JACKSON, Mich. — Michigan Community Credit Union will be converting to Symitar's Episys core processing system soon.

Pan Pacific Bank (PPFC) in Fremont, Calif., reported a spike in quarterly earnings after reclaiming its deferred-tax asset.

Jefferson Bankshares in Oldsmar, Fla., has raised $2.4 million.

SYLVANIA, Ohio — Inspired by millionaire Jason Buzi who has been hiding envelopes in major U.S. cities stuffed with $100 for strangers to find, one credit union is doing something similar in a few small towns that have been battered by the recession.