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First BanCorp said Wednesday that it plans to sell nearly $702 million in loans to a new joint venture in order to reduce its high-risk exposure to Puerto Rico's crippled economy.

The $12.6 billion-asset company said on Monday that it had hired Thomas Doherty to lead business banking and promoted Richard Bechtel to oversee mortgage banking.

North Valley Bancorp in Redding, Calif., is planning a 1-for-5 reverse stock split to remain in compliance with Nasdaq listing policy.

Shareholders of Comm Bancorp Inc. have approved the Clarks Summit, Pa., company's sale to F.N.B. Corp. in Hermitage, Pa.

WSFS Financial Corp. in Wilmington, Del., has announced its purchase of a bank from National Penn Bancshares Inc. in Boyertown, Pa.

Wintrust Financial Corp. in Lake Forest, Ill., is raising capital to repay government funding.

An M&A situation playing out in Puerto Rico is shining a light not only on the banks involved, but also on the U.S. government's strategy for salvaging its endangered Tarp investments.

The city of New Haven, Conn., is asking federal and state regulators to block the proposed $1.5 billion sale of NewAlliance Bancshares Inc. in New Haven to First Niagara Financial Group in Buffalo, N.Y., claiming the transaction would not meet the "needs or convenience" of the community.

Community Shores Bank Corp. in Muskegon, Mich., said Monday that it is voluntarily delisting from the Nasdaq. Community Shores said in a press release that it expected to file the delisting with the Securities and Exchange Commission on Dec. 16, when it also will cease trading its common stock on the Nasdaq.

Center Bancorp Inc. in Union, N.J., said late Friday that two directors had resigned and that it planned to appoint an investment manager to the board.

First BanCorp on Monday said it rejected a takeover offer from Doral Financial Corp. last week in favor of a deal with the Treasury Department to bolster its balance sheet by raising capital.

Gouverneur Bancorp Inc. in New York said Friday that net income rose 28.8% in fiscal 2010. The $147 million-asset company earned $1.6 million in the year that ended Sept. 30, or 74 cents a share, compared with $1.3 million, or 56 cents a share, in the previous fiscal year. Total assets rose 2.2%, to $147 million.

First BanCorp in San Juan, Puerto Rico, had cut the size of a planned common stock offering after securing a concession from the Treasury Department.

The Federal Reserve Board has entered into written agreements with four community banks and their holding companies.

Think Finance wanted to give underbanked consumers access to credit when they needed it, while helping them avoid a bad cycle of debt. To accomplish this, the online payday lender developed the Elastic card, a prepaid debit card with a line of credit of up to $500, that rewards consumers with lower fees for exhibiting good behavior, like making payments on time.

People's United Financial Inc. in Bridgeport, Conn., has completed its purchases of LSB Corp. and Smithtown Bancorp Inc.

The Federal Deposit Insurance Corp. has decided that four banks started by Capitol Bancorp Ltd. should not bear financial responsibility for the failure of a Florida bank.

The $129.5 million-asset company said in a Wednesday press release that Sandra H. Stephens, who has been the CEO at SouthFirst and its bank for five years, will resign Jan. 2 to "spend more time with her family."

The failures of banks in Southern California have left a fragmented market that is fertile ground for growth, says Gregory A. Mitchell, the president and CEO of First PacTrust.

Hanmi Financial Corp. in Los Angeles has amended an agreement with Woori Finance Holdings Co. Ltd. for the second time as the companies' capitalization plan continues to face regulatory delays.