Georgia

SunTrust Banks has joined the lengthy list of major banks slashing jobs in their mortgage divisions.

The Federal Reserve Board has hit three Southern banks — Highlands Community Bank and New Peoples Bank in Virginia, and North Georgia Community Financial Partners — with enforcement actions.

The Treasury Department expects to receive roughly $66 million from a recent auction of stakes it owns in seven banks from the Troubled Asset Relief Program.

Synovus Financial (SNV) in Columbus, Ga., has formed an equipment-finance division. The group will be based in Charleston, S.C., the $26 billion-asset Synovus said Thursday.

The Treasury Department plans to auction stakes in eight more banks as it continues winding down the Troubled Asset Relief Program.

The $785 million-asset Georgia Commerce has agreed to buy Brookhaven Bank, the two companies announced Tuesday. The price was not disclosed.

SunTrust Banks Inc., Georgia's biggest lender, agreed to a $65 million settlement with Freddie Mac covering refunds for faulty mortgages.

Several institutions in one of the nation's hardest-hit banking markets have shed enforcement actions, or have hired new leaders, as they attempt to stage comebacks.

Pinnacle Bank in Elberton, Ga., announced Thursday it will use Fiserv's Precision bank platform, which includes account processing, mobile banking, bill payment and remote check capture services.

Ocwen Financial in Atlanta has retired approximately $159 million of debt held by a private-equity backer.

The Central Bank's surprise decision to continue buying mortgage bonds may not spark another refinancing boom, but it could spur more home purchases.

The Treasury Department will receive $91 million from its latest auction. The agency announced plans last week to auction nearly $118 million of securities from several small banks.

Capitol City Bank & Trust in Atlanta has named Chief Operating Officer John Turner its new president and chief executive.

The $2.6 billion-asset Community & Southern has agreed to pay $11.80 per common share of Verity, the companies announced Wednesday.

Five Star Credit Union in Dothan, Ala., has agreed to buy Flint River National Bank in Camilla, Ga.

State Bank Financial Corp. in Atlanta has named a new credit guru.

Traditional bank M&A in Georgia has been nearly dead in recent years, but Hamilton State Bancshares' deal this week to buy Cherokee Banking suggests that the Peach State may be primed for consolidation.

Community Bankers Trust (ESXB) in Glen Allen, Va., has agreed to sell its Georgia operations to Community & Southern Holdings in Atlanta.

The $557 million-asset company announced Monday that Holland will become chief credit officer for its SouthCrest Bank unit. He succeeds Kent Berry, who retired this year.

First Community (FCCO) in Lexington, S.C., has agreed to buy Savannah River Financial in Augusta, Ga.