Illinois

SmartChoice Credit Union, which holds less than $1 million in assets, has been penalized for failing to properly complete FinCEN searches.

The company could raise as much as $158 million by selling shares to the public.

A deal to join the Illinois- and Maine-based institutions was called off because of differences that came up during the due diligence process.

FWBank would be led by Marianne Markowitz, former acting SBA director. Amy Fahey, a former JPMorgan Chase executive, would serve as chairman.

Nearly a tenth of the industry’s deals this year were connected to the state, which boasts a good number of sought-after small banks.

Both banks focus on the Chinese-American community.

The merger of Cornerstone Community Credit Union into the Moline, Ill.-based Vibrant is expected to close on Oct. 1.

Asset Recovery Associates told borrowers that it could sue them, garnish their wages and place liens against their homes, according to a consent order by the consumer bureau.

The company will pay $195 million for its first retail operations in the city.

The company has agreed to buy Albany Bancshares, which has four branches near the Iowa border.