Illinois

Discover Financial Services reported a rise in quarterly profits Tuesday on strong growth in its loan portfolio.

Earnings at Associated Banc-Corp (ASBC) fell slightly in the second quarter as growth in commercial lending failed to offset a sharp decline in income from mortgage banking.

LAKE BLUFF, Ill. — The fact that average consumer transaction balances are at $4,436 — a higher dollar amount than any time in the last 25 years — should be a big red flag for credit unions.

The plan was for Kang Gao to do his exit interview with Two Sigma Investments LLC, a $21 billion quantitative hedge fund in New York, and jump to Citadel LLC, a rival firm in Chicago.

Northern Trust (NTRS) in Chicago has named a new chief financial officer and split the roles of president and chief operating officer as part of series of leadership changes that will take effect on Sept. 1.

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

Jane Thompson, former president of Wal-Mart Stores' financial services unit, has joined the board of the Center for Financial Services Innovation, a research group in Chicago that focuses on low-income consumers.

PEKIN, Ill. — Charles Juska, the former head of Tazewell County School Employees Credit Union, is accused of misapplying more than a half-million dollars of the CU's assets.

Creative alternatives to overdrafts are not the sole domain of big banks.

A breakdown of M&A announcements in the financial services industry for the week ended July 5.

First Midwest Bancorp (FMBI) in Itasca, Ill., has agreed to buy Great Lakes Financial Resources (GLFL) in Chicago.

QCR Holdings (QCRH) in Moline, Ill., has exited the Small Business Lending Fund.

Ottawa Savings Bancorp (OTTW) in Ottawa, Ill., has agreed to buy Twin Oaks Savings Bank in Marseilles, Ill.

Great Southern in Missouri completed its fifth failed-bank deal on Friday. The company stated that the deal's strategic benefits outweigh the fact that it received a smaller upfront gain from its latest purchase.

U.S. Bancorp (USB) in Minneapolis has completed its purchase of Citizens Financial Group's Charter One franchise in Chicago.

Regulators seized the two subsidiaries of Iowa-based River Valley Bancorp. on Friday, one in Illinois and the other in Florida.

Hovde Group in Chicago has hired two former Sandler O'Neill research analysts to lead its equity research group.

Melissa Bean, a former three-term member of Congress, has been named chair of JPMorgan Chase's (JPM) Midwest business.

The Chicago Federal Home Loan Bank reaches agreement with Redwood Trust so member institutions can sell loans to the private-label issuer.

SCHAUMBERG, Ill. — Rising home values, increasing consumer confidence in their own financial situations and falling delinquencies all point to the possibility more credit unions will ease mortgage lending standards, say analysts and CU executives.