Minnesota

Several small banks are beginning to offer employer-based loans, a payday loan alternative for under-banked consumers.

Banks have made changes to overdrafts, such as lowering fees offering clearer explanations. They better, as the CFPB will soon offer new rules for overdrafts. Plus, overdraft revenue has declined at many banks. Still unanswered is the question of how to offer short-term credit, if overdrafts disappear.

Frandsen Financial in Arden Hills, Minn., has agreed to buy Provincial Corp. in Lakeville, Minn.

Over the past three decades William Cooper has led TCF Financial through two crises and reinvented the bank to keep it profitable. He also sued the Federal Reserve in the aftermath of the financial crisis, for imposing a cap on debit card fees. For his strong leadership in the industry — as well as his candid, off-the-cuff style — American Banker has named him its lifetime achievement honoree.

HMN Financial in Rochester, Minn., has agreed to buy a branch from Deerwood Bank in Deerwood, Minn.

Central Bank of Kansas City in Missouri has agreed to issue prepaid cards for Cachet Financial Solutions in Minneapolis.

U.S. Bancorp has been hit with a consent order regarding deficiencies in its anti-money laundering compliance program.

Alerus Financial in Grand Forks, N.D., has agreed to buy Alliance Benefit Group North Central States, a retirement plan administrator in Minnesota.

TCF Financial in Wayzata, Minn., has hired R. Patricia Kelly as its managing director of commercial banking. Kelly joins the $20 billion-asset company from Chicago Corp., where she oversaw the investment bank's financial institutions and real estate units.

Low interest rates continue to constrain growth at TCF Financial in Wayzata, Minn.