A role many people did not understand less than a decade ago has become integral to how banks navigate a new set of postcrisis hazards.

The financial crisis and its aftermath elevated the stature of CROs. The true test of their new clout will come during the next market expansion.

Equitable Financial in Grand Island, Neb., said its depositors and stockholders have approved its plan to convert from a mutual thrift to a fully stock-owned company.

The South Dakota company will soon be completely independent from National Australia Bank. The plan for now is to produce consistent results while scouting deals as the bank nears a key regulatory threshold.

Clearinghouse CDFI in Lake Forest, Calif., has acquired Arizona MultiBank Community Development, a community development financial institution that operates in the Southwestern U.S. and on Native American reservations.

Meta Financial Group in Sioux Falls, S.D., parent of MetaBank and Meta Payment Systems, is raising capital to fuel a future acquisition, and has renewed a significant prepaid card issuing relationship with NetSpend.

A breakdown of M&A announcements in the financial services industry for the week ended June 27.

The NCUA is considering a plan that would let credit unions count certain forms of debt as capital. The plan, which would help credit unions book more loans, is drawing sharp rebukes from the banking industry.

JPMorgan Chase and Dexia agreed to settle a New York lawsuit over $1.6 billion of mortgage-backed securities. Terms of the settlement weren't disclosed in a June 26 court filing.

Xenith Bankshares in Richmond, Va. has issued $8.5 million in subordinated debt and plans to use the proceeds to exit the Small Business Lending Fund.

ING has a long history of lending to the energy sector, and the Dutch bank spies a sizable business opportunity in the the U.S. shift from large importer of energy to major exporter. It is looking for ways to expand its $15 billion-asset business in the U.S., says Bill Connelly, head of commercial banking for the firm.

Community Bank Shares of Indiana in New Albany has changed its name to Your Community Bankshares.

General Electric's deals to sell the bulk of its vehicle fleet-management business push the company near a goal of unloading at least $20 billion of finance assets before the quarter ends.

Farmers Bank & Trust in Great Bend, Kan., has agreed to sell certain assets of its mortgage division to Prospect Mortgage in Sherman Oaks, Calif.

First Merchants Corp. in Muncie, Ind., has agreed to buy Ameriana Bancorp in New Castle, Ind.

Citizens Community Bank in South Hill, Va., has redeemed about 75% of its outstanding preferred stock in the Small Business Lending Fund.

Juniata Valley Financial in Mifflintown, Pa., has agreed to buy FNBPA Bancorp in Port Allegany, Pa.

Porter Bancorp in of Louisville, Ky., has adopted a plan to preserve the value of its deferred tax benefits, designed to allow the company to continue the use of net operating loss carryforwards.

Citigroup has agreed to acquire Brooks Brothers' credit card portfolio and issue cards on behalf of the clothing retailer.

After scaling back its U.S. operations, Popular Inc. plans to focus on niche commercial lending markets, including financing for elder care and assisted living facilities.