Tom Wolfe, who oversees two of Wells Fargo's fastest-growing consumer businesses in credit cards and auto lending, will leave the bank later this year.

Bank of the Carolinas in Mocksville, N.C., has raised $46 million through a private placement. The $428 million-asset company said that it sold about 458 million shares of newly issued common stock at 10 cents each to unnamed institutional and accredited investors.

Farmers Bank & Trust in Magnolia, Ark., has agreed to acquire the 1st Bank of Texarkana, a $309 million-asset bank located just over the state line in Texas.

Bank of America Corp. reiterated an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, a deal prosecutors had previously rejected, a person with knowledge of the matter said.

Bank of America executives downplayed expectations about commercial lending and warned about the dangers of lowering prices to build loan portfolios, while their counterparts at U.S. Bancorp reveled in double-digit growth in the category and pledged to stay aggressive.

Community Trust Bancorp (CTBI) in Pikeville, Ky., said Wednesday that its second-quarter earnings climbed 2% from the same period last year, to $12.2 million, due to improved loan quality and lower overhead.

Ocwen Financial (OCN) has created a community advisory council to address the needs of distressed borrowers amid regulatory scrutiny of the mortgage servicer.

Vantage Bancorp in San Antonio has agreed to buy Medina Bankshares in D'Hanis, Texas.

A community group opposes Banc of California's plans to buy 20 branches, saying management isn't being open about plans to serve low-income and minority customers. The bank says it’s all a misunderstanding. Still, the issue shows why banks must foster good relations with powerful advocacy groups.

Community Bancshares in McArthur, Ohio, has agreed to buy Citizens Bank of Asheville in Ohio.

A group led by Michael Quagliano, Solera's biggest shareholder, successfully took over the company's board last month, possibly ending a lengthy proxy battle.

The Consumer Financial Protection Bureau issued a proposal Wednesday that would allow it to publish more information about individual complaints made by consumers about financial companies.

Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.

Western Union (WU) has appointed Robert W. Selander, former chief executive of MasterCard (MA), to its board of directors.

Bank of America completed a $2.1 billion bulk sale of nonperforming home loans in the second quarter, and is almost done with such dispositions, said Chief Financial Officer Bruce Thompson.

Startups that focus on person-to-person payments or peer-to-peer lending may well be the future heavyweights of the financial services industry. Banks must either band together to create viable alternatives or risk losing relevance.

First Republic Bank (FRC) in San Francisco reported higher earnings for the second quarter, as strong revenue growth helped offset a rise in compliance costs.

Boston Private Financial Holdings (BPFH) has agreed to buy Banyan Partners, an investment advisory firm in Palm Beach Gardens, Fla.

Mortgage applications decreased last week from the previous week, led by a drop in purchase loan requests.

Even activities permitted under the Volcker Rule may not be worth the legal and compliance costs for small and midsize banks, according to three attorneys at Bass, Berry & Sims.