Asset Acceptance Capital Corp., a buyer and collector of charged-off consumer debt, announced that it will close its Cleveland collections office. The closing is expected to reduce the company’s operating expenses by approximately $3 million per year, according to a company statement.

An estimated 510 different collection agencies and creditors were sued under consumer statutes between Dec. 1-15, a jump from 428 in the second half of November, according to data from U.S. District Courts.

To some, Elizabeth Warren's concept of a consumer protection regulator is an innovation. To others, it's an abomination. Either way, it's here to stay, and banking regulation will never be the same.

Several banks rushed to repay investments under the Troubled Asset Relief Program in December, but hundreds head into the new year desperate for an exit strategy, even if it means selling.

North Valley Bancorp in Redding, Calif., announced that it has completed a 1-for-5 reverse stock split.

Heartland Financial USA Inc. in Dubuque, Iowa, is combining the charters of two banks.

Santa Lucia Bancorp in Atascadero, Calif., which is operating under a written agreement with the Federal Reserve, has brought back a former president and chief executive to help it work through credit problems.

First Busey Corp. in Champaign, Ill., has announced plans to raise almost $86 million in capital by selling common stock and preferred shares.

Several banks rushed to repay investments under the Troubled Asset Relief Program in December, but hundreds head into the new year desperate for an exit strategy, even if it means selling.

Baylake Corp. in Sturgeon Bay, Wis., said Thursday that it had entered into a written agreement with the Federal Reserve requiring it to build capital, improve earnings and reduce nonperforming assets.

Royal Bancshares of Pennsylvania Inc. said Thursday that it has finally sold Royal Asian Bank.

The Treasury Department announced six financial firms repaid funds they received in the government's Wall Street bailout, delivering $626 million to taxpayers.

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The $4.2 billion-asset company plans to ask its shareholders, who have seen their stock drop 78% in value in the past year, to increase the number of authorized shares to 1.5 billion from 50 million at a meeting in late January.

The $709.2 million-asset company said last week that James Miller would retire on Feb. 4 and that it would launch a search to find his successor. Miller has been with Princeton National since 1979.

The $1.9 billion-asset company said in a Monday press release that Richard Northern, a corporate lawyer in the Louisville office of Wyatt, Tarrant & Combs, will join the board on Jan. 18.

Another banking company plans to exit the Troubled Asset Relief Program after 1st Source Corp. of South Bend, Ind., said it received approval to repurchase preferred shares it issued two years ago.

BankEast in Knoxville, Tenn., has received a prompt corrective action directive from the Federal Reserve due to its undercapitalized status.

Member satisfaction with credit unions has taken a slight dip in a new poll. A study conducted by the American Customer Satisfaction Index found that credit unions "are now beginning to feel pressure to increase performance."

Cascade Bancorp in Bend, Ore., said Monday that shareholders overwhelmingly approved a plan to sell common stock to a group of outside investors.