Seven failed banks holding a combined $14 billion in assets failed Friday in what was yet another busy night for the Federal Deposit Insurance Corp.

The benefits of custom scoring models are becoming more obvious and the cost has plummeted, but little attention is being paid to developing better ways for risk managers to implement them.

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OceanFirst Financial Corp. in Toms River, N.J., is nixing its plan to buy the $578 million-asset Central Jersey Bancorp because of a delay in getting regulatory approval.

MIDDLE ATLANTIC

The selling spree at Capitol Bancorp continues. The company announced Thursday that it has a definitive agreement to sell Mountain View Bank of Commerce in Colorado ...

LAKE JACKSON, Texas – Texas Dow Employees CU, on the heels of six new branches, is planning at least five additional outlets in the coming months.

More than 276,000 federal employees and retirees owed a total of $3.04 billion in back income taxes as of Sept. 30, 2008, according to new data provided by the Internal Revenue Service. The figure was up from $2.7 billion owed by federal employees and retirees in 2007.

Bad-debt buyer Asta Funding Inc. this week reported a net loss of $79.2 million for its fiscal fourth quarter ended Sept. 30.

A few companies are trying to get the government to convert its preferred shares to common ones, but Superior Bancorp in Birmingham, Ala., had an even better idea, one widely expected to inspire imitators.

LOWER POTTSGROVE, Penn. – Students and faculty at Pottsgrove High School can now conduct their finances at school with the opening of a new on-campus branch of Tri County Area FCU.

SPRINGFIELD, Mo. – Assemblies of God CU purchased a branch this week being closed by Village Bank, its second purchase of a bank branch in recent months. The branch is one of three being closed by Village Bank.

COLUMBIA, Md. – State Employees CU of Maryland has acquired a former Krispy Kreme donut shoppe here which it plans to renovate into a new branch.

OLYMPIA, Wash. – Washington State Employees CU, the state’s second largest credit union, celebrated a grand opening yesterday for its new headquarters here, a five-story, 130,000 square-foot building on the downtown’s Union Avenue.

First California Financial Group Inc. postponed a common stock offering Wednesday because of a sharp drop in its share price.

First California Financial Group Inc. postponed the highly dilutive stock sale it unveiled last week, citing current market conditions, including its current trading price.

The Fed on Tuesday released an agreement with 1st Pacific Bancorp of San Diego, and the company's subsidiary, 1st Pacific Bank of California.

In a letter to Geithner, the Michigan Democrat said that the Treasury needs to tweak its criteria and provide assistance to community banks to get credit flowing to small businesses.

Despite raising nearly $620 million in capital this year, Flagstar Bancorp announced that it will be turning to shareholders for as much as $500 million through a rights offering.

ABILENE, Texas – Abilene Teachers FCU broke ground yesterday on a two-story building here that will serve as new headquarters and a branch for the $270 million credit union.