Americas

WASHINGTON — Community Bank of the Ozarks in Sunrise Beach, Mo., became the nation’s 51st failed bank of the year late Friday after it was closed by state regulators.

Cornerstone Financial in Mount Laurel, N.J., said it will net renew the current contract for George Matteo, the company's chairman, president and chief executive.

An activist investor group has threatened to file a lawsuit against Orrstown Financial Services (ORRF) unless the Shippensburg, Pa., company makes certain changes to its bylaws.

Bank regulators have lifted a memorandum of understanding against Timberland Bank nearly three years after the bank was hit with the enforcement action.

Jeffersonville Bancorp (JFBC) is set to become the latest New York company to exchange the federal charter of its bank for oversight by a state regulator.

After a stock offering fell short of expectations, Sierra Vista Bank (SVBA) in Folsom, Calif., plans to raise about $1.7 million through a securities purchase agreement with Taylor International Fund.

Flush with capital from a recent stock sale, Northeast has launched an online bank, established a nationwide loan-purchasing unit and, most recently, opened a mortgage office in Massachusetts.

A dispute in North Dakota over assessment fees for its state-owned bank could stymie efforts to open similar banks elsewhere.

Two community banks have repaid the Troubled Asset Relief Program.

MainSource Financial Group (MSFG) in Greensburg, Ind., has retired another chunk of the equity it originally issued in the Troubled Asset Relief Program.