Retail & Commercial

Independent ATM operator Cardtronics plc is expanding to Australia and New Zealand with the purchase of Canada’s DirectCash Payments Inc., which operates ATMs in several regions.

A Morgan Stanley unit was accused by Massachusetts officials of forcing its financial advisers into high-pressure sales contests to cross-sell so-called securities-based loans and other products to clients.

Chicago Treasurer Kurt Summers plans to divest $25 million the city has invested with Wells Fargo after the company admitted to opening potentially millions of bogus client accounts, joining state officials who have pulled business from the bank because of the scandal.

First Merchants Corp. recently agreed to buy a minority stake in a bank in an attractive market. The move could allow the company to obtain intel while gaining an edge should the other bank decide to sell.

Prosper Marketplace is closing the secondary market for its loans, citing a lack of demand among investors.

While the Wells Fargo scandal might offer marketing opportunities for community banks, there is concern about regulatory fallout that fails to distinguish between large and small banks.

A strategy to reinvigorate black-owned financial institutions would not only bring hope to the black community but would also be an inspiration for other minorities who seek to be more effectively served by financial institutions that understand their needs.

Meta Financial in Sioux Falls, S.D., has agreed to buy most of the assets and liabilities for a company that handles transactions for tax preparers.

First Commonwealth Financial in Indiana, Pa., has agreed to buy DCB Financial in Lewis Center, Ohio, for $106 million in cash and stock.

The private student loan market is dominated by large players, but some community banks are turning to a third-party tech company to help them get in the game.