Retail & Commercial

Wells Fargo, reeling from weeks of pummeling over fraudulent customer accounts, was sanctioned by the Justice Department and Office of the Comptroller of the Currency over improperly repossessing cars owned by members of the military.

Orrstown Financial in Shippensburg, Pa., has agreed to pay a $1 million to settle charges that it misled investors as it raised capital in the wake of the financial crisis.

City National Bank in Los Angeles has launched a national business to focus on the food and beverage industries.

Scottrade Financial Services, an online brokerage services company whose holdings include the $16 billion-asset Scottrade Bank, is working with an adviser to explore a sale, according to people familiar with the matter.

The traditional audience for prepaid cards is the underbanked or unbanked, many of whom are excluded from the mainstream financial services system due to their lacking credit histories. Green Dot is nevertheless pursuing this audience with a Platinum Visa secured credit card that requires an upfront cash deposit and carries a raft of fees.

The U.S. Supreme Court will take up a free-speech clash with big stakes for retailers and credit-card companies, agreeing to decide the fate of laws in 10 states that limit how merchants can describe the lower prices they charge for cash transactions.

Revere Bank in Laurel, Md., has raised $31 million in a subordinated debt offering that it plans to use for M&A and other purposes.

The Consumer Financial Protection Bureau's proposal not only requires lenders to determine a borrower's ability to repay, but also forces creditors to follow the bureau's approach to making that determination.

Mercantile Bank Corp. in Grand Rapids, Mich., announced several promotions that underscore a heightened focus on loan growth.

Granite Bank in Portsmouth, N.H., has acquired Cousins Home Lending.