Retail & Commercial

The number of customers who obtained 10 payday loans in 2015 outnumbered those who obtained just one, the California Department of Business Oversight said in a report Wednesday.

Payments processor Vantiv and buyout firm Warburg Pincus are among suitors seeking to buy a U.S. payments business owned by Royal Bank of Canada and Bank of Montreal, according to people familiar with the matter.

While often looked upon by preceding generations as commitment-phobic and "irresponsible job hoppers" laden with severe debt, millennials who receive fair wages tend to be loyal to their employers and committed to building savings and credit, according to the latest Credit Karma Millennial Report.

Installment lenders are concerned that efforts by the Consumer Financial Protection Bureau to curb the most abusive and predatory practices associated with payday loans will wreak havoc on their business.

HCSB Financial in Loris, S.C., has recruited its third executive since completing a key recapitalization.

Blackmoon, a Russian financial technology startup that analyzes, screens and prices loans issued by others to sell on to investors, is opening a U.S. office to expand in the world's biggest market for non-bank lending.

Bank consolidation in 2016 continues to lag behind last year's pace, although the average deal value is considerably larger.

Millennials, who alreadymake up a third of banked consumers in America, are used to transacting life in clicks and swipes. Institutions must embrace their needs now or risk extinction.

Flushing Financial in Uniondale, N.Y., has raised $21 million in capital after selling an office building.

American National in Danville, Va., has hired the former chief financial officer at NewBridge Bancorp to oversee strategic initiatives.