Retail & Commercial

Wells Fargo has named Michael DeVito head of mortgage production, making him responsible for its retail and correspondent lending divisions.

NexTier in Butler, Pa., has agreed to buy Eureka Financial in Pittsburgh.

The New York licensing process for virtual currency companies is stoking fears that firms which do apply could inadvertently open themselves up to prosecution.

DCB Financial has agreed to sell its headquarters in Lewis Center, Ohio, for $8.2 million.

First Dakota National Bank in Yankton, S.D., has agreed to buy Dakota State Bank in Blunt, S.D.

Some institutions, such as Amalgamated Bank in New York, are voluntarily raising wages for tellers and other workers, while banks in cities such as Seattle and Los Angeles are being forced to pay more by municipal ordinances.

The smartphone can add significant security to payments, but it is also a tool that fraudsters can exploit. Researchers and scammers have already found several unique attacks that rely on mobile devices.

About a fifth of the $163 million in credit Citi has earned under terms of the 2014 settlement would be considered extra credit. Citi can earn extra credit by doing things such as completing loan modifications early or reducing loan-to-value ratios below certain levels.

The San Francisco company hopes to lower its costs by driving out human intervention as much as possible. To get there, it has made the counterintuitive decision to locate its operations staff in one of the country’s most expensive cities.

Summit State Bank in Santa Rosa, Calif., has exited the Small Business Lending Fund.