Retail & Commercial

MutualFirst Financial in Muncie, Ind., which is under pressure from an activist investor to sell itself, has agreed to buy the trust business of First Bank of Berne in Indiana.

It's been nearly a century since reformers and lenders agreed on 36% as a small-dollar loan ceiling. Inflation has since swelled production costs, and lending under this cap is no longer profitable. The result: fewer options for consumers.

Lakeland Bancorp in Oak Ridge, N.J., has agreed to buy Pascack Bancorp in Waldwick, N.J.

ASB Bancorp in Asheville, N.C., has received its second challenge in less than a month from an activist investor. The latest seeks a sale of the company.

WASHINGTON — In the wake of Benjamin Lawsky's departure as head of the New York Department of Financial Services two months ago, there were some in the banking industry that predicted the agency might back away from being the outspoken, aggressive one it had become during his tenure.

Many online small-business lenders worry that future regulations could stymie innovation in this fast-growing industry. But well-designed requirements would simply ensure that online lenders can offer adequate borrower protections without giving up market share.

First Foundation in Irvine, Calif., has begun an initial public offering to raise up to $100 million.

AJS Bancorp in Midlothian, Ill., has given its chairman and chief executive the additional title of chief financial officer.

The small-business lender's shift 18 months ago to a marketplace player that sells loans to investors paid off handsomely in the second quarter.

Guardian Mortgage has named a Bank of America executive to succeed Marcia Phillips as chief executive.