Retail & Commercial

Webster Financial (WBS) in Waterbury, Conn., reported higher quarterly earnings but missed its earnings targets as mortgage-banking fees declined more than expected.

KeyCorp (KEY) in Cleveland has agreed to buy Pacific Crest Securities, a technology-focused investment bank and capital markets firm.

New rules published by New York State regulators include better disclosures for collection communications, provisions for email, protections against time-barred collection and stronger verification procedures.

Nonbank mortgage lenders pose greater risks to Fannie Mae and Freddie Mac because they have limited government oversight and generally weaker finances than banks, according to a government watchdog report.

Under a measure passed Wednesday, the use of federal funds to punish banks for providing accounts to pot businesses would be prohibited.

First National Bank of Green Forest in Arkansas has chosen a new name but kept it in the family, so to speak. The $347 million-asset bank will rebrand itself as Anstaff Bank, a blend of the names of its two founding families, Anderson and Stafford.

Cardinal Financial (CFNL) in Tysons Corner, Va., blamed a 14% drop in profits on acquisition-related expenses.

Guaranty Bancorp (GBNK) in Denver has bought Cherry Hills Investment Advisors in Greenwood Village, Colo.

Tom Wolfe, who oversees two of Wells Fargo's fastest-growing consumer businesses in credit cards and auto lending, will leave the bank later this year.

Bank of the Carolinas in Mocksville, N.C., has raised $46 million through a private placement. The $428 million-asset company said that it sold about 458 million shares of newly issued common stock at 10 cents each to unnamed institutional and accredited investors.