Retail & Commercial

MVB Financial (MVBF) in Fairmont, W.Va., has agreed to purchase certain assets and assume certain liabilities of CFG Community Bank in Lutherville, Md.

Heritage Financial (HFWA) in Olympia, Wash., has agreed to buy Washington Banking (WBCO) in Oak Harbor. Heritage will pay about $265 million in cash and stock for Washington Banking, the companies said Wednesday.

The $5.2 billion-asset company reported a profit of $9.4 million in the third quarter, down 18% from the same period a year earlier, it announced Wednesday.

Fulton Financial (FULT) tossed out a tempting tidbit to investors on Wednesday — it has found a new chief financial officer.

Higher interest income boosted quarterly earnings at Texas Capital Bancshares (TCBI) in Dallas, which also had to pay a special deposit-insurance assessment.

New York State has slapped Prospect Mortgage with a $3 million fine for misleading homeowners on their interest rates, and has cited the mortgage lender for several other violations of state law.

JPMorgan Chase's acquisitions of Bear Stearns and Washington Mutual during the meltdown were once seen as bargains and more recently second-guessed in light of the bank's $13 billion mortgage settlement. The pain will pay off in the long run, experts say.

Coming out of this refinance boom is going to be more challenging than any other cycle during the past 25 years, according to longtime industry executive Ben Cowen.

Hayward Bancshares in Eau Claire, Wis., is merging its two bank charters in a bid to cut regulatory costs.

First Midwest Bancorp (FMBI) offset insurance costs and the impact of shrinking margins with the sale of its stake in a software firm.