Retail & Commercial

Union Bank in San Francisco has created a new bank account designed for the underbanked.

Bay Banks of Virginia in Kilmarnock is reducing its workforce due to a decline in branch traffic.

Umpqua Holdings in Portland, Ore., has agreed to buy Financial Pacific Holding in Federal Way, Wash.

The FDIC's decision to fund its emergency needs by calling upon banks to prepay future premiums back in 2009 suggests that the line to the Treasury may never be used.

A Pennsylvania lawmaker has introduced legislation to legalize high-cost, short-term loans in the state.

SunTrust is expected to announce Tuesday that it plans to put financial counselors in its branches as part of a pilot program with Operation HOPE, a nonprofit that works to provide financial literacy training to low-income families.

HSBC Holdings broke New York foreclosure law and put homeowners at greater risk of losing their homes, according to New York Attorney General Eric Schneiderman, who said he is suing the bank today.

BancorpSouth (BXS) in Tupelo, Miss., will take a $10.9 million charge for an early-retirement program meant to cut costs in the long term — and an additional charge is possible.

The $76 million-asset lender raised the sum from local investors. It began the effort in October and finished at the end of May, its financial advisor, Community Capital Advisors, announced on Monday.