Retail & Commercial

The nation's mega servicers are increasing their use of principal reductions in modifying loans as they fulfill obligations under the $25 billion robo-signing settlement with the state attorneys general and federal agencies, according to new figures released by the Treasury Department.

In what would be its first acquisition in its 11-year history, Westfield Bancorp in Westfield Center, Ohio, is buying Western Reserve Bancorp in nearby Medina for about $18 million in cash.

The Atlanta bank, which was forced to retreat from a $5 debit-card fee in the fall, is making it more difficult for some customers to qualify for free checking.

Two years after postponing its planned conversion to a 100% stock-owned company, Northfield Bancorp, a mutual holding company in Avenel, N.J., is finally ready to take that second step.

Mercantile Bank Corporation (MBWM) in Grand Rapids, Mich., has completed its exit from the Troubled Asset Relief program by repurchasing the $10.5 million of stock that was still held by the Treasury Department.

Fox Chase Bancorp (FXCB) in Hatboro, Pa., is planning to restructure its balance sheet this quarter in an effort to better position itself for potential changes in interest rates and improve its net interest income.

BancorpSouth quietly cut a deal in Arkansas that could undercut Florida claims in the overdraft case and save it millions. A federal judge is not amused.

"People love the idea of simply waving their phone and paying," says an entrepreneur whose $10 product lets them do that — by sticking their contactless card in a pocket attached to the handset.

John Owen will oversee consumer and commercial business lines, and Keith Herron takes reins of strategic planning.

A former sailor who posed as a Navy SEAL chief to gain the trust of sailors and convince them to give him their personal information was sentenced this afternoon to seven years in prison for using the information to obtain $182,000 of fraudulent car loans from Navy FCU.