Banking

United Bankshares in Charleston, W.Va., recorded profit growth in the third quarter on higher average earning assets.

California’s Richmond Community Foundation will pursue a new social impact bond vehicle with a $3 million revenue bond private placement it hopes to close next month with the local Mechanics Bank.

Bank of America in Charlotte, N.C., is selling 23 branches in West Coast states. The bank also plans to sell a total of $1.2 billion in deposits and $821,000 in loans to TriCo Bancshares in Chico, Calif.; Bank of Commerce Holdings in Redding, Calif.; and Cascade Bancorp in Bend, Ore.

Ally Financial in Detroit drew more deposits into its online bank last quarter, which helped improve its lending margin even as profits declined.

The RushCard debacle should lead to consumer improvements, but it should not undercut the progress prepaid has made in helping consumers manage their finances.

Spencer Savings Bank and Southbridge Savings Bank in Massachusetts have agreed to merge in a combination of mutual thrifts in the Worcester, Mass., area.

MB Financial in Chicago has agreed to buy an asset management firm.

Opus Bank in Irvine, Calif., has promoted Jennifer Simmons to chief operating officer and appointed her to the executive committee.

BOK Financial in Tulsa, Oklahoma, reported a small drop in third-quarter profit, as a decline in the value of mortgage servicing rights offset loan and fee income growth.

All participants in financial services will have to start behaving, thinking, organizing themselves as technology companies and focus on three things: technology, data and customer (or, better yet, user) experience.

Santander Consumer USA Holdings plans to exit personal lending and focus primarily on its auto-finance business.

Security National Automotive Acceptance Co. will pay $3.28 million in refunds and fines to settle CFPB charges that it used illegal debt collection tactics against military service members.

Women who own small businesses are happier with their banking experiences than their male counterparts are, according to a study by J.D. Power released Thursday.

The zero or low default rates reported by banks may on the face be a good sign but could suggest mounting future credit risk, based on a review of data published by the FDIC.

American Bank in Corpus Christi, Texas, will promote two executives next year, after longtime chairman and chief executive Al Jones retires.

Mercantile Bank in Grand Rapids, Mich., plans to close five branches to cut costs. The $2.9 billion-asset company said in a press release Wednesday that it plans to close the branches in the first quarter.

A federal judge in Illinois has ruled that national for-profit chain Corinthian Colleges Inc. must pay $531 million in damages to former students for misleading them about their career prospects and engaging in other deceptive practices.

Eastern Bank's 18-month-old innovation unit, run by startup veterans, is preparing to release its first product as the industry continues to allocate resources to internal tech labs while wondering when and how such efforts will pay off.

Valley National Bancorp in Wayne, N.J., reported a jump in third-quarter earnings on growth in lending and fee income.

The U.S. Department of Education has released two regulatory packages addressing products and payment plans directed at student borrowers.