Banking

Trust-preferred creditors have forced two indebted bank holding companies into involuntary bankruptcy this summer. Secured lenders may soon follow their lead and start foreclosing on bank stock collateral.

KeyCorp (KEY) in Cleveland reported higher quarterly earnings after a jump in investment banking and debt placement fees and lower credit costs.

WEX, a corporate payments company, has closed its acquisition of Evolution1, a Fargo-based firm that produces software to manage health care transactions.

Sageworks, a credit-risk management, analysis and valuation solutions provider in Raleigh, N.C., has launched a cloud-based bank and credit union data platform for banks, investors and banking industry vendors.

New York's financial regulation chief is proposing a "BitLicense" regulatory regime that he says will protect consumers and root out wrongdoing without stifling innovation by virtual-currency businesses in the state.

A new report shows a total of 613,874 U.S. properties with foreclosure filings - default notices, scheduled auctions and bank repossessions - in the first half of 2014, a 19% drop from the previous six months.

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

The plan was for Kang Gao to do his exit interview with Two Sigma Investments LLC, a $21 billion quantitative hedge fund in New York, and jump to Citadel LLC, a rival firm in Chicago.

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.

Ally Bank, the direct bank subsidiary of Ally Financial in Midvale, Utah, has launched an internally developed mobile banking app designed for larger screen iPad devices.

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.

Farmers Bank & Trust in Magnolia, Ark., has agreed to acquire the 1st Bank of Texarkana, a $309 million-asset bank located just over the state line in Texas.

Bank of America Corp. reiterated an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, a deal prosecutors had previously rejected, a person with knowledge of the matter said.