Banking

Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.

Unity Bancorp (UNTY) in Clinton, N.J., plans to raise up to $6 million through a rights offering.

The cutting-edge bank — it already offers smart watch apps — is testing the technology on its employees' mobile devices and, if all goes well, it plans to roll it out to its customers by late summer.

The wealth management units of Wells Fargo and Bank of the West are looking to expand their asset-management businesses by entering the lucrative — and competitive — New York market. Both banks are opening new offices in Manhattan this year.

Robert Wilmers, chairman and CEO of M&T Bank, told shareholders at its annual meeting that times are tough for banking and that the continued delay of its Hudson City deal, and associated high costs, are disappointing. But he insisted that the deal is still worth doing.

National Penn Bancshares (NPBC) in Allentown, Pa., dropped out of the auction Tuesday afternoon after U.S. Bankruptcy Court Judge David Rice agreed to reopen bidding for First Mariner.

CARS Inc. and others in the CDFI industry hope that making financial data easier to obtain will spur more people to invest in the sector.

The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.

Poage Bankshares (PBSK) in Ashland, Ky., and an activist investor have sent competing letters to shareholders ahead of next month's annual meeting.

Westamerica Bancorp. (WABC) in San Rafael, Calif., reported a dip in profits because of fewer customer transactions and a decline in loan revenue.

Needham Bank in Massachusetts will have a new chief executive next year.

The conventional wisdom has always been: prepaid card customers will pay a fee for mobile check deposit, but bank customers won't. A year ago, Regions Bank decided to charge a fee to both audiences and has monitored the results.

New Jersey Community Bank in Freehold (NJCB) has revised its fourth-quarter and annual results for 2013 to reflect a non-recurring $2 million litigation charge.

Bank of China New York has agreed to use Deutsche Bank's new payments technology to process international payments to U.S. recipients.

Bank of the Ozarks (OZRK) in Little Rock, Ark., said that its first-quarter earnings climbed 26% from the same period last year, to $25.3 million, thanks largely to strong loan growth and an accounting gain stemming from its March acquisition of Texas of Bancshares.

Washington Federal (WAFD) in Seattle reported higher quarterly profit because of an improved deposit mix, increased fee income and loan growth.

Bitcoin companies are looking to win business from large corporations by offering more of the security features that traditional payments providers have long used.

The goal is to meet the financial education needs of everyone in the community — whether it’s the tech-savvy second-grader, the recent high school graduate getting her first checking account or a retiree learning how to stick to a fixed income.

A survey by the Mortgage Bankers Association points to a solid increase in March new home sales after a slow start to the spring selling season.