Banking

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.

Charaka Kithulegoda, CIO of ING Direct Canada, encouraged fellow bankers to go beyond the status quo during his keynote address at the Mobile Banking and Commerce Summit.

Shamir Karkal, the fintech company's CFO and co-founder, was a speaker at the Mobile Banking and Commerce Summit this week in Miami.

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.

BBVA Compass announced Monday that it's offering Mitek's (MITK) Mobile Photo Bill Pay technology to its retail customers.

Citigroup said Monday that it has launched a mobile version of its CitiManager desktop portal. The management tool allows corporate cardholders to check in on accounts, statements and transactions.

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.

The Houston company said Monday it has purchased the assets of Merrimak ATM Group of Rohnert Park, Calif. Financial terms were not disclosed.

It's been a buoyant year for stocks but not for bank deals. Regulatory uncertainty and a failure of buyers and sellers to come to terms on price continue to stymie activity. American Banker staffers discuss whether the market is getting closer to taking off and why some big investors have been selling.

Overdraft revenue at banks, thrifts and credit unions has stagnated over the last year, according to new research, as the industry absorbs the impact of past regulations and braces for potential future ones.

Regulation should be strong enough to protect investors yet business-minded enough to promote active derivatives, mortgage and other markets, says Judd Gregg, a former New Hampshire lawmaker and new chief executive of the Securities Industry and Financial Markets Association.

A proposal that banks break down their deposit fee income by overdraft charges and other revenue sources in quarterly call reports has sparked a debate over whether the reporting process should aid the development of consumer policy.

First National Bank of Talladega has coaxed a banking veteran out of retirement to serve as the Alabama company's president and chief executive.

Reforming the housing finance system cannot and should not be rushed, especially since we lack basic information on the likely impact of the various proposed alternatives.