Capital

The mutual's conversion could bring in up to $22.5 million in proceeds.

Investar will pay $46 million in cash for Citizens, which has three branches and $246 million in assets.

The New York bank will double in size while gaining greater access to Long Island and low-cost deposits that should come in handy as interest rates rise.

Premier Asset Management will add $550 million of assets under management to a platform that First Midwest has historically built with organic growth.

The agreement comes three months after Astoria and New York Community Bancorp called off plans to merge.

A strong economy, an abundance of small businesses and a shakeout from industry consolidation are making the area between Los Angeles and San Diego appealing to bank organizers.

The Denver bank had spent the last two-plus years addressing concerns about capital and underwriting procedures.

The founders of the South Carolina bank, which liquidated after lavish spending and losses depleted its capital, paid a total of $55,000 in fines and face restrictions on future employment.

The banking industry's top advocacy groups can't support giving credit unions capital-raising alternatives, but they are trying to understand the NCUA's complex proposal before filing comment letters against it.

A month into the comment period, NCUA has yet to receive a single response to a proposal that could provide credit unions easier access to market capital. The issue is unusually complex, experts say.