Executives at SunTrust hope higher interest rates eventually translate into more new mortgages and wider margins, but the hit to its refinancing business is forcing cost cuts and balance sheet adjustments now.

The Georgia company is finally ready to exit the Troubled Asset Relief Program, allowing executives to set their sights on increasing revenue.

The Federal Reserve Board has levied a fine against Minster Bank in Ohio and freed a Missouri company from an enforcement action.

State Street Corp., the third-largest custody bank, said second-quarter profit climbed 16 percent as rising global equity markets lifted the value of the assets it oversees.

Shares of City National Corp. in Los Angeles rose Friday after it beat its earnings estimates on strong wealth management income.

First Niagara Financial Group (FNFG) in Buffalo, N.Y., met quarterly earnings estimates as its lending income ticked up and margins widened.

Washington Federal (WAFD) in Seattle has agreed to buy 51 branches from Bank of America (BAC).

SunTrust Banks in Atlanta reported higher second-quarter earnings that reflected the elimination of more than 2,000 positions in the past year.

Independent Bank Group has agreed to buy Collin Bank, the first acquisition for Independent since it raised $87 million in an April initial public offering.

Synovus Financial (SNV) said Thursday it plans to use a combination of new capital and cash on hand to repurchase preferred stock from the Troubled Asset Relief Program.

Ameris Bancorp (ABCB)'s quarterly profit more than tripled, primarily on gains in mortgage revenue and a drop in the provision for loan losses.

Disagreements between Democrats and Republicans on the House Financial Services Committee over a GOP-backed housing plan offered a sharp contrast with bipartisan efforts in the Senate.

Profits at Republic Bancorp (RBCAA) fell in the second quarter as the Louisville, Ky., company continues to suffer from the loss of its lucrative tax-refund anticipation loan program.

Deposit costs lagged short-term interest rates on the way up and the way down during the last cycle. A relatively large representation of long-term certificates of deposits could help as rates rise.

First Republic Bank's shares surged Thursday after the San Francisco lender reported a 16% rise in quarterly profit, driven by investment-advisor revenue.

The $23.3 billion-asset company reported Wednesday a second-quarter profit of $74 million, 5% higher than the second quarter of 2012.

Dodd-Frank spurred many mutual banks to convert to stock ownership. Now these well-capitalized, strategically located institutions are approaching the end of the three-year probationary period before they can be sold.

Flagstar Bancorp (FBC) in Troy, Mich., plans to outsource the servicing of some $3 billion of defaulted mortgages.

PrivateBancorp (PVTB) in Chicago reported a jump in quarterly income as costs associated with soured loans and foreclosed properties fell sharply.

The nation's largest retail banks could lose $92 billion in deposits and $5.1 billion in revenues in the next year, as frustrated customers switch to smaller banks and credit unions, according to a new study.