First National Bank of the Gulf Coast in Naples on Friday sold the first $40 million of common stock under a planned $148 million private placement.

Battered by problem loans, Tennessee Commerce said it lost $3.2 million in the first quarter. By comparison, the company earned $553,000 in the fourth quarter of 2010.

Thomas O'Brien, the chief executive and president of State Bancorp, just proved the adage that short-term pain can sometimes yield long-term gains.

Thomas O'Brien, the chief executive and president of State Bancorp, just proved the adage that short-term pain can sometimes yield long-term gains.

Amid weak demand for advances from member banks, total assets at the Federal Home Loan banks slipped to $848.7 million at March 31, down 3% from three months earlier.

Battered by problem loans, Tennessee Commerce said it lost $3.2 million in the first quarter. By comparison, the company earned $553,000 in the fourth quarter of 2010.

Valley National Bancorp in Wayne, N.J., is buying the $1.6 billion-asset State Bancorp in Jericho, N.Y., for $222 million in stock, or 1.85 times State's tangible book value.

Citizens Republic Bancorp Inc. in Flint, Mich., reported a loss of $68.7 million in the first quarter, a marked improvement over the $106 million it lost in the last quarter of 2010.

The Federal Reserve Board this week announced enforcement actions against three banks.

United Community Bancshares Inc. in Blairsville, Ga., has not reported a profitable quarter since mid-2008, but its chief executive said Thursday that he expects that to change starting this quarter.

Things might be improving for Flagstar Bancorp Inc. in Troy, Mich., despite recording its eleventh straight quarterly loss on Wednesday.

As one of the 14 mortgage servicers directed by regulators to tighten foreclosure practices, EverBank may be forced to delay its IPO — which in turn casts doubts on its growth strategy.

Amalgamated Bank in New York has named Edward Grebow, a former private-equity firm executive, as its president and chief executive.

Abington Bancorp Inc. in Jenkintown, Pa., has settled a shareholder lawsuit alleging that officers and directors had breached their fiduciary duty when they agreed to sell the company to Susquehanna Bancshares Inc. for $273 million in stock.

United Community Bancshares in Blairsville, Ga., has not reported a profitable quarter since mid-2008, but its CEO said Thursday he expects that to change starting this quarter.

Iberiabank Corp. in Lafayette, La., reported Tuesday that first-quarter earnings rose 12.6% from a year earlier, to $14.6 million, despite $1 million in acquisition costs.

Cullen/Frost Bankers Inc. in San Antonio said Wednesday that first-quarter earnings rose 8.6% from a year earlier, to $52 million.

Sterling Bancorp said the Treasury Department has approved its exit from the Troubled Asset Relief Program. On Wednesday Sterling redeemed all $42 million of preferred stock tied to Tarp.

First Financial Bankshares Inc. in Abilene, Texas, is planning a three-for-two split of its common stock. The $3.83 billion-asset company said the split will take the form of a 50% stock dividend, which it will distribute on June 1 to shareholders of record on May 15.

Put two ailing banks together and conventional wisdom dictates you might have twice the problems. You might also have a very attractive target for private equity.