Steele Holdings Inc. said Friday that it had bought American State Bank in Arp, Texas. Steele, a private company based in Tyler, Texas, paid an undisclosed amount of cash for the $220.2 million-asset bank.

PAB Bankshares Inc. has announced that it received a prompt corrective action directive from the Federal Reserve due to the "significantly undercapitalized" status of its Park Avenue Bank.

It was another busy — and costly — night for regulators in the Southeast. Of the nation's six failures Friday — bringing the year's total to 157 — three were in Georgia and one was in Florida, continuing the onslaught the two states have suffered in the crisis.

With the Office of the Comptroller of the Currency slated to absorb the Office of Thrift Supervision next summer, the future of the personalized interest rate risk assessment that the OTS supplied quarterly to thrifts remains undetermined.

It was another busy — and costly — night for regulators in the Southeast. Of the nation's six failures Friday — bringing the year's total to 157 — three were in Georgia and one was in Florida, continuing the onslaught the two states have suffered in the crisis.

With the OCC slated to absorb the OTS next summer, the future of the personalized interest rate risk assessment that the OTS supplied quarterly to thrifts remains undetermined.

Bank of Montreal said it is buying Marshall & Ilsley in a share swap valued at $4.1 billion, making a long-anticipated move to expand its operations in the U.S.

Bloodied but unbowed, the Florida banking market is poised for a rebound, but only a handful of in-state banks have the capital to take advantage of one.

The board of the National Credit Union Administration on Thursday approved a rule raising financial literacy standards for credit union directors.

Tower Bancorp of Harrisburg, Pa., said it is looking to raise $44.5 million in capital less than a week after closing its long-delayed acquisition of First Chester County Corp.

Polonia Bancorp in Huntingdon Valley, Pa., has dropped plans to buy back common stock after its takeover of a failed bank.

American National Bankshares Inc. in Danville, Va., announced it is buying MidCarolina Financial Corp. for $38.8 million.

United Bankshares Inc. announced Thursday that it has agreed to buy Centra Financial Holdings Inc. for $187 million.

U.S. AgBank and CoBank, two of the nation's largest agricultural lenders, plan to merge next year, expanding their reach as the farm economy booms.

Tower Bancorp of Harrisburg, Pa., said it will sell a minimum 2.2 million shares in its planned equity offering and that the shares priced at a 10% discount to their Wednesday close.

Sandy Spring Bancorp Inc. in Olney, Md., redeemed the remaining $41.5 million of preferred stock held by the Treasury Department.

First Mid-Illinois Bancshares Inc. in Mattoon said Tuesday that it would raise up to $25 million in capital through a private placement of preferred stock.

BancFirst Corp. in Oklahoma City on Wednesday completed its purchase of OK Bancorp., its second acquisition this week.

United Western Bancorp Inc. in Denver said its thrift was undercapitalized at Sept. 30 after further writedowns on its portfolio of mortgage-backed securities.

Beehive Credit Union in Salt Lake City, which once had assets of $200 million and unsuccessfully tried to convert to a mutual savings bank, was shut down Wednesday.