WASHINGTON — The Federal Reserve announced the formation of a federal advisory council to examine and advise the board on matters related to community and consumer affairs.

Franklin Financial Network in Franklin, Tenn., has filed for a $50 million initial public offering.

Republic Bancorp in Louisville, Ky., reported a quadrupling in profit due to higher interest income and lower expenses during the fourth quarter of 2014.

The $269 million-asset bank has named Russ Weyers as its president and chief executive, according to the Milwaukee Business Journal.

PrivateBancorp in Chicago reported higher quarterly profit as strong loan growth offset lower yields.

Bank of the Ozarks in Little Rock, Ark., reported a higher profit in the fourth quarter behind record net interest income.

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First Sound Bank in Seattle has agreed to buy Eastside Commercial Bank in Bellevue, Wash.

Home Financial Bancorp in Spencer, Ind., has hired a consulting firm after the unexpected death of its chief financial officer.

SVB Financial in Santa Clara, Calif., has agreed to sell a specialty finance business in India at a net loss.

Home BancShares in Conway, Ark., swallowed $1.7 million of merger-integration costs in the fourth quarter, capping a year of investment in its expansion.

Profits at People's United Financial in Bridgeport, Conn., edged up in the fourth quarter thanks to fee income and loan growth.

The president's job at Northwest Indiana Bancorp of Munster, Ind., has been passed on to a fourth generation of Bochnowski. The company said Benjamin Bochnowski, who remains the company's chief operating officer, will have the same posts at its bank.

Wintrust Financial in Rosemont, Ill., reported higher quarterly earnings on increased revenue, with fourth-quarter profit rose 8% from a year earlier, to $38.13 million.

First Republic Bank in San Francisco reported flat fourth-quarter profits as strong deposit growth and gains in both interest and fee income were largely offset by higher expenses.

Under pressure from Congress and credit unions, the NCUA significantly dialed back its proposal to institute risk-based capital requirements, raising the threshold of which institutions must comply and softening other provisions.

Westamerica Bancorp. in San Rafael, Calif., reported lower quarterly results as lower yields and a smaller loan book dragged down profit.

The Bancorp in Wilmington, Del., said the Federal Deposit Insurance Corp. will assess an insurance premium surcharge after a broader ruling on the status of prepaid cards.

FS Card announced Thursday that Republic Bank & Trust in Louisville, Ky., will issue its new subprime credit card, which is scheduled to be launched this spring.

Commerce Bancshares in Kansas City, Mo., is delaying the release of its fourth-quarter results while external auditors complete a review of its procedures for establishing its loan-loss allowance.