John Koelmel recently became the president of HarborCenter Development, a Buffalo, N.Y., real estate company with ties to a professional hockey team.

Wells Fargo and Citigroup are laying off hundreds of employees in their mortgage units as rising interest rates cause home loan refinances to plummet. More layoffs by banks with heavy exposure to mortgages are expected this year.

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Second-quarter profits at Tompkins Financial Corp. in Ithaca, N.Y., rose on increased loan revenue and fees, but fell short of analysts' estimates.

The Buffalo, N.Y., company is bolstering its commercial lending and auto finance businesses while it looks to replace ousted CEO John Koelmel.

First Horizon National Corp. in Memphis missed second-quarter profit estimates as its lending and fee income slid.

Associated Banc-Corp (ASBC) in Green Bay, Wis., announced second-quarter earnings of $47 million, up 12% from a year earlier thanks to higher net interest income and mortgage banking revenue.

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.

Ellen Futter and David Cote, two of the three JPMorgan Chase board members who became lightning rods for governance criticism this spring, have left the bank.

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.

Online outrage this week over low wages at McDonald's has drawn in Visa, the processor of its payroll cards. The criticism comes as the cards in general and McDonald's version in particular are drawing mounting scrutiny for the fees they charge workers.

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

One of the largest privately owned collection agencies in the United Kingdom, known as dlc, has announced the creation of a first-party outsourcing service division to meet the demands of clients.

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).

Innovations from nonbanks will need a platform to provide distribution and the ability to scale quickly. Smart bankers will partner with startups to provide together what neither could do alone.

The editors of American Banker's BankThink blog discuss an ongoing series, "The Future Model of Banking," in which contributors envision products and services tomorrow's banks can offer that add value and that customers will happily pay for.

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