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Unless banks devote the same amount of investment as standalone incubators, the innovation labs launched by financial institutions will be a short-term fad.

First Citizens BancShares in Raleigh, N.C., said Wednesday that its fourth-quarter profit fell 32.1% from a year earlier, to $42.7 million.

Kevin Thompson, who had been selected for the post in November, notified the $6 billion-asset company that he will remain at Zions Bancorp. in Salt Lake City to be near members of his immediate family who were involved an accident shortly after he accepted the WSFS post.

Discover Financial Services reported a slowdown in growth in its credit card business but vowed to take steps to reverse the trend.

Umpqua Holdings in Portland, Ore., posted stronger quarterly earnings because of an increase in mortgage banking fees and lower costs.

Earnings at Valley National Bancorp in Wayne, N.J., fell significantly in the fourth quarter, largely because of costs to pay off debt.

CUNA Mutual Group has formed a partnership with the National Credit Union Foundation to develop marketing strategies for credit unions to connect with members of Generation Z.

Chargeoffs jumped 13% at the Dallas lender, and its warning that they could increase further because of deterioration in subprime auto lending set off alarm bells about the broader consumer finance market.

Prosperity Bancshares in Houston reported a 4.23% dip in fourth-quarter profit on lower levels of loan discount accretion.

The company no longer feels the need to sell loans since it has a deal in hand to confidently cross a key regulatory threshold. Still, management said it likes the revenue opportunities from occasionally selling off originations.

The combination of falling stock prices, higher-risk strategies and signs of worsening credit quality does not bode well for the industry's road ahead.

Bank executives have faced relentless questions about their energy-sector exposure during fourth-quarter earnings calls this month, as oil has bobbed above and below $30 a barrel. They are taking more drastic actions to contain losses, but it still might not be enough.

Malvern Bancorp in Paoli, Pa., on Wednesday reported a profit for its first fiscal quarter of 2016 and said the Office of the Comptroller of the Currency had lifted a formal written agreement with its Malvern Federal Savings Bank subsidiary dating to October 2014.

The energy sector downturn took a big bite out of quarterly earnings at Cullen/Frost Bankers in San Antonio.

Banking's top trade groups sent a letter to Congress asking lawmakers to intervene and stop a plan by the National Credit Union Administration to expand field of membership for federal credit unions.

Santander Consumer USA Holdings on Wednesday reported a sharp drop in profits, due to losses tied to its exit from personal lending.

Royal Bank of Scotland Group took a surprise 3.6 billion-pound ($5.2 billion) hit to the value of its assets and set aside more money for past misconduct, limiting Chief Executive Officer Ross McEwan's ability to return capital to shareholders.

Banco Santander SA built up capital in the fourth quarter, easing investor concern about its ability to bolster buffers, as Spain's largest lender booked charges that wiped out profit.

State Street reported a 17% increase in fourth-quarter profit as it cut expenses, offsetting a decline in revenue.

The $649 million-asset holding company for Malvern Federal Savings Bank promoted Karen Walter to chief operating officer.