Banking industry officials hailed changes Tuesday to a Financial Accounting Standards Board rule that they have long complained unfairly distorts banks' quarterly earnings.

Ally Financial in Detroit has received a demand from an activist investor to explore strategic alternatives, including a possible sale of the company. The activist is also seeking two board seats.

Community Shores Bank Corp. in Muskegon, Mich., has raised about $5.3 million and has been released from an enforcement action.

Grant Bancshares in Natchitoches, La., has acquired Bank of Ringgold in Louisiana.

The number of locally owned banks in Westchester County has shrunk from 25 institutions in the 1970s to just four today. PCSB, which moved its headquarters to the county after buying a local bank, hopes to settle in quickly.

Riverview Financial in Harrisburg, Pa., has completed an acquisition that it had shelved last summer.

BOK Financial in Tulsa, Okla., has agreed to buy Weaver Wealth Management, an investment advisory firm in Texas.

Sierra Bancorp in Porterville, Calif., has agreed to buy Coast Bancorp in San Luis Obispo, Calif.

KeyCorp in Cleveland will retain two First Niagara Financial Group executives after its acquisition of the Buffalo, N.Y., company closes.

Bank consolidation turned a corner last year as more large banks became comfortable returning to M&A. A panel of investment bankers believes that trend will continue in the coming year.

A large investor in Old Point Financial is looking to gain a seat on the Hampton, Va., company’s board.

Unlike the bargain-heavy aftermath of the crisis, acquisitions during the recovery have been hampered by high premiums and unsatisfactory returns.

Opportunities abound, in affordable housing, capital raising, consumer lending and more. We aim to get you thinking about how new developments on many fronts could affect your business as you plan for the coming year and beyond.

Heritage Bankshares in Norfolk, Va., has exited the Small Business Lending Fund, ahead of its proposed deal to be acquired by Southern BancShares in Mount Olive, N.C.

SB Financial Group in Defiance, Ohio, has bought a former Fifth Third Bank branch in Bowling Green, Ohio.

East West Bancorp in Pasadena, Calif., paid $118.4 million to terminate single-family and commercial shared-loss agreements with the Federal Deposit Insurance Corp., tied to an acquisition of a failed bank.

Colony Bankcorp in Fitzgerald, Ga., has redeemed about a quarter of its shares in the Troubled Asset Relief Program.

Emclaire Financial in Emlenton, Pa., has agreed to buy United-American Savings Bank in Pittsburgh for $14.1 million.

Kelly King was recently named American Banker's Banker of the Year based on his ability to complete big M&A deals and work through problems with regulators. Here are his extended thoughts on those topics as well as others, including the challenges behind making the payments system fast and safe.

Amboy Bancorp in Amboy, Ill., has agreed to buy Franklin Grove Bank in Franklin Grove, Ill.