Once the Puerto Rican company repays its Tarp funds, management will focus on growing in New York and south Florida. The company also hopes to benefit from any improvement in the Puerto Rican economy.

The company is suing Basswood Capital, claiming the activist hedge fund unlawfully accumulated a large stake by violating a confidentiality agreement. It also claims that Basswood's meddling resulted in a subpar capital raise last month.

OmniAmerican (OABC) had a good problem earlier this year: competing offers from eager buyers. The Texas bank, which accepted a slightly smaller price from Southside Bancshares (SBSI), explained its reasoning in a regulatory filing. Here are the highlights.

Chemical Financial (CHFC) in Midland, Mich., expects to raise $70 million through the sale of common stock.

Meridian Bank Texas in Fort Worth has acquired State Bank & Trust in Carrolton, Texas.

M&T Bank (MTB) has been ordered to forfeit $560,000 that a teller laundered for drug traffickers.

Six directors resigned after the company contested an activist investor's successful effort to wrest board control. As a court battle looms and regulators watch, the company could struggle to find replacement directors.

ViewPoint Financial Group in Plano, Texas, has pushed back the expected closing date for its purchase of LegacyTexas Group, citing a lengthy regulatory approval process.

Univest Corporation of Pennsylvania in Souderton has agreed to buy Valley Green Bank in Mount Airy, Pa.

Forcht Bancorp in Lexington, Ky., has agreed to buy Grant County Bancorp of Williamstown, Ky. Financial terms of Forcht's agreement to buy the $79 million-asset Grant Country Bancorp were not disclosed.

Federal regulators have fined First Southern Bank (FSOF) in Boca Raton, Fla., for violating the National Flood Insurance Act.

Once heavy on grey type, Bank of North Carolina's reports are now dotted with colorful graphs, charts and heat maps so that busy senior executives and board members can quickly assess things like loan data and branch profitability and keep better tabs on the integration of acquired banks.

First Financial Bancorp of Cincinnati has pushed back the expected closing date for its acquisitions of First Bexley Bank and Insight Bank, pending a review by the Office of the Comptroller of the Currency.

A breakdown of M&A announcements in the financial services industry for the week ended June 14.

Six directors at Solera National Bancorp (SLRK) have resigned as the Lakewood, Colo., company remains embroiled in a messy public struggle with its biggest investor.

A federal district court in Washington upheld another ruling disallowing three hedge funds controlling portions of a defaulted loan from voting on a reorganization plan. The ruling could impact banks as they make more concessions to win business.

Commerce Bancshares (CBSH) of Kansas City, Mo., expects to sell $150 million in preferred stock, which it will use to buy back $200 million of its common stock.

The $7.4 billion-asset company announced this week that it is planning a branch in Greenville, S.C.

Citigroup (NYSE: C) is selling its consumer banking business in Greece as it part of its ongoing plan to scale back its operations in certain foreign markets.

Old National Bancorp CEO Bob Jones talks about how his bank has made employee retention a priority in acquisition deals after losing a lending team to rival First Financial Bancorp.