Banks will unload big volumes of distressed loans this year, the head of PennyMac predicts.

PNC Financial Services Group will promote William Demchak to be its next chief executive, awarding him a long-expected inheritance from current CEO James Rohr.

Changes to product offerings and pricing give the impression that the new bank does not have the customers' best interests at heart. Feeling undervalued is a key emotional reason they defect.

Flagstar Bancorp (FBC) in Troy, Mich., has agreed to sell DocVelocity, its document-imaging business, to mortgage tech company Capsilon.

QCR will pay roughly $20.1 million in cash and stock for the $290 million-asset Community National. The consideration is 70% stock and 30% cash. The companies expect to complete the deal in the second quarter.

Debt buyer Portfolio Recovery Associates (PRA), based in Norfolk, Va., reported Wednesday that profit reached $35.8 million in the fourth quarter ended Dec. 31, up 35% from the year-ago period.

Move over, Wintrust. MB is poised to end its three-year hiatus from dealmaking.

Scott Bauer was the North Carolina company's CEO from its creation to its sale last fall to Capital Bank Financial.

CEO John Kanas is letting rivals know in advance that he's coming to New York — and that he's targeting their employees.

The deal announced Tuesday follows the collapse of the bank's planned merger with C1 Bank.

Citigroup Inc (C). Chief Financial Officer John Gerspach said the lender's securities unit did well in January and that activity in trading and banking businesses looks similar to how last year began.

Ocwen Financial (OCN) is selling off parts of a company it recently purchased and another it expects to buy soon.

ConnectOne had a strong IPO on Tuesday, giving it more funding for loans and acquisitions.

The Freedom Bank of Virginia is planning to cash in on the anticipated consolidation of government contractors.

Interest-only home loans are viewed as somewhat risky by the Consumer Financial Protection Bureau, but that is unlikely to stop the San Francisco bank from making them, its CEO says.

Quick decision-making, cash on hand and dedicated employees are musts for successful buyers of loan pools, experts said in analyzing CIT's recent purchase of $1.2 billion of loans.

HopFed Bancorp in Hopkinsville, Ky., is bolstering its presence in neighboring Tennessee with a deal to buy Sumner Bank & Trust in Gallatin.

BNY Mellon is facing a $900 million tax bill after a U.S. judge rejected its attempt to claim hundreds of millions of dollars in foreign tax credits.

A breakdown of M&A announcements in the financial services industry for the week ended February 9.

CEO Hugh Potts says the Mississippi company's sale to Renasant will help investors recoup 75% of 2006 value.