Small Bank Mergers

Fitch Ratings announced it placed AMC Mortgage Services Inc.’s residential primary servicer rating of ‘RPS2+’ for subprime product and its special servicer rating of ‘RSS2+’ on Rating Watch Evolving, which means the ratings could change depending on whether the company turns its financial situation around in a reasonable time — as a sharp downturn in volume is resulting in increased delinquency and servicing costs significantly higher than the industry average.

The Federal Home Loan Bank of Indianapolis announced the Milton J. Miller II, senior vice president and chief financial officer, will retire on Dec. 29 and take the early retirement incentive available to all employees age 50 or over with 10 years of employment.

Meanwhile, Clear Choice Financial Inc. announced it recently named Michael Schifsky as its new CFO.

At RBC Centura Bank, Chief Executive Scott Custer became the new chairman of the board, replacing Cecil Sewell, who retired as chairman and director. according to an announcement. The move reflects the ongoing evolution of responsibility and accountability nationally from its parent company, RBC Centura Banks Inc.

FavoriteAgent.com and Arrington, Edgar & Shiel formed Hewlette & Levinson Financial Services, a joint venture they believe will challenge Lending Tree as a leading national residential lender within the next two years, according to an announcement.

RBC Centura Banks completed acquiring Flag Financial Corp., a transaction that will make it the 8th largest bank in Georgia, according to an announcement Friday.

In Houston, Franklin Bank Corp. announced it will acquire the outstanding shares of First National Bank of Bryan in exchange for $134.0 million in cash, a move that will strengthen its position in the Central Texas market.

Community banker Danversebank announced it will acquire BankMalden to solidify it’s position as an alternative to larger franchises in the Malden, Mass., area.

Commerce Bancshares Inc. announced it has agreed to acquire South Tulsa Financial Corp. in a $26.2 million stock deal expected to close in the second quarter 2007. The merger will result in Commerce’s first full-service banking facilities in Oklahoma.

Marshall & Ilsley Corp. will buy United Heritage Bankshares of Florida Inc. in a $217 million transaction expected to be completed in the second quarter as well, according to a press release. The deal will provide Marshall “with an attractive franchise in the dynamic Orlando market.”