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The Wednesday Express: North American financials


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The Wednesday Express: North American financials

* Wells Fargo & Co. Chairman and CEO John Stumpf willforfeit about $41 million in unvested equity awards and will during the independent directors'investigation into the company's retail banking sales practices and related matters.

* Royal Bank of Scotland Group Plc agreed to pay the U.S.National Credit Union Administration $1.1billion to resolve two outstanding civil lawsuits claiming that it missoldresidential mortgage-backed securities to now-defunct U.S. Central Federal CreditUnion and Western Corporate Federal Credit Union in the run-up to the 2008 financialcrisis.

* Shippensburg, Pa.-based Orrstown Financial Services Inc.will pay a civil money penalty of $1million as part of a settlement agreement with the SEC to resolve aninvestigation into accounting and related matters at the company for the periodsended June 30, 2010, to Dec. 31, 2011.

* In Minnesota, Currie State Bank and First State Bankof Okabena (Inc.) have agreed to merge.

* Hoxie, Kan.-based Big Mac Bancshares Inc. all voting sharesof Morland, Kan.-based Financial Shares Inc. and thereby indirectly acquire itsunit Citizens State Bank.

* At JPMorgan Chase & Co., a newly created wealth managementand investment solutions unit will be co-ledby Barry Sommers and Brian Carlin, The WallStreet Journal reports, citing internal memos.

* Elizabeth Cottrell was elected as of Strasburg, Va.-based First NationalCorp. and unit First Bank.

* Maureen Clark was named executive vice president, of Goleta, Calif.-based Community West Bank NA.

* Stewart Information Services Corp. is close to reaching anagreement with activist investor Starboard Value LP concerning its , a deal that would replacefour of its nine board members, Reuters reports, citing "two people familiarwith the matter."

* The NAIC is consideringa new reinsurance framework that could create an incentive for offshore reinsurersto come back to the U.S., according to a memo and documents slated to be discussedduring a conference call Sept. 30.

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