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The Thursday Express: North American financials

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The Thursday Express: North American financials

* Synovus Financial and Capital One Financial are in talks on a plan in which Synovus will initially buy Cabela's banking operations — specifically its credit card portfolio — and then resell most of the portfolio to Capital One, sources told The Wall Street Journal.

* In Pennsylvania, Mid Penn Bancorp agreed to acquire Scottdale Bank & Trust in a stock-and-cash transaction worth approximately $59.1 million.

* AssuredPartners acquired Fleet Risk Management. The terms of the deal were not disclosed.

* Eleven existing and former branch workers of Citizens Financial Group told The Wall Street Journal that they purportedly reported fake data on the company's "financial checkup" program.

* JPMorgan Chase lowered its display ads to about 5,000 websites a month, from 400,000 websites a month, and is seeing minimal change in the visibility of its ads on the internet, Chief Marketing Officer Kristin Lemkau told The New York Times.

* The Financial Times reports that the recent slew of private equity firms cherry-picking the buyers for loans and excluding those they expect will be more demanding should company fortunes turn is a classic sign of a "red-hot credit market," where the supply of money exceeds demand.

* Citing the "disruption" in the money management industry, Legg Mason is terminating 3% of its corporate staff, or more than 30 employees, The Wall Street Journal reports.

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