Coastal Banking Company Inc. announced it appointed Paul R. Garrigues as its chief financial officer. Union Bank of California N.A. agreed to pay $22 million to settle charges it failed to administer an anti-money laundering program after having previously agreed to so, the U.S. Department of Justice announced. Lehman Brothers today said it recorded "very substantial" valuation reductions, most significantly on leveraged loan commitments and residential mortgage-related positions, that resulted in a net reduction in revenues of approximately $700 million in its fixed income capital markets business. EverBank Financial Corp terminated its agreement to acquire NetBank's consumer deposit accounts, business finance division and other assets.
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