Financial/Banking

Bentonville, Ark. -- Walmart and American Express have teamed up to offer customers an alternative to debit and checking accounts. The new service, called Bluebird, is designed to provide financial services to customers who often do not have traditional bank accounts. It will allow for deposits by smartphone and mobile bill paying, with no minimum balance or monthly, annual or overdraft fees.

FOOTHILL RANCH, Calif. — Wet Seal, just days after encouraging its shareholders to reject efforts by Clinton Group to replace its board of directors, reached an agreement with Clinton Group giving them four spots on its board of directors.

As part of the settlement agreement, Clinton Group, which beneficially owns approximately 6.9% of Wet Seal common stock, has terminated its consent solicitation. In addition, Jonathan Duskin, Sidney Horn, Hal Kahn and Henry Winterstern have resigned from the board of directors.

Mahwah, N.J. -- The Brick Group, one of Canada’s largest volume retailers of home furnishings, bedding, appliances, and home electronics under one roof, has selected TD Financing Services Inc., a wholly owned subsidiary of The Toronto-Dominion Bank and an affiliate of Mahwah, N.J.-based TD Retail Card Services, to administer its private label credit program.

Foothills Ranch, Calif. -- The chairman of The Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the Clinton Group. The move follows several attempts by the activist investor group, which holds about 7% of Wet Seal, to take control of the struggling retailer.

As a result of the board changes, Clinton Group has agreed to terminate its effort to get support from shareholders for its nominees, Wet Seal said Friday.

Family Dollar – like Dollar General – is opening stores as fast as it can and this week said it would add 500 new units ahead of what is expected to be an announcement by Walmart next week to accelerate growth of its own small format.

ST. LOUIS — Ralcorp Holdings has named Keith Meister, the founder and managing partner of Corvex Management LP, to its board of directors, effective immediately.  In addition, Meister will join the strategy and financial oversight committee which is charged by the board of directors with the evaluation of strategic opportunities to drive shareholder value.

FOOTHILL RANCH, Calif. — Teen retailer Wet Seal continues to urge its shareholders to reject efforts by Clinton Group to replace the company’s current experienced directors with Clinton Group’s hand-picked nominees who lack relevant experience.

New York -- The Wet Seal Inc. encouraged its shareholders on Wednesday to reject efforts by its third-largest investor, Clinton Group, to gain control of the board, Reuters reported. The company's board has eight seats, of which one is vacant.

Clinton, which holds approximately 7% of Wet Seal, said retailer earlier in the day backtracked on an offer, made via an investment banker, for four directors to resign in exchange for the activist investor ending its move, according to the report.