US blogger Brian Krebs has reported on the case of the National Bank of Blacksburg, which fell victim to targeted phishing email twice, eight months apart. In both cases hackers were able to take over computer systems and compromise security settings, draining US$570,000 via hundreds of ATMs over a long weekend the first time and - despite the introduction of upgraded security protocols - were able to siphon off over US$1.8 million a second time around. But the bank's insurer has argued it was a credit card fraud, limited to $50,000, rather than the "computer and electronic crime" with a single loss limit liability of $8 million and a $125,000 deductible that the bank believes is applicable. The bank filed a lawsuit last month. Four community banks across the southern US announced consolidation plans on Tuesday, in what FT.com interpreted as the latest sign dealmaking in the fragmented sector is gathering pace. Georgia-based Synovus, which received a government bailout in the financial crisis, is extending into Florida with an all-share acquisition that values its target, FCB Financial, at US$2.9 billion.  The new lender would have a combined US$44 billion in assets. In another all-stock deal announced on Tuesday, Veritex of Dallas agreed to buy Green Bancorp, expanding its presence in Texas. The deal values the target at US$1 billion. In May, Cincinnati-based Fifth Third agreed to buy Chicago's MB Financial for US$4.7 billion. The UK's Payments Systems Regulator has launched a review of the card acquiring market following complaints from the retail industry over increased fees and ineffective competition, reports Finextra. The market review will look at whether the supply of card-acquiring services is competitive and working in the interests of merchants, and ultimately consumers. The regulator said it would focus on concerns that acquirers are holding on to the savings they made from EU-imposed IFR interchange fee caps, which could indicate that some merchants are suffering 'significant harm' because competition in the supply of card-acquiring services is not working well. ?