Citigroup has ulterior financial motives in trying to oust Highland as portfolio manager of Liberty CLO, Highland says in a lawsuit against Citi and two other firms.

Bank of America (BAC) is looking to sell its wealth management divisions outside of the U.S., Reuters reported Tuesday.

First-quarter income at Park National (PRK) rose 45%, to $30 million, from a year earlier as the Newark, Ohio, company recorded a gain from the sale of the troubled Vision Bank.

United Community Banks (UCBI) in Blairsville, Ga., has registered the preferred shares it issued to the Treasury Department as part of the Troubled Asset Relief Program for potential resale, a key step for banks that want to be included in any upcoming auctions of Tarp shares.

As bank earnings come rolling in, signs of life are reemerging even as the pressure to cut costs remains intense.

According to American folklore, the famously long-legged Abraham Lincoln was once asked: "Abe, how long should a man's legs be?" Lincoln is reported to have answered: "Long enough to reach the ground."

U.S. Bancorp's (USB) first-quarter profit rose 28% as the lender sharply reduced its credit costs and turned in better-than-expected revenue growth.

A breakdown of M&A announcements for the last week

M&T's merger expenses fell 84% in the first quarter from the prior quarter, and the old Wilmington Trust operations contributed to a 3% gain in trust income.

Account Control Technology, a student loan collection agency, plans to expand its location in Warren County, Ohio and add 250 jobs within the next three years.

M&T Bank's (MTB) first-quarter earnings were little changed amid a year-earlier investment gain as it repositioned its balance sheet ahead of its acquisition of Wilmington Trust.

Scores of community banks could soon deregister from the Securities and Exchange Commission due to a clause in the newly signed law. But some lawyers warn that activist investors could take advantage of banks that decide to stop filing documents with the SEC.

Bank of America (BAC) is preparing to sell off hundreds of foreclosed homes in bulk as part of its ongoing effort to clear out its inventory of distressed assets.

An employee stole $301,000 from Liberty Bell Bank. Because the bank did not have insurance coverage, the theft took a bite out of the bank's bottom line. Instead of reporting net income of $375,000 for 2011, Liberty Bell's full-year profit was $74,000.

Alliance Data Systems Inc. has agreed to buy the existing private-label credit card portfolio of jewelry retailer Premier Designs.

Afni, a Bloomington, Ill.-based collection agency, will close its call center in Peoria, Ill. and lay off 300 employees, the company announced Thursday. The decision is a result of call reductions from clients.

The board of directors at VIST Financial (VIST) in Wyomissing, Pa., has formed a special litigation committee to investigate shareholder claims that the board breached its fiduciary duty when it agreed to sell VIST to an upstate New York company for $86 million.

Bank of Montreal (BMO) is buying CTC Consulting LLC of Portland, Ore., in order to build its clout among ultra-rich clients south of the border.

Alliance Data Systems (ADS) has agreed to buy the existing private-label credit card portfolio of jewelry retailer Premier Designs.

Pacific Capital's calculus was simple: Texas financier Gerald Ford, majority owner of the California bank, decided its shares would never trade as high as the price UnionBanCal was willing to pay.