Bank of America Corp. has agreed to pay $315 million to settle claims that its Merrill Lynch unit made false and misleading statements about the quality of mortgage-backed securities it sold to investors.

Bank of Montreal's fourth-quarter profit rose 21% on stronger personal and commercial banking results and private client group earnings, but results fell just shy of analyst estimates on higher loan-loss provisions and expenses.

Under a deal excepted to close in the second quarter, River Valley Bancorp in Madison, Ind., would pay $6.3 million in cash for all the common stock of the $82 million-asset Dupont State Bank.

Ahead of the Department of Labor's anticipated proposal to redefine fiduciary responsibility, expected sometime in 2012, 55 House Republicans sent a letter asking for more careful consideration of the effects on consumer choice before any new rule is proposed.

IMGCAP(1)]

Seamless Distribution AB said it believes it has developed a mobile payment method that replaces the need to shop with credit and debit cards, thus saving money for merchants who no longer would have to pay card-related fees.

IMGCAP(1)]

Many community banks that are struggling to grow and cannot afford to repay their bailout aid will be forced to sell, and they don't have a lot of time to find a buyer.

First Commonwealth Financial Corp. in Indiana, Pa., said Monday that its president and chief executive is retiring.

Casio plans to make available in February a handheld payment terminal designed for public employees who need to take card payments and provide printed receipts.

Online banking provider PerkStreet says business is booming thanks to consumer frustration over new checking fees at big banks.

The Credit Union National Association says membership for credit unions grew by only a third of what it originally claimed for the weeks before Bank Transfer Day.

As contactless card issuance grows, a provider of anti-fraud sleeves, which block the cards from being read, says demand for its product is resurging.

Sterling Bank in Washington and the FDIC are both pursuing claims against directors and officers of Bank of Clark County, which failed in 2009. Sterling was the first to file, but lawyers believe the FDIC will likely get its tab paid first, if legal fees don't end up taking it all.

Bankrupt American Airlines may be forced to follow other airlines and dilute the attractiveness of the frequent-flier rewards points its partner, Citigroup Inc., offers to its most valued credit card customers.

First Midwest Bancorp Inc. in Itasca, Ill., First Financial Bancorp in Cincinnati and MidSouth Bancorp Inc. in Lafayette, La., have finalized separate acquisitions.

The online loan facilitator Weemba Inc. has added three more lenders to its base of financial institutions.

PhoneFactor has added an iPhone application to its suite of out-of-band security products.

The prepaid card marketer Green Dot Corp. announced Monday that it has hired a Visa Inc. veteran, John MacIlwaine, to be its new chief information officer.

The average U.S. consumer credit card chargeoff rate declined again in October as more consumers met their monthly payment due dates and the delinquency rate on late payments held steady, according to the latest data from Moody's Investors Service.