Lehman Brothers added three midsize banks to its coverage list and upgraded another Wednesday, saying consolidation would boost their returns to shareholders.

Coverage of Summit Bancorp, Princeton, N.J.; First of America Bank Corp., Kalamazoo, Mich.; and First Security Corp., Salt Lake City, was initiated with "outperform" ratings from Lehman analyst Michael Mayo.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.