Retail & Commercial

Market tumult and a disappointing third-quarter revenue report Wednesday loomed larger over Bank of America, putting it in a bind unique among the nation's megabanks.

American Express Co. said third-quarter profit rose 8.1 percent, beating analysts' estimates, as customer spending increased.

American Express Co. said third-quarter profit rose 8.1 percent, beating analysts' estimates, as customer spending increased.

Patriot National Bancorp in Stamford, Conn., will recognize a one-time gain of $16.6 million in third quarter profits, due to the partial reversal of its valuation allowance for deferred tax assets.

Regional banks are doing their best to hold down expenses, compete for quality loans and generate more fee income, but until the Federal Reserve raises interest rates, their quarterly profits will remain sluggish, bankers and analysts say.

Pennant Management, which handles assets for community banks and other clients, disclosed that it could be holding up to $179 million in fake USDA-insured loans. Industry observers said the firm's failure to take certain precautions, along with weaknesses in the secondary market for USDA loans, invited fraud.

A community bank in Massachusetts has opened a branch that's a microcosm of forward-looking trends in retail bank design. Emphasis on the "micro" part.

Legal and Debt Recovery, an Orange, Calif.-based collection agency, and the agency's legal counsel, D. Scott Carruthers, have been issued a cease-and-desist order by the Idaho Department of Finance.

Westamerica in San Rafael, Calif., reported lower quarterly earnings largely because of a narrower net interest margin.

AmericanWest Bank in Spokane, Wash., has agreed to buy the $468 million-asset Bank of Sacramento in California for $60 million in cash.