MOST NOTEWORTHY: Intevac, PrivateBancorp and Potash were today's noteworthy downgrades:

• Intevac (NASDAQ: IVAC) was downgraded to Sell from Neutral. Piper downgraded Intevac citing delays in Gen2 upgrades following Q1 results.
  
• Sandler downgraded PrivateBancorp (NASDAQ: PVTB) following its Q1 earnings results.
  
• RBC Capital downgraded Potash (NYSE: POT), and advised taking some profits.

OTHER DOWNGRADES:

• Soleil downgraded Sunoco (NYSE: SUN) based on weak East Coast refining margins and low marketing and chemical margins.
  
• Calyon downgraded UAL (NASDAQ: UAUA) based on higher fuel costs and the failed merger with Continental (NYSE: CAL).

Bank of America Corp. (NYSE: BAC) completed its acquisition of the parent of Chicago's LaSalle Bank in the beginning of October, a move that significantly increased Bank of America's presence in Illinois, Indiana, and Michigan. LaSalle had 400 banking centers, 17,000 commercial customers, and 1.4 million retail customers.

Now, most of LaSalle Bank's former senior leadership has defected to Chicago-based PrivateBancorp Inc. (NASDAQ: PVTB). Bank of America said that it would defend its customer base from PrivateBancorp or any lender that tries to poach customers from the biggest business lender in Chicago. They plan to start with visits to LaSalle customers: "We will be blanketing the market with calls starting today," said a Bank of America spokesperson.

Experts have drawn distinctions between LaSalle's commercial banking model and Bank of America's retail model. LaSalle allowed front-line lenders to make more credit decisions and handle virtually all of the clients' needs, but Bank of America says that credit decisions in most cases will still be made locally.

Meanwhile, former LaSalle Bank CEO, Larry Richman, will take over as CEO of PrivateBancorp on Monday. "Larry is a proven business and civic leader whose passion for clients and the Chicago area has been demonstrated in his past successes," said Richman's predecessor, PrivateBancorp's cofounder, Ralph Mandell. In turn, Richman said, "There is an extraordinary opportunity for us to build and expand client relationships to become the premier middle market commercial and private bank not only in Chicago, but also in all of the markets we serve."

MOST NOTEWORTHY: Bear Stearns (BSC), Citigroup (C), Lehman (LEH), Chicago Bridge & Iron (CBI) and Bed Bath & Beyond (BBBY) were today's noteworthy downgrades:

• Merrill downgraded Bear Stearns (NYSE: BSC), Citigroup (NYSE: C) and Lehman Brothers (NYSE: LEH) to Neutral from Buy to reflect greater earnings risk stemming from the slowdown in securitization and mortgage. Merrill also finds it "inevitable" that revenue from underwriting and advising on takeovers will slow.

• Stanford downgraded shares of Chicago Bridge & Iron (NYSE: CBI) to Sell from Hold as they believe the premium valuation is unjustified given the Lummus acquisition.

• Merrill Lynch cut Bed Bath & Beyond (NASDAQ: BBBY) to Sell from Neutral based on slowing secular growth...

OTHER DOWNGRADES:

• Goldman downgraded Zale (NYSE: ZLC) to Sell from Neutral.

• PrivateBancorp (NASDAQ: PVTB) was cut from JP Morgan's Focus List.

• Banc of America downgraded Maxim Integrated (NASDAQ: MXIM) to Neutral from Buy.

• Stanford cut Oceaneering Int'l (NYSE: OII) to Hold from Buy.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).