Bank of America Corp. said today that its profits fell 41 percent in the second quarter, hurt by a big increase in bad debts tied to falling home prices and a slowing economy. However, the company beat Wall Street estimates, and its shares rose almost 10 percent to $30.18 in pre-market trading. The Charlotte, N.C.-based bank reported net income of $3.41 billion, or 72 cents per share, on $20.32 billion in revenues in the April-June period. That compared with net income of $5.76 billion, or $1.28 per share, on $19.63 billion in revenues a year earlier. Analysts on average expected profits of 53 cents per share on $18.37 billion in revenues.

First Federal Bankshares Inc., the holding company of Vantus Bank, said its CEO has resigned. A company statement said Michael Dosland has accepted a position with another company. He was president, CEO and a board member of the Sioux City-based banking company. Barry Backhaus returns as interim president and CEO, positions he held for 16 years until his retirement in 2006.

Iowa Telecommunications Services Inc. announced that it has completed its acquisition of Minnesota-based Bishop Communications Co. for the purchase price of approximately $43.9 million. Bishop Communications is a privately held holding company whose operations include Lakedale Telephone Co., a rural telecommunications provider covering 378 square miles in central Minnesota. The acquisition was completed on July 18.

Jean Robillard, vice president for medical affairs at the University of Iowa, has accepted an invitation to join the Iowa Business Council (IBC), representing the U of I Hospitals and Clinics. Membership in the council is by invitation only and includes the top executives of 19 of Iowa’s largest employers, the three Regents universities and Iowa’s largest banking association.

Farm Bureau Life Insurance Co. recently received notification that it is one of the 2008 “Ward’s 50.” Ward Group, a leading provider of benchmarking and best practices services to the insurance industry, annually analyzes the financial performance of more than 900 life-health insurance companies domiciled in the United States and identifies the top performers in each segment. Each of the top 50 companies is awarded the “Ward’s 50” seal and their names are listed as the “Ward’s 50 Top Performers” for the year. This marks the 12th consecutive year Farm Bureau Life has received this recognition.

Wild Rose Casino & Resort, a new $35 million destination resort in Clinton that features a 60-room hotel, a conference center and restaurants, celebrated its grand opening this past weekend. Wild Rose features a full casino with 598 slot machines and 14 table games. Businessmen Gary Kirke and Michael Richards started Wild Rose Entertainment in 2004 with the vision to build high-quality gaming resorts in the Midwest. Wild Rose Casino & Resort in Emmetsburg, Iowa, opened May 2006 and the company acquired the Mississippi Belle II Riverboat Casino in Clinton in June 2006.