Irving Bank Corp. said its Italian “white...

Irving Bank Corp. said its Italian “white knight” had modified its offer for a big stake in Irving, but Wall Street still felt that Bank of New York Corp. held the upper hand with a superior $1.08-billion rival bid. Banca Commerciale Italiana, a state-controlled bank in Milan, is now offering $75 a share for about 45% of Irving’s stock, instead of $65 for a 51% stake, Irving said. It said the new deal was worth between $64 and $72.25 a share.