Today's News

FINANCE: BREAKING WITH its past, Banc One Corp. used an investment banker during its brief bid for Bank of Boston Corp. The Columbus, Ohio-based company withdrew its offer Monday. CEO John B. McCoy said he was concerned that a merger of equals would hurt shareholders. Back page LEHMAN BROTHERS analyst Michael L. Mayo downgraded Barnett Banks to "outperform" from "buy." Back page WASHINGTON: NATIONAL BANKS have won the right to sell annuities throughout Connecticut - the insurance industry's home field. Page 2 THE FEDERAL Reserve Board announced it will conduct three public hearings next month into the proposed merger of Fleet Financial Group and Shawmut National Corp. Page 2 REGIONAL BANKING: THE CONTROVERSY over First National Bank of Chicago's decision to charge some customers $3 per transaction for using tellers has already caused some backpedaling by the bank and created some tension with First Chicago Corp.'s merger partner, NBD Bancorp. Page 4 FLEET FINANCIAL Group has filled out its management team for the pending merger with Shawmut National Corp., surprising no one with the overwhelming dominance of Fleet personnel. Page 4 COMMUNITY BANKING: A MASSIVE class action relating to collateral protection insurance has been initiated against a number of banks in Alabama and Tennessee, and other banks may face similar suits. Page 26 MORTGAGES: THE DECISION whether to adopt the accounting standard on mortgage servicing rights early will depend on a bank's profit goals for 1995, Price Waterhouse's Timothy F. Ryan writes in the second of two parts. Page 21 INVESTMENT PRODUCTS: ONE VALLEY Bancorp of Charleston, W. Va., is pulling in strong returns through its small family of proprietary mutual funds. The $3.6 million- asset David in a field of Goliaths has launched a broker-dealer unit and will try to lure customers from big-bank competitors. Page 23 CREDIT/DEBIT/ATMs: FIRST DATA CORP. said it earned $57.9 million, or 49 cents a share, in the second quarter, on revenues of $502.6 million. Page 25 WITH ELECTRONIC payment systems rapidly growing in Asian markets, Visa International has launched cobranding partnerships with two department stores in China. Page 24 TECHNOLOGY: WALL STREET, in its never-ending quest for better ways to tap investors, is furiously building on-ramps to the information superhighway. Page 16