WASHINGTON:
A STATE appeals court gave Florida-chartered banks the power to sell annuities, marking another victory for the industry in its battle with insurance agents. Page 2
THE OFFICE of Thrift Supervision issued a bulletin clearing away a few final obstacles to implementing its requirement that thrifts back their interest-rate risk with extra capital. But the agency said the rule won't go into force until thrifts have had time to test the appeals process. Page 2
REGIONAL BANKING:
COMPASS Bancshares' proxy battle ended months ago, but that hasn't stopped the principal antagonists from continuing to bash each other. Chairman and CEO D. Paul Jones Jr. told shareholders recently that he blames weak first-quarter results on the conflict. Page 4
COMMUNITY BANKING:
SEEKING to spread its opt-out message that interstate branching would cost the state jobs, tax revenue, and capital and put small towns in jeopardy, the Community Bankers Association of Kansas has invited legislators, farmers, and small-business owners to its annual conference this weekend. Page 7
CALIFORNIA's midsize thrifts have received the most attention for their multifamily real estate loans, but a small group of Los Angeles-area community banks and thrifts is having an equally rough time grappling with the market. Page 6
MORTGAGES:
MELLON BANK began touting conventional and jumbo mortgages this summer in a cross-marketing push aimed at customers in financial centers of its Dreyfus subsidiary in major cities nationwide. Page 8
GLENDALE FEDERAL Bank in California is introducing an account that will consolidate mortgage loans, brokerage accounts, and deposit accounts onto a single statement.
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INVESTMENT PRODUCTS:
MUTUAL FUND executives say they support the Security and Exchange Commission's efforts to simplify risk disclosure. But they warn of pitfalls in trying to make prospectuses both meaningful and easy to understand.
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IN A DRIVE to capture more revenue, United Bankshares of Parkersburg, W. Va., plans to join the growing number of banks that have taken their brokerage operations in-house. Page 10
CREDIT/DEBIT/ATMs:
VERIFONE INC., best known for creating a mass market in credit card authorization terminals, has ventured into card chip technology by establishing a high-visibility business unit. Page 12
FINANCE:
CITING favorable news about Fleet Financial Group's $3.2 billion divestiture plans, Alex. Brown & Sons Inc. analyst George Bicher upgraded his investment rating on its stock to "buy" from "hold." Back page
BANKING and securities regulators are grappling with ways to assure investors that the growing derivatives market will not spark crises in other markets. But some recent regulatory moves toward such assurance have rankled other regulators. Back page
