Today's News

WASHINGTON:

FOR TRADE GROUPS, the net effect of a merger like Chase-Chemical is the loss of a member - and a big one at that. Overall, this year's wave of megamergers has been bad news for trade associations. Page 4

WHEN LAWMAKERS return from their month's hiatus this week, the big banking issues will be bailing out the undercapitalized thrift fund, repealing the Glass-Steagall Act, and lifting some of the industry's regulatory burden. Page 4

FINANCE:

NATIONSBANK treasurer John Mack likens the process of bringing debt to market to a chess match, where players have to think several moves ahead. He apparently made all the right moves on a recent issue of 20-year debt, which "blew out the door," as one analyst put it. Page 30

A FORMER principal in Sandler O'Neill & Partners has launched a hedge fund to invest in middle market bank stocks. He hopes to raise between $50 million and $100 million for the effort. Back page

SMALL BUSINESS:

GLENDALE FEDERAL Bank, the California thrift that has made a name for itself by taunting the state's biggest banks in its ads, is now trying to grab small-business market share from them. Page 6

REGIONAL BANKING:

BANKAMERICA Corp. has reached definitive agreements to sell 20 branches in rural Texas to nine community banks in the state. The bank previously announced that it intends to sell 27 branches. Page 7

CREDIT UNIONS:

GROUPS THAT SERVE overseas military bases are bracing for a competitive battle with NationsBank Corp., which is expanding onto their turf under a five-year contract with the Department of Defense. Page 14

THE MANHUNT for convicted swindler Richard Mangone, who brought down a Massachusetts credit union with a real estate scheme, ended with his surrender after 18 months on the lam. Page 14

INVESTMENT PRODUCTS:

SECURITY FIRST Group has developed a distinctive survival strategy in the crowded world of investment product marketers. It teams up with other marketers to share clients and services. Page 18

THE OHIO Supreme Court has ordered the state's Department of Insurance to rule on a Huntington Bancshares unit's application for a property insurance license. Page 19

COMMUNITY BANKING:

FINANCING farm machinery purchases is big business for John Deere Credit, lending subsidiary of the farm implement maker. And its success has broad implications for agricultural lending, as most manufacturers have their own financing units. Page 20

TECHNOLOGY:

A MARKETING and technical alliance announced last week by mutual fund giant Fidelity Investments and Broadway & Seymour, a leading provider of trust accounting software, aims to improve the efficiency of banks' trust and brokerage operations. Page 23

CREDIT/DEBIT/ATMs:

AT&T UNIVERSAL Card Services Corp. and American Express Co. are upping the ante in the competitive college market segment just as the new school year is beginning. Page 24

MORTGAGES:

INDUSTRY EXECUTIVES struck confident chords in the aftermath of last week's announced pairing of New York banking giants Chase Manhattan and Chemical. Page 26

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