Today's News

INVESTMENT PRODUCTS:

JAMES L. KERMES wants to take Philadelphia's Glenmede Trust Co., best known for managing family money, to another level - without changing its high-toned image. Page 14

AS NATIONSBANK prepares to become the only major banking company to offer its mutual funds directly to customers without commissions, experts warn that doing so won't be cheap. Page 15

REGIONAL BANKING:

LOAN DEMAND remained strong across the country, led by industrial and commercial lending, according to regional data released by the Federal Reserve Board. Page 5

COMMUNITY BANKING:

MORE THAN 71% of the bankers surveyed by the Georgia's Community Bankers Association oppose statewide branching. The Georgia Bankers Association says the majority of bankers it has contacted support such a move. Both groups represent basically the same constituency, so who's right? Page 7

COMPLIANCE:

THE TRADE GROUP for federal credit unions maintains a hot line - staffed by its federal regulatory counsels - to answer member institutions' compliance questions. Page 8

DERIVATIVES ACTIVITIES in small national banks will get closer scrutiny under updated examination guidelines issued by the Comptroller's office. Page 9

MORTGAGES:

PRUDENTIAL Home Mortgage Co.'s plans to sell its servicing portfolio and other assets to First Union Mortgage were scuttled by Pru's dispute with a third party over the value of jumbo-mortgage rights. Page 10

CREDIT/DEBIT/ATMs:

ONE OF THE NATION's largest regional automated teller machine networks has teamed up with Electronic Data Systems Corp. to form a new electronic funds transfer processor. Page 17

TECHNOLOGY:

IN AN EFFORT to save Virginia's taxpayers the costs associated with disbursing checks, a state agency has launched a new direct deposit program for government employees. Page 19

FINANCE:

TO PROVE that Daiwa-like trading losses are the exception and not the rule, the three banking agencies released a study showing that earnings from trading activities have been solid. Back page

BANK STOCKS took wing again as the financial markets rallied on fresh news of a cooling economy and a likely reduction in interest rates. Back page

WASHINGTON:

EARNINGS at institutions regulated by the Office of Thrift Supervision rose 27% in the third quarter to a record $1.58 billion. But the increase was attributed to profits from Home Savings' $670 million New York branch sale - not a rise in operating income. Page 2

A FEDERAL RESERVE Board proposal would make it easier for banks to finance certain securities purchases. The Fed also approved its 1996 budget, which includes a 5.3% increase in operating expenses to $161 million. Page 2

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