Today's News

March 12, 1996, 2:00 a.m. EST 1 Min Read

WASHINGTON

The FDIC is expected to announce Thursday that the Bank Insurance Fund's reserve ratio dipped slightly in the fourth quarter. Page 2

The annual meeting of the International Swaps and Derivatives Association had the look of a software convention. Page 3

REGIONAL BANKING

Taking advantage of rumored unhappiness in the corporate banking group at the newly merged First Chicago NBD, BankAmerica has hired three former First Chicago commercial lenders. Page 5

First Interstate's top retail banker and its top wholesale banker will leave when the merger with Wells Fargo takes place. Page 5

MORTGAGES

mug of johnson

Fannie Mae chairman James A. Johnson last week pitched his company's stock to thousands of brokers at the largest retail brokerage. It was part of a broad effort to attract small investors. Page 8

$50 billion, or about 10%, of Fannie Mae's mortgage-backed outstandings were placed with foreign investors. Page 8

COMMUNITY BANKING

A former Gannett media executive who was a director of an upstate New York thrift pleaded guilty to masterminding a $320,000 insider-trading scheme. Page 6

Arthur H. Meehan exemplifies a trend. He began his career in 1960 at the world's largest bank. He expects to end it as CEO of a $970 million-asset thrift in Medford, Mass. Page 7

INVESTMENT PRODUCTS

The companies that help banks sell investment products lost business at large banks last year - but partly offset the loss through contracts with community banks. Page 10

The chief executive of the Affiliated Managers Group says he believes in giving lots of autonomy to its six asset-management firms. Page 11

CREDIT/DEBIT/ATMs

Florida State University is adding a chip to its pioneering student ID card. Page 12

The Credit Union National Association says it is preparing to sell part or all of its credit card unit. Page 12

TECHNOLOGY

A group of financial companies and a California software concern say they'll shortly launch a PC-based system for corporate transactions to be processed by Compuserve. Page 14

Bell & Howell has an agreement to acquire Protocorp International, an imaging software company. Page 15

FINANCE

Bank stocks suffered another nasty decline, but this time there was little company on the way down. Back page

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