Today's News

WASHINGTON

THE OCC has granted the first national charter to a virtual bank, CompuBank, which is expected to begin operating early next year. Page 2

The OTS has made it easier for credit unions to become federal mutual thrifts. Page 2

COMMUNITY BANKING

THE SOUTH DAKOTA Bankers Association has gone back to the chalkboard to attract more bankers to its classes. Page 4

JOE ALLBRITTON, the majority owner of Riggs National, is selling a Houston bank to the nation's largest minority-owned banking company. Page 4

MORTGAGES

PNC MORTGAGE will lose the originations chief, Michael Kozlak, who has helped advance its national expansion. Page 5

THE FORMER HEAD of Long Island Savings Bank's mortgage operation has joined a rival New Yorkthrift, Home Federal Savings, as its top mortgagebanking executive. Page 5

REGIONAL BANKING

IN TEXAS, where size is everything, $4.9 billion-asset Cullen/Frost Bankers insists on staying small. "Size is our enemy," says senior chairman Thomas C. Frost. "You are better off dealing with people you know in places you know." Page 3

INVESTMENT PRODUCTS

In the wealthy New York suburb of Greenwich, Conn., a three-year-old bank is touting its local roots in a challenge to out-of-state giants. Page 6

The chief executive of Citicorp Investment Services is moving to the bank's card business. Two vice presidents will take over for Steven Freiberg until a successor is found. Page 6

CORPORATE FINANCE

AS BANKS HUNT for businesses with fatter profit margins, the equipment leasing market has become an appetizing target. Page 8

CIBC WOOD GUNDY's real estate finance group is showing progress after last year's makeover to expand its product line. Page 8

CREDIT/DEBIT/ATMs

First Data named an executive to sell merchant processing services through foreign banks. Page 10

FIRST USA PAYMENTECH has launched a corporate MasterCard for British Airways. It is the first such deal on an international scale. Page 10