Today's News

Thomas Jacob, the Chemical executive who became CEO of Chase Manhattan Mortgage, has quelled the doubts about the new Chase's commitment to the mortgage business. Its return on common equity was 14.9% in the first half, and its net income was up 90%, to $93 million.

WASHINGTON

The Office of the Comptroller of the Currency by yearend is expected to allow a national bank operating subsidiary to underwrite securities for the first time. Page 2

COMMUNITY BANKING

One of Texas' fastest-growing cities, Plano, is getting its first new bank in 10 years, First Independent National Bank. Page 9

MORTGAGES

A bullish report on the mortgage industry says that the greatest opportunity for lenders lies in the exurbs - communities beyond the suburbs of big cities. Page 11

INVESTMENT PRODUCTS

Silicon Valley Bank, a lender to high-tech companies, is referring clients to two other companies for trust and investment services. Page 12

TCF Financial Corp., Minneapolis, is wooing new customers with an individual retirement savings account promotion that takes advantage of recent tax changes. Page 12

CORPORATE FINANCE

Though many commercial banks peddle "soup-to-nuts" financing to middle- market companies - where there are still spreads to be made - Finova Group remains loyal to its customer base. Page 14

CREDIT/DEBIT/ATMs

Honor Technologies, the Florida ATM network, announced it would widen its territory through acquisitions from NationsBank in the Midwest and West. Page 15

TECHNOLOGY

Intuit and Excite launched a Web-based financial channel for consumers. Page 17

Princeton Telecom has signed Union Electric of St. Louis for its electronic bill presentment system. Page 17

MARKET MONITOR

Bank stocks tumbled Wednesday on a report that consumer spending is on the rise. Page 28

WEEKLY REPORT: INTERNATIONAL

A Chase Manhattan Corp. report says mounting economic problems in a few Southeast Asia countries probably won't spread beyond the region. Page 6