Today's News

WASHINGTON

The OCC issued updated exam guidelines for large national banks. Page 2

COMMUNITY

National Penn Bancshares announced plans to buy Pennsylvania neighbor Elverson National Bank for $102 million of stock. Page 6

REGIONAL

Washington Mutual said net income rose 37%, fueled by strong loan growth and improved fee income. Page 7

INVESTMENT PRODUCTS

Most mutual fund owners would feel comfortable sitting tight if the stock market experienced a correction of 20% or more, a Dreyfus survey found. Page 11

MORTGAGES

Banc One Mortgage plans to close its Phoenix loan processing center but has found jobs for its 77 employees there with Norwest Mortgage, which wants to expand. Page 12

ANALYST ROUNDTABLE

Analysts at American Banker's quarterly roundtable said they expect consolidation in the financial services industry to continue, but they expressed concern that buyers may not be doing their homework. Nancy A. Bush of Ryan Beck recommends BankBoston, Bank of New York, and Bankers Trust. Page 16

DIGITAL FRONTIERS

ON-LINE BANKING: Relational data base vendors are taking aim at the on- line banking market and the many start-up companies that populate it. Page 15

TECHNOLOGY

Hewlett-Packard introduced software designed to make it easier to grant secure information access to individuals outside an organization. Page 18

CARDS

wALTER m. hOFF, head of First Data's card services group, is leaving to become president and CEO of a health-care business unit of National Data. Page 20

CORPORATE FINANCE

The encroachment of commercial banks onto Wall Street's turf-mostly by acquiring securities firms-has not gotten them very far with America's largest corporations, a Reuters survey said. Page 29

MARKETS

Financier Ronald Perelman is planning a $1.85 billion thrift bond issue- one of the largest ever. Page 30

WEEKLY REPORT: INTERNATIONAL

First Union expects more foreign banks to sign with it soon for processing. Page 10

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