Today's News

August 02, 1999, 1:00 a.m. EDT 1 Min Read

WASHINGTON

Keeping pace with new branching powers for thrifts, four national banks in Oklahoma won approval from the OCC to open offices around the state. Page 2

NATIONAL/GLOBAL

The consumer finance units of Washington Mutual and Wells Fargo turned in strong results. Page 4

INVESTMENT PRODUCTS

W-Trade, a provider of securities trading technology for wireless devices, is adding a big-name customer and introducing a system for wireless banking. Page 8

BankAtlantic of Florida said it is expanding its on-line offerings to include brokerage services. Page 8

MORTGAGES

Though originations generally fell in the second quarter, the big players more than made up for the lost business with servicing revenues. Page 10

HUD wants 50% of the loans Fannie and Freddie buy in 2001 to be for affordable housing. Page 12

SPECIAL REPORT

With many of the top acquirers on the sidelines, the merger scene was quiet in the first half. The biggest deal, at $16 billion, was between Fleet and BankBoston. The challenge for top management will be to turn what looks like a beautiful deal into reality. American Banker's survey of the half includes tables of the biggest deals and leading legal and financial advisers. Pullout section

CARDS

Equifax has opened a new business division, Equifax Consumer Services, to increase sales of credit reports and other products to the public. Page 14

DIGITAL FRONTIERS

Marketing skills took priority over banking experience when Sovereign recruited the head of its virtual bank, scheduled to open next month. Page 16

Sallie Mae, the nation's largest source of educational funding, is preparing to send bills through cyberspace. Page 16

TECHNOLOGY

Cybercash is pinning its turnaround hopes on an expensive promotion of its digital wallet. Page 17

MARKET MONITOR

Recent weakness in the value of the dollar has heightened concerns that interest rates are headed upward. Page 25

Old National of Indiana and Old Kent of Michigan announced separate acquisitions to expand their footholds in key markets. Page 30

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