The 1994 rankings for leading investment bankers in the West hinged on participation in a single deal: the sale of First Nationwide Bank, headquartered in San Francisco.

The top four western advisers - J.P. Morgan & Co., Salomon Brothers Inc., Lazard Freres & Co., and Goldman Sachs & Co. - all received credit for MacAndrew & Forbes' $1.1 billion purchase in April of First Nationwide Federal Savings Bank.

Of the four advisers, only J.P. Morgan completed another western deal.

The $15.5 billion-asset thrift, which was owned by Ford Motor Co., was sold in a complex deal to the investment company led by Ronald Perelman and Texas investor Gerald Ford.

Because of the complexity of the deal, many investment banks were used, and the four received credit in the end.

After the top four, the next three ranked investment banks also all received credit from a single deal: First Interstate Bancorp.'s $331 million purchase of Sacramento Savings Bank.

Morgan Stanley received credit for advising First Interstate, while Chemical Securities Inc. and Merrill Lynch received credit for advising the thrift.

The two traditional California advisers - Montgomery Securities and Hoefer & Arnett Inc. - as a result placed eighth and 10th respectively.

However, BankAmerica Corp.'s purchase of Illinois-based Continental Corp. counted as a midwestern deal.

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