The two big bank mergers announced this week would produce organizations with large mutual fund families. But for all their size, the new fund programs would still be middle-of-the-road when it comes to producing revenues, observers said.

When combined, NationsBank Corp. and BankAmerica Corp. would have $51.9 billion of proprietary fund assets, according to Lipper Analytical Services Inc., Summit, N.J. The combined company would rank No. 18 among U.S. mutual fund managers, on a par with Prudential Securities and Massachusetts Financial Services.

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