Just one or two California thrift acquisitions could significantly alter the key cost-of-funds index that determines interest charges on many adjustable-rate mortgages, according to a securities analyst.

In a recent report, Jeffrey Naschek of Salomon Brothers Inc. argued that, with 75% of the value of the 11th District Cost of Funds Index, or Cofi, derived from costs at just seven large thrifts, the index is extremely sensitive to mergers.

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