Real estate developer Paul Estridge no longer knows where he stands with his bank. Mayor Stephen Goldsmith is fretting about declining competition. And local banker J. Christopher Graffeo is bracing for "the knockout punch."

Indianapolis has come down with a bad case of consolidation jitters as the two biggest banking companies in the city-Banc One Corp. and First Chicago NBD Corp.-prepare to merge. The deal, local leaders say, could mean fewer jobs, fewer loans, and diminished civic leadership.

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