In 1994, the long-awaited push for full interstate banking legislation became a reality. But after years of efforts, it was greeted with mostly yawns. That may change by September of this year (when the law takes effect) as new alliances begin forming that are impossible today.

Although the swift passage of the legislation was greeted almost as a nonevent, no one could really downplay the significance of what has happened. The door is at last open for mergers that would create coast-to- coast banking giants with the prospects of lower cost structures and product lines that can more effectively compete with the nonbanks.

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