Today's News

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More homeowners refinancing 30-year loans are moving to 15-year debt, but investors in mortgage-backed securities said they were steering clear of shorter-term paper. Page 9

WASHINGTON

Confidence in local real estate markets dropped slightly this summer but remained strong, the Federal Deposit Insurance Corp. said. Page 2

CORPORATE FINANCE

Carlyle Group is starting up a collateralized bond obligation fund and has hired a former Merrill Lynch executive to run it. Page 3

REGIONAL

With regulatory approvals for their merger in hand, NationsBank and BankAmerica are preparing the first draft of an integration plan. Page 4

Financial services firms trying to attract executive talent are increasingly relying on signing bonuses, an executive search firm has found in a survey. Page 5

INVESTMENT PRODUCTS

INSURANCE: Citizens Insurance, a unit of CNB Bancshares in Evansville, Ind., expects this year to join the handful of bank subsidiaries on the list of the top 100 U.S. insurance agencies. Page 6

Eaton Vance Distributors, whose sales through banks have been zooming, has added three bank sales executives. Page 8

CARDS

Companies that adopt purchasing card systems cut invoice processing costs an average of 73%, according to a study commissioned by Visa International. Page 12

Digicash, still frustrated in trying to sell U.S. banks on its Internet payment system, has named a new chief executive officer. Page 15

COMMUNITY

The planned merger of two Roseburg, Ore., banks was abruptly terminated when the board of Douglas National Bank rejected the $35.4 million offer of rival South Umpqua Bank. Page 17

TECHNOLOGY

Vignette of Austin, Tex., is helping PNC Bank personalize its Web sites. Page 21

MARKETS

Some contrarian analysts are telling investors it's time to jump back into the bank bond market. Back page