Today's News

WASHINGTON

The Federal Reserve's latest snapshot of economic conditions captures a fiercely competitive banking industry facing strong loan demand. Page 2

NATIONAL/GLOBAL

SouthTrust of Alabama said it aims to increase its assets in Texas nearly eightfold-to $3 billion-by the end of 2000, mostly through internal growth. Page 7

MORTGAGES

Cendant's deals to sell $14 billion of servicing to HomeSide replaced an arrangement with Capstead, which quit the servicing business last year amid problems stemming from falling interest rates. Page 9

the Subprime lender Altiva Financial has signaled its intention to buy Money Centre of Charlotte, N.C., in its latest effort to rebound from last year's credit quality problems. Page 9

MARKETS

the inflation report for May set off a rally in bank stocks but further complicated the interest rate picture two weeks ahead of a Federal Reserve policy meeting. Some economists now believe that a rate increase by the central bank is less likely. Back page

The merger deal between Fifth Third and CNB Bancshares again focused attention on prospectsfor consolidation in the nation's heartland. Back page

INVESTMENT PRODUCTS

Bisys Group has bought a State Street Bank and Trust division that helps insurers retain beneficiaries' assets instead of just writing checks to them. Page 10

CARDS

In one of its first Internet-related deals, Capital One Financial has signed a marketing agreement with the on-line ad agency DoubleClick. Page 11

DIGITAL FRONTIERS

ON-LINE BANKING: Valicert's latest alliances, with IBM and an Equifax unit, solidify its claim to be the premier source of certificate validation technology. Page 12

TECHNOLOGY

Paribas of France is testing a system to measure the risk of such misfortunes as fraud, reputation damage, technology failure, and natural disaster. Page 13

Reuters said it would begin making its data services available over the Net by summer's end. Page 13

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