Today's News

MANUFACTURERS AND TRADERS Trust of Buffalo won Fed permission to buy 32 branches with $600 million of deposits in upstate New York from Chase Manhattan. Page 2

CHALLENGED BY THE ENTRY of U.S. firms, HSBC Holdings of London says it is planning a major expansion of its Asian equities trading and distribution business. Page 4

PROVIDENT FINANCIAL of Cincinnati is buying a hometown rival, Fidelity Financial, for $192 million in stock. Page 6

THE PULSE automated teller machine network is switching processors for debit transactions. The Houston-based network has signed with Midwest Payment Systems, dropping Affiliated Computer Systems. Page 7

NORTH FORK BANCORP has an agreement to purchase JSB Financial, also on New York's Long Island, for $570 million - which works out to a a relatively lean 1.5 times book. John Kanas, North Fork's chief, says he will keep looking for acquisition targets in the area if prices come down. Back page

INVESTORS have been regaining their appetite for mortgage-backed securities. Analysts were recommending them last week. Page 8

COUNTRYWIDE CREDIT's president, co-founder David Loeb, has sold most of his shares, reinforcing the market perception that the home lender is in for tough sledding. Page 9

RATHER THAN PAY high prices for an insurance agency, a small Massachusetts thrift is building one. Page 10

MELLON is teaming up with Jackson National Life to offer term life insurance. Page 11

MONEY STORE has moved its loan servicing to the Alltel system used by its owner, First Union Corp. Page 12

A SMALL TEXAS BANK has beefed up its cash management capabilities to keep some large corporate customers. Amarillo National licensed software from Bankserv to automate its wire transfer operations. Page 12

THE ELECTRONIC bill presentment venture of Chase Manhattan, First Union, and Wells Fargo is on track for a pilot test in the fall, according to a Wells executive. Page 14

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