WASHINGTON:
DURING EIGHT YEARS as governor, Michael N. Castle helped make the banking industry Delaware's second-largest employer. Now that he ranks among the leaders of the House Banking Committee, the second-term Republican wants to extend his vision of a modern financial services industry to the national arena. Page 3
A LETTER signed by 2,100 groups and individuals - including more than 200 mayors - was sent to lawmakers to protest legislation that would dilute the Community Reinvestment Act. Page 2
COMMUNITY BANKING:
THE EAST COAST was flooded by a wave of new banks in the late 1980s and early 1990s, but most are just limping along and a number are still losing money, a study found. Page 6
AT LEAST 12 small banks nationwide hold public deposits at levels considered beyond the safety zone. Public deposits are seen as a risky prospect, since they are considered political, and therefore volatile. Page 7
MORTGAGES:
MELLON BANK Corp.'s just-completed purchase of mortgage lender Metmor Financial is yet another example of a widespread trend in banking: a push to build fee income. Page 8
FIRST BANK System is seeking a buyer for most of the business of its mortgage banking company, which operates as FBS Mortgage, St. Paul, and Colorado National Mortgage, Denver. Page 8
INVESTMENT PRODUCTS:
SOME PRIVATE BANKS are going beyond asset management. Consultant Peter White assists the efforts of Bankers Trust and others in helping client families deal with the "experience of wealth."
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CREDIT/DEBIT/ATMs:
IN THEIR HEYDAY, D. Dale Browning, Karl H. Hinke, and Kenneth V. Larkin were to the card industry what Mays, Mantle, and Snider were to baseball. Saturday night the American Bankers Association will give them their due. Page 12
DEAN WITTER, Discover & Co. has put another card under its Novus brand name. The card, called Bravo, is aimed at consumers who don't pay off their balances monthly. Page 13
TECHNOLOGY:
THE NEW YORK stock exchange, in upgrading its trading operations with a client/server system, took care to preserve the two-centuries-old tradition of face-to-face interaction between buyers and sellers. Page 14
FINANCE:
INSTEAD OF pitching the stock of potential merger targets, a unit investment trust being developed by Wheat First Butcher Singer will comprise stock in banks that have been acquirers in the recent merger binge. Back page
ROYAL BANK of Canada applied this week to list its shares on the New York Stock Exchange. If successful, it would be the second Canadian bank - after Bank of Montreal - to join the Big Board in about a year. Back page
