Vermont is allowing state-chartered institutions to sell insurance from small towns in order to keep pace a court decision confirming such power for national banks. Page 2

Thrifts' net income soared to a record $1.8 billion in the first quarter, the OTS said, but one-time restructuring gains at five thrifts produced about 60% of the increase. Page 2


The California economy's comeback is benefiting the 7,200 people who are losing jobs in this spring's Wells-First Interstate merger, observers say. Page 5


A securities trade group's annual conference could offer bankers hints for strategy on financial services technologies. Securities Industry Association president Marc E. Lackritz said the conference is expected to draw 400 exhibitors, and several planned to use the gathering as a launching pad for new products and services. Page 10

Intuit said 1,900 financial institutions that get processing services from Electronic Payment Services or M&I Data Services will be allowed to offer its home banking system at favorable "group rates." Page 11


Carolina First richly rewarded three employees for steering it to a lucrative stake in a new technology company. Page 6

For the second time in two years, First Public Savings Bank is about to be acquired by another Asian-American institution in Los Angeles - but this time at a lower price. Page 6


Employee-relocation firms and the mortgage companies they work with are enjoying brisk business despite corporate downsizing. Page 8

Most banks rely on conduits and other assistance to securitize the mortgages they originate, but First Union successfully did its own legwork to bring $122 million of home equity loans to market. Page 8


The New York Assembly Banking Committee reviewed legislation on automated teller machine fees. Page 13


Preparing for a big insurance sales push, KeyCorp is adding life and property policies to its product menu. Page 14

Fifth Third hopes to leverage a new contract to administer a big retailer's 401(k) plan into a high-margin money management assignment. Page 15


Inflation fears continued to dog bank stocks as the Conference Board's index of leading economic indicators rose 0.3% in May, the third straight increase. Back page

WHAT WAS ONCE a buzzword now appears destined to become a guiding principle for banks. As regulators look more closely at how banks size up and control risk, an increasingly broad range of practices comes under the heading of risk management. Pullout section

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