WASHINGTON

BANKERS PANNED a proposal by bank and thrift regulators that would add a sixth component to the Camel rating system. Page 2

A FEDERAL APPEALS court has made it tougher for bankruptcy trustees to recover funds used to repay loans to foreign banks. Page 3

COMMUNITY BANKING

AN INVESTOR GROUP including two bankers from a Washington, D.C.-based firm has bailed out two California institutions with more than $8 million in new capital. Page 4

SUCCESSFUL financial companies of the future will be those who embrace change, preempt it, and manage it, columnist Anat Bird writes. Page 4

REGIONAL BANKING

THOMAS H. O'BRIEN sees the bank of the future as one without walls, so PNC's chief executive is counting on ATMs and phone centers to take the place of branches as the bank pushes toward "virtual expansion." Page 6

FIRST OF AMERICA expects to book a fourth-quarter gain of more than $20 million from the sale of 20 small-town branches in Michigan and Illinois. Page 7

MORTGAGES

NORWEST MORTGAGE, capitalizing on a relationship it took over with its acquisition of Prudential Home Mortgages, is pitching home loans to American Express cardholders. Page 8

INVESTMENT PRODUCTS

MERGING COMPANIES is more than combining assets, as Morgan Stanley learned when it acquired Miller, Anderson & Sherrerd last year. The companies discussed the process at a recent conference. Page 9

AN IN-STORE Centura branch emphasizes selling investment and insurance products to shoppers, rather than cashing their checks. Page 10

CREDIT/DEBIT/ATMs

CARD FRONTIERS: National City has put smart cards into the hands of Kentucky schoolchildren for purchases of lunches, books, and supplies. Page 14

TECHNOLOGY

BANKAMERICA has formed an independent subsidiary to develop object- oriented computing tools. Page 16

FREDDIE MAC will use a software program based on neural network technology to help evaluate the worth of loan portfolios. Page 16

BANKERS TRUST New York has lured a key technology executive from Canadian Imperial Bank of Commerce to be its chief information officer. Page 16

FINANCE

THE OCC last week reported a 6.7% rise during the second quarter in the notional value of outstanding derivatives contracts, to $19 trillion. Page 22

JUNK BONDS are going like hotcakes, as issuers of the high-yield bonds market have found a hungry and receptive investor base. Back page

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