WASHINGTON

AN ALASKA CREDIT union is planning to switch to a field of membership that would encompass the entire state because of a recent court ruling that could force it to divest itself of most members. Page 2

REGIONAL BANKING

SOME INDUSTRY veterans are joining the ranks of bank analysts, crossing over to the sell side because they're enticed by an entrepreneurial culture and the opportunity for better pay. Page 4

MELLON SAID it will consolidate the oversight of most of its West Coast businesses into one 59,000-square-foot building in downtown Los Angeles. Page 4

COMMUNITY BANKING

FEDERAL CREDIT unions are hoping that a grass-roots uprising will help them control the damage from a legal defeat that could cost them millions of members. Page 6

COLUMNIST Paul Nadler ruminates over what makes a good CEO. While the chemistry of leadership is hard to define but easy to see in action, he writes, "An institution is the length and shadow of one person." Page 6

MORTGAGES

MANY SMALL to midsize private lenders are facing a difficult choice: raise capital by going public or be swallowed up by a larger company. Delta Funding just filed a registration agreement with the SEC for a proposed initial public offering of four million shares of stock. President Hugh Miller could not comment on why he chose to take the company public, but other chief executives surmised that the decision reflects common desire to remain at the helm. Page 8

IMC MORTGAGE has been growing at a torrid pace this year, and analysts say it is likely to continue now that it has gone public. Page 8

INVESTMENT PRODUCTS

FIRST UNION is quietly building an insurance sales effort that many say is more comprehensive than those attempted by rival banks. Page 10

CHARLES SCHWAB is expanding its marketing of no-load term and universal life insurance policies throughout the West, after a successful pilot program in California this summer. Page 10

BANC ONE is unifying private banking sales throughout its 12-state market under the leadership of C. Brent McCoy, who will be its first national sales director for private banking. Page 11

TECHNOLOGY

THINKING MACHINES, an erstwhile supercomputer manufacturer, has emerged from bankruptcy as a software developer with plans to peddle its data- mining product to financial services firms. Page 12

CREDIT/DEBIT/ATMs

GENERAL MOTORS said it is reducing by half the maximum annual rebate to its gold credit card customers starting next year. Page 14

MASTERCARD is running a three-month pilot for consumers, who will be able to get up to 20% off at the cash register if they pay with their card while shopping at select Oshman's Sporting Goods and Pier One Imports stores. Page 14

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