WASHINGTON
Treasury Under Secretary John D. Hawke Jr. told trade group officials that the administration plans to introduce legislation in early 1997 to merge the thrift and bank charters. Page 2
The American Council of Life Insurance put a price on its support for legislation allowing common ownership of banks and insurance companies. Page 2
COMMUNITY BANKING
Cutthroat pricing in New York City is forcing smaller banks to curtail lending to the lower end of the middle market. Page 6
NationsBank must pay a hefty price for a small Georgia thrift it doesn't want, a Georgia Superior Court judge ordered. Page 6
Southern California's "bank to the stars" is pushing inland in the second spurt of its recent growth spree. Beverly Hills-based City National, the largest independent bank based in Southern California, has agreed to pay $39 million in cash and stock for nearby Riverside National. "We think it enhances our ability to provide Southern California with a premier bank," said president and CEO Russell Goldsmith. Page 6
INVESTMENT PRODUCTS
Before banks start introducing new customers to their trust and asset management services, they should consider renaming the trust department, advises James A. Phillips of Trust Resource. Page 7
MORTGAGES
With relatively low unemployment and a steady supply of first-time homebuyers, mortgage lenders are finding that Chicago is their kind of town. Page 8
It has been a busy week for North American Mortgage - its insurance subsidiary plans to purchase most of the assets of Lomas Insurance Services and it will enter the subprime lending market. Page 8
CREDIT/DEBIT/ATMs
IBAA plans to establish a limited credit card bank by the end of the third quarter of 1997 to help banks that don't have the desire or the resources to be independent issuers. Page 10
MasterCard has given member banks permission to issue corporate cards in different countries, with a new design and a separate pricing structure. Page 11
Visa filed suit to invalidate American Express' Platinum Card trademark registration. The lawsuit follows Amex's lawsuit in September against Visa board member First USA over its use of the Platinum Card name. Page 11
TECHNOLOGY
Is the information superhighway passing your bank by? Consultant Marilyn R. Seymann gives 10 signs to gauge whether your bank is behind the technology curve. Page 13
FINANCE
Goldman Sachs promoted two executives to managing director in the bank loan unit, underscoring the importance Goldman has placed on its lending effort. Page 18
Several large banks - BankAmerica, Chase, Citicorp, and J.P. Morgan - closed syndication on four loans totaling more than $7 billion for Tenneco. Back page