WASHINGTON

New Jersey claims that consolidating its departments of banking and insurance this summer has saved taxpayers $4 million so far - double the original annual savings estimate. Page 3

The IRS may soon create new compliance headaches for mortgage originators that transfer loans between affiliates, several tax experts say. Page 3

REGIONAL BANKING

Two major mergers in St. Louis would create a glut of bankers chasing after a dwindling number of jobs next year. Page 4

Financial services will remain in upheaval for the foreseeable future, and the heavy hitters in retail and investment banking are not likely to retain their current positions, a senior Canadian banker predicted. Page 4

COMMUNITY BANKING

North Carolina's community banks might encounter expansion opportunities - and some new competitors - in the wake of Southern National's $985 million deal to buy United Carolina Bancshares. Page 6

MORTGAGES

NationsBanc Mortgage will open six retail offices in New York and New Jersey this year and plans to move into more northeastern states next year. Page 8

Countrywide Credit Industries and North American Mortgage, the two largest independent mortgage companies, both reported drops in origination volume last month compared to the levels in October 1995. Page 9

INVESTMENT PRODUCTS

Hoping to burnish its image among investors, PNC's broker-dealer subsidiary is considering dropping "PNC" from its name. Page 10

BEA Associates, a New York-based investment manager, is mapping out a strategy to pitch a set of no-load international mutual funds to banks. Page 11

CREDIT/DEBIT/ATMs

Growth-hungry card companies have set their sights on new blood - small- business executives who are more willing to put expenses on company plastic. With spending on business cards increasing at a faster rate than on general-purpose cards, some issuers are casting more marketing dollars behind these cards, while developing existing card portfolios. Page 12

A survey suggests that credit cards with travel rewards encourage loyalty among card members for purchases other than airfare. Page 12

TECHNOLOGY

ON-LINE BANKING: Vertigo Development Group developed software designed to help banks sell mutual funds and insurance over the Internet. Page 14

FINANCE

A glut of "plain vanilla" derivatives in the marketplace apparently is slowing trading revenue growth for banks that deal in the financial contracts. Back page

Mellon began syndicating a $1.25 billion credit for H&R Block, which is once again gearing up to offer tax-refund loans. Back page

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