Today's News

MANAGEMENT STRATEGIES PEOPLE'S BANK of Bridgeport, Conn., is riding high, only a few years after a poor New England economy almost drove it out of business. In this month's issue, CEO David E.A. Carson explains how People's righted itself without abandoning its community bank ethos. Pullout section WASHINGTON Thrift executives want the government to simplify new rules on small- business lending. Page 2 To protect their membership base, credit unions need help from Congress - a move that could force a reassessment of their tax-exempt status. Page 3 COMMUNITY BANKING A Connecticut thrift holding company is embarking on its fifth acquisition in five years in a deal that would enlarge its market share by 40% in its home county. Page 7 CREDIT/DEBIT/ATMs Henry Duques, chairman and CEO of First Data, discusses the company's exceptional annual growth and future plans. Page 14 REGIONAL BANKING Despite lagging revenues and higher costs, Firstar chairman and CEO Roger Fitzsimonds is determined to continue with an extensive restructuring at the Milwaukee bank. "Between now and July, we're going to finish our restructuring, and we're going to do it successfully," he said. Page 4 SMALL BUSINESS New England banks are looking for innovative ways to structure small- business loans. Some have started using home equity loans to lure entrepreneurs and decrease their costs. Page 8 MORTGAGES The mortgage industry is in the throes of a technological revolution that will shake up lenders before showering them with benefits, a top systems executive at Freddie Mac said. Page 11 INVESTMENT PRODUCTS Money managers at banks are using technology to upgrade and expand their business. Page 13 TECHNOLOGY Cheetah Broadcasting is aiming to help banks improve on a run-of-the-mill conference call. Page 18 CORPORATE FINANCE KeyCorp signed a joint venture agreement with boutique firm SPP Hambro to provide private placements. Page 23 MARKET MONITOR A small Pennsylvania company wants to be first among insurers to convert from mutual to stock ownership, using the favorable rules under which thrifts have raised $25 billion since the 1970s. Page 25