WASHINGTON

Reopening an interagency policy dispute, the FDIC has given the go-ahead for the conversion and sale of a Pennsylvania mutual thrift. Page 2

A U.S. court in Texas has ruled that state laws may not restrict national bank annuity sales. Page 2

Regional Banking

U.S. Bancorp's president for Oregon has decided to retire Sept. 1-a month after First Bank System bought the company and assumed its name. Page 4

GLENDALE FEDERAL is formalizing its ties to community groups in the Golden State and could enhance its efforts to boost small-business lending in the process. Page 4

CORPORATE FINANCE

The value of mergers and acquisitions in the hotel industry more than doubled to $4.1 billion in the first half. Page 7

MORTGAGES

HUD ISSUED guidelines for mortgage reinsurance, which New York is investigating as a possible cover for insurers to make illegal kickbacks to lenders. Gerald Friedman, whose Amerin Corp. had sought the HUD statement, says he thinks it will defuse the issue. Page 9

COMMUNITY BANKING

Small Midwest banks are starting to use their new powers to branch across state lines, but so far these typically cautious institutions are not straying far from home. Page 6

A Minnesota community bank seeking to expand its correspondent services has partnered with an Alabama-based regional that has the goods. Page 6

INVESTMENT PRODUCTS

Jackson National Life has made inroads in its sale of life insurance and annuities through banks in the Northeast. Page 10

CREDIT/DEBIT/ATMs

MBNA teamed up with Subaru of America to offer rebates toward the purchase or lease of Subaru vehicles. Page 12

TECHNOLOGY

The SET standard for credit card business over the Internet may ultimately weaken the influence of its original champions, MasterCard and Visa. Page 14

MARKET MONITOR

Some observers are increasingly doubtful that Advanta, which in March hired M&A specialist BT Wolfensohn, will ever find a buyer. Back page

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