Today's News

Daniel T. Phillips did not make it to the high-loan-to-value conference in Chicago last month, but he did not need to. His presence was everywhere. Page 12

WASHINGTON

Trying to stay ahead of money launderers, the Fed ordered examiners to spend more time scrutinizing bank compliance programs. Page 2

COMMUNITY BANKING

Citizens Bancshares of Salineville, Ohio, is entering Pennsylvania, paying $138 million - 3.6 times book - for Century Financial. Page 4

REGIONAL BANKING

Citicorp hired the president of General Motors Acceptance to fill a key corporate banking post. Page 7

Union Planters is filling in a western Kentucky gap in its market coverage. It agreed to pay $380 million for Peoples First of Paducah. Page 6

TECHNOLOGY

Small banks may have found a way to use their size to advantage on the Internet. Page 10

The chief financial offices of Banc One Mortgage is the latest high- level executive to be switching to Fleet Mortgage Group. Page 13

INVESTMENT PRODUCTS

Barnett's chief asset management executive will leave next year when NationsBank takes over. Page 14

CORPORATE FINANCE

In its second lead-managed junk bond mandate, Societe Generale wrapped up financing for Friendly's Ice Cream. Page 18

First Security of Utah applied to the Fed for limited underwriting powers. Page 18

CREDIT/DEBIT/ATMs

ATM fees bother few people in the Southwest, according to a study commissioned by the Pulse network. Page 20

Two Hong Kong banks - Hongkong and Shanghai Banking and its affiliate, Hang Seng Bank - say all their checking and savings account customers eligible for Mondex cards. Page 22

MARKET MONITOR

Investors and consumer finance executives are saying that the highest paid chief executive in America should be forced to give back some of last year's bonus. Page 32

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