WASHINGTON
Less than 24 hours after a humiliating defeat on credit union legislation in the House, banking industry leaders refused to back off long-standing demands during a Senate Banking Committee hearing. Page 2
Responding to complaints by activists, the Fed is reviewing attempts by First Union to block community groups from protesting its future mergers. Page 3
REGIONAL
Stanley J. Bradshaw, who built Roosevelt Financial of St. Louis into one of the nation's best-regarded thrifts before selling it to Mercantile last July, is calling it quits. Page 5
Northern Trust of Chicago is getting out of the futures brokerage business to concentrate on other operations. Page 5
COMMUNITY
Farm loan delinquencies and chargeoffs rose last year at California banks, researchers reported, and bankers and economists are blaming El Nino weather patterns and falling Asian demand. Page 6
CARDS
Citicorp officially took over AT&T Universal Card Services' $14 billion portfolio, completing a deal that brings back the bank's former U.S. card chief, Richard Srednicki. The homecoming of the 13-year Citibank veteran after a year away is described by one analyst as "like the prodigal son returning." Page 12
CORPORATE FINANCE
Chase is setting up a $280 million real estate investment fund that would buy 70 loans and foreclosed properties from its portfolio. Page 9
Looking to beef up its distribution capabilities for the securities it underwrites, First Union has formed a global capital markets unit and hired a Lehman Brothers veteran to run it. Page 9
INVESTMENT PRODUCTS
Wells Fargo is planning a wrap account that would include individual securities and be managed by outside advisory firms. Page 10
The Bank Securities Association is preparing a campaign to ease guidelines governing bank brokerages, according to the group's general counsel. Page 10
TECHNOLOGY
Electronic payments may have been in the air at a Bank Administration Institute conference last week, but on the ground, check processing equipment dominated. Page 14
MARKETS
Bank stocks bounced back in a market surge that took the Dow close to 9,000. Page 22
Wells Fargo filed a lawsuit claiming that one of its top brokers took a client list of 500 names with her when she went to Merrill Lynch. Page 22
