FINANCIAL E-NEWS from Financial Services Online
                         (http://www.fsonline.com)
                                      
March 15th, 1998 Edition

      ON THE DEFENSE - The anticipated approval of State Farm's thrift
   charter has small banks on the defensive. With the expected opening of
    a federal savings bank that will operate nationwide, State Farm will
      begin competing directly with banks through the company's 16,300
   offices. State Farm reportedly plans to offer mortgage and home equity
    loans, auto loans, credit cards, CDs, savings and checking accounts
    and money market accounts. By foregoing the traditional bank branch,
     State Farm expects to undercut small banks on loan charges, while
                  offering more attractive deposit rates.
                                      
     SPEAKING OF THRIFTS - State Farm isn't alone. Twelve insurers are
      seeking thrift charters, with ReliaStar, Travelers and Principal
      Mutual already receiving approval. Fed Chairman Alan Greenspan,
   however, recently said that he would support a moratorium on granting
    thrift charters to nonbanks if financial services reform legislation
                               isn't passed.
                                      
      FINANCIAL SERVICES REFORM - House lawmakers have compromised on
     financial services reform legislation that would let the banking,
    securities and insurance industries merge. While a bill could reach
    the House floor as early as this week, it's far too early to predict
    the outcome of the controversial legislation, particularly since an
     amendment dealing with credit unions may be attached to the bill.