OTHER NEWS - Jan. 27, 1994

Senate Bill Aims to Stop Mutual Savings Bank Abuses: Democratic and Republican leaders of the Senate Banking Committee introduced the legislation, intended to keep directors and officers of mutual savings banks from taking excessive profits when such depositor-owned institutions are converted to stockholder ownership. A similar bill in the House of Representatives, introduced two months ago, would be less restrictive than the Senate version. The Federal Deposit Insurance Corp. has proposed guidelines for mutual savings bank conversions, but they have been criticized as not strict enough.