Banking on the Future

Consider the plans of several companies that under today’s laws aren’t permitted to own a commercial retail bank:

* Nordstrom Inc., the Seattle-based clothing retailer, wants a thrift so it can offer customers a home equity line of credit to charge shoes, cosmetics, suits, underwear or anything else. Interest on the debt, unlike interest on Nordstrom’s regular credit card, would be tax-deductible.

* Hillenbrand Industries Co. in Batesville, Ind., the nation’s leading maker of coffins, wants a thrift to help customers finance pre-planned funerals.

* Appliance, electronics and media giant General Electric Co. wants one to augment its already huge business of financing equipment, auto loans, real estate and insurance.

* State Farm Mutual Automobile Insurance Co. plans to offer its auto insurance customers checking accounts and home loans via telephone and mail.

* General Motors Corp. wants a thrift so it can offer customers around the country new or additional financial products.

* Agricultural giant Archer Daniels Midland Co. wants to enter a new business: Its thrift would offer full banking services to businesses and individuals throughout central Illinois, where the company is based.

* Lutheran Brotherhood, a nonprofit group in Minneapolis that sells insurance and mutual fund products to 1.1 million Lutherans nationwide, would run a three-office thrift in Minneapolis-St. Paul and eventually offer loans and deposit accounts to members nationwide.