First Chicago Corp

Martha O. Hesse is stepping down as chairman of the Federal Energy Regulatory Commission. President Bush will nominate Martin Lewis Allday as her successor. Allday, 63, a lawyer from Midland, Tex., is a longtime friend of Bush and became solicitor of the Interior Department earlier this year. White House spokesman Marlin Fitzwater said that Hesse is resigning to become a vice president of First Chicago Corp.

First Chicago Corp. said it had agreed to buy Beneficial National Bank USA from Beneficial Corp. for $247 million cash in a move to substantially expand its credit card business. Beneficial National Bank USA is the 12th-largest issuer in the nation with $1 billion in credit card receivables and about $1.1 billion in assets.

First Chicago Investment Advisors, a subsidiary of Illinois-based First Chicago Corp., has purchased a 192,000-square-foot building in the City of Industry for $6.4 million. The all-cash sale/leaseback transaction was negotiated by Grubb & Ellis Commercial Brokerage Services. Jiffy Packaging Co. sold the fully occupied building at 19430 E. Arenth Ave., then became a tenant by leasing back 84,000 square feet.