Word: bancorp
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Dates: during 1980-1989
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...shakes and rolls under my feet," shrugs novelist Wallace Stegner, a 40-year resident of Los Altos Hills. "It's never particularly alarmed me." Brokers insist that San Francisco's booming real estate market has not subsided. "Obviously the quake was a drawback," concedes Katherine August of First Republic Bancorp, which specializes in loans for luxury homes. "But I don't think it will have a lasting effect on the market. We closed one deal the day after the quake." Says pollster Mervin Field: "Sure it shook people up. But look at the World Series game that was interrupted...
While most economists think the U.S. will be able to putter along without a recession for at least another year, they see the hazard as increasingly difficult to avoid. Says Jerry Jordan, chief economist at First Interstate Bancorp in Los Angeles: "Things are going to get very dicey in 1989. It will be the worst of all worlds." Concurs Allen Sinai, chief economist for the Boston Co. Economic Advisors: "This is the first time in perhaps six years that the word recession is in my vocabulary, and I don't take the word lightly. I see one starting late...
...brink of failure and was forced to go, ten-gallon hat in hand, to the U.S. Government. Within two days the Federal Deposit Insurance Corporation advanced $1 billion to keep First RepublicBank's 73-member banks in business. At the same time, Houston's ailing First City Bancorp, the fourth largest banking company in the state, reported that its plan for returning to financial health was in jeopardy. The problems encountered by both companies dramatized once again just how badly the Texas oil and real estate busts have damaged the state's economy and financial system...
Connally's homily about Texas' being a great place to save may ring a bit hollow to another Houston institution, First City Bancorp. The company disclosed last week that it expects to post a 1987 loss of $1.1 billion, among the biggest ever for a U.S. bank...
...Congress and the White House, which is intended to trim $30 billion from the deficit next year, as woefully inadequate. "The 1987 budget had a lot of phony stuff in it that will come back to haunt us in 1988," warns Jerry Jordan, chief economist at First Interstate Bancorp in Los Angeles. "This will produce a rising trend in the budget deficits...