Word: bancorp
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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...
...months WSGP has bought up five financial institutions, including Honolulu Federal Savings & Loan (assets: $1.7 billion), Southern California Savings ($1.5 billion) and World Trade Bancorp ($100 million), all for $119 million. The group's method is to look for bargains among sinking thrifts that also possess attractive real estate holdings. Then WSGP strips the institutions of problem loans and injects them with fresh capital, with the aim of selling out at big profits...