Word: eas
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Dates: during 1970-1979
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...river and put in operation by the mid-1980s. To feed the plants with young trees, a vast reforestation is under way that will clear the land of old growth and establish huge new timber farms. The principal planting is the Gmelina arborea (pronounced malina ar-bor-ea), a hardwood native to Burma and India that grows to 15 in. in diameter in five years and 30 in twelve, or roughly twice as fast as the southern pine, a major source of American pulp...
...loans and checking and savings accounts via Franklin National; they also wanted the lucrative Long Island market. They offered $125 million for Franklin's assets, topping the nearest bid from Manufacturers Hanover by several million dollars. By the time Franklin National's doors opened the next morning, "EA" signs were on the windows...
...EA will get $1.6 billion worth of Franklin National's assets. Overnight, EA deposits in the U.S. jumped from $480 million to $1.9 billion. Moreover, it will have its pick of the bank's branch offices and 2,800 employees. Chairman Harry E. Ekblom, 46, a Brooklyn-born lawyer and onetime senior vice president in charge of European operations for Chase Manhattan Bank, promptly made a helicopter visit to Franklin National's Long Island branches. Later, he announced that EA would automatically pick up all Franklin National's consumer installment loans...
...FDIC has given EA the option of choosing whatever it wants from Franklin National's $2.4 billion in commercial and international loans. The rest will be handed over to the FDIC itself, which will trade them or hold them to maturity, probably collecting enough to pay off the Fed's $1.75 billion loan...
...EA stands a fab" chance of turning the old Franklin National into a success. If so, it may be one of the few winners in the deal. The 22,000 stockholders in Franklin National, many of whom are New York businessmen and other individuals, will probably lose their total investment. And the FDIC and other federal agencies lost luster in the debacle. In fact, Comptroller Smith conceded last week that "maybe we were unduly secure that a major bank that had prospered for many years couldn't develop big problems...