Word: fdic
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...largest banking firm. And with good reason: word had just come from Washington that the Federal Deposit Insurance Corporation had agreed to save the failing institution by pumping in $970 million worth of assistance. The cavalry-like rescue was the second largest in banking history, eclipsed only by the FDIC's $4.5 billion bailout of Continental Illinois...
...campaign to raise $500 million and gain control of First City, a holding company that operates 61 banks in Texas and one in South Dakota. Abboud, who will become chairman, is kicking in $5 million of his personal funds. His group, which had been conducting secret negotiations with the FDIC since November, beat out at least three rival bidders...
...rode the FDIC and Abboud, who will assume management of the company from Houston's powerful Elkins family. The current shareholders will end up with less than a 3% stake in First City. The FDIC intervention, financed by annual premiums that U.S. banks pay to the federal agency, kept the Government from having to pay depositors an estimated $1.8 billion if the bank had gone out of business. But "this is no bailout," asserts FDIC Chairman L. William Seidman. "In terms of the stockholders and management, the bank has failed...
With that, federal officials wheeled vans to the doors, unloaded portable computers and typewriters and fanned across the bank's five floors, counting cash in the vault, poring over spread sheets and answering the ringing phones with "FDIC." In the executive suite, Secretary Debbie Bratton watched in disbelief as strangers carted off the Texas banking charter. Fretted New Accounts Representative Norma Villaloboz: "Everyone's in shock. Hopefully, somebody will...
...builders face keen competition from Europe' s Airbus. -- New hope for computer makers. -- How the FDIC closes a bank...