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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 21, 1988
Page
23
Foreign visitors from 40 countries will attend a week long seminar at Universal Gym Equipment in Cedar Rapids to review market status and future direction. Training covers computerized exercise equipment and upcoming medical products with the last similar event in 1986.
Iowa Insurance Commissioner William D. Hager approves the acquisition of Des Moines based Inter State Assurance Co by Ireland’s Irish Life Assurance Co. Ireland’s firm, with about 4 billion dollars in assets, will make the Des Moines company its first U.S. purchase. Inter State will stay in Iowa and continue its current operations largely unchanged.
The firm aims to replace aging 727s by expanding its fleet with as many as 100 757s in a deal potentially worth $4.2 billion. Shareholders at the annual meeting were told of phasing out 34 727-100s and 125 727-200s, while Rockwell Collins supplies much of the 757 electronics. The Teamsters voted against a new national trucking contract but it will go into effect under their constitution. The National Leadership Coalition on AIDS offers an employee AIDS booklet titled AIDS Risk Prevention Understanding available at cost by write-in to Suite 202, 1150 17th St. NW, Washington DC 20036.
Des Moines officials announce a merger of Central Life Assurance Co and Midland Financial Savings and Loan. Central Life will inject 25 million dollars in cash into Midland, Midland will convert to a stock institution and operate as a wholly owned subsidiary of Central Life. Board approvals were unanimous.
The Dow fell 1 point to 1952.58 as the overall market showed a mixed finish in the lightest trading of the year. Volume on the NYSE reached 120.6 million shares while advancers led declines about 3 to 2, with notable movers including Texaco Boeing DuPont IBM Merck and American Express.
The Federal Home Loan Bank Board announced new rules requiring savings institutions to give borrowers a clear description of adjustable rate mortgage programs. Lenders must provide the information when a mortgage form is offered or before non refundable fees are paid, whichever comes first. An example of payment changes over 15 years must be included. Borrowers must be notified at least 25 days before any payment change. The rules, effective Monday, allow S&Ls until Oct 1 to comply and align with bank rules.
Washington AP report notes a decade high demand for new agricultural degree holders as advances in science and technology fuel placements. Iowa State and Purdue show declines in grads while starting salaries rise next year, with figures ranging from about $17,000 to $36,000 across institutions.
Kirkwood Liversifiew enterprise Cencer begins an evening course on Commercial Rabbit Production in Vinton at the HACAP Center 202 E Forest St at 7 p.m. Instructed by Joe Gerst Nap Creek Rabbitry Walford the class aims to help beginners start a rabbitry with low capital. Tuition is $6 per night with possible tuition assistance. call (319) 398-5699 to pre-register.
The board of Merchants National Bank named six vice presidents at its annual meeting. They are Gary Bartlett Jon Doll W Timothy Fitzgerald Rob Henry Laurel Ann Merrick and Lowell Schroeder. Additional officers elected include John Brannaman BJ Good Linda Henecke Deborah McArthur David Raebel Thomas Ronnfeldt and Dirk Thierer.
The Veterans Administration on Friday announced a half point hike in its maximum VA home loan rate to 10.5 percent, effective Monday. Other mortgage rates tied to the VA will also rise, with graduated payment loans at 10.75 percent and home improvement and mobile home loans higher.
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