Five banks collapse raise post-Depression failure record
Washington FDIC shuts five banks in Texas Nebraska and Minnesota bringing 1987 bank failures to 141 for the year. Officials expect a downturn then improvement with 200 failures projected this year and 150 in 1988 amid Oil Patch and Farm Belt distress.
MENTIONED IN THIS ARTICLE
Washington
Federal Deposit Insurance Corp
Texas
Nebraska
Minnesota
FDIC
First City Bancorp. of
L. William Seidman
Seidman
Security State Bank
Oxford
Neb
Clay County State Bank
Dilworth
Minn
Western Bank- Westheimer
Western Bank
North Wilcrest
Westwood
Westheimer Bank
Oklahoma
Colorado
Louisiana
California
Kansas
Iowa
Missouri
Florida
Indiana
Montana
Utah
Alabama
Illinois
Wyoming
Massachusets
Mississippi
New York
North Dakota
Ohio
South Dakota
Square D Hits 52-Week High As Market Edges Higher
The stock market advanced Friday with the Dow up 1.79 to 2640.99 and the NYSE volume at 189.07 million. Square D, which operates a Cedar Rapids plant, closed at a new 52-week high of 65.14 amid strong business and buy recommendations from New York analysts.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Square D
Cedar Rapids
Chicago
New York
Treasury
Iran
United States
Amoco
Atlantic Richfield
Occidental Petroleum
Chevron
Texaco
International Business
General Electric
American Express
American Telephone & Telegraph
Digital Equipment
National Semiconductor
Hewlett-Packard YZ
Alexander’s Inc
Donald Trump
Iowa
United Fire and Casualty
Rockwell
NYSE
Exchange
Standard & Poor
S&p
Regional Briefs: GECC Driven, Railcase Dismissed
The Chicago Central and Pacific Railroad case was dismissed at Waterloo at GECC’s request. Former president Jack Haley resigned Sept 17 as part of the GECC settlement. Duncan Industries tests credit card parking meters next year. Great Lakes Airways cuts Ottumwa-Chicago service for a five flight Des Moines schedule saving subsidies. UAW and GM hold first main table since Ford talks. GM negotiators caution restraint until a settlement.
MENTIONED IN THIS ARTICLE
Chicago, Central & Pacific Railroad Co
William Edmonds
Waterloo
General Electric Credit Corp
Jack Haley
GECC
Duncan Industries Parking Control Systems Corp
Rolling Meadows
Ill
Great Lakes Airways
Ottumwa
Chicago
Des Moines
Department of Transportation
United Auto Workers
General Motors Corp
Ford Motor Co
UAW
Peter Laarman
Alfred Warren
Allen named by KCRG-TV
KCRG-TV named Bob Allen as its new general manager succeeding Phil Stolz who departs for Dayton Ohio. Allen began at KCRG in 1986 and previously held roles as anchor reporter producer and news director at stations in Evansville Denver Chicago Orlando and Philadelphia. He will continue the station’s community leadership path and lives in Cedar Rapids with wife Barbara a St Luke’s Hospital nurse.
MENTIONED IN THIS ARTICLE
Kcrg-Tv
Channel 9
Bob Allen
ABC
Phil Stolz
Dayton
Ohio
Allen
KCRG
Sioux City
Evansville
Ind
Denver
Chicago
Wls-Tv
Orlando
Fla
Philadelphia
Cedar Rapids
KOTV
Tulsa
Oklo
Barbara
St. Luke’s Hospital
California insurers halt new earthquake policies after quake
State Farm plans a 30 day moratorium on new earthquake insurance with other firms likely to follow. Moratoriums up to 60 days are allowed under 1985 law requiring coverage offering to all policyholders. Premiums are low but deductibles high, and many Californians have not carried such coverage.
MENTIONED IN THIS ARTICLE
Los Angeles
California
State Farm Insurance Co
State Farm
General Home
Tim Dove
Insurance Information Institute
Dove
Ford to Take Part Ownership of Hertz in $1.3 Billion Deal
Allegis Corp agrees to sell Hertz Corp to an investor group led by Ford Motor Co and Hertz management for 1.3 billion. Frank A. Olson will become Hertz chairman and CEO, returning to prior role at Hertz. Ford will contribute 1.2 billion with remaining from Hertz managers. Ford intends to shrink its stake to minority ownership.
MENTIONED IN THIS ARTICLE
Chicago
Allegis Corp
Hertz Corp
Ford Motor Co
Hertz
Allegis
Avis Inc
Frank A. Olson
Matt Gomring
Olson
Richard Ferris
Gene Koch
Ford
VA raises maximum VA mortgage rate to 11 percent
The Veterans Administration hikes its maximum rate for federally backed VA home loans to 11 percent effective Monday, joining a market-wide rise as conventional rates hit 11.18 percent. Other VA rates climb half a point with impacts on payment sizes for new loans.
MENTIONED IN THIS ARTICLE
Washington
The
Veterans Administration
Federal Home Loan Mortgage Corp
Also Mentioned on This Page
Industy
Alan J. Whitney
Cynthia Latta
Data Resources Inc
Lexington, Mass
Southwest
Latta
Cherry-Burrell
Cherry-Burrell Corp
Hideki Mizuno
Yoshio Yamada
J.P.I. Paper Co
Tokyo
Dean Redman
Latin America
Europe
Associated Press and Gazette
Cc&p
Oelkers
7Th St
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