01 Aug 1983
Page 1
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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 01, 1983
Page
1
Lurena Bell and Judy Poss, both of Houston, polished boots for each other before competing at Midland Polo grounds early Sunday. Winners in the West Texas Dressage and Combined Association Dressage Show on Sunday included Leading Senior Rider Richard.
Metro Bank of Midland failed prompting the U.S. Comptroller to charter Mid-Cities National Bank of Midland to take over deposits. New owners say deposits are insured by the FDIC and plan a business as usual approach while handling energy loan collateral.
Dallas Morning News reports major Texas bank holding companies pursuing mergers to gain scale amid regulatory and competitive pressures. Cullen-Frost plans a 287 million merger with First City Bancorporation, boosting assets to 19.6 billion and 75 banks. Mercantile Southwest and Southwest Bancshares announce a 530 million stock merger creating an 18 billion asset firm. InterFirst and First United complete their 1982 announced merger, forming the largest Texas bank with 22.3 billion in assets and 66 banks. Texas American Banc shares rejects a 460 million merger offer from Texas Commerce Bancshares.
Texas starts a new chapter in textbook selection by hearing from supporters and critics. As the nation’s largest single purchaser, Texas may require publishers to revise titles for sale nationwide. The 27 member committee will take public testimony for the first time, with state funds only for Board approved books. Estimates place purchases at 36.3 million for new titles, rising to 65.5 million with replacements and costs.
A U S Supreme Court ruling exempting bank securities from taxation reduces the tax base for the city, county, school district, and Odessa College by 41 million dollars while overall appraised property value rises to nearly 6.16 billion. Officials weigh refunds, market-value appraisal for bank stocks, and impact on tax rates with broader statewide losses projected.
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