13 Feb 1987
Page 1
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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Feb 13, 1987
Page
1
Odessa College faces a mixed outcome as charges are dropped in a child abuse case while a separate basketball report notes the Lady Wranglers fall. The edition highlights legal developments and campus sports results, including January help-wanted ads.
Misguided energy loans crippled Security National Bank of Midland leading to its insolvency. Directors scramble to secure a buyer before a 2 p.m. bid deadline as FDIC closing supervisor Roy Engram prepares for a 2:30 p.m. press conference. The OCC official later declared the bank insolvent and named the FDIC as receiver with assets just over 7 billion dollars.
The U S comptroller closed Federated National Bank of Universal City Texas about an hour after Midland bank failure, the sixth and seventh Texas banks closed this year. FDIC named as receiver and will pay off depositors since no bids were received. Deposits totaled about 11 4 million with 127 000 in five accounts above the 100 000 insured limit.
Congressman Larry Combest announced the Energy Equity Act of 1986, proposing an inverted windfall profits tax to limit losses as oil prices fall below a base level. The plan would offer tax benefits or direct payments when profits are low, seeking to unite factions on oil import fees.
U S Senator Phil Gramm drew varied responses in Midland as he discussed oil industry policy. He said an import fee on oil is unworkable citing exemptions for petrochemical firms farmers and heating oil from the Northeast and from Mexico and Canada. He favored tax incentives and predicted the windfall profits tax and Fuel Use Act would be eliminated.
Washington reports January wholesale prices up 0.6 percent led by energy as gasoline costs jumped 18.0 percent and home heating oil 15.7 percent. Food prices fell 1.9 percent. Excluding food and energy, prices rose 0.5 percent.
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