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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
May 16, 1982
Page
10
Dayton observations reveal 18 year old Jawand Shafeek and peers struggle to find work as unemployment among black youths remains alarmingly high. Federal data show teen black unemployment near 9 to 10 percent, with participation down as discouraged youths drop from the labor force.
APSILANTI Mich AP A 10 year old Michigan bank was declared insolvent and became the 17th U S bank to collapse this year the FDIC said Community Bank of Washtenaw with two offices and more than 15 million in assets was acquired by Michigan National Bank of Ann Arbor after the declaration of insolvency The bank was insolvent in an unsafe condition and directors failed to levy an assessment against shareholders to correct impaired capital condition Michigan Banking Commissioner Martha M Seger said The collapse was the 17th bank failure nationwide this year said FDIC spokesman Alan Whitney Nationally there were 10 bank failures in 1979 and in 1980 Community Bank President Robert O Shelley blamed restrictive state banking regulations especially the home office protection rule for some problems He said the rule prohibited branching into Ann Arbor or Ypsilanti while competitors could branch Deposits totaled 16 3 million and assets were probably about 17 million according to state officials
New York Life and 38 other lenders questioned Braniff International Airways plan to resume operations as a smaller low cost carrier. Some said restructuring seems unlikely while pledging to listen to management proposals. Braniff filed for Chapter 11 protection in Dallas and received temporary routing rights from the Civil Aeronautics Board to three carriers until April 26.
President Reagan argues unemployment declined in March and April, citing unadjusted figures showing 9 percent in March and 9.4 percent in April. The Bureau of Labor Statistics uses seasonal adjustment to remove seasonal effects, which can reverse trends when data are unadjusted.
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