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What happened to Continental Bank of Chicago?
LaSalle St. no longer will say Continental Bank. It will carry the name and logo of the new owners, Bank of America. At midnight Wednesday, after 137 years, the book will close on Chicago’s oldest financial institution as an independent entity.
Who bought out Continental Bank?
BankAmerica Corp.
Consumer banking giant BankAmerica Corp. on Friday took a cross-country leap to expand its corporate banking business by agreeing to buy Continental Bank Corp. of Chicago for $1.9 billion in cash and stock.
When did Continental Illinois fail?
1984
When Continental Illinois National Bank and Trust Company failed in 1984, it was the largest bank failure in US history, and it remained so until the global financial crisis of 2007-08.
What was the root cause of Continental’s failure?
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Who bought Continental Illinois?
BankAmerica
The Continental Illinois National Bank and Trust Company was at one time the seventh-largest commercial bank in the United States as measured by deposits, with approximately $40 billion in assets….Continental Illinois.
| Industry | Bank holding company |
|---|---|
| Fate | Insolvency; seized by the FDIC, ultimately sold to BankAmerica |
| Successor | Bank of America |
What happens if my bank closes?
When a bank closes, the FDIC assumes the role of a receiver and conducts an inventory of the failed company’s assets. FDIC officials sell the banks assets such as deposit accounts and real estate to other banks or investment companies.
Who is the founder of the Continental Bank?
Nathan J. Morgan is the sole Founder of Continental Bank which he started in 2003. He is also President, CEO, and Chairman of Continental Bank. Continental Bank is a privately-owned FDIC insured commercial bank headquartered in Salt Lake City, UT.
Why was Continental Illinois Bank insolvent in 1984?
In May 1984, Continental Illinois became insolvent due, in part, to bad loans purchased from the failed Penn Square Bank N.A. of Oklahoma—loans for oil & gas producers and service companies and investors in the Oklahoma and Texas oil & gas boom of the late 1970s and early 1980s.
Where was the Continental Bank of Canada located?
It had its head office at 130 Adelaide St. West, Toronto. In 1981, it was Canada’s ninth-largest bank with 70 branches across the country, and assets at June 30 of $1.6 billion. Also in that year, Continental Bank absorbed its parent company, IAC.
Is there a Continental Bank in Salt Lake City?
Continental Bank is a privately-owned FDIC insured commercial bank headquartered in Salt Lake City, UT. Specializing in commercial equipment financing for small and medium-sized businesses nationwide, the bank is known both for its willingness to listen to its customers’ needs, and the ability to fund their deals quickly.