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Continental Illinois can be traced back to two Chicago banks, the Commercial National Bank, founded during the American Civil War, and the Continental National Bank, founded in 1883. In 1910, the two banks merged to form the Continental & Commercial National Bank of Chicago with $175 million in deposits – a large bank at the time. In 1932 the ...
The Continental Illinois Bank Building in Chicago. Commonly referred to as the first too-big-to-fail bank, Continental Illinois was seized by the FDIC in 1984 after a fear of bad loans ignited a ...
[51] 1984 saw the largest commercial bank failure to date, that of Continental Illinois, which was infamously branded "too big to fail". [52] The bank failed amid a rise in foreign non-performing loans (mostly in Latin America) and an electronic bank run. The FDIC stepped in to prevent the failure of almost 2,300 smaller banks which had their ...
The Wingfoot Air Express was an early Goodyear blimp that caught fire and crashed into the Illinois Trust and Savings Building in Chicago on July 21, 1919. The Type FD airship, manufactured and owned by the Goodyear Tire and Rubber Company, was transporting passengers from Grant Park to the White City amusement park. [1]
The Federal Deposit Insurance Corp sued 11 former executives and directors of a failed bank as it works to recover as much as $2 billion suffered by one of its funds during the financial crisis.
Most bank failures don't make front-page news, so many people don't know how often they happen. Recently, however, the second-biggest bank failure in American history dominated headlines as Silicon...
In addition, there were major losses at other banks, including Seattle First National Bank, Michigan National Bank, and Chase Manhattan Bank in New York. The bank's collapse coincided with the 1980s oil glut and Penn Square was the first of 139 Oklahoma banks that failed in the 1980s. The insolvency was the subject of two best-selling books and ...
The colloquial term "too big to fail" was popularized by U.S. Congressman Stewart McKinney in a 1984 Congressional hearing, discussing the Federal Deposit Insurance Corporation's intervention with Continental Illinois. [2] The term had previously been used occasionally in the press, [3] and similar thinking had motivated earlier bank bailouts. [4]