Swearingen to Leave Continental Illinois

John Swearingen, who led Continental Illinois Bank back from the brink of failure three years ago, said he will retire as an officer of Continental Illinois Corp., the bank’s holding company.

Swearingen, who came out of retirement in 1984 to serve Continental Illinois after federal bank regulators put together a $4.5-billion bailout package, will remain a member of the holding company’s board of directors.

Swearingen, 69, had barely retired from Standard Oil Co. (Indiana), now Amoco Corp., when he was pressed into service at Continental. He left Standard Oil after a 44-year career, the last 23 as its CEO.

Last August, Swearingen stepped down as chairman of Continental Illinois Corp.

“John is finally getting another chance to try his hand at retirement,” said Thomas Theobald, who replaced Swearingen in the chairman’s role.

“Continental has survived its past problems and is poised for the future with a well-defined program and outstanding leadership,” Swearingen said in a statement.