FDIC Rejects Bid for Continental Stake: The...
From Times Staff and Wire Reports
FDIC Rejects Bid for Continental Stake: The Federal Deposit Insurance Corp. has rejected a $112-million bid by investors and management for the federal agency’s 26% stake in Continental Bank Corp., the bank firm said. The FDIC acquired all of Chicago-based Continental when the bank failed in 1984 and has slowly been selling it off. The 26% stake is its last chunk. FDIC spokesman Alan Whitney said the FDIC board voted 4-0 to reject the bid because it “was not in the best interests of the FDIC.” He declined to say why.
