Menu
Share
Share this story
Close X
 
Switch to Desktop Site

Chronology Of Continental's collapse

July 5, 1982: Continental Illinois said it faced large losses due to the failure of Penn Square Bank of Oklahoma, from which Continental had purchased $1 billion in energy loans. These losses would total more than $1 billion, Continental later said.

Feb. 27, 1984: The bank's board chairman is replaced.

About these ads

May 10, 1984: The comptroller of the currency denies rumors by Japanese and other news agencies that Continental has serious problems.

May 17, 1984: The federal government pledges to stand behind Continental to stop a run on the bank. The Federal Deposit Insurance Corporation and major banks provide Continental with a $7.5 billion aid package.

May 30, 1984: The bank officials say Continental will need permanent federal aid.

July 1, 1984: Banking officials say the run on Continental is continuing.

July 16, 1984: Bankers provide additional. Continental now is drawing on some

July 17, 1984: Private investors have dropped out of talks aimed at bailing out the bank. Negotiations continue with the federal government.