News In Brief

Shaky Chicago bank gets OK for a rescue merger

Gov. James Thompson signed emergency legislation Tuesday allowing the Continental Illinois National Bank & Trust Company to merge with an out-of-state buyer, a step toward solving the money woes of the nation's seventh-largest bank.

The measure, hustled through the General Assembly in several weeks by the bank's lobbyists, temporarily lifts a legal roadblock barring out-of-state banks from acquiring Continental.

You've read  of  free articles. Subscribe to continue.
QR Code to News In Brief
Read this article in
QR Code to Subscription page
Start your subscription today