/Page 10
31,1982
national
Battalion/Page 11
August 31, 1982
iank 'flirting with disaster’
/ear before closing — report
rganizationa
iim.
United Press International
OKLAHOMA CITY — A re-
onal banking official warned
1 P' m - in tin inn Square Bank directors
arago that they were “flirting
TIONlFirs ^ di saster >” a newspaper re-
must send irtet * over t ^ le
The Journal Record said in a
_pyright story that minutes of a
s a mp colo|]y29 ! 1981, meeting in Dallas
owed the warning was issued
i'st meetingai Clifton A. Poole Jr., regional
ninistrator of national banks.
“We find in our opinion —
iu don’t have to accept it, but
iu ought to — that Penn
pare Bank is flirting with dis-
iter,” Poole said.
; The paper said that during
ig a i 8 p.m,
7 p.m. in60]
mg to discuss
Building.
m
eatures
ael, Dr. Mar-
Jr., Katlinn
I Roberts.
sm Hall
.ins, a fonnci
the same meeting bank examin
er George Clifton told the dire
ctors 121 law violations had been
uncovered in an examination of
the bank.
Clifton said 46 of the alleged
violations directly involved dire
ctors and executive officers of
Penn Square Bank, the paper
said.
The paper said the minutes
quote Clifton as saying three of
the violations concerned the
bank’s legal lending limit and
were “very serious, as such viola
tions create a personal liability
on each director in the event of a
loss related thereto.”
FDIC officials have said banks
may loan no more than 10 per
cent of their capital to any indi
vidual, corporation or director.
The bank listed $33 million in
capital at the end of 1981, indi
cating the loan limit was $3.3
million.
In the story by reporter Floyd
Stanley, the paper said Clifton
told the directors they were not
providing the necessary direc
tion to management, and he
talked of “significant deteriora
tion” in the bank’s loan base.
Although Penn Square listed
$4 million in credits as prob
lems, the examiners had placed
the number at $32 million, with
$17 million “classified substan
dard or worse,” the minutes
state.
When they closed the bank
July 5, federal regulators esti
mated the bank’s assets at less
than $40 million and its bad
loans at about $50 million.
The liquidity crisis which re
sulted in the bank’s closing was
not its first, the Journal Record
said. The bank had borrowings
in excess of net liquid assets on
four days in 1981, “resulting in
the (bank) having no liquidity on
those days,” the paper reported.
The paper said directors were
reviewing their liability insur
ance coverage a few weeks be
fore the bank collapsed.
hicago welcomes archbishop
United Press International
HICAGO — Archbishop
oh L. Bernardin, formally
ailed last week as head of the
ition’s largest Roman Catholic
•chdiocese in private cere-
lonies, celebrated mass with
10,000 followers in a picnic-
roftheLord fie atmosphere at a lakefront
irk.
The people came Sunday
t from Souiliaring jeans and baseball hats
ng a 20-yeaiid spread blankets on the
iracy toco® ound for the hour-long mass,
wspaper it ikh marked Bernardin’s final
racy to bur stallation rite as leader of the
a state high ition's largest Roman Catholic
chdiocese of 2.4 million mem-
value judg
elder Lord
f fame andl'A
— or
ly, includin]
1, and
2, as well as
ms residenls
J
rrs, agospe
>m Brewton
i Sunday
and Hall
to charge li ||
iui donation
Visitors
of evangelis§te
wo of w
year
mt,
“My first words to you can
only be: I am glad to be among
you, glad to be one of you,” he
said. “I am a newcomer in Chica
go, but you have made me feel
like a neighbor, an old friend,
indeed a family member. Today
we celebrate the unity of us all.”
Bernardin’s homily message
was “we are all family ahd we all
need each other.”
Ann Moreschi of suburban
Oakbrook said, “This is the way
Jesus wanted it — under God’s
sky. This is thrilling. We’re all
very excited.”
Bernardin, 54, took com
mand of the archdiocese last
week amid services before
priests and special dignitaries.
But Sunday, the man who re
gards himself as an equal rather
than a spiritual boss mingled
with his people.
“I am deeply moved as I look
out at the number of people who
have come out to greet me.
From my heart I thank all of you
for your presence,” Benardin,
Chicago’s seventh archbishop,
told the crowd. Many waved
pennants and hoisted banners
that said “Welcome Archbishop
Bernardin.”
The park was the site of a
massive outdoor liturgy during
the 1979 visit of Pope John Paul
II. The altar used Sunday was
OP expects few
ongress losses
ivhon ig
United Press International
WASH INGTON — President
’s political advisers ex-
ct Republicans to lose fewer
an 20 seats in the House this
— less than half the average
ss for the party in power.
At the same time, they antici-
the GOP will pick up one or
seats in the Senate, where
e party now holds an edge of
Republicans to 46 Demo
ns.
Rejecting forecasts by some
olitical pundits that the GOP
" lose 30 to 40 seats in the
ouse, one White House advis-
said: “The expectation for us
to have minimal losses. We
on’t expect to lose even 20
:ats.”
In the Senate, he noted, the
emocrats are defending 22 in-
imbents to the Republicans’
,and the trends are “heading
way.”
“We expect to pick up a seat
or two,” in the Senate, he said.
The House has 242 Demo
crats, with one vacancy, and 192
Republicans.
Traditionally, the president’s
party loses an average 38 House
incumbents in the off-year elec
tion.
The Federal Election Com
mission reported Sunday that
the Republican campaign com
mittees are raising nearly eight
times more money than their
Democratic counterparts for the
1982 elections.
| across from Brazos Savings
J
AGGIELAND SUB-WAY
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4. Boiled Ham-Cheese-Salami
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7. Salami-Cheese-Capocollo
8. Roast Beef
9. Roast Beef-Cheese
10. Turkey
11. Turkey-Cheese
12. Turkey-Cheese-Ham
13. Peppered Beef
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11:00 a.m.-l2:00 Midnight
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the same one used at the papal
mass.
“This is a far cry from the old
days,” said Gloria Bruno of sub
urban Westchester. “Mass can
be celebrated anywhere. It’s no
longer somber, you can talk to
the people next to you.”
The Rev. Fred Simunich said,
“It’s a marvelous celebration,
there’s no question about that.”
The Catholic theologian wore
sneakers and a colorful fishing
hat he described as “a Hawaiian
salad especially for the celebra
tion.
“It’s an expression of faith.
People are very enthusiastic,
very warm.”
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Owned & Operated by Paul Emola & Johnny Lyon, Class of ’59
Every Tuesday Night Is
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7-IO p.m. Only
ADMISSION $ 3 00 TIL 10 P.M.
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