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Friday, December 9,1988 The Battalion Page 7
Retailers: Economic revival
not showing up at registers
HOUSTON (AP) — All that talk
about the revival of the Texas econ
omy is being lost on many of the
state's retailers, who report a disap
pointing stan for the year's biggest
shopping season despite optimistic
protections.
Merchants suspect the unseaso
nably warm weather across the state
may have given shoppers a case of
the Christmas doldrums. But they're
staking their hopes on cooler
weather and an extra day of week
end shopping on Christmas Eve.
“It’s not as good as we had hoped
and even anticipated," said Mickey
Moore, president of the Texas Re
tailers Association in Austin.
“The sales overall are better than
they were last year,” Moore said,
“but with the improvements in the
economy that we all read and heard
about, I think we all thought it
would be a little better. There’s been
a lot of browsing and we’ve seen
good traffic, but people just aren’t
spending money, in general.”
TeleCneck Southwest, which an
nually monitors the level of pur
chases by personal check, reports
statewide sales per merchant were
down about 2 percent for the 10
days beginning the day after
Thanksgiving.
Although total sales are up
$100,000, there are more merchants
dividing the take, said Ken Wait, vice
president for the Houston-based
company.
Tne Austin-San Antonio area
showed an 18.8 percent decline for
the 10 days, compared to 1987 Tele-
Check figures. Houston was down
9.8 percent, but Dallas was up 1.7
percent despite an early start, Wait
said.
"These numbers can change
around pretty fast during the early
part of the season, but tne farther
along we go the harder it will be to
bring them up," he said.
Merchants reported varied results
during the early days of the
Christmas shopping season, but
many said they were surprised that
sales have not been better.
“The Thanksgiving weekend was
not very good for us," said Scott
Glass, president and chief operating
officer for Austin's Scarbroughs de
partment stores. “We expected the
big Christmas rush, but we did not
get it. We did not see the big
crowds."
Dallas-based Neiman Marcus
stores also have seen some slower-
than-expected sales days, spokesman
Pat Zajac said.
"We went gangbusters on
Thanksgiving weekend and we had
a good first week, but we saw a slight
slowing trend last weekend,” Zajac
said. “it now seems to be picking up
again, so we think it looks good for
us."
Zajac and others suggest that, with
Christmas falling on a Sunday this
year, many shoppers are feeling less
E inched for time and may show a
ite buying surge.
“I think people feel they have the
luxury of time this year because we
pick up that extra Saturday of shop
ping," she said.
Two Houston banks close,
official cites unsafe practices
HOUSTON (AP) — Federal authorities closed Re-
sourceBank, National Association, in Houston late
Thursday, while state officials closed Charter Marine
Savings 8c Trust, also in Houston.
Frank Maguire, acting comptroller of the currency,
closed ResourceBank, citing unsafe and unsound prac
tices at the bank for more than five years. The Federal
Deposit Insurance Corporation was named receiver.
Meanwhile, Texas Banking Commissioner Kenneth
W. Littlefield ordered Charter Marine Savings 8c Trust
in Houston closed. The commissioner found the trust
company insolvent and said it had engaged in numer
ous activities in violation of the Texas Banking Code
and Fexas Trust Code, according to a statement.
ResourceBank, with total assets of $48.9 million, be
came the 109th bank in Texas to close so far this year
and the 192nd in the United States.
The bank was a matter of concern to the federal com-,
ptroller’s office in February 1984, because of trans
actions invoking bank insiders, inadequate manage
ment of the loan portfolio, violations of law anti
ineffective oversight by the board of directors.
According to a statement released by the comptrol
ler’s office, the office obtained several commitments
from the bank's board of directors that the problems
would be corrected, but they were not.
Subsequent examinations found continued prob
lems. including significant deterioration in asset quality,
particularly in real estate loans. Ownership of the bank
changed, but remaining management continued with
unresolved insider problems and inadequate board
oversight.
ResourceBank was chartered Aug. 15, 1983, with $3
million in capital. The bank grew rapidly, listing some
$30 million in assets in the first 20 months of opera
tions. The comptroller’s office said the accelerated
growth prompted management to offer higher than
market rates for depositors, contributing to its unprofi
table standing.
Heavy loan losses in 1988 exhausted the bank's re
maining capital, resulting in its insolvency. As of Sept.
30,the bank had assets of $34 million.
The board of directors of FDIC approved paying off
insured depositors at Resource Bank after no bids were
received for the failed bank.
Final deposits in ResourceBank, National Associa
tion, totaled $44.2 million in 1,800 accounts, including
about $315,000 in 38 accounts that exceeded the fed
eral insurance limit of $100,000, the FDIC reported.
Depositors with accounts over the $100,000 limit will
share proportionately with the FDIC and other cred
itors in proceeds realized from liquidation of the bank's
assets, the FDIC said.
Meanwhile, Charter Marine Savings & Trust was
closed and a preliminary inventory of assets was filed
with the district clerk for Harris Count? to<eommence
liquidation of the trust company.
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