Continental Illinois ended its ‘safety net’ plan.
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The Chicago bank said it could survive without further funding assistance from a group of banks that helped it recover from a near-collapse in 1984. Chairman John E. Swearingen said Continental disbanded the 28-bank consortium that provided as much as $4.1 billion as part of a federal bail-out and repaid the final $866 million to the bank group. The move put Continental entirely on its own for the first time since May, 1984.
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