The Federal Deposit Insurance Corp. said it...
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The Federal Deposit Insurance Corp. said it sold more than $275 million of its stock in Continental Illinois Corp., reducing its stake in the company to less than 50%. FDIC, which insures deposits of up to $100,000 in commercial banks, paid a record $4.5 billion to rescue the failing Chicago bank holding company in 1984. The agency announced that it sold 50 million Continental shares at $5.25 each and expects to net $250 million.
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