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The days grow short when you reach September and, in fact, they came to an end for a 137-year-old Chicago institution last week. Independence for Continental Bank Corp. really ended a decade ago, but officially came to a close with the purchase by West Coast giant BankAmerica Corp.
In 1984, Chicago and financial markets held their breath as a global run on the bank was stopped only after the U.S. government stepped in to prevent a collapse. The unprecedented $4.5 billion bailout by the Federal Deposit Insurance Corp. gave the government 80 percent ownership.
Returning to private ownership in 1991, the much-slimmer Continental realized it was too small to compete under new conditions.
