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Article: FHLB Deal's Demise Puts Chicago on The Clock: Ill. bank's president is out, standalone plan due within 90 days.(Federal Home Loan Bank of Chicago)
- Article from:
- American Banker
- Article date:
- April 8, 2008
- Author:
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WASHINGTON -- After at least nine months of tense negotiations, the merger of the Federal Home Loan banks of Chicago and Dallas fell apart Monday, raising questions about the future of the Illinois bank and the system itself.
Also gone, as of Friday, is the Chicago Home Loan bank's president, Mike Thomas.
The Chicago bank declined to explain what happened, while Terry Smith, the Dallas bank's president, would only say it became clear this weekend a merger would not occur.
"Both sides worked very, very hard," Mr. Smith said. "At the end of the day, we just couldn't get there."
The merger had seemed on track until very recently. In ...