The FDIC may sell its Continental Illinois stake.
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The Federal Deposit Insurance Corp. said the Chicago bank’s financial condition has improved enough to permit considering the sale of the preferred shares that the FDIC obtained as part of a 1984 government rescue. The FDIC said it has retained the investment banking firm of Morgan Stanley & Co. to advise it on the sale of its holdings in Continental, whose near collapse in 1984 shook the U.S. banking system. As a result of the bail-out, the FDIC controls about 80% of Continental’s stock.
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