Show L fT'111 Credit Union Auditors Study Interlake Books By Steven Oberbeck Tribune Staff Writer National Credit Union Administration auditors are examining the books of Interlake Thrift to see if it can be reorganized into a credit union but a committee of Interlake depositors says the best alternative still lies with Bennett Leasing Group’s plan to convert the thrift into a bank Options to rescue the other four troubled thrift companies — Western Heritage Copper State Commerce Financial and Charter — appear to have narrowed following the failure in January of Bennett Leasing Group to gain Federal Deposit Insurance Corp backing for its proposed Olympus State Bank which would have been organized through a merger of all five thrift companies But efforts have continued on two fronts to reorganize Interlake Bennett has since regrouped and set its sights on taking over Interlake Under Bennett’s latest proposal Interlake would be converted into a state-chartere- d federally-insure- d bank that would still be known as Olympus State Bank Of the five thrift companies that were taken over by the Utah Department of Financial Institutions beginning last July Interlake was judged the soundest financially ' Larry Holman a Salt Lake attorney representing the Bennett Leasing Gioup said his clients will be meeting Friday with the governor’s newly formed committee looking into solutions to the thrift crisis “The committee might be only an advisory body but I don’t think anyone in state government will be willing to act without their approval at this point” Mr Holman said “We’re hoping to get the go ahead from the committee Friday If that happens we should be able to submit a propos- al to the FDIC within the next week or 10 days” Richard J Meidlinger a Sandy CPA who is the chairman of the informal Interlake depositors committee said another proposal is being considered to turn Interlake into a credit union “The depositor’s committee thinks the Bennett proposal is the best right now” Mr Meidlinger said “The credit union idea is a good fall back option for us and would certainly be preferable to liquidation” George Sutton deputy commissioner of the Department of Financial Institutions said the department’s credit union auditors are now examining Interlake’s books along with the National Credit Union Administration “It’s still too early to tell whether Interlake can be successfully reorganized into a credit union” Mr Sutton said “but we’re certainly not ruling out the possibility” He pointed out however that option is not open to the other four thrift companies because of their large commercial loan holdings In a recent letter the Interlake depositors’ committee has told that thrift’s customers it is not necessary for them to attend a general meeting of depositors scheduled by Depositors of ILGC Thrifts for Monday at 7 pm in the Salt Palace “We just didn’t think it was necessary for Interlake depositors to attend because we still have the Olympus State Bank proposal and the credit union option open to us” Mr Meidlinger said "We’re trying to find a solution to Interlake’s problems without resorting to litigation which seems to be where the Depositors of ILGC Thrift group is heading” Former State Executive Leads Teachers Insurance Group Donald Ulmer former specialist in school finance and business for the Utah State Office of Education has been selected president of Educators Mutual In- surance W Associa- tion The announcement was made by G Dean Rose acting chairman of the board Mr Ulmer who succeeds Lorin C Miles Jr will begin his new job March 2 Educators Mutual is a organization providing health life and disability benefits to Utah educators and their families Mr Ulmer earned his bachelor's of arts degree in English and journalism from the University of Utah in 1955 and his master’s of business management in 1973 He has worked in health care edu- ‘ non-prof- it cation research business management and with the state’s major teachers' professional association Before Mr Ulmer’s last job with the Utah State Office of Education he worked for the Utah Education Association for 11 years first as director of negotiations and research then as deputy executive director and finally as acting executive director In his new position Mr Ulmer will direct Educators Mutual’s services to school districts and institutions of higher education within the state Educators Mutual insures more than 130000 people with nearly J50 million in medical insurance and administrative contracts and more than J617 million of life insurance The Salt Lake Tribune The Dow Shows A Slight Gain - Easton Aluminum a sporting equipment manufacturer began Michael Stransky principal in charge of design said the new warehouse will measure 62000 square feet building a $5 million warehouse and distribution facility Wednesday near its present facilities at the Salt Lake International Center Michael Hillis president said the addition will create 40 new jobs when it is completed in October The company now employs 210 people Architect for the warehouse and d distribution facility is Salt Lake Gillies Stransky Brems The d contractor is Salt Lake Layton Construction 100000-square-fo- Business Thursday Morning February 19 1987 m He said there also will be a Section Page 3 Easton whose present facilities measure 110000 square feet began manufacturing in Utah in 1980 Its products include Reflex ski poles arrow shafts and archery equipment carrying the Easton label aluminum baseball bats and mountaineering products City-base- ‘More Than Just an Airline’ UAL Changes Name to Allegis Corp - CHICAGO (UPI) Calling it “the beginning of a new age in travel” United Airlines parent UAL Inc Wednesday said it is taking on a new identity and changing its name to Allegis Corp “Today we are more than just an airline we are a diversified travel services company” said Richard J Ferris UAL’s chairman and chief executive officer in announcing the name change to company employees throughout the world via telephone hookup The company’s subsidiaries which will retain their individual names include United Airlines the world’s largest single carrier Hertz Corp and the Westin Hotels & Resorts Its $980 million acquisition of Hilton International including 88 hotels in 42 countries is expected to be completed in March Allegis a name generated by a computer is a combination of “the words ‘aliegiant’ meaning loyal or faithful and ‘aegis’ meaning protection and sponsorship” said Clive Cha-gchairman and chief executive officer of Lippincott & Margulies the identity management consulting firm that created the name The firm also designed a new logotype to be carried on company materials from stationery to financial reports Ferris said the company will spend about 873 million this year to implement the name change Most of that money will go toward advertising with the remainder covering the cost of altering stationery and other office et materials The new name was needed to position UAL as more than just an airline carrier Ferris said Allegis identifies the company as the only corporation that can offer travelers service he added “This is a new day in the travel industry” he said "This has never be Mild Weather Helps Housing Industry Flourish in January zm fore been tried Some airlines have owned hotels but we’ll be the world’s largest luxury hotel chain We’re Hertz” is set on being in superior quality and value and is dedicated to taking the hassle out of travel Ferris said Allegis No 1 WASHINGTON construction - Housing showed surprising January as unusually n Compatible $659 IBM-XT- ® Utah Power & Light Co’s board of directors Wednesday declared a quarterly dividend of 58 cents per share on the company’s common stock That’s the same dividend the company declared last year at the same time The directors also declared regular dividends on the company’s preferred stock: Series A 32 cents per share Series B 295 cents Series C 29 cents Series D 44 cents Series E 495 cents Series F 585 cents Series H 51 cents and Series I 59 cents Common and preferred dividends are payable April 1 (AP) 135 watt power supply style keyboard AT 256K RAM 8 expansion slots 360K floppy disk drive FCC Certified Color graphics adapter card Monochrome composite monitor Printer port DOS 31 One year warranty IBM-X- T IBM-Aare Registered Trademarks of International Business Machines Inc RGB Color Monitor $295 50 Diskettes Hayes Compatible Generic With Free disk storage case $29®° DISK DRIVES Avatex 1200 HC Modem was 17900 Hard Drives: 20 mb and 30 mb Floppy Drives: 360K and 12 mb (5 14") 720K (35”) for PC and AT Compatibles NOW $13995 BURGOYNE COMPUTERS INC Broker Referral Network et Gump & Ayers Real Estate Inc has a nabecome a member of Equi-Ntional real estate broker referral network In making the announcement Jerry Floor presi- dent and chief executive officer of Gump & said the Ayers Equi-Ne- Mutton’s t service will be based at his firm’s office at 2120 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industry which had been expected to weaken somewhat this year is showing more strength than originally' forecast "UAL in everyone’s mind meant United” he said “We are not a transportation company we are a travel company We are more than just an airline but our name UAL personified us only as an airline” The combined resources of the Allegis companies can deliver “a total travel experience” Ferris said UP&L Board Declares Quarterly Dividends 25000-square-fo- automated shipping area He said the assembly area will measure 7000 square feet and the offices 4600 square feet City-base- B Gump & Ayers Joins Equi-N- B3 19 1987 Easton Aluminum Begins $5 Million Utah Complex NEW YORK (AP) Buyers and profit-taker- s slugged it out to a virtual standoff Wednesday in a busy and volatile session in the stock market The Dow Jones average of 30 industrials up about points 18 in the early going and down about 18 at midsession closed with a 014 gain The Dow Jones industrials jumped a record 5414 points 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