Tuesday, July 28, 1987	...
m Citicorp veteran Thomas C. Theobald yesterday was elected chairman and chief executive officer of Continental Illinois Corp., replacing John E. Swearingen who led the institution since 1984 when the federal government saved it from financial ruin.</br></br>Theobald, 50, who is vice chairman of Citicorp, also was named chairman and chief executive officer of Continental Illinois National Bank and Trust Co. and a director of the corporation and the bank. Theobald will serve as president and a director of Continental Illinois Holding Corp., the entity responsible for the residual claims of previous Continental Illinois shareholders. He is to assume the positions Aug. 3.</br></br>Swearingen and William S. Ogden, who resigned this month as chairman of Continental Illinois Bank after it became apparent he would not succeed Swearingen, were appointed to run the institution in July 1984 after the Federal Insurance Deposit Corp. gave the failing bank a $4.5 billion cash infusion.</br></br>Continental said Swearingen will retain an active role as a director of Continental Illinois Corp., and chairman of that board's executive committee to assist Theobald during the transition. He also will continue to serve as a director of Continental Illinois Corp. and chairman of the executive committee.</br></br>ÐÊ	The Treasury, for the second straight week, canceled its auction of short-term securities yesterday because Congress has failed to pass an increase in the national debt limit.