12 MONTH CERTIFICATE 4.25% 4.31% First Rate Rates. INTEREST RATE A.P.Y./ These are fixed rate certificates of deposit that are insured by the Federal Deposit Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00 is required to obtain the stated A.P.Y. 24 MONTH CERTIFICATE 5.00% 5.09% INTEREST RATE A.P.Y./ Call 338-7700 352-7700 60 MONTH CERTIFICATE 5.25% 5.35% BIG DEALS page 43 INTEREST RATE 73, Israel was not viewed as much of an economic success sto- ry," Mr. Krueger observed. "It wasn't viewed as a place to invest in, and things were relatively dor- mant." In the mid-1970s, Mr. Krueger handled the financing of the Hadera Power Plant. Then, in 1987, the new era of Israel on Wall Street was ushered in. Mr. Krueger handled public of- ferings for Elbit and Teva. As the intifada took hold, it was defi- nitely a challenge to rally inter- est in Israeli securities — sales were nearly exclusively retail at first because there was little in- terest from institutional in- vestors. Today, both the number of Is- raeli companies going public in New York and the size of the companies has grown. All told, Mr. Krueger has handled 17 of- ferings of Israeli companies of $25 million or more. recently warned the government that it must carefully time-the launching onto the capital mar- kets of companies like El Al, Bezek and Israel Chemicals in or- der to maximize the returns. Opportunities have already been missed, he said, noting that El Al should have been put on the block several years ago when the value of airlines was at an all-time high. To the Israeli companies trad- ed on the exchanges in New York, Mr. Krueger sends a strong mes- sage to keep their investors bet- ter informed and up-to-date so they are not surprised by price fluctuations. While these developments may be of concern to Mr. Krueger in his role at Lehman Brothers, it actually works in favor of a pri- vate placement group like Re- naissance, which offers companies an alternative source of capital to the stock markets. "People who were going public One lesson Mr. Krueger learned early was that he couldn't count on big Jewish philan- thropists as ready customers for Israeli stocks. "There has definitely been a mindset among many that Israel is a place to give money to," he said. Although he refuses to name names, Mr. Krueger says the for- mation of Renaissance changes that perception because it in- cludes Jewish investors who, un- til now, have seen Israel strictly as a recipient of philanthropy. The prospect of peace between Israel and its neighbors seems to have changed their minds, and the minds of other investors. The targeted amount for the Renais- sance Fund had been $100 mil- lion, but the organizers got together $157 million. The idea for forming Renais- sance evolved at a lunch with Jonathan Kolber, who has been presi- dent and chief executive officer of Claridge Israel since 1989 and also serves as chairman of the board of directors of Renaissance. Business and government leaders have long consulted with Mr. Krueger. He doesn't mince his words. He at a crazy price are willing to talk to us," Mr. Krueger said. "We believe that as the stock market is becoming sober, we can buy things at reasonable prices," Mr. Kolber said. Mr. Krueger believes Israeli stocks will stabilize. Despite the current gyrations, "it is our ex- perience that people understand that Israel, in the long run, is a good place to invest in," Mr. Krueger said. "You can make money there." ❑ FIRST SECURITY A.P.Y./ * - SAVINGS BANk "First in Service" . Main Office 2600 Telegraph Rd. Bloomfield Hills. MI 48302 Annual percentage yield when compounded quarterly. Rate is accurate as of 7/29/94. 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