Word: deposited
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...purpose of the new certificates ?which have been authorized jointly by the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank Board?is to induce depositors to leave their savings in the bank instead of withdrawing them and investing them in bonds and in mutual funds that specialize in high-interest-bearing securities. Such withdrawals reduce the money available for housing mortgages and place a drag on the entire economy...
...certificates are attractive to investors because, with Treasury bills at their present rates, the deposits can yield more than 7% a year if the interest is compounded daily, a service that many banks are providing. To get that high interest from any other bank deposit, a saver would have to tie up his funds for up to four years instead of six months. Since the buyer of certificates gets his money back a half year later, he can turn around and reinvest it in an even higher-interest certificate if Treasury bill rates continue to rise...
Banker Hillary Hayes Jr. told the jury his bank in Geneva had needed funds to help local corn farmers who were hurt by last summer's drought. After loaning the treasurer $50,000, he said, the bank received $725,000 in state deposits. Businessman Clay Baker described how he arranged $175,000 in financing for Stars over Alabama, in exchange for 10,000 shares of stock. On another occasion, he said, he obtained from her a $100,000 state deposit for a bank in Tuscumbia...
Legal action surrounding the dance might not be completely resolved, however. The state is now requiring that the alliance put up a $2000 security deposit, which has never before been required for rental of the Armory...
...last spring the Federal Deposit Insurance Corporation issued cease and desist orders against Gregory's five banks, charging unsound practices. State bank examiners said the loan to Robert Stapleton was "substandard"; they initially wrote off the loan to Institutional Development Corp. as a "loss," but it was later repaid. Gregory's bank in Macon County closed in January. Another bank, in Wilcox County, Ala., closed in March. On Good Friday, Gregory and Vonna Jo were indicted on Alabama felony charges that they accepted deposits at a bank that was about to be closed...