Word: fdic
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Dates: during 1930-1939
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...depositors in a closed bank under the Federal Deposit Insurance Law. Glutted with frozen paper on city real estate and business loans, the Fond du Lac State Bank closed late last May owing 1,789 depositors $241,412. A month ago its insured deposits were turned over to FDIC when the directors failed to agree on plans for a reorganization. Ninety-nine per cent of the depositors will be paid in full. Under the Temporary Insurance Plan (guaranteeing accounts of $2,500 or less), $125.000 of the bank's deposits are covered?less than 4 100th...
Said Chairman Crowley: "It was not until the RFC had given the FDIC a raised the maximum guarantee for deposits from $2,500 to $5,000 beginning July 1. Deposits insured total $15,700,000,000 belonging to fifty-six million accounts in 14,000 banks. This week under the $5,000 maximum, insured deposits will jump considerably. The Federal Government sidestepped because they would have necessitated a large scale reexamination of banks. Another reason given was that FDIC wanted to develop a more equitable system of assessing banks for the permanent guarantee...
...plucked Mr. Cummings to represent the Government's majority stock interest in Chicago's Continental Illinois National Bank & Trust Co. With Mr. Cummings comfortably settled as board chairman and "chief executive" of Continental Illinois, President Roosevelt got around last week to picking his successor as FDIC's chairman. He was a Wisconsin banker named Leo Thomas Crowley and no tyro at New Dealing. Long before March 4, as chairman of Wisconsin's Banking Review Board by appointment of Governor La Follette, Mr. Crowley sponsored legislation to insure deposits of public monies and to bolster weak Wisconsin...