Word: fdic
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Dates: during 1950-1959
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...town of Ellenville, N.Y. (pop. 5,000) gulped when Banker William Rose, a self-proclaimed Robin Hood, was charged with allowing overdrafts of $1,200,000 (TIME, Dec. 24), and his Home National Bank was closed by the Federal Deposit Insurance Corp. Last week Ellenville gulped again as the FDIC sifted through the remains of Home National (capital: $807,000). To settle Rose's gift-loan of $958,000 to the nearby Anjopa Paper Co., the FDIC agreed on a $396,000 installment-plan repayment. FDIC had no other choice; Anjopa's total worth is only...
...Federal Deposit Insurance Corp.: close the bank, freeze all accounts, pay off all deposits up to the $10,000 maximum. Last week Ellenville counted the cost of its generous banker in empty stores, canceled orders and overdue bills. Business was down about 50%, and Christmas prospects looked grim, as FDIC prepared to liquidate the bank...
Happy Citizens. At week's end, as FDIC prepared to start paying off on insured deposits, a businessmen's committee raced to Washington with a plea: Would the Government permit them to raise fresh capital locally so the bank could reopen? Finally, Washington agreed to charter a new bank to replace Rose's old bank, if the townsfolk would raise $1,050,000. The new Ellenville National Bank would inherit Home National's good accounts, while FDIC would assume the dubious ones, continue liquidation of the old bank. Back home, the businessmen scoured the town, selling...
...building trades view this situation with understandable dismay. FHA has been a great stabilizing force in the industry, and both bank and builder have come to rely on it. It is the builder's FDIC; its loss could mean the same kind of chaos and demoralization that would occur if the government suddenly stopped insuring bank deposits...