Word: fdic
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...those little plaque's (costing 15?), the idea of deposit insurance being thoroughly obnoxious to them. Once the bankers had the plaques, however, the idea of having them taken away seemed even more obnoxious. Until last week none had been withdrawn. Then Chairman Leo T. Crowley of FDIC announced that North Bergen (N. J.) Trust Co. would lose its plaque May 1. Reasons: operating with impaired capital, lending in excess of the legal limit, unwarranted concentration of loans, extension of credit to people and companies in which the bank's principal stockholders were interested. "It was also found...
...this sounded even more like boom times when Bergen Trust's Vice President F. H. Dieckman declared: "The whole thing resulted from the failure of the New York group of stockholders who control the institution to meet the demands of the FDIC. Local officers of the bank have attempted to handle its affairs conscientiously, but the power lies with the group of New York interests." The New Jersey Banking Commissioner chimed in that "certain alleged irregular practices" had been under "surveillance...
...time. At week's end it was reported that control had returned across the Hudson River to New Jersey, that after a cleanup the bank would apply for reinstatement. Financially, the whole affair was distinctly small time. Bergen Trust's deposits were about $1,000,000. But FDIC's crackdown did remind bankers that its supervisory function is almost as important as its insurance function. After a warning a bank is allowed 120 days to mend its ways. Some 50 institutions have been warned in the past but all except Bergen Trust complied with FDIC...
...Morgenthau was discussing bigtime money matters in press and private conference last week, Chairman Leo T. Crowley of Federal Deposit Insurance Corp. had something to say to the nation's bankers on distinctly smalltime money matters. Releasing his 1936 report, Mr. Crowley lit into the members of FDIC for dabbling in speculative bonds. Warned the man who has underwritten 14,000 banks: "Low earnings are making some banks reach out and deal in more or less low-grade bonds. They are in and out of the bond market, as you or I would...
Last summer he published an advertisement suggesting as a G. 0. P. slogan: "Landon Knox Out Roosevelt." On his latest statement, with startling restraint, Banker Nichols simply splashed the FDIC legend with red ink, below the smudge printed: "A Blot On Our Statement...