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Article: Central National Bank, New York, declared insolvent.
- Article from:
- PR Newswire
- Article date:
- September 11, 1987
CopyrightCOPYRIGHT 1987 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CENTRAL NATIONAL BANK, NEW YORK, DECLARED INSOLVENT
WASHINGTON, Sept. 11 /PRNewswire/ -- At 8:45 a.m. EDT today, Robert J. Herrmann, senior deputy comptroller of the currency, declared Central National Bank, New York, insolvent and appointed the Federal Deposit Insurance Corp. as receiver.
The bank was originally a state-chartered bank and converted to a federal charter in 1981. The bank had assets of approximately $181 million as of June 30, 1987.
Over the past few years, the bank had experienced substantial financial deterioration because of imprudent lending practices and poor supervision of the loan portfolio by management and the ...