First National Bank (Somers Point, NJ)

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Somers Point Bank In Receiver's Hands

SOMERS POINT. N. Oct. 16 The First National Bank of Somers had been operating on Point, which basis since the national restricted bank holiday, March was placed in the hands of receiver for liquidation bank did not open for business The this but was announced the by George that all guaranteed accounts accepted the bank holiday would be paid since either today or cashier of the side Trust Company Atlantic City, was named receiver by J. F O'Connor, comptroller of the in Washinfton on Saturday

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BANK RECEIVER

Somers Point Institution Closed; Guaranteed Accounts to Be Paid.

Somers Oct. The First National Bank Somers Point, which had been on restricted basis since, the National Bank Holiday, March was placed in hands receiver for liquidation today. The bank did open for business George the bank holiday would be paid today cashier of the Seaside Trust Co., Atlantic by currency, in Washington, on

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RFC REPORTS ON LOANS TO BANKS

Avon National Got $65,000 and Ocean Grove $188,000 During May.

FUNDS SUBSCRIBED FOR PREFERRED STOCK ISSUES

WASHINGTON, Aug. 8. (AP)—The Reconstruction Finance corporation, in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust companies totaling $438,250, no part of which had been disbursed up to May 31.

The authorized loans were as follows: First National bank in Avon-by-the-Sea, receiver, $75,000; Margate Trust company, $8,250; the Ocean Grove National bank, receiver, $188,000; the First National bank of Somers Point, receiver, $67,000, and the First National bank of West New York, receiver, $100,000.

Three loans were authorized to the Manufacturers Loan company of Jersey City totaling $302,500; none of which were disbursed up to May 31.

Authorization of funds for subscriptions for preferred stock in New Jersey institutions, none of which was disbursed up to May 31, were: Asbury Park National Bank and Trust company $300,000; the Atco National bank, $25,000; the First National bank of Bordentown, $50,000; West Jersey Trust company, $300,000; the Merchants National bank of Cape May, $100,000; the Dumont National bank, $50,000; the First National bank of Dunellen, $25,000; the First National bank of Englishtown, $12,500; the Peoples National bank of Keyport, $115,000; Merchantville National Bank and Trust company, $125,000; the First National bank of Milford, $125,000; Fidelity Union Trust company, $7,000,000; the Peoples National bank of New Brunswick, $250,000; the Second National bank of Paterson, $250,000; Citizens First National Bank and Trust company of Ridgewood, $400,000; the First National Bank and Trust company of Summit, $150,000; the Ventnor City National bank, $100,000, and the Woodstown National Bank and Trust company, $50,000.

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LOAN LIST

Total Authorized in State For May, None Disbursed

Associated Press Aug. construction Finance Corporation, report its activities in made public, revealed had authorized loans New Jersey banks trust totaling no which had been part disbursed 31. The authorized loans were First National Bank Avonreceiver, MarTrust Company, $8,250; The Ocean Grove National Bank, ceiver, $188,000; The First National Bank Somers Point, receiver, First National Bank West New York, receiver, $100,Three loans authorized the Manufacturers Loan Company Jersey totaling which was disbursed May

Authorization of funds for subscriptions preferred stock New Jersey institutions, which up to May Asbury Park National Trust Company, The Atco National Bank, $25,000; First National Bank Bordentown, $50,000; West Jersey Trust pany, $300,000; The National Bank Cape May, $100,000: The National Bank, First National Bank Dunel$25,000; First National Bank Englishtown, $12,500; The Peoples National of Keyport, $115,000; Merchantville Bank Trust Co., $125,000; The First National Bank $125,000; Fidelity Trust pany, The Peoples National Bank New Brunswick, Second National Bank Paterson, Citizens First and Company $150,000; Ventnor National Woodstown National Bank Trust Company, $50,000.

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R.F.C. HAS LOANED MUCH TO BANKS

Report Shows Loans to Banks Total More Than $438,000

AUTHORIZED BONDS

Washington, Aug. Reconstruction Finance Corporation. in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust totaling $438,250 no part of which had been disbursed up to May 31st. Included among the authorized loans were: The Ocean Grove National Bank, receiver. $188,000; first National Bank of Somers Point, receiver. $67.000.

Authorizations of bonds for subscription for preferred stock in New Jersey none of which was disbursed up to May 31st, included: Asbury Park National Bank & Trust Co., $300,000; The Atco National Bank, $25,000; Merchants National Bank of Cape May, $100,000; Dumont

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Named Bank Receiver

Morstadt to Act for Pleasantville National, Succeeding Tweedale

George E. Morstadt, receiver for the First National Bank of Somers Point and the First National Bank of Pleasantville, has been appointed receiver for the Pleasantville National Bank. He succeeds Alonzo Tweedale, who has been transferred to Washington, D. C., after two and a half years as receiver for the Pleasantville National, which closed Feb. 4, 1933. Dividends of about 15 per cent have since been paid.

Morstadt has served as receiver for the Somers Point bank for the past two years, during which time 50 per cent in dividends has already been paid.

Following the death of Charles Bertman, receiver for the First National Bank of Pleasantville, in May, Morstadt was named Bertman's successor. Dividends of 25 per cent have been paid.

Prior to the formation of the Mainland National Bank as a part of the plan for re-organization of the First National of Pleasantville, T. B. Wootton was conservator during the period of the bank's operation on a restricted basis.

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Named Bank Receiver

Morstadt to Act for Pleasantville National, Succeeding Tweedale

George E. Morstadt, receiver for the First National Bank of Somers Point and the First National Bank of Pleasantville, has been appointed receiver for the Pleasantville National Bank. He succeeds Alonzo Tweedale, who has been transferred to Washington, D. C., after two and a half years as receiver for the Pleasantville National, which closed Feb. 4, 1933. Dividends of about 15 per cent have since been paid.

Morstadt has served as receiver for the Somers Point bank for the past two years, during which time 50 per cent in dividends has already been paid.