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Central Park Bank, Suddenly On Platform at Seeks Home Loan Aid Meeting Organized by Oscar Jacobs, Vice President of Closed Baldwin $170,000 Notes Liquidating Slowly This is the first of series of articles describing the condition of closed Long Island banks. By LESTER VELIE The closed Central Park National Bank of Central Park will reopen and pay its depositors 100 cents on the dollar according to its president, Henry Schaaf. The conservator, H. Holmes however, who has some $12,000 in cash to show on the bank's $170,000 since he took over in April, not as optimistic. failed to open after the March bank holiday when Federal discovered large amount of unsecured notes, according to Mr. Schaaf. Mr. Schaaf pins his hope for the bank's reopening on the Federal Home Owners' Loan Corporation liquidation of some in mortgages held by the bank and ment of the notes, which he says are being liquidated slowly but surely "The notes are coming in he said, have this community for 25 years. and know they paid and the depositors will get 100 percent of their money. Hoping for the Best' "We are hoping for the the conservator said, "but unless some angel can be in there little possibility no immediate prospect reopening.' payments on deposits of about $200,000. the bank must first redeem $50,000 notes held by the Federal Reserve and pay other banks. The Central Park National Bank was organized capitalization $50,000 about and one-half years by Oscar real late operator. who has figured the affairs two other Long Island banks. The Sunrise National Bank Baldwin of which he president and majority stockholder, holds judgment against him for four unsecured The Bank of Valley Stream holds his unsecured note the Central Park National similarly holds his unsecured note for $5,000. group of headed the Steve insurance man who died three years helped Jacobs launch the bank. Jacobs sold out his controlling terest year and one-half cording and the bank went the hands new set officers Of the banks $200,000 deposits made of State county and district Some constitutes the savings and $40,000 the commercial accounts of 200-odd depositors. Assets To meet these obligations and those the Federal Reserve other banks. bank holds $170,000 owns worth of real $22,000 in mortgages, $30,000 mostly rails and industriand $40,000 in bonds cover the State. county and district funds. Pledged secrecy the Controller's office, Mr Holmes could details of bank's dition. but was indicated was working officers in efforts reopen the bank. He has obtained security unsecured He told The that the amount notes nothing unusual in small country banking. Mr. Holmes applied last week the Home Loan Bank to have the Central Park Bank's $22,000