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Bank Closed, F. D. .I.C. to Pay $23,000,000 New Jersey Title & Trust Fails To Open By the Associated Press. JERSEY CITY, N. J., Feb. 14.The New Jersey Title Guarantee & Trust Co., failed to open today and the Federal Deposit Insurance Corp. announced it would pay claims of approximately $23,000,000 the largest pay-off of insured deposits it has ever made. (Last year deposits in 55 insured banks which were closed amounted to only $10,785,000, the F. D. I. C. announced in Washington. In the last four years, total payoffs in insured banks amounted to slightly more than $47,000,000.) A statement issued by F. D. I. C. Chairman Leo T. Crowley, as a notice of closing was pasted on the bank's doors here, said more than 39,000 depositors would be reimbursed. Nearly all are fully covered by the $5,000 maximum individual insurance coverage, the statement said. Mr. Crowley said in his statement: "The bank has been working for some time with supervisory authorities to develop a program that would relieve its frozen condition, which resulted from the accumulation of large holdings of real estate and other illiquid assets. Their efforts to restore a reasonable degree of liquidity were unsuccessful." Mr. Crowley said 50 employes would begin today setting up records of insured claims in the hope of starting payments within two weeks. The main bank had five branches. (When the F. D. I. C. pays off the depositors in a closed bank, it tries to get its money back from whatever assets there might be. Usually, the corporation asks a court to name it the receiver. (In the course of liquidation of closed banks, the F. D. I. C. generally has gotten back nearly all the money it advanced to pay off depositors.) Gov. Harry A. Moore was listed among 17 directors of the bank, which had total resources of $31,298,478 as of last December 31.