Article Text
TRUST ABSORBS FIRST NATIONAL IN ROCKVILLE CENTRE Bank Assumes $3,000,000 Resources, Liabilities; Clearing House Buys Building. -Rockville Centre, Jan. fective yesterday the Bank of Rockville Ctntre Trust Company has the deposit liabilities the First National Bank of Rockville Centre and has taken over assets. The acquired sitution, of which Jacob Post was chairman of the board and Cadman H. Frederick preesident, had total resources of about $3,000,000. Mr. Frederick became president when Frank B. Gardner resigned about six weeks ago because illness. The bank chartered under the National Bank Surplus listed and there undivided profits proximately $20,000. amounted $2,250,000. The stitution has been considered one of the most conservative banks Long Island on July declared cent. stock dividend the par value of the was reduced to $20 from $100. Founded by John H. Carl John Island the and president institution at the of his death 1929. The Bank of Rockville Centre Trust Co. incorporated in 1891 Bank of Rockville Centre, present DeLano presiBennett, former Nassau Baylis and W. Carpenter. Kniffin are vice Total resources the institution amount about according recent stateThe capitalized $100 par closely held. shares, which are Payment depositors National the First was action about County which, organized the County House, purchased the building today First National for and turned the money over the Rockville Centre Trust Bank of Company this purpose. closing of the First National The the Nassau County Bankers' when the inlocated Sunrise Park began to lose posits. Withdrawals continued steadily during the past months, with the that bank's assets only the frozen assets, includwere left. Clearing House Formed In the of the New York Clearing House the Federal was made by the latter suggestion Nassau County Bankers' for Association form Nassau County Clearing House for mutual protection and the confidence in the imPlans accordingly worked were approved the House, the Federal York Clearing Reserve the State Banking Department. lengthy discussion Following last into purchase the building the was favored by fthe banks represented. Each assessed the for every its deposits. The brought from York several trucks delivreed the Bank Center Trust Company, Merrick and Village ave., Both Banks Remain Open Mr. Kniffin, today assumed time being. whether however, would First nitely tional would be learned the Village money Centre has deposit known that National, deposits proportion Despite his illness Mr. until Former Mayor Charles assistant to the of president First National. County has deposit First Bank the Trust Co. These accounts are amply protected.
