Article Text
Disburses Lawyer, Ex-Baking Firm Head, Named President of New Rochelle Bank Herald Statesman NEW ROCHELLE, Jan. Huguenot Trust Company, closed since Dec. 30, having qualified under the Federal deposit insurance plan, opened for business today. Fifty per cent of money on deposit may be withdrawn, total of Certificates interest will be sued which will be redeemed when more cash available. Ralph Kent, attorney and former president of the Ward Baking is the new president of the bank, succeeding Ray Walter, who becomes chairman of the board. Everett Culp. former executive John E. Schliesman, who will also be secretary with full authority. loan $400,000 from the enabled the bank to be brought under the deposit guarantee plan. The conditions under which the trust company reopen, as set forth by State Banking Superintendent Joseph A. Broderick follow: That the Reconstruction Fipurchase $400.capital debentures of the bank. That the bank discontinue its of present branches 660 North Avenue and 683 Main Street, and continue its its main office at 310 North Avenue. and branch at 467 Main Street. That pay 100 per cent of the secured deposits, preferred claims deposits authorized under the That 50 per cent of general deposits made available to depositors, with the balance to be paid out in non-negotiable transferable certificates, to bear one per cent interest. That no dividends be paid until the certificates are redeemed. That directors officers be elected within 60 days. That all present officers and directors resign and promise not accept office without the approval the Superintendent That senior officer an assistant officer. to be proved by the Superintendent, selected. That all provisions of Section of the Banking Law be complied with. 10. That all regulations set down by the Banking Superintendent complied with 11. That all deposits under $2, of Jan. paid so that certificates will not issued small amounts 12. That membership obtained the Federal Deposit Insurance Corporation.