Federal Jury to Get^Bank Case
A Special Back to School Section 1 •» t • ' Rain Possible lUM *tt!t rain periods pos- glble today and tonight. FINAL Cloudy, owl tomorrow. Red Bank, Freehold Long Brandt' (Be* DeUiU, EDITION Monmouth County's Home Newspaper for 92 Years VOL, 93, NO. 32 RED BANK, N. J., TUESDAY, AUGUST 11, 1970 16 PAGES TEN CENTS •ninni lilllllllllllfflllllllllllllllllHIIllllH Federal Jury to Get^Bank Case r EATONT0WN — A federal the bank was declared in- with interest within two against the bank as a creditor grand jury was expected to solvent Saturday and closed weeks. He said that govern- for any excess amount. He Begin hearing evidence today by the U.S. Comptroller of the ment bonds owned by the Ea- . said this could entail a wait of in connection with the loss Currency. The Federal De- tontown Bank were on deposit about two years. However, of pbout $4 million at the posit Insurance Corporation in a New York bank as colla- Hill said that in past bank liq- Eatontown National Bank. (FDIC), which insures ac- teral for the state deposits. uidations the rate of return to U.S. Atty. Frederick B. La- counts up to $20,000, was ap- Eatontown Mayor Herbert creditors has been up to 90 cey, visiting the bank yester- pointed receiver. Werner said the borough had per cent of what they had day afternoon, said he would Eugene V. Landy, vice $100,001) in the bank in a 31- coming. present evidence to the jury president of the bank, esti- day deposit certificate at 1% There are about 10,000 de- in Newark today.
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