Startup bank withdraws charter request, returns funds

Glasser, Laura
December 2008
Long Island Business News (7/1993 to 5/2009);12/12/2008, Vol. 55 Issue 61, p17A
The article focuses on the withdrawal of Georgica Bank from starting its operation in Long Island, New York due to financial crisis in the U.S. The organizers of the Georgica Bank are giving up their efforts to launch in the region due to the market downturn and its inability to earn investments. Meanwhile, Flushing Financial says that it has received preliminary approval for the government to purchase stock in the bank and will also sell about $70 million in preferred shares to the U.S.


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