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Joint Release Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation




Federal Reserve Board and FDIC Announce Written Agreement with Two Individuals in NorCrown Trust Matter

For Immediate Release
FDIC-PR-16-2005
February 25, 2005

The Federal Reserve Board and the Federal Deposit Insurance Corporation announced on Friday the execution of a joint Written Agreement by and among the Federal Reserve Bank of New York and the Federal Deposit Insurance Corporation with David Bodner and Murray Huberfeld. The Written Agreement requires that Mr. Bodner and Mr. Huberfeld comply with the prior approval requirements of section 19 of the Federal Deposit Insurance Act.

The agreement pertains to allegations that Mr. Bodner and Mr. Huberfeld did not seek the prior approval of the FDIC under section 19 of the Federal Deposit Insurance Act before an investment was made in what became The NorCrown Trust, an unregistered bank holding company that owns more than 99 percent of the voting shares of NorCrown Bank, Livingston, N.J., an insured state nonmember bank.

This joint Written Agreement follows joint enforcement actions announced on February 10, 2005 against The NorCrown Trust and Charles Kushner.

A copy of the Written Agreement is attached.

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Attachment
     Attachment - PDF 45k (PDF Help)

Media Contacts
Federal Deposit Insurance Corporation Frank Gresock (202) 898-6634
Federal Reserve Board Dave Skidmore (202) 452-2955



Last Updated 02/25/2005 communications@fdic.gov